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cocoa	bahia cocoa review showers continued throughout the week in the bahia cocoa zone alleviating the drought since early january and improving prospects for the coming temporao although normal humidity levels have not been restored comissaria smith said in its weekly review the dry period means the temporao will be late this year arrivals for the week ended february were bags of kilos making a cumulative total for the season of mln against at the same stage last year again it seems that cocoa delivered earlier on consignment was included in the arrivals figures comissaria smith said there is still some doubt as to how much old crop cocoa is still available as harvesting has practically come to an end with total bahia crop estimates around mln bags and sales standing at almost mln there are a few hundred thousand bags still in the hands of farmers middlemen exporters and processors there are doubts as to how much of this cocoa would be fit for export as shippers are now experiencing dificulties in obtaining bahia superior certificates in view of the lower quality over recent weeks farmers have sold a good part of their cocoa held on consignment comissaria smith said spot bean prices rose to to cruzados per arroba of kilos bean shippers were reluctant to offer nearby shipment and only limited sales were booked for march shipment at to dlrs per tonne to ports to be named new crop sales were also light and all to open ports with june july going at and dlrs and at and dlrs under new york july aug sept at and dlrs per tonne fob routine sales of butter were made march april sold at and dlrs april may butter went at times new york may june july at and dlrs aug sept at to dlrs and at and times new york sept and oct dec at dlrs and times new york dec comissaria smith said destinations were the u s covertible currency areas uruguay and open ports cake sales were registered at to dlrs for march april dlrs for may dlrs for aug and times new york dec for oct dec buyers were the u s argentina uruguay and convertible currency areas liquor sales were limited with march april selling at and dlrs june july at dlrs and at times new york july aug sept at dlrs and at times new york sept and oct dec at times new york dec comissaria smith said total bahia sales are currently estimated at mln bags against the crop and mln bags against the crop final figures for the period to february are expected to be published by the brazilian cocoa trade commission after carnival which ends midday on february reuter
earn	champion products ch approves stock split champion products inc said its board of directors approved a two for one stock split of its common shares for shareholders of record as of april the company also said its board voted to recommend to shareholders at the annual meeting april an increase in the authorized capital stock from five mln to mln shares reuter
acq	computer terminal systems cpml completes sale computer terminal systems inc said it has completed the sale of shares of its common stock and warrants to acquire an additional one mln shares to sedio n v of lugano switzerland for dlrs the company said the warrants are exercisable for five years at a purchase price of dlrs per share computer terminal said sedio also has the right to buy additional shares and increase its total holdings up to pct of the computer terminal s outstanding common stock under certain circumstances involving change of control at the company the company said if the conditions occur the warrants would be exercisable at a price equal to pct of its common stock s market price at the time not to exceed dlrs per share computer terminal also said it sold the technolgy rights to its dot matrix impact technology including any future improvements to woodco inc of houston tex for dlrs but it said it would continue to be the exclusive worldwide licensee of the technology for woodco the company said the moves were part of its reorganization plan and would help pay current operation costs and ensure product delivery computer terminal makes computer generated labels forms tags and ticket printers and terminals reuter
earn	cobanco inc cbco year net shr cts vs dlrs net vs assets mln vs mln deposits mln vs mln loans mln vs mln note th qtr not available year includes extraordinary gain from tax carry forward of dlrs or five cts per shr reuter
earn	am international inc am nd qtr jan oper shr loss two cts vs profit seven cts oper shr profit vs profit revs mln vs mln avg shrs mln vs mln six mths oper shr profit nil vs profit cts oper net profit vs profit revs mln vs mln avg shrs mln vs mln note per shr calculated after payment of preferred dividends results exclude credits of or four cts and or nine cts for qtr and six mths vs or six cts and or cts for prior periods from operating loss carryforwards reuter
earn	brown forman inc bfd th qtr net shr one dlr vs cts net mln vs mln revs mln vs mln nine mths shr dlrs vs dlrs net mln vs mln revs billion vs mln reuter
earn	dean foods df sees strong th qtr earnings dean foods co expects earnings for the fourth quarter ending may to exceed those of the same year ago period chairman kenneth douglas told analysts in the fiscal fourth quarter the food processor reported earnings of cts a share douglas also said the year s sales should exceed billion dlrs up from billion dlrs the prior year he repeated an earlier projection that third quarter earnings will probably be off slightly from last year s cts a share falling in the range of cts to cts a share douglas said it was too early to project whether the anticipated fourth quarter performance would be enough for us to exceed the prior year s overall earnings of dlrs a share in douglas said dean should experience a pct improvement in our bottom line from effects of the tax reform act alone president howard dean said in fiscal the company will derive benefits of various dairy and frozen vegetable acquisitions from ryan milk to the larsen co dean also said the company will benefit from its acquisition in late december of elgin blenders inc west chicago he said the company is a major shareholder of e b i foods ltd a united kingdom blender and has licensing arrangements in australia canada brazil and japan it provides ann entry to mcdonalds corp mcd we ve been after for years douglas told analysts reuter
copper	magma lowers copper cent to cts magma copper co a subsidiary of newmont mining corp said it is cutting its copper cathode price by cent to cents a lb effective immediately reuter
earn	brown forman bfdb sets stock split ups payout brown forman inc said its board has approved a three for two stock split and a pct increase in the company cash dividend the company cited its improved earnings outlook and continued strong cash flow as reasons for raising the dividend brown forman said the split of its class a and class b common shares would be effective march the company said directors declared a quarterly cash dividend on each new share of both classes of cts payable april one to holders of record march prior to the split the company had paid cts quarterly brown forman today reported a pct increase in third quarter profits to mln dlrs or dlr a share on a seven pct increase in sales to a record mln dlrs brown forman said nine month profits declined a bit to mln dlrs or dlrs a share from mln dlrs or dlrs a share a year earlier due to a second quarter charge of cts a share for restructuring its beverage operations the company said lower corporate tax rates and the restructuring are expected to substantially improve brown forman s earnings and cash flow in fiscal reuter
earn	esquire radio and electronics inc ee th qtr shr profit cts vs profit four cts annual div cts vs cts prior yr net profit vs profit revs vs mths shr profit cts vs loss cts net profit vs loss revs mln vs note annual dividend payable april to stockholders of record on march reuter
earn	united presidential corp upco th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln note results include adjustment of dlrs or cts shr for year and both periods from improvement in results of its universal life business than first estimated reuter
housing	january housing sales drop realty group says sales of previously owned homes dropped pct in january to a seasonally adjusted annual rate of mln units the national association of realtors nar said but the december rate of mln units had been the highest since the record mln unit sales rate set in november the group said the drop in january is not surprising considering that a significant portion of december s near record pace was made up of sellers seeking to get favorable capital gains treatment under the old tax laws said the nar s john tuccillo reuter
money-supply	assets of money market mutual funds rose mln dlrs in latest week
earn	owens and minor inc obod raises qtly dividend qtly div eights cts vs cts prior pay march record march reuter
earn	computer language research in clri th qtr shr loss cts vs loss cts net loss vs loss revs mln vs mln qtly div three cts vs three cts prior year shr profit two cts vs profit cts net profit vs profit revs mln vs mln note dividend payable april one to shareholders of record march reuter
earn	cinram ltd th qtr net shr cts vs cts net mln vs sales mln vs mln avg shrs vs year shr dlrs vs dlrs net mln vs mln sales mln vs mln avg shrs vs reuter
earn	standard trustco sees better year standard trustco said it expects earnings in to increase at least to pct from the dlrs or dlrs per share recorded in stable interest rates and a growing economy are expected to provide favorable conditions for further growth in president brian o malley told shareholders at the annual meeting standard trustco previously reported assets of billion dlrs in up from billion dlrs in return on common shareholders equity was pct last year up from pct in reuter
earn	handy and harman hnh th qtr loss shr loss cts vs loss three cts net loss vs loss rev mln vs mln months shr loss cts vs profit cts net loss vs profit rev mln vs mln note net loss for th qtr includes charge for restructuring of mln dlrs after tax or cts a share net loss includes after tax special charge of mln dlrs or cts a share reuter
coffee	ico producers to present new coffee proposal international coffee organization ico producing countries will present a proposal for reintroducing export quotas for months from april with a firm undertaking to try to negotiate up to september any future quota distribution on a new basis ico delegates said distribution from april would be on an unchanged basis as in an earlier producer proposal which includes shortfall redistributions totalling mln bags they said resumption of an ico contact group meeting with consumers scheduled for this evening has been postponed until tomorrow delegates said reuter
acq	chemlawn chem rises on hopes for higher bids chemlawn corp chem could attract a higher bid than the dlrs per share offered by waste management inc wnx wall street arbitrageurs said shares of chemlawn shot up to in over the counter trading with mln of the company s mln shares changing hands by late afternoon this company could go for times cash flow or dlrs maybe dollars depending on whether there is a competing bidder an arbitrageur said waste management s tender offer announced before the opening today expires march this is totally by surprise said debra strohmaier a chemlawn spokeswoman the company s board held a regularly scheduled meeting today and was discussing the waste management announcement she said a statement was expected but it was not certain when it would be ready she was unable to say if there had been any prior contact between waste management and chemlawn officials i think they will resist it said elliott schlang analyst at prescott ball and turben inc any company that doesn t like a surprise attack would arbitrageurs pointed out it is difficult to resist tender offers for any and all shares for cash schlang said chemlawn could try to find a white knight if does not want to be acquired by waste management analyst rosemarie morbelli of ingalls and snyder said servicemaster companies l p svm or rollins inc rol were examples of companies that could be interested chemlawn with about two mln customers is the largest u s company involved in application of fertilizers pesticides and herbicides on lawns waste management is involved in removal of wastes schlang said chemlawn s customer base could be valuable to another company that wants to capitalize on a strong residential and commercial distribution system both schlang and morbelli noted that high growth rates had catapulted chemlawn s share price into the mid s in but the stock languished as the rate of growth slowed schlang said the company s profits are concentrated in the fourth quarter in chemlawn earned dlrs per share for the full year and dlrs in the fourth quarter morbelli noted chemlawn competes with thousands of individual entrepreuers who offer lawn and garden care sevice reuter
sugar	u s sugar imports down in week usda sugar imports subject to the u s sugar import quota during the week ended january the initial week of the sugar quota year totaled short tons versus tons the previous week the agriculture department said the sugar import quota for the quota year january december has been set at short tons compared with tons in the quota year which was extended three months to december the department said the customs service has reported that weekly and cumulative imports are reported on an actual weight basis and when final polarizations are received cumulative import data are adjusted accordingly reuter
trade	brazil anti inflation plan limps to anniversary inflation plan initially hailed at home and abroad as the saviour of the economy is limping towards its first anniversary amid soaring prices widespread shortages and a foreign payments crisis announced last february the plan froze prices fixed the value of the new cruzado currency and ended widespread indexation of the economy in a bid to halt the country s pct inflation rate but within a year the plan has all but collapsed the situation now is worse than it was although there was inflation at least the economy worked a leading bank economist said the crumbling of the plan has been accompanied by a dramatic reversal in the foreign trade account in and brazil s annual trade surpluses had been sufficient to cover the billion dlrs needed to service its billion dlr foreign debt for the first nine months of all seemed to be on target for a repeat with monthly surpluses averaging one billion dlrs but as exports were diverted and imports increased to avoid further domestic shortages the trade surplus plunged to mln dlrs in october and since then has averaged under mln reuter
reserves	n z official foreign reserves fall in january new zealand s official foreign reserves fell to billion n z dlrs in january from billion dlrs in december and compared with billion a year ago period the reserve bank said in its weekly statistical bulletin reuter
ship	agency reports ships waiting at panama canal the panama canal commission a u s government agency said in its daily operations report that there was a backlog of ships waiting to enter the canal early today over the next two days it expects due scheduled to transit end day backlog average waiting time tomorrow super tankers regular vessels north end hrs hrs south end hrs hrs reuter
earn	america first mortgage sets special payout america first federally guaranteed mortgage fund two said it is making a special distribution of cts per exchangeable unit which includes cts from return on capital and cts from income gains reuter
earn	emhart corp emh qtly dividend qtly div cts vs cts prior payable march record march nine reuter
earn	am international am cites strong prospects am international inc reporting an operating loss for the january second quarter said prospects for the balance of the fiscal year remain good it said orders at its harris graphics subsidiary acquired in june continue to run at a strong pace for the six months orders rose pct over the corresponding prior year period or on an annualized basis are running at about mln dlrs the backlog at harris is up pct from the beginning of the fiscal year am said am international said its old division are expected to benefit from recent new product introductions and the decline in the value of the dollar research development and engineering expenditures in fiscal will be in the mln dlr range and the company said it has allocated another mln dlrs for capital expenditures earlier am reported a fourth quarter operating loss of two cts a share compared to profits of seven cts a share a year ago revenues rose to mln dlrs from mln dlrs reuter
money-supply	assets of u s money funds rose in week assets of money market mutual funds increased mln dlrs in the week ended yesterday to billion dlrs the investment company institute said assets of institutional funds rose mln dlrs to billion dlrs general purpose funds rose mln dlrs to billion dlrs and broker dealer funds rose mln dlrs to billion dlrs reuter
ship	gulf barge freight rates up further on call gulf barge freight rates firmed again on the outlook for steady vessel loadings at the gulf increasing the demand for barges to supply those ships dealers said no barges traded today on the st louis merchants exchange call session versus yesterday quotes included delivery this week on the illinois river joliet pct of tariff bid offered with next week same river ex chicago quoted the same both up percentage points next week mississippi river st louis pct bid offered up five points next week ohio river owensboro south pct bid offered up points on station illinois river south chicago pct bid offered no comparison march illinois ex chicago pct bid offered up points march ohio river bid at yesterday s traded level of pct offered at march lower mississippi river memphis cairo pct bid offered no comparison may illinois river ex chicago pct bid offered no comparison sept nov lower mississippi river memphis cairo pct bid offered with sept dec same section pct bid offered no comparison reuter
earn	gulf applied gats sells units sees gain gulf applied technologies inc said it sold its pipeline and terminal operations units for mln dlrs and will record a gain of mln dlrs in the first quarter it added that any federal taxes owed on the transaction will be offset by operating loss carryovers reuter
earn	farmers group inc fgrp th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs billion vs mln avg shrs vs reuter
earn	potomac electric power co pom jan net shr cts vs cts net vs revs vs avg shrs mln vs mln mths shr dlrs vs dlrs net vs revs billion vs billion avg shr mln vs mln note latest mths net includes gain cts per share for sale of virginia service territory to dominion resources inc d reuter
acq	cofab inc buys gulfex for undisclosed amount cofab inc said it acquired gulfex inc a houston based fabricator of custom high pressure process vessels for the energy and petrochemical industries cofab said its group of companies manufacture specialized cooling and lubricating systems for the oil and gas petrochemical utility pulp and paper and marine industries reuter
earn	tultex corp ttx sets quarterly dividend qtly div eights cts vs eight cts prior pay april one record march reuter
earn	atico financial corp atfc th qtr net shr cts vs dlrs net vs mln revs mln vs mln year shr cts vs dlrs net vs mln revs mln vs mln note th qtr and yr amounts include acquisition of pct of common of atico formerly peninsula federal savings and loan association on january th qtr and yr net include net gain of mln dlrs or dlrs per share on exchange of common of pan america banks inc for common of ncnb corp purusant to a merger of the companies reuter
coffee	ico exporters to modify new proposal international coffee organization ico exporters will modify their new proposal on quota resumption before presenting it to importers tomorrow ico delegates said the change which will be discussed tonight informally among producers follows talks after the formal producer session with the eight member producer splinter group and will affect the proposed quota distribution for months from april one they said the proposed share out would still include shortfall declarations they said reuter
money-supply	u s commercial paper falls mln dlrs in feb week fed says
money-supply	n y business loans fall mln dlrs in feb week fed says
money-supply	new york bank discount window borrowings mln dlrs in feb week
money-supply	new york business loans fall mln dlrs commercial and industrial loans on the books of the major new york banks excluding acceptances fell mln dlrs to billion in the week ended february the federal reserve bank of new york said including acceptances loans declined mln dlrs to billion commercial paper outstanding nationally dropped mln dlrs to billion national business loan data are scheduled to be released on friday reuter
money-supply	n y bank discount borrowings mln dlrs the eight major new york city banks had mln dlrs in average borrowings from the federal reserve in the week to wednesday february a fed spokesman said the week marked the second half of the two week bank statement period that ended on wednesday the banks had no borrowings in the prior week commenting on the latest week a fed spokesman said that all of the borrowing occurred yesterday and was done by fewer than half of the banks national data on discount window borrowings are due to be released at est gmt reuter
earn	philippine long distance phi year net shr primary pesos vs pesos shr diluted pesos vs pesos qtly div pesos vs pesos net billion vs mln revs billion vs billion note full name philippine long distance telephone co figures quoted in philippine pesos dividend payable april to holders or record march exchange rate on day of dividend declaration was pesos per dollar reuter
earn	liberty all star equity fund initial div qtly div five cts vs n a payable april two record march note dividend includes special two cts per share for the period beginning with the fund s commencement of operations on novebmer three through december reuter
earn	combustion engineering inc csp regular div qtly div cts vs cts prior pay april record april reuter
earn	tonka corp tka raises dividend qtly div two cts vs cts pay march record march reuter
earn	bdm international bdm increases qtrly divs annual div class a cts vs cts prior annual div class b cts vs cts prior payable april one record march note full name is bdm international inc reuter
earn	systematics inc syst regular payout qtly div three cts vs three cts prior pay march record february reuter
money-supply	u s m money supply rises billion dlrs in feb week fed says
earn	ivaco inc year net shr dlrs vs dlrs net vs revs billion vs billion note results include extraordinary gain of dlrs or six cts a share from secondary share offering of canron unit reuter
money-supply	u s bank discount borrowings average mln dlrs in feb week fed says
money-supply	u s bank net free reserves mln dlrs in two weeks to feb fed says
acq	investment firms cut cyclops cyl stake a group of affiliated new york investment firms said they lowered their stake in cyclops corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission the group led by mutual shares corp said it sold cyclops common shares on feb and for mln dlrs reuter
earn	coradian corp cdin th qtr net shr profit three cts vs loss three cts net profit vs loss revs vs year shr profit one cent vs loss cts net profit vs loss revs mln vs mln avg shrs vs reuter
money-supply	federal reserve weekly report feb two weeks ended feb daily avgs mlns net free reserves vs bank borrowings vs including seasonal loans vs including extended loans vs excess reserves vs required reserves adj vs required reserves n a vs n a total reserves n a vs n a non borrowed reserves n a vs n a monetary base n a vs n a two weeks ended feb total vault cash n a vs n a inc cash equal to req res n a vs n a one week ended feb daily avgs mlns bank borrowings down including seasonal loans up including extended loans up float down balances adjustments down currency down treasury deposits down reuter
money-supply	n z trading bank deposit growth rises slightly new zealand s trading bank seasonally adjusted deposit growth rose pct in january compared with a rise of pct in december the reserve bank said year on year total deposits rose pct compared with a pct increase in the december year and pct rise a year ago period it said in its weekly statistical release total deposits rose to billion n z dlrs in january compared with billion in december and billion in january reuter
money-supply	federal reserve money supply report feb one week ended feb m up previous week revised to from avge weeks vs week ago vs avge weeks vs week ago vs monthly aggregates adjusted avgs in billions m jan vs dec vs m jan vs dec vs m jan vs dec vs l dec vs nov vs domestic debt dec vs nov vs reuter
money-supply	federal reserve weekly report feb one week ended feb daily avgs mlns govts bought outright down govts repurchases nil unch agencies bought outright unch agencies repurchases nil unch acceptances repurchases nil unch matched sales vs including sales with cust vs other fed assets down other fed liabilities up other deposits with fed up reuter
money-supply	federal reserve weekly report feb one week ended feb daily avgs mlns foreign deposits down gold stock unch custody holdings down federal funds rate avg vs factors on wednesday feb bank borrowings vs including extended credits vs matched sales vs including sales w cust vs float vs reuter
cotton	world market price for upland cotton usda the u s agriculture department announced the prevailing world market price adjusted to u s quality and location for strict low middling inch upland cotton at cts per lb to be in effect through midnight march the adjusted world price is at average u s producing locations near lubbock texas and will be further adjusted for other qualities and locations the price will be used in determining first handler cotton certificate payment rates based on data for the week ended february the adjusted world price for upland cotton is determined as follows in cts per lb northern european price adjustments average u s spot mkt location slm inch cotton average u s location sum of adjustments adjusted world price reuter
sugar	sugar quota imports detailed usda the u s agriculture department said cumulative sugar imports from individual countries during the quota year which began january and ends december were as follows with quota allocations for the quota year in short tons raw value cumulative quota imports allocations argentina nil australia nil barbados nil belize nil bolivia nil brazil nil canada nil quota imports allocations colombia congo nil costa rica nil ivory coast nil dom rep ecuador nil el salvador nil fiji nil gabon nil quota imports allocations guatemala nil guyana nil haiti nil honduras nil india nil jamaica nil madagascar nil malawi nil quota imports allocations mauritius nil mexico mozambique nil panama nil papua new guinea nil paraguay nil peru nil philippines nil st christopher nevis nil quota imports allocations swaziland nil taiwan nil thailand nil trinidad tobago nil uruguay nil zimbabwe nil reuter
earn	meridian bancorp inc mrdn sets regular payout qtly div cts vs cts prior pay april one record march reuter
money-supply	u s bank discount borrowings mln dlrs u s bank discount window borrowings less extended credits averaged mln dlrs in the week to wednesday february the federal reserve said the fed said that overall borrowings in the week fell mln dlrs to mln dlrs with extended credits up mln dlrs at mln dlrs the week was the second half of a two week statement period net borrowings in the prior week averaged mln dlrs commenting on the two week statement period ended february the fed said that banks had average net free reserves of mln dlrs a day down from billion two weeks earlier a federal reserve spokesman told a press briefing that there were no large single day net misses in the fed s reserve projections in the week to wednesday he said that natural float had been acting a bit strangely for this time of year noting that there had been poor weather during the latest week the spokesman said that natural float ranged from under mln dlrs on friday for which he could give no reason to nearly one billion dlrs on both thursday and wednesday the fed spokeman could give no reason for thursday s high float but he said that about mln dlrs of wednesday s float figure was due to holdover and transportation float at two widely separated fed districts for the week as a whole he said that float related as of adjustments were small adding that they fell to a negative mln dlrs on tuesday due to a number of corrections for unrelated cash letter errors in six districts around the country the spokesman said that on both tuesday and wednesday two different clearing banks had system problems and the securities and federal funds wires had to be held open until about or est on both days however he said that both problems were cleared up during both afternoons and there was no evidence of any reserve impact during the week ended wednesday pct of net discount window borrowings were made by the smallest banks with pct by the large money center banks and pct by large regional institutions on wednesday pct of the borrowing was accounted for by the money center banks with pct by the large regionals and pct by the smallest banks the fed spokesman said the banking system had excess reserves on thursday monday and tuesday and a deficit on friday and wedndsday that produced a small daily average deficit for the week as a whole for the two week period he said there were relatively high excess reserves on a daily avearge almost all of which were at the smallest banks reuter
acq	american express axp seen in possible spinnoff american express co remained silent on market rumors it would spinoff all or part of its shearson lehman brothers inc but some analysts said the company may be considering such a move because it is unhappy with the market value of its stock american express stock got a lift from the rumor as the market calculated a partially public shearson may command a good market value thereby boosting the total value of american express the rumor also was accompanied by talk the financial services firm would split its stock and boost its dividend american express closed on the new york stock exchange at up on heavy volume american express would not comment on the rumors or its stock activity analysts said comments by the company at an analysts meeting tuesday helped fuel the rumors as did an announcement yesterday of management changes at the meeting company officials said american express stock is undervalued and does not fully reflect the performance of shearson according to analysts yesterday shearson said it was elevating its chief operating officer jeffery lane to the added position of president which had been vacant it also created four new positions for chairmen of its operating divisions analysts speculated a partial spinoff would make most sense contrary to one variation on market rumors of a total spinoff some analysts however disagreed that any spinoff of shearson would be good since it is a strong profit center for american express contributing about pct of earnings last year i think it is highly unlikely that american express is going to sell shearson said perrin long of lipper analytical he questioned what would be a better investment than a very profitable securities firm several analysts said american express is not in need of cash which might be the only reason to sell a part of a strong asset but others believe the company could very well of considered the option of spinning out part of shearson and one rumor suggests selling about pct of it in the market larry eckenfelder of prudential bache securities said he believes american express could have considered a partial spinoff in the past shearson being as profitable as it is would have fetched a big premium in the market place shearson s book value is in the mln dlr range shearson in the market place would probably be worth three to bilion dlrs in terms of market capitalization said eckenfelder some analysts said american express could use capital since it plans to expand globally they have enormous internal growth plans that takes capital you want your stock to reflect realistic valuations to enhance your ability to make all kinds of endeavors down the road said e f hutton group analyst michael lewis they ve outlined the fact that they re investing heavily in the future which goes heavily into the international arena said lewis that does not preclude acquisitions and divestitures along the way he said lewis said if american express reduced its exposure to the brokerage business by selling part of shearson its stock might better reflect other assets such as the travel related services business it could find its true water mark with a lesser exposure to brokerage the value of the other components could command a higher multiple because they constitute a higher percentage of the total operating earnings of the company he said lewis said shearson contributed mln in after tax operating earnings up from about mln dlrs in reuter
money-supply	u s m money supply rose billion dlrs u s m money supply rose billion dlrs to a seasonally adjusted billion dlrs in the february week the federal reserve said the previous week s m level was revised to billion dlrs from billion dlrs while the four week moving average of m rose to billion dlrs from billion economists polled by reuters said that m should be anywhere from down four billion dlrs to up billion dlrs the average forecast called for a mln dlr m rise reuter
earn	liberty all star usa sets initial payout liberty all star equity fund said it declared an initial dividend of five cts per share payable april two to shareholders of record march it said the dividend includes a quarterly dividend of three cts a share and a special payout of two cts a share which covers the period from november three when the fund began operations to december the fund said its quarterly dividend rate may fluctuate in the future reuter
earn	ivaco sees minimal first quarter earnings ivaco inc said price pressure on steel products particularly in the u s and the recent increase in the value of the canadian dollar is expected to result in minimal first quarter earnings it said subsequent quarters should show substantial improvement from first quarter levels but earnings will not reach levels as long as those conditions continue ivaco earlier reported profit rose to mln dlrs after a one mln dlr extraordinary gain from mln dlrs the previous year it said demand for the company s products are continuing at high levels and sales are expected to show further growth revenues last year rose to billion dlrs from billion dlrs in reuter
grain	u s grain carloadings fall in week u s grain carloadings totaled cars in the week ended february down pct from the previous week but pct above the corresponding week a year ago the association of american railroads reported grain mill product loadings in the week totalled cars down pct from the previous week but pct above the same week a year earlier the association said reuter
acq	hong kong firm ups wrather wco stake to pct industrial equity pacific ltd a hong kong investment firm said it raised its stake in wrather corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission industrial equity which is principally owned by brierley investments ltd a publicly held new zealand company said it bought wrather common shares between feb and for mln dlrs when it first disclosed its stake in wrather earlier this month it said it bought the stock for investment purposes reuter
earn	coleco industries inc clo th qtr shr loss dls vs profit cts net loss mln vs profit mln revs mln vs mln year shr loss dlrs vs profit dlrs net loss mln vs profit mln revs mln vs mln reuter
crude	diamond shamrock dia cuts crude prices diamond shamrock corp said that effective today it had cut its contract prices for crude oil by dlrs a barrel the reduction brings its posted price for west texas intermediate to dlrs a barrel the copany said the price reduction today was made in the light of falling oil product prices and a weak crude oil market a company spokeswoman said diamond is the latest in a line of u s oil companies that have cut its contract or posted prices over the last two days citing weak oil markets reuter
acq	liebert corp lieb approves merger liebert corp said its shareholders approved the merger of a wholly owned subsidiary of emerson electric co emr under the terms of the merger each liebert shareholder will receive shares of emerson stock for each liebert share reuter
earn	northern telecom proposes two for one stock split
earn	coleco industries clc sees profit in coleco industries inc said it expects to return to profitability in earlier coleco reported a net loss of mln dlrs for the year ended december compared to a profit of mln dlrs in the year earlier in a prepared statement the company said the dramatic swing in operating results was due primarily to the steep decline in sales of cabbage patch kids products from mln dlrs to mln dlrs coleco said it changed from a single product company to a more diversified organization through four major acquisitions last year products from the new acquisitions and other new product introductions are expected to enable it to return to profitability it said at the annual toy fair earlier this month vice president morton handel said analysts projected earnings of cts a share on sales of mln dlrs are reasonable reuter
money-supply	federal reserve weekly report feb two weeks ended feb daily avgs mlns net free reserves vs bank borrowings vs including seasonal loans vs including extended loans vs excess reserves vs required reserves adj vs required reserves vs total reserves vs non borrowed reserves vs monetary base vs reuter
money-supply	federal reserve weekly report feb two weeks ended feb total vault cash vs inc cash equal to req res vs one week ended feb daily avgs mlns bank borrowings down including seasonal loans up including extended loans up float down balances adjustments down currency down treasury deposits down reuter
acq	gulf applied technologies gats sells units gulf applied technologies inc said it sold its subsidiaries engaged in pipeline and terminal operations for mln dlrs the company said the sale is subject to certain post closing adjustments which it did not explain reuter
acq	investment group raises robeson rbsn stake a group of affiliated miami based investment firms led by fundamental management corp said it raised its stake in robeson industries corp to shares or pct of the total from or pct in a filing with the securities and exchange commission the group said it bought robeson common shares between jan and feb for dlrs the group said it may buy more shares and plans to study robeson s operations afterwards it may recommend that management make changes in its operations fundamental management chairman carl singer was recently elected to the robeson board reuter
grain	gao likely to show certs more costly than cash a study on grain certificates due out shortly from the government accounting office gao could show that certificates cost the government to pct more than cash outlays administration and industry sources said analysis that the gao has obtained from the agriculture department and the office of management and budget suggests that certificates cost more than cash payments a gao official told reuters gao is preparing the certificate study at the specific request of sen jesse helms r n c former chairman of the senate agriculture committee the report which will focus on the cost of certificates compared to cash is scheduled to be released in mid march the cost of certificates said the gao source depends on the program s impact on the usda loan program if gao determines that certificates encourage more loan entries or cause more loan forfeitures then the net cost of the program would go up however if it is determined that certificates have caused the government grain stockpile to decrease the cost effect of certificates would be less gao will not likely suggest whether the certificates program should be slowed or expanded the gao official said but a negative report on certificates will fuel the fire against certificates and weigh heavily on at least an increase in the certificate program an agricultural consultant said the omb is said to be against any expansion of the program while usda remains firmly committed to it reuter
earn	dahlberg inc dahl th qtr net shr profit cts vs loss seven cts net profit vs loss revs mln vs year shr profit five cts vs profit cts net profit vs profit revs mln vs mln avg shrs mln vs mln note year includes weeks reuter
earn	city national corp ctyn raises dividend shr cts vs cts pay april record march reuter
earn	page petroleum ltd year loss shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note net includes nine mln dlr extraordinary loss for oil and gas writedowns and unrealized foreign exchange losses vs yr ago loss of mln dlrs reuter
earn	idb communications group inc idbx year net period ended december shr cts vs cts net vs revs vs reuter
earn	armor all products corp armr quarterly div qtly div ten cts vs ten cts pay april record march reuter
crude	opec may have to meet to firm prices analysts opec may be forced to meet before a scheduled june session to readdress its production cutting agreement if the organization wants to halt the current slide in oil prices oil industry analysts said the movement to higher oil prices was never to be as easy as opec thought they may need an emergency meeting to sort out the problems said daniel yergin director of cambridge energy research associates cera analysts and oil industry sources said the problem opec faces is excess oil supply in world oil markets opec s problem is not a price problem but a production issue and must be addressed in that way said paul mlotok oil analyst with salomon brothers inc he said the market s earlier optimism about opec and its ability to keep production under control have given way to a pessimistic outlook that the organization must address soon if it wishes to regain the initiative in oil prices but some other analysts were uncertain that even an emergency meeting would address the problem of opec production above the mln bpd quota set last december opec has to learn that in a buyers market you cannot have deemed quotas fixed prices and set differentials said the regional manager for one of the major oil companies who spoke on condition that he not be named the market is now trying to teach them that lesson again he added david t mizrahi editor of mideast reports expects opec to meet before june although not immediately however he is not optimistic that opec can address its principal problems they will not meet now as they try to take advantage of the winter demand to sell their oil but in late march and april when demand slackens mizrahi said but mizrahi said that opec is unlikely to do anything more than reiterate its agreement to keep output at mln bpd analysts said that the next two months will be critical for opec s ability to hold together prices and output opec must hold to its pact for the next six to eight weeks since buyers will come back into the market then said dillard spriggs of petroleum analysis ltd in new york but bijan moussavar rahmani of harvard university s energy and environment policy center said that the demand for opec oil has been rising through the first quarter and this may have prompted excesses in its production demand for their opec oil is clearly above mln bpd and is probably closer to mln bpd or higher now so what we are seeing characterized as cheating is opec meeting this demand through current production he told reuters in a telephone interview reuter
earn	cenergy crg reports th qtr net profit cenergy corp reported fourth quarter net income of dlrs or seven cts per share on revenues of mln dlrs for the year it reported a net loss of mln dlrs or cts per share as a result of writedowns in the book value of its oil and gas properties in the first two quarters revenues were mln dlrs following the company s fiscal year ended march it changed to a calender year end for the nine months ended dec it reported a loss of mln dlrs or dlrs per share on revenues of mln dlrs which it said was a result of noncash writedowns of oil and gas properties for the year ended march cenergy reported net income of dlrs or cts per share on revenues of mln dlrs the company said its reserves during the year fell to five mln barrels from mln barrels of oil and to bilion cubic feet of gas from bcf it said these reserves did not disappear but are available to produce as prices recover reuter
earn	northern telecom ltd nt declares stock split two for one stock split pay may note split is subject to approval of shareholders at april annual meeting company also said it will increase dividend on post split shares to six cts from five cts reuter
earn	torchmark tmk authorizes stock repurchase torchmark corp said its board authorized the purchase from time to time of a significant portion of its pct convertible subordinated debentures as of february it said there were outstanding mln dlrs of the principal amount of debenures the company also said it plans to redeem the debentures on june eight it also declared a regular quarterly dividend of cts per share on its common payable may one to shareholders of record april reuter
earn	techamerica group inc tch th qtr loss shr loss six cts vs not available net loss vs profit revs vs year shr loss cts vs loss nine cts net loss vs loss revs mln vs mln reuter
earn	wilfred american educational wae regular div qtly div three cts vs three cts prior pay april three record march reuter
acq	drexel official has stake in epsilon data epsi a senior official of drexel burnham lambert inc and his father told the securities and exchange commission they have acquired shares of epsilon data management inc or pct of the total outstanding kenneth thomas senior vice president investments at drexel s los angeles office and his father retired university professor c a thomas said they bought the stake for mln dlrs primarily for investment purposes they said they may buy more stock or sell some or all of their stake depending on market conditions but have no plans to seek control of the company reuter
acq	nova wins government okay for husky hyo deal nova the canadian company that owns pct of husky oil ltd said it received government approval for a transaction under which union faith canada holding ltd would buy a pct stake in husky nova said the minister of regional and industrial expansion michel cote ruled that union faith s purchase of the husky stake would not result in husky ceding control to a non canadian company it said this ruling was a key condition in completing the deal union faith is equally owned by hutchison whampoa ltd and hong kong electric holdings ltd under the agreement with union faith husky will become a private company with union faith and nova each holding pct of its stock nine pct of husky would be owned by relatives of li ka shing chairman of hutchison and five pct by the canadian imperial bank of commerice reuter
earn	potomac electric power co pom january net oper shr cts vs cts oper net mln vs mln revs mln vs mln mths oper shr dlrs vs dlrs oper net mln vs mln revs billion vs billion note mths oper net excludes extraordinary gain of mln dlrs or cts per share from sale of virginia service territory to virginia power reuter
acq	suffield financial ssbk gets fed approval suffield financial corp said the federal reserve board approved its application to acquire coastal bancorp csbk portland me suffield said it still needs the approval of the superintendent of maine s banking department reuter
earn	afg industries inc afg quarterly dividend qtly div four cts vs four cts pay april record march reuter
earn	gsw inc year net oper shr dlrs vs dlrs oper net vs revs mln vs mln note net excludes extraordinary gain of mln dlrs or dlrs shr from sale of camco inc shares vs yr ago loss of mln dlrs or dlrs shr reuter
earn	santa anita realty sar quarterly dividend qtly div cts vs cts pay april record march santa anita realty enterprises inc reuter
earn	liquid air corp lana quarterly dividend qtly div cts vs cts pay march record march reuter
earn	marshall steel ltd year net oper shr five cts vs cts oper net vs revs mln vs mln note former name marshall drummond mccall inc results include extraordinary gains of dlrs or cts per share in and dlrs or cts in from income tax reduction reuter
earn	marshall steel details gain from unit sale marshall steel ltd formerly marshall drummond mccall inc said it will report a mln dlr net gain before taxes this year from the sale of its drummond mccall division which was sold effective january one reuter
earn	mayfair industries inc mayf th qtr net oper shr cts vs cts oper net vs revs vs avg shrs vs mths oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note excludes tax gain of dlrs for qtr and year reuter
nat-gas	lng imports from algeria unlikely in liquefied natural gas imports from algeria are unlikely to happen in even though its economically feasible u s industry analysts sources said youcef yousfi director general of sonatrach the algerian state petroleum agency indicated in a television interview in algiers that such imports would be made this year contract negotiations filing with the u s government and the time required to restart mothballed terminals will delay the import until daniel tulis a natural gas analyst with shearson lehman bros said sonatrach is currently negotiating with two of its former customers panhandle eastern pel and distrigas a subsidiary of cabot corp cbt to resume lng export company officials told reuters a third el paso gas a subsidiary of burlington northern bni has expressed no interest industry analysts said some imports of algerian lng were feasible on a marginal cost basis the companies that have made capital investment to handle lng import can operate profitably even in the current price environment frank spadine an energy economist with bankers trust said analysts did not forsee a major impact from algerian imports on u s prices which are currently soft but expected to trend higher by the end of a decline in gas drilling and the time lag to bring gulf of mexico productions onstream will tighten gas supplies and firm prices shearson s tulis said in this context algerian lng import would be a source of supplemental supply to u s domestic production he added company sources currently in talks with algeria agree saying that algerian lng would only serve to meet peak demand company sources also said that any negotiations with algeria would emphasize looser arrangements which would relate volumes to market requirements and prices to u s spot market values reuter
earn	alatenn resources inc atng th qtr net shr cts vs cts net vs revs mln vs mln mths shr dlrs vs dlrs net vs revs mln vs mln reuter
acq	versatile to sell unit to vicon versatile corp said it agreed in principle to sell its alberta based versatile noble cultivators co division to vicon inc of ontario for undisclosed terms the division manufactures tillage and spraying equipment reuter
acq	videotron buys into exhibit company groupe videotron ltd said it agreed to buy pct of groupe promexpo inc a company which specializes in product exhibits for three mln dlrs reuter
earn	memotec data inc year net shr cts vs cts net vs revs mln vs mln note results include extraordinary gains of dlrs or cts a share in and dlrs or cts a share in reuter
crude	texaco canada cuts crude prices canadian cts bbl par grade to canadian dlrs
crude	texaco canada txc lowers crude postings texaco canada said it lowered the contract price it will pay for crude oil canadian cts a barrel effective today the decrease brings the company s posted price for the benchmark grade edmonton swann hills light sweet to canadian dlrs a bbl texaco canada last changed its crude oil postings on feb reuter
crude	marathon petroleum reduces crude postings marathon petroleum co said it reduced the contract price it will pay for all grades of crude oil one dlr a barrel effective today the decrease brings marathon s posted price for both west texas intermediate and west texas sour to dlrs a bbl the south louisiana sweet grade of crude was reduced to dlrs a bbl the company last changed its crude postings on jan reuter
earn	george weston ltd year net shr dlrs vs dlrs net mln vs mln revs billion vs billion reuter
money-supply	n z money supply rises pct in december new zealand s broadly defined seasonally adjusted m money supply grew an estimated pct in december after rising a revised pct in november and pct in december last year the reserve bank said in a statement it said unadjusted m increased to an estimated billion n z dlrs from a revised billion in november and billion in december year on year m rose pct from a revised pct in november and pct in december narrowly defined year on year m growth was pct against a revised pct in november and pct a year earlier m grew to an estimated billion dlrs against a revised billion in november and billion in december year on year private sector credit grew pct in december against a revised pct in november and pct in december private sector credit grew to billion dlrs from a revised billion in november and billion in december reuter
acq	circuit systems csyi buys board maker circuit systems inc said it has bought all of the stock of ionic industries inc in exchange for shares of its common following the exchange there will be shares of circuit systems stock outstanding ionic holders will own about pct of the outstanding stock of circuit systems it said ionic a maker of circuit boards had revenues of mln dlrs and pretax profits of dlrs in up from revenues of mln and pretax profits of dlrs in circuit systems said reuter
earn	mail boxes etc mail rd qtr jan net shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs vs reuter
earn	munsingwear inc mun th qtr jan loss shr loss cts vs loss seven cts net loss vs loss revs mln vs mln year shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs vs note per shr adjusted for for stock split july and for split may reuter
money-supply	fed data suggest stable u s monetary policy latest federal reserve data suggest that the central bank voted to maintain the existing degree of pressure on banking reserves at its regular policy making meeting two weeks ago money market economists said the numbers were a little disappointing but i think we can take mr volcker at his word when he said that nothing had changed said bob bannon of security pacific national bank fed chairman paul volcker told a congressional committee last thursday that the fed s policy has been unchanged up to today although volcker s statement last thursday allayed most fears that the fed had marginally tightened its grip on reserves to help an ailing dollar many economists still wanted confirmation of a steady policy in today s data which covered the two week bank statement period ended yesterday this need for additional reassurance was made all the more acute by the fed s decision yesterday to drain reserves from the banking system by arranging overnight matched sale purchase agreements for the first time since april of last year economists added today s data showed that the draining action was for a fairly large billion dlrs economists said the one thing that caught my eye were the relatively sizeable matched sales on wednesday said dana johnson of first national bank of chicago but there was a clearly justified need for them there was nothing ominous the fed couldn t have waited until the start of the new statement period today if it had it would have missed its reserve projections added security pacific s bannon a fed spokesman told reporters that there were no large single day net miss in reserve projections in the latest week economists similarly shrugged off slightly higher than expected adjusted bank borrowings from the fed s discount window which averaged mln dlrs a day in the latest week compared with many economists forecasts of about mln for the two week bank statement period as a whole the daily borrowing average more than doubled to mln dlrs from in the prior period there were wire problems at two large banks on tuesday and wednesday so i am not too bothered about the borrowings said scott winningham of j s winningham and co the wednesday average rose to mln dlrs from mln a week earlier lending further support to the stable policy view was a relatively steady federal funds rate of about six pct in the latest week and persistently high levels of excess reserves in the banking system economists said for the time being the fed is following a neutral path with fed funds at about six to pct said darwin beck of first boston corp i expect it to continue in that vein excess reserves fell but they are still over a billion dlrs added first chicago s johnson banks excess reserves averaged billion dlrs a day in the latest statement period down from billion in the previous one after the fed declined to assign a target growth range to the wayward m money supply measure last week little attention was paid to a steeper than anticipated billion dlr jump in the week ended february looking ahead economists said the fed will have to tread a fine line between the dollar s progress in the international currency markets and the development of the domestic economy the market has perhaps exaggerated the dollar s effect on fed policy said first chicago s johnson of course it will take the dollar into account in future policy decisions but if the economy is weak it won t pull back from easing reuter
earn	gti corp gti th qtr oper net oper shr profit six cts vs loss two cts oper net profit vs loss revs vs year oper shr profit cts vs loss two cts oper net profit vs loss revs mln vs mln note data does not include from discontinued operations th qtr gain of dlrs or cts per shr th qtr loss of dlrs or seven cts per shr year loss of dlrs or dlrs per shr and year loss of dlrs or cts per shr reuter
crude	houston oil ho reserves study completed houston oil trust said that independent petroleum engineers completed an annual study that estimates the trust s future net revenues from total proved reserves at mln dlrs and its discounted present value of the reserves at mln dlrs based on the estimate the trust said there may be no money available for cash distributions to unitholders for the remainder of the year it said the estimates reflect a decrease of about pct in net reserve revenues and pct in discounted present value compared with the study made in reuter
earn	famous restaurants inc fams th qtr loss shr loss dlrs vs loss eight cts net loss vs loss revs mln vs mln year shr loss dlrs vs profit four cts net loss vs profit revs mln vs mln note includes non recurring charges of dlrs in the th qtr and dlrs in the year for reserve for underperforming restaurants reuter
cpi	japan consumer prices fall pct in january japan s unadjusted consumer price index base fell pct to in january from the previous month the government s management and coodination agency said the fall compares with a decline of pct in december the january index compared with a year earlier was down pct the first drop larger than pct since it fell pct in september food costs rose in january from december but prices fell for clothing footwear and utilities causing the overall decline for the month housing medical and educations costs increased in january compared with a year earlier but the cost of utilities gasoline and vegetables fell the unadjusted consumer price index for the tokyo area base was down pct in mid february from a month earlier at reflecting lower prices for food clothing and footwear compared with a year earlier the index was down pct due to lower vegetable fuel oil and utility costs reuter
earn	avery avy sets two for one stock split avery said its board authorizerd a two for one stock split an increased in the quarterly dividend and plans to offer four mln shares of common stock the company said the stock split is effective march with a distribution of one additional share to each shareholder of record march it said the quarterly cash dividend of cts per share on the split shares a pct increase from the cts per share before the split avery said it will register with the securities and exchange commission shrortly to offer four mln additional common shares it will use the proceeds to repay debt finance recent acquisitions and for other corporate purposes reuter
money-supply	federal reserve weekly m components feb week feb vs feb daily avg billions seasonally adjusted unadjusted currency vs vs demand depos vs vs other check vs vs savings vs vs small time vs vs mmdas commercial bank only vs o n repos vs o n euros vs reuter
money-supply	n z central bank sees slower money credit growth monetary and credit growth rates in new zealand are not expected to continue at current levels following the reserve bank s move to tighten liquidity late last year reserve bank governor spencer russell said the monetary and credit growth figures for the december quarter were probably artifically inflated by unusually high growth in inter institutional lending activity on the short term money market russell said in a statement the bank moved to tighten liquidity when the initial signs of the recent expansion became apparent in september and october last year russell said broadly defined m figures released today showed growth of pct in the year ended december compared with pct in the year ended september annual growth of private sector credit in calendar was pct compared with pct in the september year available evidence suggests that corporate customers including non bank financial institutions have been exploiting differences between interest rates on overdrafts with trading banks and rates in the call market russell said reuter
interest	japan expected to cut base rate for state bodies japan is expected to cut the base lending rate for state financial institutions to pct from as part of the recent pact by major industrial nations in paris finance ministry sources said they said the cut is based on a revision of the trust fund bureau law which should be approved by parliament on march abolishing the pct minimum interest rate on deposits with the bureau the bureau channels funds to government financial institutions for public works and other official uses they said the base lending rate for state bodies such as the japan development bank people s finance corp and the finance corporations of local public enterprises usually moves in tandem with long term prime rates the sources said however it was impossible for them to follow the last cut to pct from pct on january because the trust fund bureau rate was legally set at pct the ministry will abolish the minimum rate and introduce a market related one to resolve the problem and stimulate the domestic economy they said on tuesday the ministry allowed long term bankers to cut their prime to a record low of pct effective february the move suggested it had reached agreement with depositors using the bureau the postal savings system of the posts and telecommunications ministry and the japan welfare annuity of the ministry of health and welfare the sources said these ministries are trying to determine which market rates should be considered when setting the bureau s deposit rate the ministry sources said coupon rates on new year government bonds minus percentage points is the likeliest choice they added reuter
coffee	producer split heats up coffee quota talks talks on the possibility of reintroducing global coffee export quotas have been extended into today with sparks flying yesterday when a dissident group of exporters was not included in a key negotiating forum the special meeting of the international coffee organization ico council was called to find a way to stop a prolonged slide in coffee prices however delegates said no solution to the question of how to implement quotas was yet in sight world coffee export quotas the major device used to regulate coffee prices under the international coffee agreement were suspended a year ago when prices soared in reaction to a drought which cut brazil s output by nearly two thirds brazil is the world s largest coffee producer and exporter producers and consumers now are facing off over the question of how quotas should be calculated under any future quota distribution scheme delegates said tempers flared late saturday when a minority group of eight producing countries was not represented in a contact group of five producer and five consumer delegates plus alternates which was set up to facilitate debate the big producers want to have the ball only in their court and it isn t fair minority producer spokesman luis escalante of costa rica said the majority producer group has proposed resuming quotas april using the previous ad hoc method of carving up quota shares with a promise to try to negotiate basic quotas before september delegates said their plan would perpetuate the status quo allowing brazil to retain almost all of its current pct share of the export market colombia pct ivory coast seven pct and indonesia six pct with the rest divided among smaller exporters but consuming countries and the dissident producer group have tabled separate proposals requiring quotas be determined by availability using a formula incorporating exportable production and stocks statistics their proposals would give brazil a smaller quota share and colombia and indonesia a larger share and bring a new quota distribution scheme into effect now rather than later brazil has so far been unwilling to accept any proposal that would reduce its quota share delegates said delegates would not speculate on prospects for agreement on a quota package anything is possible at this phase even adjournment of the meeting until march or april one said if the ico does agree on quotas the price of coffee on the supermarket shelf is not likely to change sinnificantly as a result industry sources said retail coffee prices over the past year have remained about steady even though coffee market prices have tumbled so an upswing probably will not be passed onto the consumer either they said reuter
interest	italian treasury cuts interest on certificates the italian treasury said annual coupon rates payable march on two issues of long term treasury certificates ccts would be cut by about four percentage points compared with rates this march coupon rates on year certificates maturing march will fall to pct from pct and rates on year issues maturing in march would fall to pct from pct the treasury also cut by point six monthly coupons payable this september on six issues maturing between september and september the issues carry terms of between five and seven years and will have coupon rates of between and pct in september compared with and pct this march reuter
crude	kuwait says no plans for emergency opec talks kuwait s oil minister in remarks published today said there were no plans for an emergency opec meeting to review oil policies after recent weakness in world oil prices sheikh ali al khalifa al sabah was quoted by the local daily al qabas as saying none of the opec members has asked for such a meeting he denied kuwait was pumping above its quota of barrels of crude daily bpd set under self imposed production limits of the nation organisation traders and analysts in international oil markets estimate opec is producing up to one mln bpd above a ceiling of mln bpd agreed in geneva last december they named kuwait and the united arab emirates along with the much smaller producer ecuador among those producing above quota kuwait they said was pumping mln bpd this rumour is baseless it is based on reports which said kuwait has the ability to exceed its share they suppose that because kuwait has the ability it will do so the minister said sheikh ali has said before that kuwait had the ability to produce up to mln bpd if we can sell more than our quota at official prices while some countries are suffering difficulties marketing their share it means we in kuwait are unusually clever he said he was referring apparently to the gulf state of qatar which industry sources said was selling less than bpd of its bpd quota because buyers were resisting official prices restored by opec last month pegged to a marker of dlrs per barrel prices in new york last week dropped to their lowest levels this year and almost three dollars below a three month high of dollars a barrel sheikh ali also delivered a challenge to any international oil company that declared kuwait sold below official prices because it was charging its official price of dlrs a barrel it had lost custom he said but did not elaborate however kuwait had guaranteed markets for its oil because of its local and international refining facilities and its own distribution network abroad he added he reaffirmed that the planned meeting march of opec s differentials committee has been postponed until the start of april at the request of certain of the body s members ecuador s deputy energy minister fernando santos alvite said last wednesday his debt burdened country wanted opec to assign a lower official price for its crude and was to seek this at talks this month of opec s pricing committee referring to pressure by oil companies on opec members in apparent reference to difficulties faced by qatar he said we expected such pressure it will continue through march and april but he expected the situation would later improve reuter
crude	indonesia seen at crossroads over economic change indonesia appears to be nearing a political crossroads over measures to deregulate its protected economy the u s embassy says in a new report to counter falling oil revenues the government has launched a series of measures over the past nine months to boost exports outside the oil sector and attract new investment indonesia the only asian member of opec and a leading primary commodity producer has been severely hit by last year s fall in world oil prices which forced it to devalue its currency by pct in september but the u s embassy report says president suharto s government appears to be divided over what direction to lead the economy it appears to be nearing a crossroads with regard to deregulation both as it pertains to investments and imports the report says it primarily assesses indonesia s agricultural sector but also reviews the country s general economic performance it says that while many government officials and advisers are recommending further relaxation there are equally strong pressures being exerted to halt all such moves this group strongly favours an import substitution economy the report says indonesia s economic changes have been welcomed by the world bank and international bankers as steps in the right direction though they say crucial areas of the economy like plastics and steel remain highly protected and virtual monopolies three sets of measures have been announced since last may which broadened areas for foreign investment reduced trade restrictions and liberalised imports the report says indonesia s economic growth in calendar was probably about zero and the economy may even have contracted a bit this is the lowest rate of growth since the mid s the report notes indonesia the largest country in south east asia with a population of million is facing general elections in april but the report hold out little hope for swift improvement in the economic outlook for early indications point to a slightly positive growth rate not exceeding one pct economic activity continues to suffer due to the sharp fall in export earnings from the petroleum industry growth in the non oil sector is low because of weak domestic demand coupled with excessive plant capacity real declines in construction and trade and a reduced level of growth in agriculture the report states bankers say continuation of present economic reforms is crucial for the government to get the international lending its needs a new world bank loan of mln dlrs last month in balance of payments support was given partly to help the government maintain the momentum of reform the bank said reuter
crude	saudi riyal deposit rates remain firm saudi riyal interbank deposits were steady at yesterday s higher levels in a quiet market traders said they were reluctant to take out new positions amidst uncertainty over whether opec will succeed in halting the current decline in oil prices oil industry sources said yesterday several gulf arab producers had had difficulty selling oil at official opec prices but kuwait has said there are no plans for an emergency meeting of the member organisation a traditional sunday lull in trading due to the european weekend also contributed to the lack of market activity spot next and one week rates were put at pct after quotes ranging between seven six yesterday one three and six month deposits were quoted unchanged at and pct respectively the spot riyal was quietly firmer at to the dollar after quotes of yesterday reuter
crude	qatar unveils budget for fiscal the gulf oil state of qatar recovering slightly from last year s decline in world oil prices announced its first budget since early and projected a deficit of billion riyals the deficit compared with a shortfall of billion riyals in the last published budget for in a statement outlining the budget for the fiscal year beginning today finance and petroleum minister sheikh abdul aziz bin khalifa al thani said the government expected to spend billion riyals in the period projected expenditure in the budget had been billion riyals sheikh abdul aziz said government revenue would be about billion riyals down by about pct on the projected revenue of billion the government failed to publish a budget due to uncertainty surrounding oil revenues sheikh abdul aziz said that during that year the government decided to limit recurrent expenditure each month to one twelfth of the previous fiscal year s allocations minus pct he urged heads of government departments and public institutions to help the government rationalise expenditure he did not say how the budget shortfall would be covered sheikh abdul aziz said plans to limit expenditure in had been taken in order to relieve the burden placed on the country s foreign reserves he added in some billion riyals had been allocated for major projects including housing and public buildings social services health education transport and communications electricity and water industry and agriculture no figure was revealed for expenditure on defence and security there was also no projection for oil revenue qatar an opec member has an output ceiling of barrels per day sheikh abdul aziz said our expectations of positive signs regarding oil price trends foremost among them opec s determination to shoulder its responsibilites and protect its wealth have helped us make reasonable estimates for the coming year s revenue on the basis of our assigned quota reuter
money-fx	gulf bond stock markets lag behind gib says gulf money markets have grown reasonably well during the past decade but bond and stock markets remain to a large extent fragmented and lag behind gulf international bank bsc gib said the bank s economist henry azzam said in a review of gulf capital markets that investors have to relinquish traditional investment vehicles such as real estate foreign currency bank accounts and precious metals greater financial sophistication is needed coupled with more diversified capital market instruments and a change in the disclosure requirements on company accounts he said the gib study reviewed capital markets under three categories money markets stock and bond markets azzam said gulf states had been making greater use of short term money market instruments and banks in the region had floated various euronotes and underwriting facilities nevertheless bond and stock markets remain to a large extent fragmented and lagging behind he said most debt in the region is still raised by syndicated loans and bank facilities and very few companies had made use of stock or bond issues only kuwait has an official stock exchange while other gulf nations have yet to establish exchanges but with dwindling financial surpluses in the gulf governments are actively pursuing ways to develop capital markets and set up domestic stock exchanges azzam said he said recession stemming from sliding oil prices had clearly had a negative impact on the development of capital markets in the region in addition family firms are reluctant to go public financial awareness among investors is still lacking and investment analysis and corporate reporting standards lack depth a sharp fall in share prices in the early s prompted investors to hold on to shares hoping for an eventual recovery azzam said the absence of proper commercial law in some gulf countries and authorities apparent reluctance to adopt financial innovations had also hampered capital markets he called for clearly defined laws governing incorporation of joint stock companies and the flotation of debt instruments azzam said capital market instruments should be made available to all citizens and institutions of gulf cooperation council gcc states bahrain kuwait qatar oman saudi arabia and the united arab emirates uae some moves had been taken in this direction with bahrain allowing gcc nationals to own up to pct of locally incorporated companies azzam said gulf money markets had received greater depth from the introduction of treasury bill offerings in bahrain and the expansion of securities repurchase regulations in saudi arabia but he added there is no bond market to speak of in saudi arabia qatar oman or the uae with the last saudi riyal denominated bond issued in while bahrain plans an official stock exchange and trading in saudi arabia has picked up establishment of formal exchanges in qatar oman and the uae does not appear imminent azzam said reuter
crude	saudi arabia reiterates commitment to opec pact saudi arabian oil minister hisham nazer reiterated the kingdom s commitment to last december s opec accord to boost world oil prices and stabilise the market the official saudi press agency spa said asked by the agency about the recent fall in free market oil prices nazer said saudi arabia is fully adhering by the accord and it will never sell its oil at prices below the pronounced prices under any circumstance nazer quoted by spa said recent pressure on free market prices may be because of the end of the northern hemisphere winter season and the glut in the market saudi arabia was a main architect of the december accord under which opec agreed to lower its total output ceiling by pct to mln barrels per day bpd and return to fixed prices of around dlrs a barrel the agreement followed a year of turmoil on oil markets which saw prices slump briefly to under dlrs a barrel in mid from about dlrs in late free market prices are currently just over dlrs nazer was quoted by the spa as saying saudi arabia s adherence to the accord was shown clearly in the oil market he said contacts among members of opec showed they all wanted to stick to the accord in jamaica opec president rilwanu lukman who is also nigerian oil minister said the group planned to stick with the pricing agreement we are aware of the negative forces trying to manipulate the operations of the market but we are satisfied that the fundamentals exist for stable market conditions he said kuwait s oil minister sheikh ali al khalifa al sabah said in remarks published in the emirate s daily al qabas there were no plans for an emergency opec meeting to review prices traders and analysts in international oil markets estimate opec is producing up to one mln bpd above the mln ceiling they named kuwait and the united arab emirates along with the much smaller producer ecuador among those producing above quota sheikh ali denied that kuwait was over producing reuter
coffee	coffee quota talks continue no accord seen likely the international coffee organization ico council talks on reintroducing export quotas continued with an extended session lasting late into sunday night but delegates said prospects for an accord between producers and consumers were diminishing by the minute the special meeting called to stop the prolonged slide in coffee prices was likely to adjourn sometime tonight without agreement delegates said the council is expected to agree to reconvene either within the next six weeks or in september they said the talks foundered on sunday afternoon when it became apparent consumers and producers could not compromise on the formula for calculating any future quota system delegates said coffee export quotas were suspended a year ago when prices soared in response to a drought which cut brazil s crop by nearly two thirds brazil is the world s largest coffee producer and exporter reuter
money-fx	zambia to retain currency auction says kaunda zambia will retain its foreign exchange auction system despite the suspension of weekly auctions since january president kenneth kaunda said we have not run away from the auction it hasn t been abolished at all he told reuters in an interview he said the system would be reintroduced after current talks with the world bank and the international monetary fund and he hoped would be backed by fresh foreign aid funds kaunda dismissed central bank statements the new auction system would be used to allocate foreign exchange to private bidders but not to fix the exchange rate kaunda said the auction system had faltered because of the government s shortage of foreign exchange to meet demand it was suspended when the kwacha s rapid devaluation and strong fluctuations made economic planning almost impossible for the government and the private sector he said weekly foreign exchange auctions began in october the kwacha fell from to the dollar to about in months in january the government was more than two months in arrears in paying foreign currency to successful bidders and the auction was suspended and replaced with a fixed exchange rate of nine kwacha to the dollar reuter
sugar	indonesian sugar output seen short of target indonesia s raw sugar output is likely to be mln tonnes in calendar unchanged from and below the government s forecast of mln the u s embassy said in its agricultural outlook for indonesia bought tonnes of raw sugar on world markets in late the report said the embassy estimated indonesia s calendar raw sugar production at mln tonnes against a government estimate of mln it said that indonesia s move into sugar self sufficiency in may have been short lived the report said the government continues to promote sugarcane production through its smallholder intensification program and a relatively high guaranteed price to sugarcane producers however there are considerable indications that farmers are reluctant to plant cane because its economic return is not as good as that of other crops reuter
acq	nippon kokan steel affiliates considering merger toshin steel co ltd toss t and azuma steel co ltd affiliates of nippon kokan kk nkkt t are considering a merger company spokesmen said toshin steel owned pct by nippon kokan and azuma steel owned pct by nippon kokan are expected to decide by the end of march they said both firms have been struggling with losses caused by the recession in the steel industry and the yen s appreciation azuma steel s current losses are estimated at billion yen in the year ending march against a billion loss a year earlier a spokesman said the firm employs workers toshin steel with workers has given no forecast for the year ending march but industry sources said they expected the company to show current losses of about five billion yen or more in compared with a billion loss in reuter
trade	japan february interim trade surplus jumps japan s customs cleared trade surplus in the first days of february jumped to billion dlrs from billion a year earlier the finance ministry said the february interim surplus was sharply up from a mln dlr surplus in the same january period fob exports rose pct from a year earlier in the first days of february to billion while cif imports fell pct to billion the average dollar yen rates were for exports and for imports against for exports and for imports a year earlier reuter
alum	nippon light metal continues aluminium output cut nippon light metal co ltd nlgt t which has annual capacity of tonnes will continue primary aluminium production at a rate of tonnes owing to low domestic and world prices and low water supplies at its hydroelectric power plant a company official said nippon which has no plans to restore output to the tonnes a year at which it was working until late will become japan s only smelter ryoka light metal industries ltd will stop smelting in april owing to high power costs and low prices and mitsui aluminium co ltd has said it stopped smelting in february reuter
crude	saudi february crude output put at mln bpd saudi crude oil output last month fell to an average of mln barrels per day bpd from mln bpd in january gulf oil sources said they said exports from the ras tanurah and ju aymah terminals in the gulf fell to an average mln bpd last month from mln in january because of lower liftings by some customers but the drop was much smaller than expected after gulf exports rallied in the fourth week of february to mln bpd from mln in the third week the sources said the production figures include neutral zone output but not sales from floating storage which are generally considered part of a country s output for opec purposes saudi arabia has an opec quota of mln bpd under a production restraint scheme approved by the nation group last december to back new official oil prices averaging dlrs a barrel the sources said the two fold jump in exports last week appeared to be the result of buyers rushing to lift february entitlements before the month end last week s high export levels appeared to show continued support for official opec prices from saudi arabia s main crude customers the four ex partners of aramco the sources said the four exxon corp xon mobil corp mob texaco inc tx and chevron corp chv signed a long term agreement last month to buy saudi crude for dlrs a barrel however the sources said the real test of saudi arabia s ability to sell crude at official prices in a weak market will come this month when demand for petroleum products traditionally tapers off spot prices have fallen in recent weeks to more than one dlr below opec levels saudi arabian oil minister hisham nazer yesterday reiterated the kingdom s commitment to the december opec accord and said it would never sell below official prices the sources said total saudi refinery throughput fell slightly in february to an average mln bpd from mln in january because of cuts at the yanbu and jubail export refineries they put crude oil exports through yanbu at bpd last month compared to zero in january while throughput at bahrain s refinery and neutral zone production remained steady at around bpd each reuter
earn	japan s ntt forecasts profits fall in nippon telegraph and telephone corp ntt expects its profits to fall to billion yen in the year ending march from a projected billion this year the company said total sales for the same period are expected to rise to billion yen from a projected billion this year ntt said in a business operations plan submitted to the post and telecommunications ministry ntt said it plans to make capital investments of billion yen in including billion for research and development as against a total of billion this year an ntt spokesman said increased competition from new entrants to the telecommunications field and the effect of a sales tax scheduled to be introduced next january were the major factors behind the projected decrease in profits the japanese telecommunications industry was deregulated in reuter
ship	china signs world bank loan for tianjin port china has signed a mln dlr loan agreement with the world bank to partly finance new berths with an annual capacity of mln tonnes at the mln tonne a year capacity tianjin port the new china news agency said china will provide mln yuan for the project and a chinese company won a bid against other firms from seven countries to do the foundation work it said it said of the new berths will be able to handle ships of more than tonnes three will handle containers and the expansion will enable the port to handle coke non metal mineral ores and mining equipment for the first time reuter
reserves	japan february external reserves record billion dlrs january billion
reserves	japan february reserves record billion dlrs japan s external reserves rose to a record billion dlrs at the end of february from the previous record of billion at end january the finance ministry said end february reserves last year were billion dlrs in january the nation s foreign reserves showed the largest ever monthly increase at billion dlrs due to massive bank of japan dollar buying intervention during the month as the dollar fell briefly to an all time low of yen on january foreign exchange dealers said reuter
coffee	ico talks on coffee quotas to resume at noon talks on coffee export quotas at the international coffee organization ico special council session will resume at noon gmt today following a last minute decision taken early this morning to extend the meeting hours ico officials said an member contact group will meet at midday to examine new ideas and the full council is to convene at gmt they said the extension resulted from a last ditch effort by colombia to salvage the talks which by late yesterday looked perilously close to ending without agreement on quotas delegates said reuter
sugar	indian sugar output rises in first four months india s sugar output to january in the season october september rose to mln tonnes from mln in the same period the indian sugar mills association said total offtake in the first four months of the current year was mln tonnes including tonnes imported for domestic use and tonnes for export against mln tonnes including imported for domestic use and tonnes for export in the corresponding period of factory stocks at end january were mln tonnes imported against mln imported a year earlier reuter
acq	shv says it making tender offer for up to mln shares in ic gas
earn	cheung kong holdings ltd ckgh hk year shr h k dlrs vs final div cents vs making cents vs net billion dlrs vs mln note earnings excluded extraordinary gains of mln dlrs vs mln bonus issue one for four vs nil share split four for one dividend payable june books close may reuter
acq	wallenbergs fight bid for swedish match stake sweden s wallenberg group fought back a bid by the london based swedish financier erik penser to secure a large stake in swedish match smbs st one of the companies at the core of their business empire a statement issued by the wallenberg holding companies ab investor and forvaltnings ab providentia said they had taken over an option held by nobel industrier sweden ab to acquire pct of the voting rights in swedish match thre wallenbergs paid nobel industrier nobl st in which penser group has a pct stake about pct over the market price for the swedish match option the statement said swedish match s b shares open to foreign buyers closed at crowns on friday the a shares with increased voting rights closed at crowns for the restricted and for the free shares the statement said the deal increased investor s stake to pct of the voting rights and pct of the share capital while providentia is left holding pct of the voting rights and pct of the share capital in swedish match the wallenbergs stake in swedish match had previously amounted to pct of the voting rights in the company the swedish match deal will cost the wallenbergs about mln crowns share analysts said making it one of the most expensise moves the group has undertaken in the last four years to defend its far flung interests from outside predators the wallenbergs originally sold nobel industrier an arms and chemicals group to penser in to pay for buying volvo volv st out of two other key group companies atlas copco asts st and stora koppabergs skps st since then the wallenbergs were ousted as the largest shareholders in skf skfr st by skanska ab skbs st and frederik lundberg wrested control of incentive ab from them lundberg a zurich based swedish property tycoon also managed to acquire a pct stake in another wallenberg company the diary equipment firm alfa laval ab alfs st during the wallenbergs have been concentrating on building up their stake in investor and providentia to prevent any raid on the heart of their business empire but analysts say the wallenbergs position in the electrical engineering firm asea ab asea st is also too small at pct of the voting rights and there has been growing speculation that the group will be forced to sell off fringe interests to protect its core activities reuter
acq	shv says it making tender offer for ic gas shv united kingdom holding co ltd said it was making a tender offer for up to mln ordinary shares in imperial continental gas association icgs l it said in a statement the offer was on the basis of p for each ic gas ordinary and p for every one stg nominal of ic gas loan stock shv already holds mln ic gas ordinary stock units representing around pct of the current issued share capital successful completion of the offer would increase shv s stake in ic gas to mln shares representing around pct of issued share capital it said the offer capitalises ic gas at around one billion stg it said it was tendering for both ordinary stock and loan stock which when fully converted gave a total of mln ic gas ordinary it is making the tender offer through n m rothschilds ic gas said in a statement it noted the shv tender offer and the terms were being considered it said a further statement would be made as soon as possible reuter
tin	atpc members find ways to curb tin exports mine and industry officials from most member states of the association of tin producing countries atpc say they have found ways to limit group exports to tonnes in the year started march according to views polled by reuter correspondents the plan to curb exports agreed in january is aimed at cutting the world surplus to tonnes from now and boosting prices to about ringgit a kilo from just over members of the seven member kuala lumpur based atpc account for some pct of the world s tin output under the atpc plan malaysia has been allocated an export quota of tonnes indonesia thailand bolivia zaire and nigeria australia has said it is not setting any export quota however the tonnage allocated to it tonnes is roughly equal to its expected output this year comment from officials in zaire was unavailable mine officials in malaysia the world s leading producer said only mines will be allowed to operate to ensure that output is limited to around tonnes in the year started march chief inspector of mines redzuan sumun told reuters that excess output of some tonnes after exports of in the one year quota period would be kept in the national stock mine owners in malaysia have welcomed the atpc export curb and asked the government not to issue new mining licences more than applications for licences are pending redzuan said the mines department would approve new mining licences only if a six month review of production trends showed that local mines were not overproducing atpc chairman and indonesia s mining and energy minister subroto has pledged his country s support for the export curb a spokesman for the state owned tin mining company pt tambang timah told reuters it would be easy for indonesia to stick to an export quota of tonnes because this was close to exports in calendar of in bangkok thai industry minister pramual sabhavasu said thailand would keep to its tonne quota and added this would not cause the local industry hardship at current prices to insure adherence the industry ministry and sole tin exporter thailand smelting and refining co would encourage bigger stockpiles and income tax exemptions would be permitted he said the thai mineral resources department is expected to disallow new tin mines opening this year to prevent excessive production industry sources said but mining industry council president dam teutong told reuters that if the tin price rose above ringgit a kilo thai miners would press for the opening of more new mines thailand exported tonnes in up from in pramual said bolivia said it expects to export less tin this year than its allocated tonne quota mining minister jaimie villalobos told reuters in la paz that bolivia expected to export about tonnes of tin in calendar he said this was due to the sacking after the tin crisis of october of about of the workers at the state mining company comibol which produces more than pct of bolivia s total exports he said there were risks in the atpc plan to cut exports but added he was confident the goals set by the plan would be achieved he did not elaborate mines power and steel minister bunu sheriff musa said in lagos that nigeria would have no difficulty keeping within its atpc quota of tonnes because its metals output had declined due to poor demand and high production costs industry sources told reuters that nigeria s output was less than tonnes last year atpc officials said they would monitor member countries export figures every three months using customs documents and make projections from such data to see if quotas were likely to be breached within the year long quota period the atpc officials said members that appeared likely to breach their quotas would be told to take remedial measures they added that if member countries were unable to fulfil their quotas their extra tonnage would be reallocated to other members at the atpc s discretion the atpc would have produced and exported an estimated tonnes of tin in without the plan non members brazil and china have pledged to cooperate with the atpc and limit their exports to and tonnes respectively during the quota period reuter
gold	china s heilongjiang province boosts gold output gold output in the northeast china province of heilongjiang rose pct in from s level the new china news agency said it gave no figures it said the province china s second largest gold producer after shandong plans to double gold output by from the level china does not publish gold production figures however industry sources estimate output at about tonnes a year with exports put between and tonnes china is selling more gold abroad to offset large trade deficits in recent years western diplomats said reuter
acq	sale tilney buys stake in u s insurance broker sale tilney plc said it has purchased pct of the ordinary share capital of b and r international inc a u s insurance broker for mln dlrs sale is paying mln dlrs in cash on completion with the balance plus interest to be paid in equal instalments over the next six years b and r posted pretax profit of dlrs in the year to dec when it had net tangible assets of dlrs reuter
earn	estimated drop in japan corporate profits trimmed the combined profits of japan s major corporations excluding financial institutions are forecast to fall pct in the year ending march compared to the pct decline projected in late november wako research institute of economics said the private research body also said in a statement that of the firms listed on the first section of the tokyo stock exchange foresee an pct fall in sales in the year against an pct fall estimated last november current profits are projected to fall pct in on sales seen increasing by pct it said rationalisation measures taken by manufacturing industries to cope with the yen s sharp rise are beginning to brighten their business outlook the institute said it said lower interest rates which are expected to reduce corporate borrowing costs are also behind the improved performance outlook earnings performance in the non manufacturing sector will be supported by firm demand in the real estate and construction businesses it said the forecast was based on average exchange rate estimates of yen to the dollar in and yen in reuter
interest	japan to promote interest rate liberalisation the bank of japan decided at a policy board meeting to promote further interest rate liberalisation by lowering the minimum denomination of regulation free large deposits and by raising the interest rate ceiling on money market certificates mmcs a central bank official said the new guideline will go into effect on april the bank said under the guideline the minimum denomination of regulation free large deposits will be lowered to mln yen from mln the interest rate ceiling of mmcs with maturities of between one year and two years will be set at percentage point below the prevailing certificate of deposit rate the bank said but the ceiling on mmcs with maturities of one year or less will remain the same or percentage point below the cd rates the minimum denomination of mmcs will be lowered to mln yen from mln the bank also said time deposit rates will be lowered by point effective march in line with the half point cut in the official discount rate on february new interest rates on two year and one year deposits at banks for example will be pct and pct per annum respectively demand deposit rates however will remain the same reuter
reserves	taiwan power firm plans more foreign debt cuts state owned taiwan power co will boost its domestic borrowings to further cut its foreign debt in line with a government policy to trim the island s huge foreign exchange reserves a company official said the company s foreign debt mainly from the japanese and u s banks was cut nearly by half to billion taiwan dlrs equivalent in calendar from billion in he said its domestic borrowings however rose to billion taiwan dlrs from billion in the same period he added taiwan s foreign exchange reserves now stood at billion u s dlrs due to its record trade surplus of billion reuter
money-supply	u k confirms january sterling m rise the bank of england said the broad measure of u k money supply sterling m rose a seasonally adjusted pct in january after a pct rise in december the unadjusted year on year rise was pct after pct in the year to december the narrow measure of money supply m fell by a seasonally adjusted pct in january and rose by a non adjusted pct year on year the bank said the figures confirm provisional data issued by the bank two weks ago in december m grew by a seasonally adjusted pct and by a non seasonally adjusted pct year on year the bank said sterling bank lending grew by a non seasonally adjusted billion stg in january this also confirmed provisional figures issued in february the measure of private sector liquidity psl fell pct in january but after seasonal adjustment rose pct the bank said the bank said the public sector contribution to the growth in sterling m was contractionary by about billion stg within this the public sector borrowing requirement psbr showed a repayment of billion stg while the non bank private sector s holdings of government debt fell by about billion stg there was a fall of mln stg in notes and coin in january a fall of billion stg in non interest bearing sight deposits and a rise of billion stg in interest bearing sight deposits the bank said reuter
acq	exco buys u s government securities broker exco international plc a subsidiary of british and commonwealth shipping co plc bcom l said it had agreed in principle to buy an pct stake in rmj holdings corp for about mln dlrs exco chairman richard lacy told reuters the acquisition was being made from bank of new york co inc bk n which currently holds a pct and from rmj partners who hold the remainder bank of new york and the partners will retain about pct each and these stakes will be bought over the next six years rmj is the holding company of rmj securities one of the largest u s government securities brokers it is also involved in broking notes obligations and other instruments sponsored by u s federal agencies lacy said exco had been considering buying a u s government securities broker for the past four years and had made an offer for rmj when it was sold by security pacific corp spc n in rmj was then valued at about mln dlrs b and c managing director peter goldie said rmj would be bought at about the same multiple as exco suggesting net income of around mln dlrs the company s earnings had not been hit by the halving of brokerage fees some months ago as volumes had since doubled lacy said that rmj employed some people with in the brokerage business and about in its sms unit which provided computer software for the financial services community rmj securities had offices in new york where total market turnover of u s government securities was billion dlrs a day and in london where it has billion it was also given permission last week to open an office in tokyo where total market turnover had lifted rapidly to about five billion dlrs a day the acquisition would contribute between five and pct of b and c s share earnings in on a proforma basis reuter
acq	coloroll agrees to buy u s wallcoverings company coloroll group plc said it has entered into a conditional agreement to acquire the business and assets of wallco inc and related companies for mln dlrs miami based wallco manufactures and distributes wallcoverings and showed a pretax profit of mln dlrs on turnover of mln in the year ending june the total u s market was estimated to be worth mln dlrs in having grown by pct in the previous five years coloroll said the combined sales and profit of the enlarged coloroll u s business would be mln and four mln dlrs respectively reuter
trade	sweden to go ahead with s african trade sanctions sweden s ruling social democratic party gave full power to the government to decree unilateral trade sanctions against south africa prime minister ingvar calrsson said carlsson told a news conference the party decided the fight against apartheid took priority over sweden s traditional policy of only adopting sanctions with the backing of the u n security council the government will decide later what form the trade boycott will take and when it will come into force reuter
trade	japan u s set to begin high level trade talks japan and the u s kick off top level trade talks tomorrow amid signs officials from both sides are growing increasingly irritated with each other the talks held annually at sub cabinet level to review the whole gamut of u s japan economic relations will pave the way for american secretary of state george schultz s one day stop over here at end week on his way home from china faced with growing congressional protectionist pressure the u s administration is pressing japan for speedy action to reduce its still huge trade surplus u s officials said we appreciate their frustration a senior japanese government official said but we are also frustrated the official said the pct rise of the yen over the last months has hit japan hard forcing exporters to slash spending and lay off workers to make up for lost sales abroad that has not yet shown up in dollar based statistics on trade but it will he said he said the u s administration was ignoring the progress that has been made and instead emphasizing the problems that remain when it talks with congress it would only take five minutes to list their accomplishments a senior u s official replied the talks begin tomorrow with high level discussions on the economic structures of both countries and how they affect the bilateral trade imbalance which last year amounted to billion dlrs in japan s favour on the following two days the topics will range from multilateral trade talks under the auspices of the general agreement on tariffs and trade gatt to such bilateral trade problems as super computers the structural talks are intended to be free wheeling discussions among senior officials tomorrow s topics include savings and investment issues such as consumer credit and housing and the implications of government budget deficits these talks come at a particularly delicate time for the japanese government which is facing increasing domestic pressure to abandon its tight fisted fiscal policy and stimulate the sagging economy by spending more some u s officials complained japan has no intention of boosting domestic demand and imports as washington wants japanese officials in turn pointed the finger at the huge u s budget deficit as one of the main culprits for the trade imbalance that budget deficit has meant that the u s is buying more imports japan seems particularly peeved at being singled in a draft trade bill before the senate as a nation following adverserial trade practices it condemns japan without due process one japanese official said that reference spoils what is otherwise a well thought out bill introduced by democratic senator lloyd bentsen he said japan is also not totally happy with the administration s trade bill particularly its proposal to establish reciprocal access to foreign markets as one criteria for retaliatory trade action by the u s officials said nevertheless japanese officials said they remain in a weak bargaining position especially with the threat of a trade bill overhanging them we have no leverage one official admitted as a result tokyo is striving to meet u s complaints about its trade practices in a variety of fields including super computers the u s is pressing for greater access to the japanese super computer market the japanese government has sent a long questionnaire to public institutions like universities which buy the sophisticated machines in hopes of eventually setting up informal bidding procedures easily understood by all potential sellers officials said reuter
sugar	india to hold white sugar buying tender india will hold a buying tender on wednesday march for two to three cargoes of white sugar for march april shipment traders said reuter
earn	carlton communications optimistic for carlton communications plc has started the current financial year well with accounts for the first four months showing a healthy increase on the same period last year and chairman m p green told the annual meeting he looked forward to with optimism the issue of mln shares in adr form had now been successfully completed he added carlton intended to increase its presence in the u s which represented pct of the world television market conditions worldwide in the television industry continued to look buoyant the chairman noted reuter
strategic-metal	ec opens anti dumping enquiry into soviet mercury the european community commission said it has opened an enquiry into allegations that the soviet union is dumping mercury on the european market at below cost prices the commission said its decision follows a complaint from ec non ferrous metals producers that the sales of soviet mercury were harming their business and threatening jobs in the european industry according to the complaint soviet mercury sales in the ec had risen from zero in recent years to tonnes between august and october last year and threaten to capture pct of the ec market if they continue at the same pace the industry said the mercury was being sold at more than pct below prices charged by ec producers forcing them to cut their prices to levels that no longer covered costs the imports had caused producers heavy financial losses it said the commission said the industry would probably be unable to hold prices at current levels and that any increase would result in loss of sales and jobs the so called anti dumping procedure opened by the commission will allow all interested parties to state their cases to the authority reuter
crude	gulf arab deputy oil ministers to meet in bahrain deputy oil ministers from six gulf arab states will meet in bahrain today to discuss coordination of crude oil marketing the official emirates news agency wam reported wam said the officials would be discussing implementation of last sunday s agreement in doha by gulf cooperation council gcc oil ministers to help each other market their crude oil four of the gcc states saudi arabia the united arab emirates uae kuwait and qatar are members of the organiaation of petroleum exporting countries opec and some face stiff buyer resistance to official opec prices reuter
crude	saudi arabia reiterates commitment to opec accord saudi arabian oil minister hisham nazer reiterated the kingdom s commitment to last december s opec accord to boost world oil prices and stabilize the market the official saudi press agency spa said asked by the agency about the recent fall in free market oil prices nazer said saudi arabia is fully adhering by the accord and it will never sell its oil at prices below the pronounced prices under any circumstance saudi arabia was a main architect of december pact under which opec agreed to cut its total oil output ceiling by pct and return to fixed prices of around dollars a barrel reuter
crude	kuwait minister says no emergency opec talks set kuwait s oil minister said in a newspaper interview that there were no plans for an emergency opec meeting after the recent weakness in world oil prices sheikh ali al khalifa al sabah was quoted by the local daily al qabas as saying that none of the opec members has asked for such a meeting he also denied that kuwait was pumping above its opec quota of barrels of crude daily bpd crude oil prices fell sharply last week as international oil traders and analysts estimated the nation opec was pumping up to one million bpd over its self imposed limits reuter
trade	taiwan plans new tariff cuts taiwan plans another round of deep tariff cuts this year to help narrow its trade surplus with the u s a senior economic planner said wang chao ming vice chairman of the council for economic planning and development told reuters taiwan would further reduce import tariffs on products sometime in the second half of this year cuts of up to pct on those items were made last year and wang said further cuts would go much deeper we have to speed up liberalisation and cut import tariffs faster and more substantially he said the united states taiwan s main trading partner has said the island s import tariffs still ranging from a high of almost pct were unacceptable it has criticised the cuts as too selective taiwan s trade surplus with the united states hit billion dlrs last year the surplus has boosted foreign exchange reserves to billion dlrs which wang said made taiwan a target for u s protectionism wang said the trade surplus and the reserves weakened taiwan s position in talks with washington over export quotas particularly for shoes textiles and machine tools which are among the island s main export earners a special taiwanese trade delegation leaves for washington tomorrow to try to renegotiate an agreement signed last year limiting exports of taiwan textiles under the accord taiwan s textile export growth was limited to pct each year until taipei has said it is losing markets to south korea and hong kong which were given more generous terms reuter
earn	hutchison sees higher payout satisfactory profits hutchison whampoa ltd hwhh hk expects satisfactory profits in and will pay a higher dividend for the year chairman li ka shing said he did not make any specific projections for the company s earnings this year but he said the firm will pay a dividend of not less than cents per share after a proposed four for one stock split and a one for four bonus issue it paid total dividends of dlrs per share last year equal to cents per share adjusting for the bonus and share split hutchison which has operations ranging from trading to property and container terminals earlier reported after tax profits of billion dlrs against billion dlrs in the total excluded extraordinary gains of mln dlrs partly from the sale of some of its stake in the south china morning post the leading english language newspaper compared with mln dlrs the previous year it said it expects another mln dlr gain in from the sale of the remaining shares li said hong kong s property market remains strong while its economy is performing better than forecast with its largely export led growth gross domestic product grew by nearly nine pct last year against an initial government projection of pct but he said hong kong s large trade deficit with the u s may result in protectionist measures that will adversely affect the british colony he said all of the company s major operations showed improved results in hutchison said earlier it will sell its entire pct interest in hongkong electric holdings ltd hkeh hk to cavendish international holdings ltd itself a spin off from hongkong electric under a reorganisation announced separately hongkong electric will spin off all its non electricity related activities into cavendish which will be listed on the local stock exchange hongkong electric shareholders will receive one share in cavendish for every hongkong electric share cavendish will buy the mln hongkong electric shares from hutchison by issuing mln new shares the spin off and the sale of hongkong electric shares will give hutchison a pct stake in cavendish li said the decision to spin off cavendish is to relieve hongkong electric of public criticism of the power company for making risky investments but he denied there was pressure from the government for the spin off he said cavendish will have seven billion dlrs of assets and will be almost debt free with mln dlrs of liabilites its major assets are the hong kong hilton hotel property development and interests in husky oil ltd hyo to of canada and pearson plc pson l of britain reuter
acq	scientific micro systems smsi acuires supermac scientific micro systems inc said it has acquired supermac technology a rapidly growing supplier of enhancement products and disc drive subsystems for the apple personal computer market scientific micro said it acquired all the common stock of supermac in exchange for mln shares of its own common stock the stock closed at dlrs bid on friday supermac a privately held firm based in mountain view california as is scientific micro reported a net profit of dlrs on revenue of mln dlrs in fiscal it expects its revenue to approximately double in reuter
acq	american express axp viewing shearson options american express co rumored to be considering a spinoff of part of shearson lehman brothers inc said it is studying a range of options for its brokerage unit that could improve shearon s access to capital and help it meet broadening international competition in a joint statement american express and shearson said the actions under consideration are an integral part of american express worldwide financial services strategy and that the two companies have been having both internal and external discussions on the matters american express said no decision has been reached on the strategic options and that it and shearson could ultimately decide to follow growth plans already in place last week rumors circulated on wall street that the financial services giant was considering a spinoff of part of shearson and there was speculation it may be considering selling a stake to a japanese firm analysts said the speculation also focused on american express selling pct of the profitable brokerage firm to the public there was some speculation that american express had also considered a total spinoff of shearson but the plan was considered highly unlikely analysts said american express said in the statement on sunday that it will not comment on rumors and speculation and a spokesman would not go beyond the statement the company also remained silent last thursday and friday as rumors drove american express stock up a total of dlrs in two days to bring it to a friday close at it said it issued the statement on sunday because a similar statement was being circulated to employees analysts have been divided on whether it makes sense for american express to give up a stake in the wholly owned brokerage which improved its after tax earnings by about pct in the last year some analysts said american express may consider spinning off part of shearson because it is concerned that its stock price does not fully reflect the value of the brokerage firm shearson contributed mln dlrs of american express billion dlr net in american express ambitious plans for international growth may be also enhanced by the added cash that spinning out part of shearson would bring analysts speculated that all of shearson would have a market value of about billion dlrs to some however the need for added capital is puzzling american express is in a position where they can raise capital if they need to said larry eckenfelder of prudential bache securities analysts said rumors were fed by the reorganization of shearson management wednesday chief operating officer jeffrey lane got the added previously vacant post of president the reorganization also created four new positions for chairmen of shearson s operating divisions a move analysts speculated would allow shearson to be a stand alone company analysts contacted on sunday said the statement does little to clarify last week s market speculation it does confirm however that the financial services firm which unsuccessfully attempted to expand shearson with a major acquisition last year is looking beyond its own walls for growth and positioning in the global market competition late last year shearson s takeover offer to the e f hutton group inc was rejected by hutton and analysts said there had been speculation that shearson also was rebuffed when it approached another major wall street brokerage reuter
acq	ropak ropk has pct of buckhorn bkn ropak corp said it received and accepted about common shares and series a convertible preferred shares of buckhorn inc at four dlrs and dlrs each respectively in response to its tender offer that expired friday and it now owns pct of buckhorn voting power the company had owned common and preferred shares before starting the hostile tender ropak said it is borrowing the funds needed to buy the buckhorn shares from its bank lender and will not need to use any funds that another bank had committed to provide under a margin loan ropak said it waived minimum acceptance requirements to buy the shares and intends to evaluate a number of possible ways of completing an acquisition of buckhorn it said it hopes that buckhorn s board will reevaluate its position and enter into meaningful negotiations reuter
acq	penril pnl seeks to sell two units penril corp said it is seeking to sell its triplett electrical instrument corp subsidiary in bluffton ohio and triplett s alltest division in hoffman estates ill as part of a plan to concentrate on its three profitable division and reduce its debt load the company also said it is evaluating a plan to satisfy its obligations under its pct subordinated notes but gave no details interest on the notes is due today penril further said director clifford l alexander jr has resigned from the board it gave no reason penril said shareholders at the annual meeting approved the limitation of directors liability reuter
acq	dale burdett inc faces damage claim dale burdett inc said it faces damages claims totalling about dlrs from the former owners of burdett publications inc the company said on february its predecessor nolex development inc acquired burdett publications inc in an exchange of mln common shares for all burdett publications shares but the transaction was not qualified with the california department of corporations as a result it said the former burdett publications owners have a claim for damages against dale burdett as successor to nolex for one yuear starting january with the damages measured by the difference in values of shares exchanged plus interest from february reuter
acq	purolator pcc in buyout with hutton efh new jersey based overnight messenger purolator courier corp said it has agreed to be acquired for about mln dlrs by a company formed by e f hutton lbo inc and certain managers of purolator s u s courier business analysts have said that purolator has been for sale for some time purolator announced earlier it was mulling a takeover bid but analysts wrongly predicted the offer was from another courier company hutton lbo a wholly owned subsidiary of e f hutton group inc will be majority owner of the company hutton said the acquiring company pc acquisition inc is paying dlrs cash per share for pct of purolator s stock in a tender offer to begin thursday the rest of the shares will be purchased for securities and warrants to buy stock in a subsidiary of pc acquisition containing purolator s u s courier operations if all the shares of purolator are tendered shareholders would receive for each share dlrs cash six dlrs in debentures and a warrant to buy shares in a subsidiary of pc acquisition containing the u s courier operations hutton said in the merger shareholders would get mln dlrs aggregate amount of guaranteed debentures due of pc acquisition and warrants to buy pct of the common stock of the pc courier subsidiary hutton said the company has valued the warrants at two to three dlrs per share purolator s stock price closed at dlrs on friday while some analysts estimated the company was worth in the mid s at least one said it would be worth to dlrs this follows sales of two other purolator units it agreed recently to sell its canadian courier unit to onex capital for mln dlrs and previously sold its auto filters business purolator retains its stant division which makes closure caps for radiators and gas tanks a hutton spokesman said the firm is reviewing its options on stant purolator s courier business has been lagging that of its u s rivals because of the high price it paid in the past several years to add air delivery to its ground fleet e f hutton will provide mln dlrs of its funds to complete the transaction this so called bridge financing will be replaced later with long term debt most likely in the form of bank loans hutton said hutton lbo is committed to keeping the courier business its president warren idsal said purolator lost mln dlrs over the last two years largely due to u s courier operations which we believe the management is turning around we belive it will be a very serious competitor in the future said idsal william taggart chief executive officer of u s courier division will be chief executive officer of the new company the tender offer will be conditioned on a minimum of two thirds of the common stock being tendered and not withdrawn to the expiration of the offer as well as certain other conditions the offer will begin thursday subject to clearances from the staff of the interstate commerce commission and will expire business days after commencement unless extended reuter
cotton	pakistan cotton output reaches mln bales pakistan cotton production during the current crop season sept march reached mln bales of pounds each up from last season shafi niaz chairman of the agricultural prices commission said official sources said pakistan was likely to use mln bales of cotton during the current financial year ending june after mln in and mln in they said consumption would increase due to a rise in demand for cotton yarn in domestic markets and abroad pakistan produced mln kilos of yarn in fiscal year and exported mln the state owned cotton export corporation was likely to export mln bales of cotton during the current fiscal year compared with mln last year cotton traders said the traders said there would be mln bales of cotton carryover this fiscal year compared with just over a mln bales last year reuter
acq	financial santa barbara fsb to make purchase financial corp of santa barbara said it has signed a definitive agreement to purchase stanwell financial the lending operations unit of mortgage banking company stanwell mortgage for undisclosed terms reuter
alum	alcan to close west german aluminium smelter alcan aluminiumwerke gmbh a subsidiary of alcan aluminium ltd al n of canada said it plans to close its aluminium smelter in ludwigshafen at the end of june a spokesman said alcan was closing the smelter with annual capacity of tonnes and employees because of high electricity costs and the low world market price of aluminium alkan had said earlier this year it would close half the plant s capacity but decided to shut down completely when talks with potential cooperation partners failed the spokesman said he declined to name the other companies involved in the talks reuter
earn	bbc ag brown boveri und cie bbcz z year parent company net profit mln swiss francs vs mln orders received billion francs vs billion sales billion francs vs billion group sales billion francs vs billion group orders billion francs vs billion reute
acq	marriott mhs to sell hotel four seasons hotels said it and vms realty partners of chicago have agreed to purchase the santa barbara biltmore hotel from marriott corp for an undisclosed amount it said the venture will rename the hotel the four seasons biltmore at santa barbara and invest over mln dlrs in improvements on the room property reuter
earn	brown boveri omits dividend plans warrant bond bbc ag brown boveri und cie bbcz z said it will omit dividend in for the second consecutive year it said it planned to invite shareholders and non voting stockholders to subscribe to a warrant bond issue of around mln swiss francs to be made after the june annual meeting the value of the stock subscription rights should correspond roughly to the dividend of francs per share paid in the company also plans to issue participation certificates with a par value of mln swiss francs from which existing shareholders are excluded reuter
acq	viacom said it has new national amusements mcv holdings bids
acq	laroche starts bid for neco npt shares investor david f la roche of north kingstown r i said he is offering to purchase common shares of neco enterprises inc at dlrs each he said the successful completion of the offer plus shares he already owns would give him pct of neco s common shares la roche said he may buy more and possible all neco shares he said the offer and withdrawal rights will expire at est gmt march reuter
earn	sdc sydney development corp nine mths loss period ended december oper shr loss dlrs vs loss cts oper loss vs loss revs vs note current shr and net exclude extraordinary gain of dlrs or five cts shr versus extraordinary gain of dlrs or four cts shr reuter
acq	senior engineering makes mln dlr us purchase senior engineering group plc said it reached agreement with cronus industries inc to acquire the whole share capital of south western engineering co for mln dlrs cash this sum is being financed by a term loan south western is one of the u s s leading manufacturers of heat transfer equipment with a turnover of mln dlrs and pre tax profits of mln in completion of the deal is conditional on approval under u s hart scott rodino regulations which is expected within days some dlrs is payable immediately mln dlrs payable on completion with the balance due by june reuter
earn	cheung kong chairman sees strong results in cheung kong holdings ltd ckgh hk is expecting strong results this year after reporting better than expected profits in chairman li ka shing said he did not give a specific earnings projection but he told reporters the firm will pay total dividends of not less than cents a share this year after a one for four bonus issue and a four for one stock split the company earlier declared total dividends equal to cents a share for adjusting for the stock split and bonus issue cheung kong s earnings rose to billion h k dlrs in well above market expectations of mln to one billion dlrs they compared with profits of mln dlrs in cheung kong also reported extraordinary gains of mln dlrs mainly from the firm s sale of the hong kong hilton hotel to hongkong electric holdings ltd hkeh hk for one billion dlrs it had gains of mln dlrs in li attributed the surge in earnings to a buoyant local property market and substantial increases in contributions from associated companies looking ahead should be another year of stability for the property market li said the growth in hong kong s exports is expected to stimulate the demand for industrial buildings cheung kong is cash rich and is looking for new projects in the british colony li said noting the firm is interested in a land reclamation project along the hong kong harbour and is exchanging views with the government on a proposal to build a second airport reuter
earn	whittaker corp st qtr oper shr cts vs cts
acq	viacom via receives two revised offers viacom international inc said it received revised merger offers from national amusements inc and mcv holdings inc the company said the special committee plans to meet later today to review both offers viacom said national amusements arsenal holdings inc raised the value of its offer for the viacom shares not held by national amusements in three areas national amusements holds pct of viacom s stock the cash value of the offer was raised to dlrs from the dlrs a viacom share offered february while the value of the fraction of a share of exchangeable preferred being offered was increased to dlrs a share from six dlrs the interest rate to be used to increase the cash value of the merger if delayed beyond april was raised to nine pct from eight pct and pct after may a viacom spokesman said the arsenal holdings s offer continues to include a pct interest in arsenal for present viacom shareholders viacom said mcv holdings a group which includes the company s senior management and the equitable life assurance society of the united states raised the value of its offer by increasing the value of the preferred being offered to dlrs from dlrs a share and raising the ownership in the new company to be held by present viacom shareholders to pct from pct mcv called its previous offer made february the final proposed revision of its agreement with viacom reuter
earn	waste management corp votes two for one stock split and boosts qtly dividend to cts
acq	pittston agrees to acquire wtc international in exchange of stock
earn	tuesday morning inc tues th qtr net shr dlrs vs dlrs net vs revs mln vs mln avg shrs vs year shr dlrs vs dlrs net vs sales mln vs mln avg shrs vs reuter
acq	diagnostic retrieval systems inc makes mln dlr bid for rospatch corp
acq	miller tabak has pct of penn traffic pnf miller tabak hirsch and co said it has received an accepted common shares of penn traffic co in response to its dlr per share tender offer that expired friday and together with the shares it already owned it now has about pct of penn traffic the company said penn traffic is expected to hold a special shareholders meeting later this month to approve a merger into miller tabak at the tender price it said two miller tabak representatives will be named to the penn traffic board on march four to serve as the only directors with penn traffic president and chief executive officer guido malacarne the company said it received financing for the transaction from first national bank of minneapolis and salomon inc sb reuter
coffee	coffee quota talks continue but no agreement yet coffee quota talks at the international coffee organization council meeting here continued this afternoon but producers and consumers still had not reached common ground on the key issue of how to estimate export quotas delegates said the member contact group was examining a colombian proposal to resume quotas april under the ad hoc system used historically with a pledge to meet again in september to discuss how quotas would be worked out in the future they said delegates would not speculate on the prospects for agreement at this time anything could happen one delegate said reuter
earn	waste management wmx votes split ups payout waste management corp said its board voted a two for one stock split payable april record march in other action waste management directors approved an increase in the quarterly dividend to cts from cts payable april three record march reuter
earn	porex technologies porx sets initial dividend porex technologies corp said its board declared an initial annual dividend of cts per share its first payout payable march to holders of record march reuter
earn	davis water dwws declares stock dividend davis water and waste industries inc said its board declared a pct stock dividend payable march to holders of record march reuter
earn	medco containment mccs sets initial payout medco containment services inc said its board declared an initial annual dividend of cts per share its first payout payable march to holders of record march reuter
acq	pittston pco agrees to acquire wtc waf pittston co said it has tentatively agreed to acquire wtc international n v in a tax free exchange of stock pittston said it agreed to exchange common share for each of the about wtc common shares outstanding pittston said wtc s three principal shareholders who own pct of its stock are parties to this agreement they have granted pittston the right of first refusal to their shares wtc has granted pittston an option to buy wtc shares equal to poct of its outstanding stock the agreement is subject to approval of both boards and wtc shareholders pittston said described wtc as a fast growing air freight forwarding company with operations throughout the world its revenues totaled nearly mln dlrs in the year ended november and for the quarter ended on that date it earned mln dlrs on revenues of mln dlrs pittston said its burlington air express subsidiary generates about two thirds of its mln dlrs in annual revenes with its domestic air freight services reuter
earn	sdc sydney cost review may eliminate products sdc sydney development corp earlier reporting an increased nine month operating loss said a cost control review now underway may result in cost reduction and elimination of unprofitable and non strategic products and services the company s operating loss for the nine months ended december increased to mln dlrs from a loss of mln dlrs in the prior year it said earlier revenues increased by pct to mln dlrs from year earlier mln dlrs reuter
earn	multi step products inc six mths dec loss shr loss cts loss revs note initial public listing december reuter
reserves	swiss sight deposits rise billion francs sight deposits by commercial banks at the swiss national bank rose by billion swiss francs to billion in the last days of february the national bank said foreign exchange reserves fell billion francs to billion sight deposits are an important measure of swiss money market liquidity the decline in foreign exchange reserves reflected the dismantling of swap arrangements the national bank said banknotes in circulation rose by mln francs to billion while other deposits on call mainly government funds fell billion francs to billion reuter
acq	consolidated tvx says it will issue shares to buy stakes in three brazil mining firms
earn	whittaker corp wkr st qtr jan net oper shr cts vs cts qtly div cts vs cts prior oper net vs sales mln vs mln note prior year net excludes loss from discontinued operations of dlrs company said common shares outstanding down significantly to reflecting retirement of about shares since start of restructurining in august dividend pay april record april reuter
earn	stop and shop cos inc shp th qtr jan net oper shr dlrs vs dlrs oper net mln vs mln sales billion vs mln avg shrs mln vs mln year oper shr dlrs vs dlrs oper net mln vs mln sales billion vs billion avg shrs mln vs mln notes operating net excludes losses of mln dlrs or cts a share vs dlrs or two cts a share in quarter and mln dlrs or cts a share vs mln dlrs or cts a share from discontinued operations this includes provision in latest quarter of mln dlrs for closing of almys department store co operating net in latest quarter and year includes dlrs charge for restructuring announced in early january reuter
earn	jim walter corp jwc regular dividend qtly div cts vs cts in prior qtr payable april one record march reuter
acq	diagnostic drs makes a bid for rospatch rpch diagnostic retrieval systems inc said it has made an offer to acquire through a wholly owned unit all outstanding shares of rospatch corp s common stock for dlrs a share cash or about mln dlrs drs a warfare systems producer said it would make the transaction through a cash tender offer for all but not less than pct of rospatch s outstanding common stock followed by a merger with rospatch a labels high technology and wood producer at the same purchase price per share drs said the deal is subject to approval by the rospatch board and the tender offer expires on march reuter
earn	whittaker wkr to have gains from sales whittaker corp said it will have a gain on the sale of discontinued businesses after any operating losses from the businesses up until the dates of disposition but it will defer reporting the gain until its restructuring program hsa been substantially completed the company said in the first quarter ended january m it completed the divestiture of its health maintenance organization operations to travelers corp tic sold its whittar steel strip operations to dofascoxinc and sold its equity investment in bertram trojan inc to an affiliate of investcorp the company said it has entered into definitive agreements to sell whittaker general medical corp bennes marrel sa of france and juster steel corp as well the company said to date it has received proceeds of about mln dlrs from divestitures and has used the funds to reduce debt incurred in the repurchase of its common shares whittaker today reported first quarter earnings from continuing operations fell to dlrs from dlrs a year before the year earlier figure excluded a dlr loss from discontinued operations reuter
acq	the japan fund jpn gets buyout offer the japan fund inc said it has received an unsolicited offer from sterling grace capital management lp acting together with certain other persons and entities to purchase all the assets of the fund at five pct below its aggregate net asset value the japan find said tne deal is subject to obtaining satisfactory financing and a due diligence review it added that the proposal has been referred to its board of directors for consideration reuter
earn	samsung co calendar div won vs won net profit billion won vs billion sales billion vs billion note company has set sales target of billion won reuter
earn	daewoo corp calendar div won vs won net profit billion won vs billion sales billion won vs bilion note company has set sales target of billion reuter
acq	corning to offer share for each hazleton share under earlier agreement
acq	bank of new york bk to have gain on unit sale bank of new york co said it and the management of rmj securities corp have agreed to sell pct of their interests in rmj holding corp to british and commonwealth holdings plc and bank of new york expects to realize a substantial gain on the transaction rmj holding is the holding company for rmj securities a large broker of u s government securities and agency obligations bank of new york owns a majority interest in rmj holding and management of rmj securities the remainder bank of new york said the sale is expected to be completed during the second quarter it said it and rmj securities management will continue to own pct of rmj holding for now but the agreement provides for the sale of that remaining interest to british and commonwealth over the next six years reuter
acq	corning glw hazleton hlc set excahnge ratio corning glass works said the exchange ratio for its previously announced acquisition of hazleton laboratories corp has been established at corning common share for each hazleton common share corning said the prospectus regarding the merger is expected to be mailed tomorrow to all hazleton holders of record february hazleton shareholders will vote on the proposed merger at a special meeting on march reuter
retail	turkish retail prices rise pct in february turkish retail prices rose pct in february after pct in january and pct in february the state statistics institute said prices in the year to february rose pct compared with pct in the year to january and pct in the months to february the index base covering towns and five regions was in february in january and in february reuter
acq	bally bly completes purchase of golden nugget bally manufacturing corp said it completed the acquisition of the golden nugget casino hotel in atlantic city new jersey from golden nugget inc bally also acquired from golden nugget various parcels of real estate in atlantic city it noted the transaction included mln dlrs in cash and stock and the assumption of a mln dlrs mortgage reuter
earn	warwick insurance managers inc wimi th qtr oper shr cts vs cts oper net vs revs mln vs avg shrs vs year oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note net excludes investment gains dlrs vs dlrs in quarter and dlrs vs dlrs in year year net excludes dlr tax credit share adjusted for one for two reverse split in november reuter
ipi	canada industrial prices up pct in month canada s industrial product price index rose pct in january after falling pct in each of the two previous months statistics canada said the rise was led by price gains for papers pharmaceuticals and petroleum and coal products price declines were recorded for meat products lumber and motor vehicles on a year over year basis the federal agency said the index fell pct in january the largest yearly decline on record reuter
earn	gelco corp nd qtr shr cts vs cts
earn	strober organization inc strb th qtr net shr cts vs cts net vs sales mln vs mln avg shrs vs five mln year shr cts vs cts net vs sales mln vs mln avg shrs vs five mln reuter
crude	shell canada cuts crude oil prices by up to canadian dlrs bbl effective march one
earn	brenco inc bren declares qtly dividend qtly div three cts vs three cts prior pay april six record march reuter
earn	massachusetts investors growth stock fund payout qtly div from income cts vs dlrs in prior qtr including capital gains of dlrs payable march record february reuter
earn	premdor inc th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs cts net vs revs mln vs mln reuter
acq	american nursery ansy buys florida nursery american nursery products inc said it purchased miami based heinl s nursery inc for undisclosed terms heinl s nursery has sales of about mln dlrs and owns acres of which are in shade houses and about square feet cover greenhouses shipping and office facilities reuter
earn	mfs managed sectors trust dividend increased semi annual div from income of cts vs cent in prior period payable march record february reuter
acq	esselte business esb unit buys antonson unit esselte business systems inc s esselte meto division said it has acquired the antonson america co a subsidiary of antonson machines ab of sweden esselte said the antonson unit based in laporte indiana manufactures scales and label printers the company said the purchase is part of a plan to increase the range of retail electronic scales being offered by esselte in the u s it said the acquisition will enble esselte to increase its distribution base in its effort to grow in the u s reuter
acq	four seasons buying marriott mhs hotel four seasons hotels inc and vms realty partners said they agreed to acquire the santa barbara biltmore hotel in california from marriott corp for undisclosed terms closing was expected by march they added the companies said they would jointly own the hotel and rename it the four seasons biltmore at santa barbara they said they would spend more than mln u s dlrs to enhance the biltmore s position as one of the finest resort hotels in north america chicago based vms realty is a real estate and development firm reuter
earn	stone sto splits stock raises payout stone container corp said it is splitting its common stock for and increasing its dividend pct the dividend of cts a share an increase of five cts over the prior cts a share on pre split shares is payable june to holders of record may the stock split also is payable june to holders of record may reuter
earn	s k i ltd skii nd qtr jan net shr cts vs cts net vs rev mln vs mln six months shr cts vs cts net vs rev mln vs mln reuter
earn	kapok corp kpk year sept loss shr loss cts vs profit cts net loss vs profit revs mln vs mln note prior year net includes gain on sale of property of dlrs reuter
crude	study group urges increased u s oil reserves a study group said the united states should increase its strategic petroleum reserve to one mln barrels as one way to deal with the present and future impact of low oil prices on the domestic oil industry u s policy now is to raise the strategic reserve to mln barrels from its present mln to help protect the economy from an overseas embargo or a sharp price rise the aspen institute for humanistic studies a private group also called for new research for oil exploration and development techniques it predicted prices would remain at about dlrs a barrel for several years and then rise to the mid s with imports at about pct of u s consumption it said instead that such moves as increasing oil reserves and more exploration and development research would help to guard against or mitigate the risks of increased imports reuter
earn	k tron international inc ktii th qtr net oper shr profit cts vs loss dlrs oper net profit vs loss revs mln vs year oper shr profit cts vs loss dlrs oper net profit vs loss revs mln vs mln note net includes pretax unusual gain dlrs vs loss dlrs in quarter and losses dlrs vs dlrs in year items include settlement of patent suit and provision for investment writeoff and item provision for loss on sale of scale business net both periods excludes dlr tax credit reuter
earn	presidential realty corp pdo annual net shr dlrs vs dlrs net vs rev mln vs mln note net gain from property investments dlrs or cts per share vs dlrs or cts per share reuter
acq	redstone details sweetened viacom via offer investor sumner redstone who leads one of the two groups vying for control of viacom international inc offered to sweeten his bid for the company by dlrs a share cash and dlrs in securities in a filing with the securities and exchange commission redstone who controls dedham mass based national amusements inc a theater chain operator offered to raise the cash portion of its viacom offer to dlrs a share from dlrs redstone also raised the face value of the preferred stock he is offering to dlrs from six dlrs the redstone offer which is being made through arsenal holdings inc a national amusements subsidiary set up for that purpose which also give viacom shareholders one fifth of a share of arsenal common stock after the takeover viacom said earlier today it received revised takeover bids from redstone and mcv holdings inc a group led by viacom management which is competing with redstone for control of the company and already has a formal merger agreement with viacom the company did not disclose the details of the revised offers but said a special committee of its board would review them later today the redstone group which has a pct stake in viacom and the management group which has a pct stake have both agreed not to buy more shares of the company until a merger is completed unless the purchases are part of a tender offer for at least half of the outstanding stock the two rivals also signed confidentiality agreements which give them access to viacom s financial records provided they keep the information secret in his sec filing redstone who estimated his cost of completing the takeover at billion dlrs said bank of america is confident it can raise billion dlrs besides the financing it would raise through a bank syndicate bank of america has also agreed to provide a separate mln dlr for the limited purpose of partial financing and has committed to provide another mln dlrs redstone said merrill lynch pierce fenner and smith inc has increased its underwriting commitment to mln dlrs of subordinated financing debt for the viacom takeover from the mln dlrs it agreed to underwrite earlier redstone said redstone said his group would contribute more than mln dlrs in equity toward the takeover the redstone equity contribution to the takeover would consist of all of his group s viacom common shares and at least mln dlrs cash he said the new offer the second sweetened deal redstone has proposed in his month long bidding war with management also contains newly drawn up proposed merger documents he said last week the management group submitted what it called its last offer for the company valued at mln dlrs and consisting of dlrs a share cash preferred stock valued at eight dlrs a share and equity in the new company redstone s previous offer had been valued at billion dlrs reuter
acq	montedison concludes talks with antibioticos montedison spa moni mi said it has concluded its negotiations with spanish pharmaceuticals company antibioticos sa a company spokesman told reuters we have concluded the talks and we are now awaiting authorization from spanish authorities he declined to comment further earlier today the italian company postponed a scheduled press conference on its talks with antibioticos an italian press report today said montedison has agreed to acquire antibioticos for billion lire reuter
acq	utilicorp ucu completes acquisition utilicorp united inc said it completed the acquisition of west virginia power from dominion resources for about mln dlrs the sale was approved by the west virginia public service commission in january and became effective march one west virginia s management will continue to be responsible for operating the utility it said reuter
crude	study group urges increased u s oil reserves a study group said the united states should increase its strategic petroleum reserve to one mln barrels as one way to deal with the present and future impact of low oil prices on the domestic oil industry u s policy now is to raise the strategic reserve to mln barrels from its present mln to help protect the economy from an overseas embargo or a sharp price rise the aspen institute for humanistic studies a private group also called for new research for oil exploration and development techniques it predicted prices would remain at about dlrs a barrel for several years and then rise to the mid s with imports at about pct of u s consumption the study cited two basic policy paths for the nation to protect the u s industry through an import fee or other such device or to accept the full economic benefits of cheap oil but the group did not strongly back either option saying there were benefits and drawbacks to both it said instead that such moves as increasing oil reserves and more exploration and development research would help to guard against or mitigate the risks of increased imports reuter
acq	carbide uk looks to acquisitions for growth union carbide corp is looking to acquisitions and joint ventures to aid its chemicals and plastics growth according the h w lichtenberger president of chemicals and plastics describing this as a major departure in the company s approach to commercial development he told the annual new business forum of the commercial development association we are looking to acquisitions and joint ventures when they look like the fastest and most promising routes to the growth markets we ve identified not very long ago union carbide had the attitude that if we couldn t do it ourselves it wasn t worth doing or if it was worth doing we had to go it alone lichtenberger explained he said there are times when exploiting a profitable market is done best with a partner nor do we see any need to plow resources into a technology we may not have if we can link up profitably with someone who is already there he said carbide has extended its catalyst business that way and is now extending its specialty chemicals business in the same way reuter
acq	corrected bankamerica negotiating sale of units bank of america nt and sa s bac n west german branch said it is negotiating the sale of bankhaus centrale credit ag a small local west german bank it acquired in and of its west german visa credit card operation michael seibel bank of america vice president and regional manager said the negotiations were proceeding well he declined to give further details bank of america s west german branch lost some mln marks in the result includes profit and loss transfers from bankhaus centrale credit and the visa organisation the sale of the units is part of the bank s worldwide restructuring plan reuter
earn	franklin gold fund cuts dividend semi div cts vs cts prior pay march record march two reuter
earn	franklin california tax free income fund payout mthly div cts vs cts prior pay march record march two reuter
earn	franklin age high income fund sets payout mthly div cts vs cts prior pay march record march two reuter
crude	petro canada cut crude prices by canadian dlrs bbl effective march one
earn	franklin federal tax free income fund payout mthly div cts vs cts prior pay march record march two reuter
earn	franklin new york tax free income fund payout mthly div cts vs cts prior pay march record march two reuter
earn	franklin u s government securities fund payout mthly div six cts vs six cts prior pay march record march two reuter
earn	first mississippi corp frm sets payout qtly div six cts vs six cts prior pay april record march reuter
ship	rotterdam port union and employers to meet dutch port and transport union fnv agreed to an employers request to reconvene abandoned peace talks tonight to try to end strikes that have disrupted rotterdam s general cargo sector for the past six weeks a union spokesman said talks broke down thursday when the union walked out after employers tabled their final offer to end the strikes which started january in protest at planned redundancies of from the sector s workforce starting with this year the employers invitation to restart the talks comes on the day a deadline set by minister of social affairs louw de graaf for a resolution of the dispute expires de graaf said if the dispute had not ended by today he would withdraw the mln guilder annual labour subsidy to the sector no comment was immediately available from the employers organization reuter
earn	jim walter corp jwc sets payout qtly div cts vs cts prior pay april one record march reuter
earn	japan s ntt forecasts profits fall in nippon telegraph and telephone corp ntt expects its profits to fall to billion yen in the year ending march from a projected billion this year the company said total sales for the same period are expected to rise to billion yen from a projected billion this year ntt said in a business operations plan submitted to the post and telecommunications ministry ntt said it plans to make capital investments of billion yen in including billion for research and development as against a total of billion this year reuter
iron-steel	ec commission given plan to save steel industry european community steelmakers presented the executive commission with a controversial plan for the future of the industry which diplomats say it may be forced reluctantly to accept under the plan steel output would remain subject to restrictive quotas and imports would be firmly controlled for years to come while steel firms undertook a massive slimming down operation to adjust capacity to lower demand industry commissioner karl heinz narjes has proposed the ending of the quota system by december he has proposed a return to the free market which under ec law is supposed to exist except in times of manifest crisis but diplomats said some ministers who meet to discuss this idea on march will argue that steel firms are in crisis in their countries with orders falling as customers switch to alternative products and accounts firmly in the red ministers from the ec s major steel producing countries are likely to shy away from narjes proposals and could back the industry s own plan instead in the hope of minimising the political impact of plant closures they said industry sources said the plan presented to narjes by the ec steelmakers lobby group eurofer would retain the quota production system at least until the end of eurofer said in a statement consultants working for it identified scope for closing plants on a voluntary basis to reduce capacity by mln tonnes a year cuts were still insufficient in one production area that of hot rolled coils and further talks were needed eurofer added the industry would need the support of the commission and governments in carrying out a closure program particularly with social costs such as redundancy payments the ec steel industry has already shed jobs this decade while reducing annual capacity by mln tonnes reuter
earn	duro test corp dur nd qtr jan net shr cts vs cts net vs revs mln mln six mths shr cts vs cts net vs revs mln vs mln reuter
earn	franklin utilities fund sets payout qtly div cts vs cts prior pay march record march two reuter
earn	gelco corp gel nd qtr jan net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln six mths shr cts vs cs net vs revs mln vs mln avg shrs mln vs mln note fiscal second quarter and first half earnings include a gain of mln dlrs and exclude preferred dividend requirements of five mln dlrs in the quarter and mln dlrs in the first half fiscal net reduced by currency losses equal to six cts a share in the second quarter and equal to nine cts in the six months reuter
earn	internchange financial services isbj payout up qtly div cts vs cts prior pay april record march note interchange financial services corp reuter
acq	kapok corp kpk in technical default kapok corp said it is in techical default of its loans from southeast banking corp stb and murray steinfeld but is negotiating with the lenders it said neither has declared the loans due the company said it has agreed to sell the peter pan restaurant in urbana md for dlrs or one mln dlrs after the payment of expenses reuter
earn	newport corp nesp nd qtr jan net shr cts vs cts net vs sales mln vs six mths shr cts vs cts net vs sales mln vs mln reuter
earn	kapok corp kpk st qtr dec loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs vs reuter
earn	preferred healthcare ltd phcc th qtr net shr six cts vs four cts net vs revs vs mths shr cts vs cts net vs revs vs reuter
earn	tranzonic cos tnz sets quarterly qtly div cts vs cts prior pay april record march reuter
earn	cronus industries inc crns th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln mths oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln note excludes income from discontinued operations of vs for qtr and mln vs for year excludes extraordinary charge of for current qtr and for year reuter
earn	mercury entertainment corp mcry year nov shr loss four cts vs loss one ct net loss vs loss revs vs reuter
earn	benguet corp be calendar net income mln pesos vs mln operating revenues billion vs billion operating profit mln vs mln earnings per share vs note company statement said gold operations contributed pct of consolidated earnings reuter
crude	unocal ucl unit cuts crude oil posted prices unocal corp s union oil co said it lowered its posted prices for crude oil one to dlrs a barrel in the eastern region of the u s effective feb union said a dlrs cut brings its posted price for the u s benchmark grade west texas intermediate to dlrs louisiana sweet also was lowered dlrs to dlrs the company said no changes were made in union s posted prices for west coast grades of crude oil the company said reuter
nat-gas	panhandle s pel trunkline reduces gas rates panhandle eastern corp s trunkline gas co pipeline subsidiary said it is reducing the commodity component of its wholesale natural gas rate four pct effective immediately in a filing with the federal energy regulatory commission trunkline said it is reducing its commodity rate the portion of the total rate based on the price of gas to dlrs per mln btu from dlrs per mln btu the company said the lower rate results from a reduction in the average price the pipeline is paying for gas adding this reflects contract reformation agreemats with producers reuter
acq	investor group has talks with pesch on ami ami wedge group inc a houston investment firm with a pct stake in american medical international inc said it has had talks with pesch and co which is seeking control of the company in a filing with the securities and exchange commission wedge which is owned by issam fares a lebanese citizen living in switzerland also said it discussed the possibility of joining with others in its own bid to seek control of ami wedge stressed that it has no current plans to seek control of ami but refused to rule out a takeover try in the future wedge said it has had discussions with ami management pesch the closely held health care and investment concern controlled by chicago physician leroy pesch and other ami shareholders it did not specify in its sec filing which issues selling its ami stake or joining with others in a takeover try were discussed with which group but it said the talks did not produce any agreements or understandings wedge said it believes that some form of restructuring of ami and its business would be highly desirable and appropriate at this time wedge which holds mln shares of ami common stock said it plans to hold further talks with company management pesch and other shareholders pesch last week sweetened his bid for the company to dlrs a share in cash and securties or billion dlrs based on ami s total outstanding from an all cash dlr a share bid which the company rejected reuter
earn	i m s international inc imsi sets quarterly qtly div four cts vs four cts prior pay march record march reuter
acq	banner bnr completes tender for rexnord rex banner industries inc said mln of the outstanding mln shares in rexnord inc were tendered pursuant to its dlr a share offer that closed at midnight est feb together with the five mln rexnard shares it already owns the company said it now holds a pct stake in the company it said the completion of the deal is subject to approval by rexnard holders and to other closing conditions it expects the deal to close in about days reuter
earn	mutual of omaha interest shares muo qtly div qtly div cts vs cts prior pay april one record march reuter
acq	corrected bankamerica negotiating units sale bank of america nt and sa s bac n west german branch said it is negotiating the sale of bankhaus centrale credit ag a small local west german bank it acquired in and of its west german visa credit card operation michael seibel bank of america vice president and regional manager said the negotiations were proceeding well he declined to give further details bank of america s west german branch lost some mln marks in the result includes profit and loss transfers from bankhaus centrale credit and the visa organisation the sale of the units is part of the bank s worldwide restructuring plan corrects year of loss in third paragraph in item which originally ran february reuter
acq	osr osrc to make acquisition osr corp said it has agreed to acquire the properties and assets of telcom international group for mln common shares which would give former telcom owners an pct interest in the combined company telcom is an international film and television distributor the assets being acquired consist mostly of distribution rights to films valued at over one mln dlrs the company said osr said as part of the acquisition agreement is is required to sell its pct interest in standard knickerbocker ltd which makes jeans in canada osr said it expects to net about dlrs on the sale of standard knickerbocker the company said both transactions are subject to approval by shareholders at a meeting to be held in april or may it said reuter
earn	mercury entertainment mcry sees better results mercury entertainment corp said it expects improved results in the company today reported a loss for the year ended november of dlrs on revenues of dlrs compared with a loss of dlrs on revenues of dlrs a year before reuter
acq	cronus industries inc crns sells unit cronus industries inc said it agreed to sell its heat transfer equipment business southwestern engineering co for a slight premium over book value plus a release of cronus from liability on approximately three mln dlrs of subsidiary indebtedness the company said the sale to a subsidiary of senior engineering group plc a british company will take place this month reuter
earn	unisys corp uis sets quarterly qtly div cts vs cts prior pay may seven record april seven reuter
earn	jacobson jcbs votes split increases payout jacobson stores inc said its board voted a three for two stock split payble march record march in other action jacobson s directors approved an increase in its quarterly dividend to cts on a post split basis payable april record march the new dividend rate represents a pct increase over the cts paid quarterly on a pre split basis reuter
earn	harley davidson inc hdi th qtr net oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs year oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note results exclude one time gains of or four cts and or cts for qtr and year vs gains of or dlrs and or dlrs for prior periods reuter
acq	hoechst ag completes celanese cz acquisition hoechst ag of west germany said it has completed the acquisition of celanese corp hoechst acquired a majority of celanese shares in a recent tender offer at dlrs per common share reuter
acq	americus trust hpu extends deadline americus trust for american home products shares said it extended its deadline for accepting tendered shares until november an extension of nine months the trust which will accept up to mln shares of american home products ahp said it has already received tenders for about four mln shares the trust is managed by alex brown and sons inc absb and was formed november reuter
earn	morse shoe inc mrs th qtr net shr cts vs cts net vs revs mln vs mln mths shr dlrs vs dlrs net vs revs mln vs reuter
coffee	ico quota talks continue outcome hard to gauge talks at the extended special meeting of the international coffee organization ico on the reintroduction of export quotas continued but chances of success were still almost impossible to gauge delegates said producer delegates were meeting to examine a colombian proposal to resume historical quotas from april to september with a promise to define specific new criteria by which a new quota system would be calculated in september for the new crop year they said opinions among delegates over the potential for reaching a quota agreement varied widely some consumers said the mood of the meeting seemed slightly more optimistic but brazil s unwillingness to concede any of its traditional pct of its export market share looks likely to preclude any accord other delegates said no fresh proposals other than the colombian initiative had been tabled formally today delegates said a full council meeting was set for hours for a progress report delegates said reuter
ship	versatile to build polar ice breaker versatile corp s shipbuilding subsidiary has a letter of intent to build a mln dlr polar icebreaker for the canadian coast guard transport minister john crosbie said in a vancouver address crosbie said versatile pacific shipyards inc was the low bidder to build the arctic class icebreaker but the company must meet certain financial and engineering conditions before the contract is awarded the government also announced it will provide up to mln dlrs in loan insurance to help versatile prepare for the construction of the vessel said before the contract can be awarded versatile will be required to offer assurances that the shipyard is technically and financially capable of performing the work crosibie said versatile s bid was mln dlrs lower than competing bidders and will generate person years of direct employment work on the vessel which crosbie said would be the most powerful icebreaker in the world would begin next year and completed in the government announced plans to build the icebreaker last year following the controversial passage of the u s coast guard s vessel the polar sea through the disputed northwest passage the u s government did not seek permission for the journey claiming the area was an international water way the government said the icebreaker was needed to back up the country s claim of sovereignty in the arctic reuter
acq	pantry inc inb talks on being acquired privately held pantry inc which operates convenience stores in five southeastern states said it has engaged alex brown and sons inc absb to explore a possbile sale of the company it said it expects to start talks with prospective acquirers shortly the company said it has been approached by a number of parties in recent months reuter
earn	congress video group inc cvgi rd qtr net qtr ends dec shr profit three cts vs loss three cts net profit vs loss revs vs avg shrs vs nine mths shr loss cts vs profit cts net loss vs profit revs vs mln avg shrs vs note net includes tax gain carryforward from discontinued operations of master s merchandise group in year prior reuter
acq	renouf corp to proceed with benequity bh bid renouf corp of new zealand said it has decided to proceed with its offer for all outstanding units of benequity holdings at dlrs per unit the company had been required to redice by march two whether to proceed with the offer or terminate it based on its ability to obtain financing and on its review of benequity operations the offer is to expire march reuter
sugar	cuba tells traders sugar exports may be delayed cuba has told international sugar operators who have bought its sugar for shipment in march that these contracts will take second place to cuba s direct shipments to its export markets dealers here said some traders who have received telexes from cuba said the language of the message was not totally clear and some believed shipments would be honoured if the traders declare the soviet union as the destination of their contracts the telexes have fueled rising world prices in the last week and reflect a poor cuban crop worry over brazil s export availability and increasing soviet demand analysts said traders said signs of cuba s shortage of immediately available raw sugar to supply its traditional martkets was probably the factor behind syria calling a snap buying tender last month normally syria calls white sugar buying tenders for forward delivery and last month s spot requirement resulted in the sale of several cargoes cuba in its telex told operators they would not receive march shipments as cuba has to meet its contracts to export markets traders said reuter
rubber	goodrich gr to phase out some businesses b f goodrich co said it will phase out the production of aircraft tires missile and marine products and molded rubber products in akron ohio by the end of laying off about salaried production maintenance and support services employees the company said layoffs will start within the next few weeks goodrich said it will continue to make chemicals and adhesives in akron employing about another salaried employees in akron work for goodrich the company said it has not been able to operate the businesses being discontinued in akron profitably enough to justify the large investment that it has in them goodrich said it will continue to make aircraft tires at norwood n c and sonar domes at jacksonville fla and will relocate its molded rubber products business to a site not yet chosen it said it will stop making insulators for missiles goodrich said it is prepared to discuss with officials of the united rubber workers union severance benefits for affected employees and issues related to the continued operation in akron of the chemical and adhesives businesses and to the phaseout of the akron aircraft tire missile and marine and molded rubber products manufacturing a company spokesman said it does not expect any adverse impact on earnings from the move reuter
earn	thunander corp thdr year net shr cts vs cts net vs sales mln vs mln note results include operations of bmd of new england inc acquired sept reuter
earn	final trust for thrift institutions payout set massachusetts financial services co said it has set the final income and capital gain distributions for trust for thrift institutions high yield series of dlrs and dlrs respectively payable today reuter
tin	rpt u s says tin disposals will not affect accord u s tin disposals should have little effect on an agreement reached last weekend by tin producing countries to limit group exports to tonnes in the year started march a government official said the agreement by the seven member association of tin producing countries atpc aimed to cut the world surplus and boost prices following the accord atpc chairman subroto appealed to the united states to restrict its tin releases from its strategic stockpile we don t think that the u s government has a large influence in the tin market at this stage of the game said thomas o donnell director of international commodities at the state department last year the united states released about tonnes of tin to two ferroalloy firms reuter
earn	rospatch to respond to diagnostic bid
earn	franklin insured tax free sets payout mthly div cts vs cts prior pay march record march note franklin insured tax free income fund reuter
earn	franklin minnesota insured sets payout mthly div cts vs cts prior pay march record march note franklin minneosta insured tax free income fund reuter
earn	franklin michigan insured sets payout mthly div cts vs cts prior pay march record march note franklin michigan insured tax free income fund reuter
earn	franklin massachusetts insured cuts payout mthly div cts vs cts prior pay march record march note franklin massachusetts insured tax free income fund reuter
earn	franklin california tax free sets payout mthly div cts vs cts prior pay march record march note franklin california insured tax free income fund reuter
earn	diagnostic products dpcz sees earnings growth diagnostic products corp president and chief executive officer sigi ziering said he expects to maintain the same compound average annal net income growth in as the company has for the past five years we expect the same performance in net income over the next five years as we have had in the past ziering said over the past five years ziering said the company has had average compound net income growth of pct annually with a pct per year growth in earnings per share for the company had net income of mln dlrs or dlrs per share vs mln dlrs or cts per share in diagnostic manufactures medical immunological diagnostic test kits ziering said he expects the earnings growth to result from positive effect of the weaker dollar on the company s exports sales as well as accelerated market penetration ziering said he expected the food and drug administration to approve three more of its drug abuse test kits by the end of the year which depending on approval should also help earnings growth ziering said as a result of the new tax laws he expected the company s taxes to decrease by five pct to pct of net income in reuter
gold	currencies could influence bullion again montagu currency fluctuations may reassert their influence on the bullion market in the near future bullion bankers samuel montagu and co ltd said in a market report but the firm said silver may lag behind gold in any reactions to movements on foreign exchanges opec s failure to address the recent decline in oil prices remains a worrying factor however and on balance it appears that the market should be approached cautiously montagu said the bank said the us economy has shown no noticeable long term improvement and that both latin american debt and the iranian arms affair could undermine confidence in the dollar reuter
earn	dunkin donuts inc dunk st qtr jan net shr cts vs cts net vs revs mln vs mln reuter
earn	ccr video corp cccr st qtr nov net shr profit two cts vs loss cts net profit vs loss revs vs reuter
earn	franklin puerto rico tax free sets payout mthly div cts vs cts prior pay march record march note franklin puerto rico tax free income fund reuter
earn	franklin ohio insured tax free sets payout mthly div cts vs cts prior pay march record march note franklin ohio insured tax free income fund reuter
earn	franklin high yield tax free sets payout mthly div cts vs cts prior pay march record march note franklin high yield insured tax free income fund reuter
acq	convergent technologies cvgt to buy oakleaf convergent technologies inc said it has reached an agreement in principle to buy oakleaf corp which supplies finance insurance and leasing computers to auto dealers the transaction will involve an exchange of oakleaf stock for cash and debt and is subject to a definitive agreement the companys said no other terms were disclosed oakleaf had sales of about mln dlrs reuter
crude	nymex will expand off hour trading april one the new york mercantile exchange set april one for the debut of a new procedure in the energy complex that will increase the use of energy futures worldwide on april one nymex will allow oil traders that do not hold a futures position to initiate after the exchange closes a transaction that can subsequently be hedged in the futures market according to an exchange spokeswoman this will change the way oil is transacted in the real world said said thomas mckiernan mckiernan and co chairman foreign traders will be able to hedge trades against nymex prices before the exchange opens and negotiate prices at a differential to nymex prices mckiernan explained the expanded program will serve the industry because the oil market does not close when nymex does said frank capozza secretary of century resources inc the rule change which has already taken effect for platinum futures on nymex is expected to increase the open interest and liquidity in u s energy futures according to traders and analysts currently at least one trader in this transaction called an exchange for physical or efp must hold a futures position before entering into the transaction under the new arrangement neither party has to hold a futures position before entering into an efp and one or both parties can offset their cash transaction with a futures contract the next day according to exchange officials when nymex announced its proposed rule change in december nymex president rosemary mcfadden said expansion of the efp provision will add to globalization of the energy markets by providing for in effect hour trading the commodity futures trading commission approved the rule change in february according to a cftc spokeswoman reuter
acq	rospatch rpch to respond to diagnostic drs rospatch corp said it will have a news release later in response to today s acquisition bid by diagnostic retrieval systems inc for dlrs a share rospatch earlier requested its stock be halted in over the counter trading last trade diagnostic said its bid was for a total mln dlrs through a cash tender offer for all but not less than pct of rosptach outstanding common for its fourth quarter ended december rospatch reported net loss or dlrs a share compared a loss of or cts profit for the period in december the brookehill group in new york said it had pct stake j a parini rospatch chief executive responded on january eight by saying the investment was a vote in confidence in the company reuter
earn	green tree acceptance inc gnt sets dividend qtly dividend cts vs cts pay march record march reuter
acq	rospatch corp rejects offer from diagnostic retrieval systems inc
acq	north american group namg buys georgia firm north american group ltd s north american acquisition corp said it has a definitive agreement to buy pct of pioneer business group inc of atlanta terms of the acquisition were not disclosed closing of the acquisition is scheduled for april north american acquisition said the agreement is subject to due diligence and a satisfactory review of pioneer s operation pioneer makes business forms reuter
acq	talking point viacom international via a bidding war for viacom international inc one of the largest u s entertainment companies pitted a management group and other investors against national amusements inc a closely held theater operator both sides raised their bids over the weekend a source close to the management side insisted that timing was on his side he said if outside directors approve the management proposal a merger plan could be put to a vote of shareholders with proxy material going out late this week it would take days from the day we mail said the source the source predicted national amusements controlled by investor sumner redstone would need half a year to complete a tender offer because of the regulatory approvals that must accompany any change in control of viacom s broadcast licenses and cable television franchises redstone was not available for comment some of wall street s arbitrage players said it was a rare situation that could only be enjoyed a true bidding war one said redstone could begin a tender offer whenever he wanted and if enough people were convinced his proposal was superior to the viacom management plan he would have a chance to win the independent directors of viacom were called into a meeting today word on a decision was expected early tomorrow viacom shares climbed to by midafternoon one major wall street firm issued a sell recommendation we think we re at the end now in terms of bidding said the firm s arbitrageur who spoke on condition he not be identified both redstone s proposal and the management proposal would create a restructured company heavily leveraged with debt the management plan would result in a balance sheet with about billion dlrs in debt and nearly mln dlrs in preferred stock convertible into pct of the common stock redstone s newest proposal offers holders dlrs in cash a fraction of a share of exchangeable preferred stock with a value of dlrs and one fifth of a share of common stock stock of arsenal holdings representing pct of the equity interest in the restructured viacom one arbitrageur calculated the equity in the redstone plan was worth dlrs making the total package worth dlrs per share management offered dlrs in cash exchangeable preferred stock worth dlrs and a fractional share of convertible preferred the arbitrageur said the equity portion was worth about dlrs for a total of dlrs redstone s newest plan raised the amount of interest he would pay on the cash portion of his offer for every day beyond april that a merger with arsenal is not consummated the plan calls for intest to be paid at an annual rate of nine pct during may and pct thereafter previously redstone offered eight pct interest other arbitrageurs said both redstone and the management group led by president and chief executive terrence elkes were offering high prices redstone really wants to own the company one said another said management seemed to have the edge on the timing issue redstone s company owns pct ov viacom s mln shares a wall street analyst said it was hard to determine what the equity in the newly leveraged company would be worth he noted as an example that new stock in fmc corp fmc which adopted a highly leveraged structure last year inititally traded at dlrs per share dipped to nine dlrs and is now just over dlrs last week viacom reported fourth quarter earnings fell two two cts per share from cts the company said interest costs from several acquisitions affected results shares of warner communications inc wci rose to analysts noted warner owns warrants to purchase mln viacom shares at dlrs and another mln shares at dlrs chris craft industries ccn which owns a stake in warner rose to viacom was created in and spun off from cbs inc cbs the company has cable television subscribers operates nine satellite television services and owns television and radio stations it is one of the largest distributors of films and other programs for television reuter
earn	up right inc upri th qtr oper net oper shr five cts vs cts oper net vs revs mln vs mln year oper shr cts vs cts oper net vs revs mln vs mln note oper data does not include th qtr extraordinary credit of dlrs or th qtr extraordinary loss of dlrs or five cts per shr for year does not include extraordinary credit of dlrs or three cts per shr in and dlrs or five cts per shr in reuter
trade	talks show new canadian confidence group says canada s decision to raise the issue of a free trade pact with the u s was a sign of what many see as a new spirit of canadian self confidence a public policy study group said it suggests the canada of the immediate post war period when it was a major player in the process of building a postwar world the washington based atlantic council said u s and canadian negotiators opened talks last summer aimed at dismantling trade barriers between the two countries the world s biggest trading partners with crossborder shipments of about billion dlrs annually the council s study said the trade talks with a deadline of october for an agreement are the biggest issue in u s canadian relations the study said liberalized trade between the two countries would improve the competitiveness of their economies in world markets and lessen trade irritants which now mar their ties the council said in the past most canadians have shied away from the notion of a free trade arrangement fearing to be overwhelmed economically and politically by a closer association with a country times their size in population but at the same time it added canadians realized their domestic market was too small to permit the mass production and sales needed to raise productivity to the level demanded by an increasingly competitive world the council said that in the talks canada is chiefly interested in minimizing the imposing of u s duties against allegedly subsidized exports a recent example was the per cent duty the u s imposed on canadian lumber exports on grounds the shipments were being subsidized the council said the chief u s concerns included ending curbs against u s banking insurance telecommunications and the so called cultural industries publishing broadcasting and films it said other major u s canadian issues were defense cooperation acid rain and the u s rejection of a canadian assertion of sovereignty over waters of the northwest passage reuter
earn	albertson s inc abs raises qtly dividend shr cts vs cts pay may record may eight reuter
acq	wavehill international to make acquisition wavehill international ventures inc said it has agreed to acquire personal computer rental corp of coral gables fla in a transaction in which shareholders of personal computer will receive shares respresenting about a pct interest in the combined company the company said it will have about two mln shares outstanding on a fully diluted basis after the transaction it said after the acquisition it will infuse perconal computer with cash for expansion it said personal computer now has franchised locations and plans to add over in seeking eventually to expand into markets in the u s and abroad reuter
acq	security pacific spc completes merger security pacific corp said it completed its planned merger with diablo bank following the approval of the comptroller of the currency security pacific announced its intention to merge with diablo bank headquartered in danville calif in september as part of its plan to expand its retail network in northern california diablo has a bank offices in danville san ramon and alamo calif security pacific also said reuter
earn	u s intec inc intk th qtr net shr six cts vs five cts net vs revs mln vs mln avg shrs vs mths shr cts vs dlrs net vs revs mln vs mln avg shrs vs note net for includes or cts per share for proceeds of a life insurance policy includes tax benefit for prior qtr of approximately of which relates to a lower effective tax rate based on operating results for the year as a whole reuter
earn	int l hydron corp hyd th qtr oper net oper shr profit six cts vs loss cts oper net profit vs loss revs mln vs mln year oper shr profit cts vs profit three cts oper net profit vs profit revs mln vs mln note excludes loss of dlrs or nil vs gain dlrs or nil in qtr and gain dlrs or two cts vs gain dlrs or one ct in year from net operating loss carryforwards reuter
acq	albertson s abs adopts stockholder rights plan albertson s inc said its board has adopted a stockholder rights plan intended to protect them in the event of any proposed takeover of the company under the plan stockholders will receive a dividend distribution of one right for each share of common stock held on march the rights are exercisable ten days after a person or group acquires pct or more of alberston s common stock or announces a tender offer for pct or more of the stock each right will entitle the shareholder to buy one newly issued share of alberston s common stock for dlrs reuter
acq	rospatch rpch rejects diagnostic drs bid rospatch corp said it rejected a proposal by diagnostic retrieval systems inc to acquire its stock at dlrs a share rospatch s board believes that the long term interests of its shareholders will be best served by continuing as an independent public company at this time the company said in response to an unsolicited offer from diagnostic retrieval rospatch said diagnostic s offer of february is a variation of a previous offer in january the nature of which was not disclosed rospatch said it advised diagnostic retrieval that it would be contrary to the best interests of the corporation to engage in any discussions concerning a business combination with diagnostic retrieval reuter
earn	syntech interenational inc syne th qtr net shr profit six cts vs loss dlrs net profit vs loss revs vs year shr profit cts vs loss dlrs net profit vs loss revs mln vs mln reuter
acq	int l minerals igl buys animal products unit international minerals and chemical corp said it completed its acquisition of johnson and johnson co s pitman moore unit a producer of animal health products terms of the acquisition were not disclosed international minerals and chemical said annual sales of the unit are about mln dlrs pitman moore makes health products for pets and for farm and feedstock animals reuter
acq	jwt jwt not approached by group seeking shares jwt group inc has not been approached by former ted bates worldwide chairman robert jacoby about the possibility of a syndicate buying a pct stake in jwt group on a friendly basis a company spokesman said he said jwt would have no comment on an advertising age report that jacoby is considering heading up a venture capital syndicate to purchase a pct stake in jwt group jacoby was not immediately available for comment on the report ted bates is now owned by saatchi and saatchi the world s largest advertising agency reuter
earn	coeur d alene mines corp cour th qtr loss shr loss cts vs loss one ct net loss vs loss revs vs year shr loss cts vs loss ten cts net loss vs loss revs mln vs note loss included one time loss of dlrs on write off of certain silver oil and gas interests reuter
acq	foote mineral fte sells cambridge plant foote mineral co said it signed a letter of intent with shieldalloy corp a wholly owned subsidiary of metallurg inc for the sale of its cambridge ohio business the company said the sale which will be explained in greater detail after the definitive agreement has been signed is part of foote s previously announced plan to sell the entire company reuter
earn	gelco gel sees flat pretax operating net gelco corp said that excluding the effects of a restructuring plan it expects pre tax operating earnings for the year to end july to be about the same as those of last year for the year ended july gelco reported pre tax operating earnings of mln dlrs or dlrs a share however final results will be affected by certain charges including legal and investment advisors fees preferred stock dividends and other costs of restructuring it said expenses associated with restructuring are expected to be offset by significant gains from the sale of some of gelco s business units it said the final outcome for the fiscal year will be determined by the timing and proceeds from the sale it added reuter
acq	utilicorp ucu acquires dominion d subsidiary utilicorp united inc said it has closed the previously announced acquisition of west virginia power from dominion resources inc for about mln dlrs reuter
acq	pesch sees shareholder support in ami ami bid chicago physician leroy pesch said he has had discussions with several american medical international inc shareholders and sees support for a restructuring of the company pesch said he has discussed his sweetened billion dlr takeover bid for american medical with several large shareholders including the biggest investor the bass family of texas however the bass family has not indicated support one way or the other for his offer he said pesch in an interview with reuters said based on the conversations he held with shareholders he could not guage whether he had majority support he said however there is support for his offer pesch would not identify shareholders with whom he held discussions other than the bass family and the wedge group inc the only other holder of more than five pct of american medical stock earlier today wedge group which has a pct stake said it held discussions with pesch american medical management and other american medical shareholders wedge in a filing with the securities and exchange commission said it believes a restructuring of american medical and its business would be highly desirable and appropriate at this time that s the sort of position that i find a large segment of shareholders of ami really share said pesch pesch said he held discussions with wedge about joining his takeover effort in which he is offering dlrs cash four dlrs in preferred stock and one dlr in common stock for each american medical share wedge said it has no plans to join in an effort to seek control of american medical but it would not rule out a future takeover try pesch said he did not discuss a joint takeover proposal with the bass family some analysts saw the wedge statement as a boost to pesch s takeover effort and a further sign that there could be some shareholder dissatisfaction following american medical s previous rejection of a dlr per share all cash offer from pesch american medical is expected to resist pesch s latest bid larry feinberg an analyst with dean witter reynolds inc said a management led leveraged buyout cannot be ruled out an american medical spokesman said the company will comment on the new pesch offer by march analysts continue to view the bass family as a factor in the outcome of the bid for control of american medical the bass family holds an pct stake in american medical and the company has previously said the investors support management s internal plan to improve the company s performance the bass family would not comment on american medical or pesch pesch who led the leveraged buyout of republic health corp last year continues to face a credibilty problem on wall street because of the long time it took to finish the republic acquisition republic also has substantial debt and has left wall street questioning whether financing can be completed for the much larger american medical takeover proposal pesch s first offer for american medical was made without an investment banking firm another cause for concern to wall street however pesch entered his second offer with representation from donaldson lufkin and jenrette securities and security pacific merchant banking group i don t have any doubt that the current transaction can be worked out and completed provided we get to the point where ami management will sit down and talk in a friendly environment pesch said pesch would not elaborate on what type of financing arrangements are being made he did say if he succeeds in acquiring american medical he plans to keep much of american medical management in place he said he plans to combine the company with republic to form an efficient network of hospitals analysts said they do not believe a much higher offer could be made for american medical byron nimocks of e f hutton group said improved second fiscal quarter earnings could make american medical stock worth about dlrs per share nimocks estimates american medical earnings for the second quarter ended february could be cts compared to a ct loss last year nimocks said pesch s revised offer is not worth much more than the dlrs cash offered previously but feinberg said there is a better chance a transaction could be completed because of the revised structure of the offer i think it s much more doable he said analysts have said american medical has begun a turnaround by replacing some members of management and reducing costs reuter
coffee	senior delegates pessimistic on ico talks efforts to break an impasse between coffee exporting and importing countries over regulating the world coffee market in the face of falling prices appear to have failed senior delegates said after a contact group meeting the full ico council is due to meet this evening president of the brazilian coffee institute ibc jorio dauster told reuters after the contact group meeting there had been no agreement on quotas as consumers had tried to dictate market shares rather than negotiate them dauster said there are no plans yet to renew negotiations at a later date reuter
earn	glamis gold ltd glgvf six mths dec net shr cts vs cts net vs revs vs reuter
acq	u s approves buyout of coastal bancorp csbk coastal bancorp said the u s federal reserve board approved the acquisition of coastal by suffield financial corp ssbk the acquisition still requires approval from the banking department in maine the company noted reuter
earn	little prince productions ltd ltlp st qtr loss qtr ended dec shr profit nil vs loss nil net profit vs loss revs vs reuter
acq	amca ail to sell some dominion bridge assets amca international ltd said it finalized agreement to sell certain assets and inventories of its dominion bridge steel service center operations to federal industries ltd s russelsteel inc unit terms were undisclosed it said the sale involved assets and operations of the general line of steel service centers in toronto and edmonton alberta and steel from inventories of closed amca branches the company said the sale was part of a previously announced restructuring program to allow it to focus on certain core businesses and generate cash to cut debt reuter
acq	scott s hospitality acquires capital food scott s hospitality inc said it acquired capital food services ltd ottawa s largest catering and food service company for undisclosed terms scott s said it would operate capital food as a separate unit under capital s current name and management reuter
acq	union national unbc signs definitive pact union national corp said it signed a definitive agreement under which its first national bank and trust co of washington unit will merge with second national bank of masontown under a previously announced merger agreement each share of second national s common stock will be converted into shares of union national common reuter
acq	analysts see no other bidder for purolator pcc several analysts said they do not believe another suitor will top the mln dlr bid for purolator courier corp by e f hutton lbo inc and a management group from purolator s courier division there had been speculation another offer might be forthcoming but analysts mostly believe the dlrs per share price being paid by hutton and the managers pc acquisition inc is fully valued analysts and some wall street sources said they doubted another bidder would emerge since purolator had been for sale for sometime before a deal was struck with hutton friday purolator s stock slipped today to close at it had been trading slightly higher than the dlr offer on friday at least one analyst friday speculated the company might fetch to dlrs per share analysts and wall street sources doubted a competitive offer would emerge since the company has been for sale for sometime before the deal with hutton was struck friday hutton had been in talks with purolator s adviser dillon read and co since late december a hutton spokesman said hutton is offering dlrs cash per share for pct of the shares if all shares are tendered shareholders would receive dlrs cash six dlrs in debentures and warrants for stock in a subsidiary of pc acquisition containing the purolator u s courier operation hutton values the warrants at two to three dlrs per share wall street sources also said today that a rival bidder might be discouraged by a breakup fee purolator would have to pay if it ends its agreement with hutton the sources would not reveal the amount of the fee which will be noted in documents on the transaction to be made public later this week reuter
earn	whitehall corp wht th qtr net shr cts vs cts net vs revs vs year shr cts vs dlrs net vs revs mln vs mln reuter
earn	service corp international srv rd qtr net qtr ended jan shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln nine mths shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln note net for nine mths includes gains from dispositions of dlrs or four cts a share vs dlrs or two cts a share avg shrs and shr data restated to reflect three for two stock split in january reuter
earn	peoples bancorporation peop quarterly dividend qtly div cts vs cts pay april record march reuter
earn	cpl reit cntrs th qtr net shr cts net revs year shr cts net revs note full name cpl real estate investment trust company was formed dec reuter
earn	republic automotive parts raut th qtr loss shr loss cts vs loss cts net loss vs loss revs mln vs mln year shr loss dlrs vs loss cts net loss vs loss revs mln vs mln reuter
earn	realmerica co raco year nov net shr profit four cts vs loss cts net profit vs loss note net includes tax credit of dlrs or one ct per share reuter
earn	s k i ltd skii nd qtr jan net shr cts vs cts net vs revs mln vs mln six mths shr cts vs cts net vs revs mln vs mln reuter
acq	ferro corp foe sets joint venture ferro corp said it has formed a joint venture with paris based alsthom inudstrial group to export u s epxertise in specialty composite materials to the european market ferro said although the airframe and aerospace industries are the prime users of composite materials today it plans to develop applications for the ground transportation and industrial markets in the near future ferro also announced it has agreed to purchase compositair a developer of composit materials applications for an undisclosed sum reuter
crude	nymex rule change seen boosting energy trade the new york mercantile exchange said it will introduce exchanges for physicals efps to its energy futures markets april one an exchange spokeswoman said the change will allow oil traders that do not hold a futures position to initiate after the exchange closes a transaction that can subsequently be hedged in the futures market efps already in effect for platinum futures on nymex are expected to increase the open interest and liquidity in u s energy futures according to traders and analysts the commodity futures trading commission approved the rule change in february according to a cftc spokeswoman reuter
copper	u s refinery copper stocks fall in january refined copper stocks held by u s refineries fell to short tons at the end of january from short tons at the end of december the american bureau of metal statistics reported commodity exchange comex copper stocks climbed to tons in january from tons in december combined refinery and comex stocks eased to tons in january from tons in december u s refined production declined to tons in january from tons in december crude output increased to tons in january from tons revised lower in december preliminary figures showed u s refined deliveries rose to tons in january from tons in december reuter
acq	ccl unit acquires nestle canada can operations ccl industries inc s continental can canada inc unit said it acquired the wallaceburg ontario metal can making operations of nestle enterprises ltd wholly owned by nestle sa of switzerland terms were undisclosed continental can said it would supply nestle s equivalent can requirements under a long term agreement nestle said it decided to stop manufacturing cans in order to be in a better position to take full advantage of the changes underway or on the horizon in food packaging technology reuter
copper	copper stocks outside u s increase in december refined copper stocks held by refineries outside the u s increased to a preliminary short tons at the end of december from a preliminary short tons revised higher at the end of november the american bureau of metal statistics said london metal exchange stocks fell to tons in december from tons in november combined refinery and lme stocks rose to a preliminary tons from tons revised higher january lme stocks were tons preliminary figures showed refined production outside u s lower at tons in december versus tons in november crude output decreased to tons from tons revised higher refined copper deliveries decreased to tons from tons revised lower reuter
earn	mfs managed muncipal bond trust sets payout mfs managed muncipal trust bond said it declared a monthly payout income distribution of cts a share compared with cts for the previous month it said the distribution is payable march to shareholders of record march two reuter
copper	u s brass mill copper stocks lower in january u s brass mill copper stocks fell to short tons copper content at the end of january from short tons at the end of december according to the american bureau of metal statistics consumption by brass mills increased to short tons in january from short tons in december mills consumed tons of refinery shapes in january versus tons in december scrap consumption increased to tons in january from tons in december total brass mill shipments increased to tons in january from tons in december while receipts rose to tons from tons reuter
earn	mfs municipal income trust mfm sets payout mfs municipal income trust said it declared a monthly income distribution of cts a share compared with cts a share paid in the previous month it said the distribution is payable march to shareholders of record march reuter
earn	pittway corp pry th qtr net shr dlrs vs two dlrs net vs sales mln vs mln year shr dlrs vs dlrs net vs sales mln vs mln reuter
acq	armtek arm to sell industrial tire unit armtek corp previously the armstrong rubber co said it agreed to sell its industrial tire and assembly division to a dyneer corp dyr for an undisclosed sum it said the agreement covers the division s tire production facility in clinton tenn and its plants serving original equipment and replacement markets armstrong tire co an armtek unit will continue to sell replacement industrial tires the company said final closing is expected in the third fiscal quarter ending june reuter
earn	petrolite corp plit sets payout qtly dividend cts vs cts pay april record april reuter
money-supply	australian annual broad money supply growth pct in january
heat	exxon xon cuts heating oil barge price oil traders in new york said exxon corp s exxon u s a unit reduced the price it charges contract barge customers for heating oil in new york harbor cent a gallon effective today they said the reduction brings exxon s contract barge price to cts the price decrease follows sharp declines in heating oil prices on spot and futures markets traders said reuter
crude	greece says it has right on aegean oil drilling greece responding to a warning by turkey against conducting oil activities in the aegean sea said today it had the right to decide where and how to do research or drilling work in the area a government spokesman said the greek position was made clear to turkey s ambassador nazmi akiman when he met greek foreign affairs undersecretary yannis kapsis last week acting turkish prime minister kaya erdem said earlier today greek activities in the northern aegean contravened the berne agreement which set the framework for talks on the aegean continental shelf disputed between ankara and athens the greek statement today said greece is not prepared to give up even a trace of its sovereignty rights to the seabed it has been stressed to mr akiman that the decision where or how to drill belongs exclusively to the greek government the greek government has repeatedly let the turkish side know that it considers the berne protocol as inactive through the fault of turkey it said the greek statement said athens was ready to put the continental shelf issue before international courts reuter
acq	leucadia luk has pct of minstar mnst leucadia national corp said two of its subsidiaries have acquired a pct stake in minstar inc a corporation controlled by corporate raider irwin jacobs and used by him in his forays to acquire stock in companies in a filing with the securities and exchange commission leucadia said its lnc investments inc a newark del investment firm and charter national life insurance co a st louis joint stock life insurance company bought their combined minstar common shares for investment purposes only the leucadia subsidiaries had held an pct stake in minstar but cut to pct or shares last july since july leucadia said its companies have bought minstar common shares for a total of mln dlrs leucadia said it bought the minstar stake to obtain an equity position in the company and has no intention of seeking control of it nearly half of leucadia s common stock is owned by tlc associates a salt lake city utah general partnership whose partners include the chairman and president of leucadia and other investors reuter
earn	basix corp bas th qtr loss oper shr loss eight cts vs profit cts oper net loss vs profit revs mln vs mln mths oper shr loss dlrs vs profit cts oper net loss mln vs profit revs mln vs mln note oper excludes loss from discontinued operations of dlrs or cts a share for year ago qtr and dlrs or cts a share for year ago mths oper includes charge of mln dlrs for cumulative effect of repeal of the investment tax credit for qtr and writedown of mln dlrs on gas and oil facilities for mths year ago shr data restated to reflect two pct stock dividend of december reuter
money-supply	australian january annual broad money up pct australia s broad money supply rose pct in the year ended january up from a revised pct in december the reserve bank said this compares with the previous january s pct in january broad money growth slowed to pct from december s pct and compared with nil growth in january within the broad money total non bank financial intermediaries rose by pct from a revised decline of in december and a previous january s pct increase in the january year nbfi s borrowings rose by pct from a revised in december and compared with a previous january s at the end of january broad money stood at mln dlrs dlrs from december s mln dlrs and a january level of mln in the same period borrowings from the private sector by the nbfis rose to mln dlrs from december s mln and the previous january s mln reuter
acq	microbio mrc plans acquisition financing microbiological research corp said it entered into a letter of intent for a proposed business combination with privately owned datagene scientific laboratories inc and milex corp a newly formed company through a stock swap it also said it received dlrs from the sale of a convertible note to ventana growth fund as part of an overall equity financing plan with ventana under that plan a minimum of dlrs and a maximum of one mln dlrs of additional new capital is to be provided to fund the combined operations of the three companies microbiological also said that if the maximum additional capital is raised it will own about pct of shares of common outstanding in the new combined company datagene holders will own pct and ventana and others will own pct it said the remaining nine pct will be held by milex shareholder norman monson who will become chief executive officer of the combined companies reuter
coffee	ico council ends in failure to agree quotas a special meeting of the international coffee organization ico council failed to agree on how to set coffee export quotas ico delegates said producers and consumers could not find common ground on the issue of quota distribution in eight days of arduous often heated talks delegates said export quotas the major device of the international coffee agreement to stabilise prices were suspended a year ago after coffee prices soared in reaction to a drought in brazil which cut its output by two thirds delegates and industry representatives predicted coffee prices could plummet more than stg a tonne to new four year lows tomorrow in response to the results of the meeting reuter
acq	painewebber pwj unit ups shaer shoe shs stake mitchell hutchins asset management inc a new york investment firm and subsidiary of painewebber group inc said it raised its voting stake in shaer shoe corp to shares or pct from shares or pct in a filing with the securities and exchange commission mitchell hutchins said it bought shares between jan and feb at prices ranging from to dlrs a share and obtained voting control over another shares the firm has said it bought the stake as an investment on behalf of its clients but said it has had discussions with shaer management it did not disclose the topic of the talks reuter
earn	telecredit inc tcrd rd qtr jan net shr cts vs cts net vs revs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln reuter
earn	laser precision corp lasr th qtr net shr profit cts vs profit two cts net profit vs profit revs vs year shr profit cts vs loss cts net profit vs loss revs mln vs reuter
acq	rexnord rex to redeem rights rexnord inc said it will redeem all of its preferred stock purchase rights for cts a right effective today rexnord said the rights will be redeemed because it is expected its shares will be tendered under a january takeover offer from banner acquisition corp the rights trade in tandem with rexnord s common stock reuter
acq	cantrex unit to merge with ontario group groupe cantrex inc said it plans to merge a new wholly owned subsidiary a merger agreement with cap appliance purchasers inc of woodstock ontario a group of about appliance and electronics retailers it said cap shareholders will receive first preferred groupe cantrex shares entitling the holders to receive dlrs per share or the equivilant in class a subordinate voting cantrex shares the merger is effective april one and is subject to shareholder approval reuter
acq	investment firm boosts ldbrinkman dbc stake two affiliated investment firms and the investment funds they control said they raised their combined stake in ldbrinkman corp to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission fidelity international ltd a bermuda based firm said its funds bought ldbrinkman common shares between jan and feb at prices ranging from to dlrs a share funds controlled by fmr corp a boston based investment firm affiliated with fidelity hold shares bringing the combined total to shares fidelity said reuter
earn	itt s itt hartford unit posts th qtr gain hartford insurance group a unit of new york based itt corp said higher worldwide premiums help boost net income for the fourth quarter to mln dlrs from net income of mln dlrs for the quarter for the full year hartford said it earned mln dlrs up from mln dlrs in hartford said results for the year were aided by a gain of mln dlrs on the sale of its remaining pct stake in abbey life group plc for the company posted a gain of mln dlrs on the sale of pct of abbey life hartford said total property casualty and life health written premiums rose pct in to eight billion dlrs from billion dlrs in reuter
acq	sec probes tre tre takeover attempt the federal securities and exchange commission sec is looking for possible securities laws violations in connection with an unsuccessful bid by hollywood producer burt sugarman to take over tre corp attorneys contacted by sec investigators said during the takeeover attempt a unit of sugarman s giant group ltd at one point held a pct stake in tre it had help in that effort from jefferies group inc a los angeles investment banking firm which sold it an option on a portion of the shares sugarman eventually acquired in addition a company controlled by sugarman raised mln dlrs in a debt offering underwritten by drexel burnham lambert inc with help from jefferies and used a portion of the proceeds to buy tre stock finally reliance group holdings inc acquired nearly six pct of tre according to an seec filing the attorneys who asked not to be identified said the sec was investigating whether sugarman and other firms with tre holdings were working together without disclosing their cooperation as would be required by the federal securities laws one attorney said sec probers also were examining whether sugarman and drexel had made adequate disclosures of its intended usage of the proceeds in the prospectus for the mln dlr bond offering a tre spokesman confirmed that tre since december a unit of aluminum co of america had been contacted by sec investigators and was cooperating with the probe the spokesman added that tre chairman leopold wyler had been interviewed by the sec probers a jefferies spokesman said the sec had asked for information a few months ago as part of an informal probe the spokesman said jefferies had cooperated with the agency and had heard nothing more since that time to the best of our knowledge jefferies is not the target of a formal sec investigation in connection with the tre bid he said a drexel spokesman acknowledged that his firm had underwritten the debt offering for sugarman but added we had nothing to do with tre as a matter of policy the sec routinely declines to comment on its enforcement activities reuter
ship	canadian seafarers threaten strike canadian seafarers are almost certain to go on strike this spring in a refusal to meet rollbacks in wages and benefits asked for by their employers seafarers international union official roman gralewicz said it s percent i guarantee you a strike gralewicz said in an interview the union represents about workers on the great lakes and canada s east and west coasts contract talks broke off in january and a conciliator has been appointed to try to help settle the dispute the current contract expires at the end of march the seafarers employers are also asking for a reduction in crew levels a move which the union said would cost about jobs reuter
earn	dallas corp dls th qtr loss oper shr loss cts vs profit cts oper net loss vs pofit revs mln vs mln mths oper shr profit cts vs profit cts oper net profit vs profit revs mln vs mln note oper net excludes loss from discontinued operations of dlrs or cts a share for year ago qtr and dlrs or dlrs a share for year ago mths reuter
earn	dillard department stores inc dds th qtr net qtr ended jan shr dlrs vs dlrs net mln vs mln revs mln vs mln avg shrs mln vs mln mths shr dlrs vs dlrs net mln vs mln revs billion vs billion avg shrs mln vs mln note shr avg shrs data show for split in nov reuter
earn	kentucky central life kenca sets payout kentucky central life insurance co said it declared a semi annual dividend of cts per share payable march to shareholders or record march the dividend is equal to the company s previous semi annual payout reuter
earn	bank of new england corp bkne qtly dividend qtly div cts vs cts prior pay april record march reuter
jobs	japan unemploymnent rises to record in january japan s seasonally adjusted unemployment rate rose to a record pct in january the worst since the government started compiling unemployment statistics under its current system in up from the previous record pct in december the government s management and coordination agency said unemployment was up from pct a year earlier unadjusted january unemployment totalled mln people up from mln in december and mln a year earlier male unemployment in january remained at pct equal to the second worst level set last december record male unemployement of pct was set in july female unemployment in january remained at pct equal to the record level marked in april august september and december last year january s record pct unemployment rate mainly stemmed from loss of jobs in manufacturing industries particularly in export related firms due to the yen s continuing appreciation against the dollar officials said employment in manufacturing industries fell from a year earlier to mln including mln employed in the textile industry down from a year earlier and mln in transport industries such as carmakers and shipbuilders down reuter
earn	ford f europe earnings up pct last year ford europe s net earnings soared by per cent last year to mln dlrs kenneth whipple chairman of ford europe said whipple here to attend the geneva auto show which opens on thursday said that the ford motor co unit had sold a record million vehicles in europe in net earnings were mln dlrs in sales in represented per cent of the european market share whipple said ford will invest billion dollars in europe in and a total of seven billion over the next seven years he added reuter
lei	south korea s leading indicators fall in december south korea s index of leading indicators fell pct to base in december after a pct rise in november representing a pct year on year gain from december economic planning board provisional figures show the index is based on indicators which include export values letters of credit received warehouse stocks m and m money supply figures and the composite stock exchange index reuter
crude	opec within output ceiling subroto says opec remains within its agreed output ceiling of mln barrels a day and had expected current fluctuations in the spot market of one or two dlrs indonesian energy minister subroto said he told reporters after meeting with president suharto that present weakness in the spot oil market was the result of warmer weather in the u s and europe which reduced demand for oil prices had also been forced down because refineries were using up old stock he said he denied that opec was exceeding its agreed production ceiling asked what opec s output level was now he replied below mln barrels per day he did not elaborate he said there appeared to have been some attempts to manipulate the market but if all opec members stick by the cartel s december pricing agreement it would get through present price difficulties he predicted that prices would recover again in the third and fourth quarters of he also reiterated that there was no need for an emergency opec meeting he said opec had expected to see some fluctuations in the spot price we hope the weak price will be overcome and predict the price will be better in the third and fourth quarters refiners he said appeared to have used up old stock deliberately to cause slack demand in the market and the price to fall but opec would get through this period if members stuck together reuter
coffee	coffee traders expect selloff after ico talks fail the failure of the international coffee organization ico to reach agreement on coffee export quotas could trigger a massive selloff in london coffee futures of at least stg per tonne today coffee trade sources said prices could easily drop to as low as dlr or even cents a lb this year from around dlrs now they said a special meeting between importing and exporting countries ended in a deadlock late yesterday after eight days of talks over how to set the quotas no further meeting to discuss quotas was set delegates said quotas the major device used to stabilize prices under the international coffee agreement were suspended a year ago after prices soared following a damaging drought in brazil with no propects for quotas in sight heavy producer selling initially and a price war among commercial coffee roasting companies will ensue the trade sources predicted lower prices are sure to trickle down to the supermarket shelf this spring coffee dealers said the u s and brazil the largest coffee importer and exporter respectively each laid the blame on the other for the breakdown of the talks jon rosenbaum u s assistant trade representative and delegate to the talks said in a statement after the council adjourned a majority of producers led by brazil were not prepared to negotiate a new distribution based on objective criteria we want to insure that countries receive export quotas based on their ability to supply the market instead of their political influence in the ico brazilian coffee institute ibc president jorio dauster countered negotiations failed because consumers tried to dictate quotas not negotiate them previously quotas were determined by historical amounts exported which gave brazil a pct share of a global market of about mln kilo bags a majority of producers wanted quotas to continue under this basic scheme but most consumers and a maverick group of eight producers proposed carving up the export market on the basis of exportable production and stocks which would reduce brazil s share to pct consumer delegates said this method would reflect changes in many countries export capabilities and make coffee more readily available to consumers when they need it a last minute attempt by colombia the second largest exporter to rescue the talks with a compromise interim proposal could not bring the two sides together delegates speculated brazil s financial problems illustrated by its recent suspension of interest payments on bank debt have increased political pressure on the country to protect its coffee export earnings developing coffee producing countries that depend heavily on coffee earnings particularly some african nations and colombia are likely to be hurt the most by the ico s failure to agree quotas analysts said the expected drop in prices could result in losses of as much as three billion dlrs in a year producer delegates forecast the ico executive board will meet march but the full council is not due to meet again until september delegates said reuter
earn	cra ltd net profit mln dlrs vs mln
bop	n z quarterly current account deficit narrows new zealand s current account deficit for the quarter ended december narrowed to mln dlrs from mln revised down from mln for the september quarter and from mln a year earlier the statistics department said the deficit for the year ended december narrowed to billion dlrs from billion dlrs revised down from billion for the year ended september the deficit for calendar was billion the december quarter showed a mln dlr surplus for merchandise trade unchanged from the september quarter surplus which was revised down from mln dlrs the december quarter showed a mln dlr deficit imports for the december quarter were billion against billion in the september quarter and a year earlier exports were billion against billion and billion imports for the year ended december were billion dlrs compared with billion in exports were billion against billion government borrowing stood at billion dlrs for calendar against billion for borrowing in the december quarter rose to billion from in the september quarter and mln a year earlier repayments stood at billion for the year up from billion in repayments in the december quarter accounted for billion dlrs against mln in the september quarter and mln a year earlier official reserves totalled billion dlrs at end december compared with billion at end september and billion one year earlier reuter
acq	transamerica sells occidental life australia equity investment company battery group ltd said it had agreed to buy occidental life insurance co of australia ltd from transamerica corp ta of the u s for mln australian dlrs the acquisition has been made possible by the efforts of its major shareholder pratt and co financial services pty ltd battery group said in a statement the purchase will be partly funded by the issue of eight mln shares at dlrs each and four mln free options to the pratt group controlled by entrepreneur dick pratt plus four mln shares to professional investors at each it said the balance will be funded by debt battery group said the acquisition is subject to the approval of its shareholders on completion of the share placements pratt group will effectively have pct of battery s enlarged capital assuming exercise of all options it said battery now has mln shares on issue battery said occidental life is a major underwriter of individual term life insurance and a recent but fast growing entrant in the individual account superannuation market it has some mln dlrs in funds under management reuter
earn	cra ltd craa s net net mln dlrs vs mln shr cents vs final div to announced after july vs final cents making sales revenue billion vs billion investment income mln vs mln shrs mln vs mln note net is after tax mln dlrs vs mln interest mln vs mln depreciation mln vs mln but before net extraordinary loss mln vs profit mln reuter
rubber	malaysia re imposes export duties on rubber the malaysian government said it has re imposed export duties on rubber at cent per kilo after the gazetted price moved above the threshold price of cents per kilo the gazetted price effective march rose to cents per kilo from february s the duty for research remains at cents per kilo and the replanting duty is also unchanged at cents reuter
earn	comalco ltd net profit mln dlrs vs loss mln
earn	comalco ltd cmac s net net profit mln dlrs vs loss mln net is equity accounted pre equity accounted net mln dlrs vs loss mln pre equity shr profit cents vs loss final div to be announced after july vs first and final cent sales billion vs billion other income mln vs mln shrs mln vs same note net is after tax paid mln dlrs vs credit mln interest mln vs mln depreciation mln vs mln and minorities mln vs loss but net is before net extraordinary loss mln vs nil extraordinaries comprise exchange losses mln provision for goldendale smelter closure costs mln and increase in future tax provision mln reuter
jobs	japan s unemployment rate seen rising to pct japan s unemployment rate is expected to continue to climb to about pct within the next year from january s three pct record senior economists including susumu taketomi of industrial bank of japan said december s pct was the previous worst level since the government s management and coordination agency began compiling statistics under its current system in there is a general fear that we will become a country with high unemployment said takashi kiuchi senior economist for the long term credit bank of japan ltd the government which published the january unemployment figures today did not make any predictions at present we do not have a forecast for the unemployment rate this year but it is difficult to foresee the situation improving a labour ministry official said finance minister kiichi miyazawa said the government had expected the increase and had set aside money to help people find jobs in fiscal beginning in april prime minister yasuhiro nakasone told a press conference the record rate underlines the need to pass the budget which has been held up by opposition to proposed tax reforms the yen s surge has caused layoffs in the mainstay steel and shipbuilding industries other export dependent industries such as cars and textiles have laid off part time employees and ceased hiring economists said although the growing service industry sector has absorbed a great number of workers the trend is starting to slow down said koichi tsukihara deputy general manager of sumitomo bank ltd s economics department however other economists disagreed saying the service sector would be able to hire workers no longer needed by the manufacturing sector over the next five years the economists said the service sector should grow as the government stimulates domestic demand under its program to transform the economy away from exports although japanese unemployment rates appear lower than those of other industrialised nations methods for calculating statistics make them difficult to compare economists warned the three pct figure could translate into a relatively high figure if european methods were used one economist said more than half of january s increase in jobless from a year earlier were those aged between and sumitomo s tsukihara said reuter
bop	south korean trade surplus narrows in february south korea s customs cleared trade surplus narrowed to mln dlrs in february from mln in january provisional trade ministry figures show in february there was a deficit of mln dlrs february exports rose to billion dlrs fob from billion in january and billion in february cif imports were billion against billion in january and billion in february last year reuter
trade	japan moves to tighten chip export curbs the ministry of international trade and industry miti acted to tighten restrictions on microchip exports to countries other than the u s to preserve a u s japan pact on semiconductor trade but major japanese chipmakers doubt its usefulness a miti spokesman said his ministry had asked chipmakers to issue certificates to specified trading houses stating they are authorised exporters trading houses applying for a miti export licence will be required to show such a certificate but those without it will not automatically be denied licences he said but some industry officials predicted any government measures were likely to have limited effect as long as the world semiconductor market remained weak u s government and industry officials have complained repeatedly that japanese chipmakers continue to sell at below cost to third countries despite the july agreement japanese firms and officials in turn argue the flow of cheap chips to third countries is due to grey market sales by third party brokers who seek to profit from the gap between low prices in japan and higher prices based on production costs and set for japanese makers under the agreement the miti spokesman said if the percentage of grey market is increasing for one specific company it suggests they are distributing their products through their sales network knowing they will be exported by some means in that case we will ask them what they are doing to reduce the figure miti earlier asked makers to cut output of certain chips by pct in first quarter spokesmen for the firms said but they doubt the usefulness of the latest move as long as there is a gap between prices set under the pact and market prices there will be people who want to exploit the gap to make money a hitachi ltd hit t spokesman said reuter
jobs	finnish unemployment at pct in december finnish unemployment was pct in december last year compared with pct in november and pct in december the central statistical office said it said people were unemployed in december in november and in december reuter
reserves	bankers see sharp rise in thai foreign reserves thailand s improving economy will likely cause foreign reserves to increase to at least five billion dlrs by end from a record of nearly billion at end february private bankers said bank of thailand statistics show foreign reserves rose to billion at end january from billion a year earlier nimit nonthapanthawat chief economist at the bangkok bank ltd said thailand s strong export performance its relatively high interest rates foreign participation in its stock market and growing foreign investment especially from japan contributed to the projected sharp rise thai exports rose pct in and are expected to expand another pct this year bankers said a u s embassy report said last month thailand could achieve five pct real gross domestic product growth in up from a projection of pct for and pct in nonthapanthawat said if economic growth continues at its current pace and oil prices and major currencies remain stable the five billion reserves target can easily be reached thailand calculates foreign reserves to include gold special drawing rights and convertible currencies the target is equivalent to five and a half months worth of imports reuter
bop	sweden has current payments surplus in sweden had a current balance of payments surplus of billion crowns compared with a deficit of billion the preceding year according to preliminary figures from the central bank the december current account had a mln crowns deficit against a yearago mln deficit december trade balance was billion surplus against yearago two billion the trade balance showed a surplus of billion crowns compared with a billion surplus in the bank said reuter
earn	fisons plc fisn l year to end shr p vs p div p vs p making p vs p pre tax profit mln stg vs mln turnover mln vs mln tax mln vs mln finance charges mln vs mln minority interest mln vs mln extraordinary debit being closure and restructuring costs mln vs mln operating profit includes pharmaceutical mln vs mln scientific equipment mln vs mln horticulture mln vs mln note company said it plans one for one capitalisation reuter
interest	major swiss banks raise customer time deposit rates point to three pct credit suisse
interest	corrected major swiss banks raise customer time deposit rates point to pct credit suisse
money-fx	philippine planning chief urges peso devaluation the philippines must devalue the peso if it wants its exports to remain competitive economic planning secretary solita monsod told reuters the peso dollar rate has to be undercut to make our exports more competitive monsod said an interview no question about it i m saying you cannot argue with success taiwan south korea west germany japan all those miracle economies deliberately undervalued their currencies the peso has been free floating since june it is currently at about to the u s dollar finance secretary jaime ongpin has said the government does not intend to devalue the peso and wants it to be flexible and able to continue to respond to market conditions monsod said ongpin was looking at the exchange rate from the point of view of finance if the dollar rate goes higher our debt service in terms of pesos gets higher so the financing is very difficult she said but i am looking at it in terms of the economy she said she was not trying to oppose official policy i m just saying keep it competitive i do not want it to become uncompetitive because then we are dead monsod said the ideal movement in the peso dollar rate is a movement that will reflect differences in inflation rates of the philippines versus the other country it s an arithmetic thing official figures show philippine inflation averaged pct in calendar ongpin told reporters on saturday it was expected to touch five pct this year he said the government and the international monetary fund had set the peso dollar target rate at the peso lost pct in value to slump to to the dollar when it was floated in reuter
acq	u k clears cons gold u s purchase the u k trade department said it would not refer consolidated goldfields plc s cgld l purchase of american aggregates corp to the monopolies commission cons gold said last month that its arc america corp unit had agreed to buy the ohio based company for dlrs a share cash or mln dlrs in a deal recommended by the aggregates board reuter
tin	zaire accepts tin export quota atpc says zaire agreed to limit its tin exports to tonnes for months from march in line with an association of tin producing countries atpc plan to curb exports the atpc said atpc executive director victor siaahan told reuters he received a telex from zaire indicating its willingess to take part in the plan to limit total atpc exports to tonnes for a year from march siaahan said zaire is expected to produce tonnes of tin in calendar and that in its output and exports were about tonnes the atpc hopes to cut the tonne world surplus by tonnes and boost prices all atpc members except zaire and australia recently agreed to adhere to the export quotas allocated them under the plan australia said its quota of tonnes was roughly equal to its expected output this year the atpc consists of malaysia indonesia thailand bolivia australia nigeria and zaire china and bolivia important producers of tin are not members reuter
crude	pemex signs mln dlr japan loan for pipeline mexican state oil firm petroleos mexicanos pemex signed for a mln dlr untied loan from the export import bank of japan to finance its pacific petroleum project pemex japan representative tito ayal said no further details on the loan were immediately available ayala told an oil seminar the project due for completion in is aimed at improving distribution of oil products in the domestic market mainly along the pacific coast the project consists of a pipeline linking nueva teapa on the gulf of mexico with salina cruz on the pacific coast and construction of the second phase of the salina cruz refinery the project also includes construction of liquified petroleum gas lpg storage tanks at santa cruz additional crude oil storage at both ends of the pipeline an ammonia complex at lazaro cardenas on the pacific coast and expansion of the infrastructure of the port of salina cruz ayala said pemex will buy mln dlrs worth of foreign equipment and materials for the project he said the new pipeline will enable japan to load mexico s maya crude oil at salina cruz rather than in the gulf of mexico pemex will also have some lpg surplus available in salina cruz that may help japan diversify its supply sources of that product he added reuter
earn	stc plc stcl l year to end shr profit p vs p loss div p making p vs nil turnover billion stg vs billion pretax profit mln vs mln loss tax mln vs nil operating profit mln vs mln interest less investment income mln vs mln exceptional debit mln vs mln minorities mln vs mln extraordinary credit mln vs mln debit operating profit includes international computers mln vs mln communications systems mln vs mln components and distribution mln vs mln defence mln vs mln reuter
earn	cra expects to pay final dividend of cents cra ltd craa s said it expected to pay a final dividend of not less than cents a share after july making cents for the year against in the mining and smelting group earlier reported net earnings rose to mln dlrs from mln in against analysts forecasts yesterday of mln to mln cra said it was deferring consideration of a dividend until later this year to provide the benefit of dividend imputation to its shareholders after july dividends will be tax free to shareholders provided they come out of earnings on which the full pct company tax rate has been p id the company operates on a substituted tax year not the fiscal year ending june and as a result has incurred tax at the pct rate on earnings cra said in a statement consequently it has funds available for distribution with dividend imputed but is waiting to see the imputation legislation before determining the final payout it said despite the higher net earnings cra said was a poor year for the minerals industry with the notable exception of gold producers prices for major metals expressed in real u s dollars declined to the lowest levels in about years it said fluctuating exchange and interest rates added volatility and uncertainty while the revaluation of the yen is leading to substantial restructuring of japanese industry cra said world demand for metals is growing slowly inventories have steadily declined with supply and demand in better balance but overcapacity continues cra said turning to contributions to its earnings cra said bougainville copper ltd buva s contributed mln dlrs while its share of comalco ltd s cmac s net was mln net earnings from iron ore operations were mln dlrs against mln in it said lead zinc and silver mining and smelting operations incurred a net loss of mln dlrs against a mln loss in cra said coal activities resulted in a net profit of mln dlrs against mln while salt raised its contribution to mln from mln cra s share of earnings from the argyle diamond project amounted to mln dlrs against nine mln in cra said the main item in its mln dlr extraordinary loss was a mln writeoff of unrealised foreign exchange losses on borrowings as required by a new accounting standard other extraordinary items were mln dlrs provided for closures and writedown of assets and a mln increase in future tax provisions cra said cash flow continued at a high level being mln dlrs before capital expenditure against billion in the strong cash flow coupled with the proceeds of the rights issue and the use of existing cash balances enabled group debt to be reduced by nearly mln dlrs cra said it held forward contracts at year end to buy mln u s dlrs to hedge part of its foreign debt this cost mln dlrs after tax included in the net interest cost reuter
trade	swiss capital exports rise in january swiss capital exports rose to billion francs in january after billion in december and a year earlier billion the swiss national bank said new bond issues accounted for billion of the total after december s billion and credits mln after mln in january before the national bank ended the distinction between notes and bonds bond issues totalled billion francs notes billion and credits mln reuter
trade	china calls for better trade deal with u s china called on the united states to remove curbs on its exports to give it favourable trading status and ease restrictions on exports of high technology but the u s embassy replied that chinese figures showing years of trade deficits with the u s out of the last are inaccurate and said peking itself would have to persuade congress to change laws which limit its exports the official international business newspaper today published china s demands in a editorial to coincide with the visit of u s secretary of state george shultz it is extremely important that the u s market reduce its restrictions on chinese imports provide the needed facilities for them and businessmen from both sides help to expand chinese exports the editorial said the u s should quickly discard its prejudice against favourable tariff treatment for chinese goods and admit china into the generalised system of preference gsp despite easing of curbs on u s technology exports in recent years control of them is still extremely strict and influences normal trade between the two countries it added the paper also printed an article by china s commercial counsellor in its washington embassy chen shibiao who said that all kinds of difficulties and restrictions were preventing bilateral trade fulfilling its full potential he named them as u s protectionist behaviour curbs on technology transfer and out of date trade legislation the paper also printed a table showing that since bilateral trade began in china has had a deficit every year except and it shows the and deficits at billion and billion dlrs a u s embassy official said the u s did not accept peking s trade figures at all mainly because they exclude goods shipped to hong kong and then trans shipped to u s while u s figures are based on country of origin he said that if china wants to obtain gsp status it will have to lobby congress itself to persaude it to amend several laws which currently prevent peking getting such status the u s trade act of says that to qualify for gsp china must be a member of the general agreement of tariffs and trade gatt for which it applied in july and not be dominated or controlled by international communism the official said china was well aware of the laws some of which date to the anti communist early s but that there is not sufficient political will in the u s to change them china has been the subject of about a dozen cases involving anti dumping in the u s within the last two years which the u s side won he said but for the first time china signed last week an agreement which it itself initiated to voluntarily restrain exports of at least two categories of steel goods which may lead the u s side to withdraw the anti dumping case he added another diplomat said willingness to provide such voluntary export restraints would be an important issue in bilateral trade issues and in peking s application to gatt china has the potential to disrupt world markets especially in textiles other gatt countries will be nervous about china in this respect but there is a precedent for other centralled planned economies in gatt the diplomat said poland czechoslovakia hungary and romania are members of gatt but none has china s massive market potential for imports or its vast labour pool to produce cheap exports in a speech today in the northeast city of dalian u s secretary of state george shultz said his country welcomed china s interest in participating in gatt the process of chinese accession will not be accomplished overnight the gatt rules were not designed for a large economy of the chinese type shultz said china can play an important role by actively joining gatt discussions seeking to expand general trading opportunities and enhance market access for exports worldwide china can further develop its foreign trade system so as to gain the maximum benefit from its gatt participation he said the problems facing u s china trade and gatt membership are similar a pricing system which many foreign businessmen regard as arbitrary and not related to actual costs especially for exports and a de facto dual currency system in a memorandum backing its application presented to gatt last month china said it was gradually reforming its economic system and replacing mandatory instruction with guidance planning and economic levers the diplomat said that to join gatt china had much to do reuter
cpi	italy consumer prices rise pct in february italy s consumer price index rose pct in february compared with january after rising pct in january over december the national statistics institute istat said the year on year rise in february was pct down from pct in january and compared with pct in february istat said its consumer prices index for the families of workers and employees base was in february against in january and in february reuter
crude	mobil plan to open peking office china daily says mobil corp mob n of the u s plans to open an office in peking to develop oil exploration opportunities in china the china daily said it quoted mobil president richard tucker currently in peking as saying he is optimistic about investment prospects in china and that peking will continue to encourage foreign private businesses to invest here it said mobil bought mln dlrs of crude oil and oil products from china in and sold it lubricant and fertiliser but gave no more details reuter
acq	klm to take pct stake in air uk klm royal dutch airlines klm a said it agreed to take a pct stake in air u k ltd a subsidiary of british and commonwealth shipping plc bcom l in a transaction worth around two mln stg a klm spokesman said klm already cooperated closely with air uk which runs flights a week to amsterdam s schipol airport from nine uk cities british and commonwealth shipping said last week it held preliminary talks about a klm minority stake in air u k but gave no further details klm said it hoped the move would attract more british feeder traffic to amsterdam airport reuter
reserves	u k reserves show underlying rise in february britain s gold and currency reserves showed an underlying rise of mln dlrs in february after a mln dlrs rise in january the treasury said the underlying trend which is a guide to bank of england operations to support the pound on foreign exchanges is net of borrowings and repayments this was above market expectations for a mln dlrs rise the treasury said the bank of england used the opportunity of strong demand to rebuild reserves after losses last autumn and said the underlying rise was still relatively modest actual reserves rose by mln dlrs in february to billion dlrs after rising mln in january to billion accruals of borrowings under the exchange cover scheme were mln dlrs last month after mln in january while repayments were mln dlrs after the previous mln a treasury spokesman said capital repayments totalled two mln dlrs in january capital repayments totalled mln dlrs with a valuation change that resulted in a fall of mln dlrs due to the quarterly rollover from the european monetary cooperation fund swap the treasury would not comment on the bank of england s market operations but currency traders reported moderate bank of england intervention to curb upward pressure on the pound today a treasury spokesman commenting on the reserves figures said that the government does not want sterling either to rise too far or to fall substantially from current levels he noted that the chancellor of the exchequer nigel lawson stressed this after the recent paris currencies meeting reuter
acq	ultramar sells u k marketing units for mln stg ultramar plc umar l said it had reached agreement in principle to sell its wholly owned u k marketing companies to kuwait petroleum corp for around mln stg ultramar s marketing units include ultramar golden eagle ltd which in made a profit of around mln stg before financing and group administration charges a small loss was recorded for the first nine months of the sale is due to take place on april with the proceeds intended to reduce group debt in the short term but ultramar said the funds would ultimately be used for further development of its core businesses in the u k and north america reuter
money-supply	hong kong m rises pct in january hong kong s broadly defined m money supply rose pct to billion h k dlrs in january after a pct rise in december for a year on year rise of pct the government said in a statement local currency m rose pct to billion dlrs from december when it was up pct from november for a rise of pct on the year total m rose pct to billion dlrs in january from december when it rose pct on the previous month local m rose pct to billion dlrs in january from december when it climbed pct total m and local m rose pct and pct on the year ago month respectively total m rose pct to billion dlrs in january after a pct rise the previous month local m rose pct to billion dlrs after a pct rise total m and local m year on year growth was and pct respectively total loans and advances rose pct to billion dlrs from december when they rose pct loans for financing hong kong s visible trade rose pct to billion dlrs after a pct rise in december reuter
acq	woolworth underwoods fail to agree on bid underwoods plc said it had not been possible to agree terms on a bid to be made by woolworth holdings plc wluk l during talks the two companies had been holding exploratory discussions no spokesman for either company was immediately available to say why terms could not be agreed nor whether the possibility of a bid was now being abandoned last week underwoods shares rose p to p ahead of any announcement of the talks the announcement today brought them back down to p from last night s close at p woolworth was unchanged at p reuter
crude	mobil plans to open office in peking mobil oil corp of u s plans to open an office in peking to develop oil exploration opportunities in china the china daily said it quoted mobil president richard tucker currently in peking as saying he is optimistic about investment prospects in china and that peking will continue to encourage foreign private businesses to invest here it said mobil bought mln dlrs of crude oil and oil products from china in and sold it lubricant and fertiliser but gave no more details reuter
earn	unilever plc and nv combined pre tax profit billion stg vs mln
crude	opec within output ceiling subroto says opec remains within its agreed output ceiling of mln barrels a day and had expected current fluctuations in the spot market of one or two dlrs indonesian energy minister subroto said he told reporters after meeting with president suharto that present weakness in the spot oil market was the result of warmer weather in the u s and europe which reduced demand for oil prices had also been forced down because refineries were using up old stock he said he denied that opec was exceeding its agreed production ceiling asked what opec s output level was now he replied below mln barrels per day he did not elaborate he said there appeared to have been some attempts to manipulate the market but if all opec members stick by the cartel s december pricing agreement it would get through present price difficulties he predicted that prices would recover again in the third and fourth quarters of he also reiterated that there was no need for an emergency opec meeting he said opec had expected to see some fluctuations in the spot price we hope the weak price will be overcome and predict the price will be better in the third and fourth quarters refiners he said appeared to have used up old stock deliberately to cause slack demand in the market and the price to fall but opec would get through this period if members stuck together reuter
jobs	japan s unemployment rate seen rising to pct japan s unemployment rate is expected to continue to climb to about pct within the next year from january s three pct record senior economists including susumu taketomi of industrial bank of japan said december s pct was the previous worst level since the government s management and coordination agency began compiling statistics under its current system in there is a general fear that we will become a country with high unemployment said takashi kiuchi senior economist for the long term credit bank of japan ltd the government which published the january unemployment figures today did not make any predictions at present we do not have a forecast for the unemployment rate this year but it is difficult to foresee the situation improving a labour ministry official said finance minister kiichi miyazawa said the government had expected the increase and had set aside money to help people find jobs in fiscal beginning in april prime minister yasuhiro nakasone told a press conference the record rate underlines the need to pass the budget which has been held up by opposition to proposed tax reforms the yen s surge has caused layoffs in the mainstay steel and shipbuilding industries other export dependent industries such as cars and textiles have laid off part time employees and ceased hiring economists said although the growing service industry sector has absorbed a great number of workers the trend is starting to slow down said koichi tsukihara deputy general manager of sumitomo bank ltd s economics department however other economists disagreed saying the service sector would be able to hire workers no longer needed by the manufacturing sector over the next five years reuter
earn	unilever plc and nv th qtr to dec london march unilever plc share p vs p making p vs p for full year unilever nv share guilders vs guilders making guilders vs guilders unilever plc final div p making p vs p unilever nv final div guilders making guilders vs guilders combined pre tax profit mln stg vs same making billion stg vs mln the two companies proposed a five for one share split combined fourth quarter pre tax profit billion guilders vs billion making billion guilders vs billion operating profit mln stg vs mln making billion stg vs mln tax mln stg vs mln making mln vs mln tax adjustments mln stg credit vs nil making mln stg credit vs three mln debit attributable profit mln stg vs mln making mln vs mln full year turnover billion stg vs billion reuter
acq	hk hotels soars on takeover speculation the price of hongkong and shanghai hotels ltd shlh hk s stock soared on speculation of a takeover battle between major shareholders the kadoorie family and the evergo industrial enterprise ltd evgh hk group stock brokers said they noted heavy buying in hk hotel shares after an announcement by evergo s china entertainment and land investment co ltd unit that it bought about pct of hk hotels from the firm s deputy chairman david liang for billion dlrs the stock rose h k dlrs to dlrs today thomas lau evergo s executive director declined comment on whether the group is seeking a further stake in hk hotels but he told reuters the group will hold the pct stake bought from liang as long term investment he said evergo was attracted by the underlying strength of hk hotels analysts said evergo may be looking for a possible redevelopment of the peninsula hotel one of asia s best known hotels and another site on hong kong island both are owned by hk hotels lai sun garment co ltd yesterday said it acquired a pct stake in hk hotels from liang for mln dlrs lau denied any link between china entertainment and lai sun on their acquisitions of the hk hotels stake it is purely coincidence he said but analysts were not so certain saying that the evergo group which has a reputation as a corporate raider may team up with lai sun garment for a takeover lau also denied any contact with the kadoorie family which analysts estimate has more than pct of hk hotels michael kadoorie is chairman of hk hotels lau said two representatives of evergo will be nominated to the hk hotels board a source close to the kadoorie family said the family has not considered any countermoves so far analysts said it would be difficult for evergo and the kadoorie family to cooperate because of different management styles evergo may want to split up the hotel management and property developments of hk hotels but that strategy may not fit the conservative kadoorie family said an analyst who asked not to be named another analyst noted the price of hk hotels had been distorted by the takeover talks because its net asset value is only worth about dlrs a share the offers by evergo and lai sun were for dlrs a share though that is well below the current trading price trading was suspended today in shares of lai sun evergo china entertainment and the group s associate chinese estates ltd chinese estates lost cents to dlrs yesterday china entertainment five to dlrs and evergo one to cents lai sun gained cents to dlrs reuter
acq	bryson pays mln dlrs for cenergy corp stake bryson oil and gas plc said it paid a cash consideration of around mln dlrs for about pct of cenergy corp a u s oil and gas exploration and production company bryson said its board has been considering a number of possible investments to expand the company s interests and believes the opportunity to acquire an investment in cenergy provides a suitable extension to its existing u s interests cenergy reported a net loss of mln dlrs in the nine months to september while total stockholders equity on the same date was mln dlrs reuter
earn	ashton tate tate th qtr net shr cts vs cts net mln vs revs mln vs mln avg shrs mln vs mln year shr dlrs vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln note share adjusted for january two for one split reuter
ship	neither side optimistic on rotterdam port issues employers and the port union fnv are to meet again this afternoon to attempt a settlement of the six week old dispute in rotterdam s general cargo sector but neither side is optimistic spokesmen for both sides told reuters little progress was made in last night s three hours of talks with both sides largely reiterating their positions there is still a very large gap between the employers and the fnv and i can t say that we expect to reach any agreement but at least we are still talking a union spokesman said employers organization chairman jacques schoufour accused the fnv of intransigence in refusing to alter its stance at all over the past two months the fnv is not serious about our discussions and i am really not optimistic about it changing its point of view at all if we find this afternoon that the fnv still refuses to accept the necessary redundancies in the general cargo sector then we will break off the talks and the redundancies may begin later this month schoufour said the series of strikes which employers say has cost them more than seven mln guilders in lost import business in the past six weeks began on january in protest at plans for redundancies from the sector s workforce starting with this year late last month social affairs minister louw de graaf said unless the dispute was settled by yesterday he would withdraw the sector s mln guilder annual labour subsidy both sides wrote to the minister yesterday setting out their cases but schoufour said he did not expect to hear from him before wednesday at the earliest reuter
earn	unilever improves in most sectors during the unilever plc and nv un a group saw improved performance in almost all sectors during the anglo dutch group said in its results statement very good progress was made last year while the recent acquisition of chesebrough pond s inc cbm n was a significant addition which will greatly benefit the group in the years to come earlier unilever reported combined fourth quarter pre tax profit of mln stg level with the year earlier period making billion stg compared with mln for the full year unilever said it plans to change its depreciation policy to the more conventional practice of depreciating assets individually rather than depreciating fixed assets at average rates the new method is expected to lead to a reduction in the accumulated provision for depreciation and thereby increase the net book value of tangible asssets by about mln stg as at january unilever plc shares are up p since yesterday at p in buoyant response to the results and share split proposal though profits were not ahead of market forecasts dealers added reuter
lei	u s leading indicators fell pct in jan after revised pct dec rise
lei	u s leading index fell pct in january the u s index of leading indicators fell a seasonally adjusted pct in january after a revised pct december gain the commerce department said the department previously said the index rose pct in december the decline in january was the biggest for any month since july when the index fell pct the january decrease left the index at over its base of and was led by a fall in contracts and orders for plant and equipment a total of six of indicators available for january contributed to the decline besides contracts and orders for plant and equipment they were building permits manufacturers new orders for consumer goods a change in sensitive materials prices slower deliveries from vendors and higher average weekly claims for state unemployment insurance four of indicators were positive including stock prices new business formation average work week and money supply the main factor for the december upward revision was new business formation there was no revision in the pct increase in the leading indicators index for november the index of coincident indicators which measures the current economy fell pct in january after increases of pct in december and pct in november the index of lagging indicators which measures past economic activity rose pct in january after a decrease of pct in december and an increase of pct in november reuter
earn	burlington coat factory warehouse corp bcf net jan end shr dlrs vs dlrs net mln vs mln revs mln vs mln reuter
coffee	coffee price fall short term dutch roasters this morning s sharp decline in coffee prices following the breakdown late last night of negotiations in london to reintroduce international coffee organization ico quotas will be short lived dutch roasters said the fall is a technical and emotional reaction to the failure to agree on reintroduction of ico export quotas but it will not be long before reality reasserts itself and prices rise again a spokesman for one of the major dutch roasters said the fact is that while there are ample supplies of coffee available at present there is a shortage of quality he said average prices fell to around cents a lb following the news of the breakdown but we expect them to move back again to around cents within a few weeks the roaster added dutch coffee roasters association secretary jan de vries said although the roasters were disappointed at the failure of consumer and producer ico representatives to agree on quota reintroduction it was equally important that quotas be reallocated on a more equitable basis there is no absolute need for quotas at this moment because the market is well balanced and we must not lose this opportunity to renegotiate the coffee agreement he said there is still a lot of work to be done on a number of clauses of the international coffee agreement and we would not welcome quota reintroduction until we have a complete renegotiation de vries added with this in mind and with dutch roasters claiming to have fairly good forward cover the buying strategy for the foreseeable future would probably be to buy coffee on a hand to mouth basis and on a sliding scale when market prices were below cents a lb roasters said reuter
acq	greenwood resources grrl sells company stake greenwood resources inc said it has sold its common share majority holding in new london oil ltd of london to an affiliate of guinness peat group plc of london and an affiliate of sidro sa of belgium for a total of dlrs in cash the company said it will apply the proceeds of the sale to support its line of credit and as part of a proposed debt restructuring with colorado national bancshares colc and greenwood shareholders it said it will retain a seat on the new london board reuter
earn	f w woolworth co th qtr shr dlrs vs dlrs
acq	heinz interested in buying guinness brewing h j heinz hnz n chairman tony o reilly would be interested in buying guinness plc guin l s brewery division if it were for sale a spokesman said the spokesman reacting to irish and british press reports said he continues to be interested were the group to offer the brewery side of guinness for sale but he has not put together a consortium nor has he been buying shares he was quoted by the irish magazine business and finance as saying he would be interested if it came on the market and that he had the support of two international banks if he decided such a purchase might be worthwhile in the magazine article he suggested that if brewing profits were calculated to be in the region of mln punts the asking price would not be higher than mln punts a multiple of ten times earnings would be the top whack for the brewing division in the current guinness situation he said this would mean an expensive exercise right on the edge but not impossible he added the deal would mean buying the dublin london nigerian and malaysian breweries because it could only be sold as an integral unit if it was going to be sold at all o reilly said reuter
earn	equatorial communications equa to have losses equatorial communications co said it expects to report losses of about mln dlrs for the fourth quarter and mln dlrs for the full year on revenues of about mln dlrs for the quarter and mln dlrs for the year equatorial said the losses will include a charge of about mln dlrs from costs associated with the restructuring of its business including adjustments to reflect the market value of transponders owned and leased by equatorial and other reserves for inventory receivables and excess facilities equatorial said the fourth quarter operating results will also include restructuring costs of about dlrs in addition to the mln dlr charge equitorial also said that as of march one it is operating in technical default under its lease of transponders on the galaxy iii satellite due to its inabiliuty to maintain agreed upon financial ratios it said it is in talks with the lessors in an attempt to restructure lease obligations further equitorial said it is in default of two other oblitations in connection with the purchase or lease of transponders as a result of cross default provisions equatorial said it has signed a memorandum of understanding for contel corp ctc to purchase mln dlrs of equatorial master earth stations micro earth stations and associated equipment and loan equatorial six mln dlrs over a six month period for repayment starting in december the company said conteol under the agreement would assume a portion of equatorial s rights and obligations under the galaxy iii transponder lease with burnham leasing on the occurrence of certain events equatorial said it would grant contel an option to buy about common shares at dlrs each equatorial said its understandings with contel are subject to equatorial s ability to restructure a significant portion of its obligations and to obtain concessions from lenders and lessors in particular under its galaxy iii transponder lease it said it hopes to finalize a contel agreement by april equatorial in earned dlrs after a dlr gain from early debt retirement on revenues of mln dlrs for the first nine months of the company lost dlrs on revenues of mln dlrs compared with a dlr profit after the early retirement gain on revenues of mln dlrs reuter
earn	transamerica ta to have australian sale gain transamerica corp said it will have an after tax gain of about mln u s dlrs on the sale of its occidental life insurance co of australia ltd affiliate to pratt and co financial services pty ltd of melbourne for mln australian dlrs the sale was announced earlier today in australia proceeds will be used to enhance the growth of north american operations of its transamerica occidental life subsidiary the company said reuter
acq	viacom international inc gets another new national amusements bid
earn	f w woolworth co z th qtr jan net shr dlrs vs dlrs net mln vs mln sales billion vs billion avg shrs mln vs mln year shr dlrs vs dlrs net mln vs mln sales billion vs billion avg shrs mln vs mln note share data restated to reflect two for one stock split in may reuter
trade	u s asks japan end agriculture import controls the u s wants japan to eliminate import controls on agricultural products within three years visiting u s under secretary of state for economic affairs allen wallis told eishiro saito chairman of the federation of economic organisations keidanren a spokesman for keidanren said the spokesman quoted wallis as saying drastic measures would be needed to stave off protectionist legislation by congress wallis who is attending a sub cabinet level bilateral trade meeting made the remark yesterday in talks with saito wallis was quoted as saying the reagan administration wants japanese cooperation so the white house can ensure any u s trade bill is a moderate one rather than containing retaliatory measures or antagonising any particular country he was also quoted as saying the u s would be pleased were japan to halve restrictions on agricultural imports within five years if the country cannot cope with abolition within three the spokesman said japan currently restricts imports of agricultural products a ban on rice imports triggered recent u s complaints about japan s agricultural policy reuter
earn	firstcorp fcr sees gain on condemnation firstcorp inc said it weill report an after tax gain of dlrs or cts per share primary and cts fully diluted from the proposed condemnation and acquisition of a parking deck it operates by wake county the company said if it reinvested proceeds in a similar property within months the gain on the sale would be deferred for tax purposes reuter
earn	national sea products ltd th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr dlrs vs cts oper net vs revs mln vs mln note qtr excludes extraordinary gain of dlrs or five cts share versus extraordinary loss of dlrs or shr nil in qtr note continued year excludes extraordinary gain of dlrs or cts share versus extraordinary gain of dlrs or cts share in prior year reuter
acq	national amusements again ups viacom via bid viacom international inc said national amusements inc has again raised the value of its offer for viacom s publicly held stock the company said the special committee of its board plans to meet later today to consider this offer and the one submitted march one by mcv holdings inc a spokeswoman was unable to say if the committee met as planned yesterday viacom said national amusements arsenal holdings inc subsidiary has raised the amount of cash it is offering for each viacom share by cts to dlrs while the value of the fraction of a share of exchangeable arsenal holdings preferred to be included was raised cts to dlrs national amusements already owns pct of viacom s stock reuter
earn	national fsi inc nfsi th qtr loss shr loss six cts vs profit cts net loss vs profit revs vs year shr loss cts vs profit cts net loss vs profit revs mln vs mln note year figures pro forma for purchase accounting adjustments resulting from march reeacquisition of company by its original shareholders before august initial public offering reuter
earn	precambrian shield resources ltd year loss shr loss dlrs vs profit cts net loss vs profit revs mln vs mln note shr and net include dlr writedown on u s operations uneconomic coal operations and other mineral properties reuter
earn	grease monkey holding corp gmhc year nov shr nil vs nil net vs revs vs reuter
earn	acceptance insurance holdings inc acpt year oper shr profit dlrs vs loss dlrs oper net profit vs loss revs mln vs mln avg shrs vs note net excludes realized investment gains of dlrs vs dlrs net excludes dlr tax credit reuter
earn	minstar inc mnst th qtr net oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln avg shrs mln vs mln year oper shr loss eight cts vs profit cts oper net loss vs profit revs mln vs mln avg shrs mln vs mln note operating net loss excludes income from discontinued operations equal to cts in the quarter and cts in the year compared with dlrs in the quarter and dlrs in the respective periods of operating net loss also excludes extraordinary charges of cts in the quarter and cts in the year operating net profit excludes an extraordinary gain of cts reuter
earn	mark resources inc year loss shr not given loss mln revs mln note prior year results not given results include accounts of pct owned precambrian shield resources ltd acquired november reuter
earn	transform logic toog revises results downward transform logic corp said it has revised downward its previously reported fourth quarter and year ended october results to reflect compensation expense for employee stock options the company said resolution of this disagreement with its auditors came as a result of securities and exchange commission involvement the company will amend its option granting procedure to conform to the sec decision which will eliminate future charges it added transform said its fourth quarter profit was revised to dlrs or two cts a share from the previously reported dlrs which left the company with a fiscal loss of dlrs or two cts a share instead of the reported dlrs profit reuter
earn	american stores asc sees lower year net american stores co said it expects to report earnings per share of to dlrs per share on sales of slightly over billion dlrs for the year ended january the supermarket chain earned dlrs per share on sales of billion dlrs last year the company did not elaborate reuter
earn	kasler corp kasl st qtr jan net shr profit three cts vs loss seven cts net profit vs loss revs mln vs mln reuter
earn	unilever has improved margins volumes in unilever plc un a and nv group reported improvements in margins and underlying sales volume growth of five pct in after stripping out the effects of falling prices disposals and currency movements unilever plc chairman michael angus said he told reporters that volumes in north america increased some pct while european consumer goods rose about pct after being flat for some years much of the disposal strategy aimed at concentrating activities on core businesses had now been completed he noted but the process of acquisitions would go on with strategic acquisitions taking place from time to time he said the company earlier reported a pct rise in pre tax profits for to billion stg from mln previously in guilder terms however profits at the pre tax level dropped three pct to billion from billion angus said the recent purchase of chesebrough pond s inc cbm n for dlrs a share was unlikely to bring any earnings dilution however it would not add much to profits with much of the company s operating profits paying for the acquisition costs finance director niall fitzgerald added that while gearing debt to equity plus debt rose to about pct at end from pct last year this was expected to drop back to about pct by end the same divergence was made in full year dividend with unilever nv s rising pct to guilders and unilever plc s increasing pct to p approximately in line with the change in attributable profit angus said the prospectus for the sale of parts of chesebrough was due to be published shortly however he said that there was no target date for completing the process he also declined to say what sort of sum unilever hoped to realise from the operation beyond noting that chesebrough had paid around billion dlrs for stauffer chemical co which operates outside unilever s core activities in the u s organic growth from the lipton foods business considerable expansion in the household products business and in margarine had been behind the overall sales increase however he noted that the u s household products business had turned in a planned loss with fourth quarter performance better than expected despite the anticipated heavy launch costs of its surf detergents reuter
acq	sara lee sle to buy pct of dim sara lee corp said it agreed to buy a pct interest in paris based dim s a a subsidiary of bic s a at a cost of about mln dlrs dim s a a hosiery manufacturer had sales of about mln dlrs the investment includes the purchase of newly issued dim shares valued at about mln dlrs and a loan of about mln dlrs it said the loan is convertible into an additional dim shares it noted the proposed agreement is subject to approval by the french government it said reuter
trade	china calls for better trade deal with u s china called on the united states to remove curbs on its exports to give it favourable trading status and ease restrictions on exports of high technology but the u s embassy replied that chinese figures showing years of trade deficits with the u s out of the last are inaccurate and said peking itself would have to persuade congress to change laws which limit its exports the official international business newspaper today published china s demands in a editorial to coincide with the visit of u s secretary of state george shultz it is extremely important that the u s market reduce its restrictions on chinese imports provide the needed facilities for them and businessmen from both sides help to expand chinese exports the editorial said the u s should quickly discard its prejudice against favourable tariff treatment for chinese goods and admit china into the generalised system of preference gsp despite easing of curbs on u s technology exports in recent years control of them is still extremely strict and influences normal trade between the two countries it added the paper also printed an article by china s commercial counsellor in its washington embassy chen shibiao who said that all kinds of difficulties and restrictions were preventing bilateral trade fulfilling its full potential he named them as u s protectionist behaviour curbs on technology transfer and out of date trade legislation reuter
lei	u s commerce secretary says export rise needed commerce secretary malcolm baldrige said after the release of a sharply lower january leading indicator index that a pickup in exports is needed the best tonic for the economy now would be a pickup in net exports he said in a statement after the department reported the index fell pct in january from december the sharpest drop since a pct fall in july the main reasons for the january decline after a pct december rise were declines in building permits new orders for plant and equipment and for consumer and industrial goods reuter
earn	precambrian shield takes mln dlr writedown precambrian shield resources ltd earlier reporting a large loss against year ago profit said the loss was mainly due to a dlr writedown on its u s operations uneconomic coal and other mineral properties precambrian which is pct owned by mark resources inc said it took the writedown in accordance with new canadian insititute of chartered accountants guidelines for full cost method accounting by oil and gas companies precambrian earlier reported a loss of mln dlrs compared to profit of mln dlrs in the prior year reuter
acq	scott s hospitality acquires capital food scott s hospitality inc said it acquired all issued shares of capital food services ltd of ottawa terms were not disclosed scott s said capital food had sales of more than mln dlrs and will continue to operate under its present name with existing management capital food provides food services to several ottawa institutions the company said reuter
coffee	zimbabwe coffee output set to rise zimbabwean coffee output will reach tonnes this year up on just over tonnes produced in the commercial coffee growers association said administrative executive robin taylor told the domestic news agency ziana that zimbabwe earned the equivalent of mln u s dlrs from coffee exports last year he would not say how much the country would earn in taylor said the commercial coffee growers under his association had increased production from tonnes in to more than tonnes in l reuter
acq	video display vide to sell cable tv unit video display corfp said it has reached a tentiative agreement to sell its existing cable television business for undisclosed terms and expects to report a gain on the transaction the buyer was not named the company said it will redeploy its service assets into manufacturing and distribution it said the operations being sold accounted for about five pct of revenues for the year ended february and lost money reuter
earn	intek diversified corp idcc th qtr net shr three cts vs three cts net vs revs vs year shr cts vs cts net vs revs mln vs reuter
housing	u s single family home sales fell pct in jan after revised pct dec gain
housing	u s home sales fell pct in january sales of new single family homes in the united states fell pct in january from december to a seasonally adjusted annual rate of units the commerce department said the department revised downward december s sales to a pct rise to units from the previously reported pct increase the january decline in sales was the largest since last october when sales fell pct before seasonal adjustment the number of homes actually sold in january was up from in december but down from in january the january fall brought home sales to a level pct below january when they were a seasonally adjusted units the average price was a record dlrs surpassing the previous record price set in december the median price of a home in january reached dlrs the first time the price has exceeded dlrs that compared with a median price of dlrs in december and dlrs in january a year ago new homes available on the market in january totaled a seasonally adjusted units unchanged from december and equal to a months supply the supply in december was months reuter
acq	community bank cbsi to make acquisition community bank system inc said it has entered into a definitive agreement to acquire nichols community bank for dlrs in common stock it said subject to approval by nichols shareholders and regulatory authorities the transaction is expected to be completed later this year reuter
jobs	belgian unemployment falls in february belgian unemployment based on the number of jobless drawing unemployment benefit fell to pct of the working population at the end of february from pct at the end of january the national statistics office said the rate compares with pct at the end of february the total number of jobless stood at compared with at the end of january and at the end of february the statistics office said reuter
earn	pharmacia ab phab st year sales billion crowns vs billion profit after financial items mln crowns vs mln the results include a once off writedown of mln crowns for intangible assets mainly the know how paid for in the takeover of a number of high tech companies by the group pharmacia said earnings per share after real tax including the writedown crowns vs crowns earnings per share after real tax not including the writedown crowns vs earnings per american depository receipt adr according to u s accounting principles after real tax including the writedown crowns vs crowns earnings per adr according to u s accounting principles after real tax without the writedown crowns vs one adr represents pct of one b free share in pharmacia the board proposed a dividend of crowns vs reuter
earn	pharmacia forecasts higher earnings pharmacia ab phab st forecast earnings after financial items of one billion crowns in vs mln last year on condition that exchange rates remained at their present parities sales would in such circumstances go up to six billion crowns from billion in it said a weakening dollar was mainly responsible for a five pct negative impact on sales during which the company blamed on currency movements last year s results were also badly hit by a once off writedown of mln crowns for intangible assets the company said mainly this represented the premium the group had paid for the know how of various high tech firms it had taken over the accounts also showed a financial deficit of billion crowns vs a deficit of mln which was covered partly by drawing down company liquidity to mln vs one billion and partly by increasing borrowing to billion vs mln pharmacia said the financial deficit was caused by it having used more funds than generated by group operations mainly because of the billion it paid in cash for shares in lkb produkter ab and the assets of intermedics intraocular inc reuter
gnp	canada real th qtr gdp rose pct after rd qtr pct rise official
bop	canada th qtr current account deficit billion dlrs vs rd qtr billion deficit official
ship	mclean industries mii unit transers service mclean industries inc said its shipping subsidiary united states lines inc reached an agreement in principle to transfer its south american service to american transport lines inc a subsidiary of crowley maritime corp under the terms of the agreement united states lines will lease five vessels to american transport for months with an option to extend the period up to years the company said in return u s lines will receive a fixed payment and a percentage of revenues for at least three years and possibly as long as american transport utilizes its vessels and conducts trade in south america the company said the companies will consummate the transactions as soon as the required approvals are obtained mclean said reuter
gnp	canada december gdp up pct after november s pct fall official
earn	first federal savings ffkz year net shr cts vs one dlr net vs assets mln vs mln deposits mln vs mln loans mln vs mln qtly div six cts vs six cts prior qtr pay april record march note net includes charges from accounting changes from one time expenses associated with a proxy contest and an increase in loan reserves first federal savings and loan association of kalamazoo is full name of company reuter
earn	toll brothers inc tol st qtr jan net shr cts vs cts net vs revs mln vs mln note all amts reflect for stock split of company s common in form of pct stock dividend paid feb reuter
earn	pillsbury co psy votes quarterly dividend qtly div cts vs cts prior qtr pay may record may reuter
earn	berkshire gas co bgas pays regular qtlry div qtrly div cts vs cts pay april record march reuter
gnp	canada gdp rises pct in canada s real gross domestic product seasonally adjusted rose pct in the fourth quarter of the same as the growth as in the previous quarter statistics canada said that left growth for the full year at pct which is down from s four pct increase the rise was also slightly below the pct growth rate finance minister michael wilson predicted for in february s budget he also forecast gdp would rise pct in statistics canada said final domestic demand rose pct in the final three months of the year after a pct gain in the third quarter business investment in plant and equipment rose pct in the fourth quarter partly reversing the cumulative drop of pct in the two previous quarters reuter
earn	charming shoppes inc chrs th qtr jan net shr cts vs cts net mln vs mln revs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln reuter
earn	pansophic systems pns splits stock for pansophic systems inc said it will split its stock two for one effective april two to shareholders of record march it also said it will pay a six cts per share dividend on the pre split shares a regular quarterly dividend on april two to shareholders of record march reuter
gold	lac lac intersects more gold at doyon mine lac minerals ltd and cambior inc said they completed a second hole at their jointly owned doyon mine in quebec which showed two significant gold intersections one intersection graded ounce gold a short ton over feet at depth of feet while the other graded ounce gold a ton over feet at feet the companies said the hole is feet east of the previously reported first hole they said they were now drilling another hole feet to the west of the first drill hole and expected to report results in late march or early april reuter
acq	calmar clmi seeks to be acquired by kebo ab calmar inc said keboo ab of sweden which now owns about pct of calmark has approved the acquisition of remaining calmar shares at dlrs in cash at the request of the calmar board calmar said a special meeting of its board will be held march nine to form a special committee of directors not affiliated with kebo to evaluate the transaction kebo is in turn pct owned by investment ab beijar of sweden reuter
acq	italy s bnl negotiating purchase of german bank italy s state owned banca nazionale del lavoro bnl said it is negotiating to buy a west german bank as part of its foreign expansion policy bnl president nerio nesi told a news conference the italian bank was currently involved in talks but declined to name the german institution he said the takeover move could be seen as bnl s reply to deutsche bank ag dbkg f which entered the italian market in december with the purchase of bankamerica bacn subsidiary banca d america e d italia nesi said bnl had also approved a mln dlr credit line to the soviet union aimed at enabling soviet companies to pay for italian imports he gave no further details bnl officials said the group had also decided to increase its activities in the soviet union by opening a representative office in moscow this month through its subsidiary sogecred which specialises in italian soviet trade reuter
zinc	three killed in south africa zinc refinery clash three black workers were killed and seven injured in fighting at a south african zinc refinery last night gold fields of south africa ltd said the company said two groups of workers began attacking each other at about local time with machetes knives and sticks at a hostel at the zincor plant some kms east of johannesburg it said the fighting was quelled after minutes by its own security staff police were called but the fighting had ended by the time they arrived a company spokesman said he had no idea of the cause of the fighting an investigation was underway he said reuter
interest	fed expected to add temporary reserves the federal reserve is expected to enter the u s government securities market to add temporary reserves economists said they expect it to supply the reserves indirectly by arranging to two billion dlrs of customer repurchase agreements the fed may add the reserves directly instead via system repurchases federal funds which averaged pct yesterday opened at pct and stayed there in early trading analysts said the rate is under upward pressure partly from settlement of billion dlrs of five year treasury notes reuter
ipi	ec industry output growth slows in european community industrial output increased by an average of around two pct last year compared with pct growth recorded in against a year earlier the ec statistics office eurostat said growth was highest in portugal at five pct while in greece output contracted by pct eurostat said in a statement eurostat noted output growth also fell in the u s and japan u s production increased pct after pct in while in japan output contracted by pct after rising pct a year earlier eurostat said ec industrial production in december rose pct compared with months earlier but added that after adjustment for seasonal factors output growth had been clearly slowing down since the beginning of the summe reuter
earn	lsb industries inc lsb th qtr net shr profit five cts vs loss dlrs net profit vs loss mln revs mln vs mln avg shrs vs mths shr profit cts vs loss dlrs net profit vs loss mln revs mln vs mln avg shrs vs note primary earnings per share are based on the weighted average number of common and dilutive common equivalent shares outstanding during each period after accounting for preferred stock dividends the qtr and year includes a provision for restructuring costs related to the sale of its energy business and parts of its bearing business the qtr and year includes charges of and respectively for restructuring costs and operating losses which were charged against the previously provided accruals for restructuring costs the qtr and year includes deferred income taxes of and respectively year net includes operations of friedrich climate master inc which the company acquired in august for the full period while the comparable period for includes only operations from august to dec third qtr includes extraodinary tax gain of from early extinquishment of certain drafts payable reuter
gold	more gold detected at doyon mine lac minerals ltd and cambior inc said they completed a second hole at their jointly owned doyon mine in quebec which showed two significant gold intersections one intersection graded ounce gold per short ton over feet at depth of feet while the other graded ounce gold per ton over feet at feet the companies said the hole is feet east of the previously reported first hole another hole is being drilled feet to the west of the first drill hole and results are expected in late march or early april reuter
earn	gulf resources and chemical corp gre th qtr oper shr profit cts vs loss cts oper net profit vs revs mln vs mln year oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln notes operating net excludes loss dlrs or cts a share vs loss dlrs or dlrs a share in quarter and loss dlrs or cts a share vs profit dlrs or dlrs a share from discontinued operations loss from discontinued operations includes mln dlrs charge equal to cts a share to provide for additional liabilities resulting from the closure of lead zinc and silver mining smelting and refining business year operating net includes pre tax gain of mln dlrs equal to cts a share from pension plan termination and gain of mln dlrs or cts a share from reduction in deferred taxes effective jan company changed oil and gas accounting to successful efforts from full cost increasing year net mln dlrs or cts a share and increasing loss mln dlrs or cts a share the cumulative effect of the change was to decrease retained earnings at dec by mln dlrs reuter
coffee	coffee talks collapse eases need for u s bill the collapse of international coffee organization ico talks on export quotas yesterday removes the immediate need to reinstate u s legislation allowing the customs service to monitor coffee imports analysts here said the reagan administration proposed in trade legislation offered congress last month that authority to monitor coffee imports be resumed that authority lapsed in september a bill also was introduced by rep frank guarini d n j however the failure of the ico talks in london to reach agreement on export quotas means the u s legislation is not immediately needed one analyst said earlier supporters of the coffee bill hoped it could be passed by congress quickly you re going to have a hard time convincing congress now this is an urgent issue the coffee analyst said reuter
earn	pansophic systems inc pns rd qtr jan net shr cts vs cts net vs revs mln vs mln nine mths shr dlrs vs dlrs net mln vs mln revs mln vs mln reuter
money-fx	former treasury official urges currency reforms former treasury official c fred bergsten said a new exchange rate system is needed to replace the fixed and flexible exchange rate systems which he said had not worked i prefer a move to target zones in which the major countries would determine ranges of pct within which they would pledge to hold their exchange rates by direct intervention and as necessary by changes in monetary and other policies bergsten now the director of the institute for international economics said in a statement to a house banking subcommittee the substantial correction of the exchange rate that has occurred since early is enormously welcome and should produce a sizeable reduction in the u s trade deficit this year and next but the imbalance will not fall much below billion dlrs on present policies so much more is needed he said reuter
earn	knutson mortgage corp knmc sets quarterly qtly div cts vs cts prior pay april record march reuter
earn	ford motor co of canada ltd th qtr shr dlrs vs cts
earn	ausimont compo nv aus th qtr net shr cts vs cts net mln vs sales mln vs mln avg shrs mln vs mln year shr dlrs vs dlrs net mln vs mln sales mln vs mln avg shrs mln vs mln note translated at italian lire to dollar reuter
acq	norton nrt to sell south african operations norton co said it has agreed to sell its remaining south african business norton co pty ltd to global mining and industrial corp of south africa for undisclosed terms the company said the unit accounts for less than two pct of norton revenues and is being sold because growing societal pressures in the united states and the unsettled situation in south africa had required a disproportionate amount of management tiome to oversee norton said the unit is profitable norton said it will provide the south afrcian unit with future technical support and products makde under that agreement will continue to be marketed under the norton trademark reuter
bop	canada current account deficit up in quarter canada s current account deficit widened to a seasonally adjusted billion dlrs in the fourth quarter from a deficit of billion dlrs in the third statistics canada said the shortfall for the full year rose to billion dlrs from s mln dlr deficit the federal agency said the agency said the rise in the merchandise surplus to billion dlrs from billion dlrs in the third quarter was more than offset by high deficits in servicies and investment the total non merchandise deficit grew to billion dlrs from billion dlrs the current account deficit was mln dlrs in the fourth quarter of in the capital account not seasonally adjusted there was a total net inflow of billion dlrs in the fourth quarter up from a net inflow of billion dlrs in the third quarter quarter the total net capital inflow rose to billion dlrs in from billion dlr in reuter
earn	home federal of the rockies hrok th qtr loss shr loss dlrs vs profit cts net loss vs profit year shr loss dlrs vs profit cts net loss vs profit note home federal savings and loan association of the rockies net includes tax credits of dlrs in quarter and dlrs in year net includes pretax loan loss provisions of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
gnp	canada december gdp gains pct canada s gross domestic product by industry rose a seasonally adjusted pct in december the largest monthly gain since april statistics canada said gdp which fell pct in november was pct above the december level the federal agency said output of goods producing industries rose pct in the month with virtually all the growth occurring in manufacturing and mining services producing industries expanded pct reuter
acq	saatchi and saatchi buys cleveland consulting advertising agents saatchi and saatchi co plc sachy said it was buying cleveland consulting associates inc for an initial consideration of mln dlrs additional payments may be made annually through the year ending march to bring the total consideration up to pct of cleveland s average post tax profits in the last two years of the period the purchase of cleveland is a further step in saatchi and saatchi s fast growing consulting industry the company said it said its consulting operations now provide a platform for major future expansion for the months ended march cleveland had dlrs in pretax profits and forecasts one mln for at the saatchi and saatchi annual meeting today the company reported a particularly strong start to the current year with profits sharply higher than the same period last year saatchi and saatchi shares rose one pence on the cleveland announcement to p after yesterday s p close reuter
acq	unilever s un chesebrough offers to sell bass chesebrough pond s inc recently acquired by a unit of unilever n v said it is offering to sell its bass shoe division as a result of an ongoing evaluation of the long term direction of its businesses the diversified maker of health and beauty aids said it acquired falmouth maine based g h bass and co in when the company reported annual sales of mln dlrs bass is known for its high quality casual shoes chesebrough said bass s sales exceeded mln dlrs reuter
earn	continental gic sees net up from tax law continental corp said the fresh start provision of the tax reform act of may add to to earnings per share the insurance holding company had net earnings of mln dlrs or or per share in john loynes continental chief financial officer said the fresh start provision allowed the company to discount opening tax reserves to january which released deferred taxes into earnings loynes said the provision s potential benefit would decline gradually over the next four years during which time continental will pay mln to mln dlrs more in taxes loynes added however the higher taxes are not expecetd to have a significant impact on earnings reuter
earn	ford motor co of canada ltd fc th qtr net shr dlrs vs cts net mln vs mln revs billion vs billion year shr dlrs vs dlrs net mln vs mln revs billion vs billion note pct owned by ford motor co f reuter
earn	royal bank of canada st qtr shr cts vs dlrs
earn	anitec image technology corp antc nd qtr net shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln st half shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln note share adjusted for three for two october stock split reuter
earn	dasa corp dasa year net shr profit three cts vs loss cts net profit vs loss revs mln vs reuter
acq	group trims material sciences msc stake an investor group led by central national gottesman inc a new york investment firm and its executive vice president edgar wachenheim said they cut their stake in material sciences corp to less than five pct in a filing with the securities and exchange commission the group said it sold material sciences common shares between feb and at prices ranging from to dlrs a share leaving it with shares or pct as long as the group s stake remains below five pct it is not required to disclose further dealings in material sciences common stock reuter
interest	fed sets billion dlr customer repurchase fed says
earn	adc telecommunications inc adct st qtr net periods ended jan shr cts vs cts net vs sales mln vs mln backlog mln vs mln reuter
acq	tylan corp tyln to sell furnace product line tylan corp aid it has retained the investment banking firm kahn and harris to sell its furnace product line the company said it has already been contacted by several potential buyers in tylan s furnace product shipments in the u s represented mln dlrs of the company s total net sales of mln dlrs reuter
earn	royal bank of canada st qtr jan net shr basic cts vs dlrs shr diluted cts vs dlrs net vs avg shrs mln vs mln loans billion vs billion deposits billion vs billion assets billion vs billion reuter
interest	fed adds reserves via customer repurchases the federal reserve entered the u s government securities market to arrange billion dlrs of customer repurchase agreements a fed spokesman said dealers said federal funds were trading at pct when the fed began its temporary and indirect supply of reserves to the banking system reuter
earn	supradur cos inc supd year net oper shr dlrs vs cts oper net vs sales mln vs mln note net excludes discontinued operations gain dlrs vs loss dlrs reuter
earn	wallace computer services inc wcs nd qtr net shr cts vs cts net vs sales mln vs mln six mths shr dlrs vs dlrs net vs sales mln vs mln note periods end january and respectively reuter
earn	american vanguard corp amgd year net shr cts vs cts net vs sales mln vs mln note th qtr data not available reuter
earn	north american biologicals inc nbio th qtr oper shr one ct vs three cts oper net vs revs mln vs avg shrs mln vs mln year oper shr six cts vs cts oper net vs revs mln vs mln avg shrs mln vs note net excludes tax credits of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
earn	omnicom group inc omcm th qtr net shr profit cts vs profit cts net profit vs profit revs mln vs mln mths shr loss cts vs profit dlrs net loss vs profit revs mln vs mln note in qtr ended the company recognized expenses of for restructing the combined operations of bbdo doyle dane bernbach and needham harper worldwide in august before tax gains these relate primarily to the conosolidation and elimination of duplicate facilities and staff for the year the provisions for mergers and restructuring expenses brought non recurring expenses to before tax gains of which represented merger costs and related to restructuring of the combine operations reuter
earn	correction ashton tate item in torrance calif item ashton tate tate th qtr net please read quarter average shares as mln not mln reuter
cpi	chilean consumer prices rise pct in february chile s consumer price index rose pct in february to december equals after increases of pct in january and pct in february the government s national statistics institute said inflation as measured by the index rose to pct over the months to the end of february compared with pct last month and pct to the end of february in the first two months of the year inflation was pct against pct in the same period of reuter
copper	copper study group considered at geneva meeting major copper producing and consuming countries are considering a u s proposal to set up a study group to review the world copper market delegates said the u s initiative was introduced last december at a meeting held here under the auspices of the united nations conference on trade and development unctad the u s the world s largest copper consumer and second biggest producer after chile has proposed setting up a body to improve statistics and market transparency of the copper economy and provide a forum for discussion the new body would not aim at negotiating measures to stabilise depressed world prices this week s meeting which began yesterday is due to end friday reuter
earn	royal bank canada sees higher loan losses royal bank of canada said it estimates loan losses at one billion dlrs a mln dlr increase over last year royal bank said it set its provisions given the continued debt servicing problems in the north american energy industry and the uncertain outlook for energy prices and also continued to add to its general provisions for loans to troubled borrower countries the bank s loan loss provision for the first quarter ended january rose to mln dlrs from mln dlrs in the year ago quarter the bank said non accrual loans net of provisions for loan losses totalled billion dlrs on january up from billion dlrs a year ago in reporting lower first quarter earnings chairman allan taylor said problems with credit quality particularly in loans associated with the energy sector continue to have a substantial adverse effect on the bank s earnings taylor said profitability of the bank s international operations remains weak reflecting resource related difficulties of private and public sector borrowers and unsatisfactory results from capital market activities taylor said it would be premature to speculate on the outcome of debt resturcturing negotiations with brazil or their potential impact on the royal bank the bank earlier reported first quarter profit fell to mln dlrs from mln dlrs a year ago reuter
acq	pantera pant and pizza pza agree to merge pantera s corp said it agreed in principle to acquire pizza inn inc in a cash and stock transaction under terms of the proposed transaction each pizza inn share can be exchanged for either three dlrs in cash plus the lesser of shares of pantera s common stock or dlrs market value of pantera s stock or four dlrs in cash plus a unit consisting of one share of pantera s stock and a non transferrable right to receive up to share of pantera s stock under certain conditions it said completion of the transaction is subject to arrangement of financing negotiation of a definitive agreement and various regulatory approvals it said pantera s said pizza inn s largest shareholder f j spillman previously granted pantera s an option to buy more than one mln shares of pizza inn common stock owned by him pantera s also said it retained drexel burnham lambert inc to act as its financial advisor in connection with the merger pizza inn has retained dean witter reynolds inc to act as its financial advisor pantera s said yesterday pantera s stock closed at dlrs on nasdaq while pizza inn s stock was quoted at dlrs when the amex halted trading pending the announcement of the proposed merger from its dallas headquarters pizza inn said completion of the transaction is subject to certain conditions including that the price of pantera s stock average not less than seven dlrs during the trading days before the merger under the agreement pizza inn said it will still be permitted to complete a leveraged buyout agreement with pizza inn acquiring corp which has been approved by its shareholders but is subject to otaining financing more
iron-steel	nigeria guinea set up iron ore firm with liberia nigeria and guinea agreed to set up a new company with liberia to carry out the year old mifergui nimba iron ore project an official communique said the communique was issued after two days of talks here between guinean natural resources minister ousmane sylla and nigerian minister of mines and power bunu sheriff musa originally guinea held pct in the project and nigeria pct with firms from several other countries also involved but the project ran into problems over funding and the slump in world iron ore markets musa said liberia was invited to join and its share will be decided after a project feasibility study this would be completed in may after which finance will be sought officials said the study will be undertaken with the help of the world bank which is also expected to give financial support production originally estimated at mln tonnes a year will be mln initially and is expected to begin in early on an agreement between the two countries to prospect for uranium in guinea the communique said musa and sylla agreed that because of poor market conditions it would be extended to cover exploration for gold diamonds cobalt nickel and silver reuter
earn	distributed logic corp dlog st qtr loss qtr ended jan shr loss nine cts vs profit cts net loss vs profit revs vs reuter
ipi	canada industrial production up pct canadian industrial production rose pct in december after falling pct in november statistics canada said the federal agency said year over year production was off pct in december compared with a decline of pct in november reuter
acq	lifetime lft to buy shares of nippon lace lifetime corp said it agreed to buy five mln shares or pct of nippon lace co ltd for dlrs a share or mln dlrs it said it plans to enter the health care business in japan in addition it said koba electronics co ltd an affiliate of lifetime will buy four mln unissued shares or a pct stake of nippon for mln dlrs or five dlrs a share the company said ohta shoji chief executive officer of toho mutual life insurance co owns the majority of koba electronics shares toho mutual life is also the largest shareholder in nippon lace the company said lifetime also said the private bank and trust of zurich on behalf of lifetime director and shareholder terence ramsden intends to subscribe for two mln shares of nippon lace at the same price paid by lifetime reuter
earn	intermedics inc itm st qtr net oper shr cts vs cts oper net vs revs mln vs mln avg shrs mln vs mln note prior qtr excludes loss or five cts per share for discontinued operations for the sale of subsidiaries intermedics intraocular inc electronics inc and intermedics infusaid inc excludes qtr operating loss carryforwards vs qtr prior reuter
acq	beneficial corp to sell insurance unit removing company from insurance business
earn	ford canada cuts annual dividend by six dlrs to six dlrs cash a share
earn	paine webber residential realty inc pwm div qtrly cts vs cts pay march record march note prior qtr is for two months operation october and november and represents a parital dividend reuter
earn	omnicom group omcm sets regular payout qtlry div cts vs cts pay april record march reuter
earn	knutson mortgage knmc sees strong second qtr knutson mortgage corp said it expects strong earnings performance for its initial fiscal second quarter earnings ending march since going public in september albert holderson knutson chairman said he expects earnings of about cts per share for the quarter as a result of a strong mortgage business during the quarter knutson earlier declared a quarterly dividend of cts a share versus cts a share prior payable april to shareholders of record march reuter
reserves	danish reserves rise in february denmark s net official reserves rose to billion crowns in february from billion in january against a revised billion in february the central bank said in its monthly balance sheet report total net reserves including reserves held by commercial and major savings banks rose to billion crowns from billion in january compared with a revised billion in february last year the bank said provisional figures showed net registered private and public capital imports of billion crowns in february reuter
earn	intermedics inc itm st qtr feb one net oper shr cts vs cts oper net vs revs mln vs mln note current st qtr oper net excludes operating loss carryforward of or cts per share st qtr oper net excludes loss carryforward of dlrs or one ct per share and loss from discontinued operations of dlrs reuter
earn	carme inc came nd qtr jan net shr nine cts vs one ct net vs sales vs six mths shr cts vs five cts net vs sales vs reuter
earn	willcox and gibbs inc wg th qtr net shr cts vs cts net mln vs mln revs mln vs mln year shr dlrs vs dlrs net mln vs mln revs mln vs mln note net includes extraordinary gain of mln dlrs or cts per share in th qtr and mln or dlrs for the year reuter
earn	omnicom group inc omcm th qtr net shr profit cts vs profit cts net profit vs profit mln revs mln vs mln qtly div cts vs cts avg shrs mln vs mln year shr loss cts vs profit dlrs net loss vs profit mln revs mln vs mln avg shrs mln vs mln note qtly div payable april six to holders of record march th qtr and year net includes a charge of mln dlrs and mln dlrs respectively for corporate restructuring reuter
earn	ford motor co of canada ltd fc cuts annual div annual div six dlrs vs dlrs prior pay march record march note payout includes two dlrs a share extra dividend payout includes four dlrs a share extra dividend reuter
copper	total u s copper stocks lower in january total copper stocks held by u s rod mills and refiners including wirebars cathodes scrap rod and in process material dropped to lbs at the end of january from lbs at the end of december the american bureau of metal statistics said rod stocks held by refiners and rod mills decreased to lbs in january from lbs in december cathode inventories at rod mills fell to lbs in january from lbs in december while wirebar stocks were lower at lbs versus lbs in december december rod mill wirebar use nearly doubled to lbs in january from lbs in december cathode use by mills and refiners increased to lbs in january from lbs in december reuter
earn	united healthcare corp unih th qtr net shr cts vs cts net vs revs mln vs mln avg shrs vs year shr cts vs cts net vs revs mln vs mln avg shrs vs note net income includes extraordinary profit from recognition of tax loss carryforward of dlrs or six cts a share in year and of dlrs or seven cts a share in both periods reuter
earn	raytech corp ray th qtr dec net shr profit cts vs loss dlrs net profit vs loss revs mln vs mln year shr profit dlrs vs loss dlrs net profit vs loss mln revs mln vs mln note th qtr and yr includes loss carryfoward of dlrs and dlrs respectively reuter
earn	datamag inc dmag st qtr dec loss net loss vs profit sales vs note per share data not available as company went public in january reuter
earn	royal bank sees improved results royal bank of canada in reporting a pct drop in first quarter earnings said it expects to report improved results in future earnings periods healthy consumer credit growth record fee based income highly profitable securities and foreign exchange trading and a solid capital position combined with the restraint of non interest expenses should lead to improved results in the periods ahead chairman allan taylor said in a statement the bank earlier reported profit for the first quarter ended january fell to mln dlrs from mln dlrs a year ago taylor said loans to the energy sector continue to substantially hurt earnings while profitability of the bank s international operations remains weak reflecting resource related difficulties of private and public sector borrowers and unsatisfactory results from capital market activities the bank said earnings from domestic operations rose to mln dlrs in the first quarter from mln dlrs a year ago while earnings from international operations plunged to mln dlrs from mln dlrs last year royal bank said first quarter international net interest income declined from last year reflecting reduced revenues from international investment banking as well as a significant loss on disposal of its affiliate in trinidad and tobago other income rose to mln dlrs from mln dlrs last year the rise was due to higher commercial banking and retail deposit service fees and higher foreign exchange revenue but lower securities commissions from international investment bank operations partly offset the gains royal bank said the bank said a two billion dlr increase in total assets to billion dlrs was due mainly to continued growth in consumer lending particularly residential mortgages reuter
trade	belgian says ec would react to textile bill belgian foreign trade minister herman de croo said if congress passed legislation curbing world textile imports the only way the european community ec could react was to retaliate de croo said at a news conference if you limit textile imports you will re orient textiles to europe and that he said would trigger ec taxes on u s goods congress passed a textile bill two years ago but it was vetoed by president reagan on grounds that curbing imports to protect the domestic textile industry would trigger retaliation u s trading partners a similar bill has been introducted this year in a congress with a bigger democratic majority and with a president weakened by the iran scandal de croo here for talks with administration officials and congressmen said if a textile bill passed the only way we could react would be retaliation and it would cause more retaliation which is not a good way to deal with problems he said if a textile bill was enacted we will impose taxes on a lot of american products he said it would be stupid we have to avoid that he said congressmen seem upset mosty with japan because of its massive trade suprlus with the united states and not with ec nations but ec nations will be hurt by the diverted shipments of asian textiles de croo also criticized the way u s officials try to solve ec trade issues saying each time we come in contact it a conflict contact the clouts are coming fom the west he said it then is a crisis atmosphere with officials cross the atlantic and dramatized with headlines this is not the way to work in a serious way between two big powers de croo said reuter
earn	kay corp kay th qtr net oper shr cts vs dlrs oper net vs revs mln vs mln year oper shr dlrs vs dlrs oper net vs revs mln vs mln note oper net excludes results of kay jewelers inc a former subsidiary on dec company distributed remaining pct interest in subsidiary to kay corp holders amts restated in connection with company s distribution of investment in kay jewelers inc th qtr and yr oper net excludes dlrs or dlrs per share and dlrs or dlrs per share respectively for equity in net income of spun off unit th qtr and yr oper net excludes dlrs or dlrs per share and dlrs or dlrs per share respectively for equity in net earnings of spun off unit oper net also excludes or cts per share for adoption of new pension accounting rules and ine cts per share for gain from assets sales reuter
trade	rostenkowski says he will oppose protectionist trade bill in u s house
earn	pantasote inc pnt th qtr loss oper shr loss four cts vs loss cts oper net loss vs loss sales mln vs mln year oper shr profit cts vs loss cts oper net profit vs loss sales mln vs mln note net excludes extraordinary charges from provision for roofing products warranties and costs from sale of printing laminate division of dlrs vs mln dlrs in quarter and dlrs vs mln dlrs in year net excludes tax credits of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
trade	rostenkowski opposes protectionist trade bill house ways and means committee chairman dan rostenkowski said congress must avoid a temptation to pass a protectionist trade bill this year in remarks prepared for delivery before the national press club rostenkowski d ill predicted major trade legislation will be sent to president reagan by the end of this year but he warned that his conciliatory message on the trade bill did not mean he would oppose a proposal that would warn other countries their access to the american market would be curtailed unless they opened their markets to u s goods complaints about foreign trade restraints are not a smoke screen for protectionism they a plea for fairness rostenkowski said it is only reasonable to ask the nations that have denied us access to open up in return for continued freedom in the american market he added however he said there would likely be changes in the market access proposal from the plan which cleared the house last year that plan would have set a specific time table for foreign countries to ease import restraints or they would face a pct cut in exports to the united states reuter
acq	imtec imtc gets merger offer imtec inc said some shareholders of computer identics inc cidn have proposed a merger of the two companies the company said the shareholders had previously expressed dissatisfaction with computer identics management and had informed computer identics that the present board no longer had the support of a majority of shares held it said the shareholders had called for the resignation of all but one of computer identics directors and suggested that a new board pursue merger talks with imtec but imtec said no merger talks havew yet taken place reuter
earn	kay jewelers inc kji th qtr net shr dlrs vs dlrs net mln vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln reuter
coffee	ico pact unlikely by autumn italian adviser the prospects of the international coffee organization ico reaching an agreement on coffee export quotas before september appear dim alberto hesse former president of the european coffee federation said there is no real goodwill in certain delegations to go to quotas hesse who advises the italian foreign affairs ministry on coffee issues told reuters he declined to name the delegations a special meeting between importing and exporting countries ended in a deadlock late yesterday after eight days of talks over how to set quotas the ico executive board will meet from march to april but the full council is not due to meet again until september i am not optimistic about an agreement soon hesse said reuter
earn	wall street stocks anacomp inc aac anacomp inc one of the most actively traded nyse issues rose today as at least one analyst expected earnings to be boosted by its planned acquisition of a micrographics company anacomp rose to on volume of shares after trading as high as seven earlier howard harlow analyst at whale securities corp said anacomp s earnings for fiscal ending september could be doubled to cts a share from the cts a share he had forecast before anacomp agreed to buy datagraphix a micrographics firm from general dynamics corp gd the company can earn cts a share in fiscal maybe as much as a dlr a share because of datagraphix harlow said most of the benefit will be in the fourth qtr because it will integrate the company in the second half anacomp s earnings will be less if it has problems integrating datagraphix harlow said a spokesman at anacomp said the company expects to complete its deal for datagraphix later this month she would not say how much it will pay for datagraphix but noted that datagraphix contributed mln dlrs in earnings to general dynamics on revenues of mln dlrs in harlow said a fellow analyst at whale securities estimates that anacomp will pay between mln dlrs to mln dlrs for datagraphix the estimates on the street narrow it down to between mln dlrs and mln dlrs harlow added anacomp reported net of mln dlrs or nine cts a share in its first qtr ended december up from dlrs or one ct a share in anacomp s fiscal it earned dlrs or cts a share whale securities recommends buying the stock harlow said reuter
acq	corrected lifetime lft to buy nippon lace sahres lifetime corp said it agreed to buy five mln shares or pct of nippon lace co ltd for dlrs a share or mln dlrs it said it plans to enter the health care business in japan in addition it said koba electronics co ltd an affiliate of nippon will buy four mln unissued shares or a pct stake of lifetime for mln dlrs or five dlrs a share corrects to show nippon s affiliate koba buying stake in lifetime reuter
trade	u k exports body gets new executive director export credits guarantee department has named malcolm stephens director of export finance at barclay s bank plc and a former career civil servant at ecgd for years to the post of executive director a department spokesman said stephens replaces jack gill who is retiring early aged a drop in the ecgd s business volume and a rise in its debt to the exchequer have led to criticism in parliament in recent years stephens said the fall in business volume was a top convern adding that the department may have to compete more aggressively with private insurance firms providing similar services the department s annual report for the year ended march showed exports insured by the department fell to billion stg from billion the year before while its debt to the exchequer almost doubled to mln stg stephens said he had no specific list of changes but among his chief concerns was the weakened condition of lesser developed countries and their ability to pay for their imports the agency will have to review its policies on insuring export credits to lesser credits on a country by country basis he said large lump political risk insurance is the sort of thing we want to take a look at you have to try to look forward to see if you are simply in a peak and trough situation or it is a more long term thing stephens said in response to a qustion about whether ecgd will strike more countries from its list of political risk insurance recipients he noted that certain countries have already been removed from the list reuter
veg-oil	oils fats stocks seen falling sharply in visible stocks of oils and fats are probably peaking now and are likely to fall sharply by october this year the oil world newsletter said oil world forecast that stocks of oils and fats may be cut to only mln tonnes at the end of this season compared with mln a year earlier its survey covered oils soy cotton groundnut sun rape sesame corn olive coconut palmkernel palm lin and castor and four animal oils and fats butter fish oil lard and tallow greases oil world s analysis predicted only a slight production increase of mln tonnes in the year to end september compared with increases of mln and mln tonnes in the previous two seasons it said world consumption was continuing to rise unusually low prices prevailing since early had stimulated demand for both food and non food purposes it said world consumption could increase by a record mln tonnes to mln tonnes this season and would be even higher if the indian government did not artificially curb domestic demand oil world said it did not expect the european community ec to introduce a vegetable oils tax but if such a tax were introduced it would have a negative impact on ec consumption reuter
coffee	colombia traders say new coffee strategy vital coffee producing countries must quickly map out a fresh common strategy following the failure of the international coffee organization ico to reach agreement on export quotas gilberto arango president of colombia s private coffee exporters association said arango told reuters that the most intelligent thing now would be to seek a unifying stand from producers including brazil in order to map out a strategy to defend prices an ico special meeting ended last night in london with exporting and consuming nations failing to agree on a resumption of export quotas suspended one year ago after prices soared following a prolonged drought in brazil arango said there would be no imminent catastrophe but predicted that over the short term prices would undoubtedly plummet however he said the market should also take into account evident factors such as brazil s low stocks and the sale of the near totality of the central american crop trade sources said colombia s coffee was today quoted at dlrs a lb in new york its second lowest price in the past years cardenas said these countries apparently fail to understand the true impact of such a failure for coffee producing nations as well as for industrialized countries it is difficult to believe that while efforts are made to solve the problem of the developing world s external debt decisions are being taken which cut earnings used for repaying those debts he said in colombia s case we watch with consternation that while we try to effectively combat drug trafficking countries which support us in this fight seek to cut our jugular vein cardenas said reuter
acq	tender loving tlci staff staf extend pact tender loving care health care services inc said it and staff buildiers inc have extended the term of their merger agreement until may tender loving care also said norrell corp agreed not to acquire any additional staff builders shares until september adding norrell was paid dlrs for the standstill arrangement tender loving care said it agreed to buy the staff builders common held by norrell about pct of those outstanding for dlrs immediately prior to the consummation of the merger tender loving care said the extended merger agreement continues to provide for the exchange of of its shares for each staff builders share outstanding as announced february the staff builders shareholders meeting to vote on the merger originally convened and adjourned december will be reconvened on april tender loving care said its payment to norrell will include dlrs in cash and five mln dlrs of a new series of eight pct tender loving care convertible preferred tender loving care said it and staff builders have filed a revised registration and proxy statement with the securities and exchange commission upon clearance of the revised proxy statement by the commission and its distribution to staff builders shareholders that company s management will continue to solicit proxies for approval of the merger tender loving care said it will have the power to vote about pct of staff builders shares at the adjourned meeting with a spokesman explaining that this represents the proxies held by norrell which started buying the stock after the record date for the meeting in addition staff builders officers and directors own about pct of its stock and have agreed to vote in favor of the merger accordingly the vote of an additional pct of the outstanding shares will be required to approve the merger tender loving care said reuter
sugar	colombia to sell sugar london traders say colombia is holding a snap selling tender tonight for one cargo of world market raw sugar traders said the sugar is for march april shipment and bids are being sought based on the new york may delivery futures contract they added reuter
acq	varian var in talks with philips electronics varian associates inc said it is holding discussions with philips electronics regarding the purchase of philips broadcast transmission unit in the united kingdom pye tvt limited pye tvt designs and manufactures broadcast transmission equimpment specializing in television frequencies reuter
acq	butler btlr to sell part of unit butler manufacturing co said it agreed in principal to sell part of its controls division to enercon data corp of minneapolis terms of the sale were not disclosed the transaction expected to be closed in march involves the controls division s energy management and power line carrier product lines butler said costs associated with the sale were included in its restructuring charge taken in last year s fourth quarter and will have no effect on its earnings reuter
earn	fertility and genetics research baby st qtr periods ended december shr loss cts vs loss seven cts net loss vs loss revs vs reuter
trade	rostenkowski reluctant to back tax hike house ways and means committee chairman dan rostenkowski said he would be reluctant to back the tax increase if it did not have president reagan s support he told a national press club luncheon there would be a number of tax proposals that could be debated if reagan sought a tax increase to help balance the budget however he said he would prefer to leave the tax rates enacted in last year s tax reform bill unchanged there have been calls in congress to hold the rates at the level rather than allow them to fall next year reagan proposed billion dlrs in revenue as part of his budget proposal but it did not include general tax increases on trade issues rostenkowski said he did not expect the major trade bill this year would single out any u s industry for special protection to go after individual items in a trade bill is suicide he said this apparently ruled out congressional approval of another textile trade bill to limit quotas on textile imports as was proposed again this year reuter
acq	magellan corp sets merger with balzac magellan corp said it has entered into a letter of intent to acquire balzac investments inc in a transaction that will result in former balzac shareholders owning about pct of the combined company the company said on completion of the merger the combined company wopuld be known as power cell inc and be engaged in the development of balzac technology related to its quick charge product for charging auto batteries the transaction is subject to approval by shareholders of both companies reuter
earn	united cos financial corp uncf th qtr net shr cts vs cts net vs revs mln vs mln avg shrs vs year shr dlrs vs dlrs net mln vs revs mln vs mln avg shrs vs reuter
earn	bristol myers co bmy sets quarterly qtly div cts vs cts prior pay may one record april three reuter
acq	american aircraft corp buys private firm american aircraft corp said it has acquired a pct interest in privately held hunter helicopter of nevada inc the purchase was made for an undisclosed amount of american aircraft stock the company said it said the acquisition will increase shareholder equity in american aircraft to cts per share from cts per share hunter helicopter builds two passenger helicopters that retail for about dlrs reuter
earn	aid corp aidc raises quarterly dividend qtly div nine cts vs eight cts in prior qtr payable march record march reuter
acq	international technology itx makes acquisition international technology corp said it has purchased western emergency services inc in a pooling of interests transaction international technology a hazardous materials management company said it purchased western emergency an environmental services firm to offer a broader range of environmental services to the gulf coast area reuter
earn	d h howden and co ltd increases dividend semi annual cts vs cts prior pay june record june reuter
earn	co steel inc th qtr net oper shr cts vs cts oper net vs revs mln vs mln avg shrs mn vs mln year oper shr dlrs vs cts oper net vs revs mln vs mln avg shrs mln vs mln note qtr shr and net exclude tax gain of dlrs or cts share versus gain of dlrs or dlrs share year shr and net exclude tax gain of dlrs or cts share versus gain of dlrs or dlrs share reuter
coffee	peru coffee crop unaffected by rains recent heavy rains have not affected the peru coffee crop and producers are looking forward to a record harvest the president of one of peru s four coffee cooperative groups said justo marin ludena president of the cafe peru group of cooperatives which accounts for about pct of peru s exports told reuters a harvest of up to quintales kilos was expected this year he said peru exported quintales in the year to september a spokesman for the villa rica cooperative said flood waters last month had not reached coffee plantations and the crop was unaffected floods in early february caused extensive damage in villa rica whose coffee cooperative exported quintales last year according to the state controlled coffee organisation marin said the rains would only affect the coffee crop if they continued through to next month when harvesting starts he said peruvian producers were hoping for an increase this year in the pct export quota about quintales assigned to them by the international coffee organisation ico he said peru exported quintales to ico members last year with a value of around mln dlrs and another quintales valued at around mln dlrs to non ico members reuter
earn	willcox and gibbs inc wg th qtr net oper shr cts vs cts oper net vs sales mln vs mln avg shrs vs year oper shr dlrs vs dlrs oper net vs sales mln vs mln avg shrs vs note operating net excludes gains of dlrs or cts a share in quarter and dlrs or dlrs a share in year from tax carryforwards reuter
earn	ge ge profit outlook aided by engine order one of general electric co s biggest businesses aircraft engines will ride a wave of increasing profits into because of a new contract worth mln dlrs wall street analysts said previously it was expected the business would peak and decline at some point in the next five years the improved outlook results from amr corp s amr decision to order new planes powered by cf c ge engines creative financial footwork helped ge get the order said nicholas heymann analyst at drexel burnham lambert inc amr declined to go into detail on financing arrangements for its order of boeing co ba and airbus industrie twinjet long distance aircraft but amr said it was using rent a plane leases that allow it to operate the aircraft without adding to its debt structure amr also has the right to decline delivery of the planes or return them on short notice the arrangement protects amr in the case of an unexpected development such as a severe downturn in the economy from ge s point of view the package looks like a good deal for several reasons heymann said ge will be able to record revenue as a sale at the time of delivery heymann noted and if for some reason amr decides not to take the planes ge s financial arm general electric financial services inc would have little trouble rounding up another airline that wanted the fuel efficient planes on the whole the deal appears to pose little risk for ge heymann said ge s stock declined to on shares by midafternoon h p smith analyst at smith barney harris upham and co said for a billion dlr revenue company no one order will have much of an effect on the stock russell leavitt analyst at salomon brothers inc said the order will help to maintain a good level of production and profitability in the aircraft engine business for ge heymann sees operating profits from ge s jet engine business rising from mln dlrs last year to billion dlrs by revenue from jet engines was close to six billion dlrs last year with well over half of the business in the military sector according to analysts estimates the rosy outlook for ge s jet engine business coincides with an upbeat performance in other segments heymann expects ge to earn dlrs per share in the first quarter of saying many will be suprised by the results he believes ge has shown through its acquisition of rca corp that it has a unique ability to buy a major business and reshape it pruning some parts and recombining parts with other elements of its business areas smith sees ge earning dlrs per share in the current quarter he credits good results at rca in turn aided by the nbc broadcasting operation and lower interest rates leavitt sees dlrs for the current quarter in part crediting significant benefits from the rca acquisition reuter
earn	buckhorn inc bkn th qtr loss oper shr loss dlrs vs profit cts oper net loss vs profit revs mln vs mln avg shrs vs mths oper shr loss dlrs vs profit cts oper net loss vs profit vs revs mln vs mln avg shrs vs note prior qtr excludes loss or seven cts per share for discontinued operations qtr excludes extraodinary loss excludes loss or cts per share for and gain or cts per share for for discontinued operations excludes loss for net for extraordinary item reuter
earn	buckhorn inc bkn sees higher profits in buckhorn inc said itd nine million dlr backlog for orders and a less expensive operating environment should yield significant levels of operating profits for buckhorn a manufacturer of reusable plastic shipping and storage containers recorded or dlrs per share operating net loss for buckhorn said the year s results included a non recurring expense incurred to complete major restructuring efforts and to defend against the hostile tender offer from ropak corporation reuter
alum	alcan bertone make aluminum structure car alcan aluminium ltd said it joined with carrozzeria bertone s p a to exhibit alcan s technology in aluminum structured vehicles at geneva s international auto salon alcan said it and bertone have built several bertone x sports cars with structures of adhesively bonded sheet aluminum it said the bodies were made on presses used for bertone s steel structured sports cars alcan said two of the cars are currently being tested in britain by the motor industry research association alcan said it has developed and tested the aluminum structure technology so that it is suitable for modern auto making methods and plants alcan said the technology which reduces the weight of a car s basic structure by up to pct can improve handling and performance and reduce fuel consumption for any size car it said the structures also provide long life without the need for rust protection the structure provides the same stiffness and safety as present materials while continuously bonded seams allow a pct reduction in spot welds alcan said reuter
earn	ccr video st qtr nov net shr cts vs nil net vs sales vs reuter
earn	del e webb investment dwpa th qtr net shr eight cts vs cts net vs revs vs year shr cts vs cts net vs revs vs del e webb investment properties inc reuter
earn	f w woolworth s z profits rise pct the specialty retailing area continues to pay off for f w woolworth co once known only as a five and dime store chain which said its income rose pct it was the fourth consecutive year of profit increases for the new york based retailer which was founded over years ago woolworth s income rose to mln dlrs or dlrs per share compared with s profit of mln or dlrs per share revenues for the year rose to billion compared with the prior year s billion for the fourth quarter the company reported profits rose pct to mln dlrs or dlrs per share compared with fourth quarter results of mln or dlrs per share revenues rose to billion from billion dlrs roy garofalo woolworth vice president told reuters that income generated by the company s specialty store operations accounted for pct of the parent company s profits he said the company now has specialty stores operating under different names woolworth plans to open more specialty stores in at this time last year it operated specialty stores garofalo said garofalo said the largest specialty chain operated by woolworth is kinney shoe stores followed by the richman apparel unit among other units are little folk shop a chain of discount children s apparel stores the rx place a discount drug health and beauty aid operation and face fantasies which sells cosmetics there are currently about woolworth general merchandise stores operating worldwide of which are in the united states harold sells chairman and chief executive of woolworth said in a statement these results are especially gratifying as they are an improvement over last year s record earnings sells that it was the fourth successive year earnings in each quarter improved over the corresponding year earlier period woolworth s variety store operations were hard hit in the s and early s by the quickly growing discount store industry in an attempt to compete in the s woolworth opened a discount general store chain woolco and j brannam a discount apparel chain both were failures in the united states although woolco still operates in canada in however woolworth changed its strategy and announced that it would operate specialty stores at that time the company said it would create new groups of such stores specialty stores generally have higher sales per square foot than general merchandise stores reuter
earn	royal resources corp rrco nd qtr dec loss shr loss cts vs loss dlrs net loss vs loss revs vs six mths shr loss cts vs loss dlrs net loss vs loss revs vs reuter
gnp	canada economy expected to grow moderately canadian economic growth is expected to slow further in but an improved the trade picture should keep the country from recession economists said the economy is ready for about a pct rate of growth over the course of said carl beigie chief economist at dominion securities pitfield ltd statistics canada reported that gross domestic product grew pct in the fourth year of continuous expansion but down from s four pct in the final quarter gdp in prices and at annualized rates rose a slight pct after expanding pct in the third quarter essentially it is a flat performance said warren jestin deputy chief economist at the bank of nova scotia economist wendy smith cork of the brokerage nesbitt thomson bongard inc said it shows the economy is not moving along very steadily it s not a very promising number we weren t surprised we expected to see one bad quarter in canada but we don t think there will be a recession she added the rise in gdp was below the pct increase forecast by federal finance minister michael wilson in his budget last month he also projected the economy would expand pct this year many economists are less optimistic predicting growth will likely be in the to pct range statistics canada also reported the country s trade performance deteriorated sharply last year as the deficit in the current account rose to a record billion canadian dlrs from the previous year s shortfall of mln dlrs the sharp increase in the deficit originated from merchandise trade transactions where imports continued to advance strongly whereas exports were virtually unchanged the federal agency said in a statement the merchandise trade surplus was pared to billion dlrs in from billion dlrs in but economist cork said the expected upturn in the u s economy will lead to increased demand for canadian goods and help fuel the country s modest expansion nearly pct of canada s exports are shipped to the u s each year reuter
acq	american aircraft buys into helicopter builder american aircraft corp said it has acquired a pct interest in privately owned hunter helicopter of nevada inc for an undisclosed amount of stock an american aircraft official said the company has an option to acquire the remaining pct hunter helicopter is in the business of building a two passenger helicopter retailing for about dlrs each which is certified by the federal aviation administration the helicopters will be manufactured in american aircraft s uvalde texas plant it added reuter
earn	premier industrial corp pre regular dividend qtly div cts vs cts in prior qtr payable april record march reuter
acq	international technology itx buys firm international technology corp said it has purchased privately held western emergency service inc in a stock transaction western emergency an environmental services firm has annual sales of between one and two mln dlrs compared to international technology s roughly mln dlr annual sales a spokesman for international technology said reuter
earn	continental general insurance cgic th qtr net shr cts vs cts net vs year shr cts vs cts net vs note full company name is continental general insurance co net includes profit from sale of securities of dlrs or four cts a share and dlrs or five cts a share respectively in qtr and year and of dlrs or nil per share in qtr net for year includes loss from sale of securities of dlrs or eight cts a share reuter
earn	margaux controls inc margx rd qtr loss shr loss dlrs vs loss cts net loss vs loss revs vs nine mths shr loss dlrs vs loss cts net loss mln vs loss revs vs mln note current periods include loss of mln dlrs from discontinued operations reuter
earn	merchants group inc mrch th qtr oper net oper shr profit cts vs loss dlrs oper net profit vs loss revs mln vs mln year oper shr dlrs vs loss dlrs oper net profit vs loss revs mln vs mln note th qtr and yr oper net exclude realized investment gains of dlrs and dlrs respectively which includes provision for income taxes of dlrs and dlrs for the periods respectively th qtr and yr oper net exclude dlrs or cts per share and dlrs or dlrs per share for net operating loss carryovers th qtr and yr oper net exclude realized investment gains of dlrs and dlrs respectively reuter
earn	continental general cgic sets stock dividend continental general insurance co said its board of directors declared a pct stock dividend on common shares payable april one to shareholders of record march the company yesterday paid a quarterly cash dividend of cts a share unchanged from the previous quarter to shareholders of record february reuter
earn	margaux controls inc margx rd qtr dec loss shr loss dlrs vs loss cts net loss vs loss revs vs nine mths shr loss dlrs vs loss cts net loss mln vs loss revs vs mln note net losses inlcude dlr charge from discontinued operations of building management system sold to cetek system inc on jan reuter
acq	harris cuts stake in bell industries bi harris associates l p a chicago investment advisory limited partnership said it lowered its stake in bell industries inc to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission harris said it sold bell common shares between dec and feb at prices ranging from to dlrs each harris said its dealings in bell stock are on behalf of its advisory clients reuter
acq	goodyear gt chairman criticizes corporate raids the chairman of goodyear tire and rubber co a concern that survived a recent hostile takeover bid charged that terrorists in three piece suits are undermining the nation s industrial base in a speech to a meeting of south florida business executives goodyear chairman robert mercer lashed out at corporate raiders and takeover specialists accusing them of causing serious harm to the companies they target their interest is not in preserving and strengthening america s industrial and providing jobs he said their product is simply deals and that is not a product which a country can base a future on last year mercer fought off a takeover attempt by british industrialist sir james goldsmith but goodyear s independence was preserved at a high price mercer said the company bought back goldsmith s stock for mln dlrs giving him a mln dlr profit goodyear also paid him mln dlrs for expenses and bought about mln other shares for over two billion dlrs in an effort to trim its new debt goodyear closed down three plants mercer believes otherwise could have been saved sold its motor wheel and aerospace units and reduced its payroll by pct he said mercer who plans to testify tomorrow at a senate hearing on a proposed bill to control corporate raiders said hostile takeovers have also hurt workers reuter
earn	tiverton petroleums ltd nine mths dec net shr six cts vs five cts net vs revs vs reuter
earn	mca inc mca sets regular qtrly payout qtrly div cts vs cts prior pay april record march reuter
grain	soviet grains seen entering spring on shaky note soviet winter grains could be off to a faulty start this spring after enduring an usually dry fall and cold winter weather and crop analysts said prospects for another near record grain harvest in the soviet union appear dim at this point but it is premature to forecast any major crop problems analysts said but the situation bears careful watching over the next six weeks and will ultimately impact the soviet grain supply and future buying plans analysts of the soviet union said from a weather standpoint you can say with certainty that the soviets are not getting off to a good start and will have a lower crop than last year gail martell chief meteorologist for e f hutton said the next six weeks in the ussr s grain growing areas will be the crucial period that will determine the final outcome of the winter crops martell and other analysts said where the crop is really made or broken is still ahead of us an agriculture department authority on the ussr said the soviet union recently reported that nine mln hectares of winter grain will have to be reseeded due to winterkill this would be equal to about pct of the total winter crop and would be the second highest winterkill in ten years the usda analyst said with a timely spring soviet farmers would probably be able to reseed the damaged acreage with spring crops but analysts noted that spring crops normally yield lower than winter crops sometimes as much as pct lower normally winterkill is caused by inadequate snowcover combined with cold temperatures this winter however snowcover in soviet grain areas has generally been excellent so the bulk of winterkill analysts speculate likely has been due to a very dry fall and subsequent poor crop germination fall dryness may be a problem there s a good correlation between mediocre crops and fall dryness martell said precipitation last fall was as little as pct of normal in southern and northern ukraine and below normal over the entire winter crop area she said recent cold temperatures in grain areas in which the snowcover has been gradually melting could also have caused problems of ice crusting and winterkill jim candor senior forecaster for accu weather said livestock feed needs have probably increased because of the fall and winter analysts said the dry fall damaged pastures the cold winter raised feed demands and a late spring would require longer off pasture feeding they said the soviets are not in a desperate situation they don t have to buy grains now a usda official said but if the soviets are worried about their winter crops and if they feel that last year s huge crop of mln tonnes was a one time fluke brought on by perfect conditions more soviet buying might occur to insure crop supplies he said bad weather during the next six weeks could push the soviets back into the market weather analysts said a lot of winterkill could occur during the next month and a half martell said reuter
alum	alcan al to close west german smelter alcan aluminium ltd is closing its aluminum smelter in ludwigshafen west germany this june due to high operating costs an alcan spokesman said the smelter near frankfurt had annual capacity of about metric tons but was operating at about half that in january spokesman fernand leclerc said leclerc said alcan decided it would cost too much to modernize the plant he said there is a possibility the company will sell the smelter which currently employs people before its scheduled closing reuter
earn	royal resources corp rrco nd qtr dec loss shr loss cts vs loss dlrs net loss vs loss revs vs avg shrs vs first half shr loss cts vs loss dlrs net loss vs loss revs vs avg shrs vs note losses include charges of mln dlrs in both periods vs mln dlrs in both periods for write down of oil and gas properties reuter
acq	hanson trust han completes kaiser purchase hanson trust plc said kaiser cement shareholders today approved the previously announced merger agreement making kaiser cement an indirect wholly owned unit of hanson trust hanson said that promptly following the filing of the certificate of merger kaiser cement common shares will be delisted from the new york stock exchange hanson also said in accordance with the merger agreement kasier cement also has redeemed all outstanding shares of its dlr convertible preferance stocks and its outstanding pct convertible debentures due the acquisitions total purchase price including cost of financing the above mentioned redemptions will be about mln dlrs hanson said reuter
crude	oil prices rise on saudi effort crude oil prices rallied today moving over dlrs a barrel because of saudi arabia s determined effort to support prices analysts said the saudis and other opec nations are jawboning the market hoping to restore confidence and prices and to do this without another meeting said sanford margoshes oil analyst with shearson lehman brothers inc but opec is not out of the woods yet by a longshot due to seasonal declines in demand and some cheating he added oil industry analysts said saudi arabia has led the attempt to get other opec members to resist pressures to discount from the official prices agreed to last december the analysts said that to get others to hold the line saudi arabia pushed hard at the meeting of deputy oil ministers of the gulf cooperation council last weekend and at the cooperation council oil ministers meeting the previous week the saudis have also offered to support members having difficulty in selling their oil analysts said they are trying to make sure that no one discounts and to prevent that it appears that saudi arabia or some other opec member will allocate some of their oil sales to help members that lose sales margoshes said he added that the allocations would probably be in the form of loans to be repaid when these nations resume sales analysts said this would be useful in keeping in line nations like qatar which has had trouble selling oil but it is also likely that such assistance would be provided to nigeria which is under pressure to extend discounts analysts said that saudi arabia with assistance from opec president rilwanu lukman was trying to avoid an emergency opec meeting for fear that it would give the appearance that the december pact is falling apart daniel mckinley oil analyst with smith barney upham harris and co said both physical and futures markets have been oversold and it only took a small spark to bring on a short covering rally he believes an iranian trade mission to tokyo which refused discounts to japanese buyers brought japanese refiners into the market to cover their short positions oil traders said one japanese refiner came into the market to but cargoes of may dubai which sent prices up on mideast sours with dubai trading up to dlrs after trading yeterray as low as dlrs and then spilled over into the north sea crude oil market traders said that there have been persistent rumors today that japanese buyers are looking to pick up cargoes of brent for japan and european trade sources indidate rumors of vessels being fixed to make such shipments north sea brent today rose over dlrs with trades reported as high as dlrs up one dlr opec members denials that they are producing over their quotas sparked moves to cover short postitions indonesian oil minister subroto said today that opec production was below the mln bpd quota agreed to last december but he gave no details on opec production against claims it was more at least one mln bpd above that level the production probably is about their quota level and largely because saudi arabia will not discount and canot sell its oil as a result margoshes said analysts have mixed opinions about the extent of the current rally some believe prices can continue to rise if saudi arabia and opec hold steady in a refusal to discount but others said that despite the rally today there were still several fundamental factors including demand which could cut the rally short marion stewart an indepedent petroleum economist said slow growth in the economies of the u s and oecd would keep demand for oil slack and he now estimates that demand to rise about pct over reuter
money-supply	treasury balances at fed rose on feb treasury balances at the federal reserve rose on feb to billion dlrs from billion dlrs the previous business day the treasury said in its latest budget statement balances in tax and loan note accounts fell to billion dlrs from billion dlrs on the same respective days the treasury s operating cash balance totaled billion dlrs on feb compared with billion dlrs on feb reuter
earn	kasler corp kasl st qtr jan net shr profit three cts vs loss seven cts net profit vs loss revs mln vs mln reuter
coffee	coffee may fall more before new quota talks coffee prices may have to fall even lower to bring exporting and importing countries once more round the negotiating table to discuss export quotas ico delegates and traders said the failure last night of international coffee organization ico producing and consuming countries to agree export quotas brought a sharp fall on international coffee futures markets today with the london may price reaching a year low at one stage of stg per tonne before ending the day at stg down stg from the previous close the new york may price was down at cents a lb pressure will now build up on producers returning from the ico talks to sell coffee which had been held back in the hope the negotiations would establish quotas which would put a floor under prices some senior traders said the ico day average price stood at cents a lb for march this compares with a target range of to cents a lb under the system operating before quotas were suspended in february last year following a sharp rise in international prices caused by drought damage to the brazilian crop in a reuter interview brazilian coffee institute ibc president jorio dauster urged producers not to panic and said they need to make hard commercial decisions if we have failed at the ico at least we have tried dauster said adding now it is time to go and sell coffee but brazil is keeping its marketing options open it plans to make an official estimate of the forthcoming crop next month dauster said it is too difficult to forecast now trade sources have put the crop at over mln bags compared with a previous crop of mln brazil is defining details of public selling tenders for coffee bought on london s futures market last year a basic condition will be that it does not go back to the market in one go but is sold over a minimum of six months the breakdown of the ico negotiations reflected a split between producers and consumers on how to set the yardstick for future quotas consumers said objective criteria like average exports and stocks should determine producer quota shares dauster said all elements of this proposal were open to negotiation but consumers insisted they did not want a return to the ad hoc way of settling export quotas by virtual horse trading amongst producers whilst consumers waited in the corridors of the ico dauster said stocks and exports to ico members and non members all need to be considered when setting quotas and that brazil would like to apply the coffee pact with a set ratio of overall quota reflecting stock holdings it is a simplistic misconception that brazil can dictate policy to other producers while consumer countries are welcome to participate they cannot dictate quotas which are very difficult to allocate as different objective criteria achieve different share outs of quota dauster said other delegates said there was more open talking at the ico and at least differences were not hidden by a bad compromise consumer delegates said they had not been prepared to accept the producers offer to abandon quotas if it proves impossible to find an acceptable basis for them we want the basis of quotas to reflect availability and to encourage stock holding as an alternative to a buffer stock if supplies are needed at a later stage one delegate said some consumers claimed producer support for the consumer argument was gaining momentum towards the end of the ico session but said it is uncertain whether this will now collapse and how much producers will sink their differences should prices fall further and remain depressed the ico executive board meets here march to april but both producer and consumer delegates said they doubt if real negotiations will begin then the board is due to meet in indonesia in june with a full council scheduled for september more cynical traders said the pressure of market forces and politics in debt heavy latin american producer countries could bring ico members back around the negotiating table sooner than many imagine in that case quotas could come into force during the summer but most delegates and traders said quotas before october are unlikely while brazil s dauster noted the ico has continued although there were no quotas from to a clear difference between the pressures already being felt by importers and exporters was that consumers would have been happy to agree on a formula for future quotas even if it could not be imposed now at least in that way they said they could show a direct relationship between quotas and availability in contrast producers wanted stop gap quotas to plug the seemingly bottomless market and were prepared to allow these to lapse should lasting agreement not be found producers were offering us jam tomorrow but after their failure to discuss them last year promises were insufficient and we wanted a cast iron commitment now one consumer said reuter
earn	seaman furniture seam in stock split seaman furniture co inc said its board declared a two for one split of the company s outstanding stock it said holders of its common will receive one additional share for each share held as of march it said certificates representing additional shares will be distributed as soon as possible after april reuter
earn	scott s hospitality inc rd qtr jan net oper shr eight cts vs eight cts oper net vs revs mln vs mln nine mths oper shr cts vs cts oper net mln vs mln revs mln vs mln net excludes extraordinary gain of dlrs or cts shr net reflects three for one stock split in nd qtr and issue of mln subordinate voting shares in st qtr reuter
earn	telxon corp tlxn sees higher revenues telxon corp reported it expects revenues for the quarter ending march to be between to mln dlrs the company said earnings per share for the period should be between cts to cts the company is making an announcement at this time in response to analysts fourth quarter revenues and earnings per share estimates of mln to mln and cts to cts respecivtely said raymond meyo president and chief executive officer telxon recorded revenues of mln dlrs for the quarter last year and earnings per share of cts adjusted for a three for two stock split in may reuter
acq	royal resources rrco sets vote on sale royal resources corp said its board set an april a shareholders meeting to vote on the sale of its oil and gas properties for dlrs an increase in authorized common to mln shares from mln and the change of the company s name to royal gold inc the company has agreed to sell its oil and gas properties to victoria exploration n l of perth western australia royal resources also said the sale of its interest in two gold properties the colosseum mine in san bernardino county calif and the camp bird mine near ouray colo was closed on february the company said it received mln dlrs and cancellation of the remaining balance due on the acquisition of the interest adding this represents mln dlrs more than it paid for the interest reuter
earn	american vanguard corp amgd year net shr cts vs cts net vs sales mln vs mln note th qtr figures not given reuter
earn	harper international inc hnt rd qtr jan shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	witco corp wit sets regular qtly payout qtly div cts vs cts prior pay april one record march reuter
crude	pancanadian to sell north sea properties unit to whitehall for cash
earn	mds health group limited in qtly payout qtly div six cts vs six cts prior pay april one record march reuter
earn	harper international inc hnt rd qtr net qtr ended jan shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	burst agritech inc brzt year nov loss net loss vs loss sales vs reuter
crude	api says distillate stocks off mln bbls gasoline off crude up
alum	alcan to close west german smelter alcan aluminium ltd is closing its aluminum smelter in ludwigshafen west germany this june due to high operating costs an alcan spokesman said the smelter near frankfurt had annual capacity of about tonnes but was operating at about half that in january spokesman fernand leclerc said leclerc said alcan decided it would cost too much to modernize the plant he said there is a possibility the company will sell the smelter which currently employs people before its scheduled closing reuter
crude	pancanadian to sell british interests pancanadian petroleum ltd said it agreed to sell its working interest in its north sea properties and its british unit canadian pacific oil and gas of canada ltd to whitehall petroleum ltd a private british company pancanadian pct owned by canadian pacific ltd cp said it would receive mln british pounds cash mln canadian dlrs at closing expected in two to three months it said the deal is subject to approval by regulators and its partners in the properties which consist of exploration wells it will also retain a royalty interest in the properties reuter
earn	telxon txln sees slightly higher th qtr net telxon corp said it expects per share earnings for its fourth quarter ending march to be about cts to cts on revenues of mln dlrs to mln dlrs for the year ago quarter the company earned cts a share adjusted for a three for two stock split on revenues of mln dlrs the company said it made the earnings estimate in response to analysts forecasts which it said called for per share earnings of cts to cts and revenues of mln dlrs to mln dlrs reuter
acq	reid ashman reas to divest test product unit reid ashman inc said it has decided to divest its test products division located in santa clara the company said it will entertain offers through march it also said steven reid a company founder and president of the test division has made an offer to purchase the unit the company s test division accounted for about ten pct of total revenues in the year ended sept and is currently running a revenue rate of under two mln dlrs per year it said reuter
earn	pacific lighting copr plt quarterly dividend qtly div cts vs cts pay feb record jan reuter
earn	cetec corp cec quarterly dividend qtly div five cts vs five cts pay may record may reuter
crude	api says distillate gas stocks off in week distillate fuel stocks held in primary storage fell by mln barrels in the week ended feb to mln barrels from mln the previous week the american petroleum institute api said in its weekly statistical bulletin the oil industry trade group said gasoline stocks fell barrels to mln barrels from a revised mln while crude oil stocks rose barrels to mln from a revised mln it said residual fuel stocks fell barrels to mln from mln barrels api said refinery runs in the week fell to mln barrels per day from a revised mln and refinery use of operating capacity was pct off from a revised pct crude oil imports in the week fell to mln bpd from a revised mln api added reuter
earn	jones medical industries inc jmed th qtr net shr six cts vs five cts net vs sales vs avg shrs mln vs mln year shr cts vs cts net vs sales vs avg shrs mln vs mln reuter
earn	maui land and pinapple co inc quarterly dividend qtly div cts vs cts pay march record feb reuter
trade	u s wine exports rose per cent last year exports of american wine rose per cent last year to a total of million gallons the wine institute said the san francisco based promotional group said per cent of the exported wine was from california and the top three markets were canada japan and britain japan which edged out britain as the leading importer of american wines in continued in second place canadian imports rose per cent to million gallons japan per cent to million gallons and britain per cent to gallons a spokesman for the institute said the declining value of the dollar and strong promotional efforts on the part of the california wine industry contributed significantly to the increased shipments the wine exports were valued at mln dlrs up from mln dlrs the previous year reuter
orange	usda to reduce citrus estimating program the u s agriculture department s national agricultural statistics services nass said it will change its citrus estimate program for california and arizona starting in nass said it will discontinue california forecasts for lemons during december february march may and june and for grapefruit and tangerines for those months plus november forecasts for lemons will be issued in october november january april and july and for grapefruit in october january april and july and for tangerines in october january and april there will be no change in the estimating program for california oranges arizona forecasts will be dropped for lemons oranges grapefruit and tangerines in november december february march may and june with forecasts retained in october january april and july it said there will be no changes in the estimating program for citrus in texas or florida reuter
earn	trimac ltd year net shr nine cts vs six cts net vs revs mln vs mln note year includes tax gain of dlrs reuter
acq	oppenheimer ups viacom via stake to pct oppenheimer and co a new york brokerage firm said it raised its stake in viacom international inc to the equivalent of shares or pct of the total from shares or pct in a filing with the securities and exchange commission oppenheimer said it bought a net viacom common shares between jan and march at prices ranging from to an average of dlrs each part of its stake is in options it said it bought the shares as part of its arbitrage and investment business movie theater magnate sumner redstone and a viacom management group are in a bidding war for viacom reuter
earn	empi inc empi th qtr loss shr loss cts vs profit cts net loss vs profit sales mln vs mln mths shr loss cts vs profit cts net loss vs profit sales mln vs nine mln reuter
trade	u s senate panel could consider trade measure the u s senate agriculture committee may take up a bill tomorrow that would strengthen the activities of u s agricultural trade teams in selected developing countries committee staff said the measure sponsored by committee chairman patrick leahy d vt and sen john melcher d mont would establish trade teams of between six and nine persons drawn from federal agencies and private voluntary organizations staff said the trade missions would seek to generate interest in the u s government s food donation and commercial programs pl section export credit and export enhancement and upon return be required to advocate extension of concessional or commercial benefits to interested countries the trade teams would be made up of representatives of the u s agriculture department state department the agency for international development and private voluntary organizations such as u s wheat associates the bill would require teams within six months to visit seven countries mexico philippines indonesia india bangladesh senegal and nigeria within one year after passage of the measure another eight countries would have to be visited peru kenya the dominican republic costa rica malaysia venezuela tunisia and morocco other countries could be added to the list senate staff members said the bill still in the drafting stages had broad support and was expected to be approved by the committee tomorrow reuter
earn	florida public fput splits stock ups div florida public utilities co said its board declared a three for two stock split on its common stock it said holders of record april will receive one additional share may one for each two shares held the company also said it raised the dividend on its common stock by two cts to cts a share on a pre split basis the dividend is payable april one to holders of record march reuter
earn	city investing trust cnvlz sets cash payout city investing co liquidating trust said it declared a cash distribution of cts a unit payable april to unit holders of record april one the trust last paid a stock distribution of general development corp gdb shares in july reuter
orange	fcoj supplies significantly above year ago usda total supply of frozen concentrated orange juice fcoj in is expected to be significantly above year earlier levels even with carry in stocks well below the previous season the u s agriculture department said in a summary of its fruit situation report the department said florida s imports of fcoj mostly from brazil have shown sharp gains to date the department noted the price of fcoj will probably be affected by the final decision scheduled for april on whether the u s considers brazilian fcoj exports to the u s have caused injury continuing strong demand for fresh and processing fruit coupled with seasonal declines in supplies mean that grower prices will remain higher this spring than a year earlier the department said stocks of fresh apples in cold storage at the beginning of february were moderately larger than a year earlier but strong demand has kept apple prices firm in view of the strong demand and seasonally reduced supplies apple prices are projected to stay firm during the remainder of supplies of most processed noncitrus fruit will be smaller than a year ago it said movement of canned fruit has improved and remaining suppies for some canned fruit items are tight and as a consequence prices have strengthened the department said reuter
earn	florida commercial banks inc flbk dividend qtly div cts vs cts prior pay march record march note quarterly dividend for prior quarter included special payout of five cts a share reuter
earn	timminco ltd year net oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note net excludes extraordinary gain of dlrs or seven cts shr vs yr ago gain of dlrs or one ct shr reuter
earn	united fire and casualty th qtr net shr profit cts vs loss cts net profit vs loss avg shrs vs year shr profit dlrs vs profit cts net profit vs profit avg shrs vs note full company name is united fire and casualty co net includes realized gains of dlrs and dlrs respectively in qtr and year and of dlrs and dlrs respectively in qtr and year results restated for three for two stock split net income for has been restated due to a change in the method used in computing deferred acquisition costs results include the effect of a stock offering resulting in the issuance of an additional shares of common stock reuter
earn	power corp of canada th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr dlrs vs cts oper net vs revs mln vs mln note fourth quarter results exclude extraordinary and other items which raised final net to dlrs or cts a share and lowered final net to dlrs or cts a share in full year results exclude extraordinary and other items which raised final net to dlrs or dlrs per share and net to or dlrs per share results restated to reflect june two for one stock split reuter
earn	vendo co ven th qtr loss shr loss dlrs vs loss cts net loss vs loss sales mln vs mln mths shr loss dlrs vs profit cts net loss vs profit sales mln vs mln note prior year net includes extraordinary loss of dlrs in qtr and extraordinary profit of dlrs in year reuter
earn	lawson products inc laws raises qtly payout qtly div seven cts vs six cts prior pay april record april three reuter
earn	kaneb energy kep may omit future payouts kaneb energy partners ltd said it may be forced to omit or lower future quarterly cash distributions because of a contract dispute with two major customers and the continued slump in oil and gas prices the partnership said however that it will pay a regular quarterly distribution of cts a unit on april to holders of record march reuter
earn	brascan ltd brs a th qtr net shr cts vs cts net mln vs mln year shr dlrs vs dlrs net mln vs mln note holding company reuter
earn	florida commercial banks inc flbk qtly div qtly div cts vs cts prior payable march record march reuter
earn	chauvco resources ltd year net shr cts vs cts net vs revs vs reuter
crude	saudi success seen in curbing opec production saudi arabia will succeed in pressuring other members of the organization of petroleum exporting countries to stay within their production quotas said morgan stanley group managing director john wellemeyer wellemeyer speaking to reporters at an offshore oil engineering conference also said he expected opec nations to attempt to hold prices under dlrs a barrel for several years to keep industrial demand for residual fuel oil strong over the next few weeks i think you ll see a concerted effort by the saudis to get production down wellemeyer said the saudis are committed to that price level of dlrs a barrel and are willing to make it happen again he said in recent weeks oil prices fell to the to dlrs a barrel level on market reports of some ope members producing above their quota pushing total opec production to mln barrels per day but prices rebounded today with april u s crude prices up about one dlr to over dlrs a barrel on a belief saudi arabia is attempting to curb opec output wellemeyer said that sharp declines in u s oil production could push demand for opec oil above mln barrels per day as early as and up to mln barrels per day by although the projected increases in demand for opec oil should strengthen world prices wellemeyer said he believed the organization would hold its official price below dlrs a barrel for some time to prevent residual fuel users from switching to natural gas supplies the interfuel swing market accounts for about eight mln barrels a day or pct of the world demand for oil reuter
earn	zenith labs zen will report th qtr loss zenith laboratories inc said the company will report a fourth quarter loss and the amount will be determined on completion of its year end audit the company did not elaborate further for the third quarter ended sept zenith reported a loss of dlrs or cts per share adjusted for a may for stock split the company also said it received food and drug administration approval to market cefadroxil a generic version of an antibiotic with domestic sales exceeding mln dlrs in zenith said it will not market the drug until questions relating to the applicability of certain patents have been resolved reuter
earn	dexleigh corp six mths dec net shr four cts vs three cts net vs revs mln vs mln reuter
grain	u s congress to look at soil program exemptions the senate agriculture committee is expected to take up a bill tomorrow that would exempt from government conservation regulations those farmers who have rotated alfalfa and other multiyear grasses and legumes with row crops committee staff said under current so called sodbuster law farmers who planted alfalfa and other multiyear grasses and legumes on highly erodible land in the years through lose federal farm program benefits if they produce a row crop on that land in later years sen edward zorinsky d neb sponsor of the measure said recently that those crop rotating practices resulted in less erosion than the practices of many farmers who produced strictly row crops reuter
carcass	national pork board allocates mln dlrs the national pork board on monday allocated mln dlrs in discretionary funds collected from the pct national checkoff program to three industry organizations the national pork producers council nppc will receive almost mln dlrs for use in the areas of food service consumer education and marketing in addition the board allocated dlrs in use in pork the other white meat campaign according to a pork board spokesperson the national livestock and meat board will receive dlrs to continue work in educating health care officials dlrs in matching funds will be provided to the meat board for use in the development of a better market for processed meats the meat export federation was awarded dlrs to increase the market for chilled and processed u s pork in japan and singapore retail stores in these two countries will be providing additional funding for the program a total of dlrs for work in encouraging mcdonalds to expand its mcrib sandwich to japan and singapore was also awarded to the meat export federation reuter
acq	nippon steel invests mln dlrs in gtx corp gtx corp said nippon steel co of japan in a move to diversify into high technology invested eight mln dlrs in gtx nippon s move was the result of current exchange rates and the revaluation of the yen which have made the u s electronics industry an attractive investment opportunity for japanese corporations according to a gtx statement gtx noted that nippon is expecting sales of billion dlrs by of that amount six billion dlrs is targeted for electronics gtx located in phoenix makes computerized systems that read drawings and transfer them into data bases reuter
acq	c t c dealer extends bid for canadian tire c t c dealer holdings ltd said it extended its previously announced offer for pct of canadian tire corp ltd to midnight on march ctc a group of canadian tire dealers which already owns pct of canadian tire is currently appealing in an ontario court against a previously announced ontario securities commission ruling blocking ctc s mln dlr bid the blocked bid did not include non voting shareholders who hold pct of canadian tire equity reuter
earn	rockwell rok sees improvement in rockwell international corp continues to expect significant improvement in results despite the somewhate disappointing performance of one of its business segments president donald beall told reuters rockwell reported net earnings in its first quarter ended december of mln dlrs or dlrs per share compared to mln dlrs or cts per share a year ago operating earnings however were off about four pct and analysts have attributed the decline to rockwell s allen bradley unit which has suffered from weakness in the industrial automation market it is in a soft market now but we are not concerned it is moving forward with market development and is enhancing market share beall said of allen bradley unit beall who was in los angeles to address a technology management conference said first quarter sales for the allen bradley unit were flat as compared to a year earlier he said the company does not break out operating earnings by unit on a quarterly basis beall said the recent trend toward cost sharing in the research and development phase of government contracts should not have a major impact on rockwell s near term performance he noted however the increasing focus on cost sharing could limit technological innovation i worry that we are heading into a period of misuse of contracting approaches too early in the development stages of important military contracts beall said adding long term we have a very serious problem in addition beall told the conference the greatest competitive threat to defense contractors is in defense electronics due to the government s attempt to take advantage of competitively priced products made outside the u s reuter
earn	mickelberry corp mbc sets qtly payout qtly div cts vs cts prior pay march record march reuter
acq	metropolitan federal mftn to make acquisition metropolitan federal savings and loan association said it has signed a letter of intent to acquire american trust of hendersonville tenn for an undisclosed amount of cash american trust had year end assets of over mln dlrs reuter
interest	gm s gm pontiac has interest rate incentives general motors corp said its pontiac division has established an interest rate support incentive program effective immediately as an alternative to its current option bonus program the company said qualified buyers of pontiacs may now select special finance rates of pct on month contracts pct on month contracts pct on mopnth contracts or pct on month contracts the program is scheduled to expire april under the option bonus program which is also scheduled to expire april buyers receive cash bonuses on the purchase of pontiacs equipped with option group packages with the amount depending on the option level on each vehicle the company said the special interst rate program applies to ann new and pontiacs sold from dealer stock and delivered to customers during the program period a customer may choose only one program it said reuter
earn	westar mining ltd th qtr loss shr not given oper loss vs profit revs mln vs mln year shr not given oper loss mln vs profit mln revs mln vs mln note pct owned by british columbia resources investment corp note continued qtr excludes extraordinary loss of mln dlrs versus loss of mln dlrs in prior year year excludes extraordinary loss of mln dlrs versus loss mln dlrs in prior year reuter
acq	dow chemical dow to sell south african unit dow chemical co said it has agreed in principle to sell its industrial chemicals and plastics business interests in south africa and related assets to a group of south african investors for undisclosed terms completing the sale of the company s south african assets dow said it will continue to support its educational and health programs for south african blacks reuter
earn	williams cos wmb year loss shr loss dlrs vs profit cts net loss mln vs profit mln revs billion vs billion note includes loss of mln dlrs or dlrs a share from discontinued operations and writedowns of holdings in texasgulf inc restated reuter
earn	geonex sees sales hurt by production shift geonex corp geox said bellsouth corp bls unit southern bell telephone and telegraph co s decision to postpone the start up of new conversion assignments at geonex s chicago aerial survey unit could negatively affect its fiscal revenues the company said it had expected higher revenues from the records conversion work but it now foresees revenues from southern bell work at about eight mln dlrs the same level as last fiscal year geonex said southern bell will let cas continue work in progress and it expects to perform mechanized posting and records conversion for southern bell through but it added that the southern bell decision has forced it to pursue opportunities with other telephone companies and municipalities to replace the southern bell work reuter
earn	nwa inc th qtr shr profit cts vs loss nine cts
sugar	uk intervention bd says ec sold tonnes white sugar at rebate ecus
earn	crime control inc th qtr net loss shr loss dlrs vs loss cts net loss vs loss revs vs avg shrs mln vs mln year shr loss dlrs vs loss dlrs net loss vs loss revs mln vs mln avg shrs mln vs mln note net loss includes a fourth quarter charge of mln dlrs from writeoffs of certain assets net loss includes a charge of about mln dlrs from settlement of class action lawsuit reuter
sugar	u k intervention board details ec sugar sales a total tonnes of current series white sugar received export rebates of a maximum european currency units ecus per kilos at today s european community ec tender the u k intervention board said out of this traders in the u k received tonnes in the netherlands in denmark and in west germany tonnes earlier today london and paris traders said they expected the subsidy for the current season whites campaign for licences to end july to be between and ecus per kilos they had also forecast today s total authorised sugar tonnage export awards to be between and tonnes versus last week when the restitution was ecus reuter
rubber	japan firm develops ultra heat resisting rubber shin etsu chemical co ltd said it had developed an ultra thermal resistance rubber which can be used at centigrade continuously without losing its properties shin etsu put potential demand for the product at two tonnes a month mainly for microwave ovens and as a sealant but increasing use of the product in parts attached to car engines will raise demand and the company will boost output to tonnes by march from two now he said reuter
earn	castle and cooke inc cke th qtr loss shr loss cts vs loss cts net loss mln vs loss revs mln vs mln avg shrs mln vs mln year shr profit cts vs profit cts net profit vs profit rev billion vs billion avg shares vs note fourth quarter includes after tax loss from discontinued flexi van operations of mln dlrs primary earnings per share data calculated after deducting preferred dividend requirements reuter
earn	voicemail international inc th qtr loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs vs mths shr loss cts vs cts net loss vs loss revs vs avg shrs vs reuter
earn	molecular genetics inc mogn th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs vs avg shrs vs year oper shr loss cts vs loss cts oper net loss vs revs vs avg shrs vs note current year net both periods excludes charge dlrs from cumulative effect of accounting change for patents net both periods includes charge of about dlrs from severance obligations year net includes charge dlrs from writeoff of seed commitments reuter
earn	merrimac industries inc mmac th qtr net shr five cts vs cts net vs sales vs year shr cts vs dlrs net vs sales mln vs mln reuter
earn	b c resources has agreement on credit facility british columbia resources investment corp earlier reporting higher full year operating losses said it reached agreement in principle with five lenders providing for a mln dlr credit facility over a four year term the company said the credit facility is extendable under certain circumstances with annual principal payments of five mln dlrs the agreement is subject to certain lender approvals and completion of formal documentation it earlier reported losses before extraordinary items rose to mln dlrs from year ago mln dlrs b c resources also said dividends on its series preferred shares and exchangeable preferred shares will remain suspended however payment will be made on account of the quarterly dividend on the exchangeable preferred shares by the company s trustee from a deposit account b c resources said sufficient funds should be available to pay full amount of the march dividend to exchangeable preferred shareholders with payment expected in early april to shareholders of record march the company said if future dividends are not declared after the april exchangeable preferred quarterly payout future payment will depend on the amount of dividends received from westcoast transmission co wtc b c resources said the company said its increased fourth quarter and full year operating losses primarily resulted from lower oil prices and a four month labor shutdown at its balmer coal mine in british columbia b c resources also recorded a mln dlr extraordinary loss which included losses on disposition of north sea oil and gas interests by pct owned westar mining ltd b c resources extraordinary charge also included a writedown of its investment in westar petroleum gains on the sales of westar timber s skeena and celgar pulp mills and terrace sawmill partially offset the extraordinary loss the company said the company said the asset sales have eliminated b c resources long term financing commitment in the north sea and exposure to the fluctuating pulp market it also said it cut long term debt in to mln dlrs from billion dlrs at year end and management changes and staff cuts have significantly reduced costs reuter
money-fx	u k money market given mln stg late help the bank of england said it had provided the money market with late assistance of around mln stg this brings the bank total help so far today to some mln stg and compares with its latest forecast of a mln stg shortage in the system today reuter
earn	cml group inc cmli nd qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs vs st half shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
earn	dress barn inc dbrn nd qtr jan net shr cts vs cts net vs sales mln vs mln st half shr cts vs cts net vs sales mln vs mln note share adjusted for three for two stock split in may reuter
earn	williams wmb has th qtr charge williams cos said a fourth quarter charge of mln dlrs from discontinued operations and writedowns contributed to a net loss of mln dlrs or dlrs a share against earnings of mln dlrs or cts in the loss in the quarter was mln dlrs or dlrs against income of mln dlrs or cts a year ago revenues in the quarter fell to mln dlrs from mln and in the year fell to billion dlrs from billion in williams also said the previously announced sale of its agrico chemical co unit to freeport mcmoran resource partners ltd has cleared antitrust review and should close next week the first quarter will include proceeds from the agrico sale for mln dlrs cash at closing plus deferred payments and proceeds of mln dlrs from the sale of a stake in peabody holding co completed in january in the first quarter williams reported net of mln dlrs or cts a share on sales of mln dlrs williams said the charges in the current year were related to an ongoing restructuring the company said the restructuring moves had improved its balance sheet and improved the outlook for future stability and growth in earnings operating profit at the company s northwest pipeline corp unit fell pct to mln dlrs from lower sales the williams natural gas unit had operating profit of mln dlrs compared to mln dlrs on lower sales volumes profit at williams gas marketing rose to mln dlrs from about mln and the william pipe line co had operating profit of mln dlrs versus mln dlrs a year ago reuter
earn	perry drug stores inc pds st qtr jan net shr cts vs cts net vs sales mln vs mln reuter
earn	nwa inc nwa th qtr net shr profit cts vs loss nine cts net profit mln vs loss two mln revs billion vs mln year shr profit dlrs vs profit dlrs net profit mln vs profit mln revs billion vs billion reuter
earn	camco inc cam sets quarterly qtly div cts vs cts prior pay april record march reuter
acq	senate s proxmire urges curbs on takeovers senate banking committee chairman william proxmire called for curbs of hostile corporate takeovers and new restrictions on risk arbitrageurs at the very least it is high time that we require all risk arbitrageurs to register seperately and specifically with the securities and exchange commission and that we consider precluding brokerage firms and their employers from investing in or owning any securities issued by third party risk arbitrage operations proxmire said at the start of a hearing on corporate takeovers a burning issue must be whether there ought to be a complete seperation in the future of risk arbitrage and investment banking proxmire said he said he was concerned that hostile takeover attempts were hurting the economy a view shared by corporate executives who tesitified at the hearing i believe that takeovers have become so abusive and so tilted in favor of the financial buccaneers that remedial action is required usx corp chairman david roderick said for congress to allow the takeover game to continue unchecked would be economic suicide champion international corp chairman andrew sigler added reuter
trade	spain to launch export drive spain unveils a billion peseta plan this month aimed at boosting exports to reach european community levels director general of the infe export institute apolonio ruiz ligero said the target is to raise exports to pct of gross domestic product over the next four years compared to pct now he said this is the minimum prevailing level in the ec and there is no reason why we should lag behind countries like italy which have a similar productive structure he said the plan calls for providing soft loans tax cuts and other fiscal benefits to exporters and raising spain s presence in international trade fairs consumer goods such as fashion and wine as well as traditional industrial exports will be promoted ruiz ligero said infe would double its annual budget to billion pesetas to finance the four year plan while the government s development aid fund fad would provide a special billion peseta grant the plan calls for boosting exports by five to six pct in real terms this year after a pct decline last year ruiz ligero attributed this drop to a lack of demand in developing countries and a rally in domestic consumer demand which rose six pct last year after pct in he added that pct of spain s exports went to organisation for economic cooperation and development oecd countries the ec accounts for pct of the market and exports to the community rose seven pct last year the government plans to concentrate efforts on western europe and the u s the problem is convincing businessmen that exports are vital to survival in the context of ec competition he said he said spanish businessmen traditionally turned to the domestic market to satisfy rises in consumer demand while turning their backs on foreign markets they have to realise their share of the home market is going to shrink with growing deregulation he said foreign companies are taking up positions in the domestic economy and it is it vital to secure a market share abroad reuter
acq	rossignol unit buys canadian ski boot maker french ski and tennis equipment maker skis rossignol said its pct owned subsidiary skis dynastar sa agreed to buy canadian ski stick and boot manufacturer cfas from warrington inc a rossignol spokesman declined to give financial details but said turnover of cfas was about mln french francs doubling the rossignol group s activities in the boot and stick sectors reuter
earn	usf and g corp fg raises quarterly dividend qtly div cts vs cts in the prior quarter payable april record march reuter
earn	brnf liquidating trust sets distributions brnf liquidating trust said trustees declared a th liquidating dividend of dlrs per unit payable april one to holders of record of its series a b and c certificates on march the trust had paid a th liquidating distribution on january amounting to dlrs on series a dlrs on series b and dlrs on series c certificates reuter
earn	stanline inc stan st qtr jan net shr cts vs cts net vs revs mln vs mln note share adjusted for five pct stock dividend in december reuter
pet-chem	dow chemical co dow unit increases prices the dow chemical co said its engineering thermoplastics department will increase the selling prices of standard grades of magnum abs resins by three cts per pound it also announced an increase of five cts per pound for performance grades of the resins both increases are effective april reuter
earn	swift energy co sfy th qtr net shr cts vs eight cts net vs revs vs year shr cts vs cts net vs revs vs reuter
earn	browning ferris industries inc bfi in payout qtly div cts vs cts prior pay april record march reuter
acq	buffton corp buff buys b and d instruments buffton corp said it completed the purchase of b and d industruments inc for two mln dlrs cash and shares of common stock it said b and d is a private company headquartered in kansas and had sales of dlrs in buffton said the company designs and manufactures aviation computer display systems and engine instrumentation reuter
earn	vereins und westbank to reorganize network und westbank ag vhbg f plans to streamline its branch network to improve its distribution of financial services management board member eberhard rainer luckey said he told a news conference on results that branches in hamburg and schleswig holstein would be merged or closed a branch in frankfurt opened and that the bank was considering opening a branch in london luckey said the bank s total operating profits rose nearly pct in parent bank net profit rose to mln from mln and the dividend remained unchanged at marks the group balance sheet including for the first time vereinwest overseas finance jersey rose pct to billion marks luckey said the parent bank balance sheet rose mln marks to billion while business volume was almost unchanged at billion credit volume eased to billion from billion while loans to companies rose seven pct foreign business and securities trading turnover also increased higher earnings from trading on the bank s own account contributed to record operating profits net interest income rose on firmer interest margins by mln marks to mln net commission income rose mln to mln luckey said foreign commercial business was influenced by a fall in west german foreign trade but earnings were still satisfactory the bank s exposure in latin america was less than two pct of its total foreign credit and in africa less than one pct the bank continued to sell some of its exposure in and will also continue to stock up risk provisions he said reuter
trade	baldrige concerned about korean taiwan deficits secretary of commerce malcolm baldrige expressed concern about the continuing u s trade deficits with south korea and taiwan and said that without an adjustment in exchange rates there is little likelihood of improvement speaking to the president s export council an industry advisory group baldrige said the trade deficit issue was under discussion with those countries i feel that unless we see an exchange rate adjustment we probably won t be able to see much of a change in the large surplus that taiwan in particular has with us he said in a wide ranging discussion on u s trade matters baldrige also repeated u s concern about an attempted takeover by japan s fujitsu company of fairchild computer he said that the japanese were resisting allowing u s companies into the giant computer business while at the same time attempting to acquire control of a u s company that does major computer business in the u s market lastly baldrige said that the united states was hopeful that it could complete a free market agreement with canada by the autumn but said major issues including acid rain remained unresolved reuter
acq	allwaste alws to make acquisition allwaste inc said it has agreed in principle to acquire an air moving and related industrial services company it did not identify for up to dlrs in common stock reuter
earn	castle and cooke cke takes fourth qtr loss castle and cooke inc said it would take a fourth quarter after tax loss of mln dlrs from the previously reported sale of its flexi van container leasing business to itel corp itel for about mln dlrs earlier the company reported a loss for the fourth quarter ended january of mln dlrs or cts a share compared with a loss of mln dlrs or cts per share in s fourth quarter for the year however the diversified holding company reported a net profit of mln dlrs or cts a share versus mln dlrs or cts a share in david murdock chairman and chief executive officer said both our food business and our real estate operations increased their earnings during the year but he added that flexi van s results were hit by depressed daily rental rates for leased equipment caused by oversupplies the company also reported that george elkas formerly executive vice president has been named president and chief operating officer of flexi van corp while william burns has been named executive vice president of flexi van reuter
acq	convenient food mart cfmi agrees to buy chain convenient food mart inc said it has tentatively agreed to buy all the outstanding stock of plaid pantries inc and two associated businesses in oregon and washington for undisclosed terms plaid pantries owns and operates convenience stores in the portland and seattle areas the other business are two companies involved in the wholesale distribution of groceries and health and beauty aids it said closing is expected by may reuter
earn	wal mart stores inc th qtr shr cts vs cts
acq	marine midland mm buys brokerage assets marine midland banks inc said it has acquired the customer account base of new york discount brokerage firm ovest financial services inc for undisclosed terms to expand its discount brokerage operations in the northeastern u s it said it will combine ovest s activities with those of its marine midland brokerage service unit reuter
sugar	dom republic sells czarnikow tons sugar the dominican republic sold long tons of sugar for immediate delivery with an option for tons more to czarnikow rionda of new york the state sugar council announced it was not immediately clear when the sale was made or at what price a council communique said the sale was made at the best prevailing conditions in the world sugar market reuter
gas	ec backs new move to encourage unleaded gasoline the ec executive commission has backed a plan to allow member countries to ban regular leaded gasoline in a move designed to encourage use of unleaded fuel it said in a statement it backed a proposal to allow ec states to ban sales of regular grade gasoline containing lead at six months notice the proposal which needs approval by ec ministers would not force any member state to impose the ban it s an option not an obligation a spokesman said but the commission said imposing the ban would encourage the use of unleaded fuel as well as making it easier for gas stations by cutting the number of types of gasoline they had to stock reuter
crude	sun raises crude oil postings one dlr across board wti now dlrs bbl
earn	devtek corp nd qtr jan net shr cts vs nine cts net vs revs mln vs mln six mths shr cts vs cts net vs revs mln vs mln reuter
earn	saxton industries ltd saxif year net shr cts vs cts net vs revs mln vs mln note current results for months after change in fiscal year end to december from august reuter
earn	toronto sun plans two for one stock split toronto sun publishing corp said it planned a two for one split of its common shares subject to regulatory approval and approval by shareholders at the april annual meeting reuter
earn	servo corp of america sca st qtr jan net shr cts vs cts net vs sales vs reuter
earn	electro nucleonics inc enuc nd qtr dec shr loss dlrs vs profit cts net loss vs profit sales mln vs mln avg shrs vs st half shr loss dlrs vs profit cts net loss vs profit sales mln vs mln avg shrs vs note current half net includes dlr tax credit current year net both periods includes dlr writedown of inventory of clinical chemistry products reuter
earn	wal mart stores inc wmt th qtr jan net shr cts vs cts net mln vs mln sales billion vs billion year shr dlrs vs dlrs net mln vs mln sales billion vs billion reuter
earn	mirtone international inc st qtr dec net shr two cts vs two cts net vs revs vs reuter
rubber	leaf disease hits sri lanka rubber a leaf disease affecting seven pct of sri lanka s rubber plantations may reduce output this year and raise currently depressed prices industry officials and researchers told reuters about hectares of rubber planted with the rubber research institute rri clone have been hit by the fungus corenes pora which attacks the roots of the tree and kills the leaves the disease was first discovered about six months ago trade sources say prices might boom once again if the crisis leads to output below the target of tonnes last year s output is estimated at between and tonnes researchers say the fungus could spread to other rubber clones if no immediate action is taken the rri is considering asking estates to remove the trees seriously affected by the fungus because it was too late to use chemicals to kill the disease an institute spokesman said senior industry and research officials met yesterday at padukka east of here to discuss ways of controlling the fungus which is affecting estates mostly belonging to the state plantations corp and janatha estates development board the two state owned groups account for pct of rubber land with the balance belonging to small private producers with a total of hectares the rric is a new clone propagated by the research institute as high yielding and recommended two years ago for planting only the two state groups seriously planted these clones while smallholders preferred the low yielding but older pbx malaysian clones officials at yesterday s crisis meeting said it was decided to uproot only some of the affected trees while others would be treated they declined to comment on other decisions taken trade sources said supplies had improved in the past week but prices had hit their lowest since last december if there is a shortage of rubber prices are bound to rise a spokesman for a company buying on behalf of the soviet union said rubber prices particularly crepe fell sharply by about four rupees a kilo between december and march the best crepe one x traded at rupees a kilo averaged at this week s auction sheet prices fell by a rupee in the same period quantities offered at the auction also fell to an average of tonnes per auction last month from tonnes in december because of wintering in early february in producing areas over tonnes were offered at this tuesday s auction with the supply position showing improvements trade sources said the smaller availability of rubber last month did not raise prices as on previous occasions some factors like less storage space from excess stocks meant we could not buy much at the auction until we disposed of the rubber we already had one buyer said other sources said there were few forward contracts and speculative buying last month while delays in steamer arrivals aggravated the problem european buyers delayed their purchases because of winter closures of factories and also in the hope that prices would ease further they said another problem that could hit the industry is the dry spell in producing areas if the inter monsoonal rains expected in late march april are delayed we would have further shortages one official said but this again could benefit prices a buyer said reuter
earn	pyro energy corp btu year net shr cts vs cts net vs revs mln vs mln reuter
sugar	ec commission details sugar tender the european commission confirmed it authorised the export of tonnes of current series white sugar at a maximum rebate of european currency units ecus per kilos out of this traders in the u k received tonnes in the netherlands in denmark and in west germany tonnes reuter
earn	unitrode corp utr th qtr jan loss shr loss cts vs profit cts net loss vs profit revs mln vs mln mths shr loss cts vs profit cts net loss vs profit revs mln vs mln note income before taxes for the mths ended jan includes gains for fire insurance settlement and unusual charges of for provisions for estimated cost of severance pay for terminated workers and a one time writedown of inventory and equipment reuter
earn	buehler international inc bulr th qtr net shr five cts vs cts qtly div two cts vs two cts prior net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln note net includes tax credits of dlrs in quarter and dlrs in year net both periods includes dlr pretax inventory writedown dividend pay march record march reuter
earn	stanhome inc sth raises quarterly two cts qtly div cts vs cts prior pay april record march reuter
earn	instron corp isn sets quarterly qtly div three cts vs three cts prior pay april record march reuter
cpi	german institute sees inflation rising in the cost of living in west germany will likely be about pct higher on average in than in when the cost of living actually fell by an average pct in the first recurrence of negative inflation since the s the hwwa economic research institute said the re emergence of inflation will result mainly from the fading of two factors which influenced the fall in the cost of living the steep decline in both oil prices and the value of the dollar the institute said in a report the institute said inflation will see a rising trend in the course of but will average only pct for the year as a whole because year on year rates will remain negative in the first part of provisional inflation figures for february released last week showed the cost of living last month was pct lower than in february in january prices had fallen pct against the same month a year earlier the hwwa said its forecast assumed the dollar would remain around marks and oil prices would range between and dlrs per barrel reuter
earn	ideal school supply corp idel th qtr net oper shr cts vs eight cts oper net vs sales vs avg shrs vs three mln year oper shr cts vs cts oper net vs sales mln vs mln avg shrs vs three mln note net both periods includes dlr tax credit reuter
earn	salomon inc sb sets regular quarterly qtly div cts vs cts prior pay april one rcord march reuter
acq	piedmont aviation pie board to meet today piedmont avaition inc s board of directors will conduct a special meeting beginning at est today a piedmont spokesman said the spokesman would not say what was on the agenda in mid february piedmont said its board would meet to discuss all proposals to acquire the company its board also withdrew a recommendation to accept a dlrs a share cash offer from norfolk southern corp nsc in light of a competing revised bid from u s air group inc u u s air offer to buy pct of the company s stock for dlrs a share cash and the remaining for dlrs a share of its stock reuter
earn	first union fur leaves dividend unchanged first union real estate investments said its board left the quarterly dividend unchanged at cts per share payable april record march the trust which has raised its quarterly dividend frequently in the past two years and in the first quarter in both years said the tax reform act of has limited its flexibility on dividends and trustees will now consider the appropriateness of any dividend increases only during the later quarters of the year reuter
earn	rykoff sexton inc ryk rd qtr jan net shr cts vs cts net vs sales mln vs mln nine mths shr cts vs dlrs net vs sales mln vs mln reuter
earn	system software associates ssax st qtr net periods end january and shr cts vs nine cts net vs revs vs note system software associates inc is full name of company reuter
earn	geico corp gec raises qtrly dividend qtrly div cts vs cts prior pay march record march reuter
earn	stanley works swk sets quarterly qtly div cts vs cts prior pay march record march reuter
earn	novell inc novl st qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln note fourteen vs week periods reuter
earn	brown forman bfdb to change record dates brown forman inc said at the suggestion of the american stock exchange it has changed the record date for the ct per share quarterly dividend on its class a and class b common stock that is payable april one to march from march to coincide with the record date for a three for two stock split declared february it said the record date for the dividend on its four pct cumulative preferred stock has also been changed to march from march reuter
earn	goodyear tire gt details tax refund goodyear tire and rubber co said its results include a tax refund of mln dlrs from the costs of restructuring the company in a successful defense against a takeover attempt by james goldsmith chairman robert mercer said heavy restructuring costs related to the takeover attempt combined with government tax incentives for investments resulted in this federal tax refund the refund was included but not broken out in its initial results a spokesman said it reported net income of mln dlrs against mln dlrs a year earlier reuter
earn	great northern nekoosa gnn announces split the great northern nekoosa corp said it will recommend to shareholders a two for one common stock split the company said it will make the proposal to shareowners at its annual mmeting may in dothan ala near the company s great southern paper division operations in conjunction with the stock split proposal the shareowners will be asked to approve an increase in the authorized common stock from mln to mln shares the company said the company said it will propose an increase in its dividend rate if the split is approved effective with the june payment the company said the present rate on gnn common is cts per share the company said it would recommend a quarterly rate of cts a share on the split stock this would be equal to a dividend of cts a share on the present common seven pct higher than the current rate the company said it had increased the dividend by pct last december great northern nekoosa s last common stock split a three for two was in december it said as of dec there were shares of gnn common stock outstanding according to the company reuter
acq	harris lifts builders transport truk stake harris associates l p a chicago investment advisor said it raised its stake in builders transport inc to the equivalent of shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission harris said it bought builders transport common shares on feb at dlrs a share it also said it bought debentures on feb that could be converted into shares harris said its dealings in builders transport were on behalf of its advisory clients it has also said it has no intention of seeking control of the company reuter
coffee	coffee talks failure seen pressuring u s failure of talks on re establishing international coffee organization ico coffee quotas last week may put political pressure on the united states particularly the state department to reassess its position but the u s is unlikely to back away from its basic demand quotas be set by objective criteria u s officials said jon rosenbaum assistant u s trade representative and head of washington s delegation to the talks told reuters on his return from london that the united states is willing to resume the coffee negotiations as early as april if necessary rosenbaum said the united states will be flexible in discussing the method of establishing objective criteria and any transition to new quotas but not on the basic aim of establishing an objective method of setting quotas at the ico talks major consuming nations led by the u s proposed that future coffee export quota shares be calculated by a formula incorporating a producer s recent exportable production and verified stocks while large producers led by brazil proposed maintaining the traditional ad hoc division of shares the consumer position would have in effect reduced the market share of brazil by far the world s largest producer rosenbaum said the administration would continue to support legislation now before congress which would allow the u s customs service to monitor coffee imports as a way to comply with any future coffee quotas he said the reagan administration would be reviewing the coffee policy situation following the collapse of the london talks but nobody is proposing we change our position however other u s government officials involved in coffee policy said they are bracing for a diplomatic and coffee market offensive from producer countries led by brazil and colombia to soften the consumer position knowing that its next crop is fairly large brazil will kind of want to test the resolve of other producers and consumers said one u s official the u s official who asked not to be identified said brazil and colombia may flood the coffee market in the next few months in an effort to drive down prices and pressure other countries particularly the splinter group of small producers who differed with the major producers in london this in turn could lead to urgent appeals from latin american countries faced with mounting debt problems to the u s state department and to the national security council in the white house for an easing of the u s position u s officials said the state department a major player in setting u s coffee policy may then face conflicting pressures particularly from politically sensitive u s allies in central america u s officials said el salvador and guatemala both backed brazil and colombia at the london talks in resisting pressures for quotas based on objective criteria but the dominican republic and costa rica joined the splinter group which said it would agree to objective criteria there is a strong feeling among some in the state department that the united states should continue to support the splinter group of producers who have taken the politically risky step of opposing brazil on the objective criteria question u s officials said within the consuming countries there also is expected to be some pressure to reassess positions in london the u s was supported by the u k the netherlands west germany japan australia and new zealand on the issue of objective criteria u s officials said this bloc represented enough votes among consuming nations to successfully prevent adoption of the producer proposals however u s sources said west germany s support was at times qualified and there is some concern that the european community could come under pressure to be more accommodative to producers in future talks france backed the ivory coast and other african producers during the talks a softening of the ec stance would make it more difficult although not impossible for the u s to block producer plans while political manuevering by small producers and consuming countries will be important u s officials said the key to any future outcome will be brazil s position u s officials blamed brazil s intransigence for the failure of the talks and said a more flexible position from brasilia would be the most important step toward agreement reuter
acq	investors have pct of exovir xovr mark hammer a private investor from melville n y and members of his family told the securities and exchange commission they have acquired a total of shares of exovir inc or pct of the total outstanding hammer said his group has been accumulating exovir stock since oct for investment purposes and may buy more shares or sell all or part of his current stake while he said he has no intention of seeking control of the company hammer said that because of his extensive business experience and his interest in exovir stock he may be invited to become a member of the company s board reuter
acq	lotus lots to acquire computer access corp lotus development corp said it has signed a letter of intent to acquire substantially all of the assets of computer access corp for undisclosed terms computer asscess makes bluefish full text search and retrieval software for international business machines corp ibm and compatible personal computers the company said the acquisition is subject to approval by both boards reuter
earn	equitable of iowa cos eqica th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr dlrs vs cts oper net mln vs revs mln vs mln note net excludes realized gains on investment of dlrs vs dlrs in quarter and vs mln dlrs in year net excludes discontinued massachusetts casualty operations loss dlrs vs gain dlrs in quarter and gain dlrs vs gain dlrs in year reuter
earn	corroon and black corp cbl raises quarterly qtly div cts vs cts prior pay april one record march reuter
trade	ec appoints new trade chief the european community commission today appointed its chief spokesman hugo paemen as its top official in charge of multilateral trade negotiations a commission spokesman said paemen a belgian official who had previously been chief aide to former external affairs commissioner etienne davignon has been in his post since january the spokesman said paemen will continue as chief spokesman until the retirement on may of paul luyten who is now in charge of ec departments handling negotiations in the world trade body gatt the oecd and other forums reuter
sugar	india buys up to cargoes sugar traders india bought up to cargoes of white sugar at a buying tender today which originally called for just two to three cargoes of march april shipment traders said london trader e d and f man said it sold two cargoes at dlrs a tonne cif for march april shipment with an option to sell an additional two cargoes at the same price traders said at least one other international trader made a similar contract while a french house sold two cargoes at an outright price of dlrs cif without the option this brought total indian purchases to at least six cargoes with traders having options to sell another four reuter
acq	hayes albion hay delays special meeting hayes albion corp said it has delayed the special meeting at which shareholders will vote on its merger into harvard industries inc hava until march from march due to a delay in securities and exchange commission clearance of proxy materials reuter
earn	grossman s inc gros th qtr loss oper shr loss nine cts vs profit cts oper net loss vs profit sales mln vs mln year oper shr profit cts vs loss cts oper net profit vs loss sales billion vs mln note net includes discontinued operations gain dlrs vs loss mln dlrs in quarter and losses mln dlrs vs mln dlrs in year net includes loss dlrs vs nil in quarter and gain mln dlrs vs loss dlrs in year from settlement of liabilities under plan of reorganization from chapter bankruptcy quarter net includes dlr provision for loss on future store closings offset by reduction in pension liabilities reuter
acq	comdata network cdn in new acquisition talks comdata network inc said it is in active talks with other parties on a possible acquisition or recapitalization of comdata in an effort to maximize shareholder values comdata said rosewood financial inc together with cypress partners lp and driftwood ltd have acquired over five pct of comdata stock and rosewood intends to acquire over pct of comdata comdata said it has not yet reached a definitive agreement with mason best co for the previously announced recapitalization and self tender offer reuter
earn	webcor electronics inc wer rd qtr dec shr loss cts vs loss cts net loss mln vs loss mln revs vs mln nine months shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln reuter
earn	communications systems inc csii th qtr net shr cts vs cts net vs revs vs year shr cts vs cts net vs revs mln vs mln note net includes gains from discontinued operations equal to three cts compared with nine cts in reuter
crude	energy california oil production drilling for oil in california is likely to continue at last year s sharply reduced levels despite recent gains in crude oil prices industry analysts said because much of the crude oil in california fields is thick heavy and expensive to extract oil prices would have to increase to near s levels before any significant recovery is seen in drilling they said companies will probably only drill their best prospects said john curti an analyst with birr wilson securities inc few new wells now are being drilled only rigs about one quarter of the total available were drilling for oil onshore in california last week compared to about last year said bill bolster of munger oil information services which tracks california drilling activity it s in the dregs right now said bolster of the state s drilling activity current prices are not enough to justify increased drilling said ed malmgreen of the california independent producers association while an organization of petroleum exporting countries pact to curb production boosted oil prices early this year prices eventually fell prices for california s marker grade line blend have slumped about pct in the last month to dlrs from a high of about dlrs more than half of california s oil comes from stripper wells those producing less than barrels a day and that much of that oil costs between and dlrs a barrel to extract malmgreen said it s not unusual for a stripper well to cost dlrs malmgreen said many stripper wells along the southern california coast produce eight times as much water as crude oil and inland wells frequently require the use of steam injection to spur extraction of the thick heavy oil he said the outlook for future production in california is clouded by a lack of exploratory drilling now analysts said in the heart of california s oil patch kern county which produces about two thirds of the state s oil exploratory drilling has slowed to a crawl only exploratory wells were drilled in kern county in compared to in according to david mitchell of the state energy commission so far this year only five exploratory wells have been drilled i don t think they ll even get to what they did last year mitchell said no pickup in exploratory drilling is likely for the rest of the decade mitchell said along with the fall in drilling has come a decrease in the number of producing wells and overall production between february and october of the number of producing oil wells in california fell pct to from more than said bill guerard of the california energy commission in line with that decrease california s crude oil output fell about pct last year due to low oil prices and is expected to remain at that lower level analysts said between february and october california s crude oil production slipped from an all time high of mln barrels per day to mln bpd guerard said total estimated crude oil production in california for was mln bbls compared with mln bbls in and mln bbl in according to the california department of conservation production in will probably hold around levels guerard said reuter
nat-gas	standard oil srd in texas natural gas find standard oil co said the friendswood development number one well in the fostoria or deep wilcox field of montgomery county texas flowed cubic feet of natural gas per day from depths of to feet through a inch choke it said it has contracted for perry gas cos inc to purchase natural gas from the well and perry will build a four inch gathering pipeline to connect to natural gas pipeline co s transmission line reuter
earn	webcor electronics wer in technical default webcor electronics inc said it remains in technical and payment default under its revolving credit agreement and in technical default under certain other obligations to its lender although its lender has not enforced its right to demand payment of the debt in full it continues to reserve its right to do so at any time it said earlier webcor reported a third quarter net loss of mln dlrs and nine months net loss of mln dlrs reuter
acq	first savings bank florida fsbf sets meeting first savings bank of florida said it expects a special shareholder meeting to be held around may to consider the proposed merger into gibraltar financial corp gfc it said the annual meeting will be held april to elect two directors and ratify the appointment of auditors reuter
grain	izvestia says soviet winter crops need reseeding the government daily izvestia said a considerable amount of soviet winter crops need to be reseeded and the state grain harvest target of mln tonnes will not be easy to fulfil without giving figures the newspaper said a considerable part of the winter crops must be reseeded but that creates extra effort in the fields in spring the soviet union has previously said nine mln hectares of winter grain will have to be reseeded because of winterkill a u s department of agriculture analyst in washington has said the figure of nine mln hectares would equal about pct of the total winter crop and would be the second highest winterkill in years the planned task of bringing in no less than mln tonnes of grain is not simple izvestia said this week s sudden fall in temperatures has affected large parts of the country and has caused fieldwork to stop in the ukraine it said adding that temperatures fell to as low as minus centigrade in byelorussia reuter
acq	borman s brf to buy safeway s utah division safeway stores inc said it agreed to sell the assets and operations of its salt lake city division to borman s inc under undisclosed terms the division includes operating supermarkets in five states most of which are in utah idaho and wyoming together with distribution and manufacturing facilities safeway said it said sales for the division for the year ended january three were about mln dlrs safeway also said the transaction is subject to borman s ability to obtain financing and to successfully negotiate new labor agreements with the various unions involved reuter
acq	fisher foods fhr says stake in firm sold fisher foods inc said american financial corp has sold its fishers shares a pct interest to a group consisting of american seaway foods inc rini supermarkets inc and rego supermarkets inc the company said in connection with the transaction all five american financial representatives have resigned from its board reuter
grain	u s senate panel makes conservation exemption the u s senate agriculture committee approved a measure that would exempt farmers who planted alfalfa or other multiyear grasses and legumes between and from a federal conservation requirement sen edward zorinsky d neb said his bill would restore equity under federal sodbuster rules which currently deny farm program benefits to farmers who between and planted alfalfa and other multiyear grasses and legumes without interrupting the plantings with a row crop an official from a leading conservation group who asked not to be identified said the panel s move was an unfortunate first action because it could lead to the exemption of potentially millions of acres from the sod buster regulations established under the farm bill reuter
earn	pico products inc ppi nd qtr jan shr profit three cts vs loss nine cts net profit vs loss revs mln vs mln six months shr loss two cts vs loss cts net loss vs loss revs mln vs mln note net includes gain of or one cts in nd qtr and six months for discount on early long term debt repayment reuter
acq	outboard marine om rising on takeover rumor wall street traders said the stock of outboard marine corp was rising on a rumor over a cable television program that outboard is a likely takeover target of sun chemical corp snl outboard was up to on tuesday it rose to tuesday a report on cable news network today said sun chemical has pct of outboard and is conducting a study on whether to go for control of the whole company an outboard marine spokesman would not comment on the rumor the cable program said a buyout of outboard would be for up to dlrs a share or for a total of mln dlrs a spokesman for sun chemical was not immediately available outboard marine last june adopted a shareholder rights plan that will be triggered when a person or group acquires beneficial ownership of pct or more of its common or begins a tender offer that would result in pct ownership wayne jones vice president at outboard for strategic planning said management wants to stay independent we are not trying to sell the company we are proceeding with our strategic plans he said that plan includes integrating five boat companies that outboard marine has bought since the middle of december jones said all five will cost between mln dlrs to mln dlrs an analyst who wanted anonymity said dlrs a share is a decent price for outboard a bdding war to or dlrs a share is stretching it maybe dlrs a share tops he said outboard which has mln shares outstanding is in registration for a two mln common share offering with morgan stanley inc it makes sense the analyst said for sun chemical to strike before the offering is underway reuter
earn	algoma central railway th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr cts vs dlrs oper net vs revs mln vs mln note net excludes extraordinary loss of dlrs or eight cts shr vs yr ago gain of dlrs or cts shr reuter
earn	genova inc gnva st qtr dec net oper shr profit four cts vs loss four cts oper net profit vs loss sales mln vs note prior year net includes dlr tax credit but excludes dlr gain on early debt retirement reuter
earn	supreme equipment systems corp seqp nd qtr shr cts vs cts net vs revs mln vs mln six months shr cts vs cts net vs revs mln vs mln note net includes gain of dlrs in nd qtr and dlrs in six months from tax loss carryforward reuter
earn	gulf applied technologies inc gats th qtr oper shr loss five cts vs loss cts oper net loss vs loss revs vs year oper shr loss cts vs loss dlrs oper net loss vs loss revs mln vs note results restated for discontinued operations net both periods excludes dlr tax credit net excludes gains from discontinued pipelines and terminals operations of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
earn	van dorn co vdc th qtr net shr cts vs cts net vs revs mln vs mln mths shr dlrs vs dlrs net mln vs mln revs mln vs mln reuter
earn	fieldcrest cannon inc fld sets quarterly qtly div cts vs cts prior pay march record march reuter
acq	varian var buys analytichem international varian associates inc said it acquired all the outstanding stock of closely held analytichem international inc for an undisclosed amount of cash analytichem based in harbor city calif is a supplier of bonded phase preparation products used to prepare chemical samples for analysis varian said reuter
earn	kaneb services inc kab th qtr loss oper shr loss dlrs vs profit nine cts oper net loss mln vs profit revs mln vs mln mths oper shr loss dlrs vs profit cts oper net loss mln vs profit mln revs mln vs mln note oper excludes loss from discontinued operations of dlrs vs mln dlrs for qtr and mln dlrs vs dlrs for mths note oper includes writedown of offshore drilling equipment of dlrs for qtr and mln dlrs for mths also includes writedowns of oil and gas assets and tubular goods inventory of mln dlrs and dlrs respectively for mths reuter
earn	suspensions parts industries ltd spilf year shr cts vs cts net mln vs mln revs mln vs mln note full name is suspensions and parts industries ltd reuter
earn	mitchell energy and development corp mnd payout qtly div six cts vs six cts prior pay april two record march reuter
earn	frost and sullivan inc frsl nd qtr jan shr profit cts vs loss two cts net profit vs loss revs vs st half shr profit cts vs loss eight cts net profit vs loss revs vs reuter
trade	s korean trade surplus with u s seen falling south korea s record billion dlrs trade surplus with the u s is bound to diminish as the country switches purchases from japan in favor of u s companies trade minister woong bae rha said he rejected suggestions the korean won is undervalued and denied any plans for a drastic and sudden revaluation rha is heading a trade mission to u s cities last year south korea ran a billion dlr trade surplus including a record billion surplus with the u s and a billion dlr deficit with japan rha told reuters in an interview the current trade mission is looking for billion dlrs in purchases from u s companies about a quarter of which represents transferred purchases from japanese sources rha said the items being sought by the current mission are mainly chemicals machinery and parts he said south korea is the fourth largest importer of u s agricultural products the current mission is not involved in that area but there are plans to buy substantial amounts of cotton from the u s he noted his country is clearly not as open as the american market nor is it reasonable to expect that it should be considering south korea has a billion dlr foreign debt and spends six pct of its gross national product on defense reuter
earn	cri insured cii to set special distribution cri insured mortgage investments inc said its advisor will recommend a special distribution of cts per share due to the sale of a federally insured first mortgage on park meadows i in madison wis for dlrs it said it received a dlr return of capital and dlrs in income on the sale and the ct distribution would represent a ct return of principal and a ct capital gain and would be payable june to holders of record may reuter
earn	kaneb energy partners ltd kep th qtr loss unit loss one ct net loss revs mln mths unit loss dlrs net loss mln revs mln note partnership formed in february net includes writedown of oil and gas assets of mln dlrs for mths to comply with full cost accounting methods reuter
acq	digicon dgc completes sale of unit digicon inc said it has completed the previously announced disposition of its computer systems division to an investment group led by rotan mosle inc s rotan mosle technology partners ltd affiliate reuter
acq	computer horizons chrz in acquisition computer horizons corp said it purchased computerknowledge inc a software training education company headquartered in dallas terms were not disclosed reuter
acq	policy management pmsc makes acquisition policy management systems corp said it has acquired the majority of the assets and business of allied research inc of salem ore and consolidated insurance services inc of springfield va for undisclosed terms it said the two companies which had combined revenues of about two mln dlrs provide underwriting information services to property and casualty insurers reuter
acq	unicorp canada uni a cuts purolator pcc stake unicorp canada corp told the securities and exchange commission it cut its stake in purolator courier corp to shares or pct of the total outstanding from shares or pct unicorp a management and investment holding company controlled by its chairman george mann said it sold purolator common shares on march and at and dlrs a share purolator agreed this past weekend to be acquired by managers of its u s courier business and e f hutton lbo inc in a leveraged buyout valued at mln dlrs reuter
acq	firm acquires american nutrition works inc nusource investments inc a publicly held shell company said it acquired american nutrition works inc through a transaction in which american nutrition shareholders received mln shares of nusource stock in exchange for their shares american nutrition operates a chain of stores sellings vitamins and health products nusource said shareholders elected a new board consisting of richard a trydahl samuel mineo and charles e flink and voted to change the name of the company to anw inc reuter
trade	gatt council defers decision on semiconductors the ruling gatt council deferred a decision on whether to set up a dispute panel on the basis of a european community complaint against the u s japanese agreement on exports of computer semiconductors david woods spokesman of the general agreement on tariffs and trade gatt told a news briefing that the main parties would continue bilateral talks this was in the hope of resolving the row before the next council meeting on april the five year accord signed in july aims to protect the u s market from dumping of low price japanese microchips officially known as semiconductors the e c complained the accord breached gatt trade rules by allowing tokyo to monitor prices allowing it to set minimum prices for japanese chips sold in third countries the nation community also charged the agreement gave u s producers preferential access to the japanese market woods said many nations hong kong canada switzerland singapore sweden malaysia and nigeria had supported the ec complaint during the heated council debate japan s delegate minoru endo and u s ambassador michael samuels replied in the debate that the e c charges were unfounded but they were willing to continue bilateral talks reuter
acq	first southern fsfa to make acquisition first southern federal savings and loan association said it has agreed in principle to acquire horizon financial corp and horizon funding corp from victor federal savings and loan association of muskogee okla for undisclosed terms the company said the purchase is subject to approval of the boards of first southern and victor and regulatory agencies horizon financial services mortgage loans and horizon funding is a wholesale loan purchasing operation horizon services billion dlrs in mortgage loans reuter
earn	danaher corp dhr th qtr net shr cts vs cts net vs rev mln vs mln year shr dlrs vs dlrs net vs rev mln vs mln reuter
acq	firm agrees to merge with lotoquik int l chatsworth enterprises inc a publicly held shell corporation said it signed a letter of intent to merger with lotoquik international ltd a nassau bahamas based maker of video lottery machines under terms of the merger agreement chatsworth said lotoquik shareholders would own a majority of the surviving company reuter
acq	asbestec to buy contractor receives contract asbestec industries inc said it signed a letter of intent to buy asbestos abatement contractor p w stephens for three mln dlrs in cash stock and notes the transaction is expected to be completed early in the third quarter of its fiscal year ending september asbestec also said it expects to sign march six a dlr contract to remove asbestos from a major apartment complex in washington d c the project is scheduled to begin on march nine reuter
trade	gatt sets up dispute panel on canadian herring the ruling gatt council set up a formal dispute panel to examine a u s complaint that a canadian law prohibiting export of unprocessed herring and salmon was discriminatory david wood official spokesman of the general agreement on tariffs and trade gatt told a news briefing the decision was taken after bilateral consultations failed to resolve the row u s ambassador michael samuels charged during the council debate that canada was trying to preserve domestic jobs by insisting that herring and salmon be processed at home robert white canada s deputy chief of delegation replied the law was in line with gatt rules and was for conservations reasons but he agreed to setting up the dispute panel reuter
cpi	colombian inflation rises pct in february colombia s cost of living index rose pct in february after a pct increase in january and a pct rise in february the government statistics institute said the rise brought year on year inflation to pct compared with pct at end february and pct for the year ending january the government has predicted that inflation this year would be lower than in when it reached pct reuter
earn	talking point general motors gm general motors corp staged an explosive rally on wall street after a share buyback program announced yesterday but analysts said gm s future remains clouded by stiff competition and erosion of market share gm shares rose to in active trading analysts agreed that investors liked the repurchase program but they differed sharply over the carmaker s long term prospects i m very positive on gm said jack kirnan of kidder peabody and co they re clearly committed to enhancing shareholder value however some analysts worry about how gm will pay for the buyback and whether new models will enable the carmaker to recapture lost market share after the market had closed yesterday gm said it would buy back pct of its common stock by the end of the announcement sent investors today scrambling for gm shares with more than mln shares changing hands by mid day the buyback plan caused several analysts bullish on the stock to reiterate buy recommendations this morning and at least one increased his earnings estimates for gm based on a good performance expected from new car models but david healy of drexel burnham lambert inc said the repurchase program is not a positive the buyback doesn t really change the earnings outlook and puts more stress on the balance sheet he said since gm will have to borrow money to pay for the stock purchases the stock should settle back down to around he added healy projects gm will earn five dlrs a share in and dlrs in compared to earnings of dlrs healy s numbers are near the low end of wall street estimates which range from five dlrs to dlrs in and from four dlrs to dlrs in like other analysts healy sees gm s share of the domestic car and truck market falling in on balance gm cars are not selling as well as their competitors he said in late february gm car sales fell pct from the year ago period while competitors ford motor co f and chrysler corp c both posted increases but gm said february sales showed improvement over january adding that it expects improvement in coming months overall gm s share of u s car and truck sales should fall to around or pct in from pct at the end of analysts said the numbers include imports kidder peabody s kirnan said cost reductions and product improvements this year should lead to positive cash flow by the fourth quarter which will help gm finance the buyback gm stock has been a real laggard and now it s rolling up its sleeves and getting serious i think there s a major earnings surprise in the winds he said kirnan raised his earnings estimates slightly today in part in reaction to the announced buyback and sees gm earning dlrs this year and dlrs in the company is more concerned than ever about improving their relative valuation with respect to ford and chrysler he said another positive for the stock is gm s dividend currently five dlrs a share annually which gives it a higher yield than its competitors kirnan said and gm will raise the cash dividend to cts a share next year he predicted but analyst michael lucky of shearson lehman brothers inc said u s car sales will weaken and gm s new products if successful will only slow but not halt the erosion of its market share i believe their new cars will be successful but that will only curtail losses in market share which will fall to around pct by lucky said philip fricke of goldman sachs and co falls in the middle of the bulls and bears while he is recommending gm stock he said results will not improve until i m not looking for improvement this year this is a transition year for gm he said fricke who estimates earnings at dlrs and at dlrs said cost cutting and new car models will not affect results but the key thing isn t so much what they earn this year it s the momentum beyond this year that s important reuter
acq	partnership cuts stake in erc international erc parsow partnership ltd a nevada investment partnership said it lowered its stake in erc international inc to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission parsow said it sold erc common shares between jan and march at prices ranging from to dlrs each the partnership said its dealings in erc stock are for investment purposes and it has no intention of seeking control of the company reuter
crude	iranian oil minister due in algeria on friday iranian oil minister gholamreza aqazadeh is expected here on friday for talks with his algerian counterpart belkacem nabi the official algerian news agency aps said today aqazadeh who will be accompanied by a large delegation will have talks on bilateral relations in the field of energy and exchange views with algerian officials on the current world energy situation it said reuter
earn	goldome fsb year net net mln vs mln note company is mutual savings bank reuter
earn	bear automotive service bear th qtr oper net oper shr cts vs cts oper net vs sales mln vs mln avg shrs vs year oper shr cts vs cts oper net vs sales mln vs mln avg shrs vs note full company name is bear automotive service equipment co oper shr excludes extraordinary profit from utilization of tax loss carryforward of dlrs or four cts a share and mln dlrs or cts a share respectively in qtr and year and of dlrs or nine cts a share and mln dlrs or cts a share respectively in qtr and year year oper net excludes loss from cumulative effect of change in accounting principle of dlrs or one ct a share reuter
crude	u k oil industry said not permanently damaged the u k offshore oil industry has suffered from last year s collapse in oil prices but should not sustain any permament damage minister of state for energy alick buchanan smith said the drilling diving and supply vessels sectors had been most affected buchanan snith told the house of commons energy committee he noted however that oil companies were still spending six mln stg a day to maintain north sea production he added that a report by the manpower services committee which said jobs were lost in the industry in should be seen in the context of a total workforce of prices of north sea brent grade crude dipped to a low of dlrs a barrel last july from a peak of over dlrs the previous november they recovered to around dlrs a barrel after last december s opec meeting and brent traded today around dlrs buchanan smith said the u k has no intention of adopting opec style quotas noting that britian is an oil consuming as well as an oil producing nation reuter
acq	chase manhattan studying italian expansion chase manhattan bank n a is considering expanding its operations in italy particularly in the consumer banking sector a chase manhattan official said robert d hunter chase manhattan area executive for europe africa and the middle east said at a news conference that plans to broaden the bank s activities on the italian market have not been finalised however asked if chase manhattan would consider an acquisition in italy hunter said we will look at any opportunity but the prices of italian banks have been quite high chase manhattan has branches in milan and rome reuter
acq	hrs ihirf reducing stake in hal roach hrsi international h r s industries inc said it would reduce its stake in hal roach studios inc to pct from pct in return for mln u s dlrs from qintex inc s qintex america media ltd unit h r s said that under the deal s first stage closng march it would sell qintex hal roach shares at seven u s dlrs a share each for a total of mln dlrs and roach will repay h r s mln u s dlrs of advances qintex will also complete the mln u s dlr buy of mln roach treasury shares at seven dlrs each and provide roach with mln u s dlrs of financing for expansion h r s said h r s said that the agreement also provided for a second stage over one year in which it had a put option exercisable one year from closing to sell qintex all or part of its two mln roach shares for u s dlrs a share it said qintex had a day call option exerciseable nine months from closing to buy from h r s all or part of one mln roach shares at the greater of dlrs each or the average roach share price for three months before exercise date qintex will also acquire another mln roach treasury shares at seven dlrs a share months after closng for another mln dlrs h r s said reuter
earn	total still expects billion franc loss french oil group total cie francaise des petroles tpn pa is still expecting a billion franc consolidated net loss including minority interests for after taking account of stock losses of billion francs the company said in a communique after a board meeting here in late january group president francois xavier ortoli told journalists that the slump in oil prices and the weak dollar had caused the stock depreciation turning a consolidated net profit before losses on stocks of six billion francs into a consolidated net loss of billion francs earlier today armand guilbaud president of total s refining and distribution subsidiary cie de raffinage distribution crd total france raff pa told journalists that had marked a return to profit for the subsidiary before stock depreciation crd made a net profit before stock depreciation and currency factors of billion francs last year after a billion loss in but its net loss last year taking account of that depreciation as well as currency fluctuations was billion francs after a billion loss in in crd s sales fell pct to mln tonnes from mln due to the growth in imports by independent distributors following a relaxation of regulations guilbaud said the subsidiary is expecting to cut its workforce to this year and in from last year under a job reduction scheme which will eventually save the group mln francs he said concerning business in he said that january was a good month but the situation deteriorated in february reuter
earn	steego corp stg rd qtr jan loss oper shr loss cts vs loss cts oper net loss vs loss sales mln vs mln nine mths oper shr loss nine cts vs loss two cts oper net loss vs loss sales mln vs mln note current nine mths net includes dlr pretax gain on sale of property prior year net both periods includes pretax gain dlrs on pension plan termination current quarter net includes dlr tax credit prior year net includes losses from discontinued operations of dlrs in quarter and dlrs in nine mths results restated for discontinued operations reuter
earn	e systems inc esy sets quarterly qtly div cts vs cts prior pay april one record march reuter
crude	texas oil regulator calls for state tax breaks texas railroad commissioner james nugent saying that the ailing oilpatch cannot wait for congress to act today urged texas state lawmakers to adopt incentives to find new oil reserves and to exempt severance taxes on oil produced from stripper wells nugent said in a speech to the texas house of representatives that the state must take the initiative in molding u s energy policy and finding new ways to assist troubled oil producers his proposal to revitalize texas oil industry would exempt stripper wells that produce barrels of oil or less each day from the state s pct severance tax he said that the majority of texas oil wells fall within the stripper well category and a price swing of two to three dlrs a barrel can be crucial in determining if the well remains in production nugent also called for state lawmakers to exempt new wildcat wells from the state severance tax for up to five years as a financial incentive to explore for new oil reserves secondary and tertiary oil production expensive methods of production that inject water or gas into the ground to recover oil should also be exempted from the severance tax nugent said his plan would exempt existing secondary and tertiary wells that produce at a rate of less than three barrels a day for three years or until the price of oil reaches a barrel we ve been sitting back and waiting on two federal administrations to develop a coherent energy policy for the nation to follow i say we have waited long enough nugent said in other words let s tell washington to either lead follow or get out of the way nugent said that the financial losses to the state treasury by exempting marginal oil production from state severance taxes would be more than made up by stimulating new business for the oil supply and service industry reuter
earn	unicorp american corp uac sets quarterly qtly div cts vs cts prior pay march record march reuter
coffee	colombia blasts u s for coffee talks failure colombian finance minister cesar gaviria blamed an inflexible u s position for the failure of last week s international coffee organisation ico talks on export quotas we understand that the u s position was more inflexible than the one of brazil where current economic and political factors make it difficult to adopt certain positions gaviria told reuters in an interview the u s and brazil have each laid the blame on the other for the breakdown in the negotiations to re introduce export quotas after being extended through the weekend in london gaviria stressed that colombia tried to ensure a successful outcome of the london talks but he deplored that intransigent attitudes both from producing and consuming nations made it impossible in a conversation later with local journalists gaviria said the u s attitude would have serious economic and political consequences not necessarily for a country like colombia but certainly for other latin american nations and for some african countries he told reuters that colombia because of the relatively high level of its coffee stocks would probably suffer less according to gaviria colombia can hope to earn about mln dlrs this calendar year from coffee exports which traditionally account for pct of the country s total export revenue that estimate would represent a drop in revenues of mln dlrs from colombia which held stockpiles of mln bags at the start of the current coffee year exported a record mln bags in the coffee year ending last september reuter
earn	liberty financial group lfg regular dividend qtly div cts vs cts in prior qtr payable march record february reuter
earn	pactel pac sees earnings growth pacific telesis group chairman donald guinn told a meeting of security analysts that the company sees continued earnings growth in above the billion dlrs or dlrs per share earned in guinn also said that capital spending stood at about billion dlrs in and the company expected the figure to remain flat each year through he noted that all captial spending will be internally financed guinn also told analysts that the company faced some regulatory uncertainties in ongoing rate cases at its pacific bell operating company in rates hearings before the california public utility commission guinn said the company faced a potential mln dlr revenue reduction and due to ongoing discussions with the commission he said the figure might even be greater the company also faces some opposition to a mln dlr rate hike requested for guinn said the commission found mln dlrs of the hike was based on questionable calculations and assumptions while mln dlrs might represented unneeded modernization costs guinn also said that the company is still studying whether to join an international consortium that plans to lay a transpacific telephone cable between the u s and japan we have not agreed to anything guinn said but added he would soon recieve a feasibility study on the venture and the company would make a decision soon on participating asked by an analyst about the recent recommendation by the u s department of justice which would allow the bell operating companies to offer limited long distance services guinn said the company would likely shy away from that type of expansion long distance services is a very competitive business it s a commodity business and becoming more so he said i m not so sure we would be interested in getting back into that business however guinn generally applauded the u s recommendations saying they would give more latitude for the bell operating companies to expand into non regulated businesses and provide more flexibility to form strategic alliances with other companies he added that while the company welcomes the expansion into new areas it is not currently involved in any acqusition talks we do not have anything actively under consideration he said reuter
acq	trans world airlines makes dlr share cash merger proposal for usair
earn	unicorp american corp uac th qtr net shr cts vs cts net vs revs mln vs mln year shr cts vs dlrs net mln vs mln revs mln vs mln avg shrs mln vs mlnm note year net includes gain mln dlrs from sale of eight real estate properties reuter
ship	kenya signs pact to establish own shipping line kenya has signed an agreement with british and german interests to establish a shipping line that will handle pct of the country s external trade sources close to the deal said the state owned kenya ports authority kpa signed an agreement with the hamburg based shipping line unimar seetransport to establish the kenya national shipping line with an initial capital of mln shillings sources said kpa will hold pct of the shares in the new company the line will initially charter vessels to operate services between mombasa and the main ports of industrial europe but may eventually build or buy its own ships the sources said it would aim to carry a large part of kenya s coffee and tea exports and oil and fertiliser imports reuter
earn	shaw s supermarkets inc shaw year jan shr dlrs vs dlrs semi annual div six cts vs six cts prior payment net mln vs mln sales billion vs mln note dividend is payable april one to holders of record march nine reuter
acq	dynamics corp dya in settlement with cts cts dynamics corp of america said it has reached an agreement with cts corp resolving all differences between the two companies it said as a result of the settlement cts s special board committee has stopped soliciting orders to purchase some or all of cts dynamics which now owns pct of cts outstanding stock said it agreed to limit its shareholdings to not more than pct of the outstanding shares for a year following the company s annual meeting dynamics said the cts board will recommend cts shareholders vote at the annual meeting in favor of the company paying dynamics dlrs as a reimbursement for its cts releated costs and granting dynamics an option to buy enough cts common at dlrs a share to give it ownership of pct of the outstanding stock dynamics said the price of stock under the option exercisable for one year is based on the average closing price for the stock for the five days ending march two dynamics said cts chairman george f sommer will assume the additional title of president former president robert d hostetler is resigning as a director as is chief financial officer gary b erekson ted ross and donald j kacek dynamics said the cts board will be reduced to seven members for eight with the remaining four members of the current board and three representatives of dynamics as new directors reuter
grain	renewal of u s ussr grain pact said uncertain prospects for renewal of the five year u s ussr grains agreement are uncertain at this point a soviet trade official told reuters the current trade imbalance between the united states and the soviet union high u s commodity prices and increased world grain production make a renewal of the supply agreement next year less certain albert melnikov deputy trade representative of the soviet union said in an interview the current agreement expires on sept melnikov said that world grain markets are different than when the first agreement was signed in statements from both u s and soviet officials have indicate that a long term grains agreement might not be as attractive for both sides as it once was we have had one agreement we have had a second agreement but with the second agreement we ve had difficulties with prices melnikov said i cannot give you any forecasts in response to the future about the agreement i do not want to speculate on what will happen after sept he said melnikov noted that he has seen no indications from soviet government officials that they would be pushing for a renewal of the agreement the situation is different in comparison to three five or ten years ago we can produce more he said reuter
earn	danaher dhr expects earnings increase in danaher corp said it expects higher earnings in versus we expect significant increases in earnings and revenues in steven rales danaher chairman and chief executive officer said earlier the company reported net earnings of mln dlrs or dlrs a share versus mln dlrs or dlrs a share in it also reported fourth quarter net of mln dlrs or cts a share up from mln dlrs or cts a share in the previous year s fourth quarter reuter
earn	danaher corp dhr th qtr net shr cts vs cts net vs rev mln vs mln year shr dlrs vs dlrs net vs rev mln vs mln note fourth qtr net includes extraordinary gain of mln dlrs or cts per share versus mln dlrs or cts a share in s fourth qtr and an extraordinary charge of dlrs or six cts a share net includes extraordinary gain of mln dlrs or cts a share versus mln dlrs or cts a share in reuter
acq	twa twa makes merger offer for usair u trans world airlines said it has proposed a cash merger of usair group with twa in which the holders of usair common would receive dlrs in cash in exchange for their stock twa said the offer was made in a letter to edmin colodny chairman and president of usair twa said however that if the negotiated deal is not acceptable it may make an offer directly to usair s shareholders for up to pct of usair s outstanding stock to be purchased in a voting trust at a price lower than today s offer twa said it is filing an application with the department of transportation seeking approval of the merger as well as an application for approval on an expedited basis of its purchase of up to pct of usair common and the deposit of the stock in a voting trust pending dot approval twa said that in respect to usair s recent offer for piedmont aviation pie it believes that usair s shareholders would prefer a cash merger proposal for usair over its proposed acquisition of piedmont twa said however it also would be interested in discussing a three way deal among usair piedmont and twa twa said the merger is subject to the usair board redeeming the preferred stock purchase rights the poison pill issued to shareholders last year and taking action so that the vote of a majority of the outstanding common stock is required to approve its proposed move additionally twa said it would need a satisfactory due diligence review of usair twa said it has not yet had an opportunity to obtain the necessary financing for the deal but added it is confident that it will get it reuter
acq	cts cts and dynamics dya reach accord cts corp and dynamics corp of america reached an agreement resolving all outstanding differences between them according to a joint statment as a result of the settlement a special committee of the board of directors of cts stopped soliciting offers to buy all or part of the company it said cts and dca also agreed to dismiss all pending litigation between the two companies except for one appeal pending before the u s supreme court relating to the indiana control share chapter it said under the agreement the cts board will immediately be reduced to seven from eight with four current directors and three representatives of dca being elected to the board it said this board will be presented as the slate for cts annual shareholders meeting it added cts directors will recommend to shareholders that they approve reimbursement to dca of about mln dlrs in expenses relating to cts and grant dca an option to buy up to pct of cts shares it said in addition dca said it agreed to limit its ownership in cts for the year following the annual meeting to not more than pct of the outstanding stock dca currently holds pct of the outstanding shares of cts both companies said they support the agreement and believe it to be fair to both sides reuter
acq	measurex mx sells south african unit measurex corp said it completed the sale of its measurex south africa pty subsidiary to a group of employees who manage the operation measurex a maker of computer integrated manufacturing systems said the subsidiary represented less than one pct of worldwide revenues and the sale will have no impact on this year s earnings reuter
acq	jefferies making market in usair u jefferies and co said it is making a market in the stock of usair group inc at to usair received an offer from trans world airlines to buy the airline at dlrs cash per share usair was halted on the new york stock excahnge for dissemination of the news it was indicated at to reuter
earn	trans lux tlx sets five pct stock dividend trans lux corp said its board declared a five pct stock dividend payable april nine to holders of record march the company said directors also declared regular quarterly dividends on presently outstanding shares of both classes of common payable april nine to holders of record march it said an unchanged dividend of two cts will be paid on the common and cts on the class b stock reuter
earn	kaneb energy partners ltd kep th qtr loss shr loss one cent net loss revs mln mths shr loss dlrs net loss mln revs mln note in february kaneb services inc contributed all of its domestic oil and gas operations to kaneb partners which was newly formed and exchanged approximately depositary units respresenting limited partnership interests in kep for approximately million shares of the outstanding common stock of kaneb servies inc kaneb now owns approximately pct of kep during the mths of operation the partnership wrote down the carrying value of its oil and gas properties by mln dlrs the write downs reduced income by dlrs per limited partnership unit reuter
earn	dalton communications inc dalt rd qtr jan shr profit three cts vs loss two cts net profit vs loss revs mln vs mln nine months shr profit five cts vs profit six cts net profit vs profit revs mln vs mln reuter
earn	correction shaw s supermarkets earnings in item headlined shaw s supermarkets inc shaw year jan please read per share earnings drs vs dlrs correcting order of results reuter
earn	wtd industries inc wtdi rd qtr jan net shr profit cts vs loss one ct net profit vs loss sales mln vs mln avg shrs vs nine mths shr profit cts vs profit cts net profit vs profit sales mln vs mln avg shrs vs reuter
acq	healthvest hvt sells shares healthvest a maryland real estate investment trust said it began selling five mln shares of common stock at dlrs a share the company said it is also selling shares to healthcare international inc hii giving the company a pct stake in healthvest reuter
orange	cacex denies brazil fcoj price rise rumours there has been no rise in the price of frozen concentrated orange juice fcoj a spokesman for the banco do brasil s foreign trade department cacex said he was responding to rumours in the international market that brazil had raised its fcoj prices in range of to dlrs per tonne reuter
earn	e systems esy sets qtrly payout qtrly div cts vs cts prior pay april record march reuter
earn	piedmont management co inc pman th qtr shr cts vs dlrs net mln vs mln year shr dlrs vs dlrs net mln vs mln note year th qtr include capital gains of mln dlrs and mln dlrs respectively and extraordinary gain of mln dlrs and mln dlrs respectively year and th qtr include capital gains of mln dlrs and mln dlrs respectively and extraordinary gain of mln dlrs reuter
earn	eastpark realty trust ert th qtr net shr dlrs vs cts net vs rev vs year shr dlrs vs dlrs net vs rev mln vs mln note fourth qtr and had gains on real estate investments of dlrs or a share and dlrs or a share respectively this compares with a loss of dlrs or cts a share and again of mln dlrs or a share for the fourth qtr and year respectively in reuter
earn	nl industries inc nl sets qtrly payout qtrly div five cts vs five cts qtr pay april one record march reuter
earn	wtd industries inc wtdi rd qtr jan net shr profit cts vs loss one ct net profit vs loss revs mln vs mln avg shrs vs nine mths shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs vs note company went public in october reuter
earn	alaska air group inc alk qtly dividend shr four cts vs four cts prior qtr pay may five record april reuter
acq	usair u has no comment on twa twa offer usair group inc said it had no comment on an offer it received from trans world airlines to buy usair for dlrs cash per share usair spokesman david shipley also declined comment on piedmont aviation inc pie usair has offered dlrs cash per share for half of piedmont s stock and dlrs in its own stock for the balance piedmont also received an offer from norfolk southern corp nsc of dlrs cash per share piedmont s board was meeting today but the company declined to say what was on the agenda a spokesman said he could not comment on the twa action a norfolk southern corp nsc spokesman said the company had no comment on twa s offer for usair or on its proposal to negotiate a three way merger between twa usair and piedmont we don t have all the details a norfolk southern spokesman said the company s dlr a share cash offer for piedmont stands he said in its offer twa said as an alternative to a merger with usair it would be interested in discussing a three way combination among usair piedmont and twa it said the three way merger would serve the best interests of the shareholders of all three companies employees and consumers reuter
reserves	south african foreign reserves up sharply in feb south africa s total gold and foreign assets rose by mln rand in february to billion rand after rising by almost one billion rand in january reserve bank governor gerhard de kock said de kock interviewed on state run television gave no breakdown of the reserves he also said that to curb inflation salary increases would have to be below the inflation rate the state must set an example by keeping wage increases below the inflation rate he said consumer prices rose by pct in the year to january reuter
earn	leaseway transportation corp ltc qtly div qtly div cts vs cts prior pay april eight record march reuter
sugar	peru sugar harvest seen lower usda sugar production in peru for the season has been revised to tonnes raw value down pct from the previous forecast and pct below the harvest the u s agriculture department said in its world production and trade report it said while rains in the northern mountain region are improving the supply of irrigation water the major benefits will not occur until the season reuter
acq	itel itel gets financing for anixter buy itel corp said it obtained commitments from a syndicate of banks for a six year secured loan of about mln dlrs and had separately filed registration statements for two public offerings for a total of mln dlrs to fund its december acquisition of anixter bros inc it said one of the offerings will be a new mln dlrs issue of convertible exchangeable series c preferred and the other will be a mln dlr issue of seven year senior subordinated notes both offerings will be through merrill lynch capital markets it said a portion of the proceeds from the offerings together with the proceeds form the new bank loan wll be used to repay the mln dlr bridge loan merrill lynch and co inc mer provided for itel to buy anixter itel said the banks it obtained commitments from include manufacturers hanover trust co mhc chemical bank of new york and the first national bank of chicago reuter
acq	great american gta gains over mln in loans great american first savings bank said the bank recorded gains exceeding mln dlrs on sales of loans and mortgage securities valued at billion dlrs the san diego based bank said in a prepared release of its report to analysts here that the gains included mln dlrs in arbitrage profits from the premium paid for the separation of interest and principal components of new federal national mortgage association strip securities the bank said it reported a profit of more than mln dlrs on the transaction involving mln dlrs of fnma securities including the arbitrage gain great american recently announced plans to acquire capital savings bank olympia wash and last year acquired home federal savings and loan association tucson ariz and los angeles federal savings bank which resulted in new offices and three billion dlrs in assets the bank also said it plans to expand into other major western banking markets and is considering an acquisition in colorado reuter
acq	tandy brands tab sells unit tandy brands inc said it sold its grate home and fireplace division to an investor group that includes some members of grate s management for dlrs in cash and secured notes the company said the sale will not materially offset the dlr non recurring charge it took against the sale of the division reuter
earn	browing ferris bfi declares for split browning ferris industires inc said its board declared a two for one stock split payable april to holders of record march reuter
earn	pennwalt corp psm qtly dividend qtly div cts vs cts prior payable may one record april three reuter
acq	banner industries inc bnr completes purchase banner industries inc said it completed the purchase of all rexnord inc rex common shares for its dlrs per share cash tender offer that ended feb the purchase follows banner receiving earlier today mln dlrs under a credit agreement with citicorp industries credit inc and the bank of nova scotia and an additional mln dlrs from offerings made for banner and its subsidiary through drexel burnham and lambert as a result of the tender offer banner said it will own approximately pct of the outstanding shares of rexnord the company said a merger of rexnord and a subsidiary of banner will be completed before mid may reuter
crude	murphy raises crude oil posted prices one dlr bbl wti to dlrs today
acq	phoenix steel receives offer for claymont mill phoenix steel corp said a group of investors offered to buy its clayton steel plate mill for eight mln dlrs and the assumption of a bond obligation phoenix did not disclose the indentity of the investors phoenix was forced to close the clayton mill last month the company said the offer represents a major step in restructuring the company reuter
earn	keane inc kean th qtr shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mn vs mln note shares adjusted to reflect the distribution of one share of class b common stock for every two shares of common stock held of record as of july reuter
acq	viacom via merger expected in to days sumner redstone president of national amusements inc predicted he can win regulatory approvals to wrap up the billion dlr acquisition of viacom international inc in to days redstone catapulted himself into the big leagues of entertainment early today when a group of viacom managers and their financial backers decided not to top national s bid we ve had counsel working for some time in every region where viacom has cable televison systems redstone told reuters in a telephone interview redstone also said viacom is committed to working very closely with us to obtain approvals viacom has been seeking approvals for transfer of its broadcast licenses and cable systems since september when its management group first advanced a buyout plan but redstone turned the situation into a spirited bidding contest which was capped by the announcement this morning that viacom s independent directors on behalf of viacom entered into a defintive merger agreement with national national is a family business which operates a chain of movie theaters it is dwarfed by viacom redstone said he was weary after talks dragged on through the night but also excited at the prospect of running a leading electronic media company he noted that the number of motion picture admissions in the u s has shown no growth in years of nine satellite television channels operated by viacom four are motion picture oriented pay channels redstone said exclusive contracts with pay television networks are the emerging trend up until recently you could see any motion picture on any pay channel redstone said he noted viacom has exclusive agreements with two studios and plans to sign a deal with a third company next month redstone said the management group s investment bankers will be paid what is due for termination of its merger agreement such fees could total about mln dlrs that will be a company expense redstone said he said bankamerica bac corp has had numerous inquiries from lenders who want to participate in a billion dlr financing for the deal bankamerica will provide mln dlrs after the merger viacom will be a subsidiary of national but pct of the company will be in public hands reuter
trade	british aide criticizes u s protectionism a senior british official said that protectionist bills being considered by congress could trigger retaliation by the european community eec and threaten the global trading system paul channon secretary for trade and industry said if congress passed legislation to curb textile imports which would hit ec shipments as well as shipments from major asian textile producers the community would have to retaliate his comments echoed those made yesterday by belgian trade minister herman de croo who said if the bill passed the community would retaliate by imposing taxes on u s exports channon made his remarks at a news conference after two days of talks with reagan administration officials and members of congress de croo was also in washington for trade talks channon said there was a greater protectionism sentiment in congress since his visit here last year as congress and the administration tried to find ways to reduce the u s trade deficit which last year hit a record billion dlrs channon also called for greater ec u s cooperation to force japan to open its markets to foreign goods channon said japan s trade surplus is causing everyone problems its surplus with the united states last year was billion dlrs and with ec nations billion dlrs the more united pressure there could be the better he said channon also called for increased u s ec cooperation to avoid trade disputes he said the two sides narrowly avoided a confrontation earlier this year over lost grains sales when spain and portugal joined the community and its liberal imports regulations were tightened to conform to ec standards but if both sides drew back from the brink that time he said it does not mean that they would do so on another occasion channon added that there is increasing reesentment in europe over the u s tactic of negotiating under the pressure of unilaterally imposed deadlines he said other potential conflicts are already in sight alleged european government subsidies of airbus aircraft and taxes on fats and oils and the commuity and the united states must therefore learn to manage their relations better he said another bill to let the united states retaliate against a nation if that nation s market was not open to u s goods would bypass the trade pact gatt general agreeeement on tariffs and trade as an arbiter of trade practices he said foreign trade law should be judged by gatt and not by the united states adding if the trade law is to be interpreted by the united states and not by the gatt what is to happen to the rest of us reuter
earn	nl industries inc nl set regular payout qtly div five cts vs five cts prior pay march record march reuter
sugar	china sugar output seen lower usda china s sugar crop has been revised to mln tonnes raw value down four pct from the previous forecast and five pct below the previous season the u s agriculture department said in its world production and trade report the department attributed the decline to relatively poor profitability of sugar causing harvested area of cane and beets to decline seven pct from beet sugar production for is now estimated at tonnes five pct less than earlier forecast and down five pct from the previous season while cane output is projected at mln tonnes down four pct from previously forecast and five pct below the previous season it said reuter
earn	general host gh sees year loss general host corp said it will report a loss from continuing operations and a sharp decline in net income for the year ended january due to substantial operating losses in its frank s nursery and crafts unit for the year ended january general reported net income of mln dlrs the company said it discovered problems in its unit s computerized accounts payable system it said results of its other nursery and craft unit flower time inc are not affected it said its accountants are investigating the problem which will delay release of its full year results reuter
earn	medtronic inc mdt sets payout qtly dividend cts vs cts pay april record april reuter
earn	louisville gas and electric co lou dividend qtly dividend cts vs cts pay april record march reuter
alum	kaiser aluminum klu raises product prices kaiser aluminum and chemical corp said it is increasing prices for a broad range of common alloy coil flat sheet and plate products the company said prices to distributors and direct customers on shipments of new orders placed march and after will be increased by four to eight cts per lb kaiser said the increases are due to increased demand and the need to set prices relative to the cost of primary aluminum reuter
acq	robertson ups capital wire cwcc stake to pct new york investor julian robertson and several investment partnerships he controls said they raised their stake in capital wire and cable corp to shares or pct of the total from or pct in a filing with the securities and exchange commission robertson and his tiger jaguar puma and tiger management co entities said they bought capital wire common shares between feb and at dlrs a share robertson said his group has spent a total of mln dlrs on its investment in the company so far reuter
acq	twa twa tangles piedmont pie situation trans world airlines inc complicated the bidding for piedmont aviation inc by offering either to buy piedmont suitor usair group or alternatively to merge with piedmont and usair piedmont s board was meeting today and wall street speculated the board was discussing opposing bids from norfolk southern corp and usair the twa offer was announced shortly after the piedmont board meeting was scheduled to begin twa offered to buy usair for dlrs cash per share it also said it was the largest shareholder of usair and threatened to go directly to usair shareholders with an offer for pct of the stock at a lower price twa also said it believed its offer was a better deal for usair shareholders than an acquisition of piedmont but it said it alternatively would discuss a three way combination of the airlines market sources and analysts speculated that twa chairman carl icahn made the offer in order to put his own airline into the takeover arena we re just wondering if he s not just trying to get twa into play there s speculation on the street he just wants to move onto somthing else said one arbitrager we think twa might just be putting up a trial balloon analysts said the offer must be taken seriously by usair but that the airline will probably reject it because the price is relatively low compared to other airline deals they also said icahn must prove his offer credible by revealing financing arrangements they need to show their commitment and their ability to finance i think it s a credible offer said timothy pettee a bear stearns analyst i think it s certainly on the low end of relative values of airline deals said pettee pettee estimated dlrs would be in a more reasonable range based on other airline mergers usair stock soared after twa made public its offer a spokesman for usair declined comment and said usair had not changed its offer for piedmont usair offered of buy pct of that airline s stock for dlrs cash per share and the balance for dlrs per share in usair stock usair closed up at on volume of mln shares piedmont which slipped to close at also remained silent on the twa action piedmont has an outstanding dlr cash per share offer from norfolk southern corp norfolk southern declined comment but said it stuck with its offer for piedmont norfolk owns about pct of piedmont and opened the bidding when it said it would propose a takeover of piedmont some analysts said icahn may be trying to acquire usair to make his own airline a more attractive takeover target icahn i think had wanted to sell his airline and there were no takers i think the strategy might have called for making his investment more attractive one way to accomplish that specific objective is to go out and acquire other airlines said andrew kim of eberstadt fleming i don t know whose going to buy them but at least this way it becomes a much more viable package said kim but icahn s financing ability for such a transaction remains in doubt in part because of twa s heavy debt load wall street sources said twa has some cash with which to do the offer the sources said icahn has not lined up outside financial advisers and plans to make his own arrangements icahn earlier this year abandoned plans to buy usx corp x and still retains pct of that company s stock some wall street sources said the financier s usx plan was impacted by the cloud hanging over his adviser drexel burnham lambert inc because of wall street s insider trading scandal industry sources also predicted usair might reject the twa offer on price and financing concerns it s littered with contingencies and it doesn t even have a financing arrangement said one executive at another major airline but the executive conceded a merged twa usair would be a strong contender with usair s east coast route system and planned west coast presence from psa usair could feed the intenrational flights of twa which has a midwest presence in its st louis hub adding piedmont dominant in the southeast to the mix would develop an even stronger force the combined entity would also have twa s pars reservation system such a merger would be complex and analysts said it would result in an airline iwth an pct market share reuter
earn	forest oil corp foil th qtr shr loss cts vs profit eight cts net loss mln vs profit year shr loss dlrs vs profit cts net loss mln vs profit mln reuter
trade	yeutter plans trade trip to china this summer u s trade representative clayton yeutter said he plans a july trip to china to discuss trade issues including china s admission to the general agreements on tariffs and trade yeutter told a congressional hearing it was possible china could be a member of gatt before the end of the year they are making major moves to becoming a full scale member of the world economy he told the house appropriations subcommittee which oversees his agency s budget depending on how the negotiations go on the terms of china s gatt membership yeutter said he could put the final touches on the u s part of the agreement during his trip the admission of china to gatt which is the multinational group of nations which negotiates international rules on trade would offer both potential export markets and potential competition for u s industries he said that has a lot of potential as well as risks for u s business yeutter said i think china will develop into a fine market for us he added reuter
coffee	rio coffee trade prefers no pact to quota cut the failure of talks to introduce new coffee export quotas within the international coffee agreement ica was preferable to the alternative of brazil having a sharply reduced quota as had been proposed president of the rio de janeiro coffee trade association carlos calmon said he told reuters proposals to reduce brazil s quota to pct of the world share from pct at present were unacceptable as the country has large stocks and a good harvest is expected brazil has the capacity to export mln bags this year calmon added calmon said assuming a mln bag global ica quota brazil s share under the proposals would have been mln bags of which soluble would have accounted for mln leaving just mln bags of green coffee for export it s a pity the talks broke down but for brazil this was better than such a quota reduction he added in brazil exported mln bags of soluble and green coffee including about two mln bags to non members a severe drought and marketing problems cut exports last year to under mln bags calmon estimated stocks as of january at mln bags of which mln have already been sold for export the harvest this year should be around mln bags he added the latest brazilian coffee institute estimate for last year s harvest is mln bags although many traders believe it was higher than this reuter
grain	u s cabinet council set to mull farm issues the reagan administration s cabinet level economic policy council is scheduled to meet friday to discuss among other issues the status of agricultural legislation administration officials said the officials said discussion of a u s agriculture department wheat export subsidy to the soviet union was not on the agenda matters not on the agenda however can be brought before the council the officials said grain trade officials have speculated that usda would make a wheat export enhancement offer to moscow but usda officials have said the matter is not under active consideration usda today transmitted to congress a package of legislative proposals including bills that would cut target prices and speed up loan rate reductions reuter
earn	unicorp american corp uac th qtr net shr cts vs cts net vs revs mln vs mln mths shr cts vs dlrs net mln vs mln revs mln vs mln note net is before preferred dividend payments and includes after tax gain from sale of real estate properties of mln dlrs reuter
acq	banner bnr completes rexnord share purchase banner industries inc said it completed the previously announced purchase of rexnord inc rex it said it owns pct of rexnord s outstanding following the purchase of all rexnord s common validly tendered pursuant to its dlr per share cash tender offer ended february banner also said it received mln dlrs pursuant to a credit agreement with citicorp industrial credit inc and the bank of nova scotia and mln dlrs from an offering made through drexel burnham lambert inc the merger of rexnord with a subsidiary of banner will be copmleted before mid may the company said reuter
veg-oil	u s reaffirms opposition to ec oils tax plan a meeting among government agencies today reaffirmed the strong opposition of the united states to a proposed new tax on vegetable oils and fats in the european community u s trade officials said representatives of the major government agencies agreed at a trade policy review group meeting which includes officials of the deputy secretary rank to continue diplomatic pressure on ec member states we all agencies are together on this said one u s trade official one source said the u s would continue to make clear to member states and to the ec commission that if brussels proceeds with the vegetable oils tax there will be a great cost u s officials said no formal list of european products on which the u s might retaliate has yet been drawn up i don t think we re at that point yet said one trade official adding that the ec has only begun deliberations on its farm price package suzanne early assistant trade representative told reuters the interagency meeting was to discuss u s strategy on the vegetable oils issue asked about retaliation she said sometimes its better not to be specific u s trade representative clayton yeutter monday warned another major transatlantic trade row will develop if the ec proceeds with the vegetable oils tax reuter
earn	ccl industries inc th qtr net shr cts vs cts net vs revs mln vs mln year shr cts vs dlrs net mln vs mln revs mln vs mln note shr profit relates to class b non voting shares reuter
earn	g t c transcontinental group ltd st qtr net shr cts vs nine cts net mln vs mln revs mln vs mln avg shrs mln vs mln note period ended january reuter reuter
acq	piedmont aviation recesses meeting without taking action on merger proposals
gnp	canada central bank head sees moderate growth bank of canada governor john crow said he expects the canadian economy will grow moderately in the coming year despite the near flat growth in the final quarter of we see moderate growth crow told a news conference following presentation of the central bank s annual report in the house of commons today he said there were positive signs of growth in the economy particularly the drawdown of business inventories in the fourth quarter yesterday statistics canada reported gross domestic product expanded a slight pct in the quarter crow reiterated the bank s previous statements that inflation remains a major priority in setting monetary policy and said only zero inflation would be acceptable canada s inflation rate is currently hovering around the four pct mark the governor said canada s banking system remains sound despite recent concern about exposure by the country s banks in debt plagued countries such as brazil it the debt problem is not a happy development but i think it can be overplayed in terms of its impact crow told reporters reuter
earn	amvestors financial corp avfc th qtr net oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln year oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln note th qtr and yr oper net excludes dlrs and dlrs or cts per share respectively for realized investment gains qtr and yr oper net also excludes dlrs and dlrs respectively for tax loss carryforwards th qtr and yr oper net excludes realized investment gains of dlrs or cts per share and dlrs or cts per share respectively th qtr oper net also excludes a loss of dlrs for carryforward reuter
acq	piedmont pie takes no action piedmont aviation inc said its board meeting recessed today without taking action on proposals to combine piedmont with other corporations piedmont has received opposing bids from norfolk southern corp and us air corp earlier today trans world airlines inc offered to either buy piedmont suitor us air or alternatively to merge with piedmont and u s air in a prepared statement piedmont said there would be no further announcements concerning this situation today the company declined to say when the board would meet again reuter
trade	yeutter concerned about u s export picture u s trade representative clayton yeutter said he expects imports to fall soon but he was concerned about the lack of improvement in u s exports given the dollar s decline in the last months i m convinced we re about to see an improvement on the import side i m more concerned about the export side he told a house appropriations subcommittee part of the blame goes on other countries which have not generated the economic growth to increase demand for u s goods and part to some u s companies which are not generating competitive exports he said reuter
trade	house trade bill drafting postponed the house ways and means trade subcommittee postponed until next week its opening session to start drafting major changes to u s trade laws a committee aide said the subcommittee had not yet completed the preparatory work to start writing the legislation the aide said reuter
earn	lumonics inc year loss oper shr loss cts vs profit cts oper net loss vs profit revs mln vs mln avg shrs vs note loss excludes extraordinary loss of dlrs or cts shr including corporate reorganization discontinuing of u s operations and inventory writedown of u s subsidiaries vs yr ago loss of dlrs or cts shr reuter
earn	hcc industries hcci quarterly dividend qtly div three cts vs three cts pay march record march reuter
crude	southland slc unit raises crude prices southland corp s citgo petrleum corp said it raised the contract price it will pay for all grades of crude oil by one dlr a barrel effective today the increase brings citgo s posted price for west texas intermediate to dlrs a bbl west texas sour is also now priced at dlrs bbl and light louisiana south is posted at dlrs bbl on february citgo lowered its crude postings cts to dlrs per bbl and cut wti one dlr to reuter
earn	western security bank th qtr net shr profit ten cts vs loss six cts net profit vs loss year shr profit cts vs profit cts net profit vs profit assets mln vs mln deposits mln vs mln loans mln vs mln reuter
coffee	coffee price drop not affecting colombia s debt the sharp fall in international coffee prices will not affect colombia s external credit situation finance minister cesar gaviria told reuters our foreign debt is high but we can pay and i hope the foreign banking community will maintain its position toward us he said he said the current decline on world coffee markets was not totally unexpected and would have no immediate bearing on colombia s financial state which he described as sound gaviria said the decline in coffee prices could mean a loss of billion dlrs in revenues for the conservative party and the country s largest trade union called this week for the debt to be rescheduled following the price drop colombia the only major latin american country not to have rescheduled its external public debt has a total foreign debt of billion dlrs reuter
reserves	south african foreign reserves up sharply south africa s total gold and foreign assets rose by mln rand in february to billion rand after rising by almost one billion rand in january reserve bank governor gerhard de kock said de kock interviewed on state run television gave no breakdown of the reserves he also said that to curb inflation salary increases would have to be below the inflation rate the state must set an example by keeping wage increases below the inflation rate he said consumer prices rose by pct in the year to january reuter
acq	wtc international waf sets south africa trust wtc international n v said it has sold its affiliates in south africa to an independent trust created to continue the operations in that country the purchase price was about mln dlrs represented by a ten year interest bearing note payable annually at pct to be paid by the trust out of proceeds from the south african operations the company said wtc said its board concluded in view of the social political and economic situatin in south africa it was best to separate the company from its interests there reuter
coffee	ivory coast says coffee price fall short lived ivory coast today predicted that the present coffee price crash recorded after the collapse of the recent international coffee organisation ico meeting in london would not last long commenting on monday s failure by producer and consumer nations to agree on new export quotas needed to tighten an oversupplied coffee market ivorian agriculture minister denis bra kanon told reporters that traders would eventually be obliged to restore their positions i am convinced the market is going to reverse by april he told a news conference here at his return from the failed london talks robusta coffee beans for may delivery ended the day in london down about sterling at sterling a tonne the lowest since bra kanon estimated at at least billion cfa francs billion dlrs the overall loss in revenues earned by ivory coast from all its commodities exports this year if the slide on the world markets continues he disclosed that his country the world s biggest cocoa producer and the third largest for coffee would spearhead an african initiative to reach a compromise formula by the end of next month ivory coast has been chosen by the abidjan based inter african coffee organisation iaco to speak on behalf of the continent s producer nations at the london talks an initiative from iaco is likely very soon he said without elaborating following the london collapse we have immediately embarked on a concertation course to avoid breaking an already fragile market he said questioned by journalists the minister said president felix houphouet boigny estimated for the moment that his government would not be forced to reduce the price guaranteed by the state to ivorian coffee growers for the current season last year the west african nation announced that the coffee producer price would stay at cfa francs cents per kilo bra kanon said that his country would strive to diversify its agricultural production to avoid beeing too dependent from world market fluctuation a communique read over the state run television tonight said that during today s weekly cabinet meeting the veteran ivorian leader reaffirmed his faith in ivory coast s bright economic future despite the commodities price slide the agriculture minister also announced the government decided to earmark a sum of billion cfa francs mln dlrs to support the country s small farmers financially strapped ivory coast long regarded as one of africa s showpiece economies is going through difficult times following the sharp slump in the world price of cocoa and coffee ivory coast s real gross domestic product is expected to grow only one pct this year compared to five pct in according to a recent finance ministry estimate reuter
gold	reagan s remarks help gold to recover in hong kong gold rose by about u s cents an ounce following a statement by president ronald reagan that the arms for hostages deal with iran was a mistake dealers said bullion rose to dlrs from an initial low of this compares with the opening of and new york s close of dealers noted mild short covering in the metal after some initial selling by local investors trading was fairly quiet this morning partly owed to the slow u s dollar activities they added however reagan s remarks had only a short lived bullish impact on the gold price which is now stabilising at dlrs dealers said on the local market the metal traded in a narrow range of and h k dlrs a tael against yesterday s close reuter
money-supply	taiwan issues more cds to curb money supply growth the central bank has issued billion dlrs worth of certificates of deposit cds bringing the value of cd issues so far this year to billion a bank spokesman told reuters the new cds with maturities of six months one year and two years carry interest rates ranging from to pct the issues are designed to help curb the growth of the m b money supply which has expanded along with taiwan s foreign exchange reserves the spokesman said the reserves reached a record high of more than billion u s dlrs wednesday reuter
ship	taiwan shipbuilder looks for japanese ventures taiwan s state owned china shipbuilding corp csbc plans to seek joint production agreements with japan and further diversify into ship repairing to try to trim its debts chairman louis lo said he told reuters in an interview that csbc s first joint production venture to build two hulls for onomichi dockyard co ltd was a success talks on similar projects have been held with other japanese firms including mitsubishi heavy industries co ltd mith t and ishikawajima harima heavy industries co ltd jima t he said lo said csbc delivered the hulls of two teu twenty foot equivalent unit container ships this year to onomichi which would complete production we expect the successful cooperation between us and onomichi will pave the way for further cooperation with other japanese shipbuilders in the future lo said he said japanese firms would gain from the lower cost of shipbuilding in taiwan while csbc would benefit from japanese technology and marketing this would pose a challenge to competitors in europe and south korea lo said csbc has made losses of about mln u s dlrs since beginning operations in its total debt now stands at about mln dlrs with annual interest payments of nearly three mln dlrs but he said the company which is taiwan s largest shipbuilder still has full government support and had begun diversifying into ship repairing and manufacture of pipes and other machinery we hope we can survive and prosper through diversification he said lo said income from ship repairing almost doubled to mln u s dlrs in the year ended june compared with the previous financial year he estimated income would rise to more than mln dlrs in csbc has orders to build ships totalling dead weight tons dwt this financial year compared with ships of dwt in he said lo said the prospects for shipbuilding were gloomy at least until due to overtonnage but the outlook for ship repairing was bright reuter
crude	opec sticking firm on official prices subroto opec countries are all sticking firmly to official crude oil prices but the volatility of spot prices is likely to continue into the third quarter indonesian minister of mines and energy subroto told reuters subroto attending a pacific energy cooperation conference blamed recent rapid spot price changes on unbalanced supply and demand if we stick to the production limitation the third quarter will be in better balance he said the market is in a period of transition while the impact of opec s december agreement to cut output and fix prices at an average dlrs a barrel is worked through asked whether opec members of the gulf cooperation council gcc had any concrete proposals to help qatar sell its crude oil in the face of strong resistance to its official prices subroto said apparently they have taken care of that they the gcc meet very often among themselves i think they ll help each other he said subroto said that as he was not a member of opec s price differentials committee he did not know why the meeting had been postponed from its scheduled april date maybe they find it is better not to have the meeting because everyone is sticking to official prices he said reuter
coffee	thai coffee exports rise in thai coffee exports rose to tonnes in from a year earlier the customs department said reuter
money-supply	south korean money supply rises in february south korea s m money supply rose pct to billion won in february from billion in january when it fell a revised pct from december provisional bank of korea figures show the february figure was up pct from a year earlier m money supply rose pct to billion won in february from january when it fell pct from december the february figure marked a year on year rise of pct the bank previously said m fell pct in january reuter
reserves	pakistan s foreign exchange reserves fall pakistan s foreign exchange reserves fell to billion rupees in february from billion in january compared with billion in february the state bank of pakistan said the bank gave no reason for the fall but local bankers said big import bills had affected the reserves the federal bureau of statistics has not yet released last month s import and export figures reuter
earn	hoechst group pre tax profit falls in hoechst ag hfag f said its group pre tax profit in would be slightly lower than the billion marks posted in while parent company pre tax profits rose slightly from the billion in group turnover fell slightly to billion marks from billion in and parent company turnover fell to around billion marks from billion the company said in a statement reuter
gold	bhp to float gold unit with one for three issue the broken hill pty co ltd brkn s bhp said it plans a renounceable one for three issue of rights to float a new company bhp gold mines ltd bhpgm which will hold most of bhp s gold interests in a statement bhp said the cent par rights would be priced at cents for mln of the bhpgm shares on offer bhp will subscribe for the remaining mln shares or pct of issued capital on the same terms bhpgm will pay mln dlrs for bhp s gold interests excluding its stake in papua new guinea s ok tedi mining ltd and those interests held by bhp s utah international inc the bhp statement said the issue will be made to shareholders registered on march it opens april and closes april and is underwritten by j b were and son rights will be traded on australian stock exchanges from march to april and the new shares will be quoted from june bhp said the new company will be one of australia s larger gold producers with annual output exceeding ounces it said there are plans to boost production to ounces by the early s bhpgm s portfolio will include several australian mines pct of telfer pct of ora banda and browns creek and pct of the new boddington development the statement said bhpgm would also hold bhp s pct stake in the coronation hill property in the northern territory and its pct stake in a new venture near gympie queensland bhpgm chairman designate john gough said it was a quality gold stock the diversity and depth of bhp gold s portfolio give the company a sound foundation in current gold production and an exciting potential for growth he said reuter
earn	hk bank expected to post to pct profit rise the hongkong and shanghai banking corp hkbh hk is likely to show a rise in profit of between and pct for reflecting stronger than expected loan growth share analysts polled by reuters said their estimates of the bank s net earnings for last year ranged from to billion h k dlrs results will be announced on tuesday the net profit was billion they forecast a final dividend of cents for a total of cents for the year against cents in adjusted for a one for five bonus issue analysts said they expected the bank to recommend a bonus issue this year probably one for three or one for five the bank s pct subsidiary hang seng bank ltd hsgh hk is to report its results on friday analysts expect hang seng to announce net profit of more than one billion dlrs for the first time an increase of to pct they expect hang seng to pay a final dividend of dlrs for a total of dlrs for the year against in analysts said that while the use of undisclosed inner reserves by banks here makes forecasting very imprecise hongkong bank benefited from the unexpected strength of the hong kong economy in when gross domestic product grew by nearly nine pct against an initial forecast of pct they benefited considerably from the pickup in loan demand as their loan portfolio is well balanced an analyst at mansion house securities f e ltd said government figures show that total loans and advances rose by pct in compared with a pct increase in loans to finance hong kong s visible trade the mainstay of the local economy rose by pct against a decline of five pct in low interest rates also helped the bank interest received on loans was low with the prime rate at pct at end but interest paid on savings was two pct hongkong bank and hang seng bank control half of all deposits in the banking system giving them access to a large base of low cost funds the strength of the real estate market was another major income source for the bank group loans to finance property development and instalment mortgages rose sharply the hongkong bank group is still the leader in mortgage business despite tough competition from the bank of china group and other foreign banks one analyst said the high level of activity on the capital and equities markets in contributed to a sharp improvement in hongkong bank subsidiaries wardley ltd waia hk and james capel and co analysts said wardley had a tremendous year acting as financial adviser and underwriter an analyst said wardley was underwriter for last year s billion dlr flotation of cathay pacific airways ltd of which hongkong bank owned pct at the time the bank s stake has since been cut to pct in return for billion dlrs it also sold its entire pct stake in south china morning post ltd the larger of two english language daily newspapers here for billion dlrs the proceeds will go to reserves for acquisitions and will not show up in the profit and loss accounts analysts said analysts said the bank had also been helped by a reduced need to write off bad debts the need for provisions was much lower than the year before said tony measor of hong leong securities co ltd last year s profits should have been to billion dlrs if not for the huge provisions former hongkong bank chairman michael sandberg said the bank wrote off hundreds of millions of dollars against its shipping exposure in lesley nickolds of county securities asia ltd said she saw no major shipping writeoffs in she forecast profit of billion dlrs the bank s latin american exposure mainly through its pct owned marine midland banks inc mm appears to have improved substantially analysts said marine midland s fourth quarter loan loss provisions fell to mln u s dlrs from mln a year before its net profit rose to mln u s dlrs from mln in reuter
acq	hughes tool directors reject merger with baker the directors of hughes tool co ht said they would recommend to shareholders that they reject a merger with baker international corp bko today hughes vice president ike kerridge said the recommendation would be put to shareholders at a meeting scheduled for a m local time gmt to discuss the proposed merger kerridge said the board met yesterday to discuss the merger but decided against it the hughes board objected to a u s department of justice requirement that baker sell off several specialised subsidiaries in businesses related to oil drilling the hughes board last week indicated that it might cancel the merger because of the department of justice requirement the board of directors of the california based baker had approved the merger on february baker said it had signed an agreement to sell one of the subsidiaries the companies had been given until april to comply with the justice department requirement kerridge said reuter
earn	canon inc cann t year ended decmeber group shr yen vs net billion yen vs billion pretax billion yen vs billion operating billion yen vs billion sales billion vs billion note the company attributed the profit fall largely to the yen s appreciation during the period domestic sales rose pct to billion yen from a year earlier while exports declined pct to billion reuter
tin	thai tin exports rise in january thailand exported tonnes of tin metal in january up from in december and a year ago the mineral resources department said it said major buyers last month were singapore japan britain the netherlands malaysia and the u s reuter
trade	belgolux trade moves into surplus in the belgo luxembourg economic union bleu moved into a narrow trade surplus of billion francs in after a billion franc deficit in figures given by a spokesman for the national statistics institute show he said imports fell last year to billion francs from in while exports were also lower at billion francs against billion in december the bleu had an billion franc trade surplus after a billion franc surplus in november and a billion franc surplus in december reuter
money-supply	spain raises banks reserve requirement the bank of spain said it raised the reserve requirement for banks and savings banks to pct of deposits from pct to drain excess liquidity which threatened money supply and inflation targets in a statement issued late last night the central bank said the measure would take effect from march in recent weeks there has been excess liquidity in the spanish economy which if not controlled would threaten the monetary and inflation targets set by the government the statement said banking sources said the measure would drain about billion pesetas from the system the maximum reserve requirement allowed by law is pct the move follows a half point increase yesterday in the bank of spain s key overnight call money rate which now stands at pct at today s auction however the bank left the rate unchanged spain s principal measure of money supply the broad based liquid assets in public hands alp grew at annualised rate of pct in january compared with pct during the whole of and a target of eight pct for banking sources said that although the january money supply figures were good compared with annualised rates of pct in december and pct in january alp growth appeared to have accelerated in february raising government concern regarding inflation recent figures have suggested that prices were under control secretary of state for trade miguel angel fernandez ordonez said this week that the annualised inflation rate for february not yet officially announced fell to pct from six pct in january compared with inflation of pct during and a government target of five pct for this year reuter
iron-steel	india and japan to discuss iron ore prices the state owned minerals and metals trading corp will send a team to japan next week to negotiate an iron ore export contract for beginning april trade sources said japan the biggest buyer of indian iron ore with imports of around mln tonnes a year has asked india to reduce prices from the current average of dlrs a tonne the sources said japan has said it may be forced to reduce ore imports from india next year if new delhi fails to reduce the price one source said but declined to give further details reuter
sugar	firs slightly raises ec beet sugar output estimate the french sugar market intervention board firs raised its estimate of beet sugar production in the member european community to mln tonnes white equivalent in its end february report from mln a month earlier its forecast for total ec sugar production including cane and molasses rose to mln tonnes from mln portugal which joined the community in january was estimated at mln tonnes white equivalent unchanged from the previous forecast and compared with mln tonnes for production for the current campaign in spain was higher than reported last month at mln tonnes compared with tonnes beet sugar production expressed as white equivalent was estimated at mln tonnes in france mln tonnes in west germany mln in italy mln in britain mln in the netherlands tonnes in belgium luxembourg in denmark in greece in ireland and in portugal reuter
crude	papua new guinea plans resources investment agency the papua new guinea government will establish a public corporation to invest in resources projects minerals and energy minister john kaputin said we intend to provide a means through which less privileged individuals can become part owners and beneficiaries from the development of mining and petroleum projects he told parliament existing policy allowing the state up to pct equity in major mining projects and pct in oil and gas projects would be maintained he said the planned agency could take over the state s equity in current developments kaputin said papua new guinea was experiencing a boom with exploration companies spending about mln kina annually on about mining and petroleum projects the government is determined to ensure that papua new guinean ownership in minerals and petroleum projects increases in an orderly way he said kaputin did not say when the corporation would be established or exactly what form it would take but said the government would study whether it should be directly involved in exploration or development reuter
money-fx	nigerian currency firms at latest auction the nigerian naira firmed pct against the dollar after banks were disqualified from bidding at today s weekly foreign exchange auction the central bank said the naira finished at to the dollar against last week only mln dlrs of the mln dlrs on offer was sold with all bidding banks successfully obtaining hard currency the effective rate including a central bank levy for transactions in the coming week was against last week the failure to sell the whole allocation was due to the central bank s unprecedented disqualification of banks as punishment for inadequate documentation in previous transactions banks are required to submit proof that their bids are based on valid commercial transactions and the central bank has complained in the past that many are failing to produce the right paperwork within the specified time reuter
trade	u s tells japan to do more to cut trade surplus u s undersecretary of state for economic affairs allen wallis said he had urged japan to do much more to reduce its large trade surplus with the united states our central message to japan this week was that while we have made progress in some areas much needs to be done he told a press conference after three days of talks what we need is a resolution of trade issues we need visible efforts to restructure the economy to encourage more imports and we need greater domestic led growth forecasting sluggish economic growth in japan this year wallis urged tokyo to stimulate domestic demand to help reduce its trade surplus which hit a record billion dlrs in he named several areas of particular concern to washington computer microchips supercomputers kansai airport agricultural products and car telephones he warned that the u s japan agreement governing trade in semiconductors was in jeopardy despite the pact japanese producers are still dumping microchips in foreign markets other than the united states while u s penetration of the japanese market has not increased he said reuter
gnp	german economic outlook seen fairly bright the outlook for the west german economy is relatively bright with gross national product expected to expand by three pct this year kiel university s institute for world economy said the gnp forecast by the institute one of five leading economic research bodies in west germany is more optimistic than that of the other institutes some of which have recently reduced their gnp forecasts to between two and pct in a report the kiel institute said west germany s export outlook has not deteriorated fundamentally despite the mark s strength against the dollar and other major currencies the danger that exports will slump in appears all in all limited the report said on the contrary a slight rise in exports can be expected the institute said past experience has shown west german exporters will move to counterbalance currency factors by cutting costs trying to penetrate new markets and adjusting their product ranges they will be aided in by an expected slight rise in economic growth in industrial countries at the same time the decline in exports to oil producing countries looks set to slow this year west german gnp growth in will be led by renewed advances in domestic consumption and investment spending both of which will in turn be buoyed by an expansionary monetary policy the institute said however it said the labour market would see only a slight improvement because companies will be reluctant to hire additional workers due to higher labour costs caused partly by agreed reductions in working hours the institute cautioned that the expansionary stance of monetary policy in west germany was likely to bring a marked acceleration of inflation it also warned that what it called the worldwide synchronization of monetary policy heightened the risk of a new global recession it said central banks in industrialized countries including the bundesbank had followed the federal reserve board s expansionary course the institute said this in turn was bound to lead eventually to a rise in worldwide inflation and a shift in u s policy towards a more restrictive policy other central banks were likely to follow suit causing a recession that could aggravate the debt crisis of developing countries as well as increase protectionism around the world although germany cannot entirely shield itself from the negative effects of the global synchronization of monetary policy it should do all it can to strengthen the forces of growth at home the institute said this could be done by ensuring that fiscal policy fosters a willingness to work and invest taxes should be cut by a greater amount than currently planned and wage increases in and should be markedly lower than in it also said the bundesbank should reduce inflationary pressures by cutting the current rate of growth in money supply to about four pct reuter
coffee	creditor banks may buy into singapore coffee firm the nine creditor banks of the singapore coffee trader teck hock and co pte ltd are thinking of buying a controlling stake in the company themselves a creditor bank official said since last december the banks have been allowing the company to postpone loan repayments while they try to find an overseas commodity company to make an offer for the firm at least one company has expressed interest and negotiations are not yet over banking sources said however the banks are now prepared to consider taking the stake if they find an investor willing to inject six to seven mln dlrs in the company but not take control the banking sources said teck hock s financial adviser singapore international merchant bankers ltd simbl will work on the new proposal with the creditor banks they said major holdings are likely to be held by the two largest creditor banks standard chartered bank stch l and oversea chinese banking corp ltd ocbm si they added teck hock owes over mln singapore dlrs and the creditor banks earlier this week agreed to let teck hock fufill profitable contracts to help balance earlier losses the nine banks are oversea chinese banking corp ltd united overseas bank ltd uobm si banque paribas bangkok bank ltd citibank na standard chartered bank ltd algemene bank nederland nv abnn as banque nationale de paris bnpp pa and chase manhattan bank na reuter
trade	economic spotlight polish sanctions poland says u s sanctions have cost its economy billion dlrs and has made clear it wants washington to take a lead in repairing the damage after lifting remaining restrictions two weeks ago polish officials are unable to provide a precise breakdown of the figure saying it takes into account a number of hypothetical losses some of them are too sophisticated to convert into financial terms one banking source said but western economic experts say the effect of sanctions is impossible to calculate they say it is blurred by the poor performance of poland s economy and dismiss the billion dlr figure as illusory sanctions have provided a very useful excuse for under achieving they did have a bad effect yes but they only contributed to largely internal economic problems one said the u s imposed the measures and withdrew most favoured nation mfn trading status from poland in in retaliation for suppression of the solidarity free trade union under martial law the estimated cost to the polish economy was originally devised several years ago by the institute of national economy an offshoot of the central planning commission according to one western envoy an expert on polish economic affairs it extrapolated information on growth trends in trade with the united states as well as increases in credits from western commercial and government lenders but the calculations were based on a time when trade was booming and credits still flowed freely he said dismissing the estimate as a theoretical projection based on a high point which has no real scientific evaluation a foreign trade ministry official said polish exports to the u s in the late s averaged around mln dlrs annually and had fallen by half since the sanctions were imposed imports have suffered slumping from around mln dlrs to mln as credits ran out poland has a dwindling trade surplus with the west last year it was one billion dlrs against a targeted billion official figures show acknowledging that sanctions have lost poland important u s markets including agricultural equipment textiles chemicals and some foodstuffs western economists say credits dried up for economic not political reasons poland is accusing the west of letting economic relations deteriorate for political reasons said one expert it s an illusion based on a misunderstanding of western economy there s a limit to how much you can go on giving someone who has no hope of repaying it another said adding that poland had benefited from a global phenomenon of easy credits in the s which were no longer today s reality describing the billion dlr assessment as nebulous one diplomat said it also included losses of hypothetical orders and setbacks to polish research through the curbing of scientific links and exchanges western officials say the lifting of sanctions and new mfn status will have little impact on poland which has a hard currency debt of billion dlrs and lacks the means to modernise its industry mfn doesn t really mean anything only that poland will not be treated worse than other countries it will be difficult to regain access to the u s market because different forces are in play now said one western envoy he said polish products were not competitive and their quality was too low trade wars and possible protectionist measures amongst the u s japan and europe would also hamper poland s efforts to regain entry deputy foreign trade minister janusz kaczurba recognised this fact recently kaczurba told the official pap news agency recently making up our lost position will take a long time and be uncommonly difficult and in certain cases impossible in a period of two to three years it will be possible to increase the level of exports by only about mln dlrs while poland is unlikely to seek compensation it says it has a moral right to assistance from the u s which it says imposed the sanctions illegally but a western economist said the argument that u s sanctions were a unilateral torpedoing of the polish economy won t cut any ice the americans will just reply that the poles acted immorally in crushing solidarity nevertheless polish national bank head wladyslaw baka in talks in washington last week with the international monetary fund imf and world bank made it clear that poland was looking for a lead from the united states he was quoted by pap as saying that poland would meet its financial obligations to the united states but not in a short time and not without a cooperative stand on the part of its foreign economic partners he stressed that the u s had a particular opportunity to play a part in the cooperative policy of poland s partners interested in the settlement of polish debt putting it more sharply one senior banking official blamed washington for obstructing talks with the world bank imf and paris club of western creditor governments in recent years and said it should now play a more positive role as a major superpower the united states can influence international organisations he said citing recent meetings aimed at stabilising currencies as an example of the extent to which western nations were prepared to cooperate reuter
wpi	belgian wholesale prices fall in january belgian wholesale prices fell by pct in january from a year earlier after a pct year on year fall in december figures from the economics ministry show a ministry spokesman said the wholesale price index base and excluding value added tax stood at in january this compared with in december in janua y and in december in january wholesale prices were pct lower than a year earlier reuter
interest	bundesbank leaves credit policies unchanged the bundesbank left credit policies unchanged after today s regular meeting of its council a spokesman said in answer to enquiries the west german discount rate remains at pct and the lombard emergency financing rate at pct reuter
sugar	turkey to import tonnes of crystal sugar turkey has announced a tender to import tonnes of white crystal sugar with an advertisement in local newspapers turkish sugar factories said in the advertisement there was a pct option to increase or decrease the amount and bids should reach it before march the semi official anatolian agency recently quoted turkish minister of industry and trade cahit aral as saying turkey will export tonnes of sugar this year and import the same amount reuter
money-fx	egyptian central bank dollar rate unchanged egypt s central bank today set the dollar rate for commercial banks for march at dollars unchanged from the previous rate reuter
acq	baker international corp sues hughes tool seeking merger completion
acq	usair group rejects trans world airlines takeover bid
crude	early march opec output seen well below ceiling opec crude oil output in the first few days of march was running at about mln bpd down from a mln bpd average for february and well below the mln bpd ceiling the group adopted in december a reuter survey shows the figures were polled by reuters correspondents from oil traders industry executives and analysts in europe the middle east africa latin america and asia they back recent statements by opec ministers that the group is producing within its ceiling to support the return to a fixed price system which came into effect last month opec output for the whole of february was about bpd above the ceiling largely because of overproduction by the united arab emirates and kuwait the figures show the uae together with the much smaller producer ecuador was also producing above quota in the first days of march the survey reveals but such overproduction was compensated for by a sharp fall in saudi arabian output together with iran s inability to export as much as its quota allows iraq rejected its opec quota of mln bpd and produced mln bpd in february and early march the figures showed saudi output excluding movements into stocks fell to mln bpd in early march from mln bpd in february against a mln bpd quota the saudi figures include a bpd share of neutral zone production kuwait which has consistently denied quota violations was estimated to be pumping mln bpd in february and in early march both figures including bpd as its share of neutral zone output against its bpd quota reports of customer resistance to fixed prices set by some opec states were reflected in output from qatar and nigeria both substantially under quota in february and early march qatar s february output was bpd and this fell to bpd in early march compared with its bpd quota industry sources say japanese buyers are resisting qatar s prices and gulf arab oil states have pledged to make up for any shortfall in sales which a fellow gulf state suffers nigeria s early march output was about one mln bpd down from mln bpd in february and its quota of mln bpd industry sources say nigeria s customers believe its bonny grades are overpriced compared with compatible brent crudes from the u k north sea country by country production figures are as follows in mln bpd country current february quota algeria ecuador gabon indonesia iran iraq kuwait libya nigeria qatar saudi arabia uae venezuela total reuter reuter
acq	baker bko sues to force hughes ht merger baker international corp said it has filed suit in state court in houston to compel hughes tool co to complete its proposed merger with baker late yesterday hughes said it had terminated the merger agreement because baker would not agree to an alternative divestiture plan devised by hughes hughes board had previously found unacceptable a u s justice department consent decree that would have required broader divestitures baker said it has not obtained any satisfactory explanation from hughes of its objections to the provisions of the justice department consent decree hughes yesterday adjourned the special meeting at which shareholders were to vote on the merger without permitting the counting of votes on the deal baker said it believes the vote was overwhelmingly in favor of the merger baker said the new terms that hughes proposed for the merger as an alternative to the consent decree were more burdensome than those of the consent decree themselves baker said divestitures under the consent decree would reduce revenues for the combined company by about mln dlrs or three pct baker said it will continue to pursue the divestitures of the units named in the consent decree it said its suit names as defendants hughes and certain of its directors and seeks either an injunction forcing hughes to live up to the merger agreement or substantial monetary damages it did not name baker said it believes the merger to be in the best interests of shareholders of both companies reuter
interest	spain deregulates bank deposit interest rates spain s finance ministry deregulated bank deposit rates in an effort to raise competition among banks and bring legislation into line with the european community ec a ministry spokesman said the measure was published today in the official state gazette it takes effect tomorrow and lifts restrictions on rates now limited to six pct on deposits of up to days the government also enacted a decree cutting to one pct from pct the proportion of total assets which banks must lend at favourable rates to industries classified of public interest some bankers expect the deregulation of rates to result in a pct drop in profits this year secretary of state for the economy guillermo de la dehesa told reuters in a recent interview the reduction in fixed asset investments would offset losses from the rate liberalisation reuter
acq	usair u rejects twa twa takeover bid usair group inc said its board has rejected trans world airlines inc s offer to acquire usair for dlrs per share in cash as grossly in adequate and not in the best interests of usair shareholders employees or passengers the company said the unsolicited bid by the carl c icahn led twa was highly conditional usair said its board and that of piedmont aviation inc pie met separately yesterday to consider usair s offer to acquire pct of piedmont for dlrs per share and remaining shares for to common shares each valued at about dlrs per share based on the average closing price of usair common during a period just before the merger the company said it is continuing talks with piedmont on arriving at a definitive merger agreement and the two companies hope to reach one very shortly usair said in light of the highly conditional nature and other terms of the twa offer the timing of the offer and the circumstances under which it was made usair group believes that the purpose of the twa offer is to interfere with usair group s proposed acquisition of piedmont twa s proposal is nothing more than an attempt by carl icahn to disrupt at the eleventh hour usair group s acquisition of piedmont a transaction which the usair group board views as most beneficial to usair group shareholders employees and passengers and which mr icahn obviously regards as contrary to his own personal interests usair said its board has authorized counsel to explore all appropriate legal remedies against what it called twa s last minute attempt to interfere with usair group s acquisition of piedmont the company said conditions to the twa offer include twa obtaining financing the usair board redeeming defensive rights issued to shareholders last year and acting to render the fair price provision contained in usair s charter inapplicable to the twa offer and transportation department approval reuter
jobs	u s first time jobless claims fall in week new applications for unemployment insurance benefits fell to a seasonally adjusted in the week ended feb from in the prior week the labor department said the number of people actually receiving benefits under regular state programs totaled in the week ended feb the latest period for which that figure was available that was up from the previous week reuter
earn	jaguar sees strong growth in new model sales jaguar plc jagr l is about to sell its new xj model on the u s and japanese markets and expects a strong reception based on its success in the u k chairman sir john egan told a news conference commenting on an pct growth in group turnover to mln stg and pre tax profits at mln stg slightly below s mln egan said jaguar aimed at an average profit growth of pct per year however the introduction of the new model had kept this year s pre tax profit down jaguar starts selling xj in the u s in may and plans to sell of its total production there in u s sales now account for pct of total turnover finance director john edwards said a u s price for the car has not been set yet but edwards said the relatively high car prices in dollars of west german competitors offered an umbrella for jaguar he added the xj had also to compete with u s luxury car producers which would restrict the car s price jaguar hedges a majority of its dollar receipts on a month rolling basis and plans to do so for a larger part of its receipts for longer periods john egan said in the longer term capital expenditure will amount to pct of net sales research and development will cost four pct of net sales and training two pct jaguar builds half of its cars and buys components for the other half the firm is in early stages of considering the building of an own press shop in britain for about mln stg but egan said this would take at least another three years on the london stock exchange jaguar s shares were last quoted at p down from p at yesterday s close after reporting results which were in line with market expectations dealers said reuter
crude	diamond shamrock raises crude posted prices one dlr effective march wti now dlrs bbl
earn	nord resources corp nrd th qtr net shr cts vs cts net vs revs mln vs avg shrs mln vs mln year shr cts vs cts net mln vs revs mln vs mln avg shrs mln vs mln note shr figures adjusted for for split paid feb reuter
copper	no quake damage at chuquicamata mine spokesman the earthquake which hit northern chile today registering on the open ended richter scale caused no damage to the copper mine at chuquicamata a mine spokesman said chuquicamata public relations director guillermo barcelo told reuters by telephone from the mine that the quake had caused no problems and operations continued as usual a spokesman for the state chilean copper commission in santiago confirmed there had been no damage at chuquicamata reuter
acq	five groups apply to buy french telephone group five consortia have applied to buy the french state owned telephone equipment manufacturer cie generale de constructions telephoniques cgct which will give the owners control of pct of the french telephone switching market sources close to finance minister edouard balladur said the french government has given itself until the end of april to decide which applicant will be accepted they added while several foreign groups have said they want to gain a foothold in the french market their potential stake in cgct is limited to pct under privatisation laws passed last year with pct to be left in french hands the finance ministry sources gave no details of the groups interested in cgct but several have publicly announced their candidacies u s telecommunications giant american telephone and telegraph co t n which has been at the centre of the two year battle for cgct has teamed up with the dutch based philips telecommunications industrie b v a subsidiary of nv philips gloeilampenfabriek pglo as and societe anonyme de telecommunications sat to present a joint bid in association with holding company cie du midi sa mcdp p and five french investment funds a second bid has come from the west german electronics group siemens ag sieg f which hopes to take a pct stake in cgct with the french telecommunications jeumont schneider taking the remaining pct sweden s ab lm ericsson has also submitted a bid for the maximum pct permitted in association with french defence electronics group matra which would hold between and pct and construction group bouygues matra has already acquired cgct s private telephone business reuter
ship	blizzard closes bosphorus blizzard conditions halted shipping through the bosphorus waterway and piled snow up to cms deep in central istanbul paralysing the city for the second day running snow whipped by kph winds continued to fall on istanbul and northwest anatolia after hours and weather reports predicted no relief for another two days port officials said at least six large vessels in the black sea and in the sea of marmara were waiting for conditions to improve istanbul s ataturk international airport has been closed since yesterday reuter
acq	japan fund jpn seekers confident of financing the sterling grace capital management l p group said it is confident financing can be arranged if the japan fund s board recommend s the group s acquisition proposal the group which also includes anglo american security fund l p and t b pickens iii tuesday proposed an entity it controls acquire for cash all the assets of japan fund for pct of the fund s aggregate net asset value the group said it has had a number of meetings over the past few days with domestic and overseas financial institutions the sterling grace capital group said certain of these institutions have expressed serious interest in providing financing for the proposed acquisition of japan fund adding we are reasonably confident that the financing can be quickly arranged if the japan fund s board of directors is willing to recommend the transaction to shareholders reuter
earn	pegasus gold inc pgulf rd qtr dec net shr profit cts vs loss two cts net profit vs loss revs vs nine mths shr profit cts vs loss cts net profit vs loss revs mln vs mln reuter
earn	keltic inc year net shr cts vs dlrs net vs revs vs note shr after november class a subordinate floating share issue reuter
acq	e f hutton efh starts purolator pcc bid e f hutton group inc said it has started its previously announced offer to purchase up to common shares of purolator courier corp at dlrs each in a newspaper advertisement the company said the offer proration period and withdrfawal rights will expire april one unless extended the offer is conditioned on receipt of at least purolator shares or a pct interest and is the first step in a merger agreement that has been approved by the purolator board hutton said it reserves the right to buy more than shares but has no present intention of doing so it said it may waive the condition that at least shares be tendered as long as it received at least a pct interest if it were to receive fewer shares than that it said it would only purchase sharesd with the consent of purolator reuter
money-fx	yeutter puts currency burden on taiwan korea responsibility for the appreciation of the taiwan dollar and the south korean won lies soley with those countries said u s trade representative clayton yeutter speaking to the asia society yeutter said that it is in those countries own long term interest to raise the value of their currencies against the dollar yeutter was responding to a question about what the u s could do to encourage appreciation of those currencies against the dollar in order to reduce the large u s trade deficits with taiwain and korea an undervalued currency will help those countries exports in the short term but in the long run they have to be concerned about how they are perceived in the international business community yeutter said for taiwan yeutter said that with its per capita trade surplus with the u s much larger than that of japan s and with huge foreign exchange reserves it was difficult to defend the high import tarrifs and other barriers that prevail in that country he also said that the south korean won should begin to move to reflect underlying economic fundamentals otherwise in two or three years time korea will be in the same situation that prevails in taiwan turning to the u s deficit with japan of more than billion dlrs yeutter said that this situation was not sustainable something must give soon if not there is a great threat of u s legislative action to counteract that trend yeutter said reuter
earn	princeville development corp pvdc year loss shr diluted loss cts vs profit cts net loss vs profit revs mln vs mln avg shrs diluted vs note current year includes loss of mln dlrs from takeover defense expenses also includes losses of mln dlrs vs dlrs from equity in limited partnerships reuter
acq	orange co oj holder raises stake orange co inc said its largest shareholder summit resoureces inc has increased its stake to pct from pct and now owns shares reuter
earn	horizon corp hzn th qtr net oper shr profit dlrs vs loss eight cts oper net profit mln vs loss revs mln vs year oper shr profit dlrs vs loss cts oper net profit vs loss revs mln vs mln avg shrs vs note net includes tax credits of dlrs in quarter and dlrs in year net both periods excludes dlr loss from discontinued operations net both periods includes pretax gain mln dlrs from sale of remaining interest in paradise hills n m development reuter
earn	international thomson organisation ltd year shr p vs p net mln vs mln revs billion vs billion note figures in sterling share results after deducting preferred share dividends of one mln pounds sterling in reuter
earn	equatorial communications co equa th qtr loss shr loss dlrs vs nil net loss vs profit rev mln vs mln year shr loss dlrs vs profit cts net loss vs profit rev mln vs mln avg shares vs note fourth qtr net includes a one time restructuring charge of mln dlrs net income includes extraordinary gain of mln dlrs or cts reuter
earn	international thomson organisation ltd year shr p vs p
acq	trimedyne tmed to spin off stake in unit trimedyne inc said it will distribute one class b common share of automedix sciences inc for each four trimedyne shares held of record on march nine the company said in the spinoff it is distributing its entire pct interesdt in automedix the spun off stock will not be saleable for months the company said reuter
earn	casey s general stores inc casy rd qtr jan shr cts vs cts net vs sales mln vs mln nine mths shr cts vs cts net vs sales mln vs mln reuter
crude	diamond shamrock dia raises crude oil postings diamond shamrock said it raised its posted prices for all grades of crude oil one dlr a barrel effective yesterday the one dlr increase brings west texas intermediate wti the u s benchmark crude to dlrs a bbl the company said diamond shamrock joined sun co coastal citgo and murphy oil in raising crude oil posted prices one dlr a barrel yesterday reuter
earn	oak hill sportswear corp ohsc th qtr net shr cts vs cts net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
earn	oak industries inc oak th qtr loss oper shr loss five cts vs loss cts oper net loss vs loss sales mln vs mln avg shr mln vs mln year oper shr loss cts vs loss dlrs oper net loss mln vs mln sales mln vs mln avg shrs mln vs mln backlog mln vs mln notes operating losses exclude profits from discontinued operationgs of dlrs or one cent a share vs dlrs or eight cts a share in quarter and mln dlrs or dlrs a share vs mln dlrs or cts a share in year year operating loss also excludes extraordinary gain of of mln dlrs or cts a share backlog which includes only orders to be shipped within mths was mln dlrs on january orders to be shipped beyond mths were mln dlrs vs mln dlrs at december reuter
earn	regis corp rgis regular dividend set qtly div cts vs cts prior pay april record march reuter
acq	mannesmann seeks stake in u s firm mannesmann ag mmwg f the diversified engineering and pipe making group is interested in taking a stake in a u s company or companies but has not yet found a suitable firm a spokesman said in reply to questions mannesmann managing board chairman werner dieter told the business weekly wirtschaftswoche in an interview that mannesmann wanted to invest in a u s company in order to strengthen its presence on the u s market dieter said mannesmann would act quickly when and if it found a firm in which it wanted to take a stake the mannesmann spokesman declined to say in which industrial sector the group may make a u s acquisition or how big the acquisition might be he also said the group had not yet completed taking over a stake in car components firm fichtel und sachs ag mannesmann had said in january it hoped to take a pct stake in fichtel und sachs s holding company sachs ag in the first quarter the spokesman said mannesmann had a letter of intent on the takeover from the heirs of the company s late owner but completion has been delayed by legal questions concerning the inheritance reuter
earn	american int l group inc aig th qtr net shr dlrs vs cts net mln vs mln year shr dlrs vs dlrs net mln vs mln note includes gains of mln vs mln in year and mln vs mln from capital gains from investments reuter
earn	systems for health care in one for split systems for health care inc said it repositioned the company through a one for reverse stock split it said there are now common shares outstanding with a quoted price of about bid compared to shares outstanding prior to the split in another recent development systems for health care formally changed its name to its present form from orcas corp reuter
interest	bankers welcome spanish reserve requirement hike bankers welcomed the bank of spain s decision to raise the reserve requirement for banks and savings banks saying it reflected the socialist government s determination not to ease up in the fight against inflation despite the painful social effects of four years of austerity the central bank last night raised the requirement by one percentage point to pct from march saying that excess liquidity threatened money supply and inflation targets bankers said the move represented a change of tactic by the bank which until now has relied on raising interest rates to choke off money supply growth i think it s a good measure a senior foreign banker said it s a faster way to get the job done than using interest rates and avoids unpleasant effects on other areas of the economy it shows that the political will is very strong they know that controlling inflation will make industry more competitive and bring down unemployment in the long run he added the head of another foreign bank said that only a month ago the bank of spain had dismissed his suggestion of a rise in reserve requirements preferring to pursue its strategy of raising interest rates but bankers said the high real interest rates on offer now around eight pct for overnight funds was attracting money from abroad strengthening the peseta and making spanish exports less competitive the government says industry s competitiveness is also being hit hard by inflation at pct last year the rate was way above that of spain s major trading partners in the european community which it joined a year ago to help meet this year s target of five pct it is insisting pay rises stay at that level setting the stage for clashes with trade unions who say they have made enough sacrifices demonstrations by workers students and farmers whose demands essentially involve more government spending have become an almost daily occurrence but prime minister felipe gonzalez insists that the state is doing as much as it can bankers said the reserve requirement increase could have some impact on commercial lending rates but should not hit the money market too hard the bank of spain which only yesterday raised its key overnight call money rate to pct left it unchanged at today s auction the rate has been increased nine times since the start of the year when it was below pct bankers said commercial lending rates were set to rise in any case with the end of the six pct maximium interest rate banks can offer for time deposits of up to six months the measure will take effect tomorrow following the publication of the decree in today s official gazette bankers say the liberalisation will increase the cost of funds and inevitably push lending rates higher a companion measure reducing the proportion of funds which banks must invest in specific areas also takes effect tomorrow officials said when the cut was approved last month that it was aimed partly at compensating banks for higher interest rates reuter
earn	gambro ab gamb st year mln crowns vs mln sales billion vs billion proposed dividend crowns vs crowns reuter
acq	transportation agency gives final okay for us air pacific southwest acquisition
gold	s africa mine managers face charges in disaster seven managers and employees at general mining union corp ltd s kinross mines ltd will face charges of culpable homicide following last year s disaster when gold miners died the attorney general s office said the mineworkers were killed last september at kinross when a fire set off toxic fumes which suffocated miners underground three of the accused face alternative charges of breaking safety regulations set out in the mines and works act the spokesman said the case would probably be heard in witbank regional court near kinross in mid may reuter
earn	american software amswa sets stock split american software inc said its board declared a three for two stock split on class a and class b common shares payable march record march the company said it expects to increase its semiannual dividend pct to six cts per share post split from eight cts pre split reuter
acq	comdata cdn in merger agreement comdata network inc said it has entered into a letter of intent with a limited partnership managed by welsh carson anderson and stowe wcas to merge comdata into a corproration to be formed by wcas comdata said in the merger each share of the company s stock would be converted at the holders election into either dlrs in cash or a combination of dlrs in cash and a unit of securities including common stock comdata said the terms are subject to the condition that wcas affiliate investors would own a minimum of pct of the fully diluted stock of the new entity comdata said wcas and its affiliate investors would commit mln dlrs to buy the securities comprising the new entities units of securities resulting from the merger in the same proportions and at the same price as the company shareholders comdata said the move is subject to execution of definitive agreement and approval by comdata shareholders as well as obtaining up to mln dlrs in debt financing wcas told comdata it believes that it can get commitments for this financing reuter
earn	wajax ltd year net shr cts vs dlrs net mln vs mln revs mln vs mln reuter
earn	american software inc amswa rd qtr jan net shr cts vs cts net vs revs mln vs avg shrs vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
acq	bankamerica bac to sell german banking unit bankamerica corp said it agreed to sell bankhaus centrale credit ag its german consumer banking subsidiary and german credit card operations to banco de santander of spain terms were not disclosed the deal is expected to close in the second quarter the bank holding company said bankhaus centrale credit with branches had total assets of mln marks at year end the credit card operation services visa card holders and merchants in germany it said reached later a bankamerica spokesman said the company would record a pretax gain of mln dlrs from the transactions the spokesman declined however to disclose the price paid for the operations by banco de santander or other terms of the deal reuter
reserves	french official reserves billion francs end jan billion end dec official
earn	copley properties inc cop th qtr net shr cts vs cts net vs revs vs year shr dlrs vs cts net vs revs vs note company began operations after its july public offering therefore annual data are not directly comparable reuter
earn	unitil corp utl th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln reuter
acq	ryder rdr buys british caledonian unit ryder system inc said it has acquired caledonian airmotive ltd from british caledonian group plc for undisclosed terms caledonian airmotive repairs and rebuilds aircraft engines reuter
acq	trelleborg take larger slice of boliden swedish tyres process equipment and components firm trelleborg ab said it was taking a larger stake in mining and metals concern boliden ab blds st than it had originally intended trelleborg had previously announced it was exercising an option to acquire up to pct of boliden s voting rights in a statement the company said they had received offers of up to pct of the rights and that they would accept all reuter
earn	polaroid prd up on reaffirmed opinion shares of polaroid corp rose following a reiterated recommendation by merrill lynch and co that focused on strong earnings momentum for the company traders said we have been recommending the stock since it was in the s but we reiterated today because of expectations of strong earnings momentum its benefits from the lower dollar and anticipation of nice gains in margins merrill lynch analyst charles ryan said he said a negative opinion by another brokerage house hurt the stock wednesday and it can be bought at a relatively bargain price today ryan said you always have to look at polaroid at its weakness its a volatile stock that has to be caught on weakness polaroid s stock which gained more than a point early this morning was trading at up it was down over three points wednesday morning before closing down polaroid is working overtime on production of cameras and film so we expect first quarter earnings to be up about pct ryan said estimating earnings of cts a share in the first quarter compared to cts a share earned a year earlier he expects the company to earn four dlrs a share in as compared to dlrs a share last year reuter
earn	swedish match ab smbs st year profit after net financial items mln crowns vs mln sales billion crowns vs billion proposed dividend crowns vs crowns reuter
reserves	french official reserves fall sharply in january french official reserves fell billion francs to billion at the end of january from billion at the end of december the finance ministry said in a statement it said the fall was largely due to sales of foreign currency that preceded the january realignment of the european monetary system ems foreign currency reserves fell by billion francs during the month the ministry said this reflected outflows of billion francs through operations of the french exchange stabilisation fund counterbalanced by a gain of billion francs resulting from the quarterly adjustment in the value of dollar deposits held with the european monetary cooperation fund fecom but most of the decline reflected a billion franc deficit that france built up during the month with fecom as a result of using very short term financing instruments the bank of france in conjunction with the bundesbank and other central banks intervened heavily in foreign exchange markets between late december and the january ems accord in an attempt to hold down the mark which was attracting a flight of funds from the dollar and simultaneously shore up the franc on january the mark was revalued by three pct against the french franc relieving pressure on the french currency the fall in foreign exchange reserves took these reserves to billion francs at the end of january from billion at end december gold reserves were unchanged at billion francs reserves of european currency units fell to billion francs from billion at end december claims on the international monetary fund fell mln francs to billion francs reuter
earn	sl industries inc sl nd qtr jan net oper shr cts vs cts oper net vs revs mln vs mln six mths oper shr cts vs cts oper net vs revs mln vs mln note exlcudes discontinued operations for oper net for six mths for sale of electronics division oper shr for qtr and six mths adjusted for stock split and dividend distribution in november reuter
acq	general refractories grx to sell operations general refractories co said it agreed to sell its european refractories and building products operations for about mln dlrs to an austrian investor group the european operations had sales of mln dlrs in the last year for which results have been released the company said the sale to a group headed by girozentrale bank of austria is subject to shareholder approval by april it said its board has approved the deal it said general refractories mineral operations are not affected reuter
coffee	brazil has no set coffee export targets ibc brazil has no set target for its coffee exports following this week s breakdown of international coffee organization talks on export quotas president of the brazilian coffee institute ibc jorio dauster said he told a press conference brazil now had to reconsider its export plans and that the mln bag export figure which it had proposed for itself earlier should no longer be taken as the country s export target to ico member countries the mln bag offer had been made on the assumption an agreement would bring stability to world markets he added it had been a gesture to ease negotiations but the lack of an agreement leaves it no longer valid and exports could be above or below mln bags he said dauster said he would talk to producers exporters and market analysts before taking any decision on export policy but any future policy would be flexible and adjusted to market conditions we will not take any short term decisions which might cause markets to panic dauster added he said it would be a policy which shows brazil has coffee to sell and that it could do so without an ico agreement brazil has coffee to sell and wants to show that it does not need an ico agreement as a crutch dauster said commenting on the breakdown of the talks dauster said consumer proposals would have implied a reduction of one to two mln bags in brazil s export quotas it was a proposal which would lead to a substantial loss for brazil and which would be difficult for the country to recover he said the consumer proposal to base quotas on a six year moving average of exportable production surpluses would lead to overproduction as countries boosted output to win higher quotas he said dauster rejected reports which said brazil s inflexibility had been the cause for the breakdown of talks noting that its stance had the backing of pct of producing countries close links would continue with these producers particularly colombia mexico and francophone african countries but dauster said no joint marketing action was envisaged at present he also said brazil currently had no plans to return to a system of roaster buying contracts although no hypothesis has been abandoned dauster said he had not yet decided when registrations for may shipment coffee will be opened he declined comment on whether the ibc will adopt a policy of opening registrations for up to six months in advance as some exporters had suggested he noted export registrations for the first four months of the year totalled around mln bags more than half the mln exported in when drought reduced the crop to between mln and mln bags he said that although he had heard forecasts of mln bags for the coming crop the ibc would not make any estimate until late april reuter
earn	pepsico pep upgraded by kidder peabody kidder peabody and co analyst roy burry issued a strong buy recommendation on pepsico inc citing an improved profit outlook for both domestic soft drinks and frito lay snack foods pepsico climbed to on shares by midmorning burry forecast earnings of dlrs per share in and dlrs in in the company earned dlrs per share burry previously had a sell recommendation on pepsico we re looking at to pct earnings growth for frito lay in a trend that should continue through the decade reuter
acq	shad sees progress on insider trading securities and exchange commission chairman john shad said progress was being made in stopping insider trading but the chairman of a house subcommittee with jurisdiction over securities laws said he was concerned about conditions on wall street greed has created a feeding frenzy on wall street and in the process laws are broken and multi billion dlr corporations have become easy prey rep edward markey d mass the chairman of the telecommunications and finance said at the start of a hearing on sec activities congress is understandably nervous we perceive the current scandals as a warning of even worse things to come markey said the frenzy and disruption created by merger mania is particularly distressing shad said the recent cases involving ivan boesky dennis levine and others was a warning that those who engage in insider trading were taking a heavy risk of imprisonment high fines and disbarment from the securities industry insider trading has not been eradicated but it has been inhibited and multimillions of dollars of profits that boesky and others have been siphoning off the markets are now flowing through to legitimate investors and traders shad said in his statement shad said insider trading cases involved only pct or less of sec enforcement actions in recent years but they have increased significantly to cases brought during the past five years compared to cases in the preceeding years markey said he did not favor banning takeovers but thought the tender offer process needed reform including earlier disclosure of takeover attempts n j rep mathew rinaldo the senior subcommittee republican said he was introducing legislation to create a five member commission to study the securities industry for a year and report its findings and recommendations to congress commission members would be appointed by the sec its primary mission would be to analyze the extent of illegal trading on insider trading and to assess the adequacy of existing surveillance systems and government oversight operations the commission would advise congress as to what additional resources or civil or criminal remedies are needed to combat fraud and improve compliance with federal laws rinaldo said reuter
crude	opec says february output under ceiling opec output in february was well below the mln bpd ceiling it set in december and all countries are strictly adhering to their quotas the opec news agency opecna quoted an opec secretariat official as saying the official was quoted as saying that lower output was the result of member countries firm determination to defend the organisation s official price of dlrs per barrel and to refrain from selling any quantity below that price the unnamed official was further quoted as saying that no opec meeting was foreseen before the next biannual opec session planned to start on june the official gave no figure for february output the statement said only that the reduction in total supplies namely actual exports of crude oil and products plus local deliveries in member countries is even more pronounced as those supplies fell very noticeably during that month no matter what the pressure on member countries by lifters to align the official selling price to the ongoing market price member countries are without exception strictly adhering to the official selling price in spite of the financial hardship this may entail the statement said the very recent improvement in the price structure is an indicator of such determination by the organization to stick to the official selling price the statement said free spot market prices rose from around dlrs a barrel in early december last year to near opec s official levels towards the end of the year after the opec pact there has been oil industry speculation that opec might have to hold an extraordinrary meeting prior to its scheduled june session to discuss reports of overproduction by some states and strains on the differential matrix which prices each opec crude according to its quality and distance from main markets the official said in the statement that no such emergency session was scheduled because of member countries firm determination to defend the price system agreed in december opec s differential committee was to have met in vienna starting april but this session has been postponed with no new date set according to an official of the united arab emirates which chairs the seven state body other members are algeria kuwait saudi arabia libya nigeria and qatar reuter
earn	canadian imperial bank of commerce st qtr share basic cts vs cts
acq	perkin elmer pkn acquires high tech firm perkin elmer corp said it acquired atomika technische physik based in munich west germany a high technology concern specializing in surface science instruments terms of the acquisition were not disclosed it said atomika will became a part of its physical electronics division based in eden prairie minn the division is part of its materials surface technology group reuter
acq	u s okays usair u pacific southwest purchase the u s department of transportation said it gave final approval to usair group s proposed mln dlr acquisition of pacific southwest airlines the department said the acquisition is not likely to substantially lessen competition and would not harm the public interest the department had given its tentative approval of the acquisition in january the department said it decided to make final its tentative decision after reviewing the public response to it the agency said it rejected an assertion by air north america which currently is not operating but plans to start service to some of the cities served by usair and psa that the acquisition would lessen chances of new entry into those markets by other carriers the agency said air north america provided no support for its claim that the transaction would give the two carriers monopoly power in some markets the transportation agency said air north america also failed to show that there are barriers that would prevent new entrants into those markets or prevent other carriers from increasing their service the agency noted in its final order that psa operates exclusively in the west and mexico while usair serves the west for the most part with some long haul flights from the east and midwest the two carriers serve five point in common los angeles san diego san francico phoenix and tucsonm the agency said the transportation department also rejected a request by the teamsters union which represents some psa workers to require protections for psa workers the agency noted that usair has promised to give protective benefits to psa workers and that unions representing psa workers have collective bargaining agreements that provide such protections reuter
earn	mci mcic president sees profit improvement mci communications corp president bert roberts said he expects mci s financial performance to improve in the current quarter compared to the previous quarter he said american telephone and telegraph co long distance rate cuts had cut into mci s fourth quarter performance but added there s going to be a continuing impact on profits but we expect this quarter to be better than the fourth quarter the current quarter ends march for the fourth quarter mci reported a mln dlr loss due mainly to write offs and staff reductions roberts said the att long distance rate reductions which had been ordered by the federal communications commission have had a significantly negative impact on our profits as reported earlier today mci said it plans to ask the fcc to immediately deregulate att apparently in hopes that an unregulated att would pocket a greater proportion of its revenues rather than cut rates further reuter
earn	national gypsum co th qtr net net vs na revs mln vs mln year net mln vs na revs billion vs billion note current year includes earnings of mln dlrs for the four months ended april year ago earnings not comparable because of acquisition by aancor holdings inc on april reuter
earn	zayre corp th qtr shr cts vs cts
earn	det oestasiatiske kompagni a s east asiatic co results for year group pre tax profit mln crowns vs mln net turnover billion crowns vs billion dividend eight pct vs nil group profit after tax mln crowns vs mln reuter
earn	signtech inc nine mths jan net shr cts vs cts net mln vs revs mln vs mln reuter
earn	canadian imperial bank of commerce st qtr period ended january shr cts vs cts shr diluted cts vs cts net mln vs mln loans billion vs billion deposits billion vs billion assets billion vs billion note shr after preferred dividends reuter
acq	triumph capital inc to make acquisition triumph capital inc said it has signed a letter of intent to acquire first securities transfer systems inc of pompano beach fla for undisclosed terms the company said it is also entering the commercial finance business through the formation of triumph financial corp it said the new wholly owned unit has extended a dlr secured line of credit to micro designs inc reuter
earn	conchemco inc ckc sets quarterly qtly div cts vs cts prior pay april six record march reuter
earn	dst systems inc dsts regular payout set qtly div five cts vs five cts prior pay april record march reuter
interest	fed not expected to take money market action the federal reserve is not expected to intervene in the u s government securities market to add or drain reserves economists said most economists said they did not expect the fed to add reserves with federal funds trading below six pct they said the funds rate s softer tone may indicate that the need to add reserves in the current bank reserve maintenance period is smaller than previously estimated fed funds opened at pct and remained at that level yesterday funds averaged pct reuter
earn	brown group inc th qtr shr cts vs cts
acq	regal international rgl ups bell bpsiq bid bell petroleum services inc said regal international inc has doubled its offer for bell stock to one regal share for each bell share from half a share previously the company said it is seriously considering the new offer but has also received an expression of interest for a possible merger into a fortune company it did not identify that will be investigated at meetings to be held later this week it said it will explore all possibilities before recommending a final course of action reuter
earn	eqk green acres lp ega raises quarterly qtly div cts vs cts prior pay aug record june reuter
earn	mercantile stores co inc th qtr shr dlrs vs dlrs
earn	winland electronics inc th qtr loss shr loss one ct vs profit cts net loss vs profit revs vs year shr loss seven cts vs loss one ct net loss vs loss revs vs reuter
livestock	antibiotics in feed aid deadly bacteria study a study of salmonella poisoning has uncovered new evidence that the common practice of feeding antibiotics to cattle is helping to create deadly bacteria that can infect humans and resist medicines researchers at the federal centers for disease control tracked the spread of an unusual strain of salmonella that is resistant to the drug chloramphenicol and were able to link the resulting food poisoning to farms that used the drug to promote the growth of cattle cattlemen often give their animals a constant supply of antibiotics in feed to help them grow faster but critics have been warning for years that the constant exposure to the drugs is helping bacteria learn to resist the drugs industry officials have disputed this saying the diseases that develop a resistance in cattle probably do not affect humans but the new study reported in thursday s new england journal of medicine shows the diseases can spread to humans the research team led by dr john spika said the number of people who have developed the chloramphenicol resistant infection in los angeles county alone jumped from in to the following year two of those victims died and half the victims in their study of patients had to be hospitalized for their illness they also discovered that cooking the meat didn t always prevent the disease only pct of the victims reported eating raw infected hamburger thus the researchers concluded the majority of cases appear to have been caused by eating hamburger that was at least partially cooked the researchers said the results show that food animals are a major source of antimicrobial resistant salmonella infections in humans and that these infections are associated with antibiotic use on farms reuter
earn	national convenience ncs to have rd qtr loss national convenience stores inc said it expects to report a loss for the third quarter ending march due to continued poor sales in texas especially in houston in last year s third quarter national convenience earned dlrs or eight cts per share including a gain of dlrs from the sale of stores to another operator it said the results also included earnings from gasoline operations of dlrs or cts per share caused by unusually high gross margins on gasoline sales of cts per gallon that were caused by rapidly falling oil prices national convenience said its third quarter is usually weak due to winter weather reuter
crude	marathon raises crude posted prices cts a bbl effective today wti at dlrs bbl
crude	report due on oil imports and national security a presidential commission that has been studying oil imports including their effect on national security is to to make its report soon the white house said spokesman marlin fitzwater said the panel set up last october to examine u s oil import needs would make its report soon probably within the next few weeks he said national security adviser frank carlucci will wait until that report is in and then see if there is any special action needed to be taken in the national security area to implement it reuter
earn	chrysler sets three for two stock split raises dividend
earn	brown group inc bg th qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr dlrs vs dlrs net vs revs billion vs billion avg shrs vs note period ended february one company changed fiscal yearend to january from october results were restated to reflect the change reuter
earn	pegasus gold inc pgulf th qtr net shr profit cts vs loss two cts net profit vs loss revs mln vs year shr profit cts vs loss cts net profit vs loss revs mln vs mln note current qtr includes gain of mln dlrs from tax benefit reuter
earn	zayre corp zy th qtr jan net shr cts vs cts net vs rev billion vs billion year shr dlrs vs dlrs net vs rev billion vs billion note th qtr net includes pre tax gain of mln dlrs from sale of real estate and real estate development company fiscal net includes extraordinary charge of mln dlrs or six cts a share all per share data reflects a two for one stock split paid june reuter
earn	zayre zy plans more store openings in zayre corp said it plans to open additional zayre stores new t j maxx stores and hit or miss shops in in addition zayre said it plans to add six new bj s wholesale clubs and eight new homeclubs to its warehouse group earlier the company reported earnings ended january of mln dlrs or dlrs per share versus mln dlrs or dlrs per share in fiscal it also reported fourth quarter net of mln dlrs or cts a share versus mln dlrs or cts a share in s fourth quarter reuter
earn	chrysler c sets stock split higher dividend chrysler corp said its board declared a three for two stock split in the form of a pct stock dividend and raised the quarterly dividend by seven pct the company said the dividend was raised to cts a share from cts on a pre split basis equal to a ct dividend on a post split basis chrysler said the stock dividend is payable april to holders of record march while the cash dividend is payable april to holders of record march it said cash will be paid in lieu of fractional shares with the split chrysler said mln shares remain to be purchased in its stock repurchase program that began in late that program now has a target of mln shares with the latest stock split chrysler said in a statement the actions reflect not only our outstanding performance over the past few years but also our optimism about the company s future reuter
acq	banco santander to buy west germany s cc bank banco santander signed a letter of intent with bank of america bac to purchase its west german affiliate bankhaus centrale credit ag cc bank the bank said in a statement amplifying an earlier report from frankfurt the incorporation of cc bank in our group will provide a major boost for chanelling investment between spain and the european community the statement said this operation enables us to take up a solid position in west germany ahead of spain s full integration into the ec s financial system in five years time the deal included the license for visa credit cards reuter
earn	canadian imperial sees lower loan losses canadian imperial bank of commerce earlier reporting higher net income for the first quarter ended january said it expects loan losses to be lower than last year s mln dlrs however the bank said it will maintain the high level of provisioning for loan losses established last year because of many market uncertainties commerce bank set loan loss provisions of mln dlrs in fiscal ended october the bank earlier said first quarter net income rose to mln dlrs from mln dlrs in the prior year profit per basic share after dividends fell to cts from year ago cts commerce bank said because of market uncertainties it used an estimate of mln dlrs for fiscal loan losses in calculating first quarter results the bank s first quarter provision for loan losses rose to mln dlrs from mln dlrs in the prior year commerce bank also said it will continue to adopt an agressive posture in adding to its general provisions against loan exposure to countries designated by the federal government s inspector general of banks first quarter net partly benefitted from net interest income up to mln dlrs from year ago mln dlrs commerce bank said improved other income which rose to mln dlrs from year earlier mln dlrs and net income was partially offset by the increased loan loss provisions non interest expenses and income taxes the bank said first quarter total assets increased to billion dlrs from mln dlrs in the prior year due mainly to continued expansion in consumer loan and mortgage fields return on assets increased by two cts to cts per dlrs of average assets from the first quarter in fiscal but declined two cts from fiscal fourth quarter the bank also said total non accrual loans increased to billion dlrs in the first quarter from year ago billion dlrs however non accrual loans declined mln dlrs from fiscal year end despite the recent announcement of the suspension of interest payments by brazil virtually all of the bank s loans to this country were income producing up to january and there was little adverse impact on the bank s earnings prior to the announcement commerce bank said the bank did not disclose a forecast of the impact on future earnings by brazil s suspension of interest payments reuter
earn	mercantile stores co inc mst th qtr net qtr ends jan shr dlrs vs dlrs net mln vs mln revs mln vs mln mths shr dlrs vs dlrs net mln vs mln revs billion vs billion
sugar	india bought at least eight cargoes sugar trade india bought eight cargoes of white sugar at a buying tender this week but also gave sellers options to sell an extra eight cargoes at the same prices traders said four international firms shared the business which gave each of them sales of two cargoes of mar apr shipment sugar at dlrs cif and options on two cargoes of apr may this brings recent options india has given traders to some tonnes at fixed prices and makes future indian purchases very dependent on price fluctuations traders said at dlrs cif the sugar sold this week was at a discount of up to dlrs to current prices some traders said reuter
acq	unitel video shareholder proposes possible sale or liquidation of company
earn	allegheny power system inc ayp sets payout qtly div cts vs cts prior pay march record march reuter
earn	selkirk communications ltd th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr dlrs vs dlrs oper net vs revs mln vs mln note current oper net excludes extraordinary income of dlrs in qtr and dlrs in year vs previous losses of dlrs and dlrs respectively reuter
earn	houston oil royalty trust rth payout lower mthly div cts vs cts prior pay march record march reuter
earn	engelhard corp sets three for two stock split and raises quarterly
acq	holder proposes unitel unv sale or liquidation michael landes a major stockholder in unitel video inc said he has asked the company to consider liquidating or selling some or all of its assets mr landes has requested the company to implement a program to maximize shareholder values which might include a sale of all or part of the company or a liquidation he said in a filing with the securities and exchange commission landes and another unitel video investor albert schwatz have formed a shareholder group and together hold common shares or pct of the total outstanding common stock landes and schwartz had reached an agreement in principle with the new york video tape service company on a dlr a share takeover proposal last september but subsequent merger talks broke down in october the investors told the sec they are continuing to review their positions company and may acquire more shares or sell some or all of their current stake reuter
acq	huges tool company says baker international merger plan not terminated
earn	royal dutch shell group of cos th qtr net shr royal dutch petroleum co rd dlrs vs dlrs final royal dutch dividend of guilders for total guilders vs guilders for shr shell transport and trading co plc sc dlrs vs dlrs final shell transport dividend pence for total of pence vs pence for group net billion vs billion group sales billion vs billion year shr royal dutch dlrs vs dlrs net shell transport dlrs vs dlrs group net billion vs billion group sales billion vs billion notes group is pct owned by royal dutch and pct by shell transport dollar amount of royal dutch dividend will depend on guilder dollar exchange rate on may final dividend is payable june to holders of record may shell transport dividend and per share results based on new york shares which are equal to four ordinary shares dollar final dividend will be determined by sterling dollar exchange rate may at current rate with tax credits is equal to dlrs final dividend is payable may to holders of record april fourth quarter u s dollar figures for group translated from sterling at average rate of exchange for the quarter which was dlrs per pound in and dlrs in full year u s dollar figures are sum of sterling translations to u s dollars for first second third and fourth quarters net includes fifo inventory gain mln dlrs vs loss mln dlrs in quarter and loss billion dlrs vs loss mln dlrs in year if lifo accounting had been used company said royal dutch per share net would have been dlrs vs dlrs in quarter and dlrs vs dlrs in year shell transport per share net would have been dlrs vs dlrs in quarter and dlrs vs dlrs in year net includes restructuring credit mln dlrs vs charge mln dlrs in quarter and credit mln dlrs vs charge mln per share impact of restructuring on royal dutch was credit cts vs charge cts in quarter and credit cts vs charge dlrs in year on shell transport was credit cts vs charge cts in quarter and credit nine cts vs charge cts in year net also includes currency exchange losses of mln dlrs vs mln dlrs in quarter and mln dlrs vs mln dlrs in year exchange losses had per share impact on royal dutch of cts vs cts in quarter and cts vs dlrs in year and on shell transport of eight cts vs cts in quarter and cts vs cts in year reuter
acq	investment firm boosts purolator pcc stake halcyon investments a new york investment partnership that deals mainly in risk arbitrage and stock trading said it raised its purolator courier corp stake to shares or pct from or pct in a filing with the securities and exchange commission halcyon whose managing partner is alan b slifka and co said it bought purolator common shares between feb and march at prices ranging from to dlrs each halcyon which said it has spent mln dlrs for its purolator common shares said it also acquired options on feb giving it the right to buy shares for mln dlrs reuter
acq	aetna aet to sell canadian operations aetna life and casualty co said its aetna life and casualty of canada ltd subsidiary has agreed in prnciple to sell its casualty property subsidiary aetna casualty co of canada to laurentian group of montreal for undisclosed terms the company said the agreement is subject to canadian government approval reuter
earn	southern mineral corp smin th qtr loss shr loss two cts vs profit three cts net loss vs profit revs vs year shr profit eight cts vs profit cts net profit vs profit revs vs note per share figures adjusted for four for three stock distribution effective dec results include an extraordinary tax benefit of dlrs or one ct a share in each period reuter
interest	bank of england resists pressure for rate cut the bank of england again fought against money and bond market pressure for a pre budget interest rate cut leaving the pound to take the strain with a further rise in its trade weighted index to a six month high it closed at its best level since september at pct of its value on the index as foreign investors continued to buy into a currency which offers high relative returns and the possibility of short term capital gains dealers said meanwhile opinion is divided over whether the bank can stop a cut before budget day march and why it should want to the bank s latest strong signal to the market that it wants rates to stay steady for the moment came in midafternoon when it lent to the discount houses at a penal rate of pct to relieve a money market shortage they re really making the discount houses suffer said stephen lewis economist at brokerage house phillips and drew eleven and three quarters pct is way above money market rates this money market signal was apparently not accompanied by any sterling sales on the foreign exchanges talk of which had inhibited strong rises yesterday and tuesday so buyers came strongly into the pound the pound surged to a high of dlrs at the london close up from the previous finish at and marks up from if this pressure keeps up there is a possibility that rates could drop before the budget said jeremy hale economist at finance house goldman sachs international corp some gilt traders are forecasting a half point cut in the base rate from the current pct as early as tomorrow however analysts said the bank of england will need to be convinced that the present rise is a fundamental re rating rather than a result of short term speculative gains there are valid reasons for the bank to be cautious said peter fellner u k economist at brokers james capel and co markets have become highly optimistic about the chances of a conservative party victory in any early general election and disappointment if prime minister margaret thatcher decides to hold back could lead to a decline in the pound and a setback for bonds fellner said an election could be delayed until mid but most forecasts say it will be this year others note that the pound could yet prove vulnerable to oil price losses or a change of fortune for the dollar however analysts agree the bank is largely trying to set the timing of a cut than holding out against one altogether the authorities traditionally prefer a single sustainable rate move one way or the other to half points here and there some add the bank will be influenced by signs that at least a proportion of the latest bout of sterling buying is long term capital coming into the london market notably from japan they argue that the pound is being perceived as a safer bet than the dollar given the latters recent sharp falls and current political upheavals in washington the bank may want to see another few points on the trade weighted index before the budget argued lewis but by then sterling should be firm enough to satisfy even the bank of england he added the bank declined to comment on its reasons for resisting pressure for a rate move before the budget but banking sources said the authorities see the recent rise in sterling as more than just marking up by foreign exchange traders meanwhile analysts noted the market ignored potentially harmful news on the trade front today s figures showing that the current account deficit in was billion stg this was above previous estimates of the current account deficit and compares with a surplus of billion stg in fellner said that under more normal conditions this would have given the bond and currency markets a pause but that they were too bullish to worry about such fundamentals the guessing game over the timing of a cut has the clearing banks divided as well as the markets privately some bank officials forecast the bank will hold out at least for this week but at least one bank says a rise is possible tomorrow if a move comes before march forecasts are for a half point cut with another half or full point about budget day reuter
earn	engelhard corp ec sets stock split engelhard corp said its board declared a three for two stock split and raised the quarterly dividend to cts per share presplit from cts both payable march to holders of record march reuter
crude	egyptian crude oil output down on non opec egypt produced mln tonnes about mln barrels of crude in against mln tonnes about mln barrels in according to official figures released today by the egyptian general petroleum corp egpc officials say egypt can produce up to one mln bpd per day but production was cut when world prices plunged last year in an attempt to help opec stabilize the world market egypt cut its production target of bpd to its current output of bpd egypt which exports a third of its output currently sells its top suez and ras bahar blends for dlrs a barrel reuter
earn	h and h oil tool co hhot th qtr loss shr loss six cts vs profit two cts net loss vs profit revs vs year shr loss dlrs vs loss cts net loss vs loss revs mln vs mln note year includes special charge of dlrs or cts per shr on write down of rental equipment reuter
earn	cb and t financial corp cbtf year net shr dlrs vs dlrs shr diluted dlrs vs dlrs net vs reuter
acq	amoskeag bank amkg to acquire entrepo amoskeag bank said it signed an agreement to acquire entrepo financial resources inc a philadelphia based company which leases and remarkets high technology equipment terms of the acquisition were not disclosed it said entrepo has assets of mln dlrs reuter
earn	washington national corp wnt votes dividend qtly div cts vs cts prior qtr pay april record march reuter
sugar	kaines sells jordan two cargoes of white sugar trade house kaines said it sold jordan two cargoes of white sugar at its buying tender today the sale comprised two to tonne cargoes plus or minus pct for mar apr shipment a kaines trader said traders said the business was done at dlrs a tonne cost and freight reuter
acq	community bank system cbsi buys nichols bank community bank systems inc and the nichols national bank said they have signed a definitive agreement for nichols to become a member of the cbsi group of banks for an exchange of stock worth mln dlrs cbsi said it expects to complete the deal pending nichols shareholder and regulatory approval later this year reuter
acq	eastman kodak acquires pct interest in enzon inc
sugar	turkey seeking tonnes sugar trade turkey is holding a buying tender for tonnes of white sugar on march traders here said the sugar is being sought for early arrival and will probably be met with april may shipment sugar they added earlier today newspapers in turkey carried an advertisement from turkish sugar factories inviting offers of tonnes of crystal sugar with a pct option to increase or decrease the amount over the period turkey each year has exported between and tonnes of whites to iran and between and tonnes to iraq following lower sugar crops in the past two years analysts said turkey needs to import sugar now if it is to continue filling these export contracts and may need to buy more last month london broker c czarnikow estimated turkish production at mln tonnes raw value against mln in and an average mln in the previous three seasons the semi official anatolian agency recently quoted turkish minister of industry and trade cahit aral as saying turkey would export tonnes of sugar this year and import the same amount reuter
acq	shad favors shortening disclosure period securities and exchange commission chairman john shad said the sec favors shortening the current day period for disclosing takeover attempts but opposes putting restrictions on the use of so called junk bonds we favor shortening the disclosure period to two days shad told members of the house telecommunications and finance subcommittee when asked for his recommendation he said the sec s responsibility was to provide full disclosure for securities including junk bonds and not to make decisions based on merit he said junk bonds had some value because of their liquidity shad said he opposes proposals to require those attempting takeovers to file a statement on the impact the takeover would have on the communities involved we ve opposed it in the past it goes far beyond investor protection shad said he said he had no comment on a proposal by house speaker jim wright d texas to tax securities transactions reuter
earn	corrected pegasus gold inc pgulf th qtr net shr profit cts vs loss two cts net profit vs loss revs vs year shr profit cts vs loss cts net profit vs loss revs mln vs mln note company corrects reporting period to th qtr and year from rd qtr and nine mths reuter
acq	hughes tool ht says baker bko merger alive hughes tool co chairman w a kistler said its counter proposal to merge with baker international corp was still under consideration and that a merger was in the best interests of both companies our hope is that we can come to a mutual agreement that is good for both companies kistler said of the proposed merger that would result in a billion dlr oil field service company we re working very hard on this merger hughes board today again adjourned a shareholders meeting to vote on the proposed merger and rescheduled it for march to give baker more time to consider the counter proposal the hughes board which had previously expressed concern about a u s department of justice consent decree that would require baker to sell its drilling bit operations and submersible pump business met yesterday and threatened to terminate the proposed merger the hughes board made a counter proposal that the two companies first find acceptable buyers for the businesses before signing the decree the directors of baker immediately after receiving the counter proposal filed a law suit in texas in a texas state court to force to hughes to complete the merger the uncertainty as to the price and conditions that might be imposed by the department of justice makes us very nervous about what the outcome might be kistler said in explaining why hughes had made the counter proposal we need additional time to understand why baker did not accept our proposal kistler also said that the law suit filed by baker was not a factor in the board s decision to keep its merger proposal on the table he declined to comment on the allegations in the lawsuit kistler said hughes would be willing to consider a compromise counter proposal but declined to be more specific the justice department in january said it would block the hughes and baker merger on anti trust grounds unless both companies agreed to sign a consent decree that would provide for the sale of the assets after the merger took place the hughes board said it would not sign the decree because its was too unreasonable hughes said that baker should instead complete the sale of the disputed assets before the merger is finalized and given government approval under the decree if baker is unable to find acceptable buyers within a specified period of time after the decree is approved a federal trustee would become responsible for finding a buyer kistler said that under those terms the trustee could take up to years to complete the sales he also expressed concern that the combined companies might be required by the government s conditions to license some of its technology to any purchaser of the assets baker said last night in a statement that the required assets to be sold would reduce revenues by about mln dlrs representing about three pct of the revenues of the combined companies reuter
earn	aequitron medical inc aqtn rd qtr loss period ended january shr loss five cts vs profit eight cts net loss vs profit sales vs nine mths shr profit six cts vs profit cts net profit vs profit sales mln vs reuter
earn	lowe s cos inc low th qtr jan net shr cts vs cts net vs mln sales mln vs mln avg shrs mln vs mln year shr dlrs vs dlrs net mln vs mln sales billion vs billion avg shrs mln vs mln note current year net both periods includes charge dlrs or seven cts shr from early note retirement and charge seven cts shr from reversal of tax credits current year net both periods includes gain six cts shr from plywood manufacturers litigation settlement reuter
acq	france to sell stake in societe generale unit the french government is to sell to the public its pct direct holding in societe generale stgn pa s regional bank subsidiary societe generale alsacienne de banque sogenal from next monday sogenal officials said sogenal founded in and nationalised in is the leading french regional bank and has branches in austria belgium luxembourg east and west germany and switzerland chairman rene geronimus told a news conference the share offer price expected to be announced tomorrow by finance minister edouard balladur would be between and francs societe generale which will itself be privatised later this year will retain its pct majority holding in the bank chairman marc vienot said sogenal officials said they forecast consolidated group profit of around mln francs after an estimated mln this year and mln in sogenal s privatisation will be preceded by a capital increase to mln francs from mln earning about mln francs in new funds its shares will be divided by eight giving a capital of mln shares of francs nominal the bank will be listed on the nancy stock exchange in line with the finance ministry and government s aim of a regional operation geronimus said he said he was hoping for shareholders to total around to against the before nationalisation ten pct of the capital to be floated will be reserved for employees with the rest offered to the public there will not be a share reserved for foreign investors this is too small an operation and anyway they will be able to buy shares in france he said stockbroker sources said that a likely share offer price of francs would value sogenal at billion francs geronimus said the bank s future aim would be to reinforce its existing strong points with no major projects planned apart from the opening soon of a basle branch sogenal is the only french bank in austria it set up the first foreign exchange dealing room outside paris at its strasbourg headquarters in and is the only foreign banking subsidiary to be a broker on the zurich bourse the government s banking adviser for the operation was banque privee de gestion financiere bpgf owned by french financier pierre moussa s pallas group assisted by britain s hambros bank ltd reuter
earn	midland mla sets stock split midland co said its board declared a two for one stock split subject to approval of a doubling of authorized common shares at the annual meeting on april and an increase in the quarterly dividend to cts pre split from cts the dividend is payable april record march and the split would be payable may record april reuter
earn	prudential insurance year earnings the prudential insurance company of america a privately held company said today that net income in rose to billion dlrs from the billion dlrs reported the year earlier assets under management rose to billion dlrs in from billion dlrs in while consolidated assets jumped to billion dlrs from billion dlrs discussing its major subsidiaries the company said that prudential capital and investment services inc the holding company for brokerage house prudential bache securities and certain other related subsidiaries earned million dlrs in of that the securities operations of prudential bache netted mln dlrs after taxes and a charge of mln dlrs reuter
earn	aequitron aqtn sees th qtr charge aequitron medical inc said costs related to its previously announced plan to consolidate life products operations in boulder colo are expected to total dlrs or eight cts a share for the fourth quarter ending april it said the costs including moving expenses severance pay and future lease payments the company said it will consolidate life products into the company s headquarters and manufacturing operations in minneapolis reuter
earn	big b inc bigb th qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
acq	wilshire woc chief named to jacobs jec board wilshire oil co of texas which has a pct stake in jacobs engineering group inc said its chairman siggi wilzig was appointed to the jabobs board in a filing with the securities and exchange commission wilshire which holds jacobs common shares said wilzig was appointed to the jacobs board of directors on march after the company s annual shareholder meeting wilshire also said that jacobs chairman joseph jacobs has agreed to recommend a second wilshire nominee for election to the board if the person was found to be qualified reuter
retail	february u s retail sales not sign of upturn u s retailers posted stronger than expected sales in february but not enough to prompt analysts to change their expectations of sluggish sales growth for the first half of my feeling is that it february borrowed some of the business we normally see later in the quarter and the real strength of general merchandise sales will be in the second half of said bear stearns and co analyst monroe greenstein i don t think march will be as strong because easter falls in april this year said morgan stanley analyst walter loeb analysts generally average the sales results of march and april to account for the variation of easter s occurrence analyst edward johnson of johnson redbook associates said sales for february rose between six and pct compared to a pct increase last year analysts noted that february is considered a small transitory month between winter and spring in addition sales comparisons were boosted by an especially soft february last year which was adversely affected by severe weather apparel sales outshone other product groups in sales according to retailers and analysts february s strong sales reflected a lot of fresh merchandise on the shelves and higher consumer income due to tax reductions said greenstein of bear stearns analysts expect apparel sales to remain good as sales of durable and houseware items grow softer due to the continuing high levels of consumer debt may department stores co may and k mart corp km were among the strong performers posting comparable store sales gains of pct and pct respectively may had an overall sales gain of pct and k mart had a pct sales gain last month favorable consumer response to our merchandise programs continued to positively impact our sales comparisons in addition to the strong contribution by k mart stores all our specialty retailing companies had excellent february sales said k mart chairman bernard fauber sears roebuck and co s posted a pct increase domestic sales were led by better than average increases in apparel home fashions and hardware and especially strong catalog sales said sears chairman edward brennan analysts were a little disappointed by j c penney co inc jcp which started out with especially strong sales early in the month penney posted a pct increase on a comparitive store basis and a pct gain in overall sales penney chairman william howell said store sales were strongest during the early part of the month while catalog demand was consistently strong throughout the period store sales activity varied throughout the country ranging from good in the east to weak in the depressed southwest analysts also said gross profit margins were high as retailers were not overly promotional due to leaner inventories than a year ago february is not a big month seasonally but these numbers suggest a fairly good trend for consumer spending said drexel burnham lambert analyst jeff edelman february sales for major u s retailers store pct sears bill bill k mart bill bill wal mart mln mln jc penney mln mln federated mln mln may mln mln dayton hudson mln mln zayre mln mln montgomery ward mln mln reuter
earn	quartz engineering and materials qrtz st qtr qtr ended dec shr nil vs nil net loss vs loss revs vs reuter
acq	kodak ek buys stake in enzon enzn eastman kodak co said it has acquired an pct equity interest in enzon inc a pharmaceutical company specializing in protein therapy kodak said it secured worldwide marketing rights for three of enzon s peg enzymes used in the treatment of oxygen toxicity disorders hyperuricemia and gout the company said it acquired two mln enzon shares for mln dlrs with loans to enzon of two mln dlrs and interest of dlrs credited against the purchase price kodak said the drugs covered by the marketing rights are in initial stages of the u s food and drug administration approval process it said the investment should provide the necessary capital to complete the fda review process and provide a marketing outlet for the drugs the drugs are peg superoxide disdmutase and peg catalase for use against oxygen toxicity disorders that cause the often fatal tissue damage associated with severe burns organ transplants heart attacks and trauma and peg uricase for treatment of gout and other conditions caused by the buildup of high levels of uric acid in the body reuter
earn	gemcraft inc gemh year net shr cts vs dlrs net vs sales mln vs mln avg shrs vs note net includes dlr pretax charge from writedown of land and abandonment of land and pretax charges of dlrs from pending rescission offer settlements with u s agencies adjustment of the prior booking of residuals arising from collateralized mortgage obligation bond issues writedowns of land held by a joint venture startup costs associated with entering new markets an increase in reserves for customer service and writeoffs and reserves for mortgage related receivables to reflect current market values reuter
earn	applied solar energy corp solr st qtr net qtr ended jan shr profit nine cts vs loss cts net profit vs loss sales vs note net includes extraordinary gain of dlrs or two cts per shr reuter
earn	pacific nuclear systems in pacn th qtr loss shr loss cts vs profit seven cts net loss vs profit revs vs year shr loss cts vs profit cts net loss vs profit revs vs mln reuter
earn	anglo american gold investment co ltd aagiy year to feb shr cts vs pre tax mln rand vs mln net mln vs mln tax nil vs mln final div cts making cts vs div payable april register march reuter
acq	harris cuts triad systems trsc stake to pct harris associates l p a chicago investment advisory partnership said it lowered its stake in triad systems corp to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission harris said it sold a net triad common shares between dec and feb at prices ranging from to dlrs a share it said its dealings in triad common stock were done on behalf of its advisory client reuter
earn	libra bank expects brazil to reach debt accord london march london based libra bank plc said when announcing its annual results that it expected brazil to reach agreement with its creditors over debt repayments in recent years brazil has demonstrated its ability to generate surpluses sufficient to service its debt and i have no doubt that in due course it will reach an agreement with the banks and its other creditors libra managing director peter belmont said in a statement earlier the bank which specialises in providing finance to latin america and the caribbean announced pretax profits of mln stg for calendar against mln in libra s net worth increased by pct to mln stg last year and belmont said the improvement to the bank s balance sheet was due to profits being mostly retained in the bank and to the issue of mln stg of cumulative redeemable preference shares during the year libra is a consortium bank national westminster bank plc nwbl l chase manhattan bank n a cmb royal bank of canada ry to swiss bank corp sbvz z westdeutsche landesbank girozentrale welg f mitsubishi bank ltd bancomer snc banco itau sa credito italiano spa and banco espirito santo e comercial de lisboa all have shareholdings reuter
acq	idea inc idea to buy private firm idea inc said it signed a letter of intent to buy privately held structural instrumentation inc the purchase for an undisclosed sum will be made mostly with idea common stock the company said idea said the purchase will add about cts per share to its fiscal earnings idea reported earnings of four cts per share for the quarter ended october reuter
acq	ducommun inc dco sells division ducommun inc said it sold its airdrome parts co division to a group of investors headed by airdrome s management for a cash price of mln dlrs ducommun said the sale coupled with its sale last month of metermaster were steps taken to improve the company s balance sheet and that no further sales are being contemplated reuter
earn	hooper holmes sherlock inc hoop th qtr net shr cts vs cts net vs revs mln vs mln avg shrs vs mths shr cts vs cts net vs rwevs vs avg shares vs reuter
acq	texon energy txon in talks on acquisition texon energy corp said it has entered into a preliminary agreement to purchase an pct interest in a privately held specialty plastics manufacturing company it did not name texon said completion of the acquisition is subject to the consent of banks and third parties and the acquisition would be made for promissory notes and common stock reuter
earn	allied ald affiliate restates loss larger allied signal inc s pct owned union texas petroleum co affiliate said it has restated its fourth quarter and full year losses and revenues to increase the provision for the proposed settlement of a price dispute involving indonesian liquefied natural gas it said the restated increases the provision against fourth quarter earnings to mln dlrs from mln dlrs estimated earlier union texas said its fourth quarter loss was increased to mln dlrs from mln dlrs reported previously and revenues reduiced to mln dlrs from mln dlrs union texas said for the full year it restated its loss to mln dlrs from mln dlrs and revenues to billion dlrs from billion dlrs the restatement results from a tentative agreement reached in february with pertamina the indonesian state owned petroleum enterprise and japanese purchasers of lng kohlberg kravis roberts and co also owns pct of union texas and the remainder is owned by management reuter
earn	amrep corp axr rd qtr jan net shr cts vs cts net vs revs mln vs mln nine mths shr cts vs dlrs net vs revs mln vs mln note share adjusted for three for two stock split in december reuter
earn	ici ici sees growth in pharmaceuticals imperial chemical industries plc expects earnings from its pharmaceuticals operations to grow to about pct of world profits within the next five years compared with a current pct chairman elect denys henderson told financial analysts over the next five years we expect to launch one major new product each year henderson said he also said research and development spending in this business segment will be increased to pct of total sales income in from pct or mln sterling in ici the world s fifth largest chemicals firm in terms of sales recently reported profits of about mln dlrs on billion dlrs in sales compared with income of mln dlrs on billion dlrs in sales a year earlier sales in the united states totaled about three billion dlrs ici executives said in addition henderson said overall corporate growth will come from ici s research and development activities but the company intends to continue to grow through an acquisition program ici spent just under one billion dlrs for acquisitions during the largest of which was the mln dlr purchase of cleveland ohio based glidden inc a paints resins and coatings company from hanson trust plc ici financial director alan clements said the company s borrowing limits are at a level of about billion sterling billion of which have already been used while the company has no current plans for a major acquisition we are ready to move quickly in the acquisition field if the need arises clements said reuter
earn	safecard services sfcd sets split ups payout safecard services inc said its board declared a three for two stock split and is maintaining the quarterly dividend on post split shares at the same six cts it now pays for an effective pct increase both the split and the dividend are payable april to holders of record march reuter
earn	wilton enterprises inc wltn nd qtr jan net oper shr profit two cts vs loss cts oper net vs loss sales vs st half oper shr profit cts vs profit eight cts oper net profit vs profit sales mln vs mln note current year net excludes tax credits of dlrs in quarter and dlrs in year reuter
ship	rotterdam port subsidy to end july minister dutch social affairs minister louw de graaf announced he is withdrawing the annual mln guilder labour subsidy for rotterdam s strike hit general cargo sector as from july late last month de graaf said that if the dispute was not settled by monday this week he would withdraw the subsidy the chairman of the port employers organization svz jacques schoufour said he was unhappy with the decision and added there was now no alternative to proceeding with redundancy plans the series of strikes in the sector started on january in protest at employers plans to make redundancies from the strong workforce by starting with this year meanwhile the port and transport union fnv attacked loss figures given for the port for this year the figures issued by accountants on behalf of the svz put total losses for last year at mln guilders and in at mln earlier the employers had put the figure at around mln the fnv said the actual losses were nearer to mln and said the employers had inflated the figures as part of their plan to restructure completely the port s general cargo sector reuter
earn	s a y sayi to take rd qtr loss from sale s a y industries inc said it expects a loss of about two mln dlrs in its third quarter ended february from the proposed sale of its omnilab inc health care unit s a y said its board of directors approved the unit s sale because omnilab was losing about dlrs a quarter we no longer see a near term prospect for a reasonable return on our investment romilly humphries s a y president and chief executive officer said s a y said proceeds from the sale would be used to increase the company s market share in automotive products packaging and diversify its packaging capabilities reuter
earn	sonesta international hotels corp snst th qtr shr profit cts vs loss cts oper net profit vs loss revs mln vs mln year oper shr profit dlrs vs loss dlrs oper net profit mln vs loss revs mln vs mln note year net excludes dlr tax credit net includes pretax gains on sale of property of dlrs in quarter and mln dlrs in year reuter
earn	domco industries ltd st qtr jan net shr four cts vs cts net vs revs mln vs mln reuter
acq	unicorp american uac acquisition advances unicorp american corp said it has signed a definitive agreement for the previously announced acquisition of lincoln savings bank the company said the transaction is still subject to regulatory approvals reuter
acq	first eastern corp febc completes acquisition first eastern corp said it has completed the acquisition of peoples bank of nanticoke pa in an exchange of first eastern shares for each peoples share peoples has assets of about mln dlrs reuter
acq	bishop graphics bgph completes store sale bishop graphics inc said it completed the sale of its newport beach art supply center to standard brands paint co s sbp art store unit terms were not disclosed bishop also said it has opened a new sales and service office in irvine calif reuter
ship	striking brazilian seamen hold pay talks striking brazilian seamen who say they have made idle ships and halted brazilian exports today held pay talks in rio de janeiro with labour minister almir pazzianotto union officials said jorge luis leao franco a senior official of the national merchant marine union told reuters he was optimistic the talks would lead to an end of the stoppage which began last friday brazil s seamen are seeking a pay rise of pct the union official said the strike had halted a total of vessels including in brazil s main port santos and about more in rio de janeiro abroad six ships lay idle in the netherlands spain venezuela france and south africa he said economic analysts said the strike was of serious concern to the government which has already had to suspend interest payments on part of brazil s foreign debt following a drastic deterioration in the country s trade balance the head of the national merchant marine authority murilo rubens habbema was quoted in today s gazeta mercantil newspaper as saying that if the strike continued foreign ships could be authorized to transport brazilian exports brazil is living through a crisis at the moment and it is not conceivable that exports be hit he said but even using foreign ships we must not forget that we are going to lose foreign exchange paying freight charges abroad and all this through the fault of the seamen rubens habbema said a spokesman for the port of santos which has been the scene of labour unrest and congestion in recent months said movement of ships out of the port was running at about half its normal level of ships a day he said a total of ships were either waiting at anchor on moored in the harbour reuter
earn	brown group inc bg votes regular dividend qtly div cts vs cts prior qtr pay april record march reuter
earn	blocker energy corp blk year net oper shr profit cts vs loss dlrs oper net profit vs loss mln revs mln vs mln note net excludes mln dlr gain from debt extinguishment net includes mln dlr writedown of drilling rigs reuter
earn	ltx corp ltxx nd qtr jan loss shr loss cts vs loss cts net loss vs loss sales mln vs mln avg shrs vs st half shr loss cts vs loss cts net loss vs loss sales mln vs mln avg shrs vs note prior year net includes tax credits of dlrs in quarter and dlrs in half reuter
trade	yeutter says u s budget deficit reduction key to trade deficit solution
earn	calprop corp cpp th qtr net shr cts vs cts net vs revs mln vs avg shrs vs year shr cts vs cts net vs revs mln vs mln avg shr vs note prior qtr and year per share figures restated for pct stock dividend of december reuter
earn	sis corp sisb year net shr one ct vs nil net vs revs mln vs mln reuter
earn	amoskeag co amos sets quarterly qtly div cts vs cts prior pay march record march five reuter
earn	medtronic inc mdt sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	scitex corp scixf th qtr loss shr loss cts vs loss dlrs net loss vs loss mln revs mln vs mln year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln avg shrs mln vs mln note includes losses of vs in qtr and mln vs in year from equity of pct owned companies reuter
acq	stanley works swk makes acquisitions stanley works said it has acquired acme holding corp a maker of sliding and folding door hardware and the designs patents and other righs of plan a flex designer co which provides kits for home design and remodeling projects it said acme had sales of over mln dlrs terms were not disclosed reuter
earn	anitec image technology corp antc sets payout qtly div cts vs cts prior pay april record march reuter
earn	green mountain power corp gmp sets quarterly qtly div cts vs cts prior pay march record march reuter
earn	dual lite inc mdt sets quarterly qtly div eight cts vs eight cts prior pay may record april reuter
earn	science management corp smg th qtr oper net oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln avg shrs vs year oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln avg shrs vs note excludes gain of dlrs vs loss dlrs in qtr and gains of dlrs vs dlrs in year from tax loss carryforwards includes gains of dlrs and dlrs in qtr and year respectively reuter
earn	carmel container systems ltd kml year oper net oper shr dlrs vs cts oper net vs revs mln vs mln avg shrs vs note excludes gain of dlrs vs dlrs from benefit of tax loss carryforward results for tel aviv israel based company translated at rate of one dlr to new israeli shekels reuter
earn	tandem computers tndm sees higher net tandem computers inc said it expects higher earnings and revenues in its second fiscal quarter ending march against a year ago we feel we will continue to see higher growth in the quarter james treybig president and and chief executive officer told a meeting of securities analysts in the second fiscal quarter last year tandem earned dlrs or cts per share on revenues of mln dlrs treybig declined to offer specific projections for the quarter but he said the results might be lower than those for the first quarter of fiscal when tandem earned mln dlrs or cts a share he said tandem s second quarter is traditionally slower than the first l f rothschild unterberg towbin analyst frederic cohen estimated tandem s second quarter net at to cts per share for the full year he said he expects the computer maker to earn about dlrs a share in fiscal tandem earned dlrs a share treybig who founded the cupertino calif based company said he has seen a rebound in computer orders in the united states the u s economy is picking up and buying decisions are being made we didn t see that a year ago he said the executive said tandem will increase its research and development spending to about mln dlrs this year from mln dlrs in fiscal he said the company plans to introduce several products including two low end systems and a data base that uses the sql programming language an industry standard tandem also won a major order from the bank of tokyo reuter
interest	fed s johnson says he does not see increasing pressure on interest rates
acq	first union func to buy florida bank first union corp said it has agreed to acquire first state bancshares inc of pensacola fla and its first state bank of pensacola subsidiary for about common shares first state has assets of about mln dlrs the acquisition expected to be treated as a pooling of interests is expected to be completed in the third quarter of subject to approval by regulatory agencies and first state shareholders reuter
earn	oppenheimer raises nwa nwa earnings estimate oppenheimer and co analyst robert mcadoo raised his earnings estimate for nwa inc parent of northwest airlines following a strong quarterly report by the company yesterday according to oppenheimer market strategist michael metz nwa shares rose to in active trading mcadoo raised his estimate to dlrs a share from five dlrs and maintained a buy recommendation on the stock metz said mcadoo was traveling and could not be reached for comment yesterday minneapolis based nwa reported fourth quarter net of about mln dlrs or cts a share against a loss of two mln dlrs or nine cts in the quarter for the year earnings rose to mln dlrs or dlrs from mln or dlrs the results include republic airlines since nwa acquired it aug reuter
earn	yellow freight yell sees lower st qtr net yellow freight system inc said its expects first quarter profits to be substantially below the mln dlrs or cts a share earned in the same period a year ago revenues have been depressed by recent price discounting added costs from expansion programs lower shipping volumes and increased costs associated with severe weather conditions on the east coast company officials told analysts here an industry wide rate hike of pct set for april one will cover yellow freight s upcoming labor and other costs but will not make a contribution to operating margins it said reuter
pet-chem	nova subsidiary raises u s polyethylene prices novacor inc a unit of nova an alberta corp said it would raise prices for u s customers by five cts a pound on linear low density and low density polyethylene effective april the company did not immediately disclose the actual new prices a novacor official later said in reply to an inquiry that the new prices effective april would range from u s cts a pound to about cts the official said the increase reflected improved market conditions although he noted the new prices would still be lower than those of three years ago reuter
acq	moulinex stake sold to some institutions the pct stake in moulinex sa moup pa sold by scovill inc of the u s was spread among at least institutional investors worldwide a spokesman for brokers james capel said capel handled the deal the buyers were based in centers ranging from europe to north america and japan he added moulinex s capital is split among jean mantelet president of the company with pct along with private investors holding pct and the pct which has just been sold company sources said earlier in paris reuter
acq	talking point piedmont pie carl icahn s bold takeover bid for usair group u has clouded the fate of piedmont aviation inc which was being courted by usair yesterday icahn s transworld airlines inc twa made a billion dlr offer for usair group the move complicated a usair takeover offer for piedmont which was believed to be close to accepting the bid today usair rejected icahn s dlr per share offer and said the bid was a last minute effort to interfere in its takeover of piedmont icahn was unavailable for comment piedmont fell one to on volume of twa was off to usair fell to as doubt spread it would be taken over analysts and market sources view the twa bid as an attempt to either trigger a counter offer from usair or to attract a suitor who might want both airlines once they merged the next move is either icahn starts a tender offer or piedmont and usair announce a deal speculated one arbitrager some arbitragers said there is now some risk in the current price of piedmont since it is not clear that usair s bid will succeed piedmont s largest shareholder and other suitor norfolk southern corp nsc has offered dlrs per share for the company usair offered dlrs cash per share for half of piedmont stock and dlrs per share in stock for the balance some arbitragers however believe the depressed price of piedmont offers a buying opportunity since the airline is destined to be acquired by someone usair they said is the least likely to be bought icahn who has long talked about further consolidation in the airline industry also offered usair the alternative of a three way airline combination including twa and piedmont but wall street has given little credibility to icahn s offer which lacked financing and was riddled with contingencies still he has succeeded in holding up a merger of two airlines both of which analysts said would fit well with twa you can t discount him said one arbitrager analysts however said icahn would have to prove he is serious by following through with his threats or making a new offer in making the offer for usair icahn threatened to go directly to shareholders for pct of the stock at a lower price if usair rejected his offer it s clear icahn wants to sell and he s bluffing said one arbitrager analysts said the dlr per share offer was underpriced by about six dlrs per share some analysts believe icahn s proposed three way airline combination might face insurmountable regulatory hurdles but others believe it could be cleared if the companies are acquired separately twa would have to be the surviving company for the deal to work said one analyst analysts said such a merger would be costly and complicated twa has the best cost structure since icahn succeeded in winning concessions from its unions in order for the other carriers to come down to twa s wage scale in a merger twa would have to be the surviving entity analysts said such a move does not necessarily free icahn of twa they said they said he showed skill in reducing ozark airlines costs when he merged it into twa last year and he might be a necessary ingredient for a merger to work however other analysts speculated the managements of piedmont and usair would not tolerate icahn as head of a new company they said a usair acquisition of twa might be a way for him to exit the company if usair s airline is then merged into twa reuter
acq	baker int l bko hopes to complete merger baker international corp treasurer eric mattson said the company hoped to iron out snags in a proposed merger with hughes tool co ht but declined to say if or what compromises might be acceptable to it the proposed merger that would create a billion dlr oilfield services company was thrown into limbo yesterday when hughes management balking at the terms of a government consent decree offered a counter proposal to baker earlier today hughes adjourned a shareholders meeting called to vote on the proposed merger until march and said it hoped to resume negotitations with baker hughes chairman w a kistler told reporters that hughes did not want to sign the department of justice consent decree until after baker s submersible pump and drilling bit operations were sold mattson told reuters that baker still believed a merger was possible between the two giant oilfield service companies the company s position is we would like to see the merger be completed which is in the best interests of our shareholders and their shareholders mattson said our goal is for a merger to occur because of the litigation i can t go any further than that he said baker filed a lawsuit in texas state court late yesterday to force hughes to abide by terms of the proposed consent decree mattson also declined to comment on whether the directors of baker and hughes have scheduled any meetings to discuss the merger reuter
earn	lucky stores inc reinstates quarterly dividend at cts per share
earn	homestead financial hfl ups cash dividend homestead financial corp said it has increased the dividend on its class a common shares to cts a share from five cts prior while declaring an initial dividend on its class b common stock of cts a share homestead said the two classes of stock emerged as part of its recapitalization plan which also doubled the number of authorized common comprising both classes to mln shares homestead said the dividends are payable on april to shareholders of record march homestead also said that class b shareholders who want to increase their dividends may exchange their shares for an equal number of class a shares on or before march reuter
earn	electro sensors inc else year oper net oper shr cts vs cts oper net vs sales vs note earnings exclude extraordinary securities loss of dlrs or two cts a share vs a gain of dlrs or seven cts a share reuter
crude	opec president says output well below ceiling opec conference president rilwanu lukman said the group was producing well below the mln bpd ceiling it set in december partly because liftings had been delayed or postponed by customers unwilling to pay fixed opec prices lukman during a brief visit to london on his way home from jamaica told reuters in a telephone interview that in february opec had underproduced partly because members were strictly abiding by production quotas and partly because they were resisting the temptation to sell at discounts to official prices of around dlrs a barrel we are determined to stand firm by the december accord he said i have spoken to every other opec minister and they are committed to making the accord work he said lukman gave no specific figures for february output he said the opec secretariat in vienna was finalizing these figures told of a reuters survey published today which estimated that opec output so far this week was below mln bpd he said that could well be correct opec s news agency opecna today issued a statement saying group output was well below its ceiling in february but it gave no figures but one source close to opec indicated that february output may have been between and mln bpd the reuter survey estimated opec february output at around mln bpd opec agreed in december to cut output by pct to mln bpd and to return to fixed prices starting february lukman said qatar nigeria saudi arabia and iran had all produced in february below their opec quotas iraq which said it would not honour its mln bpd quota under the december pact had produced less than had been anticipated he said lukman said that some industry reports may be correct that in february nigeria propuced bpd below its mln bpd quota saudi arabia bpd less than its mln allocation and qatar to pct under its bpd quota he said that sweet crudes such as those produced by his country were coming under price pressure because they were currently officially priced above sweet north sea grades and the united states west texas intermediate wti crude however he said opec in december had anticipated that demand would be slack at this time of year for seasonal reasons and expected the market to firm in two to three weeks we have to be patient for two or three weeks the market is now firming on actual fundamentals he said adding that he expected it to go up and up even beyond official prices after early april this is when traditionally there is more demand for gasoline rich crudes such as nigeria s the opec president said producers such as kuwait venezuela and indonesia were having less problems with output than producers like his own country because they exported oil products also some of venezuela s heavy grades were outside the opec pricing system he said lukman said that if refiner buyers now refusing to lift some opec oil at official prices instead used their own stocks and ran them down to dangerous levels they would eventually have to buy opec oil when they realise it is not a free for all in the market they will realise they should buy now instead of paying more later on he said lukman asked about industry reports that nigeria was being pressured by equity producers for better terms said it was important to know that terms with them were negotiable flexible and under constant review not only when the market seemed weak he said that so far no meeting of the seven nation ministerial differentials committee had been scheduled and that such a meeting now twice postponed was not a high priority for opec at the moment at this time we have to get our priorities right he said the most important thing now is ensuring that the accord is working not dealing with a differential of cents between grades but if any opec member raised concerns or objections over the differential system a meeting would be called he said reuter
earn	lucky stores inc lks reinstates quarterly div qtly div cts vs nil pay april record march note in quarters preceeding th qtr dividend was cts reuter
earn	carmel container systems ltd kml year oper net oper shr dlrs vs cts oper net vs revs mln vs mln avg shrs vs note excludes gain of dlrs vs dlrs from benefit of tax loss carryforward results for tel aviv israel based company translated at rate of one dlr to new israeli shekels reuter
orange	u s to set orange juice duties monday the commerce department on monday will set final dumping duties on frozen orange juice from brazil department officials said a preliminary duty of pct was set last oct on the imports which run at about mln dlrs a year commerce s ruling on monday will reset the duties on the basis of more detailed cost information industry officials said the duties now are being assessed on a temporary basis pending a final ruling by the u s international trade commission itc on whether the imports are injuring the domestic orange industry the itc ruled provisionally last june that the domestic industry was being injured by brazilian orange juice imports a complaint that the brazilian imports were being dumped at below costs on the u s market was filed on behalf of u s growers by the florida citrus mutual a lakeland fla group alcoma packing co inc and barry citrus products u s officials say about half of the orange juice consumed in the united states comes from brazil reuter
earn	longview fibre co lfbr quarterly dividend qtly div cts vs cts pay april record march reuter
earn	bei holdings ltd beih st qtr jan net shr cts vs eight cts net vs rev mln vs mln note qtr includes extraordinary gain of dlrs or six cts a share versus dlrs or two cts a share in fiscal s first qtr reuter
nat-gas	endevco ei agrees to buy mississippi pipeline endevco inc said it has agreed to acquire a mile inch pipeline in marion and pearl river counties mississippi for undisclosed terms the company said the pipeline was recently constructed from the poplarville gas field in pearl river county to a proposed interconnect with a pipeline operated by occidental petroleum corp s oxy united gas pipe line co subsidiary in marion county but has nmot been placed in service endevco said it plans to extend its existing mississippi fuel co system in southern mississippi miles to the new pipeline reuter
earn	atlantic city electric co ate sets payout qtly div cts vs cts prior pay april record march reuter
earn	kemper corp kemc regular payout set qtly div cts vs cts previously pay may record may eight reuter
earn	ffb ffct sets initial quarterly dividend ffb corp parent of the first federal bank of connecticut fsb said it declared an initial quarterly dividend of five cts per share the company said the dividend is payable march to holders of record march reuter
earn	union carbide says operating profits for th qtr were mln dlrs vs loss three mln dlrs
money-supply	money market fund assets rose mln dlrs in latest week to billion
earn	combined internmational pma sees strong combined international corp should have another strong year president patrick g ryan told analysts although he declined to forecast earnings specifically in the company reported operating income of dlrs a share up from dlrs a share a year earlier revenues increased to billion dlrs from billion dlrs ryan said combined is testing a direct response long term care product through its union fidelity life insurance co and has plans to offer it through ryan insurance group in answer to a question on combined s possible exposure to aids related health claims ryan said it was minimal although he conceded that every carrier who provides coverage is vulnerable reuter
earn	chartwell group ltd ctwl th qtr net shr nine cts vs three cts net vs rev mln vs mln year shr cts vs cts net vs rev mln vs mln reuter
acq	pitt des moines inc pdm to acquire steel unit pitt des moines inc said it will acquire chicago steel corp in exchange for a portion of its stock reuter
gold	giant bay gbylf details gordon lake deposit giant bay resources ltd said a metallurgical study of its gordon lake gold deposit indicated an overall recovery of pct to pct of the gold can be achieved by either direct cyanidation of ore or flotation followed by cyanidation of concentrate continuation of an underground program on the property will begin in june extending an existing drift along the foot level where the main ore zone was encountered giant bay said the company did not elaborate on production figures for the property reuter
trade	consensus builds for world agricultural reform top u s and european farm trade and government representatives called for a sweeping reform of world agriculture to redress a critical demand and supply imbalance speakers at a conference on world agricultural markets here demonstrated a growing u s european consensus on the need for an urgent and collective overhaul of world farm trade and production it is vital that we work together to bring more freedom and harmony into the world agricultural trade if not the disruptions in markets may grow even more severe the walls of protection climb higher and the level of possible retaliation become more harmful u s department of agriculture deputy administrator william bailey said bailey said his attendance at the two day meeting which ends tomorrow demonstrated the u s recognises the need to adjust its policies to the changing market environment the need for urgent reforms is justified by the imbalance and tensions of the world economy the secretary general of the organisation for economic cooperation and development jean claude paye said and the forum for such a reform is the general agreement on tariffs and trade he noted paye stressed the need for a progressive and joint reduction of agricultural subsidies as well as social measures to help farmers in unprofitable areas another possible solution would be to stop supporting farm prices allowing them to be fixed by supply and demand and instead help farmers through income support and adjustment aids proposed james howard executive vice president of cargill usa one of the world s largest cereal houses franz josef feiter agricultural adviser to west german chancellor helmut kohl agreed the european community must take greater heed of market constraints in fixing farm prices however differentiated policy treatment is required to take account of large disparities in the situation around the ec he said agriculture is an efficient sector of the european economy and will remain so if the right policy is pursued within the community he said reuter
acq	rexcom rxsc to acquire marketing firm rexcom systems corp said it agreed to buy all the assets of postech inc from comtech group international ltd a canadian computer service company for pct of rexcom s voting shares the purchase will be for rexcom common and preferred stock postech the canadian firm s u s marketing arm sells computerized restaurant management systems and security systems in the u s the deal is subject to approval by the boards of postech and rexcom reuter
earn	general refractories co grx th qtr net shr cts vs cts net vs rev mln vs mln year shr dlrs vs dlrs net vs rev mln vs mln note net includes gains from sale of non operating assets of dlrsm versus mln dlrs in net includes nonrecurring cost of mln dlrs and provision for separation pay of mln dlrs reuter
earn	union carbide uk says long term debt rises union carbide corp said its long term debt was billion dlrs compared to billion dlrs in the company released its audited results the company also said its long term debt was reduced by about billion dlrs from the third quarter to the end of the year by asset sales and equity offerings union carbide sold its battery products home and automobile products and agricultural products businesses in in the fourth quarter it offered mln shares of stock raising about mln dlrs the asset sales and equity offering were part of a recapitalization plan undertaken by the chemicals company last year audited net earnings in of mln dlrs or dlrs a share compared to a loss of mln dlrs or dlrs were unchanged from the company s preliminary earnings report made on jan the earnings results for the fourth quarter were also unchanged included in the numbers are a mln dlr gain from sale of the different businesses a mln dlr pension credit and a charge of mln dlrs from the purchase of long term debt at a premium under the recapitalization in the audited results released today the company broke down results by business segment operating profit in the fourth quarter for all of the company s operations on a consolidated basis before corporate and interest expense and taxes was mln dlrs against a loss of three mln dlrs in the quarter in the year operating profit was mln dlrs compared to a loss of mln dlrs in in a statement the company said it defeated a hostile takeover attempt by gaf corp gaf and recapitalized the company adding while all this was going on our continuing businesses performed very soundly with substantial operating profit improvement over carbon products posted operating profit of eight mln dlrs in the quarter down from mln dlrs and mln dlrs in the year against a loss of mln dlrs chemicals and plastics had fourth quarter operating profit of mln dlrs compared to a year ago loss of mln dlrs in the year chemicals and plastics earned mln dlrs against losses of mln dlrs in operating income at industrial gases rose to mln dlrs from mln in the quarter and to mln dlrs from mln in the year the company s specialties and services segment cut its losses in the quarter to mln dlrs from mln dlrs and in the year to three mln dlrs from mln dlrs eliminations of business conducted between the company s industry segments contributed two mln dlrs to fourth quarter profits but did not affect the quarter the eliminations caused losses of three mln dlrs compared to six mln dlrs in the year the operating results include a host of unusual writeoffs and depreciation charges totaling mln dlrs in the quarter and mln dlrs in the year capital expenditures rose to mln dlrs in from mln dlrs by segment spending at carbon products fell to mln dlrs from mln dlrs and spending fell at specialties and services to mln dlrs from mln dlrs at chemicals and plastics expenditures rose to mln dlrs from mln and at industrial gases they rose to mln dlrs from mln dlrs the company s cash and equivalents fell to mln dlrs at year end from mln dlrs at year end after a net decrease of mln dlrs during current assets at year end fell to billion dlrs from billion dlrs and current liabilities fell to billion dlrs from billion reuter
earn	first commercial bancorp fcob th qtr loss shr loss cts vs loss dlrs net loss vs loss year shr loss cts vs loss dlrs net loss vs loss assets mln loans mln deposits mln note loss included non recurring expenses of dlrs comprised of asset write downs legal proceeding and a dlr provision for loan losses reuter
earn	harcourt brace jovanovich inc hbj th qtr net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln year shr dlrs vs dlrs net mln vs mln revs billion vs mln avg shrs mln vs mln note on dec one company acquired holt rinehart and winston and w b saunders and the dryden press and their foreign subsidiaries by including these companies for the single month of december th qtr earnings were raised by seven cts per shr and for the year by eight cts per shr reuter
acq	lone star lce agrees to buy concrete operations lone star industries inc said it has agreed to acquire ready mixed concrete and aggregates businesses from riedel international inc of portland ore for an undisclosed amount of cash lone star s one sentence statement gave no further details and company spokesmen were not available reuter
earn	shell francaise returns to profit in shell francaise sfmf pa a subsidiary of shell petroleum nv returned to the black last year for the first time since with parent company net profit of mln francs against losses of mln in and billion in in it posted a profit of mln the company said in a statement that cash flow had improved strongly although it remained negative at mln francs against billion in due largely to improved performances by its main profit centres it said the results could have been even better had it not been for the collapse of refining and sales profit margins in the last quarter of the year in shell sold mln tonnes of oil products against mln tonnes in the company said the results were in line with its targets for the second year of its three year recovery programme meanwhile societe shell chimie said it also returned to profit in for the first time since posting net profit of mln francs against a loss of mln no other details were available reuter
earn	fairmount chemical co inc fmtc th qtr loss shr loss cts vs loss cts net loss vs loss sales vs year shr loss cts vs loss cts net loss vs loss sales vs reuter
earn	humana inc hum regular dividend qtly div cts vs cts in prior qtr payable may one record april two reuter
money-supply	u s commercial paper falls billion dlrs in feb week fed says
money-supply	n y business loans rise mln dlrs in feb week fed says
acq	financial corp fin unit buys branches financial corporation of america s american savings and loan association unit said it signed a definitive agreement to buy three retail savings branches from gibraltar financial corp s gfc gibraltar savings unit the purchase which must be approved by the federal home loan bank and the california department of savings and loans would increase american savings deposits by about mln dlrs the branches are in la jolla la mesa and san juan capistrano calif reuter
crude	confidence in opec firms u s energy futures renewed confidence in opec s ability to limit production helped u s energy futures settle above yesterday s closing prices according to analysts they also said the heating oil contract found additional support from a short covering rally on the close april crude closed cts higher to dlrs april heating oil was cts higher to cts a gallon most traders expected follow through profit taking from yesterday but the market found suport from bullish reports that opec is producing within its quota said simon greenshields a vice president with morgan stanley and co inc news today including opec president rilwanu lukman statement that opec february production did not exceed its official quota of mln barrels per day helped bouy prices traders said a reuter survey found opec production in early march was mln bpd in addition to short covering heating oil found support from traders buying it against sales of gasoline and crude as well as from expectations for continued drawdowns in stocks as refiners shut down for maintenance traders said unleaded gasoline for april finished cent higher to cts a gallon reuter
earn	fairfield communities inc fci mos dec shr loss dlrs vs profit cts net loss mln vs profit mln revs mln vs mln note year ago figures based on months ended february because company changed reporting period to end december months loss includes mln dlrs writedown of certain assets reuter
earn	carver corp cavr th qtr net shr cts vs cts net vs sales vs year shr cts vs cts net vs sales mln vs mln reuter
earn	inter city gas corp th qtr shr cts vs cts
acq	unicorp uac lincoln in definitve pact unicorp american corp said it signed a definitive agreement to acquire lincoln savings bank fsb under terms of the agreement announced in january lincoln would be acquired by a unit of unicorp which is minority owned by lincoln president alton marshall the acquisition will take place through a voluntary conversion of lincoln to a federally chartered stock savings bank from a mutual federal savings bank in connection with the conversion unicorp will contribute mln dlrs in cash to lincoln reuter
money-supply	u s m money supply rises billion dlrs in feb week fed says
money-supply	u s bank discount borrowings average mln dlrs a day in march week fed says
coffee	coffee fall not seen affecting colombia s debt the sharp fall in international coffee prices will not affect colombia s external credit situation finance minister cesar gaviria told reuters he said the current depression on world coffee markets was not totally unexpected and would have no immediate bearing on colombia s financial state which he described as sound our foreign debt is high but we can pay and i hope the foreign banking community will maintain its position toward us he said colombia the only major latin american country not to have rescheduled its external public debt has a total foreign debt of billion dlrs calls for a rescheduling of the debt have come this week from the opposition conservative party and the biggest trade union following the coffee price drop gaviria said lower coffee prices this year could mean a loss of billion dlrs in revenues for gaviria submitted to the world bank and the inter american bank last week in new york a borrowing plan for a total of billion dlrs to be disbursed over the next four years which he said was approved reuter
money-supply	u s m money supply rises billion dlrs u s m money supply rose billion dlrs to a seasonally adjusted billion dlrs in the february week the federal reserve said the previous week s m level was revised to billion dlrs from billion dlrs while the four week moving average of m rose to billion dlrs from billion economists polled by reuters had forecast m in a range from down mln dlrs to up billion dlrs the average forecast called for a billion dlr m rise reuter
acq	humana hum declares shareholders rights plan humana inc said its board approved a shareholder rights plan or so called poison pill plan to ensure its shareholders receive fair treatment in the event of a proposed takeover humana said it is now aware of any effort to gain control of the company under the plan its board declared a dividend distribution of one right for each outstanding common share held as of march it said each right entitles holders to purchase a unit of of a share of newly authorizes series a participating preferred at dlrs per unit humana said the rights become effective after an entity acquires pct or more of its outstanding common or tenders for pct of its stock after such an acquisition then each right entitles holders to purchase securities of the company or an acquiring entity having a market value of twice the right s exercise price humana said the rights expire march unless redeemed earlier it said the rights may be redeemed by the company for one ct per right at any time prior to days following a public announcement that a pct position has been acquired reuter
earn	fremont general corp frmi th qtr oper net oper shr profit cts vs loss dlrs oper net profit vs loss mln revs mln vs mln year oper shr profit dlrs vs loss dlrs oper net profit mln vs loss mln revs mln vs mln note oper data does not include loss from discontinued operations of dlrs or cts per shr in th qtr loss of mln dlrs or dlrs per shr in the year or gain of mln dlrs or dlrs per shr in also does not include th qtr extraordinary loss of dlrs or ten cts per shr reuter
acq	great western financial gwf unit buys banks great western financial corp s subsidiary great western bank said it will purchase three retail banking branches in south florida with total deposits of mln dlrs great western said it will purchase branches in deerfield beach and hollywood with approximately mln dlrs in deposits from guardian savings and loan association and one in palm beach with approximately mln in deposits from goldome savings bank reuter
acq	hughes ht changes stance on merger after suit a one billion dlr lawsuit pushed hughes tool co into an about face on its rejection of a proposed merger with baker international corp bko wall street analysts said last night hughes said the planned merger with baker was off baker then filed a suit seeking punitive damages from hughes for calling off the merger at midday today hughes said it was still interested in the merger the analysts also said hughes may be worried that its troubles could make it a takeover candidate there was speculation today that harold simmons the dallas investor might try to acquire hughes but simmons told reuters he is not interested simmons said he intends to file a d with the securities and exchange monday reporting a stake of five pct or more in some publicly traded company he declined to identify the target other than to rule out hughes one analyst said another factor in the latest hughes turnabout was borg warner corp bor which owns pct of hughes borg warner ex chairman j f bere who serves on the hughes board is believed to favor the merger with baker despite the hughes statement that it is interested in a merger and baker s response that a merger is still possibile analysts said no one could be certain where the situation was going i think the merger is not going through said phil pace analyst at kidder peabody and co he said the merger lost a lot of its appeal when the u s department of justice required that baker sell off its reed tool co operation although the reed operation is relatively small in view of the total size of a combined baker hughes pace said to pct of the cost savings are tied up in that they hughes are obviously concerned about the lawsuit said james crandell analyst at salomon brothers inc apparently they are willing to continue discussions but whether they will alter their position i don t know it s getting a little confusing said james carroll analyst at painewebber group inc he said the arguments cited by hughes yesterday for not doing the merger tend to be weak hughes said yesterday that as a condition of the merger it wanted reed tool and other businesses sold prior to april the projected merger date a government decree allowed a longer period of time hughes contended it was better to formally combine the companies with the status of reed already settled baker apparently sees no reason to speed up the sale carroll said baker had previously estimated to mln dlrs in savings if the companies were combined without selling reed but he said baker now thinks to mln dlrs will be saved while hughes sees a saving of only to mln dlrs carroll also noted that since the merger accord was first signed the outlook for the industry has improved materially hughes may simply feel the pressure on the oil service industry is lifting reuter
acq	armtek arm sells tire truck tire business armtek corp formerly known as armstrong rubber co said it signed agreements with condere corp for the sale of its natchez miss tire plant and its s and a truck tire sales and services corp terms were not disclosed armtek spokesman john sievers said s and a is a mln dlr business earlier this week armtek announced the sale of its industrial tire and assembly business division to dyneer corp of scotsdale ariz cash proceeds from both sales will be used to reduce outstanding debt under a long term supply agreement with condere it is anticipated that truck tires produced at the natchez plant will be supplied to the armstrong tire co an armtek operating company the company said the closing is scheduled to be concluded by march it said reuter
earn	elxsi ltd elxsf th qtr loss shr loss four cts vs loss cts net loss vs loss mln revs vs year shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln reuter
earn	newscope resources ltd year loss shr loss cts vs profit cts net loss vs profit revs vs note net includes dlr writedown of oil and gas properties reuter
nat-gas	ferc issues take or pay gas policy plan the federal energy regulatory commission ferc issued a proposed policy statement for the recovery of take or pay costs imposed by existing natural gas contracts between producers and pipelines it put out the statement by vote for a day comment period it also put out an alternative policy statement by commissioner charles stalon ferc said in a press release that the proposed policy statement estblishes an exception to the commission s general policy that take or pay buy out and buy down costs must be recovered through pipeline commodity sales rates ferc added that specifically in cases where pipelines assume an equitable share of buy out or buy down costs the commission proposes to permit the pipelines to recover the remaining costs through their demand rates it said it wanted guidelines for buying out and reforming existing contracts to help spread the impact of these take or pay costs in a responsible fair and equitable way commission chairwoman martha hesse said this proposal represents the commission s sincere attempt to help the industry through this difficult period of transition to a more competitive market hesse said it is my hope that our proposed policy will encourage and guide the timely resolution of take or pay contractual disputes that have impeded the industry s transition to a more competitive environment it is vital to the industry that we get this problem behind us reuter
earn	times mirror co tmc quarterly dividend qtly div cts vs cts pay june record may reuter
earn	inter city gas corp icg th qtr net shr cts vs cts net mln vs mln revs mln vs mln year shr cts vs dlrs net mln vs mln revs billion vs billion note fl yr net includes mln dlr writedown of u s oil and gas properties partly offset by mln dlr extraordinary gain from tax gains and proceeds from sale of minnesota utility operations net includes extraordinary gain of dlrs shr after preferred divs reuter
earn	brown transport co inc btci th qtr net shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs mln vs mln mths shr profit dlrs vs loss cts net profit vs loss revs mln vs mln avg shrs mln vs mln reuter
earn	metro mobile cts inc mmct first qtr loss qtr ends dec shr loss cts vs loss cts net loss vs loss revs vs avg shrs mln vs mln reuter
earn	spar aerospace ltd year net shr basic cts vs dlrs shr diluted cts vs dlrs net vs revs mln vs mln reuter
acq	pesch unit seeks balance of republic health alpha health systems corp a wholly owned subsidiary of pesch and co said it submitted a merger proposal to the board of reph acquisition co the parent company of republic health corp which is pct owned by pesch interests the balance of reph s common stock is owned by members of republic management mcdonnell douglas corp md donaldson lufkin and jenrette and pacific asset holdings l p republic currently owns hospitals and manages other facilities in states details of the proposal were not disclosed company representatives were not immediately available the proposal provides that reph would become a wholly owned subsidiary of alpha and that the existing reph common stockholders would become stockholders of alpha it said reph s board has appointed a special committee to negotiate terms of the proposed merger pesch said last year republic was acquired by reph in a leveraged buyout transaction led by dr leroy pesch the principal shareholder of pesch and co alpha recently submitted a second offer to acquire the stock of american medical international inc ami at dlrs a share in cash and securities which is still being considered by american medical s board pesch said reuter
earn	spar sees sees strong five year growth spar aerospace ltd reporting a sharply lower profit said it anticipated solid profit and revenue growth during the next five years looking to the longer term spar is confident that its continuing concentration on advanced robotics satellite based communications and electro optical defense systems will lead to significant growth in revenues and earnings over the next five years the company said it also forecast higher sales due to an increased order backlog revenues last year fell to mln dlrs from mln while profit fell to mln dlrs from mln spar added that lower development costs in the communications group and a return to normal operations in gears and transmissions and aviation services will remove a serious drain on profits this year it attributed its reduced earnings to communications group losses resulting from continued heavy investment in new products and market development a four month strike at its toronto plants and delays in receipt of authorization from customers to start work on new programs reuter
earn	chesapeake utilities corp chpk regular div qtly div cts vs cts prior pay april three record march reuter
earn	swift independent packing co sftpr st qtr net periods ended january net vs revs mln vs mln reuter
acq	chemlawn says it rejects dlrs per share tender offer from waste management
trade	france yugoslavia commission to boost trade france and yugoslavia agreed to set up a joint economic commission as part of efforts to promote commercial links and industrial cooperation between the two countries the french finance ministry said the commission to be composed of businessmen was agreed during talks between foreign trade minister michel noir and yugoslavian minister without portfolio egon padovan a ministry statement said both sides had agreed on the need to boost trade links in keeping with an accord signed last year calling for a pct rise in commercial exchanges between the two countries over the next six years french trade with yugoslavia has grown little over the past two years reuter
acq	chemlawn chem rejects waste s wmx offer chemlawn corp said its board rejected waste management inc s dlr per share tender offer and urged its shareholders not to tender their shares chemlawn said its board asked management and its financial advisor smith barney harris upham and co inc to seek other purchasers of the company to maximize shareholder value chemlawn also said it adopted a shareholder rights plan or poison pill during a intermin safeguard period its board adopted to deter attempts to acquire the company through any means other than an all cash tender offer while it seeks other purchasers chemlawn also said it began litigation against waste management in federal court in columbus seeking injunctive and other relief the suit alleges among other things that certain waste management officers and directors purchased chemlawn s stock before making the tender offer chemlawn claimed such purchases possibly violated the officers fiduciary duties and the securities and exchange commission s insider trading rules last week waste management made a tender offer to acquire chemlawn for dlrs per share or mln dlrs chemlawn said its board was determined that waste s offer was inadequate and not in the best interest of shareholders and could adversely affect the interests of its employees suppliers creditors and customers our board carefully reviewed waste management offer and concluded that it does not fully reflect the value of the company we strongly urge our shareholders not to tender their shares to waste management said chairman l jack van fossen chemlawn said its rights plan is designed to protect shareholders against abusive tactics such as market accumulations by waste management or others under the plan one comon stock purchase right will be distributed as a dividend on each outstanding share of chemlawn common chemlawn said its rights holders can buy a share of its common for one dlr if any entity acquires pct or more of its commmon other than by an all cash tender offer for all its shares or an approved acquisition agreement by its board it said the rights expire july three or days after they become exercisable if later than that date it said its board may redeem the rights for five cts per right any time prior to their exercise date chemlawn said the plan will not be triggered by purchases purusant to waste management s present tender offer it said the dividend will be paid to shareholders of record march reuter
earn	cambior inc five mths dec net shr cts vs not given net vs not given revs mln vs not given reuter
acq	conagra cag to acquire monfort mmft conagra inc agreed to acquire monfort of colorado inc in a stock transaction both companies said according to the letter of intent signed by the companies conagra will acquire all of monfort s mln outstanding shares for mln of its own shares based on conagra s closing price of dlrs today the transaction is worth about mln dlrs the merger is expected to be completed in june they said the companies said the acquisition will result in a restatement of conagra s earnings for the fiscal year ending may but the restatement is not expected to materially change the previously reported or upcoming fiscal year end earnings in fiscal conagra had net income of mln dlrs on sales of billion dlrs for its fiscal year ending august monfort reported mln dlrs in earnings on sales of billion dlrs the company is one of the largest lamb and beef producers in the u s producing transporting and selling the products domestically and internationally reuter
acq	mcdonnell douglas md not approached by pesch mcdonnell douglas corp which has a five mln dlr investment in republic health corp reph said it has not been approached to sell its shares in republic health earlier alpha health systems corp a unit of pesch and co said it submitted a merger proposal to the board of reph acquisition co the parent of republic health leroy a pesch is the principal stockholder of pesch we have not been approached by mr pesch or anybody else with respect to our holdings in republic health a mcdonnell douglas spokesman told reuters reuter
earn	paradyne pdn pleads guilty to criminal charge paradyne corp said it pleaded guilty to criminal charges of conspiracy to defraud the social security administration and agreed to pay mln dlrs in fines and costs to the u s government the company also reached agreements in principle for an mln dlr settlement of class action law suits about mln dlrs of the class action settlement will be provided by paradyne s insurance carrier the settlement is contingent on court approval after notice to class members it said the criminal case settlement dismisses all charges including bribery and false statement except for conspiracy to which paradyne pleaded guilty the criminal settlement includes the lifting of the government s suspension the dismissal of the federal civil false claims suit and all charges against the individuals of the mln dlrs the insurance carrier will provide for the civil settlement dlrs will go to settle a derivative lawsuit for the year ended december paradyne reported a net loss of mln dlrs the year end results include an mln dlrs provision for future legal and or settlement costs to cover the civil and criminal settlements announced today paradyne also said it named jerry kendall as president and chief executive officer succeeding robert wiggins who resigned as chairman and chief executive officer as part of the settlement of the indictment kendall formerly served as executive vice president and chief operating officer the company also said that due to the sluggish marketplace it does not expect to be profitable in the first quarter but is optimistic about the outlook for the year for the first quarter of the company reported net income of dlrs on sales of mln dlrs wiggins was among five paradyine executives who were charged along with three former officers in a federal indictment stemming from a mln contract awarded to paradyne in to build a computer network for the social security administration the men were accused of conspiring to bribe government officials and defaud the social security administration wiggins and other defendants were also charged with providing false testimony and obstructing justice during a securities and exchange commission investigation under the settlement announced today federal prosecutors agreed to defer all charges against wiggins and three other defendants under a one year pretrial agreement the charges would then be dropped if the defendants successfully complete the probation period details of the requirements in the agreement were not immediately available reuter
crude	greece repeats it can decide on aegean drilling greece replying to a warning from turkey that it will stop athens from seeking oil in the aegean sea repeated today that it has an exclusive right to decide where or when to drill in the area a government spokesman said in a statement that if ankara believed greece was contravening international law it could bring the issue before the courts the spokesman was responding to a statement by turkish foreign ministry spokesman yalim eralp that ankara would take action to stop greece s oil activities beyond its territorial waters as they were a violation of the berne accord reuter
earn	nca corp ncac th qtr loss shr loss cts vs loss dlrs net loss vs loss revs vs year shr loss cts vs loss dlrs net loss vs loss revs mln vs mln reuter
earn	biomedical dynamics corp bmdc th qtr net shr profit one ct vs loss two cts net profit vs loss sales vs year shr loss one cts vs loss five cts net loss vs loss sales mln vs reuter
acq	santa fe southern pacific appeals merger ruling santa fe southern pacific corp will later today formally ask the u s interstate commerce commission icc to reconsider its earlier rejection of the merger of the holding company s railroad assets a company spokesman said we expect to file papers late tonight asking the icc to reopen the rail merger case spokesman rich hall said in a telephone interview from the company s chicago headquarters the icc had rejected in july on grounds it would reduce competition the merger of the santa fe and southern pacific railroads the deadline for seeking icc reconsideration of the merger plan is midnight tonight santa fe southern pacific owns the santa fe railroad and holds the southern pacific railroad assets in trust while awaiting federal approval of the merger plan the icc had ordered the holding company to divest one or the other railroad but stayed its ruling pending a decision on the request for reconsideration if the icc ultimately decides not to reopen the case it is expected to reinstate the divestiture order reuter
crude	iea says opec february crude output mln bpd opec produced an average mln barrels per day bpd of crude oil in february down from mln the previous month and an overall mln bpd in fourth quarter the international energy agency said a few opec countries last month exceeded the production quotas set at their last conference in december but liftings were reduced from several countries it said in its latest monthly oil market report these cutbacks were due in part to buyer resistance to fixed prices introduced from february particularly for fixed volumes over an extended period it gave this breakdown for opec crude output in mln bpd fourth qtr january february saudi arabia iran iraq uae kuwait neutral zone qatar nigeria libya fourth qtr january february algeria gabon venezuela ecuador indonesia total the iea said while saudi production stayed below its quota of mln bpd actual sales might exceed output due to norbec stock disposals contracts for saudi crude have been signed but it is understood they have much leeway in required liftings the report said the reduction in iraqi air attacks on iranian export facilities allowed iran s output to reach mln bpd in january but buyer resistance to fixed prices apparently cut february production it said iraqi exports are about mln bpd through the turkish pipeline mln by truck through jordan and mln via the saudi pipeline to yanbu internal consumption is some mln bpd the iea estimated total non communist world oil supply in february at mln bpd down from mln in january and mln in the fourth quarter the february world supply figure is made up of mln bpd opec crude production mln bpd opec natural gas liquids ngls mln bpd oecd crude and ngls mln bpd other developing countries crude and ngls net trade of mln bpd with centrally planned economies mln bpd of non conventional crudes such as tar sands and oil from coal and mln bpd from processiing gains within the oecd preliminary norwegian data show record mln bpd output in january with lower production expected in february in accordance with government curtailments of approximately bpd announced in support of opec reuter
acq	enfield corp plans notes preferred issue enfield corp ltd said it planned to issue mln dlrs principal amount of notes and mln class e preferred shares at dlrs a share the notes would bear pct yearly interest mature march and be convertible to common shares on either march or the business day before a fixed redemption date at dlrs a share enfield said it said each preferred share would be convertible to common shares on either march or the business day before a fixed redemption date gordon capital corp and dominion securities inc agreed to acquire the issues it said enfield said it would use proceeds to retire short term bank debt and boost its pct stake in consumers packaging inc and its interest in federal pioneer ltd through open market purchases reuter
acq	wichita wro to buy fountain oil fgas wichita industries inc said it agreed to buy fountain oil and gas inc wichita said it it will acquire all of the outstanding shares of fountain in an exchange for about mln newly issued wichita common shares wichita presently has about mln shares outstanding the transaction calls for the issuance of shares of wichita common for each outstanding fountain share wichita also said it made a number of refinancing agreements in connection with the acquisition reuter
cpi	argentine inflation rose pct in february argentina s cost of living index grew pct in january down from last month s pct the national statistics institute said it said consumer prices rose pct over the last months against pct inflation in the calendar year reuter
crude	pemex lowers february far east crude oil prices the mexican state oil company petroleos mexicanos pemex said its far east customers would be charged dlrs per barrel for isthmus crude in february and dlrs for the heavier maya pemex said this was cts less than january isthmus and cts less than january maya far east customers primarily japan which buys an average barrels per day of which is isthmus pay retroactively while european and u s clients are charged per delivery reuter
retail	n z december quarter retail sales fall pct retail sales in the quarter ended december fell a seasonally adjusted pct compared with a pct rise in the september quarter and a pct fall a year ago period the statistics department said actual retail sales in the december quarter totalled billion n z dlrs compared with billion in the previous quarter and billion a year ago period the largest decreases in the december quarter were recorded by the same stores which recorded the highest increase in sales in the september quarter before the introduction of a pct value added goods and services tax on october reuter
acq	reph acquisition to negotiate pesch merger bid reph acquisition co said its board appointed a special committee to negotiate the terms of an offer made earlier today by pesch and co to merge with its republic health corp reph unit pesch through its alpha health systems corp unit offered to acquire the pct of republic health stock that it does not already own terms of pesch s offer have not been disclosed reuter
acq	hunt group has comdata stake seeks influence an investor group led by members of the hunt family of dallas texas told the securities and exchange commission it has acquired a pct stake in comdata network inc cdn and may try to influence company policy the investor group led by rosewood financial inc said it opposes a company recapitalization plan worked out between comdata and mason best co a texas investment firm which last reported holding about pct of the company s stock the hunt group said it offered on march to buy the entire pct stake held by dissident shareholder donald carter at dlrs each but has received no reply as of yesterday rosewood which is owned by the caroline hunt trust estate whose trustees include margaret hunt hill also said it has notified the federal trade commission of its intent to buy between and pct of comdata s common stock under federal law it cannot buy more than pct of comdata s stock until a to day waiting period is over unless the ftc gives it early approval under the proposed comdata recapitalization plan the company would buy up to mln of its common shares at dlrs each mason best which belongs to cni parnters a texas partnership would not tender any of its stake under the plan but would instead buy another one mln comdata common shares and would get representation on the company s board the hunt group said it has told comdata that it considers required payments under the plan such as a mln dlr fee and the issuance of a warrant to buy common shares to be a waste of the company s assets the hunt group which also includes securities texas firms cypress partners l p and driftwood ltd said it spent mln dlrs on its comdata common shares reuter
acq	santa fe southern pacific appeals merger ruling santa fe southern pacific corp will later today formally ask the u s interstate commerce commission icc to reconsider its earlier rejection of the merger of the holding company s railroad assets a company spokesman said we expect to file papers late tonight asking the icc to reopen the rail merger case spokesman rich hall said in a telephone interview from the company s chicago headquarters the icc had rejected in july on grounds it would reduce competition the merger of the santa fe and southern pacific railroads the deadline for seeking icc reconsideration of the merger plan is midnight tonight reuter
earn	e a viner holdings ltd eavkf th qtr loss shr loss cts vs profit seven cts net loss vs profit revs vs year shr profit cts vs loss cts net profit vs loss revs mln vs mln note th qtr net includes mln u s dlr or ct shr writedown of stake in heck s inc hex and u s dlr or three ct shr writedown of arbitrage positions fl yr net includes dlr net writedown of stake in heck s u s dlrs reuter
acq	carpet firm unit cuts allied products adp stake a group led by gfi nevada inc a subsidiary of general felt industries a saddlebrook n j carpet maker said it cut its stake in allied products corp to shares or pct from shares or pct in a filing with the securities and exchange commission gfi said it sold allied products common shares on march at dlrs each and donated another shares to two universities it said its dealings in the company s common stock were for investment purposes only reuter
ship	talks fail to end brazilian seamen s strike pay talks aimed at ending a week old national seamen s strike collapsed today and the strike will continue a union official said the walkout by brazil s seamen has idled ships in various ports jorge luis leao franco a senior official of the national merchant marine union told reuters the strikers who are seeking a pct pay increase have rejected offers of a pct raise from the state oil company petrobras and an pct increase from the national union of maritime navigation companies syndarma leao franco said eight hours of talks in rio de janeiro with labor minister almir pazzianotto ended today without resolving the dispute he said six ships were idle abroad in the netherlands spain venezuela france and south africa economic analysts said the strike was of major concern to the government which has suspended interest payments on part of brazil s foreign debt following a drastic deterioration in the country s trade balance the head of the national merchant marine authority murilo rubens habbema was quoted today as saying that if the strike continued foreign ships could be authorized to transport brazilian exports brazil is living through a crisis at the moment and it is not conceivable that exports be hit he told the gazeta mercantil newspaper reuter
acq	shearson has pct of chicago milwaukee chg shearson lehman brothers inc the brokerage subsidiary of american express co axp said it has acquired shares of chicago milwaukee corp or pct of its total outstanding common stock in a filing with the securities and exchange commission shearson said it bought the stake for mln dlrs for investment purposes and has no intention of seeking control of the company reuter
earn	viner eavkf viable after heck s hex move e a viner holdings ltd said the earlier reported chapter bankruptcy filing of heck s inc hex in which viner holds shares would not materially affect viner s capital position or its ability to carry on its profitable brokerage business viner said its brokerage subsidiary edward a viner and co had regulatory capital of mln u s dlrs at year end the company said heck s chapter filing could however affect viner s previously reported legal action to recover costs from an aborted merger agreement with heck s it said it and the toussie viner group with which it made the merger offer were assessing their options regarding the heck s investment viner earlier reported a fourth quarter loss of u s dlrs after a mln dlr writedown of its stake in heck s it earned dlrs in the previous fourth quarter full year earnings totaled mln dlrs against a year earlier loss of mln dlrs the full year earnings included a dlr net writedown of the heck s stake it said reuter
acq	twa twa sues usair u over poison pill trans world airlines inc said it filed suit in delaware chancery court against usair group inc and its board of directors seeking to invalidate its poison pill anti takeover plan twa vice president and general counsel mark buckstein said twa also sought a declaratory judgement from the court that its dlr per share takeover offer for usair would in no way interfer with usair s possible buyout of peidmont aviation inc pie buckstein said twa asked the court to enjoin the enforcement of usair s shareholder rights plan or poison pill such provisions which typically allow for the issue of securities to shareholders in the event of a hostile takeover bid are aimed at deterring takeovers by making them more expensive usair earlier today rejected twa s offer saying twa s bid was an attempt to interfer with its buyout of piedmont usair also had said its counsel would investigate the matter tonight a spokesman for usair said the airline had no comment on twa s lawsuit usair did respond however to a twa request to the department of transportation for permission to buy up to pct of usair stock and place the stock in a voting trust pending approval of a takeover usair said the request was hastily pasted together in order to take advantage of a regulatory anamoly that would allow twa to accomplish in a regulated environment actions that would be impermissable in the non regulated economy at large usair called on the transportation department to reject twa s request reuter
earn	four seasons hotels inc year net oper shr cts vs cts oper net vs revs mln vs mln note net excludes extraordinary gain of mln dlrs reuter
earn	ivey properties inc raises quarterly dividend ivey properties inc said it raised its quarterly dividend to cts a share from cts and declared both an extra dividend of cts a share and a pct stock dividend it said the dividends will be paid april one to shareholders of record march for the stock dividend ivey said it will pay for fractional shares at dlrs per share reuter
coffee	mexico suspends overseas coffee sales mexico has temporarily suspended overseas coffee sales due to falling prices triggered by the failure of the international coffee organisation ico meeting to agree a quota system at its latest meeting the official notimex news agency said we re just waiting a while for prices to improve an unidentified mexican trader told the agency mexico has already sold pct of its export coffee produced in the year to last september the source said the country exports about mln kilo bags a year reuter
acq	group boosts scandinavia fund scf stake a shareholder group led by a swedish investment firm and a norwegian investor said it raised its stake in the scandinavia fund inc to shares or pct of the total from shares or pct in a filing with the securities and exchange commission the group which includes ingemar rydin industritillbehor ab the firm and investor erik martin vik said it bought the additional shares between feb and march reuter
acq	offshore investment firm ups france fund stake vbi corp an offshore based investment firm told the securities and exchange commission it raised its stake in the france fund inc frn to shares or pct of the total from or pct vbi which is based in turks and caicos islands the british west indies said it bought the additional shares between feb and march it has said it bought its france fund stake for investment purposes only reuter
coffee	costa rica optimistic about reforming ico costa rica s economy minister said he sees new hope for winning changes in the international coffee organisation system of export quotas minister luis diego escalante who serves as president of the costa rican coffee institute said he was hopeful because of the support offered costa rica and other smaller producing nations by such major consumers as the united states britain and the netherlands at last week s ico meeting in london escalante told a news conference here he carried the weight of the negotiations at the meeting by calling for larger export quotas for the smaller coffee growing nations costa rica is insisting escalante said on a new quota system based on a producing nation s real export capacity once it has satisfied internal demand there are countries such as our own whose sales possibilities are close to or above pct of their current quotas escalante said at the same time there are countries favoured by the current system that have been assigned quotas far above their export potential he said the current ico quota system is unfair and autocratic escalante said escalante attributed the nosedive in international coffee prices over the last week to speculation rather than real matters of supply and demand be careful he warned there s not as much coffee in the world as they say what there is are bags of sawdust reuter
money-supply	u s money growth slows sharply economists say u s money supply growth is slowing down rapidly and some economists believe that all three of the federal reserve s main monetary aggregates may even have contracted in february a contraction is unlikely to be a major concern for the fed especially as it would follow a long period of torrid growth but it could give the central bank extra leeway in the weeks ahead if it decided that a relaxation of monetary policy was justified on account of weakness in the economy m money supply for the week ended february reported today rose billion dlrs to billion but preliminary forecasts call for a drop next week of around two billion dlrs the monthly average in january was billion dlrs m makes up about a quarter of m and a fifth of m with other components of m such as money market deposit accounts and small time deposits also falling the stage is set for falls in the broader aggregates too economists say m has been largely discredited because its traditional link to economic growth has disintegrated under the impact of falling interest rates and banking deregulation but the consistent behavior of all three aggregates is likely to impress the fed said ward mccarthy of merrill lynch economics inc the fed has confidence in the aggregates when they re all sending the same signal this is going to raise some eyebrows at the fed mccarthy said stephen slifer of shearson lehman brothers inc added we have some very good looking monetary aggregate data it s coming in a lot weaker than i thought the economists were quick to caution that one month s data prove nothing especially because money growth previously had been so rapid m in the last weeks has grown at a pct rate and at a pct rate in the past weeks moreover some of the contraction in m can probably be explained by a shift of funds from savings vehicles into the booming stock market and is thus not an indication of a slowdown in the business expansion but the data raise the tantalizing possibility for the bond markets that the slowdown in money growth is partly a reflection of a weaker economy that needs more fed stimulus mccarthy noted that the slower money growth coincides with signs that the economy is losing momentum as the quarter progresses some of the economic indicators are not as rosy as they were a month ago he noted he expects only five to six pct m growth in march and rises in m and m of about four pct slifer sees stronger growth of pct in m and five pct or less for m and m but the rates would still be moderate enough to encourage the fed to ease policy if gross national product for the first quarter proved to be weak you d certainly be more inclined to ease than you would in the past there was certainly nothing in the fed s latest balance sheet however to suggest a change of policy is already under way economists said discount window borrowings were in line with expectations at mln dlrs a day robert brusca of nikko securities co international inc argued that an easier fed policy is unlikely to do much to solve america s most urgent economic problem its massive trade deficit because of the possibility that further dollar depreciation and thus rising inflation may be needed to close the trade gap brusca said i m not prepared to be all that optimistic about the bond market reuter
cpi	ecuador s consumer prices rise pct in february ecuador s consumer price index rose pct in february to base the national statistics and census institute said the rise compared to a pct rise in january and a pct rise in february the institute said accumulated overall inflation for the first two months of this year was pct compared to pct for the same period last year inflation for the months ending february was pct compared to pct for the months ending february reuter
earn	tpa of america inc tps th qtr loss shr loss five cts net loss revs avg shrs mln year shr loss seven cts net loss revs mln avg shrs mln note company started operating in august results reflect change in fiscal year from november end reuter
gold	silver state mining ssmc sees production rise silver state mining corp said it expects gold production this year to be more than double s ounces the company s production was ounces reuter
earn	mcgrath rentcorp mgrc sees net rising mcgrath rentcorp said as a result of its december acquisition of space co it expects earnings per share in of to dlrs per share up from cts in the company said pretax net should rise to nine to mln dlrs from six mln dlrs in and rental operation revenues to to mln dlrs from mln dlrs it said cash flow per share this year should be to three dlrs reuter
earn	silver state mining corp ssmc th qtr net shr one ct vs one ct net vs revs vs year shr seven cts vs one ct net vs revs vs reuter
earn	sizzler restaurants international inc sizz net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln reuter
acq	mcandrews and forbes are offering dlrs per share for revlon stock
money-fx	u k money market deficit revised to mln stg the bank of england said it had revised its estimate of the shortage in the money market back to its initial forecast of mln stg at midsession the central bank changed the shortfall to mln and provided assistance worth mln stg through bank bill purchases in bands one and two at established dealing rates reuter
earn	donegal group inc dgic year net shr six cts net revs note company formed in august reuter
earn	peter miller apparel group rd qtr jan loss shr loss cts vs profit seven cts net loss vs profit revs mln vs mln nine mths shr loss cts vs profit seven cts net loss vs profit revs mln vs mln note shr figures adjusted for issue of shares in october avg shrs not given full name is peter miller apparel group inc reuter
earn	krelitz industries inc krlz rd qtr net period ended jan shr seven cts vs cts net vs sales mln vs mln nine mths shr cts vs cts net vs sales mln vs mln note prior year period ended sept comparable periods reflect change in fiscal yearend to april from december reuter
earn	donegal dgic projects full year results donegal group inc which today reported earnings of dlrs on revenues of dlrs for the period from august startup through the end of said it expects much improved profits for the full year on revenues of about mln dlrs reuter
acq	macandrews and forbes holdings bids for revlon mcandrews and forbes holdings inc said it will offer dlrs per share for all of revlon group inc s rev outstanding common stock mcandrews said terms of the acquisition have not been determined and are subject to the acquisition of financing revlon closed yesterday on the new york stock exchange at the company said it would bid for all stock it or its affiliates do not already own mcandrews and forbes said it informed the board of directors of revlon that it expects to make a formal proposal in the near future it also said there can be no assurance as to the terms of the proposals or that the deal can be concluded reuter
acq	borealis in gold exploration pact with faraway borealis exploration ltd said it entered into an agreement with faraway gold mines ltd of vancouver british columbia under which faraway will acquire an interest in borealis s whale cove gold property in the keewatin district of the northwest territories faraway will spend mln dlrs on exploration over three years and will hold pct of the property until all expenses are paid out when the interest will drop to pct also borealis and faraway will issue treasury shares to each other and faraway will buy borealis shares from borealis president lorne spence reuter
acq	imre imre sells stock to european institutions imre corp said it has received commitments for a group of european institutions to buy about imre shares for dlrs with closing expected on march reuter
acq	instrumentarium acquires nokia subsidiary finland s medical group instrumentarium oy inmr he said it has acquired electronics components importers and marketers ferrado oy and insele oy subsidiaries of finland s electronics group nokia oy noks he it said in a statement ferrado and insele will be merged into instrumentarium s professional electronics and information systems division it did not disclose a price for the acquisitions but said it had issued restricted b shares as partial payment to nokia reuter
earn	fuqua industries inc fqa sets quarterly qtly div six cts vs six cts prior pay april one record march reuter
earn	m corp inc year dec net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln note share results reflect two for one stock split in june reuter
acq	dome petroleum reaffirms dome mines stake for sale at right price spokesman says
acq	commonwealth mortgage ccmc buys armonk firm commonwealth mortgage co said it purchased westfiar funding corp of armonk n y for an undisclosed amount of cash commonwealth said westfair originated mln dlrs of residential mortgage loans during reuter
earn	m corp inc raises dividend semi annual div cts vs five cts pay april nine record march reuter
crude	permian pbt raises crude prices permian corp said that effective march it raised its posted prices for crude oil cts a barrel the raise brought its posted prices for west texas intermediate up by cts to dlrs a barrel west texas sour was also raised by cts to dlrs a barrel a permian spokesman said that the south louisiana sweet posted prices was also raised cts a barrel to dlrs reuter
earn	american stores co th qtr shr dlrs vs dlrs
earn	central sprinkler corp cnsp st qtr jan net shr cts vs cts shr diluted cts vs cts net vs sales mln vs mln avg shrs s vs avg shrs diluted vs reuter
earn	far west industries inc raises dividend annual div four cts vs cts pay march record march reuter
earn	far west industries inc year net shr cts vs cts net vs revs mln vs mln reuter
livestock	u k officials study salmonella calf feed link u k officials are studying the possible link between the use of antibiotics in calf feeds and the spread of drug resistant strains of salmonella in humans a ministry of agriculture official said a study published in the new england journal of medicine yesterday stated that the spread of an unusual strain of salmonella that is resistant to the drug chloramphenicol had been shown to be linked to farms that used the drug to promote the growth of cattle the u k ministry of agriculture is working with the department of health and the public health laboratory to investigate the whole subject of resistant strains of salmonella the ministry of agriculture is concerned about the possible effects on human and animal health the official said the government is also studying a recommendation from the farm animal welfare council fawc to restrict the trade of calves under days old through markets the fawc says this would help reduce the spread of salmonella reuter
acq	dome dmp repeats dome mines dm stake for sale dome petroleum ltd s pct stake of gold producer dome mines ltd continues to be for sale at the right price spokesman david annesley said in response to an inquiry reaffirming remarks made last year by chairman howard macdonald annesley said the company is considering selling its stake in dome mines concerning dome petroleum s pct stake in encor energy corp ltd annesley said encor is a strategic investment for dome and we have no intention of selling it dome spokesman annesley said in answer to a question that he was not aware of any negotiations now under way toward the sale of dome petroleum s mln dome mines shares he also declined to specify at what price the company would consider selling it shares clearly today s prices of more than dlrs a share of dome mines stock are very attractive annesley commented we were considering the sale at the right price at a time when the shares were priced around nine to dlrs he added a price of around dlrs a share would be considered fairly attractive annesley said annesley also dome petroleum may be able to sell its dome mines shares at a premium to market prices there might be an opportunity to pick up a premium on that because it would be virtually a control block in dome mines he said dome mines shares traded earlier at dlrs off on the toronto stock exchange dome petroleum is now negotiating a plan to restructure debt of more than billion canadian dlrs with a group of major creditors which includes dome mines and encor energy the company previously said it expects to detail the plan to lenders early next week reuter
earn	selecterm inc sltm th qtr loss shr loss not given vs profit cts net loss vs profit revs vs year shr profit cts vs profit cts net profit vs profit revs mln vs mln note pretax net profits dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
acq	stone container sto completes waiting period stone container corp said it and southwest forest industries inc swf completed all waiting period requirements under the hart scott rodino anti trust improvements act of stone said it will proceed with its previously proposed acquisition of southwest reuter
coffee	ico quota talks failure paralyse hamburg market the failure of international coffee organization talks on the reintroduction of quotas has paralysed business on the hamburg green coffee market in the past week trade sources said there was only sporadic activity for spot material which was mainly requirement buying they said adding that pre registered coffees were no longer available they said they expected brazil and colombia to open export registrations for may shipment next week however the president of the brazilian coffee institute jorio dauster said yesterday he had not yet decided when its registrations would reopen reuter
earn	residential mortgage investments inc rmi payout qtly div cts vs cts prior pay april record march reuter
acq	southwest swf stone sto comply for merger southwest forest industries said it and stone container corp have complied with all federal waiting period requirements for stone s proposed dlr per share cash acquisition of southwest southwest currently has mln shares outstanding the companies entered into a merger agreement on january and made their initial findings with the department of justice and the federal trade commission on february three southwest said the waiting period expired on march without receiving a formal second request for information reuter m
earn	okc limited partnership okc sets lower payout okc limited partnership said it will make a five ct per share distribution to unitholders down from cts in december and payable march to holders of record march the partnership said the payout is the largest quarterly cash distribution allowable under terms of its letter of credit reuter
earn	biotech research laboratories inc btrl th qtr shr profit one ct vs loss seven cts net profit vs loss revs vs year shr loss seven cts vs loss cts net loss vs loss revs vs shr out vs reuter
earn	american stores co asc th qtr net shr dlrs vs dlrs net mln vs mln revs billion vs billion year shr dlrs vs dlrs net vs mln revs billion vs billion note th qtr and yr per shr amts includes reduction of cts per shr for establishment of reorganization reserves tax increase reduced yr per shr by cts reuter
trade	baker says g pact just a start treasury secretary james baker said the agreement among industrial nations in paris last month is only a start in washington s drive to intensify economic cooperation among leading countries in a speech to the national newspaper association baker said the six steps beginning with the plaza agreement and culminating in the paris accord are only a start he added we see our role as a steward of a process in which we sit down with our industrial allies to find ways to promote more balanced international growth the paris agreements called trade surplus countries to strengthen their growth and on the u s to reduce its budget deficit under such circumstances the countries agreed their currencies were within ranges broadly consistent with economic fundamentals baker also said he still sees ominous signs of pressure for protectionist trade legislation and this pressure for protectionism is coming from new areas of society but he also said he believed a coalition was forming that supported free trade reuter
trade	treasury s baker forecasts reduction in japanese trade surplus this year
earn	boston bancorp sbos sets two for one split boston bancorp said its board declared a two for one stock split payable march record march reuter
acq	correction macandrews and forbes holdings in new york story headlined macandrews and forbes holdings bids for revlon pls read in headline and first paragraph macandrews and forbes considers bid for revlon and in first paragraph macandrews and forbes holdings inc said it is considering making a proposal corrects from bids for revlon in headline and will offer in first paragraph
ship	some shipping restrictions remain on rhine limited shipping restrictions due to high water remain in force on parts of the west german stretch of the rhine river between the dutch border and the city of mainz but most are expected to be lifted this weekend water authority officials said the restrictions caused by high water levels include speed limits and directives to keep to the middle of the river to prevent damage to the river banks the high water was expected to recede within two days to below levels at which the restrictions come into force traffic was halted briefly late tuesday night wednesday and parts of thursday on stretches of the rhine between bonn and koblenz but the shipping bans were lifted the officials said shipping is now permitted on all parts of the west german section of the rhine with restrictions in some areas reuter
acq	hawker siddeley offer for clarostat clr ends hawker siddeley group plc s offer of dlrs a share for all of clarostat mfg co inc s stock was scheduled to expire at est yesterday company officials were unavailable for comment as to why the american stock exchange had stopped trading in clarostat s stock for a pending news announcement reuter
acq	taft tfb given deadline on buyout proposal narragansett capital inc narr said it and dudley s taft have requested a response from taft broadcasting co by march earlier today taft broadcasting said taft the company s vice chairman and narragansett had offered dlrs for each of taft s mln outstanding shares the company said the offer is conditioned on approval of its board but a spokesman declined comment on whether or not the board has scheduled a meeting the narragansett taft group will provide the equity portion of the offer by contributing at least mln dlrs in cash and taft broadcasting common narragansett said it said the group has been advised by first boston inc s fbc first boston corp that the investment banker is highly confident that financing for the acquisition can be consummated narragansett said the offer is subject to negotiation of a definitive merger agreement and definitive financing agreements as well as approval by regulators taft s board and taft s stockholders the narragansett taft group said its letter to taft s board states the group intends to return control over a significant portion of the company s equity to the taft family while providing other stockholders with a means of realizing a very attractive value for their shares reuter
earn	peter miller apparel group inc rd qtr loss period ended january shr loss cts vs profit seven cts net loss vs profit sales vs nine mths shr loss cts vs profit seven cts net loss vs profit sales vs note per share reflects issue of shares in october reuter
acq	santa fe southern sfx appeals merger ruling santa fe southern pacific corp said it filed a petition asking the u s interstate commerce commission to reconsider its earlier rejection of the merger of the holding company s railroad assets the icc had rejected in july the merger of the santa fe and southern pacific railroads on the grounds that it would reduce competition santa fe in its petition outlines an array of pro competitive agreements with other railroads which would preserve the economic benefits of the merger for the merged railroad and the public if the commission agrees that public benefits and competitive enhancements will result it can vote to reopen the merger case interested parties have until march to file statements in response to the supplemental petition reuter
trade	baker sees lower japanese trade surplus u s treasury secretary james baker said the japanese trade surplus would begin to decline this year he told the national newspaper association you re going to see a reduction in the japanese trade surplus some of it this year but he said the reduction would be due principally to the exchange rate shifts since the plaza agreement and these shifts would take a long time to work their way through the system reuter
earn	cineplex odeon corp year oper shr basic dlrs vs cts
acq	monfort mnft soars on acquisition agreement monfort of colorado inc soared to in over the counter trading responding to an announcement late yesterday that the firm will be acquired by conagra inc cag according to a letter of intent signed by both companies conagra will offer of its own shares for each of monfort s mln outstanding shares conagra fell one to on the new york stock exchange monfort is an integrated beef and lamb producer reuter
acq	nordbanken to auction its fermenta shares sweden s nordbanken banking group said it would sell the mln b free shares deposited as loan collateral by fermenta ab s frms st founder and former chief executive refaat el sayed and it planned to buy them up itself the bank said the sale by public auction on march was because of a debtor s inability to repay an overdue loan the b free shares closed at crowns on the bourse s unofficial list down from a peak of in january nordbanken said it did not exclude accepting a suitable bid for the shares although it expected to buy them back itself the statement said the sale did not represent any withdrawal from nordbanken s undertakings towards the fermenta group and that it had been sanctioned by the other main shareholders nordbanken is fermenta s third largest creditor with loans of mln crowns it was one of the four swedish banks which last month agreed to advance the group mln crowns to solve its immediate liquidity problems together with two other main shareholders it also advanced fermenta an additional mln crowns until a new equity issue could be made fermenta is due to hold an extraordinary shareholders meeting on tuesday to approve the planned equity issue nordbanken had to make a provision against a mln crown loan to el sayed in its results fermenta s new management originally hoped to raise mln crowns through the new one for four rights issue and an extra mln from an issue to nordbanken another major creditor and shareholder gotabanken and the group s new majority owner industrivarden ab the share price was to be crowns but there has been doubt over the plans since the stock fell below this level this week after fermenta s former chairman kjell brandstrom said the company was in a much worse state than he thought reuter
earn	united industrial corp uic th qtr loss shr loss dlrs vs profit cts net loss mln vs profit sales mln vs mln year shr loss cts vs profit dlrs net loss vs profit mln sales mln vs mln avg shrs mln vs mln note net includes tax credits of mln dlrs in quarter and dlrs in year year net includes dlr loss from discontinued operations and mln dlr gain on their disposal net both periods includes mln dlr provision for future losses from several major projects in defense contractor subsidiary backlog mln dlrs up six pct from a year before share adjusted for pct stock dividend in february reuter
earn	cineplex odeon corp year net oper shr basic dlrs vs cts oper shr diluted cts vs cts oper net mln vs mln revs mln vs mln avg shrs mln vs mln note net excludes extraordinary gain of dlrs or cts shr basic and eight cts shr diluted net involves week reporting period to reflect change in yr end to coincide with calendar yr reuter
acq	mine safety appliances mnes to sell unit mine safety appliances co said it agreed to sell its filter products division to donaldson co inc dci for undisclosed terms it said the filter products unit will be relocated from its plant in pennsylvania to a donaldson facility in illinois it said it expects a number of the unit s employees will be offered positions with donaldson reuter
earn	prospect group inc prosz th qtr loss shr loss cts vs loss cts net loss vs loss revs mln vs mln avg shrs mln vs mths shr profit cts vs loss cts net profit vs loss revs mln vs mln avg shrs mln vs notes in may prospect raised dlrs from an initial public offering of common stock the company purchased in march midsouth corp a regional railroad company in mississippi and louisiana which contributed sales of mln dlrs and operating income of mln dlrs during first nine months of operation reuter
earn	france fund inc frn sets initial dividend france fund inc said its board declared an initial dividend of dlrs per share payable april six to holders of record march the fund said the dividend represents two cts per share for net investment income realized during and dlrs from net taxable gains realized during the year reuter
earn	heineken n v hein as year pre tax profit mln guilders vs mln net profit mln guilders vs mln consolidated net turnover billion guilders vs billion net profit per guilder nominal share guilders vs taking into account one for three scrip issue last year final dividend two guilders vs same making total guilders vs same reuter
earn	national security insurance co nsic th qtr oper shr loss cts vs profit cts oper net loss vs profit year oper shr profit dlrs vs loss cts oper net profit vs loss note net excludes realized capital loss dlrs vs gain dlrs in quarter and gains dlrs vs dlrs in year net both periods excludes tax credit dlrs reuter
earn	cyprus minerals cypm named in suits cyprus minerals co said along with about other companies it has been named a defendant in product liability lawsuits filed in california by individual tireworkers aleging injury as a result of exposure to talc and other products it said other suits are expected to be brought cyprus which produces talc said it has significant factual and legal defenses and substantial insurance coverage and does not expect the suits to have a material adverse impact on its financial condition reuter
acq	donaldson dci to buy mine safety mnes unit donaldson co inc said it reached an agreement to buy the assets of the filter products division of mine safety appliances co for undisclosed terms it said filter products will operate as part of donaldson s industrial group and its manufacturing operations will be relocated to dixon ill from evans city pa donaldson said the acquisition complements its microfiltration business and internal research and development efforts reuter
earn	arundel corp arl th qtr net shr dlrs vs dlrs net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln reuter
earn	gulf states utilities gsu gets qualified audit gulf states utilities co said auditor coopers and lybrand has issued a qualified opinion on financial statements gulf states said the audit opinion satated that without sufficient rate increases or funds from other sources gulf states may be unable to maintain its financial viability which is necessary to permit the realization of its assets and the liquidation of its liabilities in the ordinary course of business it said it received a similar qualified opinion in reuter
ship	midmississippi river opens today for season the mississippi river is now open for barge traffic up to the twin cities in minnesota after repairs were completed and the first barges moved upstream through lock and dam near quincy ill at cst today an army corps of engineers spokesman said about to inches of ice were reported between locks three and four on the upper mississippi river but other sections were generally free of ice the spokesman said midwestern weather has been so mild that barges probably could have kept loading at mid mississippi river terminals through the winter if lock and dam had not been scheduled for repairs he said the peoria and la grange locks on the illinois river are still scheduled to close july for two months of repairs reuter
earn	sun electric corp se st qtr jan net shr profit cts vs loss six cts net profit vs loss revs mln vs mln avg shrs vs note net includes tax credits equal to six cts vs one cent in reuter
crude	ecuador says suspends oil exports due earthquake ecuador today suspended its crude oil exports indefinitely due to an earthquake last night that damaged pumping and crude transport installations an energy and mines ministry statement said it said the state oil firm corporacion estatal petrolera ecuatoriana cepe notified foreign customers that it was declaring force majeure on its crude exports due to the tremor ecuador s opec oil output quota is barrels per day bpd a senior energy ministry official said that one pumping station at el salado on ecuador s main pipeline was damaged he also said an metre section of the pipeline attached to the bridge over the aguarico river collapsed the pumping station was about km from the reventador volcano near the epicentre of the quake which ecuadorean seismologists said registered six on the point international mercalli scale the aguarico bridge was also close to the volcano he said the quake struck northern ecaudor and southern colombia according to ecuadorean officials no injuries were reported reuter
earn	leaseway transportation corp ltc th qtr loss oper shr loss cts vs profit cts oper net loss vs profit revs mln vs mln year oper shr profit dlrs vs profit dlrs oper net profit mln vs mln revs billion vs billion note net excludes gains from discontinued leasing operations of mln dlrs vs mln dlrs in year and mln dlrs vs mln dlrs in quarter results restated for discontinued operations net both periods includes charge dlrs from elimination of investment tax credits reuter
earn	nch corp nch rd qtr jan net shr cts vs cts net vs sales mln vs mln nine mths shr dlrs vs dlrs net mln vs mln sales mln vs mln reuter
earn	nationwide had property casualty loss nationwide mutual insurance co said its property casualty companies had a net loss of mln dlrs last year while its life insurance operations earned mln dlrs nationwide said its property casualty group the fourth largest u s property casualty insurer had a mln dlr loss in nationwide life insurance co earned mln dlrs in with last year s profit including record capital gains of mln dlrs up from gains of mln dlrs the previous year the company said its property casualty group had a record loss from insurance operations last year of mln dlrs after policyholders dividends up pct from s mln dlrs nationwide said a surge in claims from personal auto insurance and the volatile commercial liability coverages during a period of unprecedented sales growth generated the loss the company said over mln dlrs of last year s group losses came from commercial insurance lines and mln dlrs from its personal auto insurance business partially offsetting s record insurance losses nationwide said were record investment gains of mln dlrs and a mln dlr federal tax credit the investment gains were up pct from s gains of mln dlrs reuter
heat	sun sun raises heating oil barge price sun co s sun refining and marketing subsidiary said it increased the price it charges contract barge customers for heating oil in new york harbor cent a gallon effective today they said the cent increase brings sun s contract barge price to cts the recent price hike represents the fifth this week totalling cts the increases are following sharp spot and futures price rises the company said reuter
acq	first women s bank investor group offer expires the investor group owning about pct of the outstanding capital stock of the first women s bank said a cash tender offer for the bank s remaining outstanding shares at dlrs per share expired on march three the investors said about shares or about pct of the outstanding had been tendered reuter
earn	computer memories inc cmin rd qtr loss period ended december shr loss nine cts vs loss dlrs net loss vs loss revs vs mln nine mths shr loss six cts vs loss dlrs net loss vs loss revs vs mln note current qtr includes tax loss of vs loss of dlrs reuter
earn	trenwick group inc tren th qtr net oper shr profit cts vs loss four cts oper net profit vs loss revs mln dlrs vs drs mths oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln dlrs note qtr and year excludes investment gains of and respectively and qtr and year includes investment gains of dlrs and reuter
earn	bush bsh revises th qtr year results up bush industries inc said that after an audit it has revised upwards its fourth quarter and year end results on february it reported unaudited results under the audited amounts fourth quarter income was mln dlrs or cts a share the unaudited income for the period was or cts per share for the year the audited amounts showed earnings of or dlrs per share the prior results reported income of or dlrs per share sales figures for both periods did not differ significantly from prior amounts reuter
acq	furniture ufurf ups bench craft sofa stake universal furniture ltd said in a filing with the securities and exchange commission that it had increased its stake in bench craft inc common stock to shares or pct of the total outstanding universal said its universal furniture industries n v unit bought bench craft shares march in the over the counter market reuter
earn	clevite industries inc clev th qtr oper loss oper net loss vs profit sales mln vs mln year oper net profit vs profit sales mln vs mln note company made initial public offering in june assuming the offering had occurred on jan operating net income per share would have been cts a share for oper net excludes one time charge of mln dlrs or dlrs a share in qtr and year due to the february sale of the company s engine parts division oper net for year also includes profit from discontinued operations of dlrs or five cts a share oper net for excludes extraordinary loss of mln dlrs or cts a share due to the june write off of unamortized debt issue costs from the public offering oper net excludes extraordinary profit of mln dlrs reuter
earn	cms advertising sets for stock split cms advertising inc said its board has approved a three for two stock split in the form of a dividend payable march to holders of record march the company said a similar split was paid december eight leaving it with shares outstanding cms advertising said the next split will result in a proportionate reduction in the exercise price of its stock purchase warrants to dlrs a share from dlrs reuter
earn	cie financiere de paribas pari pa year parent company net profit mln francs vs mln dividend five francs vs no comparison note the financial and banking group was privatised by the government in january this year reuter
earn	correction heineken year in item headlined heineken n v hein as year please read in first line pre tax profit mln guilders vs mln corrects year ago comparison to mln from mln reuter
interest	bank of england pressure holds base rates this week s bank of england resistance to strong market pressure for lower interest rates succeeded in holding bank base rates at pct but at a cost of threatening the chancellor of the exchequer nigel lawson s policy stated at the end of the paris group of six meeting last month that he wanted to see sterling broadly stable about then prevailing levels market sources said since then the pound has risen to pct on its closing trade weighted index up from pct imediately after the paris meeting and up on the day today s peak at pct was its highest since august a treasury spokesman said lawson had said he neither wanted a substantial rise or fall in sterling the question is therefore how large a rise he is ready to see before acting paul temperton chief economist at merrill lynch europe ltd estimated that the government wanted to see the trade weighted index about pct even after this action over the last few weeks sterling s only just within striking distance of that range he said other analysts agree that the government probably has some broad target range around this area however they said lawson would be prepared to see the pound go higher at least in the short term despite the risk of a loss of export competitiveness and cheaper prices on imports if the bank of england keeps the interest rates as they are what s to stop it going higher said john cox executive director of ebc amro bank ltd a major operator on the london foreign exchange market cox estimates that the bank of england has been active selling sterling over the past few days despite the lack of general market talk of such intervention and this has helped keep it below dlrs the pound rose to dlrs from yesterday and february the day after the paris meeting but cox says the government must be worried with sterling heading toward marks and would be very concerned if it holds around these levels he warned the bank may run the risk of missing the interest rate boat if rates don t come down the market will say they ought to have come down and will sell sterling he said most dealers agree there is a good deal of hot money being invested in sterling money simply attracted by high overnight or one week rates which could flow out at equally short notice however the authorities will hope that at least a proportion of the buying reflects long term investment the last thing they want to do is reduce them rates and have to jack them back up again said richard jeffrey economist at brokerage house hoare govett ltd he said a half point cut would ensure continued support for sterling at least in the near term however most analysts are still looking for a full point about march budget day the bank must hold out until it sees the reaction to the budget said temperton the budget is widely forecast to be a vote winner in the run up to a general election the major factor behind current bullishness in the government bond and currency markets lawson wants to delay a cut in base rates until the budget he wants it to be crowned with the glory of an interest rate cut said ian harwood economist at warburg securities the equities arm of mercury international group speculation a clearing bank might break ranks and lead the way lower were confounded today there was excitement a fall in the weekly treasury bill rate to pct from pct last friday might mean the bank had changed its mind this followed the imposition of penal lending rates of pct on the discount houses yesterday and was the lowest since base rates were at pct early last october however with this bill rate pertaining to three months money banking sources said the market could not take the cut as a guide to the bank s intentions on short term rates reuter
acq	bancroft bcv shareholders rebuke zico offer bancroft convertible fund inc the target of an unfriendly cash offer by zico investment holdings inc said its shareholders approved proposals requiring a pct affirmative vote of all outstanding shares before fundamental changes in its status could be made previously only a simple majority of outstanding shares was needed to change bancroft s investment status from a diversified to a non diversified fund among other things bancroft said its board continues to recommend that stockholders not tender their shares to zico a british virgin islands company which it said had ties to south africa reuter
earn	int l totalizator itsi sees better st qtr international totalizator systems inc vice president of finance joel graff said he expects to report an improved first quarter compared to the dlr loss reported in the year ago quarter a profit looks quite favorable graff said last week the automated ticket systems supplier reported a loss of mln dlrs for the graff said we invested heavily in which we believe will result in higher future growth and earnings for the company reuter
acq	boc group completes sale of unit to controls boc group inc s airco distributor gases finalized the sale of its virginia based gas appaturs business to controls corp of america a newly formed investment group organized by former airco employees under the terms of the sale airco said controls will continue to make the gas apparaturs product line under the airco brand name marketing the products exclusively through the airco s distributor network reuter
earn	abn says profit rise encouraging in view dollar algemene bank nederland n v abnn as chairman robertus hazelhoff said the bank s pct increase in net profit to mln guilders from mln in was encouraging in view of the sharply lower dollar hazelhoff speaking at a press conference after the release of abn s results said a sharp decrease in foreign earnings had been compensated by a strong domestic performance notably in the securities business he said the bank was also proposing a one for share split which should facilitate trade in the bank s stock news of the split sparked a guilder rise in abn s share price on the amsterdam bourse to a close of guilders prospects for hung on three uncertainties namely the future trend of the dollar the level of interest rates and abn s share of equities trade hazelhoff said provisions for general contingencies were reduced in by pct to mln guilders while taxes increased by pct to mln guilders he added lower global interest rates in had nipped earnings margins via traditional lending activities he said hazelhoff said abn was unlikely to continue reducing risk provisions in the future but he noted the bank was not overly concerned about default by latin american debtors a factor which brokers say has distanced dutch insititutions from bank stocks recently he said that of the bank s estimated financially troubled sovereign debtors about one quarter were latin american countries these would ultimately pay up he said he added that losses incurred through loans to tin producers in the wake of the tin council crisis at end had been written off reuter
money-supply	canadian money supply m rises mln dlrs in week bank of canada said
money-supply	canadian money supply rises in week canadian narrowly defined money supply m rose mln dlrs to billion dlrs in week ended february bank of canada said m a which is m plus daily interest chequable and non personal deposits rose mln dlrs to billion dlrs and m which is m a plus other notice and personal fixed term deposit rose mln dlrs to billion dlrs s m which is non personal fixed term deposits and foreign currency deposits of residents booked at chartered banks in canada rose mln dlrs to billion dlrs chartered bank general loans outstanding rose mln dlrs to billion dlrs canadian liquid plus short term assets fell mln dlrs to billion dlrs and total canadian dollar major assets of the chartered banks fell mln dlrs to billion dlrs chartered bank net foreign currency assets fell mln dlrs to minus billion dlrs notes in circulation totalled billion dlrs up mln dlrs from the week before government cash balances fell mln dlrs to billion dlrs in week ended march government securities outstanding rose billion dlrs to billion dlrs in week ended march treasury bills rose mln dlrs to billion dlrs and canada savings bonds fell mln dlrs to billion dlrs reuter
jobs	french government to step up aid to jobless the government plans to go ahead with a three billion franc package to help the long term unemployed with the aim of guaranteeing social security payments to everyone becoming redundant government officials said at present only about one third of the country s mln jobless corresponding to pct of the workforce receive unemployment benefit prime minister jacques chirac told a television interviewer as soon as the law is approved and it will be in a matter of weeks all workers made redundant will have the right to social benefits the money which will be used to alleviate unemployment through retraining or project finance will come from a billion franc government fund set up last month to finance spending on special areas of concern apart from unemployment these include relief to farmers hit by european community cost cutting measures french unemployment has risen by more than pct from mln when socialist president francois mitterrand took office in reuter
earn	sun electric corp se st qtr jan oper net oper shr profit nine cts vs loss seven cts oper net profit vs loss sales mln vs mln avg shrs vs note oper net excludes extraordinary profit of dlrs or six cts a shr and dlrs or one ct a share respectively in and quarters from utilization of tax loss carryforwards reuter
earn	cetec corp cec th qtr net oper shr two cts vs eight cts oper net vs sales vs year oper shr cts vs cts oper net vs sales mln vs mln note current qtr and year figures exclude loss from discontinued operations of dlrs or cts per share prior qtr and year figures exclude losses from discontinued operations of mln dlrs or cts per share and mln dlrs or dlrs per share respectively reuter
earn	richton international corp rihl rd qtr jan shr cts vs cts net vs sales mln vs mln avg shrs vs nine mths shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
earn	valtek inc valt rd qtr jan net shr cts vs cts net vs revs vs nine mths shr cts vs cts net vs revs mln vs mln reuter
earn	the writer corp wrtc th qtr loss shr loss cts vs profit cts net loss vs profit revs mln vs mln year shr loss cts vs profit cts net loss vs profit revs mln vs mln reuter
earn	rocky mountain medical corp rmedu st qtr loss dec shr loss one ct net loss revs note company went public in april reuter
earn	first american bank and trust fiama year net shr cts vs dlrs net vs mln avg shrs vs note share adjusted for pct stock dividend in may net includes loan loss provisions of mln dlrs vs dlrs reuter
sugar	india again in market for sugar trade india has called a fresh buying tender for up to four tonne cargoes of white sugar on march traders here said the tender calls for one cargo of prompt sugar and two to three with march april shipment sugar or the same as the eight cargoes bought at a tender two days ago that tender originally only sought two to three cargoes but resulted in the sale of eight india also granted the sellers options to sell twice that amount at the same price but for april may shipment depending on prices traders said it would be likely for india again to buy more than the tonnage formally sought reuter
earn	warrantech corp rd qtr dec net shr profit nil vs loss nil net profit vs loss revs vs nine mths shr loss nil vs loss nil net loss vs loss revs vs reuter
gold	pioneer group piog unit gets more land the pioneer group inc said its pct owned teberebie goldfields ltd venture has been granted an additional concession of land in ghana to look for and mine gold the state gold mining corp of ghana granted the venture an additional square kilometers in teberebie ghana contiguous to square kilometers granted earlier the company said the original concession appears to have a substantial amount of gold bearing material containing about grams or ounces of gold per metric ton but the venture has no firm estimates on the costs of extracting the gold and no assurances can be given that the reserves can be mined profitably the company said it said teberebie goldfields has not conducted tests on the newly granted land but added the land seems to be similar in geological characteristics to the original land reuter
acq	insituform iglsf raises stake in unit insituform group ltd of guernsey channel islands said it has exercised an option to convert a stg loan to affiliate insituform permaline ltd to common shares raising its stake in the unit to pct from pct the remainder is held by permaline s management and an investment group insituform also said james colclough has resigned from its board for health reasons and secretary scott saltpeter has resigned effective june five reuter
copper	copper meeting agrees goals of study group the world s major copper producing and consuming countries have reached a degree of consensus on objectives and functions of a future study group aimed at reviewing the world copper market officials said governments represented at a meeting to consider a proposed forum for copper have recommended that another session be held in september to consider further the nature of such a group a spokesman for the united nations conference on trade and development unctad said the one week meeting which ended today was held to examine a u s initiative to set up a copper study group the new body would not aim at negotiating measures to stabilise depressed world prices its objectives would include increasing market transparency through improved statistics and undertaking activities aimed at developing the copper market and contributing to improvement of demand unctad s spokesman said once they have agreed on detailed functions and objectives then the way will be cleared to setting up the body reuter
money-fx	liffe february volumes down but eurodollars up total futures and options turnover on the london international financial futures exchange liffe fell slightly during february although daily average eurodollar volume set a new record liffe said today total futures and options turnover last month was contracts down from january s but sharply above the comparative february figure of lots it said eurodollar turnover during february was lots against january s and the year ago figure of the daily average was a record lots up four pct from the previous record set in march february trading encompassed a new daily record of contracts on the th of the month exceeding the previous record of which had been set on february liffe said ft se index futures volume was sharply higher during february with contracts trading against january s and the year ago level of open interest also set new records last month in eurodollars at contracts in ft se at and in short sterling interest rate futures at lots key futures volumes as detailed by liffe were feb jan feb long gilt eurodollar short sterling t bond ft se currencies short gilt key options volumes as detailed by liffe were feb jan feb long gilt eurodollar t bond sterling ft se total options long gilt t bond and ft se index options were not trading in february reuter
crude	colombian oil exports not affected by quake colombian oil installations were not damaged by an earthquake which shook ecuador and southern colombia last night and there are no plans to suspend exports a spokesman for the state run oil company ecopetrol said he said no damage was reported unlike in ecuador where indefinite force majeure was declared on crude exports colombia currently produces about barrels per day bpd of crude exports in january totalled bpd the quake which in colombia measured between and seven on the point international mercalli scale caused panic among residents but no injuries were reported reuter
acq	chicago milwaukee chg greets shearson stake chicago milwaukee corp said it welcomed an investment by shearson lehman brothers inc in its company yesterday shearson lehman a subsidiary of american express co axp disclosed in a securities and exchange commission filing that it holds a pct interest in chicago milwaukee chicago milwaukee s stock edged up to on turnover of shares as one of the biggest gainers on the nyse the stock has been trading in a to range for the last weeks edwin jacobson chicago milwaukee president declined to comment on movement of the company s stock but said from an investment point of view we are pleased to have shearson lehman as a substantial investor shearson lehman purchased the shares for investment purposes and may continue buying shares depending on market conditions according to the filing chicago milwaukee which sold its railroad interests to soo line railroad co soo in february currently manages and sells its real estate which consists of parcels in states reuter
acq	dauphin deposit dapn to make acquisition dauphin deposit corp said it has signed a letter of intent to acquire colonial bancorp inc of new holland pa in an exchange of to dauphin shares for each colonial share depending on the market value of dauphin shares just before the merger takes place the company said the acquisition is subject to approval by colonial shareholders and regulatory authorities colonial had assets at year end of about mln dlrs reuter
earn	van dorn co vdc sets quarterly qtly div cts vs cts prior pay may one record april reuter
earn	m d c holdings inc mdc sets quarterly qtly div cts vs cts prior pay march record march reuter
earn	chubb corp cb sets quarterly qtly div cts vs cts prior pay april seven record march reuter
crude	crude oil prices up as stocks output fall u s crude oil prices rose above dlrs a barrel this week and industry analysts said the price could rise another dollar as inventories fall opec is keeping its production down and in the cash market there is tight supply of crude with short transportation time to major refining centers said daniel mckinley oil analyst with smith barney harris upham and co that could send prices cts to a dollar higher he added the u s benchmark crude west texas intermediate rose to dlrs a barrel today a rise of dlrs this week the rally in oil prices this week came after prices fell in february more than two dlrs from its high of dlrs a barrel oil traders were pulling prices down on the assumption that oil stocks were building and opec was producing well above its mln bpd quota but now both of those assumptions have come under question mckinley said yesterday the international energy agency in its monthly report said that oil stocks in the oecd area or in industrialized nations were drawn down by mln bpd during the first quarter of this year iea estimates that the draw in oil stocks during the first quarter of this year will come largely from oil companies whose inventory levels by april one will be an estimated mln tonnes or about days consumption industry analysts also said the estimate of a mln bpd draw in stocks made by shell chairman peter holmes yesterday fed speculation that other major companies were destocking traders said the destocking has come about as a result of a so called buyers strike which kept refiners from buying officially priced opec oil in an effort to get the organization to offer discounts to the official price this struggle between the companies and opec is the ultimate game of chicken but it will be resolved relatively soon i would imagine by about the middle of the month march the general trading manager of an international oil company told reuters in a telephone interview for its part opec has moved to win this game by cutting excess supplies from the market by a reduction of its own output traders said a reuter survey estimates opec output to be mln bpd this week also an earthquake in ecuador yesterday led it to suspend oil exports indefintiely and force majeure its shipments this will reduce short haul availabilities by about bpd almost immediately and the longer the suspension continues the larger the draw in stocks will be for companies expecting it to be there mckinley said international oil traders said that other short haul crudes such as north sea brent were also scarce because asian refiners bought the oil after absorbing a lot of the readily available mideast crudes earlier this week if this pattern continues then oil companies will bid up the price of oil as they purchase for their refineries trading managers at several companies told reuters but there were skeptics who said they wondered how long opec can retain its unity if buyer resistance continues stephen hanke chief economist at friedburg commodity management said opec production was lower because of the saudi cut to mln bpd and this could spell trouble if it gives other members an incentive to exceed their quotas he added the saudis will be picking up the tab for other members who produce over their quota and the drain on the saudis will continue forcing them to cut output maybe as low as mln bpd to support the dlrs average price he added there are also signs of some opec crudes being sold in the spot market at below opec official prices traders said oil traders said nigerian brass river sold for delivery into the u s gulf at a price related to north sea brent which traded this week at dlrs far below the official price of dlrs for the similar quality bonny light iranian oil is also surfacing in the u s gulf and the far east at reported discounts to its dlrs official price there is a lot of oil priced on government to government deals which are below official prices and this is probably being resold one international trader said reuter
earn	first federal brooksville ffbv sets quarterly qtly div four cts vs four cts prior pay march record march note first federal savings and loan association of brooksville reuter
earn	aluminum co of america aa regular dividend qtly div cts vs cts in prior qtr payable may record may one reuter
acq	siemens wants to amend telecom plus tele pact telecom plus international inc said siemens ag s siemens information systems wants to amend its agreement to purchase telecom s pct interest in tel plus communications to delay payment of mln dlrs for months telecom s shareholders are scheduled to vote on the mln dlr transaction monday telecom said it advised siemens it intends to close the transaction on march as scheduled if it is approved by shareholders a spokesman said this means telecom will decide before the th whether or not to accept the proposed change explaining its request for the amendment siemens informed telecom it had recently become aware of information causing concern with respect to certain accounting and other matters siemens said it will therefore need to continue its review beyond march to determine whether certain representations and warranties are true telecom said it advised siemens it knows of no information which would make its representations and warranties untrue siemens already owns the remaining pct of tel plus the pct represenmts telecom s principal operating asset a telecom spokesman said the agreement calls for payment of all but mln dlrs of the price at closing of this mln dlrs was to be paid months later and two mln dlrs per year on the anniversary date of the transaction he said siemens is now proposing that mln dlrs be added to the mln dlrs to be paid in months telecom said the proposed amendment would also permit siemens to defer repayment of up to an additional pct of certain intercompany debt until completion of the review telecom said it estimates this to ba about mln dlrs reuter
acq	lucky stores says it and investor edelman reached standstill agreement
gold	pioneer group unit gets more ghana gold land the pioneer group inc said its pct owned teberebie goldfields ltd venture was granted an additional concession of land in ghana to seek and mine gold the state gold mining corp of ghana granted the venture an additional square kilometers in teberebie ghana contiguous to square kilometers granted earlier the original concession appears to have a substantial amount of gold bearing material containing about grams or ounces of gold per tonne but the venture has no firm estimate on the costs of extracting the gold and no assurances can be given that the reserves can be mined profitably the company said it said teberebie goldfields has not conducted tests on the newly granted land but added the land seems to be similar in geological characteristics to the original land reuter
earn	international multifoods corp imc dividend qtly div cts vs cts prior pay april record march reuter
earn	hadson corp hads th qtr net shr profit four cts vs loss cts net profit vs loss mln revs mln vs mln avg shrs mln vs mln year shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs mln vs mln note net included gain on sale of foreign properties of mln dlrs or dlrs per share and a writedown of oil and gas properties of mln dlrs or cts per share th qtr net included writedowns of oil and gas properties reuter
acq	lucky stores lks edelman in standstill pact lucky stores inc said it and investor asher edelman agreed on a settlement that prohibits edelman and his group from taking specified actions to obtain control of the company and that limits the edelman group s ownership of lucky s stock to less than five pct of any voting securities the arrangement also provides for the dismissal of pending litigation between the parties lucky stores said the settlement also calls for the withdrawal of edelman s motion to intervene in pending shareholder actions against lucky stores and its directors the company said in addition the standstill provisions also apply to hancock fabrics after it is spun off to lucky stockholders the company said lucky stores said the arrangement also calls for the company to submit to stockholders at a special meeting set for december a proposal from edelman seeking their views concerning repeal of a charter provision that limits the voting power of substantial lucky stockholders edelman who owns about five pct of lucky stores stock last year was rebuffed in his effort to acquire the company last october lucky stores implimented a restructuring program that included the repurchase of pct of its own common shares and reincorporation in delaware the spinoff of hancock textile co a chain of retail stores was one of the key parts of the restructuring program edelman and his plaza securities co partnership subsequently sued in an attempt to block the proposed reincorporation which was a condition of the repurchase and restructuring plan under this latest arrangement lucky stores said it agreed to reimburse the edelman group for mln dlrs of out of pocket expenses which include litigation and other costs this agreement serves the interests of lucky stockholders by avoiding the significant cost of continued litigation and the accompanying demands on management time lucky stores chairman john lillie said in a statement reuter
earn	att t phone proposal to help profits american telephone and telegraph co s proposal to deregulate its long distance phone service is unlikely to produce a radical change in phone rates but it should help the company s profits analysts said deregulation will mean more pricing discounts for large volume users but status quo for residential users said painewebber group analyst jack grubman but the proposals will scrap the pricing formula that has constrained the company s profits in the long distance business leading to higher profit margins analysts said att has long pushed for deregulation of its long distance business the profits of which have been limited by a regulated rate of return on the company s investments the rate was cut last year to from pct earlier today the company proposed to the federal communications commission to scrap the formula cut the amount of time needed to approve rate proposals and leave it up to its competitors to oppose it filings mci communications corp mcic made a similar filing yesterday saying greater the moves would increase competition in the telephone business analysts said the proposals will allow att to cut costs in the long distance unit and increase its profit margins previously constrained by the rate of return but many said they did not expect the proposals to lead to higher prices in the industry simply because of the competition the phone industry giant faces you probably wouldn t see as much of a price decline said gartner group analyst fritz ringling but you wouldn t see a rise grubman said the proposals will allow att to selectively raise or lower prices depending on the market it will give att a lot more flexibility he said att now faces a period of comment in which a number of companies will be able to respond to the proposals in fcc hearings it may face at least one strong opponent u s sprint the long distance joint venture between gte corp gte and united telecommunications inc ut we think the congress of the fcc should establish a reasonable rate of return someone should establish it a u s sprint spokesman said but he added the company was not opposed to greater competition it may also take some time for the proposals to go through and in the process they may be altered by the various constituencies affected by the move there s so much complexity so much inertia so much bureacracy that stricly speaking about the mechanisms it won t happen that fast said analyst victor krueger of the gartner group reuter
lumber	cme sets may start for lumber futures options the chicago mercantile exchange cme board of governors announced today the options on random length lumber futures will begin trading on may the contract received commodity futures trading commission cftc approval on january after being submitted for review last october initially only january march and may delivery months will be listed for trading the size of the underlying futures contract is board feet regular trading hours for the contract will be from to central time however on the first day of trading the market will open at on march the cme board amended the contract to eliminate christmas eve expirations for the january option this amendment has been submited to the cftc the cme said reuter
acq	twa confirms ownership of pct of usair group
earn	struthers wells suw sees nov loss struthers wells corp said it expects to report a loss without tax benefit of about mln dlrs for the fiscal year ended november versus a profit of dlrs in fiscal the company added however that about mln dlrs of the loss relates to discontinued operations and disposal of subsidiaries the company said the loss is part of its previously announced restructuring that includes the sale of its foreign and domestic units struthers added that it has filed with the securities and exchange commission for an extension to file its annual report on form k as a result of delays caused by the restructuring reuter
acq	soros group tells sec it may buy up to pct of fairchild industries
acq	twa twa confirms ownership of usair u stock trans world airlines inc said it owns more than four mln usair group shares or about pct of the total outstanding twa said it may acquire additional shares in the open market in private transactions through a tender offer or otherwise subject to department of transportation approval twa has offered dlrs per share for usair group usair rejected the offer yesterday calling it a last minute attempt to interfere with its takeover of piedmont aviation inc a twa spokesman said the company has filed an application for approval on its offer to buy usair with the department of transportation and later today it will file a response to usair s motion with the dot to dismiss the twa application twa said it made the statement today on its stock position in usair in response to inquiries traders said they believed twa chairman carl icahn was the buyer of an share block crossed today by salomon brothers usair stock was trading at up on heavy volume of mln shares twa stock fell to while analysts and arbitragers have speculated that icahn may have made the offer for usair in order to trigger the acquisition of his own airline wall street today began to take icahn s effort more seriously i think he s going to be the next frank lorenzo of wall street said one market source lorenzo chairman of texas air has added to his airline with the acquisitions of eastern airlines and people express airlines there was also speculation that icahn would like to buy usair and then sell twa as a merged company reuter
earn	silver state mining ssmc corrects net silver state mining corp said it has corrected its fourth quarter net income to dlrs from dlrs reported earlier today the company earned dlrs in last year s fourth quarter reuter
earn	stewart warner corp th qtr shr loss dlrs vs profit cts
acq	group to boost fairchild industries fen stake an investor group led by new york investor george soros said it was dissatisfied with fairchild industries inc management and was considering boosting its holdings to as much as pct of the aerospace and aviation company s outstanding stock the group already controls fairchild industries shares or pct of the total outstanding the group said it filed on wednesday with federal antitrust regulators for advance clearance to buy enough additional shares to increase its total stake to up to pct of the total outstanding stock the group said its representatives had met with fairchild industries officials to inform them that they do not believe management has been successful in enhancing or protecting shareholder values it said it was considering the additional share purchases to enable it to assert a greater degree of influence over the future management and policies of the issuer it said a decision on the specific level of share ownership it would seek depended on market prices future changes in management policies available financial resources and other factors the group said it also reserved the right to pursue other measures intended to influence fairchild management and policies either alone or in concert with other investors the group includes soros and quantum fund an offshore investment firm headquartered in curacao netherlands antilles that is advised by soros the group said that since its last sec filing made jan it had purchased no additional fairchild shares and had sold shares on the new york stock exchange jan a fairchild industries official later said soros had told the company he was not dissatisfied with its management contrary to the filing mr soros has told the company today that he is not dissatisfied with management fairchild s bill fulwider told reuters however fulwider said the company would have nothing to say at this time about soros disclosure that he may buy up enough additional fairchild shares to hold as much as pct of the company s outstanding stock reuter
earn	payless cashways pci sees better first qtr payless cashways inc chairman david stanley told analysts the company s first quarter results to be reported march will be better than the seven cts per share reported in the year ago quarter it was not a wonderful sales quarter but it only represents pct of the year s total results stanley said stanley also said that full year sales will be in excess of billion dlrs as compared to the billion dlrs reported in he also said that analysts estimates of dlr per shr for are not crazy payless reported net income of dlr per share in the economy may not get a lot better but we expect our advantages in the lumber industry and cost cutting measures to keep us competitive larry kunz chief financial officer said the company acquired knox lumber co for about mln dlrs in october stanley said the company s stronger than optimal balance sheet will enable it to make further acquisitions but no negotiations are going on at the current time he said some benefits of a new management information system will be felt in and more substantially in reuter m
earn	stewart warner corp stx th qtr loss shr loss dlrs vs profit cts net loss vs profit sales mln vs mln year shr loss dlrs vs profit dlrs net loss vs profit sales mln vs mln note earnings include a provision for restructuring costs of dlrs or dlrs a share pre tax and the effect of adoption of fasb which reduced pension expense by dlrs for the quarter and dlrs for the year before taxes earnings include nonoperating income from the effect of nonrecurring gains of dlrs in the st qtr of from the sale of its minority interest in plexus corp and dlrs in the rd qtr of related to the sale of excess property reuter
earn	moniterm corp mtrm th qtr loss shr loss cts vs loss cts net loss vs loss revs vs year shr loss cts vs loss cts net loss vs loss revs mln vs mln note prior year figures restated to reflect merger in march with amtron corp reuter
earn	the chubb corp cb sets qtrly payout qtrly cts vs cts prior pay april record march reuter
acq	southtrust sotr to acquire four banks southtrust corp a billion dlr multibank holding company said it entered into agreements to acquire four florida banks with assets totalling more than mln dlrs terms of the agreements were not disclosed the four banks are central bank of volusia county with assets of mln dlrs bank of pensacola with assets of mln dlrs and vista bank which operates vista bank of volusia county with assets of mln dlrs and vista bank of marion county with assets of mln dlrs it said the agreements are subject to regulatory approval reuter
acq	carling o keefe sells star oil unit to united coal canada for mln dlrs
acq	hughes tool ht up on merger speculation hughes tool co rose one to on shares apparently reflecting a belief that baker international corp bko will be able to persaude hughes to go along with a previously announced merger analysts said this week hughes seemed to back out of the merger but then said it was still interested in talking it sounds like baker wants it and if people are convinced a deal is going to go through the stock goes up said analyst phil pace of kidder peabody and co holders of hughes would get share of baker for each hughes share reuter
acq	aetna aet reaches agreement to buy company aetna life and casualty co said it reached an agreement to acquire a pct interest in universal life and general insurance sdn bhd ulg a malaysian composite insurance company the company said the pct balance will continue to be owned by malaysia apera group of private investors the transaction is valued at approximately mln dlrs and is expected to be completed by march reuter
acq	carling o keefe ckb sells oil unit takes gain carling o keefe ltd said it sold its star oil and gas ltd unit to united coal canada ltd for about mln dlrs cash carling said it will record an extraordinary gain of about two mln dlrs after tax or nine cts a common share resulting from the sale the company did not elaborate further on financial terms a carling official later said in reply to an inquiry that carling would record the extraordinary gain in its fourth quarter ending march the move came after carling s pct owner rothmans inc agreed last week to sell its carling stake to elders ixl ltd of australia for mln canadian dlrs reuter
ship	channel ferry reported sinking off belgium the channel ferry herald of free enterprise from the british townsend thorensen company was sinking off the belgian coast tonight with people on board the dutch newsagency anp reported today an unspecified number of people had fallen into the water it said quoting the pilot organisation in this south western dutch port city near the belgian border it said the vessel had capsized after a collision but gave no more details dan kaakebeen a spokesman for the dutch salvage firm smit international told reuters by telephone from rotterdam that the vessel was just off the belgian port of zeebrugge with passengers and crew when the accident occurred at gmt kaakebeen said the firm had one vessel at the scene and another on its way with divers on board a spokesman at the port authority of nearby vlissingen said attempts were being made to pull the vessel into shallow waters weather conditions were good with no fog or wind and there were many other vessels in the area reuter
earn	patrick petroleum co ppc year loss shr loss dlrs vs profit cts net loss vs profit revs vs mln avg shrs vs note current year includes tax credit of dlrs reuter
earn	epitope inc epto st qtr dec loss shr loss cts vs loss nine cts net loss vs loss sales vs reuter
earn	clary corp th qtr dec loss shr loss cts vs loss cts net loss vs revs vs year shr loss cts vs loss nine cts net loss vs loss revs mln vs mln reuter
earn	lloyds bank canada st qtr profit rises sharply lloyds bank canada a unit of lloyds bank international plc said net profit soared to dlrs for the first quarter ended january from dlrs a year earlier loan loss provisions a mandatory five year averaging of actual loan losses also rose in the first quarter to dlrs from year ago dlrs the bank said lloyds bank canada became canada s largest foreign bank last autumn with its mln canadian dlr acquisition of continental bank of canada reuter
acq	dome pete dmp said to be pressed to sell encor dome petroleum ltd is under pressure from one of its largest creditors canadian imperial bank of commerce to sell its pct stake in encor energy corp ltd energy industry analysts said dome has pledged its mln encor shares as security for part of its debt to commerce bank estimated last year at mln canadian dlrs and the bank wants dome to sell the stock to pay down debt analysts said the commerce has been slowly but surely moving encor in the direction that might make it a saleable asset said one analyst who asked not to be named dome earlier said it was not considering selling encor energy but reaffirmed the company s pct interest in canadian gold producer dome mines ltd dm is up for sale at the right price dome now negotiating a plan to restructure more than billion dlrs in debt sees encor as a strategic investment that it does not intend to sell spokesman david annesley said the encor shares do not pay dividends a commerce bank spokesman also declined comment when asked whether it is pressing dome to sell its encor stake at current market prices dome s stake in encor would be valued at about mln dlrs while its mln dome mines shares would be worth about mln dlrs recent strength in the price of encor shares may also prompt commerce bank to press dome to divest its holding in the canadian oil and gas producer analysts said encor s stock price has improved quite substantially in recent weeks with a runup in crude prices peters and co ltd oil analyst wilf gobert commented the possibility is that commerce bank would like to see it sold at these levels because they can get more for it now than they have been able to in recent years he added encor traded earlier on the toronto stock exchange at near its week high of and up from around six dlrs in early february the company also recently set up its own operating management which was previously carried out by dome petroleum maison placements canada inc analyst denis mote commented dome and encor are actually going to get farther apart so the sale does make a lot of sense mote said however analysts said dome will resist any moves to divest encor in favor of retaining the operating assets since sale proceeds would likely go directly to pay down dome s debt to commerce bank i think they ll probably try to hang onto encor as long as they can said bache securities inc analyst doug weber some of dome s group of major creditors might move to block such a sale arguing they have a claim on company assets other creditors generally all want to make sure that something they might be able to get a piece of is not being sold out from under them said analyst gobert another stumbling block would be encor s mln dlr joint liability in loans to dome petroleum advanced by arctic petroleum corp of japan for beaufort sea exploration analysts said a similar hurdle could also hinder the possible sale of dome petroleum s interest in dome mines dome mines has guaranteed mln dlrs of dome petroleum s debt and has a right of consent to the sale of dome petroleum s holding presumably a potential buyer of the dome mines shares would seek some type of relief on the company s debt obligations connected with dome petroleum gobert said dome spokesman annesley earlier declined to specify at what price the company would consider selling its dome mines shares but said current prices of more than dlrs a share are very attractive reuter
earn	patrick petroleum co ppc th qtr net shr nil vs one ct net vs revs vs avg shrs vs year shr loss dlrs vs profit cts net loss vs profit revs vs avg shrs vs reuter
earn	inland vacuum industries inc ivac st qtr net qtr ends jan shr six cts vs eight cts net dlrs vs dlrs revs vs reuter
crude	iranian oil minister arrives in algeria iranian oil minister gholamreza aqazadeh arrived in algiers at the head of a large delegation for talks on stabilizing oil prices the official news agency aps said in a brief arrival statement he said iran and algeria were engaged in continuous and stronger cooperation on the world petroleum market and had deployed considerable efforts to stablise petroleum prices he was greeted on arrival by belkacem nabi the algerian minister of energy chemical and petro chemical industries reuter
earn	del laboratories inc dli th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln note per share figures adjusted to reflect four for three stock split paid march reuter
gnp	chilean gdp up pct in central bank says chile s gross domestic product rose pct last year to billion dollars compared to a pct rise in the previous year the central bank said it said initial projections were for a pct increase in gdp this year the sectors which registered the greatest growth in were fisheries with pct agriculture at pct transport and communications with pct and industry at pct the bank added reuter
acq	landmark savings lsa completes office sale landmark savings association said it completed the sale of its whitehall pa office including deposits of about mln dlrs to parkvale savings association landmark said it realized a gain of about mln dlrs on the sale the price was not disclosed reuter
earn	holly sugar corp hly sets regular dividend qtly div cts vs cts prior pay march record march reuter
earn	coradian corp cdin year net shr profit one cent vs loss cts net profit dlrs vs loss revs mln vs mln note company said net is before extraordinary items and taxes and declined to provide data on those items reuter
livestock	usda to conduct survey for avian influenza u s agriculture department animal health officials are conducting a national survey of live bird markets and auctions to check for signs of avian influenza an infectious viral disease of poultry the department said the survey will locate poultry dealers and live bird markets that sell live birds directly to the consumer and once the dealers and markets are identified there will be tests to determine any past or present exposure to avian influenza viruses it said in an outbreak of avian influenza in pennsylvania maryland virginia and new jersey cost taxpayers mln dlrs to control and required the destruction of more than mln birds it said the survey is expected to be completed by april reuter
ship	two hundred people rescued from sinking ferry about people were rescued some badly hurt from a sinking cross channel ferry carrying approximately people off the belgian port of zeebrugge a port control spokesman said the spokesman contacted by telephone said only one third of car ferry the herald of free enterprise owned by the british company townsend thoresen remained above water divers have been sent down to try to rescue passengers believed trapped in the ferry which was on its way from zeebrugge to the english port of dover and capsized just off the pier he added reuter
earn	foxboro co fox th qtr loss oper shr loss one ct vs loss dlrs oper net loss vs loss mln revs mln vs mln mths oper shr profit cts vs loss dlrs oper net profit vs loss mln revs mln vs mln note oper net excludes tax credits of dlrs for qtr and dlrs for mths includes restructuring charges of mln dlrs for qtr mln dlrs for mths reuter
money-supply	treasury balances at fed fell on march treasury balances at the federal reserve fell on march to billion dlrs from billion dlrs the previous business day the treasury said in its latest budget statement balances in tax and loan note accounts fell to billion dlrs from billion dlrs on the same respective days the treasury s operating cash balance totaled billion dlrs on march compared with billion dlrs on march reuter
trade	nicaragua romania paraguay lose trade rights president reagan formally ended preferential duty free trade treatment for exports from nicaragua romania and paraguay under the generalized system of preferences gsp he took the action after determining that the three countries are not taking steps to give their workers internationally recognized rights u s trade representative clayton yeutter had announced the intended action on january the united states conducts no trade with nicaragua and very little trade with romania and paraguay reuter
earn	alfin inc afn nd qtr jan loss shr loss cts vs profit cts net loss vs profit revs vs avg shrs vs six mths shr loss cts vs profit cts net loss vs profit revs mln vs mln avg shrs vs reuter
acq	bell and howell bhw completes sale of unit bell and howell co said it completed the sale of its computer output microfilm business to com products inc a unit of privately held lebow industries inc the sum of the deal was not disclosed the unit makes a device that prints data directly from a computer onto microfilm reuter
money-supply	u s business loans fall mln dlrs in feb week fed says
money-supply	u s business loans fall mln dlrs business loans on the books of major u s banks excluding acceptances fell mln dlrs to billion dlrs in the week ended february the federal reserve board said the fed said that business loans including acceptances fell mln dlrs to billion dlrs reuter
earn	hyponex corp hypx year net shr cts vs dlrs net vs revs mln vs mln reuter
earn	hmo america inc hmoa year loss shr loss cts vs profit cts net loss vs profit revs mln vs mln avg shrs vs reuter
livestock	american pork congress to be overhauled in the national pork producers council nppc announced at this year s american pork congress apc that the congress and trade show will be divided into two parts in next years apc held in atlanta will be a business session only and will continue to be the first week of march the trade show is being changed into a new international event called the world pork expo the first expo will be held in june in des moines with an expanded format they said executive vice president orville sweet said the decision to spilt the show and congress came about because there are producers who never get to see the trade show floor it makes sense that we divide the business session from the trade show sweet said reuter
acq	dtd enterprises inc in reorganization dtd enterprises inc said it filed an k report indicating that eagleslair development corp had assumed control of the company under a reorganization plan signed last month the company said d gerald lach president of eagleslair was named president and a director of dtd in addition dts s board resigned and eagleslair appointed new directors the company said reuter
earn	schwab safe co ss ups payout qtly div cts vs cts prior pay april record march reuter
earn	physicians insurance co pico th qtr net shr cts vs cts net dlrs vs dlrs revs mln dlrs vs mln dlrs avg shrs vs mths shr dlrs vs cts net dlrs vs dlrs revs mln dlrs vs mln dlrs avg shrs vs note per share amounts for qtr and year prior have been restated to reflect a six for five stock split in august revs for qtr include capital gains of vs and for year of vs revs for qtr include non insurance revenues of vs and for year of vs revs for qtr include life subsidiary account deposits of vs and for year of vs reuter
earn	bradley brly announces long term lease bradley real estate trust said it signed a year lease for property in downtown minneapolis to bced minnesota inc the lease will increase net income by about cts a share on a post february three for two stock split basis for the trust reported net income of mln dlrs or cts a share on a post split basis bradley will also be entitled to a one time additional rental payment of cts a share upon bced entering into a space lease with a prime national tenant and a share in a portion of net cash flow from operations on the property reuter
acq	dumez unit has pct of westburne wbi dumez investments i inc said pct of westburne international industries ltd s outstanding common shares have been deposited under its takeover bid it said it has received about shares under its dlrs per share offer which expired yesterday dumez said it will proceed to acquire the remaining common shares to give it pct ownership of westburne dumez is a private company owned jointly by dumez s a and unicorp canada corp reuter
acq	canadian natural resources to sell stake canadian natural resources ltd said it agreed in principle to sell pct of its working interest in certain producing and non producing natural gas properties located in southwestern saskatchewan the transaction is expected to close on april the company said it did not identify the buyer nor give the selling price proceeds will be used to satisfy a february repayment demand by one of the company s lenders any excess proceeds will be added to working capital the company said reuter
acq	malrite buys cox s radio station unit malrite guaranteed broadcast partners l p said it bought wtrk inc from cox enterprises inc for mln dlrs in cash it said wtrk owns and operates wtrk fm a philadelphia radio station transfer of the license for the sation has been approved by the federal communications commission malrite guaranteed said it is a limited partnerhip formed to acquire and operate radio and tv stations it said malrite communications group inc malr is the general partner reuter
acq	cyacq extends tender for cyclops cyl cyacq corp said it extended its dlr a share tender offer for cyclops corp to march from today cyacq was formed by citicorp capital investors ltd and audio video affiliates inc ava to acquire cyclops the tender offer began on february six the offer is conditioned upon at least pct of the outstanding shares and at least pct of the voting securities being tendered before expiration of the offer as of march six only shares of cyclops mln outstanding shares had been tendered reuter
acq	mono gold says partnership agrees to buy shares mono gold mines inc said nim and co ltd partnership agreed to buy flow through shares with an aggregate purchase price of up to dlrs it said subject to fulfillment of certain conditions the price of the shares to nim will be cts per share and said it will issue shares to the partnership mono also said options to buy up to dlrs of its capital stock at cts per share expire march three it said options have been exercised to net the company dlrs to be added to working capital reuter
earn	uslico corp usvc increases dividend qtly div cts vs cts prior payable march record march reuter
acq	usair group requests transportation department order twa to divest stake
earn	diplomat electronics dpec to cut costs diplomat electronics corp said it will reduce expenses by four mln dlrs a year in an effort to stem losses and return to a positive net worth the company also said certain lenders agreed to take a pct stake in the company by converting seven mln dlrs of debt into preferred stock diplomat said it will cut costs by several means including dismissal of workers at its corporate headquarters consolidation of its warehousing and shipping operations and reduction of management salaries moreover it said it will relocate its headquarters to glendale calif reuter
earn	dollar general corp dolr qtly dividend qtly div five cts vs five cts prior payable april three reocrd march reuter
earn	healthcare services hsai sees write offs healthcare services of america inc said it will write off about mln dlrs in non recurring expenses in it also said it expects income from operations to be about breakeven for and the estimated loss for the year to be about the same as the writeoffs results will be released by march included in the writeoffs were six mln dlrs in developmental costs six mln dlrs in unamortized loan costs and debt discounts and four mln dlrs in other non recurring costs the company said it continues to be in default of certain financial and non financial covenants set forth in its major loan documents it said negotiations continue with the banks but has no assurance that such funding will continue it said it authorized smith barney harris upham and co to seek a business combination with third parties healthcare also said the board has authorized the sale or lease of certain assets to reduce the cash required from the revolving credit line for completion of current construction projects for the year ended december healthcare reported net income of mln dlrs on sales of mln dlrs reuter
acq	usair u seeks order against twa twa usair group said it sought the help of the u s department of transportation in its takeover fight with trans world airlines inc asking the department to order twa to sell its usair shares what they have done is in direct violation of the federal aviation act usair said it said twa week filed a cursory application with the department of transportation for approval of its proposed billion dlr takeover of usair usair rejected the offer and said it asked the department of transportation to dismiss the application usair said it requested the dismissal because twa avoided pre merger notification requirements and also did not provide a competitive and public interest analysis required under regulations usair said if the application is dismissed twa would be limited to buying only pct of its mln outstanding shares if the application is approved twa could buy up to pct it said twa has said it owns less than pct of usair s stock twa today revealed that it has increased its holdings to more than four mln usair shares pct of the outstanding twa vice president general counsel mark buckstein said the company had made appropriate filings with the dot and was in compliance with the law reuter
earn	park ohio industries inc pkoh th qtr net shr loss cts vs profit dlr net loss vs profit revs mln vs mln year shr loss dlr vs profit dlr net loss vs profit revs mln vs mln note net includes certain non recurring charges of about dlrs for a number of items th qtr and yr net includes extraordinary credit of dlrs or cts per share reuter
earn	bmc industries inc bmc th qtr loss shr loss dlrs vs loss dlrs net loss vs loss mln revs mln vs not given year shr loss dlrs vs loss dlrs net loss vs loss mln revs mln vs not given note results include charges of five mln dlrs or cts shr for qtr and year compared with charge of mln dlrs or dlrs shr in prior year from discontinued operations and disposal of discontinued operations reuter
earn	united companies uncf declares stock dividend united companies financial corp said its board declared a two pct stock dividend payable april eight to holders of record march the board also declared a regular quarterly cash dividend of cts payable april one to holders of record march reuter
nat-gas	u n issues report on natural gas clauses the u n centre on transnational corporations has issued a report containing guidelines and recommendations for negotiating natural gas clauses in agreements between transnational petroleum corporations and host countries the u n said the report was aimed at promoting petroleum exploration in areas perceived as being gas prone the page report contains an in depth examination of the problems of gas developoment and looks at different ways in which contractual terms might deal with the risks in gas development associated with pricing marketing and volume reuter
acq	taft tfb bidders would sell entertainment unit a proposed buyout of taft broadcasting co by dudley taft and other investors includes a plan to sell the company s entertainment group according to one of the investors jonathan nelson managing director of narragansett capital corp narr which is participating in the buyout plan declined to say if buyers have already been lined up for the entertainment group we are considering selling the group nelson said wall street analysts said any of the hollywood film studios which might be interested taft broadcasting co did not comment on the dlr per share offer taft has mln shares outstanding of which pct are owned by the taft and ingalls families dudley taft relinquished the title of president in july but continues as vice chairman of the company taft narragansett requsted a response to its proposal by march if the plan is accepted taft would be a private company financed by high yield bonds and bank debt nelson said narragansett is an investment management company specializing in leveraged buyout transactions taft shares climbed to causing arbitrageurs to say investors believe the bidders may raise their price robert m bass who controls pct of the stock and american financial corp holder of pct did not return telephohe calls seeking comment but dennis mcalpine analyst at oppenheimer and co said i don t think it s worth dlrs he noted taft recently agreed to sell a group of independent television stations at a loss he said the entertainment group which includes the hanna barbara animation studios is currently hampered by a glut of animated product taft broadcasting has never commented on reports that its major stockholders met recently to discuss a break up of the company macalpine said there are lots of options for reshaping the company with a distribution of various pieces to the major shareholders among the possibilities analyst alan gottesman of l f rothschild unterberg towbin inc said the bass group has been increasing its stake in the belief the company would be worth more with a change in its strategy he said bass pushed for sale of the independent television stations because the company paid too much reuter
acq	sandox buys stauffer seeds sandoz corp s northrup king co said it bought stauffer seeds a unit of stauffer chemical co terms were not disclosed reuter
acq	energen egn buys municipal gas system energen corp said it has acquired the distribution system of the city of clanton ala for about mln dlrs the customer system is the fourth municipal system acquired by energen s alabama gas subsidiary since october adding a total of customers reuter
earn	sierra pacific resources inc srp dividend qtly div cts vs cts prior payable may one record april reuter
earn	metex corp mtx th qtr dec shr cts vs cts net vs revs mln vs mln year shr cts vs dlrs net mln vs mln revs mln vs mln reuter
earn	houston oil trust ho omits march distribution houston oil trust said there will be no cash distribution to the unit holders in march the most significant factor for the lack of a distribution this month is the establishment of additional special cost escrow accounts the company said adding that there may be no cash distribution in other months or during the remainder of the year for march the working interest owner will place mln dlrs in special cost escrow accounts reuter
acq	monoclonal antibodies mabs buys company monoclonal antibodies inc said it signed an agreement in principle to buy genesis labs inc for about mln dlrs of common stock the agreement is subject to shareholders approval and other conditions reuter
strategic-metal	u s treasury proposes some s african imports the treasury proposed allowing temporary imports of south african uranium ore and uranium oxide until july under certain conditions pending clarification of anti apartheid laws passed by congress last fall the proposal to be published in the federal register next week requests written congressional and public comment within days and deals with uranium ore and oxide that is imported for u s processing and exporting to third countries the treasury said it proposed allowing the temporary imports because it felt congress had not intended when it passed the comprehensive south african sanctions bill last fall overriding president reagan s veto to hurt u s industry the domestic uranium conversion industry and the federal government s enrichment industry could be seriously injured in a manner not intended by congress if the import ban on uranium ore and oxide were implemented to bar imports for processing and export through a mistaken interpretation of the act the treasury brief said the treasury said an outright u s ban of uranium ore and oxide might cause foreign electric utilities to divert their south african origin ore and oxide to other countries including the soviet union for processing treasury said it would allow imports of the south african ore and oxide until july for processing and re export provided that the imported ore or oxide is accompanies by a license for importation issued by the nuclear regulatory commission the treasury brief also proposed allowing u s origin goods to be imported temporarily from south african state controlled organizations for repair or servicing in the united states the u s customs will allow such importation to be made under bond the brief said the south african sanctions law enacted by the united states to protest the apartheid laws of racial segregation practiced by south africa s white minority government prohibited imports of uranium ore and oxide iron and steel coal and textiles at the end of reuter
earn	braniff inc bair th qtr loss jan shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln year shr loss cts vs profit dlr net loss mln vs profit mln revs mln vs mln note net includes extraordinary gain of mln dlrs from tax loss carryforward in year and loss of dlrs in th qtr reuter
acq	justice dept supports dismissal of twa application for usair control
acq	transportation department dismisses twa application for usair control
strategic-metal	u s treasury proposes s african uranium imports the u s treasury proposed allowing temporary imports of south african uranium ore and uranium oxide until july under certain conditions pending clarification of anti apartheid laws passed by congress last fall the treasury said it proposed allowing the temporary imports because it felt congress had not intended when it passed the comprehensive south african sanctions bill last fall overriding president reagan s veto to hurt u s industry the treasury said an outright u s ban of uranium ore and oxide might cause foreign electric utilities to divert their south african origin ore and oxide to other countries including the soviet union for processing the treasury also proposed allowing u s origin goods to be imported temporarily from south african state controlled organizations for repair or servicing in the u s the south african sanctions law enacted by the u s to protest the apartheid laws of racial segregation practiced by south africa s white minority government prohibited imports of uranium ore and oxide iron and steel coal and textiles at the end of reuter
ship	reported dead in ferry disaster at least people died when a car ferry struck a pier as it left belgium for britain a nurse who took part in the rescue operation said jan van moerbeke a male nurse said on coming off the herald of free enterprise that he had found six people on top of the vessel who were dead there were at least another dead inside the boat he added the governor of west flanders province said people were still unaccounted for reuter
acq	continental federal conf holder to sell stake continental federal savings and loan association said it was told that an estate holding pct of its stock plans to sell its stake at a premium over the current stock price continental said the estate of harold vernon and certain parties have signed a letter of intent to sell the stock for dlrs a share for a total of about dlrs continental s stock closed at seven in over the counter trading the thrift said the buyer is bac inc a corporation acting for certain unindentified parties reuter
acq	broker s choice to buy rubbertech broker s choice capital inc said it signed a letter of intent to buy rubbertech inc if approved by shareholders broker s choice will issue about mln shares of authorized but unissued shares of restricted common stock to rubbertech inc reuter
acq	dot dismisses twa twa usair u application the u s department of transportation dot said it dismissed on technical grounds an application by trans world airlines inc for dot approval for it to take control of usair group the dot added however that twa was free to refile when it could put together an application for control that met the agency s procedural requirements the dot acted shortly after the u s department of justice disclosed that it supported dismissal of the twa application it was not immediately clear what impact the denial would have on twa s bid to take over usair in its control application twa had acknowledged that additional documentation was required to meet dot rules and said it would file more material on the morning of march but the dot said it would not wait we have determined to dismiss twa s application for approval of the acquisition of usair it said in an order issued late friday twa s application clearly fails to comply with the filing requirements of our regulations and twa has provided no reason why we should accept such a deficient filing it added accordingly we will dismiss the application twa of course may refile it when it is able to comply with our procedural rules the dot said the agency added that it would continue to consider a separate twa request for federal clearance to purchase usair stock through a voting trust usair had said earlier today that it asked the dot to dismiss the twa control application on grounds the twa filing did not meet dot requirements reuter
acq	twa twa to refile with u s agency transworld airlines inc plans to refile an application monday with the department of transportation for approval to acquire usair group u the dot late today dismissed twa s application to acquire usair when the dot opens for business on monday morning we will be refiling a perfected and completed section application said twa general counsel mark buckstein buckstein said the dot ruled the application which was filed wednesday was incomplete he said he did not yet know why the agency objected reuter
acq	justice asks u s dismissal of twa twa filing the justice department told the transportation department it supported a request by usair group that the dot dismiss an application by trans world airlines inc for approval to take control of usair our rationale is that we reviewed the application for control filed by twa with the dot and ascertained that it did not contain sufficient information upon which to base a competitive review james weiss an official in justice s antitrust division told reuters reuter
interest	hong kong banks leave interest rates unchanged the hong kong association of banks said it decided to leave interest rates unchanged at today s regular weekly meeting current rates are pct for savings accounts hours seven day call one week and two weeks one month is pct two months pct three and six months are both three pct nine months pct and months pct prime rate is six pct reuter
acq	savings acuisition in california announced the federal home loan bank board fhlbb announced the acquisiton of south bay savings loan association in gardena calif by standard pacific savings of costa mesa calif the fhlbb said south bay had assets of mln dlrs and standard pacific had mln dlrs in assets it was the fourth federally assisted merger or acquisition of a troubled savings institution this year the fhlbb said reuter
coffee	colombia denies selling coffee below market colombia denied having sold kg bags of old crop coffee below current market prices to clients in europe and asia a spokesman for the national coffee growers federation commenting on rumours which had circulated in market circles said these were false reuter
ship	two hundred feared dead in ferry disaster about people are feared dead after a british cross channel ferry rolled on its side off the belgian coast last night but almost passengers were plucked to safety from the ice cold sea belgian transport minister herman de croo told reporters i fear the dead could be in hundreds perhaps given the state of the water i fear there is no hope townsend thorensen owners of the tonne herald of free enterprise said the ferry was carrying people and that had been rescued all but one were british reuter
acq	malaysia bails out another commercial bank malaysia s central bank said it acquired a pct stake in ailing united asian bank bhd uab the sixth largest commercial bank in the country to rebuild public confidence in it uab called for a rights issue last november to raise mln ringgit to rectify its capital deficiency following an accumulated loss of mln ringgit at end the central bank bank negara said in a statement but only mln ringgit in shares was taken up by shareholders mainly local indian and malay businessmen and the indian government bank negara said it subsequently took up the unsubscribed shares totalling mln of uab s new paid up capital of mln ringgit it said the shares held in trust will be eventually sold the central bank early this week also announced that it had bought pct stake in another troubled commercial bank perwira habib bank malaysia bhd after the latter raised its capital to mln ringgit from in mid january this year bank negara said it does not intend to hold on to the shares of the two banks the injection of capital in phb and in uab including the recamp of management in these banks are some of the measures taken by the bank to strengthen public confidence in the stability of the these banks it added the central bank said it is invoking section a of the banking amendemnt act empowering it to grant loans to an ailing bank or to buy a stake in it reuter
ship	ferry disaster may rank among worst tragedies fading hope for passengers trapped aboard a partially sunk channel ferry raised fears the accident could rank among this centuries worst peacetime shipping tragedies belgian transport minister herman de croo said there was no hope of rescuing any of about passengers trapped in the herald of free enterprise after it capsized off the belgian coast last night if confirmed the toll would make the incident the world s worst since a soviet liner the admiral nakhimov collided with a freighter in the black sea last september and sank with the loss of nearly lives a further people were rescued the world s deadliest single peacetime incident at sea was the sinking in of the titanic with a loss of lives the second biggest loss of life in peacetime was in when people drowned when the liner empress of ireland collided with a freighter on the st lawrence river in canada the world s worst maritime disaster was in wartime that took lives when the german liner wilhelm gustloff was torpedoed by a soviet submarine in january in more than were feared dead after two ferries sank near dhaka drowned when a ferry capsized in china and died when a launch sank off the malaysian state of sabah reuter
ship	almost dead in ferry disaster there are no more survivors from a british cross channel ferry disaster off the belgian coast and almost people seem certain to have perished a senior belgian official said jacques thas in charge of rescue for the herald of free enterprise said his men had searched all of the ship except some inaccessible cabins and the control room i am afraid there are no more survivors he said thas said of the passsengers and crew were confirmed dead and were missing bringing the total of dead or presumed dead to reuter
earn	sime darby bhd six months to december shr cents vs cents interim dividend three cents vs same group net mln ringgit vs mln pre tax mln vs mln turnover billion vs billion note dividend pay may register april reuter
earn	consolidated plantations bhd six months to december shr cents vs cents interim dividend four cents vs same group net mln ringgit vs mln pre tax mln vs mln turnover mln vs mln note dividend pay april register april reuter
earn	tractors malaysia holdings bhd six months to december shr cts vs ct interim dividend cts vs nil group net mln ringgit vs mln pre tax mln vs mln turnover mln vs mln note dividend pay may register april reuter
earn	dunlop malaysian industries bhd six months to december shr cts vs cts interim dividend one cent vs same group net mln ringgit vs mln pre tax mln vs nine mln turnover mln vs mln note dividend pay april register april reuter
sugar	bangladesh sugar production almost doubles bangladesh s sugar production increased by nearly tonnes over last year s season to total tonnes at the end of this year s season the sugar and food industries corp said the increased output will enable bangladesh to cut imports corporation officials told reuters the country has already imported tonnes of sugar and will buy tonnes more to make up shortfall in the year ending june imports in totalled tonnes of which nearly tonnes are still in stock they said without giving further details reuter
gnp	german tax cuts raised by billion marks senior officials in the west german coalition government said tax cuts planned for next year would be increased by billion marks in line with a pledge made by finance minister gerhard stoltenberg at last month s international monetary conference in paris gerold tandler general secretary of the christian social union party detailing the cuts at a news conference also attended by officials from the christian democratic union and free democratic party said all of the additional billion mark reduction would represent net tax relief an increase in revenue from other sources was not planned the reductions will be added on to a package of tax cuts already planned for amounting to some nine billion marks tandler said three billion marks of the extra tax relief would be accounted for by reducing the rate of marginal increase in income tax an increase in personal tax allowances would save taxpayers billion marks extra tax allowances for people whose children are being educated would cut mln marks from the tax bill a further mln marks would be accounted for by increasing the level of special depreciations for small and medium sized companies the extra fiscal measures planned for next year are part of a general reform of the tax system which will come into effect in stoltenberg had said in paris that part of this reform which will cut taxes by a gross billion marks would be introduced next year ahead of schedule the west german government had come under pressure from the united states to stimulate its economy with tax cuts but stoltenberg said in a speech last night in hamburg that while the economy would continue to expand this year the rate of growth was uncertain the government said in january it was aiming for real growth in gross national product this year of pct but some economists have revised their predictions down to two or below stoltenberg said we remain on a course of expansion whether this will be under two pct as some people believe or around pct as some others expect or even closer to three pct as the kiel world economic institute forecast a few days ago remains open at the moment reuter
ship	experts had expressed fears over ro ro safety as a british government investigation got under way into the sinking of the car ferry herald of free enterprise with heavy loss of life experts said doubts had already been expressed about the roll on roll off type of ship shipping minister lord brabazon said a preliminary investigation had started into why the tonne ferry capsized and sank in little over a minute as it manoeuvred to leave zeebrugge on a routine four hour crossing to dover initial reports spoke of water flooding the car decks through the bow doors but a spokesman for the owners townsend thoresen said it was also possible the ferry had been holed townsend thoresen operate two other ships identical to the herald of free enterprise but brabazon said it was not planned to pull them out of service at present our investigator is there already we shall have to wait and see but it is too early to say what happened he told bbc radio as the work of retrieving bodies from the half submerged hulk continued maritime safety experts in london said doubts had already been expressed about the design of so called roro ferries such as the herald of free enterprise in the inter governmental international maritime consultative committee issued a report saying more roll on roll off vessels were lost in accidents than ships with deck areas divided by bulkheads townsend thoresen say the ship built at the west german yard of bremerhaven in was built to the highest safety standards but salvage expert william cooper said passengers would have had problems getting off this type of ship because of its design former townsend thoresen navigating officer clive langley said the roro type of vessels were similar in some respects to a barge as any sailor knows it only takes two or three inches out of line and you can turn a barge over an ordinary ship is compartmentalised and you have more stability he said cooper said cross channel ferries were normally perfectly stable but had huge wide deck areas above the water level if you do get water into that area then you can get very severe effects on the stability of the ship he added reuter
crude	iraq turkey oil pipeline cut by landslide turkey oil pipeline near the southern town of adana after it was cut by a landslide the hurriyet and anatolian news agencies said little oil was lost in the landslide friday night because taps on the one mln bpd line were switched off after the accident they said the pipeline which carries oil for turkey and other customers from iraq s kirkuk field to the yumurtalik terminal on the turkish mediterranean coast is iraq s main oil outlet reuter
ship	brazil seamen continue strike after court decision hundreds of marines were on alert at key brazilian ports after seamen decided to remain on indefinite strike even after the higher labour court yesterday ruled it illegal union leaders said the halt the first national strike by seamen in years started on february and union leaders said they would not return to work unless they got a pct pay rise shipowners have offered a per cent raise which the seamen rejected we have nothing to lose if they want to lay off the workers fine but we are determined to carry on with our protest until the end a union leader said he said they had decided in a meeting that if the marines take over the ships the seamen would abandon the vessels and let the marines handle the situation by themselves a spokesman for the rio de janeiro port said the order to send marines to take over the ports was given by navy minister henrique saboya on grounds that ports are areas of national security but he said there were no incidents the strike has cut exports and imports and made an estimated ships idle petrol station owners in four states also continued their shutdown and there were fears that the combination of the two stoppages could lead to a serious fuel shortage reuter
crude	ecuador to export no oil for four months official the suspension of ecuador s crude oil shipments after an earthquake cut an oil pipeline will last at least four months a senior energy ministry official said the official said ecuador could resume exports after repairing a km section of the km pipeline which links jungle oil fields at lago agrio to balao on the pacific coast it would take about mln u s dlrs to repair the pipeline the official who did not want to be named told reuters ecuador had enough oil to meet domestic demand for about days and would have to import crude to supplement stocks the earthquake last thursday night registered six on the point international mercalli scale the damage to the pipeline was a severe economic blow to ecuador where oil accounts for up to two thirds of total exports and as much as pct of government revenues financially pressed ecuador a member of the organisation of petroleum exporting countries opec was recently pumping about barrels per day bpd of crude about bpd above the output quota assigned by the cartel another energy ministry spokesman said last year it exported an average of bpd according to the central bank however ecuador might build an emergency km pipeline costing to mln dlrs to hook up with a colombian pipeline the first official said he estimated it could take about days to build ecuador squeezed by the slide in world oil prices in had only mln dlrs in net international reserves at the end of january about equal to one month s imports it suspended interest payments in january on billion dlrs owed to about private foreign banks the country s total foreign debt is billion dlrs the eighth largest in latin america in caracas president jaime lusinchi said venezuela would loan five mln barrels of crude to ecuador over the next three months to make up for losses from damage to the pipeline ecuador asked for the loan to guarantee domestic supplies and would ship an equivalent volume back to venezuela in repayment in may lusinchi said a commission headed by venezuelan investment fund minister hector hurtado and including representatives from the interior and defence ministries and the state oil company petroleos de venezuela will travel to ecuador tuesday to evaluate and co ordinate an emergency relief program he said reuter
sugar	australia sells tonnes of sugar to ussr australia sold tonnes of raw sugar to the soviet union for shipment in the next few weeks queensland primary industries minister neville harper said loading of a tonne cargo on the soviet freighter nikolay kuznetsov for shipment to odessa was completed today at the lucinda terminal he said in a statement the balance will be shipped from mackay by end march harper said australia exported tonnes of sugar to the soviet union in reuter
rubber	thai natural rubber exports rise in thai natural rubber exports rose to tonnes in from a year earlier the private board of trade said japan the biggest buyer imported tonnes of thai rubber in up from the previous year it said other major buyers were the u s at tonnes up from in china and west germany exports to france rose to tonnes from in austria and italy tonnes reuter
interest	german government needs seen raising bond yields increased federal government borrowing needs and a growing unwillingness by foreign investors to buy mark assets could push yields in german public authority bonds higher this year bond market sources say at the moment we have a sideways movement in the short term rates but how rates move in the long end will depend strongly on foreigners one portfolio manager for a large securities investment house in frankfurt said the sources also said the government had already stepped up its borrowing programme in anticipation on increased needs friday s loan stock was the third this year already the sources noted it carried a year maturity a coupon of six pct and price of to yield pct at issue this compared with the last issue which had a pct coupon priced at pct for a yield of pct but dealers said the terms were not enough to attract foreign investors and the federal government would have to push yields higher in future if it wanted to borrow again soon sources noted federal government issues had also increased in size with the introduction of a four billion mark volume only starting last may one finance ministry economist said it isn t more it s just the size of each bond which has increased he added conditions in the capital market currently remained fairly favourable for raising new debt until recently federal issues sold very strongly abroad with up to pct of some being placed with foreign investors with the recent stabilisation of the u s dollar however foreign investors have begun to back away from the market as hopes of further currency gains in marks diminish sources said the government has may have already stepped up its borrowing having raised more than billion marks the government made net borrowings of billion marks in but bundesbank statistics showed that net borrowing through bonds was billion the sources said this indicated a move by the government out of other types of debt to gain access to foreign funds through the more acceptable loan stock form although new credit needs were partly inflated by a large amount of issues maturing recently other factors including the government s tax reduction program would also reduce income next year the problem here will be the tax reform the portfolio manager said he added that the government s cut in its top income tax rate to pct from pct in would make it difficult for the government to reduce borrowings the sources said the government would fall far short of covering all of its billion marks in lost revenue from the tax reform by making expenditure cuts and would be forced to fall back on debt markets in one form or the other the portfolio manager noted that besides the three federal government loan stocks so far this year it has also fallen back twice to raise a total billion marks through the issue of fixed rate medium term kassenobligation notes a finance ministry economist said the government did not expect to have any trouble keeping to its plan to borrow only a net billion marks this year though many sources agreed they added that the trend would probably not continue next year as the further tax cuts come into effect i would expect the efforts for a further tax reform would mean government borrowing will increase the manager said bond prices last week were slightly firmer on balance with the bundesbank s public authority bond yield calculation falling to pct on friday from a week earlier but sources said foreign demand for the new federal government loan stock was slack as sentiment grows that the dollar may now rise against the mark the demand wasn t so good a dealer for a german bank in london said the dollar s recent slight appreciation against the mark even meant that foreign investors have sold mark bonds recently some dealers said reuter
iron-steel	ussr to cut coal price for japanese steelmills the soviet union has agreed to cut its coking coal export prices to japanese steel mills by about five dlrs a tonne in starting april in exchange for an increase in export volume industry sources said the prices were set at dlrs a tonne for neryungrinsky coal and at dlrs for kuznetsky coal fob japan will import a total of mln tonnes from both areas up from mln a year earlier they said the steelmakers had asked moscow to agree to a cutback to mln tonnes in but the soviet union urged japan to increase the amount to mln they said reuter
gold	placer pacific hopes for misima gold approval soon placer pacific ltd said it hopes the papua new guinea government will approve development of the misima gold project next month following the submission of its final environmental plan in port moresby today this completes the major documentation required to gain official approval to proceed placer said in a statement placer has estimated the epithermal deposit located on the eastern half of misima island off the southeastern coast of papua new guinea contains proven and probable reserves of mln tonnes grading grams tonne gold and grams tonne silver and exploration is continuing reuter
trade	bangladesh trade deficit narrows in october the bangladesh trade deficit narrowed to billion taka in october from billion in september and billion in october the central bank said imports dropped to billion taka in october from billion in september and billion in october exports totalled billion taka in october as against billion in september and billion in october reuter
ipi	swiss industrial output rises in fourth qquarter swiss industrial output rose nine pct in the fourth quarter last year after a four pct third quarter decline and was up three pct from the final three months of the federal office of industry trade and labour said for the full year the index base stood at after up four pct from the recorded the previous year incoming orders gained four pct in the quarter after a five pct third quarter fall and were up one pct from the year earlier level in the full year they gained one pct the order backlog fell eight pct the third straight quarterly decline and ended three pct under the year earlier level reuter
money-fx	asian dollar assets exceed billion dlrs the asian dollar market continued to expand in december with total assets and liabilities rising to billion u s dlrs from billion in november and billion in december the monetary authority of singapore said it said the increase came mainly from interbank activity with interbank lending rising to billion dlrs in december from billion in november and billion in december interbank deposits increased to billion dlrs against billion and billion respectively loans to non bank customers increased in december to billion dlrs from billion in november and billion in december deposits by non bank customers rose to billion dlrs against billion and billion reuter
money-supply	singapore m money supply up pct in december singapore s m money supply rose pct during december to billion dlrs after a pct increase in november the monetary authority of singapore mas said m growth for calendar was pct compared with pct growth over the year ending in november mas said in its latest monthly statistical bulletin the december increase was largely due to seasonal year end demand the demand deposit component of m increased to billion dlrs in december from billion in november and billion in december currency in active circulation rose to billion dlrs in december from billion in november and billion a year earlier broadly based m money supply rose pct to billion dlrs during december after a pct rise in november bringing year on year growth to pct for the year ending in december against pct for the year ending in november reuter
ipi	chinese industrial growth rate up after weak the value of china s industrial output in january and february this year was pct higher than in the same period the new china news agency said output increased by pct from january to january and pct from february to the agency said the most recent increase was largely due to last year s poor performance no significant improvement was made in economic results it said adding that some successes were reported in readjusting the industrial product mix in the last quarter of the agency said the amount of tied up working capital rose and sizeable funds were occupied by unsaleable goods in it quoted unnamed economists as saying they expect industrial production to increase at a proper rate and with better results due to a cost efficiency drive underway throughout the country it gave no more details the official industrial growth target this year is seven pct down from an actual pct last year reuter
crude	iran selling discounted crude japan traders say japanese customers have bought nearly six mln barrels of crude oil from the national iranian oil company nioc at a substantial discount to the official price and western traders have received even larger discounts japanese traders involved in the transactions told reuters nioc has sold its crude for march shipment to japanese customers with different formulas one company has bought barrels of iranian heavy at a straight discount of cents below the official price the sources said other deals have been fixed with prices linked to oman and dubai spot prices less a discount they said iran s discounted sales have not however managed to reverse the bullish tone in the crude oil and products spot markets oil traders said market sentiment is being influenced more by the colder weather in europe and reports that opec s february output was below its self imposed quota of mln barrels per day firmer gas oil on the london futures and more bullish sentiment on the new york mercantile exchange futures market are supporting spot price levels they said another japanese trading house has paid the official price but through a processing arrangement will effectively receive a discount the sources said it s just disguised cheating one japanese trader said the sources said only one japanese company had paid the official price for iranian oil it has purchased mln barrels of iranian heavy for april shipment for refining in singapore they said about nine vlccs of iranian crude have been sold to western traders with pricing based pct on the official price and pct on spot prices or with part of the price related to processing arrangements
acq	ici sells stake in lister and co imperial chemical industries plc ici l said it had today placed its pct stake in lister and co plc with l messel and co and that it had now been placed widely among institutions lister is a manufacturer dyer and finisher of cotton silk wool and man made fibres reuter
money-fx	u k money market shortage forecast at mln stg the bank of england said it forecast a shortage of around mln stg in the money market today among the factors affecting liquidity it said bills maturing in official hands and the treasury bill take up would drain around billion stg while below target bankers balances would take out a further mln against this a fall in the note circulation would add mln stg and the net effect of exchequer transactions would be an inflow of some mln stg the bank added reuter
crude	amoco reports south china sea oil find the u s amoco petroleum corp has reported an offshore oil find at its pearl river basin concession in the south china sea the new china news agency said it said the liu hua a well produced at around barrels per day at a depth of metres the news agency said amoco plans to drill a second well in the area this year but gave no further details reuter
interest	national westminster bank says it cutting base lending rate to pct from pct
interest	national westminster bank cuts base rate national westminster bank plc said it has cut its base lending rate percentage points to pct today national westminster said that it was responding to general easing in money market rates its move followed a signal from the bank of england earlier this afternoon that it would endorse a half point cut in the base rate a surprise move following its strong signals last week that such a move would be premature however since then the pound has continued to gain strongly reuter
earn	u s facilities usre semi annual dividend semi annual dividend cts pay may record april note full name is u s facilities corp this is first dividend declared since company completed its initial public offering on november reuter
acq	standard pacific spf acquires south bay s l standard pacific lp said it has acquired substantially all of the assets and liabilities of south bay savings and loan association of newport beach the firm said over the weekend that it will conduct its savings and loan activities through standard pacific savings fa a federal stock association on friday the federal home loan bank board in washington said it approved the acquisition of south bay s and l a mln dlr state chartered stock association by standard pacific which has mln dlrs in assets the bank board said that the federal savings and loan insurance corp will make a cash contribution provide capital loss coverage and indemnify standard pacific against undisclosed liabilities reuter
strategic-metal	u s to allow temporary imports of s a uranium the treasury department said it would temporarily permit imports of south african uranium ore and oxide pending clarification of anti apartheid sanctions laws passed by congress last fall the decision was announced late friday it applies until july to uranium ore and oxide imported into the u s for processing and re export to third countries the treasury said it took the action because it felt that when congress passed the comprehensive south african sanctions bill last fall over president reagan s veto it had not intended to hurt u s industry in addition the treasury said it would permit u s made goods to be imported temporarily from south african state controlled organizations for repair or servicing reuter
acq	piedmont pie agrees to usair u buyout usair group inc said piedmont aviation inc has agreed to be acquired for dlrs per share the company in a newspaper advertisement said it has started a tender offer for all piedmont shares at that price and the piedmont board with two directors absent has unanimously approved the bid the offer and withdrawal rights are to expire april three unless extended and the bid is to be followed by a merger at the same price usair said piedmont has granted it an irrevocable option to buy up to new shares under certain circumstances piedmont now has about mln shares outstanding usair said the tender is conditioned on receipt of enough shares to give usair at least a pct interest in piedmont on a fully diluted basis and approval by the u s department of transportation of a voting trust agreement permitting usair to buy and hold shares pending review of its application to gain control of piedmont the company said its merger agreement with piedmont provides that the offer is not to be amended without piedmont s prior written consent in any way that would be adverse to piedmont shareholders but it said it could cut the number of shares to be bought without piedmont s consent usair said it could reduce the number of piedmont shares to be purchased in the offer to no less than the minimum number needed to cause the voting trust condition of the bid to be satisfied in that case it said if more than that minimum number of shares were tendered it would buy shares on a pro rata basis in february usair had offered to pay dlrs per share in cash for pct of piedmont s stock and to usair shares for each remaining piedmont share last week carl c icahn controlled trans world airlines inc twa made a conditional offer to acquire usair for dlrs per share a bid that was rejected by the usair board the transportation department on friday rejected twa s application to acquire usair on the grounds that the application failed to comply with department regulations by omitting necessary information twa said it would refile today providing the information needed on friday twa said it had already acquired four mln shares or pct of usair reuter
instal-debt	u k credit business falls in january new credit advanced by finance houses retailers bank credit cards and other specialist providers of credit slipped to billion stg in january from billion in december but remained close to the average level for s fourth quarter the department of trade and industry said of the january total billion stg was advanced on bank credit cards on a three month basis total advances in november to january were pct lower than in the previous three months within this total lending to consumers fell by pct and lending to businesses declined by pct at end january the total amount outstanding was billion stg up from december s billion stg and pct above the total three months earlier the department said january saw a rise of mln stg in amounts outstanding to finance houses other specialist credit grantors and retailers the department said advances on credit cards rose by pct between the latest two three month periods retailers advanced pct less in the latest three months than in the previous three months it said reuter
acq	sosnoff starts bid for caesars world caw mts acquisition corp a company formed by martin t sosnoff said it has started a tender offer for all shares of caesars world inc at dlrs each in a newspaper advertisement mts said the offer and withdrawal rights expire april three unless extended sosnoff a new york investor already owns about four mln of caesars mln shares outstanding or about pct and is caesars largest shareholder caesars owns casino hotels in nevada and honeymoon resorts in pennsylvania s pocono mountains it also controls caesars new jersey inc cjn which owns an atlantic city n j casino hotel for the second quarter ended january caesars world earned mln dlrs on revenues of mln dlrs up from earnings of dlrs and revenues of mln dlrs a year before for all of fiscal the company earned mln dlrs on revenues of mln dlrs mts said the offer is conditioned on receipt of at least enough shares to give sosnoff a majority interest on a fully diluted basis the arrangement of sufficient financing to buy all caesars shares not already owned and pay related costs and approval by the new jersey casino control commission and the nevada gaming commission and state gaming control board mts said marine midland banks inc mm has committed to lend it mln dlrs for the acquisition and use its best efforts to syndicate another mln dlrs in senior financing for the transaction it said its financial adviser painewebber group inc pwj has stated in writing that subject to market conditions it is highly confident that it can arrange commitments for up to mln dlrs in mezzanine financing mts said it does not expect problems in obtaining new jersey and nevada regulatory approval for the acquisition since ownership in a caesars stake has already been cleared in june sosnoff requested a seat on the caesars world board a request that has not yet been granted in september sosnoff who is chairman of atalanta sosnoff capital corp filed for clearance under u s antitrust laws to raise his interest in caesars world to pct sosnoff said in a letter to caesars world chairman and chief executive officer henry gluck that the decision to go directly to the shareholders was made at the urging of may financial and legal advisors who repeatedly stressed to me the lack of responsiveness of the management in the past sosnoff who said he has made numerous efforts to express his views to management on ways of maximizing shareholder values said caesars twicce refused his request for a board seat my advisers felt that had i given you advance notice you would have used the time to throw up obstacles to my offer rather than giving it serious consideration he said sosnoff said he hopes that caesars world management will be willing to negotiate an acquisition agreement with him as i have indicated publicly in the past i believe operating management of the company has performed well and that appropriate consideration should be given to a significant equity interest for them in the company following the acquisition sosnoff said in the letter to gluck mts said sosnoff has asked the company to fix march as the record date for the determination of shareholders entitled to authorize action without a meeting including the election or removal of directors reuter
acq	trump makes bid for control of resorts rtb casino owner and real estate developer donald trump has offered to acquire all class b common shares of resorts international inc a spokesman for trump said the estate of late resorts chairman james m crosby owns of the class b shares resorts also has about class a common shares outstanding each class b share has times the voting power of a class a share giving the class b stock about pct of resorts voting power more
earn	iomega iomg sets management labor layoffs iomega corp said it has laid off over a quarter of its professional and management staff and nearly half of its direct labor force as part of a restructuring and downsizing of its business the company also said it will receive a qualified opinion from the auditors of it financial statement subject to the outcome of two suits the company is a defendant in a consolidated class action law suit which seeks damages in an unspecified amount and is also a defendant in a related shareholder action iomega said the auditors state in their opinion letter that both actions are in the early stages of discovery and the likely outcome can not be determined at this time the company said a corporate wide reduction of its professional management and indirect labor will result in the permanent elimination of positions in all functional areas of the company s business this represents over pct of professional management and indirect employees it added in addition iomega announced layoff of about employees principally from its manufacturing direct labor force those affected represent about pct of direct labor commenting on the layoffs iomega said those from among the direct labor force affects personnel building the alpha eight inch disk drive and bernoulli boxes this action is required as we bring our finished goods inventory and inventory in our distribution channels down to acceptable levels it explained the company stated this layoff does not affect the production of its new inch beta product which is currently being built to a backlog of orders reuter
ship	brazil seamen continue strike despite court hundreds of marines were on alert at key brazilian ports after seamen decided to remain on indefinite strike even after the higher labour court saturday ruled it illegal union leaders said the halt the first national strike by seamen in years started on february and union leaders said they would not return to work unless they got a pct pay rise shipowners have offered a per cent raise which the seamen rejected we have nothing to lose if they want to lay off the workers fine but we are determined to carry on with our protest until the end a union leader said more he said they had decided in a meeting that if the marines take over the ships the seamen would abandon the vessels and let the marines handle the situation by themselves a spokesman for the rio de janeiro port said the order to send marines to take over the ports was given by navy minister henrique saboya on grounds that ports are areas of national security but he said there were no incidents the strike has cut exports and imports and made an estimated ships idle petrol station owners in four states also continued their shutdown and there were fears that the combination of the two stoppages could lead to a serious fuel shortage reuter
coffee	uganda disappointed by coffee talks failure uganda africa s second largest coffee producer was disappointed by the stalemate in recent coffee talks in london the chairman of the state run coffee marketing board cmb said this has not been good for coffee producers more so in a situation where the prices dropped by pounds per tonne of robusta coffee j makumbi said when he returned from london on friday producers and consumers failed to agree on a quota formula to share the world s coffee production during international coffee organisation ico talks that ended last week makumbi blamed the failure to set quotas which were suspended in feburary last year on indonesian demands that its quota be increased dramatically uganda which earns about mln dlrs annually from coffee exports over pct of its foreign exchange earnings had sought to raise its ico quota to mln from mln kilo bags according to sources close to the cmb the cmb has estimated that production will rise to pct in the current october september season to over three mln bags for several years uganda had been unable to meet its ico export quota as rebel activity disrupted the coffee industry the ugandan government depends on coffee export duties for about pct of its sales tax revenue and the industry employs over half of salaried manpower in dar es salaam tanzania s agriculture and livestock development minister paul bomani said today third world countries would suffer from the failure of the london coffee talks it is only the middlemen who will benefit he said bomani called on the ico to convene another meeting within two months saying once tempers have cooled and delegations have had time to report back to their headquarters common sense will prevail reuter
acq	chrysler to take over renault stake in american motors says renault
meal-feed	additional ccc credit guarantees for hungary the commodity credit corporation ccc has authorized an additional mln dlrs in credit guarantees for sales of vegetable protein meals to hungary for fiscal year the u s agriculture department said the additional guarantees increase the vegetable protein meal credit line to mln dlrs and increases the cumulative fiscal year program for agricultural products to mln dlrs from mln it said the department also announced an extension of the export period from september to december for sales of vegetable protein meals to be eligible for the credit guarantees all sales must be registered before export but not later than september reuter
earn	southern co to take mln dlr charge on projected vogtle cost rise
acq	applied circuit acrt sells electronics business applied circuit technology inc act said it has agreed in principal to sell its primary computer electronics business to the sanpao group of san francisco act said it has not disclosed the deal s terms but added that pct of the sale price is in cash with the remainder to be paid over a two year period the deal is expected to close on march act said act said it made the move to concentrate resources on its pharmaceuticals subsidiaries reuter
acq	usair u acquires pct of piedmont pie usair group inc said it has acquired piedmont aviation inc shares about pct on a fully diluted basis from norfolk southern corp nsc the acquisition of piedmont by usair has been approved by the directors of both companies usair said it has been advised by norfolk southern that the company supports the proposed merger and intends to tender all of its remaining piedmont common shares in response to usair s tender offer which began today this total includes shares issuable upon conversion of piedmont preferred usair noted usair said piedmont has about mln common shares on a fully diluted basis adding its offer is conditioned on the tender of at least shares representing pct of the oustanding shares on a diluted basis usair said the new shares it has an option to buy represent pct of piedmont s currently outstanding shares reuter
coffee	brazilian coffee rainfall the following rainfall was recorded in the areas over past hours parana state umuarama nil paranavai millimetres londrina nil maringa nil sao paulo state presidente prudente o mm votuporanga mm franca mm catanduva mm sao carlos nil sao simao nil reuter vb
acq	gencorp to sell los angeles television station to walt disney co
acq	nationwide cellular ncel completes purchase nationwide cellular service inc said it has completed the previously announced acquisition of privately held nova cellular co a chicago reseller of mobile telephone service with subscribers for about common shares nova cellular has an accumulated deficit of about dlrs and had revenues of about dlrs for it said reuter
interest	national westminster bank cuts base rate national westminster bank plc said it has cut its base lending rate percentage points to pct today national westminster said it was responding to general easing in money market rates its move followed a signal from the bank of england earlier this afternoon that it would endorse a half point cut in the base rate a surprise move following its strong signals last week that such a move would be premature however since then the pound has continued to gain strongly reuter
ship	hutchison unit buys container cranes from japan container port operator hong kong international terminals ltd a pct held unit of hutchison whampoa ltd hwhh hk said it has placed a mln h k dlr order for seven quayside container cranes of tons each with japan s mitsui engineering and shipbuilding co ltd mset t for may to august delivery hong kong international terminals operates cranes reuter
ship	bosphorus shipping moves istanbul offices close istanbul remained at a virtual standstill today under snow up to a meter deep but shipping was moving through the narrow bosphorus waterway linking the sea of marmara and the black sea officials said the authorities ordered government offices closed until wednesday many banks businesses and schools stayed shut as workers struggled to keep main roads and supply lines open in this city of mln people the second blizzard to hit istanbul in a week stopped yesterday afternoon and the international airport reopened today after a two day closure it was also shut earlier last week reuter
crude	ecuador to export no oil for months official the suspension of ecuador s crude oil shipments after an earthquake cut an oil pipeline will last at least four months a senior energy ministry official said the official said ecuador could resume exports after repairing a km section of the km pipeline which links jungle oil fields at lago agrio to balao on the pacific coast it would take about mln u s dlrs to repair the pipeline the official who did not want to be named told reuters ecuador had enough oil to meet domestic demand for about days and would have to import crude to supplement stocks the earthquake last thursday night registered six on the point international mercalli scale the damage to the pipeline was a severe economic blow to ecuador where oil accounts for up to two thirds of total exports and as much as pct of government revenues financially pressed ecuador a member of the organisation of petroleum exporting countries opec was recently pumping about barrels per day bpd of crude about bpd above the output quota assigned by the cartel another energy ministry spokesman said last year it exported an average of bpd according to the central bank however ecuador might build an emergency km pipeline costing to mln dlrs to hook up with a colombian pipeline the first official said he estimated it could take about days to build ecuador squeezed by the slide in world oil prices in had only mln dlrs in net international reserves at the end of january about equal to one month s imports it suspended interest payments in january on billion dlrs owed to about private foreign banks the country s total foreign debt is billion dlrs the eighth largest in latin america in caracas president jaime lusinchi said venezuela would loan five mln barrels of crude to ecuador over the next three months to make up for losses from damage to the pipeline ecuador asked for the loan to guarantee domestic supplies and would ship an equivalent volume back to venezuela in repayment in may lusinchi said a commission headed by venezuelan investment fund minister hector hurtado and including representatives from the interior and defence ministries and the state oil company petroleos de venezuela will travel to ecuador tuesday to evaluate and co ordinate an emergency relief program he said reuter
money-supply	french jan m money supply rose prov adjusted one pct o pct fall in dec official
rubber	malaysia says rubber pact depends on consumers malaysia said the success of talks opening today on a new international natural rubber agreement inra depends on how flexible consumer countries are rubber producer and consumer countries meet for days in geneva from tomorrow to try to hammer out a rubber pact after they failed to reach agreement last november to replace the current accord which expires next october primary industries minister lim keng yaik said in a statement that malaysia wants to continue with a second inra and is prepared to accept modifications that would strengthen the present agreement he said the second inra would allow for an orderly disposal of the accumulated buffer stock of tonnes since the market is now capable of absorbing such releases reuter
acq	mcdowell me to merger with interpharm inc mcdowell enterprises inc said it has signed a definitive agreement to acquire an pct interest in privately held interpharm inc for a pct interest in mcdowell the company said subject to contigencies including future sales and profit levels mcdowell could over a four year period acquire pct of interpharm in exchange for up to pct of mcdowell s voting stock it said the transaction is expected to be completed within days at which time the mcdowell board would be restructured to include interpharm management reuter
acq	renault chrysler in accord for chrysler to buy amc regie nationale des usines renault rena pa said it and chrysler corp c have signed a letter of intent in which chrysler plans to buy american motors corp amo n pct owned by renault renault president raymond levy said in a statement issued by the french state car group the agreement was an important stage in renault s redeployment it will allow renault to continue its export programme to the u s and also opens a perspective of cooperation with a major american constructor the statement said under the terms of the letter of intent chrysler will purchase renault s stake held in the form of bonds and shares the renault statement quoted chrysler chairman lee iacocca as saying we welcome amc shareholders into the chrysler family he added that the accord would allow renault and chrysler to study the development of future products destined to be distributed by renault and chrysler in the north american and world markets renault is a leader in our industry and i am happy to be working with them iacocca was quoted as saying chrysler will pay for renault s amc interests held in bonds by a mln dlr bond and will pay up to mln dlrs for renault share interests depending on amc sales and future profits the renault statement said the statement said the agreement in principle gave each side days to put together a definitive accord approval would also be necessary from the renault chrysler and amc boards from amc shareholders and the relevant government authorities if the deal goes ahead the statement said amc shareholders other than renault will receive chrysler shares for each of their shares valued at four dlrs amc shareholders with convertible preferential shares will have the possibility to exchange them for chrysler shares on the same conditions as those they would have had in exchanging them for amc shares reuter
acq	first boston affiliate to acquire allegheny int l for dlrs shr
earn	southern so to take charge on vogtle cost southern co said it will take an after tax charge of mln dlrs against earnings no later than january because the projected cost of the vogtle nuclear power plant has risen abover the amount which retail customers in georgia will be asked to pay the company s largest subsidiary georgia power co said the budget for the plant has increased by pct or mln dlrs to billion however because of a pledge the made last year to georgia s public service commission the increased cost will not be included in the utility s retail electric rates geogia power also said its board has delayed the scheduled completion of vogtle s unit two to june from september unit two is about pct complete it added the utility said fuel loading has been completed at unit one and the unit is being put through a series of low power tests before the nuclear regulatory commission is asked for a full power license the nuclear power plant located near waynesboro ga is co owned by oglethorpe power corp the municipal electric authority of georgia and the city of dalton georgia power said the revised vogtle budget estimate was due to several factors including additional labor costs incurred to keep the plant s first unit on schedule for commercial operation by june the new figure represents the first change in the plant s budget since august when it was estimated at billion dlrs in march the utility told georgia regulators it would cap the price of vogtle its customers would be asked to pay at billion dlrs the company s share of the then projected billion dlr total under the new budget georgia power said its share amounts to billion dlrs noting that georgia power s share of the vogtle increase is mln dlrs southern said this will result in a charge against earnings of mln dlrs after taxes in addition the company said georgia power s contracts with the joint owners require the utility to buy back significant amounts of vogtle capacity during the plant s initial years of operation under terms of the cap on costs it will not attempt to recover the portion of the budget increase that applies to the buybacks this bings the total amount that must be charged against earnings to mln dlrs after taxes southern said southern said new rules of the financial accounting standards board which are effective in january require any costs that are determined nonrecoverable to be charged against earnings once that determination is made the company also said its board has approved a capital budget of billion dlrs in including work on the vogtle project it said a billion dlr capita budget for the three year period was also outlined at the board meeting noting this is mln dlrs below the comparable figure for the years reuter
acq	stora close to completing papyrus takeover sweden s stora kopparbergs bergslags ab skps st said it had now acquired pct of shares in rival pulp and paper makers papyrus ab thus passing the threshold above which it can compulsorily buy the rest of the company remaining shareholders would have until later this month to sell their shares to stora the company said in a statement stora announced last september it would acquire papyrus at a price of billion crowns thus forming europe s second largest forest group after london based reed international plc reed l reuter
money-fx	u k money market given late help worth mln stg the bank of england said it provided the market with unspecified late assistance worth mln stg it has given the market total assistance of mln stg today compared with a liquidity shortage it estimated at a revised mln stg reuter
acq	white engine bought by private investor white engine a manufacturer of industrial and automotive diesel and gasoline engines with more than mln dlrs in sales said it has been sold to a group of group investors white engine said the purchase is led by donald stewart a private investment banker along with white senior executives a source close to the transaction said the purchase prices is being set at more than mln dlrs the company said it will change its name to hercules engines inc and stewart will be the majority interest owner as well as the president and chief executive officer in addition john lennon current chairman and chief executive officer will remain as chairman he company said and joseph g scheetz currently president will be vice chairman according to the company reuter
acq	stora close to completing papyrus takeover sweden s stora kopparbergs bergslags ab skps st said it has now acquired pct of shares in rival pulp and paper makers papyrus ab thus passing the threshold above which it can compulsorily buy the rest of the company remaining shareholders would have until later this month to sell their shares to stora the company said in a statement stora announced last september it would acquire papyrus at a price of billion crowns thus forming europe s second largest forest group after london based reed international plc reed l reuter
acq	allegheny int l ag first boston set merger allegheny international inc said it has entered into an agreement to merge with an affiliate of first boston inc s fpc first boston corp in a transaction valued at about mln dlrs allegheny said the agreement calls for holders of its common to receive dlrs a share holders of the company s dlrs cumulative preference shares will receive dlrs a share and those owning its dlrs convertible preferred will receive dlrs a share allegheny international said the agreement calls for the first boston affiliate to start a cash tender offer for all outstanding shares of allegheny s common cumulative preferred and convertible preferred the company said first boston has committed to provide all financing necessary to acquire such securities in the tender offer which is estimated to be about mln dlrs it said the agreement is also subject to the waiver by march of certain conditions under the company s existing bank credit agreement allegheny international s statement did not name or describe the first boston affiliate involved in the agreement it did say the offer for the company s stock will be conditioned also on the valid tender of securities representing at least a majority of the voting power for the election of directors of the company and the valid tender of at least two third s of the outstanding cumulative preferred and convertible preferred shares reuter
money-supply	french january m money supply rises one pct french money supply measured in terms of m rose a provisional one pct in january after falling pct in december the bank of france said m is the main money supply aggregate used by the french monetary authorities it has been joined as a second main money supply aggregate for by m which rose a provisional pct in january after falling a confirmed pct in december calculated on a three month moving average basis m rose pct year on year in the quarter based on december after rising pct in the quarter centred on september the m aggregate centred on a three month moving average rose year on year by four pct within a target range of four to six pct m rose pct after a pct fall in december m measures notes and coins in circulation plus sight deposits m adds in short term bank deposits and m adds in other short term deposits the central bank s widest measure of liquidity l rose pct in january after one pct fall in december the bank said the money supply growth reflected a net increase of sight deposits and renewed interest in money market instruments reuter
acq	chrysler says amc holders to get chrysler stock worth four dlrs a share under buyout plan
earn	continental bank canada sets distribution continental bank of canada a subsidiary of lloyds bank plc lloy l said it intends to redeem all existing preferred shares and distribute a stock dividend to common shareholders the initial distribution will be in cumulative redeemable retractable floating rate class a preferred shares series ii which will carry a retraction right enabling holders to receive dlrs for each share continental said the mln dlrs of existing outstanding preferred shares will be paid off at par plus accrued dividends continental said the notes will carry a dividend rate of pct of prime and it expects that the shares will trade at dlrs or more enabling shareholders who wish to receive cash to do so the bank said it expects the distribution will be made in early may subject to various approvals continental also said that as of march it had cash of more than mln dlrs and equity of about mln dlrs allowing for a final total distribution of dlrs per common share continental bank said it continues to expect that the final distribution to shareholders will be in the range of dlrs to dlrs per share and will take place in late or early until the initial stock distribution takes place regular dividend payments will be maintained on the existing preferred shares the bank said the distribution is part of the terms of continental bank of canada s sale of its banking assets to lloyds bank canada a subsidiary of lloyds bank plc continental bank said lloyds bank canada paid the balance of the purchase price but that it was lower than originally anticipated since continental was unable to transfer certain income tax deductions to lloyds bank continental did not give further details more
trade	study says u s canada pact would spur economies a free trade pact between the united states and canada could spur the economies of both sides substantially according to a study released by the institute for international economics the study by paul wonnacott said a successful conclusion to the free trade talks now under way could raise canada s gross national product by more than five pct and expand u s export s by about seven pct he said the pact could resolve the knotty issue of government subsidies end curbs on trade in services and investments and pave the way for new global talks under the general agreement on tariffs and trade the united states and canada the world s two biggest trading partners with cross border shipments of about billion dlrs a year opened free trade talks last june they are aiming for a pact by next october wonnacott an economics professor at the univerity of maryland said an agreement should include elimination of tariffs between the two countries phased in over a five to year period equal access to federal government procurement in the two countries replacing current buy america and buy canada provisions with a buy north america provision fewer restrictions in trade in services chiefly finance and transportation a commitment not to screen foreign investments in favor domestic producers a commission to resolve bilateral trade disputes wonnacott said that to resolve the subsidy problem the two sides should permit export subsidies of exports of up to or pct without imposing coutervailing duties the limit on subsidies is now pct he proposed that any attempt to impose new duties to offset subsidies should go first a special disputes commission for resolution at an early stage wonnacott said bilateral free trade would contribute to the efficiency of the north american economies and to their competitiveness in facing overseas producers he said it would it would open u s markets to canadian goods and enable them to benefit from the economies of mass production benefits to the united states would be fewer than those to canada proportionately he said because of the already large u s gross national product wonnacott said also that a u s canada pact in such areas as export subsidies and the creation of a dispute commission could set an example for the current attempt by gatt to write new and more liberal global trading regulations reuter
earn	gulf resources gre to have gain on stock sale gulf resources and chemical corp said it has sold shares of imperial continental gas association for pence a share or mln stg in a private transaction for a pretax gain of about mln dlrs gulf resources said it still owns mln shares of imperial continental or a pct interest and continues to study various alternatives reuter
acq	donald trump said he has agreed to purchase crosby estate s resorts shares
acq	bsn bsn share sale advances bsn corp said its agreement to sell new common shares or a pct interest to unaffiliated european institutional investors for mln dlrs has become definitive the company said closing is expected shortly after the filing of a registration statement with the securities and exchange commission which is expected to be made this month reuter
acq	gencorp gy unit to sell los angeles tv station gencorp said its rko general subsidiary agreed to sell khj tv in los angeles to walt disney co dis for mln dlrs cash plus working capital and other adjustments at closing the company said under the agreement in principle rko s application to renew the station s broadcast license would be dismissed and the competing application of fidelity television would be granted disney would then acquire privately held fidelity for about mln dlrs and other adjustments renewal of the khj tv license has been challenged in regulatory proceedings for more than years the deal is subject to prior approval by the federal communications commission the company said late in gencorp cut a deal with fidelity a los angeles investor group and westinghouse electric corp wx to settle the license proceedings and sell khj tv for mln dlrs pct of which would go to westinghouse and the remainder to fidelity but on jan westinghouse withdrew from the deal because the fcc would not approve it in early gencorp and rko agreed to sell wor tv in secaucus n j to mca inc mca for mln dlrs the fcc has approved the transaction but several parties have appealed the fcc has not said when it would rule on the appeals according to a spokemsan for akron ohio based gencorp fidelity television originally filed a competing application for the rko license for khj an independent station in in the fcc disqualified rko as licensee of wnac tv in boston citing anti competitive trade practices and inaccurate financial reporting to the agency causing renewals previously granted to rko in new york for wor and los angeles for khj to be denied reuter
interest	barclays bank said it cutting base lending rate to pct from pct
interest	midland bank said it cutting its base rate to pct from pct
acq	imatron imat sells stake to mitsui mitsy imatron inc said mitsui and co ltd of japan has purchased a two mln dlr equity interest in imatron at market price and was granted a day option to make another two mln dlr investment at the same price imatron said mitsui the exclusive importer of imatron s ultrafast computed tomography scanners into japan is scheduled to take delivery of its first scanner next month for installation in a large cardiology center it said it has entered into preliminary discussions with mitsui on the formation of a joint venture to finance the accelerated development of imatron s technology and its commercialization in japan reuter
earn	a h robins s qrah january earnings up a h robins co the drug company in bankruptcy proceedings due to litigation over its dalkon shield contraceptive device reported consolidated net earnings for the month ended january of mln dlrs in the corresponding year ago period it reported net earnings of mln dlrs robins said the filings were made with the u s trustee overseeing its chapter bankruptcy case reuter
interest	barclays midland follow natwest base rate cut barclays bank plc bcs l and midland bank plc mdbl l said they are cutting their base lending rates to pct from pct the cuts follow a similar move by national westminster bank plc nwbl l the rate changes take effect tomorrow reuter
acq	control data cda to buy peripherals stake control data corp said it agreed to acquire unisys inc s uis pct stake in magnetic peripherals inc the letter of intent provides that unisys converts from an owner in magnetic peripherals to a customer of control data s data storage products group over a two year period under the agreement control data will continue to furnish disk drives to unisys it said no other details of the proposed agreement were available magnetic controls managed by the data storage products group of control data was founded in as a joint venture to maintain a technological base in data storage and supply peripheral equipment for the computer systems of its owners the venture has become a developer and manufacturer of high performance high capacity data storage products sold by control data to computer systems manafacturers worldwide it said after conversion of the unisys interest control data will own pct honeywell inc hon pct and bull s a of france six pct it said reuter
acq	donald trump to buy crosby resorts rtb stock casino hotel operator and real estate developer donald trump said he has agreed to purchase the class b common stock of resorts international inc held by the family and estate of late resorts chairman james crosby for dlrs per share trump said he is also considering a tender offer for remaining class b shares at the same price but has no interest in resorts class a shares trump said the shares he has agreed already to buy represent a pct interest in the class b stock the estate itself owns of the class b shares there are also about class a shares outstanding but trump said i have no interest in the class a shares each class b share has times the voting power of a class a share in atlantic city resorts said in a statement that the class b shares being sold to trump represents pct of the combined voting power in resorts it said closing is dependent on receipt of necessary regulatory approvals and other matters and after closing trump will tender for remaining class b shares at the same price reuter
acq	usair u wins court order against twa twa usair group inc said a u s district court in pittsburgh issued a temporary restraining order to prevent trans world airlines inc from buying additional usair shares usair said the order was issued in response to its suit charging twa chairman carl icahn and twa violated federal laws and made misleading statements twa last week said it owned pct of usair s shares it also offered to buy the company for dlrs a share cash or billion dlrs more
acq	grease monkey gmhc gets rejects merger offer grease monkey holding corp said it has received and rejected an unsolicited merger offer from jiffy lube international inc lube the company said the proposal involved an exchange of grease monkey common stock for a combination of jiffy lube securities with an estimated current value substantially below grease monkey s current market price it said it will not disclosed details reuter
orange	u s ruling on brazil fcoj may come tomorrow a decision on final dumping duties on frozen orange juice from brazil may not be issued until tomorrow commerce department officials said they said the department has until midnight tonight to set the duty but may not make the finding public until tomorrow a preliminary duty of pct was set october the final ruling will be based on more detailed information the officials said reuter
acq	chrysler c in deal to buy amc amo chrysler corp said it agreed in principle with french state owned renault to acquire american motors corp in which renault is controlling shareholder under a deal in which amc stockholders other than renault would receive chrysler common stock with a market value of four dlrs for each amc common share they hold chrysler said the letter of intent for the deal which needs government and amc shareholder and board approval provides that amc holders will receive not more than or less than of a share of chrysler common for each share of amc common they hold more
interest	barclays midland follow natwest base rate cut barclays bank plc bcs l and midland bank plc mdbl l said they are cutting their base lending rates to pct from pct the cuts follow a similar move by national westminster bank plc nwbl l the rate changes take effect tomorrow the base rate reductions came after the bank of england cut its dealing rates this morning in a signal to the money markets that it would not resist a half percentage point drop in bank base lending rates market sources said until the end of last week the central was holding out staunchly against market pressures for lower rates in an apparent effort to preserve the expected rate cuts for around the time of the government s annual budget on march sterling remained firm around dlrs compared with its close here on friday at dlrs reuter
zinc	u s mint seeking lbs zinc the u s mint said it is seeking offers on lbs of special high grade zinc that it intends to purchase it said selling offers will be due at hrs est march the mint said two increments of lbs each are for delivery the weeks of april and april to ball corp greeneville tenn and two increments of lbs each are to be delivered the weeks of april and april to lasalle rolling mills lasalle ill firms in submitting offers may elect to receive payment from the mint by standard check or by wire transfer awards will be based on whichever method is most cost advantageous to the goverment at the time the awards are determined the offers will have a minimum acceptance period of calendar days the mint said reuter
housing	canada building permits rise in november led by the non residential sector canadian building permits issued in november rose pct to billion dlrs seasonally adjusted from billion dlrs in october statistics canada said residential permits fell pct to billion dlrs from billion dlrs in october while the number of units approved fell to from units the value of non residential projects rose pct to mln dlrs in the month reuter
acq	dixie yarns dxyn to acquire ti caro inc dixie yarns inc and ti caro inc jointly said they signed a merger agreement calling for dixie to acquire all ti caro s stock in exchange for three mln of dixie s common the companies said the previously announced merger has been approved by ti caro s board and is expected to close by early april they said the revenues of the combined companies will be over mln dlrs and dixie said the merger will not dilute its results ti caro was taken private in in a management led leveraged buy out reuter
orange	u s has to midnight to set orange juice duties a decision on final dumping duties on frozen orange juice from brazil may not be issued until tomorrow commerce department officials said they said the department has until midnight tonight to set the duty but may not make the finding public until tomorrow a preliminary duty of pct was set last oct the final duty will be based on more detailed information the officials said reuter
ship	gale force winds buffet great lakes the national weather service said warnings of gale force winds remained in effect over lakes erie huron and michigan also warnings have been posted for large waves and beach erosion along the shores of the lakes winds gusting to mph caused four to six foot waves along the western and southern shores of lake michigan during the morning advisories for low wind chill temperatures have also been posted across portions of upper michigan and northern lower michigan early morning gusty winds brought the wind chill to and degrees below zero freezing rain was scattered over central colorado by mid morning also over central kansas and northeast illinois snow reached from south central montana across wyoming western nebraska and western kansas snow also extended across northern wisconsin upper michigan and northern lower michigan rain reached along the northern pacific coast across northwest utah maryland deleware virginia the carolinas georgia and northern alabama reuter
interest	u k issues one billion stg bond tranche the bank of england said it was taking onto its books a further one billion stg tranche of pct treasury loan stock due payable stg pct on application the stock was issued to the bank at stg pct and will be available for dealings from march with the remainder of the amount payable on may the bank said the bonds would yield pct at the issue price and would be free of tax to residents overseas the issue would be designated pct treasury loan b a further mln stg was reserved for the national debt commissioners the market dropped by up to point following the bank s announcement with the treasury pct stock due quoted one full point lower at stg pct around minutes after the news dealers said the announcement had to be viewed against the backdrop of intense pressure for lower u k interest rates which had built up over the past two weeks as a result of sterling s strength the bank this morning finally signalled it was prepared to see lower rates and u k clearing banks this afternoon announced cuts in their base lending rates to pct from pct the bank had initially been reluctant to countenance a rate cut because dealers said the authorities had wished to delay a reduction until around the time of the u k budget on march thereby preserving the full impact of chancellor of the exchequer nigel lawson s package of measures however in the face of sterling s apparently inexorable climb the authorities today decided to cede to pressure and allow a half point cut today s one billion stg tap issue was viewed by the market as a move by the bank to eradicate hopes for a further early rate cut which might arise as a result of strong sterling most market participants believe that lawson will now foster a further half point interest rate reduction at the time of the budget although one or two said they would not be surprised to see a full point decline at this stage dealers noted that as part of the authorities attempts last week to ease pressure for lower rates the bank had issued a one billion stg tap stock with a view to subduing the government bond market to the surprise of most participants the issue was sold out within hours of becoming available for trading and the market pushed on to register further sharp gains dealers said that at this stage it seemed unlikely that the issue announced today would be absorbed by the market as rapidly as last week s however they noted that although sterling had edged down from its highs following the base rate cut it had still closed on a trade weighted basis at well ahead of friday s final and only just beneath the peak of touched at gmt reuter
acq	amc says it is studying chrysler buyout proposal and will comment when appropriate
crude	petro canada to drill two terra nova test wells petro canada canada s state owned oil company said it will drill two delineation wells this summer at the terra nova oil field offshore newfoundland evaluation of test results and preliminary engineering work should put petro canada in a position to propose a development plan for the terra nova field in the company said depending on time required for regulatory approvals construction could begin in with first oil production as early as petro canada said we have a high degree of confidence that the western portion of the terra nova field contains at least mln cubic meters of recoverable oil or more than mln barrels and that we could produce it economicly using a floating production system petro canada said the terra nova field lying kilometers east of st john s and kilometers southeast of hibernia field was discovered by petro canada in we ve had encouraging results from the eastern portion of the field and we hope this summer s drilling will prove up additional reserves there the company said petro canada believes terra nova field is a good commercial prospect and the company wants to move some of those resources towards development so it can start generating a return on investments petro canada said petro canada which will act as operator of the two wells has a pct interest in the western portion of graven block of the terra nova field and a pct interest in the field s east flank block a company spokesman said later other field participants include canterra energy ltd mobil oil canada ltd gulf canada resources inc icg resources ltd trillium exploration corp and general partnership parex petro canada estimates reserves in the terra nova field s graven block of between mln and mln barrels of oil company spokesman bob foulkes said from petro canada s calgary office combined reserves for graven block and the field s east flank block are estimated between mln and mln barrels he added petro canada expects to spend about mln canadian dlrs to bring the field to production by about and the development budget could double if the company builds a production system combining both blocks in the field he said petro canada estimates the terra nova field graven block would produce between and barrels average daily production with a production system that would have maximum capacity of bpd company spokesman foulkes said in answer to a query the company estimates a production system combining both graven and east flank blocks in the terra nova field could produce about bpd average daily production he said reuter
earn	charan sees at least pct rise in profit charan industries inc a distributor of toys and other consumer products expects net profit to rise at least pct over last year s mln dlrs president earl takefman told reporters before the annual meeting we grew basically pct last year i m not sure we re going to be able to grow pct again this year but we certainly will grow at least pct over last year takefman said charan reported profit of mln dlrs in takefman said he expects sales to rise to about mln dlrs this year from mln dlrs in fiscal ended september while fiscal ended november takefman said the company is actively looking for acquisitions in the consumer products industry likely in canada the company said it expects to resolve delivery problems this year which last year hindered the growth of its toy distribution business which accounts for about one third of revenues charan is the exclusive distributor in canada for worlds of wonder toys which include the teddy ruxpin voice activated talking plush bear takefman said new products this year which will be on the shelves for christmas include a smaller version of teddy ruxpin a talking mickey mouse toy dancing plush toys a doll with a voice activated by sound touch light and heat and talking books the company is also marketing an extended line of laser tag kits which shoot rays of light and tell you when you ve hit someone other products include a recorder device which allows students to leave taped messages in each others school lockers retailing for about dlrs reuter
earn	mayfair super markets myfra sales increased mayfair super markets said its sales for the second qtr ended feb were mln dlrs an increase of more than pct compared to sales of mln dlrs in the comparable quarter last year the company said sales for the first six months of the year were mln dlrs more than pct above the mln dlrs reported in the same period last year this was the th consecutive quarterly gain the company said the company said it expects to release earnings in april reuter
interest	barclays midland follow natwest base rate cut barclays bank plc bcs l and midland bank plc mdbl l said they are cutting their base lending rates to pct from pct the cuts follow a similar move by national westminster bank plc nwbl l the rate changes take effect tomorrow the base rate reductions came after the bank of england cut its dealing rates this morning in a signal to the money markets that it would not resist a half percentage point drop in bank base lending rates market sources said until the end of last week the central was holding out staunchly against market pressures for lower rates in an apparent effort to preserve the expected rate cuts for around the time of the government s annual budget on march sterling remained firm around dlrs compared with its close here on friday at dlrs reuter
acq	united auto workers union says it supports chrysler amc merger
interest	lloyds bank matches base rate cut to pct lloyds bank plc lloy l said it is cutting its base lending rate to pct from pct effective tomorrow the reduction follows similar moves from the three other british clearing banks national westminster bank plc nwbl l led the way this morning after the bank of england lowered its dealing rates in a signal that it would tolerate a half percentage point reduction the central bank s surprise signal followed its strenuous efforts last week to prevent market forces from bringing down base rates before the u k budget on march reuter
acq	norcros breaks off merger talks with williams norcros ncro l plc said it has no intention of proceeding any further with talks on williams holdings plc s suggestion that there would be benefits arising from a merger between the two groups norcros said any such benefits could be achieved through normal trading and did not warrant a closer formal association norcros shares firmed p to p after the news on investor speculation of a possible hostile bid from williams dealers said williams rose p to williams earlier informed norcros that it holds some of its ordinary shares or pct of those issued reuter
interest	lloyds bank matches base rate cut to pct lloyds bank plc lloy l said it is cutting its base lending rate to pct from pct effective tomorrow the reduction follows similar moves from the three other british clearing banks national westminster bank plc nwbl l led the way this morning after the bank of england lowered its dealing rates in a signal that it would tolerate a half percentage point reduction the central bank s surprise signal followed its strenuous efforts last week to prevent market forces from bringing down base rates before the u k budget on march reuter
interest	lloyds bank matches base rate cut to pct lloyds bank plc said it is cutting its base lending rate to pct from pct effective tomorrow the reduction follows similar moves from the three other british clearing banks national westminster bank plc led the way this morning after the bank of england lowered its dealing rates in a signal that it would tolerate a half percentage point reduction the central bank s surprise signal followed its strenuous efforts last week to prevent market forces from bringing down base rates before the u k budget on march reuter
interest	french week t bill average rate falls to pct from pct official
acq	amc amo studying chrysler c proposal american motors corp said it is studying a proposed merger with chrysler corp american motors said it received a letter from chrysler corp advising us of their proposal to enter into a merger transaction with american motors corp in a brief statement the company said we are studying the proposal we will have further comment when it is appropriate reuter
acq	wall street stocks american express axp american express co s stock fell sharply reflecting in part investors disappointment that the company did not make an announcement about its plans for brokerage unit shearson lehman brothers traders said the company has said it is studying options for its shearson unit traders said many investors anticipated an announcement this weekend that it would spin off shearson lehman also they said a flurry of arbitrage related sell programs that pounded the general market today accelerated the selloff of american express a component of the dow industrial average american express fell to it was part programs and part that there was anticipation of an announcement of a spinoff or something with shearson this weekend and that announcement never happened one trader said in the last few minutes of trading on friday another trader said the stock jumped to close up largely on anticipation that the company would make a weekend announcement reuter
crude	amoco s first south china sea exploratory well flows barrels of oil daily
orange	traders say usda may lower orange crop estimate the u s department of agriculture will probably decrease its estimate of the florida orange crop today to as low as mln boxes from mln boxes analysts and industry sources said the department is scheduled to release the new estimate at hrs est gmt today analysts said the market is anticipating a downward revision and much of the bullish impact has been discounted the estimate which the usda has left unchanged since october should be affected this time by recent evidence of a shortfall in the early and midseason crop now that those harvests are complete analysts said based on earlier usda projections the harvests should have been five to seven mln boxes larger than they were they are going to cut their estimate said bob tate an fcoj broker with dean witter reynolds in miami the only question is whether they will admit the whole thing in this estimate tate said it is possible the usda will lower its estimate by a lesser amount perhaps three mln boxes and continue to drop the estimate in subsequent reports as the crop picture clarifies the late season harvest consisting mostly of valencia oranges has not yet started he noted they ll temper it said judy weissman fcoj analyst with shearson lehman bros the main drop will probably come in july she expects today s estimate will be mln boxes reuter
acq	uaw says it back chrysler c amc amo merger the united auto workers uaw union said it supports chrysler corp s proposal to buy american motors corp as creating a good match that potentially points the way to a more secure future for workers at both companies we believe our members interests can be well served within the chrysler family and we are committed to making that happen uaw president owen bieber and vice president marc stepp said in a statement we believe chrysler s purchase is a logical and sound step for all concerned the union said the uaw is negotiating with amc over the carmaker s demand for economic concessions covering workers at its wisconsin operations without which amc has said it would cease vehicle production at its kenosha wisconsin assembly plant by reuter
acq	twa twa declines comment on usair u a transworld airlines inc official said the airline has no comment on usair group inc s planned buyout of piedmont aviation inc twa however has pursued its application with the department of transportation for a takeover of usair according to mark buckstein twa general counsel and vice president twa filed a revised application today following the dot s rejection friday of an incomplete application filed last week earlier usair said it agreed to buy piedmont for dlrs cash per share
acq	moody s may downgrade piedmont aviation pie moody s investors service inc said it may downgrade mln dlrs of debt of piedmont aviation inc because of the airline s agreement to be acquired by usair group inc u the rating agency said its review would focus on the effect of the acquisition on piedmont s financial leverage and its debt service requirements moody s said it is also examining the potential use of the airline s borrowing capacity to finance the merger piedmont currently carries baa preferred stock and prime commercial paper reuter
rubber	rubber producers consumers start new pact talks the chairman of the conference on a new international natural rubber agreement inra manaspas xuto of thailand said it was imperative to try to settle the main outstanding issues this week the inra renegotiation conference which resumed today under the auspices of the united nations conference on trade and development unctad is scheduled to last until march xuto told delegates this session of the conference presented a promising opportunity to conclude a new pact but it had to be the last before the current accord expires in october xuto said in his consultations with representatives of major exporting and importing countries over the last few months i have found a constructive attitude and willingness to be flexible on the part of all concerned it is imperative that we try to settle the major outstanding issues in the course of this week since a considerable amount of technical drafting work will remain to be completed he said he will immediately start consultations with producers and consumers the last october negotiations collapsed in disagreement over buffer stock operations consumer demands for tighter buffer stock controls aimed at preventing inra from following the collapse of the international tin agreement ita were rejected by producers who argued for unchanged inra terms the tin pact failed when its buffer stock manager ran out of funds to support prices three previous rounds of talks between rubber producers and consumers for a new five year pact ended without agreement the inra originally due to expire in october was extended to october to facilitate renegotiation wong kum choon head of the malaysian delegation said he was cautiously optimistic that together we should be able to save inra and prevent it from being scuttled without inra he added prices of natural rubber would become more volatile calling on delegates to show a sense of purpose and reality he said there is no reason why we could not put aside differences and come up with a successor agreement reuter
acq	usair u and unit remain under moody s review moody s investors service inc said the mln dlrs of debt of usair group inc and its usair inc unit remain under review for possible downgrade the rating agency cited usair group s proposed acquisition of piedmont aviation inc pie as well as trans world airlines inc s twa proposed cash merger with usair however the status of twa s bid for usair group is currently uncertain the u s transportation department has rejected twa s application to acquire usair on deficiency grounds but twa has said it will file a revised application moody s noted under moody s review for possible downgrade are usair group s baa senior debt and baa subordinated debentures along with the usair unit s a senior debt and baa subordinated debentures moody s said it would examine the effects of the proposed mergers on usair group s financial measurements as well as potential damage to the company s financial flexibility because of the probability of increased debt service requirements reuter
money-fx	fed sets billion dlr customer repurchase fed says
earn	bally bly to take mln dlr st qtr charge bally manufacturing corp said it expects a charge to earnings in the first quarter of this year of mln dlrs as a result of its deal to buy back mln of its common shares from real estate developer donald trump in a filing with the securities and exchange commission the chicago based hotel casino gambling and amusement concern also said the anticipated charge against first quarter earnings will not be deductible for federal income tax purposes under a february deal bally agreed to buy mln of the mln shares held by trump at dlrs a share or mln dlrs while trump agreed not to try to seek control of bally the agreement also calls for bally to pay trump another mln dlrs for certain agreements claims and expenses related to his purchase of the bally common stock bally said trump agreed not to buy any more bally stock or to try to seek control of the company for years it said bear stearns and co inc signed a similar standstill agreement with bally for three years bally said but it can still deal in bally stock as a broker it said the deal also obligates bally to buy trump s remaining stake in the company for dlrs a share if the stock price does not reach that level by february it said reuter
crude	shell canada said it raised crude prices by canadian cts a barrel today
zinc	hudson bay mining cuts u s canada zinc prices hudson bay mining and smelting co ltd said it cut prices for all grades of zinc sold in north america by one u s cent a pound and by one canadian cent a pound effective immediately the new price for high grade zinc is u s cents and canadian cents a pound the company said special high grade prime western and continuous galvanizing grade with controlled lead now costs u s cents and canadian cents a pound the new price for continuous galvanizing grade alloyed with controlled lead and aluminum additions is u s cents and canadian cents a pound reuter
acq	court rejects buitoni appeal over iri food unit an appeal by buitoni spa against a court ruling that an accord under which it was to acquire italian state food firm sme societa meridionale finanziaria was not contractually binding has been rejected court officials said an appeal court rejected buitoni s claim that the billion lire accord with the state industrial company iri istituto per la ricostruzione industriale was a binding contract the decision upholds a court ruling of last july buitoni is controlled by cir compagnie industriali riunite an investment company itself controlled by ing c olivetti ec spa oliv mi chairman carlo de benedetti reuter
acq	allegheny ag aims to divest more businesses allegheny international inc the consumer products concern that today announced a merger agreement with a first boston corp fbc affiliate in a deal worth about mln dlrs said it intends to divest more units as a way to increase profits we re going to reduce ai to a size consistent with our financial resources said chairman oliver s travers we have made a conscious strategic choice to become a smaller financially sound consumer products company which operates predominantly in the stable political and economic environment of north america he said
acq	advanced tobacco atpi merger talks end advanced tobacco products inc said it has ended talks on being acquired by sterling drug inc sty but has resumed acquisition talks with other parties the company had previously announced that a major u s based company that it did not identify was evaluating its nicotine technology advanced said sterling s board has decided not to enter the nicotine product market it said it received a dlr payment to deal exclusively with sterling through march six advanced said it had suspended merger talks with other parties as a result of the exclusivity agreement reuter
acq	t h e fitness rfit buys livingwell unit t h e fitness inc said it agreed to buy livingwell inc s manufacturing unit powercise international inc for mln t h e fitness shares valued at about mln dlrs this acquisition includes all of livingwell s rights to its recently announced powercise fitness equipment in a separate transaction livingwell inc an operator of health clubs placed a six mln dlrs order with powercise international to install the powercise equipment in all of its clubs reuter
heat	exxon xon raises heating oil price traders oil traders in the new york area said exxon corp s exxon u s a increased the price it charges contract barge customers for heating oil in new york harbor by cts a gallon effective saturday march they said the increase brought exxon s contract barge price to cts a gallon traders said the price hike followed higher spot and futures market prices for heating oil reuter
zinc	hudson bay mining cuts u s canada zinc prices hudson bay mining and smelting co ltd said it cut prices for all grades of zinc sold in north america by one u s ct a pound and by one canadian ct a pound effective immediately the new price for high grade zinc is u s cts and canadian cts a pound the company said special high grade prime western and continuous galvanizing grade with controlled lead now costs u s cts and canadian cts a pound the new price for continuous galvanizing grade alloyed with controlled lead and aluminum additions is u s cts and canadian cts a pound reuter
acq	bankamerica bac completes mortgage unit sale bankamerica corp s bank of america unit said it completed the previously announced sale of bankamerica finance ltd to bank of ireland for an expected pre tax gain of mln dlrs bankamerica finance provides residential mortgages in south east england its total assets at the end of were about mln dlrs reuter
acq	supermarkets general gets unsolicited bid for dlrs shr cash
coffee	brazil treasury to release coffee buying funds the treasury department is due to release funds for the brazilian coffee institute ibc to pay for the coffee purchased from local producers the ibc said in a statement ibc production director oripes gomes said in the statement that payment would be made within the official guarantee prices the statement said the ibc is sending a document to the national monetary council asking the government to set a budget for the purchase by the institute of up to five mln bags of coffee until june gomes said in the statement there have been no problems in the concession of funds by the treasury for payment of the coffee delivered to the ibc warehouses by the producers he said producers have already delivered mln bags of which mln bags have been paid for in the future according to an agreement to be signed with the treasury the institute will no longer need to seek approval by the treasury to seek the release of additional funds to buy coffee the statement said reuter
crude	shell canada shc raised crude oil postings shell canada a wholly owned subsidiary of the royal dutch shell group rd said that it raised crude oil prices by about canadian cts a barrel today the increase riased its posted price for light sweet crude oil to dlrs a barrel from its march one level light sour crudes were raised to dlrs a barrel the company said reuter
cocoa	ghana cocoa purchases tonnes in latest week cumulative tonnes official
interest	world bank to bring borrowing forward this year the world bank intends to bring borrowing forward into the first half of because it expects global interest rates to rise by year end world bank vice president and treasurer eugene rotberg said he told a news conference that rates in the u s japan west germany and switzerland were near their lows the weight of opinion is that in a year from now there is a higher probability there will be one pct higher than one pct lower interest rates he said the world bank had not issued floating rate notes so far this year because of the expectation of higher interest rates the policy of the world bank was to maintain liquidity at a level that gave the bank flexibility to decide when where and how much to borrow rotberg said cash in hand was now about pct of the next three years anticipated net requirement and comprised pct of outstanding debt and pct of its debt maturing within five years although the world bank had pioneered the swap market it did not intend to launch new financial instruments just for the sake of innovation rotberg said of a total of billion dlrs debt outstanding only some eight billion had been swapped into another currency many recent innovations were either unfair to investors or unfair to borrowers until the world bank was confident that this was not the case it would not adopt new instruments the world bank would raise pct of the funds needed over the next year with methods used before rotberg said however for some pct of new requirements the bank would try out new instruments such as bonds with warrants the world bank had publicly offered bonds in germany since the first issue was launched in he said
earn	servicemaster svm sets quarter distribution servicemaster l p approved a second quarter cash distribution of cts payable april record march previously servicemaster said it would pay in an indicated cash distribution of dlrs a share including cts a share which would be paid before april in other action the company set may eight as the date of its annual shareholders meeting reuter
acq	wall street stocks chrysler c amc amo the proposed mln dlr deal under which chrysler corp would acquire american motors corp was described by analysts as a reasonable deal for both companies ronald glantz of montgomery securities said amc common stock could be fairly valued at just under five dlrs a share given changes brought by tax reform and that chrysler s offer to pay four dlrs a share of chrysler stock to amc holders other than renault as a a good price for chrysler amc common shares opened at four dlrs this morning after the renault chrysler announcement up while chrysler shares lost to though amc issued a statement saying that it was studying the proposed buyout and had no other comment glantz said he regarded the proposal as a done deal because i can t believe anybody else would make a bid it s a reasonable deal for both sides the analyst told reuters chrysler gets the jeep franchise and the new amc bramalea ontario plant and the new renault premier mid sized car and amc s sales will go up because buyers will have more confidence that the manufacturer will still be around to service the products glantz said analyst thomas o grady said chrysler would be getting more manufacturing capacity including a brand new plant in canada for a bargain price and renault would be getting some return after its prolonged loss making investment in amc reuter
trade	koreans to buy billion dlrs in u s goods south korean foreign trade minister rah woon bae said his country s firms have agreed to buy billion dlrs worth of u s goods during his two week buying trip to the united states rah said most of the purchases represented shifts from japanese firms to u s firms as part of south korea s effort to reduce its seven billion dlr trade surplus with the united states south korea has a five billion dlr trade deficit with japan reuter
crude	fitzwater says reagan strongly against tax hike white house spokesman marlin fitzwater said president reagan s record in opposing tax hikes is long and strong and not about to change we re opposed to tax increases we will fight tax increases we will deal with it politically in every forum possible said fitzwater when questioned about whether there was any change in the administration s position fitzwater said reagan s strong feelings against a tax hike included opposition to an oil import fee the president s position is that he is opposed to it he said reuter
acq	supermarkets general sgl gets unsolicited bid supermarkets general corp said it received an unsolicited proposal from a third party to acquire the company at dlrs per share in cash supermarkets also said it retained shearson lehman brothers inc to advise its board of directors on the proposal supermarkets general currently has about mln shares outstanding its stock is currently trading at on the new york stock exchange the woodbridge n j supermarket operator of over supermarkets and other specialty retail stores convenience food stores and drug stores for the nine months ended november supermarkets reported net income of mln dlrs reuter
zinc	abms says u s zinc stocks higher in february total u s slab zinc stocks held by smelters rose to short tons at the end of february from short tons at the end of january the american bureau of metal statistics reported zinc production increased to short tons in february from short tons in january shipments from smelters plants declined to short tons in february from short tons in january reuter
nat-gas	diamond shamrock offshore dsp in find diamond shamrock offshore partners said it has started development drilling on west cameron block off louisiana in the gulf of mexico after a significant natural gas find on the block it said the discovery well there encountered feet of net natural gas pay no flow tests have been conducted it said diamond shamrock offshore said it has a pct interest in the block phillips petroleum co pct and santa fe energy partners lp sfp pct diamond shamrock corp dia owns pct of diamond shamrock offshore reuter
lead	u s lead inventories rise in february abms lead stocks held by u s refiners rose to short tons at the end of february from short tons revised higher at the end of january the american bureau of metal statistics reported production of lead decreased to short tons in february from short tons in january shipments from plants increased to short tons in february from short tons revised lower in january the abms said reuter
acq	sharon steel corp extends exchange offer sharon steel corp said it extended from march six to march the expiration date for its debt exchange offer to allow time to complete the sale of its mueller brass co unit and to meet other conditions of the offer the exchange offer covers sharon s outstanding pct subordinated sinking fund debentures due and its pct subordinated sinking fund debentures due sharon said that as of march six pct of the pct notes and pct of the pct notes were tendered the mueller sale is conditioned on receipt of pct of the notes reuter
ship	ferry disaster claims could top mln stg u k insurers could face more than mln stg of insurance claims following the zeebrugge ferry disaster a spokesman for lloyds of london said it could take weeks before the extent of the compensation claims for passengers crew and cargo was known and also before it was known how much if any of the ship could be salvaged said david larner of lloyds the hull and machinery of the herald of free enterprise were valued at mln stg and were insured by townsend thoresen s parent company peninsular and oriental steam navigation co plc porl l the vessel was in turn reinsured in the london market with lloyds and various other companies larner said passengers crew and cargo were insured by the standard steamship protection and indemnity association one of several shipowners mutual insurance funds worldwide these were also underwritten by lloyds and other companies larner said claims from passengers could be expected to total at least five mln stg given the number of deaths and the normal level of liability set by the athens convention of of between stg and in case of death shipping sources said however that these claims could soar if a court found there was negligence or design faults involved larner said estimates of compensation claims were pure guess work at this time but if the ship could not be salvaged the claims would total at least mln stg shares of insurances on the london stock exchange fell across the board in a generally weak market general accident fell p to royal insurance dropped p to and prudential fell p to p and o shares stood at a late p lower on the day reuter
interest	citibank follows u k base rate cut to pct citibank na said it has cut its british base lending rate to pct from pct with effect from tomorrow this move follows similar cuts by four major british clearing banks led by national westminster bank plc nwbl l lower rates were signalled by the bank of england this morning in an attempt to curb recent upward pressure on the pound market sources said reuter
money-fx	bank of zambia pays out foreign currency arrears the bank of zambia has paid out foreign exchange arrears from three auctions conducted last year a bank spokesman said we have now cleared three auctions and are left with only four worth eight mln dlrs the spokesman said without specifying the amount paid out the bank had not paid foreign exchange to private firms since it suspended the weekly auctions on january it has said the auctions were suspended because it planned to introduce a modified system after talks with the world bank and the international monetary fund president kenneth kaunda announced last month that the auction would be retained for allocating foreign exchange to approved private sector bidders but would not be used to determine the kwacha s exchange rate last week he said the auction had run into trouble because of a shortage of foreign exchange the government has fixed the exchange rate at nine kwacha per dollar effectively revaluing the kwacha by pct reuter
acq	investors have pct of datarex systems drx a small investor group led by melvyn gelch a providence r i surgeon told the securities and exchange commission it has acquired shares of datarex systems inc or pct of the total outstanding common stock the gelch group said it bought the stake for about dlrs for investment purposes only reuter
cocoa	ghana cocoa purchases fall cumulative still up the ghana cocoa board said it purchased tonnes of cocoa in the st week ended february of the main crop season compared with tonnes the previous week and tonnes in the st week ended march six of the season the board said cumulative purchases so far this season stand at tonnes still up on the tonnes purchased by the st week of last season the board said reuter
sugar	ec sugar import levies the following import levies for white and raw sugar are effective tomorrow in european currency units ecu per kilos white sugar denatured and non denatured versus previously raw sugar denatured and non denatured versus previously the rate for raws is based on pct yield reuter
acq	investor has technology development tdcx stake leon greenblatt a chicago investor told the securities and exchange commission he has acquired shares of technology development corp or pct of the total outstanding common stock greenblatt said he bought the stock for dlrs soley as an investment and has no intention of seeking control of the company reuter
acq	analyst says dart group likely bidder for supermarkets general
acq	harris cuts cyclops cyl stake to pct harris associates l p a chicago investment advisory firm said it cut its stake in cyclops corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission harris said it sold cyclops common shares between jan and march at prices ranging from to dlrs a share harris said its dealings in cyclops common stock were made on behalf of its advisory clients reuter
acq	chrysler c values amc amo at mln dlrs chrysler corp said it valued its proposed buyout of american motors corp at mln dlrs not counting the effect of a contingent payment that could reach mln dlrs based on amc s future profits a chrysler spokesman told reuters that the letter of intent signed with renault amc s controlling shareholder with a pct direct stake includes a provision for renault to be paid mln dlrs in cash for amc s finance subsidiary and mln dlrs in the form of an eight pct note he said he did not know the maturity of the note reuter
earn	advo system inc advo sees break even nd qtr advo system inc said it could report a break even second quarter ending march compared with a loss of mln dlrs or cts a share in fiscal s second quarter ended march advo said it previously announced it would report a net loss for the quarter reuter
earn	canadian pacific ltd th qtr oper net cts vs cts
bop	dutch current account surplus falls in the dutch current account surplus fell billion guilders last year to a provisional billion guilders the finance ministry said in a statement the surplus is expected to fall further in the statement said but gave no details earlier today the official planning agency cpb said it expected the surplus to fall to six billion guilders during the visible goods surplus excluding energy fell by billion guilders in to billion due to declining terms of exchange while more goods were imported as consumer spending and investment increased while the energy trade balance surplus rose by billion guilders billion of this gain was caused by temporary improvements of terms of exchange and was aided by the delay between the fall in oil and gas prices the current account showed a billion guilder deficit on invisibles compared with a balance in the finance ministry said noting the surplus on transport services was reduced substantially due to the lower dollar and oil price falls the fourth quarter current account showed a deficit for the first time since of mln guilders it said reuter
acq	grandview acquires control of u k ticket group consolidated grandview inc said it acquired a pct stake in all ticket group plc of london for undisclosed terms the seller was also undisclosed all ticket is a special events travel company with exclusive european rights to ual inc ual s united airlines apollo system booking all united airlines flights in britain and europe all ticket and its subsidiaries will also co sponsor various events this year including the british open golf tournament and rowing s henley regatta its revenues totaled mln canadian dlrs reuter
acq	united cities ucit makes acquisition united cities gas co said it has acquired lyle propane gas co a cairo ga propane gas distributor for undisclosed terms it said lyle has sales of about four mln gallons annually and serves about customers in seven counties in southwest georgia and north florida reuter
interest	u s bill auctions seen at pct the u s treasury s weekly auction is expected to produce an average rate of pct for three month bills and one of pct for six month bills dealers said shortly before auction time on the new bills the rate on the outstanding three month bills was unchanged at pct bid while the rate on the six month bills was one basis point higher at pct bid reuter
earn	medical properties mpp sets monthly dividend the board of medical properties inc said it has declared an initial monthly cash dividend of cts a share and has adopted a monthly dividend policy the initial dividend will be payable april to shareholders of record march reuter
ship	london grain freights wheat ria luna mt norrkoping and djuron ec mexico dlrs option loading uddevalla at cents less continental reference new york grain freights of march brokers say the charterer of the saturn from us gulf to japan is reported to be nordstrom and thulin while the antigone is reported to have been arranged from tilbury to the black sea by soviet charterers reuter
earn	immucor blud splits stock immucor inc said its board of directors has declared a five for four stock split in the form of a pct stock dividend payable april to shareholders of record march reuter
ship	bermuda star line bsl to make acquisition bermuda star line inc said it has agreed in principle to acquire passenger ss liberte from barnstead shipping ltd for use in its new york montreal northeast passages cruises starting this summer the company said it is working to conclude a lease financing or other financing for the purchase of the ton vessel which is to be delivered in early april and renamed canada star terms were not disclosed reuter
acq	talking point caesars world caw mts acquisition corp s dlr per share offering price for caesars world inc is thought to be much too low and is likely to attract other suitors for the hotel casino company industry analysts said i think someone else will probably come in or they mts will have to raise their bid said marvin roffman an analyst at janney montgomery scott inc mts a company formed by martin sosnoff caesars world s largest shareholder today began a tender offer valued at mln dlrs for all shares sosnoff doesn t already own i think the offer is too low by at least five points said roffman who described caesars world as the operator of one of the finest casinos in the world sosnoff a new york investor already owns pct of caesars world s mln shares following news of the tender offer caesars world s shares were trading at up a caesars world spokesman said the company was declining comment on the sosnoff move for the moment but caesars may issue a public statement after it has studied the offer roffman said caesars world has considerable growth potential and he is forecasting fiscal earnings of two dlrs per share caesars world owns casino hotels in nevada and honeymoon resorts in pennsylvania s pocono mountains it also controls caesars new jersey inc cjn which owns an atlantic city n j casino hotel for its fiscal year ended july caesars world reported net income of mln dlrs or dlrs per primary share the company reported second quarter net income of mln dlrs or cts per share compared with income of mln dlrs or cts per share a year earlier daniel lee an analyst at drexel burnham lambert inc said that although sosnoff s relatively low bid may attract other suitors willing to pay a higher price for caesars there is little likelihood that a competing bid would start a battle for the company
acq	allegheny ag officers to run company allegheny international inc said its chairman and chief operating officer will remain in their positions following the merger of the company with an affiliate of first boston corp it is expected that oliver s travers will continue as chairman president and chief executive officer and thomas j albani will continue as chief operating officer said an allegheny spokesman allegheny today said it agreed to a buyout from first boston at dlrs per share the transaction was valued at mln dlrs its stock rose to in active trading reuter
acq	ic gas makes no recommendation on tractebel offer imperial continental gas association icgs l ic gas said its board is not making a recommendation on the partial tender offfer at p per share announced by tractebel sa and groupe bruxelles lambert sa at the same time however the board would not recommend a general offer for all the shares at a price of p the statement added shareholders wondering whether to tender either to the tractebel consortium or to the rival p per share partial offer from shv holdings nv should consult professional advisers reuter
acq	nat l healthcare nhci to sell five hospitals national heathcare inc said it signed an agreement to sell five rural hospitals to a private corporation for about mln dlrs including the assumption of six mln dlrs of debt the company said it plans to complete the sales which are subject to various regulatory approvals by the end of july national healthcare said it expects no material gain on loss on the sales and that substantially all proceeds will be used to reduce debt reuter
earn	canadian pacific cp confirms earnings canadian pacific ltd said fourth quarter operating profit rose to mln dlrs or cts a share from mln dlrs or cts a share a year ago the statement confirmed released preliminary earnings figures the company released in february a mln dlr gain on the sale of cp s cominco ltd interest helped raise final fourth quarter profit to mln dlrs or cts a share the company said a drop in full year operating profit to mln dlrs from a restated mln dlrs in was due mainly to lower world oil prices the company said its cp rail division reported net income of mln dlrs compared with mln dlrs in it said grain traffic recovered from drought affected levels of a year ago but was offset by weakness in other traffic areas and increased expenses it said the net loss from its soo line increased to mln dlrs loss from mln dlrs loss in mainly due to restructuring charges canadian pacific said favorable developments during the year included reduced bulk shipping losses as a result of a recovery in tanker markets and a turnaround in the forest products sector reuter
earn	ford f shares rise on higher earning estimate ford motor co s stock rose to after analyst maryann keller of furman selz mager dietz and birney raised earnings estimates on the company traders said keller said that she expects the company s earnings to rise to between to dlrs a share as compared to dlrs a share earned last year she said ford s already good market share is expected to remain favorable and earnings from overseas are expected to improve in addition keller said the company is selling more of its expensive model cars which are more profitable the non automotive operations including ford motor credit are also expected to post improved earnings this year keller said she expects the company to split its stock and raise its dividend to at least three dlrs a share this year she noted that chrysler corp s c announcement of a merger proposal for american motors corp amo should have no short term effect on ford but could cut into ford s share of the truck market in the long term reuter
earn	dutch retailer ahold sees unchanged profit dutch food retailer ahold nv ahln as expects unchanged profits in but said it will take advantage of the lower dollar to expand further in the u s turnover will grow but net profits are expected to remain around the level of mln guilders due to higher dutch taxes and a three year expansion plan ahold chairman albert heijn told a news conference the profit forecast allows for a dollar rate around current levels of just over three guilders turnover and net profit in were hit by the dollar which fell to an average guilders from in reuter
earn	pitt des moines pdm gets qualified audit pitt des moines inc said it will receive a qualified opinion from auditors on its and financial statements it said the qualification related to its inability to determine the effects if any of the final resolution of a suit filed against it by washington public power supply system the suit was dismissed in a lower court action but the ultimate outcome of the matter is still uncertain since washington public power has appealed to the u s court of appeals reuter
acq	reading rdgc to sell philadelphia properties reading co said it has agreed in principle to convey properties it owns in and around the philadelphia convention center site to the city of philadelphia and the philadelphia convention center authority it said in exchange it will receive about mln dlrs in cash rights to acquire acres adjacent to the philadelphia international airport and an option to acquire the development rights over the gallery ii shopping mall on market street in downtown philadelphia reading said it will be responsible for the demolition and cleanup of certain of the properties for which a portion of the cash proceeds will be escrowed the company said it will continue to own and operate the reading terminal market in philadelphia the land it is giving up amounts to about seven acrease and includes part of the reading terminal train shed it said reuter
acq	montedison acquires arco research unit montedison spa moni mi has acquired a pct stake in plant cell research institute pcri of california from atlantic richfield co arc n for several tens of millions of dollars a senior montedison executive said renato ugo a member of montedison s management committee told reporters that stanford research institute international of menlo park california had acted as a partner in the purchase itself acquiring a stake in pcri of under pct pcri based in dublin california has a biotechnology research laboratory ugo said the price paid included outlays for the laboratory technology and staff he said other negotiations were under way with biotechnology companies in the health care and diagnostics sectors through montedison s health care subsidiary erbamont nv but gave no details we hope they will be concluded by the year end he said montedison currently invests around billion lire a year in biotechnology research and expects to increase this figure to around billion lire in the next few years reuter
ship	europe shipping exports to s africa off pct the volume of european exports to south africa carried by container line vessels has declined pct in the last two years british shipping executive antony butterwick said butterwick told reporters that despite the drop and low freight rates the shipping conference he heads will increase the frequency of sailings to south africa as a very strong act of faith and confidence in the country s future he is chairman of the europe south and south east african conference lines and joint managing director of p and o containers ltd a statement issued by the conference here said frequency of southern africa europe container service sailings is being increased from nine to seven days this is the most positive development on the shipping front between south africa and its main trading partners in europe for more than four years when the service last operated weekly it said reuter
acq	mathematical applications sets operations sale mathematical applications group inc said it has signed a letter of intent to sell all of its operating business and will propose a plan of liquidation following the sale if the company is unsuccessful in obtaining the approvals needed for the sale and liquidation it said the company may be required to initiate reorganization proceedings under federal bankruptcy law to facilitie the distribution of its assets mathematical applications said it tentatively agreed to sell its direct marketing business to pagex inc for dlrs plus an amount equal to the working capital of the business at closing as well as a mln dlr note payable in installments over six years mathematical applications said the business working capital is estimated to be about dlrs pagex has been formed by paul a goldner the owner of pagex systems inc which is also engaged in the direct marketing computer service business mathematical applications said the tentative agreement calls for pagex to buy substantially all of the assets and liabilities related to the direct marketing business and continue to use the mathematical applications name it said the sale is also subject to renegotiation of a real estate lease and approval of a definitive agreement by the company s board stock holders and debenture holders the company said it has obtained waivers from holders of its six mln dlrs principal amount of debentures due march to defer interest payments aggregating dlrs through march the company said it will seek waivers to defer these interest payments and those due march for enough time to enable the company to accomplish the proposed sale of its operations mathematical applications said it is talking to debenture holders its landlord a lessor of equipment to the marketing operation and holders of other liabilities not being assumed by pagex to arrange distribution of assets after the proposed sale adding that these assets will be significantly less than its liabilities the company said it has obtained waivers from holders of its six mln dlrs principal amount of debentures due march to defer interest payments aggregating dlrs through march the company said it will seek waivers to defer these payments and those due march for enough time to accomplish the proposed sale of its operations mathematical applications said it is talking to debenture holders its landlord a lessor of equipment to the marketing operation and holders of liabilities pages is not assuming to arrange distribution of assets after the proposed sale adding these assets will be significantly less than its liabilities as part of the distribution of assets the company said it expects shareholders to receive an amount based on the bid price of the company s stock which was on march five reuter
acq	financial corp fin unit completes purchase financial corp of america s american savings and loan association said it completed the previously announced purchase of retail savings branches from great western financial corp s gwf great western savings american savings said the purchases boost its deposits by about mln dlrs but do not affect its asset base reuter
acq	johnson products jpc sells two subsidiaries johnson products co inc said it completed the sale of debbie s school of beauty culture inc and the assets of ultra precise beauty boutique inc to management it said the sale price of dlrs consisted of dlrs cash a secured promissory note for dlrs and the forgiveness of a debt of dlrs owed by johnson products to debbie s school reuter
acq	usair u seeks two billion loan for takeovers usair group inc said it seeking two billion dlrs in bank debt to complete its takeover of piedmont aviation inc pie and its pending acquisition of ps group inc s pacific southwest airlines in a filing with the securities and exchange commission that details its proposed dlr a share cash tender offer for piedmont usair said manufacturers hanover trust co mhc indicates its willingness in a march letter to provide up to mln dlrs of the financing manufacturers hanover would also to act as agent for a bank group to raise the rest of the financing usair said usair said a manufacturers hanover affiliate is currently agent for its mln dlrs revelving credit facility which would be replaced by the proposed two billion dlr financing usair put its total cost of completing the tender offer at billion dlrs its pacific southwest takeover which has received federal approval and is due to come up for shareholder approval later this month is for dlrs a share or mln dlrs total usair said it has already bought mln piedmont common shares or pct of the total outstanding from norfolk southern corp nsc for mln dlrs the tender offer which is being made through a usair subsidiary usag acquisition corp would not be valid unless usair is left with more than half of piedmont s total outstanding common stock after the april expiration while negotiations on terms and interest rates of its bank loans are not yet complete usair said it expects them to be in the form of a one billion dlr two year term loan and a one billion dlr seven year revolving credit facility the company said it expects to repay the two year loan through equity preferred and debt offerings and possibly internal funds and the sale and or leaseback of aircraft reuter
acq	jannock acquires pct of intercon security jannock ltd said it acquired a pct interest in intercon security ltd for five mln dlrs and intercon founders brian legge and richard grange will hold the remaining pct and will continue to manage the company intercon security employing people provides a full range of security equipment and services jannock said reuter
crude	canadian oil companies raise crude prices petro canada the state owned oil company said it raised the contract price it will pay for crude oil canadian cts a barrel effective march six petro canada s posted price for the benchmark light sweet grade edmonton swann hills at api gravity now stands at canadian dlrs bbl their light sour grade is posted at canadian dlrs bbl earlier today shell canada shc said it raised its crude postings about canadian cts bbl bringing edmonton light sweet to canadian dlrs bbl and the light sour crude to canadian dlrs bbl imperial oil imo a a pct owned subsidiary of exxon corp said that effective march five it also raised its light sweet crude posting to canadian dlrs bbl reuter
acq	dart group said it offers to buy supermarkets general at dlrs shr
acq	bci holdings to sell bottled water division bci holdings corp said its beatrice u s food corp retained shearson lehman brothers inc to assist in the sale of its national bottled water business it said products of the subsidiary based in monterey park calif are sold under the arrowhead brand name in california and arizona the ozarka name in texas and the great bear name in northeastern states reuter
grain	usda estimates ussr grain imports mln tonnes vs in feb in
grain	usda estimates soviet grain crop at mln tonnes vs in feb year ago
acq	dart darta makes offer for supermarkets sgl dart group corp said it offered to buy supermarkets general corp for dlrs per share in cash earlier supermarkets general said an unsolicited third party had made the offer analysts estimated the value at about billion dlrs based on mln shares outstanding kidder peabody and co inc told dart that kidder s affiliate will be prepared to advance up to mln dlrs on a subordinated basis
orange	usda orange juice yield estimate the u s agriculture department projected an average yield of gallons of frozen concentrated orange juice per box degree brix equivalent from florida s crop that compares with gallons per box previously and gallons per box from the crop the crop reporting board said the estimates for the season are based on maturity and yields tests as of march reuter
potato	usda winter spring potato estimates the u s agriculture department estimated winter potato production based on march conditions at cwts lbs vs cwts indicated last month and cwts last year the department estimated winter potato area for harvest at acres vs acres last month and acres in the yield per harvested acre for winter potatoes is estimated at cwts per acre vs cwts last year the department also projected spring potato crop area planted at cwts vs cwts last year and area for harvest at acres vs acres harvested last year reuter
acq	caesars world caw bid valued at mln dlrs mts acquisition corp said it will need about mln dlrs to acquire the caesars world inc shares not owned by its owner martin t sosnoff the estimate came in mts acquisition s proxy statement to caesars world shareholders describing its offer of dlrs a share for their stock which was announced this morning in that announcement mts acquisition said its bank and investor bankers felt they could provide financing totaling mln dlrs for the offer sosnoff is caesars world s largest shareholders with of the company s shares that is about pct of the outstanding stock on a fully diluted basis the proxy said besides being the sole owner of mts acquisition sosnoff owns pct of atalanta sosnoff capital corp s atl stock and is chairman of that investment management and brokerage firm reuter
gold	carolin mines has new gold assay results carolin mines ltd said recent assays of tailings at its hope british columbia mine ranged from to ounces of gold per ton there were only trace amounts of platinum and palladium the company said carolin said the results sharply disagreed with an earlier assay performed by intergold u s a inc which showed ounce of gold per ton and ounce of platinum per ton carolin also said it expects to receive results of further tests and assays of the tailings within two to three weeks reuter
gold	carolin mines crlnf has new assay results carolin mines ltd said recent assays of tailings at its hope british columbia mine indicated that ounces of gold per ton ranged from to there were only trace amounts of platinum and palladium the company said carolin said the results sharply disagreed with an earlier assay performed by intergold u s a inc which showed one ounce of gold per ton and ounce of platinum per ton carolin also said it expects to receive results of further tests and assays of the tailings within two to three weeks reuter
ship	seaman s strike continues marines unload ships brazilian marines were today working on the unloading of ships at the local port as a national strike by seamen entered its th day without signs of an agreement the halt the first national strike by seamen in years started on february and union leaders said they would not return to work unless they received a pct pay rise shipowners have offered a pct raise which the seamen rejected television reported that the port was operating at full speed but that s not true a striking seaman told reuters the marines are doing their best but they don t have the manpower nor the experience to control the situation in such a quick period he said port officials said the national halt had already caused losses estimated at mln dlrs despite the presence of marines there were no reports of incidents reuter
crude	ecuador quake to cut oil revenues mln dlrs up to people were feared dead and more than people left homeless by thursday s earthquake which will cost ecuador close to mln dlrs in lost petroleum revenues authorities said they estimated the cost of repairing a damaged oil pipeline at mln dlrs the magnitude of the damages caused by the earthquake is gigantic president leon febres cordero said after inspecting the damages in napo the hardest hit jungle province miles from here the quake damaged km of an oil pipeline forcing this opec nation to suspend crude exports for four months president febres cordero said in a statement issued today by the presidential press office the country would lose an estimated mln dlrs in crude exports until the pipeline was repaired the president said it would cost mln dlrs to repair the pipelline which carries oil from jungle oil fields over the andes to balao a pacific ocean port crude traditionally accounts for up to two thirds of ecuador s exports the quake triggered landslides swelling the aguarico river which burst it banks carrying away homes and huts in napo province health minister jorge brancho told reuters we fear that up to people died in napo though there is no way of now knowing the exact figure because many people have disappeared he said other estimates ranged as high as dead so far corpses have been recovered bracho said information minister marco lara told reporters the number of dead and injured is not known because we do not know how many people lived in the homes hit by the landslides bracho said at least were left homeless in the cayambe district reuter
acq	business editor theodore cross offers dlrs share for harper and row
acq	business editor offers dlrs for harper hpr theodore cross editor of business and society review a business publication said an investor group he heads has offered to buy harper and row publishers inc for dlrs a share cash in a filing with the securities and exchange commission cross said he proposed the takeover to the board of the new york publishing house today cross whose investor group includes his wife mary said they already hold harper and row common shares or pct of the total outstanding common stock they said they have spent mln dlrs on their stake so far cross said he proposed in a letter to harper and row that the company be merged into a company cross is forming suggesting that the total cost of completing the merger would be mln dlrs cross said he would use mln dlrs of his own money for the deal and up to mln dlrs which would be borrowed from the first national bank of boston under a revolving credit facility the bank has agreed to provide
livestock	ccc accepts export bonus dairy cattle to morocco the commodity credit corporation ccc has accepted a bonus offer from an exporter on the sale of head of dairy cattle to morocco the u s agriculture department said the department said the bonus awarded was dlrs per head and was made to brown swiss enterprises inc it will be paid in the form of commodities from ccc inventories the cattle are for delivery during march september the department said the purchase completes the export enhancement program initiative for dairy cattle to morocco announced on april reuter
livestock	ccc export bonus dairy cattle for canary islands the commodity credit corporation ccc has accepted a bonus offer from an exporter on the sale of head of dairy cattle to the canary islands the u s agriculture department said the department said the bonus awarded was dlrs per head and was made to t k international inc it will be paid in the form of commodities from the inventory of ccc stocks the cattle are for delivery during march june it said an additional head of dairy cattle are still available to the canary islands under the export enahcnement program initiative announced july it said reuter
instal-debt	u s consumer credit rose million dlrs in jan vs million dec gain
crude	usx x unit raises some crude postings marathon petroleum company a subsidiary of usx corp x said it raised the contract price it pays for three grades of crude oil effective march illinois sweet and indiana sweet are both being raised cts a barrel to dlrs bbl and the southern michigan grade is being raised cts bbl also to dlrs a bbl the west texas intermediate grade was unchanged reuter
earn	united brands inc th qtr shr profit six cts vs loss cts
earn	national fuel gas nfg sets split higher payout national fuel gas co said its board has approved a two for one stock split and will consider an increased cash dividend at its june meeting the company also said management will recommend at the june board meeting an increase of cts per share in the current annual dividend rate of dlrs a share raising it to dlrs per share or dlrs a share after the split national fuel gas said the split will be paid to holders of record may a spokeswoman said the distribution date for the split has not been determined the company said the split is subject to approval of the securities and exchange commission under the public utility holding act the company now has shares outstanding reuter
acq	sensormatic snsr ups checkrobot ckrb stake sensormatic electronics corp said it upped its investment in checkrobot inc in the form of mln dlrs of convertible preferred stock raising its stake in checkrobot to pct from pct on a fully diluted basis reuter
ship	union shippers agree to cut n y port costs the new york shipping association and international longshoremen s association said they agreed to cut cargo assessments at the port of new york and new jersey by more than pct on some labor intensive cargos the charges on cargo handled by union workers will be reduced to dlrs a ton from dlrs a ton effective april one according to the agreement between the union and shippers the assessments are used to fund workers benefits what were doing is lowering the price to get more bulk cargo flowing through here a spokesman for the new york shipping association said
money-supply	treasury balances at fed rose on march treasury balances at the federal reserve rose on march to billion dlrs from billion dlrs the previous business day the treasury said in its latest budget statement balances in tax and loan note accounts fell to billion drls from billion dlrs on the same respective days the treasury s operating cash balance totaled billion dlrs on march compared with billion dlrs on march reuter
ship	csx csx unit sets improved shipping service csx corp s sea land corp unit said it will offer improved containership services between puerto rico and the east coast and gulf coast of the united states beginning march the carrier said it will provide shorter door to door transit times more convenient cargo availability and better rail connections for traffic moving between puerto rico and north america reuter
gnp	world bank report criticises peru economic plan a confidential world bank report on the peruvian economy said the government s strategy does not offer good prospects for medium and long term growth and is likely to quickly lead to inflation the report published today by an economic monthly the peru report said the success of president alan garcia s government in stimulating output last year to achieve eight pct gross domestic product growth represents gains in the short term at the expense of the long government officials had no immediate comment on the report which advised a reduction in the overall size of the public investment programme and greater emphasis on the preservation of peru s export potential the report said that although the government had succeeded in cutting inflation pct a year in the first half of to under pct its stabilisation and reactivation programme was encountering increasing difficulties an early renewal of inflationary pressures linked to monetary expansion exchange rate devaluation and an easing of price controls appears not improbable it added
gnp	ministers feel ec forecasts too pessimistic european community finance ministers discussed the economic outlook for the nation bloc and many said a recent gloomy forecast by the ec commission was too pessimistic the commission the ec s executive authority two weeks ago cut its forecast for economic growth in the community to per cent for this year from per cent predicted last autumn it said economic prospects had been less promising over the past few months because of a sharp fall in the value of the dollar and a slowing of world trade factors which would restrain community exports but diplomats said several member states led by west germany britain and france felt the forecast was too gloomy especially since it was drafted before a recent agreement between the leading western economic powers to stabilise currencies around current levels many delegations feel the commission s report is rather too pessimistic said belgian finance minister mark eyskens who chaired the meeting the commission which slashed its growth forecast for west germany to two per cent from per cent has made clear it feels bonn has room to introduce additional measures to stimulate its economy that would benefit the rest of europe but two top german officials state secretaries otto schlecht and hans tietmeyer told reporters bonn saw no need at the moment for action to bolster the ec s biggest economy the diplomats said they were backed by britain and france while italy greece and denmark supported the commission s view that bonn should bring in new measures to aid ec growth
instal-debt	u s consumer credit rose mln dlrs in jan u s consumer instalment credit rose a seasonally adjusted mln dlrs in january after a revised rise of mln dlrs in december the federal reserve board said the annual rate of growth in january was pct up from pct in december previously the fed said consumer credit rose mln dlrs in december among the credit categories auto credit fell in january to billion dlrs from billion dlrs in december the fed said revolving credit in january fell by mln dlrs after rising by mln dlrs in december mobile home credit was up by mln dlrs after falling by mln dlrs in december the category referred to as other covering bank and credit union loans fell by mln dlrs in january after declining by billion dlrs in december the fed said before seasonal adjustment consumer credit outstanding totaled billion dlrs at the end of january compared with billion dlrs at the end of january reuter
crude	conoco raises crude oil prices up to one dlr barrel wti at dlrs
acq	viacom via nat l amusements seek fast merger the chiefs of viacom international inc and national amusements inc said they met and agreed to work together to complete the previously announced merger of the two companies as expeditiously as possible a spokeswoman for viacom declined to say if the executives had set a timetable for closing the deal viacom last week agreed to be acquired by national amusements for a combination of cash and stock with an estimated value of dlrs a share or a total of about billion dlrs
earn	general cinema corp st qtr oper shr cts vs cts
interest	bank board says mortgage rates down in february the federal home loan bank board said interest rates on both fixed rate and adjustable rate home mortgage loans were down substantially in early february the bank board said the average effective commitment rate for fixed mortgages with a maturity of at least years for new home purchases dropped to pct in early february a basis point decline from early january the commitment rate on adjustable rate mortgages declined by basis points in the same period bringing the average rate to pct the bank board said the average effective interest rate on all loans closed by major lenders declined basis points from early january to pct in early february the lowest rate since march the bank board said the average effective rate for fixed mortgages was was pct down basis points from the early january level the average effective rate for adjustable rate mortgages declined basis points to pct the bank board said reuter
acq	noranda to spin off forest interests into separate company
crude	api president sees options to avert oil crisis american petroleum institute president charles dibona said no options should be rejected to combat growing u s dependence on foreign oil no action should be ruled out import fees or quotas floor prices tax incentives or other alternatives while a national dialogue on the issue continues dibona said at a paper institute conference in new york today dibona said there is no unanimity within the industry on how to stimulate energy production but there is consensus on removing several government policies that hinder investments in new prospects dibona said the windfall profit tax should be abolished immediately and current proposals for increased environmental regulations on acid rain and waste disposal should be not adopted he also suggested that the arctic national wildlife refuge in alaska should be opened up for leasing to oil companies dibona said this is a battle the industry cannot afford to lose if the nation is to continue to benefit from alaskan oil dibona said since u s oil production has fallen while consumption rose and that has raised dependence on imported oil particularly from opec dibona said reuter
interest	u s sells mo bills at pct stop pct mo pct stop pct
acq	national distillers dr closes almaden sale national distillers and chemical corp said it completed the sale of almaden vineyards inc to heublein inc for about mln dlrs heublein a former subsidiary of rjr nabisco inc rjr was recently acquired by grand metropolitan plc almaden based in san jose calif makes and sells table wines champagnes and brandies as well as some premium wines under the charles lefranc cellars label reuter
acq	ceasars world says it is studying unsolicited dlr per shr offer by martin sosnoff
interest	u s bill auction rates average pct the u s treasury said its weekly auction of three month bills produced an average rate of pct with a pct rate on six month bills these rates compared with averages of pct for the three and pct for the six month bills sold last week the bond equivalent yield on three month bills was pct accepted bids ranges from pct to pct and pct of the bids at the high or stopout rate were taken for six months the yield was pct and the bids ranges from pct to pct with pct of the bids accepted the treasury said it received billion dlrs of bids for the three month bills including billion dlrs in non competitive bids from the public it accepted billion dlrs of bids including billion dlrs from the federal reserve and mln dlrs from foreign and international monetary authorities some billion dlrs in bids for six month bills were received including mln dlrs in non competitives the treasury accepted billion dlrs including billion dlrs from the fed and mln dlrs from foreign and international authorities the average price for the three month bills was and prices ranged from to the average price for the six months bills was and prices ranged from to the average yield on the three month bills was the highest since pct on feb the average yield on the six month bills was the highest since pct on feb reuter
acq	canada mulling selling petro canada mulroney prime minister brian mulroney said the government was considering selling petro canada and the sale would proceed if it were in the national interest to do so mulroney told the house of commons assets of the huge oil company would be examined before a decision was made just as other state run companies were studied before being sold under ottawa s privatization program the government is going to examine assets of this nature to ascertain if they continue to play an appropriate role in public policy and we will make a determination as we have in other cases mulroney told the daily question period asked by opposition members to clairify finance minister michael wilson s statement on friday that petro canada no longer has any pubilic policy role mulroney said his government has long promised to sell off companies that could be better run by the private sector outside the house energy minister marcel masse said petro canada would be worth between three and four billion dlrs and because of the size could be difficult to sell he also said he would prefer to see canadians participating in any privatization but would not give any details on timing of a sale reuter
acq	news corp nws completes purchase of newspaper the news corp said the south china morning post ltd of hong kong become a wholly owned subsidiary march as previously announced reuter
acq	richmond hill rich riverhead end merger talks richmond hill savings bank and riverhead savings bank fsb said they terminated their previously announced merger negotiations the banks gave no reason for ending the talks which began on january reuter
earn	general cinema gcn poor season lowers net general cinema corp said lower attendence at its theatres against last year s record christmas season lowered its first fiscal quarter operating earnings nine pct to mln dlrs while we are not off to as good a start in fiscal as we would like business has picked up in the last few weeks chairman richard smith said he said that the company expected net pricing to be higher and unit volume to improve in the remaining quarters of the fiscal year the company added that operating earnings in its theatre unit will be higher in fiscal if the important summer season film releases perform well in addition its other key business general cinema beverages is expected to achieve record operating results for the full year smith said the company s superstar video business which rents video cassettes in supermarkets continues to operate at an expected loss the company added general cinema said the financing costs associated with its purchase of mln carter hawley hale stores inc chh shares for mln dlrs and its mln sterling investment in cadbury schweppes plc lowered first quarter net but it said the loss was offset by a mln dlr gain on the sale of common shares of sea land corp a unit of csx corp csx reuter
acq	ceasars world caw studying sosnoff offer ceasars wold inc said its board is studying the unsolicited and conditional tender offer for all its common shares at dlrs per share from martin t sosnoff a company spokesman said the board expects to make a recommendation shortly but could not specify a time period ceasars world chairman henry gluck in a statement urged shareholders not to take any action with respect to the offer prior to the board s recommendation sosnoff made the offer directly to shareholders in a newspaper advertisement through a company he formed called mts acquisition corp it expires april reuter
earn	americus trust byu byp initial qtrly div americus trust for bristol myers shares announced an initial dividend of cts payable may for shareholders of record april reuter
acq	united security unse to buy robert brown unit united security financial corp of illinois said it has signed a letter of intent to buy robert co brown and co inc s rcbi magic insurance group unit robert c brown and co would receive newly issued united security stock united security said it is anticipated that such stock would represent a substantial majority of the shares outstanding after the merger united security s principal subsidiary is united security life insurance co of illinois the magic group owns pilgrim life insurance co of america and middle atlantic life insurance co reuter
acq	warrington sells shoe divisions warrington inc said it sold its shoe divisions to montreal based taurus footwear inc for undisclosed terms the divisions manufacture and distribute greb hush puppies kodiak and santana brand shoes and had revenues of about mln dlrs last year warrington said it said the sale of the shoe divisions and the previous sale of its ski boot businesses will result in an unspecified net gain warrington said it plans to concentrate on its canstar sports group inc skate and athletic footwear division the largest ice skate manufacturer and distributor in the western world warrington said it decided to rationalize the balance of its ski businesses which is expected to result in a divestment loss which could outweigh the net gains on the sales of its shoe and ski boot divisions taurus said the acquisition is expected to increase its annual sales to about mln dlrs and make it canada s largest footwear manufacturer reuter
crude	dupont dd unit raises crude oil prices conoco inc a subsidiary of dupont corp said it was increasing its contract prices for crude oil between cts and one dlr a barrel effective today conoco said the increase brings its price for the u s benchmark crude west texas intermediate to dlrs a barrel up one dlr south louisiana sweet also up one dlr is now dlrs west texas sour was up cts to dlrs a barrel conoco was the last company to raise prices following a series of increases initiated last week by sun co sun which reversed the posted price cuts made at the end of february reuter
grain	cbt discusses major changes for renovation chicago board of trade cbt agricultural and financial futures markets could be in for a period of major upheaval later this year if the exchange goes ahead with planned renovation a cbt spokesman told reuters the exchange was looking at a number of options to identify the most cost effective and efficient way to proceed including one which would involve moving the entire grains floor out of the building and into the nearby midamerica commodity exchange one of cbt chairman karsten mahlmann s agenda items has been to proceed with renovation in the financial futures room the spokesman said another cbt official executive vice president george sladoje said the issue would be discussed this friday at a special meeting on the exchange floor a number of presentations have been made with regard to renovating the financial futures room sladoje said we ve looked at five or six different alternatives involving such things as flip flopping the trading rooms he added it is conceivable that under a couple of these plans we might use the midamerica exchange temporarily for some cbt markets sladoje said if we move out of one floor entirely then the construction period will be about a year he said adding that the issue was likely to go to a membership vote first and then be on the drawing board for eight months to a year the cbt spokesman stressed that discussions were very preliminary at this stage and nothing was likely to begin until this summer at the earliest in order to renovate the crowded financial futures pits exchange officials have discussed providing them a temporary home next door in the present grains dominated area this could involve moving cbt markets in u s treasury bond futures treasury notes muni bonds and options on t bonds and t notes through an adjoining corridor while utilizing the midamerica floor for such cbt futures contracts as corn wheat soybeans soybean products and agricultural options any such moves could meet with opposition among some cbt members one senior floor trader said the financial futures room badly needs renovating there is talk the grains floor will shift to the midam and the financials will move to the grains area he said the cbt spokesman said another option being discussed was to renovate the financial floor in quadrants one quarter at a time the first step after deciding the most effective way to proceed would be to get architectural and engineering drawings he said he added that it was difficult at present to determine an exact time frame for any possible moves this is a major undertaking and a process that would spread out over next year he said floor traders at the midamerica commodity exchange which merged with the cbt about a year ago said they were preparing to vacate their floor at the end of this month space has recently been cleared for them at the cbt by moving its major market index pit into the area once reserved for lightly traded cbt gold and silver futures which now share their trading area the midam specializes in mini contracts in grains livestock metals financials and foreign currencies as well as some options contracts rumor has it that the cbt grains are coming over here because the bonds are too crowded one midam trader said another source at the midam said this change could take place by july or august reuter
acq	group seeks prime medical pmsi holder list a group of investment firms led by far hills n j investor natalie koether said it is seeking information about the shareholders of prime medical services inc over which it has said it is seeking control in a filing with the securities and exchange commission the group which includes shamrock associates included a march letter to prime which asks for a complete list of all shareholders and their addresses the group said it wants the information so it can contact shareholders on issues including election of an opposition slate of directors to the board and other proxy contests the koether group s letter gives the company five days to respond to its request if there is no response from prime medical the group said it would consider the demand refused and would take other proper steps to get the information the group said it already holds prime medical shares or pct of the total it said it has taken legal action to try to force the company to set an annual meeting and require all directors to stand for election in a previous sec filing the group has said it has decided to try to seek control of prime medical through a tender offer exchange offer proxy contest or other ways reuter
acq	grand metropolitan plc unit to sell business grand metropolitan plc said its grandmet usa inc unit decided to sell its physical fitness and exercise equipment business the company said morgan stanely and co inc is advising it on the sale of the business reuter
acq	chrysler c amc buyout valued at billion chrysler corp s proposed acquisition of american motors corp is valued at about billion dlrs including the cost of acquisition and the mln dlrs in american motor debt that chrysler will assume analysts said they said chrysler s cost of acquisition was valued at mln dlrs paid in cash notes and chrysler shares the analysts told reuters that at a new york briefing chrysler treasurer fred zuckerman outlined his company s agreement with renault to assume amc s debt as well as mln dlrs in unfunded pension liabilities though the latter is not included valuing the transaction analysts were generally positive on chrysler s proposed purchase of its much smaller rival but said they expected the transaction would carry with it a short term dilution in chrysler s earnings a chrysler financial source speaking anonymously told reuters that the proposed purchase price was smaller than it would have been had a deal been struck last year because the impact of the new u s tax law removes chrysler s ability to assume amc s large reserve of tax loss carryforwards accumulated from its losses since there were very serious discussions last fall but we didn t pull it off the source said in a reference to the assassination in november of former renault chairman georges besse it s too bad because the tax benefits fell on the floor and renault could have gotten a much better price if we d done it before the end of last year in addition to amc s debt and its pension liabilities the source said chrysler would also assume any liability from lawsuits over the safety of jeeps which he called an overhang to the company analysts quoted chrysler officials as having told them that the deal includes payment to renault of mln dlrs principal in the form of a year note at eight pct interest mln dlrs cash for renault s equity in amc s finance subsidiary mln dlrs in cash for transaction fees in connection with the acquisition and mln dlrs worth of chrysler stock to be paid amc shareholders the big number is the mln dlrs in debt assumption analyst jack kirnan of kidder peabody and co told reuters moody s investors service inc said it may downgrade billion dlrs of chrysler corp and unit debt due to the deal but the chrysler source said that in assuming amc s liabilities his company will refinance at a lower rate any amc debt that is being carried at non market rates he said there were difficulties in negotiating with the previous renault management on the acquisition because they were committed to the group s business plan of which amc was an integral part the new management didn t have that problem amc wasn t their baby he said reuter
acq	washington nat l wnt buys united presidential washington national corp s washington national insurance co said it bought the remaining pct of united presidential corp s upco outstanding shares at dlrs a share cash the acquisition of the shares is part of a plan of exchange approved by united presidential shareholders at a special meeting march the purchase of the remaining united presidential stake follows washington national s buying pct of united presidential in a dlrs a share tender offer which terminated december reuter
acq	conagra cag completes merger with trident conagra inc said it completed the merger of its sea alaska products co unit and trident seafoods corp conagra said the new company in which it holds a pct stake will be called trident seafoods corp charles bundrant president of trident before the merger was named president of the new company conagra said conagra said it also completed the previously announced acquisition of bristol monarch corp and that trident completed the purchase of the remaining pct stake of san juan seafoods inc reuter
earn	atco ltd sees gain from sale atco ltd said its atco development unit agreed to sell the canadian utilities center in edmonton alberta and the canadian western center in calgary the sales together with the previously announced sale of atco s australian operations will gross mln dlrs and result in an after tax gain of mln dlrs which will be reflected in atco s fiscal year results its fiscal year ends march the company said in addition the sales will produce mln dlrs cash after debt reduction of mln dlrs atco said reuter
acq	lindner tells sec he has had talks with taft on seeking control of company
acq	bancroft bcv files suit against zico bancroft convertible fund inc said it filed a lawsuit in federal court in newark n j seeking to block a hostile dlr a share takeover offer by zico investment holdings inc bancroft said the suit also names michael b javett principal officer of zico and first fidelity bancorp s ffb first fidelity bank unit the depositary for zico s offer bancroft said the suit also names georgeson and co inc zico s information agent and luthie intercontinentale inc a panamanian corporation bancroft said its complaint alleges that zico s tender offer materials include false and misleading information and that the offer violates the investment company act of the company said its stockholders approved proposals that will insure that it remains independent reuter
acq	lindner says he discussed control of taft tfb financier carl lindner who holds a pct stake in taft broadcasting co told the securities and exchange commission he has discussed with the company the possibility of seeking control of it lindner the cincinnati ohio investor who controls american financial corp said his talks with some of taft s managers and directors have been aimed at achieving an increased ownership position in the company lindner said his increase in ownership would be made either by making an offer to acquire control of taft or taking part in a group to acquire the company lindner who holds his taft stake through american financial and its subsidiaries said he is also considering buying more taft stock on the open market or in private deals he did not say whether the talks with taft officials led to any agreements or understandings but lindner said he intends to review his investment in taft and may be involved in further talks or take other steps regarding the future control and direction of taft lindner s investor group recently raised its taft stake to shares or pct from shares or pct after buying shares for a total of mln dlrs although he recently received clearance from the federal trade commission to raise his stake in the company to pct lindner in previous sec filings has always stressed that his interest in taft was for investment only and not was not seeking to control the company an investor group headed by members of the wealthy bass family of fort worth texas also holds about pct of taft s common stock reuter
acq	investors set deadline for japan fund jpn an investor group that includes t boone pickens iii said it set a deadline of est on march for its offer to acquire japan fund inc the group which also includes sterling grace capital management inc lp and anglo american security fund lp said it was willing to deposit in escrow japan fund shares worth about two mln dlrs to insure its ability to obtain financing if japan fund approves its offer the group said japan fund has not responded to its offer worth about mln dlrs at current market prices reuter
acq	investor firms have pct of symbion symb a group of affiliated firms led by warburg pincus capital co l p a new york venture capital and investment partnership said it has acquired shares of symbion inc or pct of the total outstanding in a filing with the securities and exchange commission the warburg pincus group said it bought the stake for investment purposes although the group said it is considering buying more shares of symbion it said it has no plans to seek control of the company reuter
acq	offshore investor has pct of hauserman hasr kindness n v a bahamas based firm owned by u k investor and bahamas resident john templeton said it has acquired shares of hausereman inc or pct of the total outstanding common stock in a filing with the securities and exchange commission templeton said he bought the shares for investment purposes only and has no intention of seeking control of the company reuter
acq	investment firms up stake in mcgill mftg mgll a group of affiliated investment firms led by bermuda based fidelity international ltd and boston based fmr corp told the securities and exchange commission it raised its stake in mcgill manufacturing co inc the group said it raised its stake to shares or pct of the total outstanding common stock after buying mcgill common shares between jan and march at prices ranging from to dlrs a share reuter
earn	cts cts increases loss cts corp said it increased its loss from continuing operations to mln dlrs from the previously announced mln dlrs loss the figure was increased to include expenses involved with its settlement of a dispute with dynamics corp of america dya the settlement involved a takeover bid for cts by dynamics corp which had offered to buy the shares of cts that it did not already own cts made a profit of mln dlrs from continuing operations in cts said it charged an additional mln dlrs in special expenses to its operations as a result of the dynamics corp settlement the additional expenses include the obligation to reimburse dynamics corp subject to approval of cts shareholders a total of mln dlrs for dynamics corp s expenses and other costs relating to cts reuter
acq	investment firm raises certron crtn stake louart corp a los angeles investment firm said it raised its stake in certron corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission louart said it bought certron shares between sept and march at a total of dlrs a share it said its dealings in certron were for investment only but said it might increase its stake it said it has no plans to seek control of the company reuter
acq	hogan systems hogn in acquisition hogan systems inc said it acquired systems inc of durango colo for mln dlrs hogan said systems provides integrated applications software and processing services to about community banks systems has revenues of mln dlrs a year hogan said reuter
crude	pickens sees continued slump in working rigs t boone pickens the texas oilman and financier said he believes the heady days the oil service industry had in the early s when over oil rigs were once reported operating will not return in his lifetime pickens told reuters he expects the rig count to drop to below before recovering he added that oil prices will eventually rise to dlrs then to dlrs after currently some oil rigs are operating in the u s down sharply after oil prices slipped from dlrs in late to around dlrs in prices are now around dlrs the highest number of working rigs was in december the rigs won t go back to work until the price of oil gets above dlrs he said adding that while he expects to see dlr a barrel oil he does not expect to see rigs operating in his lifetime pickens is pickens who is currently touring the country promoting his autobiography boone said he does not believe the u s should impose an oil import fee in order to stimulate the domestic oil industry reuter
money-fx	miyazawa says paris accord helping stabilise rates finance minister kiichi miyazawa said the paris currency accord has contributed to the stability of exchange rates miyazawa told a press conference the agreement reached last month in paris by six major industrial nations to cooperate in bringing about currency stability has prevented speculative concerns from being active in money centres the decision in paris is being understood by the market he said the yen dollar exchange rate has been moving in a narrow range since finance ministers of britain canada france japan the u s and west germany reached the accord reuter
money-fx	australian reserve bank in buying intervention the reserve bank said at local time it was offering to buy short dated government securities in the short term money market the bank s action followed its purchase of short dated government stock and six day repurchase agreements earlier in the session money market traders said the move was aimed at easing cash market interest rates which had risen on demand for funds to meet paye tax and treasury note settlement commitments reuter
rubber	rubber leaf disease seen affecting supply prices the leaf disease corenes pora which has affected some rubber trees in sri lanka and indonesia is likely to force a cut in supply and push up depressed prices a malaysian rubber disease researcher said trees with leaves hit by the fungus disease cannot be saved and must be felled chee kheng hoy head of the crop protection and microbiology division in the rubber research institute of malaysia rrim told reuters he was commenting on a reuter report which said corenes pora had hit seven pct of sri lanka s plantations and may cause output to drop below its target of tonnes the report said the sri lankan rubber research institute may ask estates to remove trees seriously affected by the disease and added that most estates affected belong to the state plantations corp and janatha estates development board chee said corenes pora is an old disease which only affects certain rubber clones in sri lanka and indonesia and that further use of such clones must be discontinued clones not resistant to the disease are the rubber research institute of sri lanka clone indonesia s ppn and pr and malaysia s rrim he said chee said corenes pora affected trees from the rrim clone planted in malaysia several years ago but had been curbed after use of such clones were discontinued fungicide may be used to curb the disease which also affects leaves of other species of plants but experience has proven that it is uneconomical and expensive he added the disease is extremely difficult to control if it is not curbed in the two affected countries their rubber output may drop and prices can rise he said he added that the rrim was aware of the disease outbreak in sri lanka and was monitoring the situation reuter
ship	search for british ferry s toxic cargo continues the search continued for a cargo of poisonous chemical substances loaded on the herald of free enterprise ferry which capsized in zeebrugge harbour friday a total of drums of various toxic materials which were loaded on trucks in the ship s hold have been recovered but belgian authorities warned it was essential to recover a further containers of a cyanide based solution a net has been thrown over the gaping loading doors at the front of the ship to prevent any more drums floating out salvage workers have moved cranes into place alongside the wreck of the ton roll on roll off ferry which now lies partly submerged on a sandbank outside the harbour the ferry s owner is european ferries plc majority owned by peninsular and oriental steam navigation co plc porl l the operation to right the vessel began yesterday after divers abandoned their search for more bodies experts said it could take months to refloat the ship and free the bodies estimated to be trapped amid debris the problem is that in these waters you can normally expect one working day out of four said daan kaakebeen of dutch salvage experts smit tak international of rotterdam he estimated the job itself would require working days using reinforced cables salvage experts intend to raise the ship and set it down into a trench dug alongside salvage work could pinpoint the exact cause of the loss of the ferry one of three sister vessels plying cross channel routes from england to continental europe suspicion at present is focused on the ferry s main vehicle loading doors set close to water level in london transport secretary john moore told parliament yesterday that the ship keeled over after water gushed in through the bow doors he said a major government inquiry into the disaster will be held all similar ferries sailing from britain will be inspected and owners will be asked to fit lights to give warning if bow doors are not properly closed experts carrying out tank and computer tests to determine how the accident occurred will focus attention on the ship s doors its ballast system and crew procedures he added two other investigations into the disaster have also begun one belgian and one by the ferry s owners reuter
trade	soviet economist sees few gains in u s trade there is little chance soviet exports to the united states will rise in but moscow s current trade reforms should result in more trade in manufactured goods in future a soviet economist said sergey frolov chief economist at amtorg trading corp an agent for soviet trade organisations and industries told a u s ussr business meeting the soviet union produces few items that western nations want but reforms including upgrading the quality of goods and allowing joint ventures with foreign firms will encourage modest export gains in future frolov said the soviet union exported mln dlrs worth of goods to the united states in and imported billion dlrs worth he gave no trade forecast for but he said that even if all obstacles were removed total trade between the two countries would remain between two and three billion dlrs a year the post detente embargoes have taught the ussr to limit its trading with the u s he said reuter
money-fx	china allows nationwide foreign exchange saving people throughout china can now open foreign exchange accounts at the bank of china the official shenzhen economic zone daily said previously only residents of guangdong and fujian provinces could do this the paper also said the minimum for opening a fixed deposit account had been cut to yuan equivalent from yuan the minimum for a current account is yuan equivalent the paper said depositors could now withdraw all or part of their account subject to a branch s reserves instead of only a fixed amount as previously the paper said deposits may now be opened in french francs as well as the already available u s dollar hong kong dollar sterling yen and marks bank of china branches in hainan island also accept deposits in singapore dollars and those in wenzhou zhejiang province accept deposits in dutch guilders the paper said it gave no further details reuter
trade	economic spotlight japan pushes its chipmakers japanese microchip makers are being strong armed into compliance with a u s japan pact on semiconductors halting predatory pricing and opening japan s market to foreign chips industry analysts said but doubts remain over whether the ministry of international trade and industry miti which is pressuring the firms can successfully battle market forces and whether the u s industry is geared up to take advantage of any breathing space they said u s threats to scrap the agreement signed last september have pushed miti to try harder to get recalcitrant japanese chipmakers to abide by the pact the analysts said miti has been moving hot and heavy throughout the industry to get things done said bache securities japan associate vice president peter wolffe last month miti told chipmakers to cut production for the january to march period by pct to help dry up inexpensive chips that have escaped from japan to grey markets not subject to the pact s price controls the ministry also asked electronics firms to provide distributors with certificates designating them as authorised exporters in an effort to close loopholes through which grey marketeers sneak chips out of japan market analysts said u s trade negotiators here last week said the pact was in jeopardy because of continued dumping in non american markets and little sign of increased foreign sales in japan but major japanese firms appear to have agreed to the production cuts several analysts said last week nec corp said it would cut production in line with miti s request nec has been the most aggressive in resisting miti s demands said david keller analyst at james capel and co once nec cuts production it means they all have still pressures remain to keep production high japanese firms need high output to cut unit prices for u s sales that the commerce department assigns them under the pact the best way to lower cost is to produce more said salomon brothers asia ltd analyst carole ryavec preparations for a possible upturn in demand could also spur higher production next quarter merrill lynch analyst matt aizawa said grey marketeers may also be able to outfox any new restrictions some industry officials said it s like tax avoidance schemes said steve donovan head of mmi japan k k as soon as you close one route another opens miti s pressure has annoyed some makers who had earlier shrugged off miti guidance it s getting to be like communism said one but analysts said output cuts could help by making it easier to increase prices as planned on april and forcing firms to stop extending market share by selling at a loss they re going to have to start running their businesses like businesses bache s wolffe said miti has also been conducting a highly public campaign urging chip users to buy foreign made chips but u s industry officials said response has been mixed at best there has been some change but it s not across the board said one u s spokesman the companies have a varying degree of urgency the ultimate impact of all these efforts by miti on the troubled u s industry remains in doubt analysts added pressure to cut production of kilobit dram dynamic random access memory chips could merely speed the transition to one megabit chips where japan now leads analysts said whether u s firms are able to stage a comeback in memory chips or interested in doing so also remains unclear they said analysts are watching with interest the fate of a new u s consortium which hopes to challenge japan by developing the most advanced technology for microchip manufacturing even in the thorny area of access much depends on u s commitment as well as on japanese openness some said the sia u s semiconductor industry association doesn t even have an office here a source close to the industry said you could question just how committed they are in addition some industry analysts question the effectiveness of a bilateral agreement that leaves out third country chipmakers such as those in south korea south korea s gaining market share said one analyst they re the real winners from the agreement reuter
interest	sumita says little room for bank of japan to further ease credit policy
interest	sumita says little room for bank to ease policy bank of japan governor satoshi sumita said there is little room left for the central bank to further ease its credit policy as interest rates levels are now approaching their lower limit the government should instead seek ways of making the best use of its fiscal policy he told a press conference his remarks were concerned with a comprehensive economic stimulative package the government plans to adopt in the coming days at the recent talks among the six major industrialised nations in paris japan promised to work out a comprehensive economic package to boost domestic demand which in turn would help increase its imports and reduce its trade surplus sumita also said the economy will show a gradual upturn in the second half of the year if the yen remains stable he said there is caution in the foreign exchange market against a further rise of the yen and mark and this explains the recent stability in the currency markets conflicting economic indicators from the u s have also been dampening market activity he added reuter
crude	iranian oil minister in uae talks iranian oil minister gholamreza aqazadeh is in the united arab emirates uae to discuss oil prices and the general market situation iranian officials accompanying him said he will meet uae president sheikh zaid bin sultan al nahayan and oil minister mana said al oteiba aqazadeh arrived last night after a brief stopover in riyadh where he met saudi arabia s oil minister hisham nazir the official saudi press agency quoted him as saying his talks at riyadh with nazir had been constructive and good aqazadeh said organisation of petroleum exporting countries opec members were agreed on holding production stable and he reiterated the importance of maintaining oil prices opec members agreed in december to limit production to mln barrels per day for the first half of this year and on a benchmark price of dlrs a barrel from february aqazadeh also visted opec members gabon algeria and libya the iranian news agency irna quoted him as saying before leaving tripoli that opec should do everything possible to make oil prices permanently stable reuter
crude	saudi arabia s king fahd wants stable oil prices king fahd said today saudi arabia wants oil price stability and he called on non opec producers to avoid harmful competition with the nation group his plea in an interview with reuters and the television news agency visnews came ahead of a state visit he will make to britain later this month king fahd was asked whether saudi arabia would be prepared to reduce its oil output below its opec quota of mln barrels per day bpd to defend the dlr benchmark price agreed to by opec last december the king replied saudi arabia doesn t decide prices by itself but certainly desires price stability non opec countries must help us in a framework of common interest so that there is no type of competition which could prove harmful to everyone he said asked if he saw the dlr per barrel benchmark as a first step towards higher world oil prices king fahd said it was not for saudi arabia but for all opec countries to determine such issues iran and algeria have already called for a higher benchmark in recent weeks the dlr level has come under pressure due partly to quota violations by some opec members king fahd said saudi arabia the world s largest oil exporter was adhering to decisions made at opec s december conference which set a mln bpd output ceiling for the first half of a major non opec producer britain has so far resisted the group s pleas to curb its north sea oil output the king also urged the world community to help the palestinians return to their homeland and called for a peaceful end to the iran iraq war the year old war could not be resolved on the battlefield he said reuter
earn	hillsdown holdings plc hldn l year shr p vs p div p vs p making p vs p adjusted for three for one capitalisation pre tax profit mln stg vs mln turnover billion vs billion tax mln vs mlnprofit attributable mln vs mln cost of sales billion vs mln gross profit mln vs mln distribution costs mln vs mln adminstrative expenses mln vs mln other operating income mln vs nil interest payable mln vs mln minority interests mln vs mln extraordinary credit sale of share in s and w berisford plc mln vs nil operating profit includes poultry eggs and animal feed mln vs mln food processing and distribution mln vs mln furniture and timber distribution mln vs mln fresh meat and bacon mln vs mln reuter
acq	kaufhof considering taking stake in hapag lloyd west german retail group kaufhof ag kfhg f is considering taking a stake in shipping and transport group hapag lloyd ag hplg f but has yet to reach a final decision a spokesman said in response to queries press reports said kaufhof wanted a stake of up to pct in hapag lloyd the kaufhof spokesman noted any decision on purchasing shares in the shipping group would have to be approved by the supervisory board which is due to hold a meeting tomorrow late last year the gevaert group of belgium and west germany s veba ag vebg f said they had each acquired a pct stake in hapag lloyd from deutsche bank ag dbkg f and dresdner bank ag drsd f industry sources estimate deutsche and dresdner hapag lloyd s majority shareholders held about pct of hapag lloyd s share capital before selling portions of it to gevaert and veba the two banks have said they eventually wanted to reduce their stake in the shipping group to pct each reuter
strategic-metal	japan and thailand to jointly extract rare metals japan s agency of natural resources and energy said it will begin experiments with thailand at the end of march to start commercial production of rare metals in under a joint project an agency official said it will set up a mln yen pilot plant in bangkok which will extract high quality rare metals such as titanium and niobium from sand left over from tin production processes in thailand the plant wilq use about a tonne of sand per day although it is unclear how much rare metal will be extracted the official said reuter
money-fx	hungary to devalue forint against western units hungary is to devalue the forint by an average of eight pct against western currencies the official news agency mti said mti did not say when the devaluation would become effective but it expected new rates to be announced later today hungary devalued the forint by a similar amount last september western bankers say the forint is more realistically valued than currencies of hungary s comecon allies reuter
earn	hillsdown says early results encouraging hillsdown holdings plc hldn l said early results for were encouraging and the combination of its investment and acquisition strategies enabled it to look forward confidently for an excellent result for the year the company was commenting on results which showed pre tax profit rising to mln stg from mln previously on turnover that lifted to billion from billion the figures initially boosted the share price to p from p last night but they then eased back to p by gmt hillsdown said capital expenditure rose in to mln stg from mln and would continue at this high level in the placing of mln shares last year raised mln stg and enabled shareholders funds to more than double to mln at year end net borrowings were pct of shareholder s funds and the group had listed investments of mln the company said it had bought a total of companies during the year for a total price of some mln stg although these had made minor contribution to profits the real benefits would come in and beyond reuter
earn	nippon oil sees sharply lower sales and profits nippon oil co ltd npol t predicted parent company net profit of about nine billion yen in the year ending march down pct from a year earlier president yasuoki takeuchi told a press conference current profit for the year was estimated at to billion yen down to pct from a year earlier he said takeuchi said sales are expected to fall pct to billion yen for the fifth consecutive year on year drop this year s fall was due to lower selling prices for end users which more than offset the yen s appreciation the company will retain six yen dividend for reuter
earn	bejam group plc bjam l weeks to january shr p vs p div p vs p pre tax profit mln vs mln tax mln vs mln turnover mln vs mln note company said it was unlikely second half profits will show same rate of increase as first but it had great confidence in prospects for future growth reuter
iron-steel	nippon steel inland discussing u s joint venture nippon steel corp nstc t and inland steel co of the u s are negotiating to set up a joint steel venture in indiana a nippon steel spokesman said declining to give more details several local newspapers reported the joint venture would be capitalised at mln dlrs owned pct by inland and pct by nippon steel and have annual production capacity of one mln tonnes of steel to supply car makers reuter
jobs	japan s jobless seen rising to pct in the yen s rise against the dollar is expected to boost japan s unemployment rate to an average pct in the fiscal year beginning april from january s record three pct the private nomura research institute said the official estimate is pct the research arm of nomura securities co forecast unemployment would exceed two mln by mid fiscal against an estimated mln for the current year nomura urged the government to take pump priming measures to help redress trade imbalances and boost employment employment in manufacturing during fiscal was predicted to fall from the current year due to higher job losses in the steel shipbuilding and heavy electrical machinery sectors nomura said employment in the non manufacturing sector will continue to increase the institute said without giving figures reuter
ship	work at chittagong port halted by strike cargo handling remains halted at bangladesh s chittagong port since nearly workers walked out on monday following a pay dispute the port workers association said today fourteen ships are stranded at the port port officials said they would meet association leaders today to try to resolve the dispute reuter
earn	creditanstalt bankverein cabv v year cons banking gp net profit mln schillings vs mln cons banking gp balance sheet total at year end billion schillings vs billion parent bank net profit mln vs mln parent bank balance sheet total billion vs billion parent bank dividend pct vs pct parent bank div payout mln schillings vs mln reuter
earn	ultramar net loss mln stg vs mln profit
acq	tesco associate buys pct of hillards tesco plc tsco l said that county ltd had yesterday bought on its behalf mln shares or around pct in hillards plc for between p and p a share tesco yesterday launched a mln stg bid for the north of england supermarket chain which hillards promptly rejected hillards shares were last quoted at p compared with last night s close of p reuter
earn	ultramar plc umar l year shr p loss vs p earnings div p making p vs p net loss mln stg vs mln profit operating profit before tax mln vs mln turnover billion vs billion cost of sales billion vs billion gross profit mln vs mln distribution costs and administrative expenses mln vs mln share of profits in associates mln vs mln other operating income mln vs mln financing charges mln vs mln tax mln vs mln exceptional items mln debit vs mln debit net results of discontinued operations mln debit vs mln debit loss on ordinary activities before minority interest mln vs mln profit minority interest mln vs mln extraordinary debits mln vs nil reuter
earn	gkn pretax profit mln stg vs mln
money-fx	u k money market shortage forecast at mln stg the bank of england said it forecast a liquidity shortage of around mln stg in the market today among the main factors the bank said bills maturing in official hands and the treasury bill take up would drain mln stg from the system while below target bankers balances and a rise in the note circulation would take out mln and mln stg respectively partially offsetting these exchequer transactions would add around mln stg the bank added reuter
money-fx	belgian central bank buys currency to repay debt the belgian national bank bought foreign currencies against francs on the open market in the week ended march a bank spokesman said in line with central bank policy he declined to give any details of the amount bought the foreign currency purchased was used by the treasury to repay foreign debt and did not affect the bank s foreign exchange reserves they slipped mln francs to billion mostly due to sales of dollars for special drawing rights the spokesman said reuter
earn	gkn plc gknl l year shr p vs p final div p making p vs p pre tax profit mln stg vs mln net profit befire minorities mln vs mln sales billion stg vs billion extraordinary debit mln vs mln trading surplus after depreciation mln stg vs mln investment and interest income mln vs mln interest payable mln vs mln profits from related companies less losses mln vs mln tax mln vs mln profit attributable to outside shareholders interests mln vs mln note extraordinary debit included charge for restructuring auto parts distribution in france and loss of mln stg on sale of steel stock business trading surplus comprised automotive components and products mln stg vs mln industrial services and supplies mln vs mln wholesale and industrial distribution mln vs mln steels and forgings four mln vs mln by region britain contributed mln stg vs mln continental europe mln vs mln u s a mln vs mln rest of world seven mln vs four mln reuter
bop	economic spotlight china s foreign debt up china s foreign debt reached billion dlrs by the end of but despite an over exposure to short term credits and yen borrowing china remains very creditworthy with an improved export outlook foreign bankers and chinese officials told reuters foreign bankers said china s total debt rose sharply from an estimated billion dlrs at end to cover increased import commitments but the debt equity ratio remains low between eight and pct china remains a cautious and popular borrower they said zhang haoruo vice minister of foreign economic relations and trade said last friday that china signed foreign loan agreements for billion dlrs last year pct up on with actual loans amounting to billion up pct officials said china would borrow to billion dlrs in the five year plan period but foreign bankers said they estimate foreign loans at to billion a western banker said china s portfolio contains too much short term debt and too much of it is denominated in yen as a result of aggressive lending by japanese banks and attractive low interest rates in the japanese market the strong yen appreciation has cost china dearly and is likely to make it reduce new yen borrowings the banker said a chinese trade official estimated the yen component of the country s total debt at about pct the peking representative of a japanese securities house said the rapid yen rise had caught china and his firm unawares interest rates in japan are at a historical low but china which will remain an active borrower this year is likely to go elsewhere for capital to get a better currency spread he said the western banker said the excess of short term loans is in part a result of china s inexperience in the foreign capital markets which it entered only in the early s officials do not think of china but of their own department or firm some loans that were entered into did not have the full backing of the people s republic of china he said the dilemma for china in foreign borrowing as in other areas is to balance central control with giving reasonable autonomy to firms it is searching for the mechanisms to exercise indirect controls he said the banker said officials have stressed repeatedly over the past six weeks that china s foreign borrowing will not be affected by a drive against bourgeois liberalism a phrase meaning western political ideas following the dismissal of communist party chief hu yaobang on january a u s banker said there is no evidence that china s foreign exchange reserves have fallen below the officially stated figure of billion dlrs the bank of china is both a buyer and a seller in the market which would know quickly if it was buying heavily in advance of an announcement the reserves were down he said the banker said such buying has not been going on things are normal trade deficits such as china had last year and in are normal for a country at its stage of development customs figures show china had a trade deficit of billion dlrs in down from billion in a ministry of foreign economic relations and trade official said this year s outlook for exports which account for more than pct of foreign exchange earnings is much healthier than a year ago the renminbi has matched the u s dollar fall he said it was quoted at today little changed from a year ago the official said china has taken measures to improve its export performance including incentive offers to exporters and the establishment of export production bases we expect higher prices for our oil exports this year he added official estimates put china s export losses from the drop in world oil prices at three billion dlrs a western diplomat said china s foreign debt needs careful management but its debt service ratio remains very low at six to eight pct we base our assessment not on china s foreign exchange reserves but on its export performance just as you assess a company on its performance not its bank account he said he said china performed very well in the export field last year and remains a very creditworthy country which will have few difficulties in increasing its borrowing reuter
earn	ultramar says fourth quarter showed improvements ultramar plc umar l said that while its fourth quarter had improved from the operational point of view several special charges adversely affected results overall the year had not been a good one with upstream operations dramatically hit by the fall in crude oil prices and downstream operations also affected in the first half by large losses on inventories but margins improved in the second half and in particular refining and marketing in eastern canada showed a good recovery the company was commenting on results that showed a net loss for the year of mln stg after a mln profit in the fourth quarter charges included a mln stg provision on a retroactive price agreement recently initialled by pertamina and japanese buyers of the company s liquid natural gas and mln for the early months of its ownership of gulf canada s marketing assets ultramar said it had also included the estimated cost of a further reorganisation programme which was partly offset by a withdrawal of surplus funds from u s pension schemes and a mln stg provision for the estimated cost of selling its u s flag shipping operation the immediate outlook for crude oil prices was uncertain although it was unlikely there would be any sizeable increase in the near term however ultramar said it was optimistic prices would strengthen over the longer term its substantial reserves of crude oil and natural gas put it in a good position to benefit from any price recovery in the meantime ultramar s objectives were to improve profitability by selling or restructuring weak operations while strengthening core businesses and developing a sound operational and financial base proven probable and possible reserves at end totalled about mln barrels net on an oil equivalent basis ultramar shares firmed on the announcement to p from p at last night s close reuter
acq	queensland press board recommends murdoch offer the queensland press ltd qpl board said it unanimously recommended the one billion dlr takeover bid by cruden investments pty ltd a family company of news corp ltd ncpa s chief executive rupert murdoch the dlrs a share cash only offer is nearly double the market price before news announced its now completed bid for the herald and weekly times ltd hwta s in early december and no other offer is likely it said in a statement independent adviser wardley australia ltd had also concluded the offer was fair and reasonable it added qpl is already owned pct by hwt reuter
sugar	ec commission declines comment on sugar offer the european community ec commission declined to give an official reaction to reports that a group of european operators plan to offer one mln tonnes of sugar into intervention in protest at commission export policies however a spokesman for the commission confirmed the offers had been made to intervention agencies in various member states and said it would now take up to three weeks for the agencies concerned to complete all necessary documentation the spokesman said that under current regulations the ec would have to accept all the offers if there were no technical problems the spokesman said the commission would only have to reimburse the member state for the cost of buying in the sugar after the product was sold out of intervention stores at a later date he said that at present there was virtually no sugar held in intervention stores last year tonnes were sold into intervention and during the campaign tonnes reuter
interest	belgium cuts discount rate to pct from official
earn	preussag says payment of a dividend not certain a spokesman for preussag ag prsg f said it was not yet certain whether the company would pay a dividend on results he was commenting on a preussag statement which said results in were lower than in preussag has frequently said its results came under further pressure in following a difficult year in managing board chairman guenther sassmannshausen said in december the board would prefer to stick to its policy of not dipping into reserves to pay dividends the spokesman noted the final dividend decision rests with the supervisory board the preussag statement said results fell in compared with because declines in earnings in metals oil and shipping were not entirely compensated by positive trends in the group s other divisions the spokesman said it was not clear whether the domestic group would show a net profit in adding this would depend partly on the level of provisions preussag cut its dividend to eight marks from nine marks on results after parent company net profit dropped to mln marks from mln the year before the preussag world group made a net loss of mln marks in after a net profit of mln the year before domestic group net profit fell to mln from mln the statement said its results in were affected by unsatisfactory selling prices for metals and oil as well as by poor use of capacity in the supply ship sector the reduction in natural gas prices in the fourth quarter of to reflect earlier falls in oil prices was an additional factor behind the drop in results preussag said rationalization measures already introduced would not begin to take full effect until this year preussag s domestic group turnover rose to billion marks in from billion in helped by the first time consolidation of mln marks of turnover from its majority owned oil and gas subsidiary c deilmann ag domestic group turnover in the fourth quarter alone was billion marks it said without giving comparison figures preussag said its domestic crude oil production fell pct to tonnes in while foreign oil production rose to tonnes from tonnes preussag said its amalgamated metal corporation plc amc subsidiary whose results are included in the world group accounts made an unspecified profit in the fourth quarter of last year amc s large losses in caused principally by the international tin crisis were the reason behind the world group losses that year reuter
crude	oil firms cut indonesian exploration spending foreign oil companies will spend less on exploration in indonesia this year than last budgeting billion dlrs for calendar against spending of billion dlrs the state oil company pertamina said actual spending last year fell short of the budgeted figure of billion dlrs as oil companies slashed expenditure because of the crash in world oil prices jumardi jukardi head of pertamina s coordinating board for foreign contractors said foreign companies will drill exploration wells and development wells this year against and last year reuter
crude	indonesia oil contract negotiations end this month negotiations between indonesia s state oil company pertamina and foreign oil contractors on extension of the standard year production sharing contract will be concluded by the end of this month a pertamina official said jumardi jukardi head of pertamina s foreign contractors coordinating board gave no details about the outcome of the talks but pertamina president abdul rachman ramly has said priority will be given to extending contracts for companies whose exploration and production contracts expire within the next seven to years jukardi speaking to indonesian reporters said the negotiations would determine whether the production sharing split in favour of pertamina would be adhered to or altered in some cases as oil companies are asking for hardjoko seputro spokesman for the mines and energy ministry has said that president suharto has agreed in principle to extension of the standard year production sharing contract to reflect better current depressed conditions on the international oil market reuter
sugar	trade says ec sugar tender hard to forecast traders here and in paris said the results of today s ec white sugar tender are hard to forecast because of plans by a group of french west german dutch and belgian operators to sell one mln tonnes of sugar into intervention london traders said bids for licences have been reported between and ecus per kilos and if any licences are granted they are likely to be towards the lower end of that range possibly ecus traders in paris said they expect maximum rebates of between and ecus other than the commission releasing no sugar for export the likely tonnage is expected to be very small the london traders said while the french sources declined to estimate volume in view of the psychological impact of the planned sales into intervention in protest against ec export policies last week licences for tonnes were awarded at a maximum rebate of ecus reuter
money-fx	german call money eases after liquidity injection call money eased to pct from yesterday following a net injection of billion marks at a rate of pct in fresh funds from this week s securities repurchase agreement dealers said but rates were expected to rise toward the end of the week a major tax payment period by banks on behalf of customers payments for the federal railways loan stock and repayments of mark liabilities incurred by foreign central banks with the bundesbank in the framework of the european monetary system ems are likely to significantly burden the system banks built up minimum reserves today ahead of the expected outflow the bundesbank credited banks with a gross billion marks but some billion left the system at the same time as an earlier securities repurchase pact matured dealers estimated the ems related outflow as high as six billion marks the bundesbank declined to comment but a spokesman said yesterday although the funds now due may be allowed to roll over the possibility that other central banks may choose to redeem them meant a net infusion was needed dealers forecast tax payments of and billion marks but much of it is expected to burden the system only next week banks minimum reserve holdings at the bundesbank totalled billion marks on monday averaging billion over the first nine days of march dealers said although the figure was well above an expected requirement of around billion marks the expected outflow of funds was so large that banks might find it difficult to meet the requirement toward the end of march no securities repurchase agreement is expiring next week but dealers said the bundesbank could offer fresh liquidity if conditions significantly tighten the bundesbank wants to keep rates around pct one dealer said reuter
earn	btr plc btrx l year shr p vs p div p making p vs p pretax profit mln stg vs mln turnover billion vs billion tax mln vs mln operating profit mln vs mln operating profit includes other income mln vs mln financial costs mln vs mln minorities mln vs mln earnings mln vs mln extraordinary credit mln vs mln debit reuter
jobs	japan s jobless seen rising to pct in the yen s rise against the dollar is expected to boost japan s unemployment rate to an average pct in the fiscal year beginning april from january s record three pct the private nomura research institute said the official estimate is pct the research arm of nomura securities co forecast unemployment would exceed two mln by mid fiscal against an estimated mln for the current year nomura urged the government to take pump priming measures to help redress trade imbalances and boost employment employment in manufacturing during fiscal was predicted to fall from the current year due to higher job losses in the steel shipbuilding and heavy electrical machinery sectors nomura said employment in the non manufacturing sector will continue to increase the institute said without giving figures reuter
money-fx	hungary to devalue forint against western units hungary is to devalue the forint by an average of eight pct against western currencies the official news agency mti said mti did not say when the devaluation would become effective but it expected new rates to be announced later today hungary devalued the forint by a similar amount last september western bankers say the forint is more realistically valued than currencies of hungary s comecon allies reuter
interest	sumita says little room for bank to ease policy bank of japan governor satoshi sumita said there is little room left for the central bank to further ease its credit policy as interest rates levels are now approaching their lower limit the government should instead seek ways of making the best use of its fiscal policy he told a press conference his remarks were concerned with a comprehensive economic stimulative package the government plans to adopt in the coming days at the recent talks among the six major industrialised nations in paris japan promised to work out a comprehensive economic package to boost domestic demand which in turn would help increase its imports and reduce its trade surplus sumita also said the economy will show a gradual upturn in the second half of the year if the yen remains stable he said there is caution in the foreign exchange market against a further rise of the yen and mark and this explains the recent stability in the currency markets conflicting economic indicators from the u s have also been dampening market activity he added reuter
lei	australia leading index continues rise in december westpac banking corp and the melbourne university institute of applied economic and social research said their leading index of australian economic activity rose for the ninth successive month in december the index rose to base from in november and a year earlier the westpac institute report said annualised it rose pct in december against seven pct in november and one pct a year earlier based on the ratio of the latest index to the average over the previous months the report said the index is now points or pct above its trough in march westpac s chief economist bob graham said the consistent upward trend in the leading index emphasised the need for a tough mini budget in may an untoward increase in consumption spending before the balance of payments improves would have disastrous consequences he said the coincident index also rose an annualised three pct in december against zero movement in november and a seven pct rise a year earlier westpac and the institute said they said this index continued to show the current recession is shallow and is more likely to involve a slowing in real growth than an absolute fall in economic activity reuter
money-fx	bank of england does not intervene in money market the bank of england said it did not operate in the money market during the morning initially the bank forecast a liqudity shortage of some mln stg for the market today overnight interbank sterling traded at the pct level for most of the morning while period rates have eased on the strength of sterling dealers said at gmt sterling s trade weighted index was up at reuter
interest	u s urges banks to weigh philippine debt plan the u s is urging reluctant commercial banks to seriously consider accepting a novel philippine proposal for paying its interest bill and believes the innovation is fully consistent with its third world debt strategy a reagan administration official said the official s comments also suggest that debtors pleas for interest rate concessions should be treated much more seriously by the commercial banks in cases where developing nations are carrying out genuine economic reforms in addition he signaled that the banks might want to reconsider the idea of a megabank where third world debt would be pooled and suggested the administration would support such a plan even though it was not formally proposing it at the same time however the official expressed reservations that such a scheme would ever get off the ground the philippine proposal together with argentine suggestions that exit bonds be issued to end the troublesome role of small banks in the debt strategy would help to underpin the flagging role of private banks within the plan the official said in an interview with reuters all of these things would fit within the definition of our initiative as we have asked it and we think any novel and unique approach such as those should be considered said the official who asked not to be named in october washington outlined a debt crisis strategy under which commercial banks and multilateral institutions such as the world bank and the international monetary fund imf were urged to step up lending to major debtors nations in return america called on the debtor countries to enact economic reforms promoting inflation free economic growth the multilaterals have been performing well the debtors have been performing well said the official but he admitted that the largest third world debtor brazil was clearly an exception the official who played a key role in developing the u s debt strategy and is an administration economic policymaker also said these new ideas would help commercial banks improve their role in resolving the third world debt crisis we called at the very beginning for the bank syndications to find procedures or processes whereby they could operate more effectively the official said among those ideas the official said were suggestions that commercial banks create a megabank which could swap third world debt paper for so called exit bonds for banks like regional american or european institutions such bonds in theory would rid these banks of the need to lend money to their former debtors every time a new money package was assembled and has been suggested by argentina in its current negotiations for a new loan of billion dlrs he emphasised that the megabank was not an administration plan but something some people have suggested other u s officials said japanese commercial banks are examining the creation of a consortium bank to assume third world debt this plan actively under consideration would differ slightly from the one the official described but the official expressed deep misgivings that such a plan would work in the united states if the banks thought that that was a suitable way to go fine i don t think they ever will he pointed out that banks would swap their third world loans for capital in the megabank and might then be reluctant to provide new money to debtors through the new institution meanwhile the official praised the philippine plan under which it would make interest payments on its debt in cash at no more than pct above libor the philippine proposal is very interesting it s quite unique and i don t think it s something that should be categorically rejected out of hand the official said banks which found this level unacceptably low would be offered an alternative of libor payments in cash and a margin above that of one pct in the form of philippine investment notes these tradeable dollar denominated notes would have a six year life and if banks swapped them for cash before maturity the country would guarantee a payment of point over libor until now bankers have criticised these spreads as far too low the talks now in their second week are aimed at stretching out repayments of billion dlrs of debt and granting easier terms on billion of already rescheduled debt the country which has enjoyed strong political support in washington since corazon aquino came to power early last year owes an overall billion dlrs of debt but the official denied the plan amounts to interest rate capitalisation a development until now unacceptable to the banks it s no more interest rate capitalisation than if you have a write down in the spread over libor from what existed before the official said in comments suggesting some ought to be granted the rate concessions they seek some people argue that cutting the spread is debt forgiveness what it really is is narrowing the spread on new money he added he said the u s debt strategy is sufficiently broad as an initiative to include plans like the philippines reuter
earn	new world pictures to have gain from sale of five pct of taft broadcasting
interest	jamaica agrees draft bank debt rescheduling jamaica agreed in principle with its bank advisory committee on a rescheduling of mln dlrs of foreign commercial bank debt falling due between and the jamaican information service said repayments on the debt will be stretched out over years with years grace at percentage points over the london interbank offered rate libor the margin on previously restructured debt also will be cut to point from the package should save jamaica about mln dlrs a year prime minister edward seaga who led the jamaican delegation called the terms very favourable to his country the agreement in principle with the bank advisory committee led by the bank of nova scotia bno to comes five days after jamaica successfully concluded a mln dlr rescheduling accord with the paris club of creditor nations that pact in turn followed the international monetary fund imf s approval on march of a mln special drawing rights standby arrangement and a mln sdr drawing under the compensatory financing facility of jamaica s foreign debt of billion dlrs only pct is owed to commercial banks and seaga yesterday reaffirmed the government s policy of not seeking new bank loans reuter m
bop	portuguese trade deficit narrows in portugal s trade deficit narrowed in to billion escudos from billion in according to provisional national statistics institute figures imports totalled billion escudos and exports billion compared with billion and billion in expressed in terms of dollars imports rose pct and exports pct and the trade deficit increased by pct in its first year as a member of the european community portugal recorded a deficit of billion escudos in its trade with the other community states compared with a deficit of billion escudos in imports from the ec in totalled billion escudos while exports to the community were billion compared with billion and billion the previous year portugal s deficit with spain was billion escudos against billion in with italy it was billion against billion and with west germany billion against billion reuter
interest	brazil s gros to meet banks on trade line issue brazil s central bank governor francisco gros will meet senior commercial bankers here today in a new attempt to defuse the anger generated by the country s unilateral suspension of interest payments on billion dlrs of foreign commercial bank debt bankers said gros will meet representatives of citibank the head of brazil s bank advisory committee and of co heads morgan guaranty trust co and lloyds bank plc high on the agenda will be banks complaints about brazil s accompanying freeze on some billion dlrs of short term trade and interbank lines the bankers said brazil s several hundred creditor banks worldwide agreed last march to extend the credit lines until march as part of a billion dlr financing package bankers said the looming expiry of this commitment coupled with brazil s freeze raised a spate of technical and legal questions that the banks want to discuss with gros they said they face problems because of the freeze requirement that any payment due to be made by a brazilian bank under the trade facility must be deposited instead with the central bank this means foreign bankers cannot easily switch their credit lines from one borrower to another the requirement to deposit with the central bank has also meant brazilian banks have been able to negotiate lower interest rate spreads because foreign banks would rather accept a reduced margin than see their money deposited with the central bank it s caused a lot of ill will with the banking community one banker said gros is also expected to brief the banks on the results of a day tour of europe and japan that he and finance minister dilson funaro have just completed to seek official support for brazil s debt stance reuter
earn	service resources corp src th qtr net oper shr profit five cts vs loss dlrs oper net profit vs loss sales mln vs mln avg shrs vs year oper shr profit cts vs loss dlrs oper net profit vs loss sales mln vs mln note net excludes losses from discontinued operations of dlrs vs dlrs in quarter and dlrs vs mln dlrs in year net excludes extraordinary loss dlrs in quarter and gain dlrs in year year net includes gain one mln dlrs from sale of building and gain dlrs from termination of pension plan reuter
earn	telephone and data systems inc tds th qtr net oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs year oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note net excludes discontinued operations gain dlrs vs loss dlrs in quarter and gain dlrs vs loss dlrs in year net both periods includes charge dlrs from repal of investment tax credits reuter
acq	new world pictures nwp sells taft tfb stake new world pictures ltd said it sold shares or about five pct of taft broadcasting co common stock for a gain of mln dlrs the company said in a brief statement that it acquired the stock in late it gave no further details and company officials were not immediately available for comment on friday taft vice chairman dudley s taft and narragansett capital inc narr offered to acquire taft for dlrs per share dudley taft and his family have owned pct of the company an investment group leds by robert m bass one of the bass brothers of fort worth texas has been reported as owning about pct of taft stock and american financial corp chairman carl lindner has been reported to own about pct both bass and linder have acquired taft shares in recent months reuter
trade	soviet economist sees few gains in u s trade there is little chance soviet exports to the united states will rise in but moscow s current trade reforms should result in more trade in manufactured goods in future a soviet economist said sergey frolov chief economist at amtorg trading corp an agent for soviet trade organisations and industries told a u s ussr business meeting the soviet union produces few items that western nations want but reforms including upgrading the quality of goods and allowing joint ventures with foreign firms will encourage modest export gains in future frolov said the soviet union exported mln dlrs worth of goods to the united states in and imported billion dlrs worth he gave no trade forecast for but he said that even if all obstacles were removed total trade between the two countries would remain between two and three billion dlrs a year the post detente embargoes have taught the ussr to limit its trading with the u s he said reuter
money-fx	swiss sight deposits fall billion francs sight deposits of commercial banks at the swiss national bank fell billion swiss francs in the first days of march to billion the national bank said foreign exchange reserves rose billion francs to billion sight deposits are a major indicator of money market liquidity in switzerland the national bank said banks paid back billion francs of central bank credit taken out at the end of february for the end month liquidity requirement this drain was offset in part by new currency swaps which had the effect of increasing the national bank s foreign exchange holdings bank notes in circulation fell mln francs to billion and other deposits on call basically government funds rose billion to billion reuter
crude	ecuador crude oil exports stopped for five months ecuador needs mln dlrs to repair the damage to its oil export pipeline caused by last week s earthquake which will stop crude exports for five months energy and mines minister javier espinosa teran said espinosa said yesterday the pipeline which carries crude from jungle fields to the pacific ocean coast of balao would be repaired with the help of texaco inc tx n and a mexican and an argentine firm president leon febres cordero said two days ago that ecuador an opec member would have to suspend crude exports for four months due to the quake oil traditionally accounts for up to two thirds of ecuador s total exports and as much as pct of government revenues deputy energy minister fernando santos alvite said ecuador would have to import six to seven mln barrels of crude oil to meet its needs until the line was repaired the ecuadorean minister at the presidency patricio quevedo told reporters that venezuela will lend ecuador five mln barrels of crude which would repaid in kind after a day period he added the caracas based andean development corp had granted a loan of mln dlrs towards repairing the pipeline km of which had been damaged in the quake in quito foreign minister rafael garcia velasco yesterday summoned ambassadors from about countries to whom he issued appeal for emergency aid for the country only three countries the u s colombia and venezuela had offered assistance reuter
earn	southlife holding co slhc th qtr net oper shr seven cts vs cts oper net vs revs vs avg shrs vs year oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note net excludes realized gains on investments of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
coffee	algeria regulates use of coffee additives the algerian authorities have regulated the addition of chickpeas and barley used to make imported coffee go further the official aps news agency reported taking advantage of scarcity private roasters were selling ground coffee mixtures which were pct non coffee it said since the beginning of march the coffee market has been strictly regulated by the state food marketing monopoly enapal now a third of imported coffee will be sold as pure beans and two thirds as a ground mixture with a choice of pct chickpeas or pct barley in march private dealers will handle tonnes of pure coffee and enapal tonnes of mixtures reuter
crude	talking point oil services turnaround seen the oil services industry is on the verge of a recovery because of rising crude prices oil industry analysts said the analysts who issued buy recommendations on some stocks said the recovery in oil services should begin in the second half of after drilling activity bottoms out in the first half and continue into the next decade people however cannot afford to wait for drilling to go up to start buying said sandi haber sweeney senior research analyst at sanford c bernstein and co inc among the recommended buys are schlumberger ltd slb halliburton co hal dresser industries di baker international bko and mcdermott international inc mdr which may be the target of a takeover by harold simmons a dallas based investor analysts said although major oil companies are increasing exploration and development overseas they expect the pickup in oil services will begin in the u s activity in the u s is so depressed it should move up faster said vishnu sharp of goldman sachs the number of active oil drilling rigs in the u s was last week compared with rigs one year ago huges tool co ht figures show the average number of working rigs in the u s for is projected at versus in according to ike kerridge vice president of stockholder relations at hughes tool the first significant pickup in drilling activity will occur in the second half of kerridge said overseas drilling activity is expected to follow a similar pattern kerridge said halliburton is the best value said jeffrey freedman vice president at smith barney harris and upham inc adding the company controls the greatest amount of liquidity of common stock market value is diversifed in non oil field businesess and has the lowest multiple of stock price to operating cash flow including debt schlumberger is freedman s second favorite oil service stock schlumberger is expected to continue to be the dominant technical leader in the industry freedman said schlumberger s management shift asset restructuring including a pending merger of fairchild semiconductor and its considerable cash horde sets the stage for the company to maximize its significant industry advantage and capitalize on the project upturn in exploration and development activity according to a report by george gaspar first vice president at robert w baird and co inc gaspar estimates earnings per share for schlumberger at cts for and one to dlrs in compared with cts in excluding a fourth quarter special charge of billion dlrs bernstein s sandi sweeney is recommending a group of oil service companies and said choosing among them is difficult her favorite is baker international which is involved in a possible merger with hughes tool co dresser industries will also benefit from the recovery but possibly not as much as other companies because it is not a pure service company sweeney said dresser is expected to improve profitability owing to cost reductions and streamlined operations including the sale and leaseback of its headquarters said swarup reuter
earn	creditanstalt sees higher dividend creditanstalt bankverein cabv vi is likely to raise its dividend from the payment of pct of share capital deputy general director guido schmidt chiari said the dividend was pct unchanged from the previous year and schmidt chiari noted that the parent bank s share capital had risen to billion schillings at the end of from billion a year earlier schmidt chiari made the forecast at a news conference when the bank announced a consolidated banking group net profit of mln schillings for against mln in schmidt chiari did not elaborate on his dividend forecast the banking group s consolidated balance sheet total rose to billion schillings at year end from billion general director hannes androsch said higher investment would lead to continuing growth in profits in future last year s better profits had resulted from improvements in services provided by the bank and also in profits on schilling lending schilling lending had grown last year and interest rate margins had also improved but remained unsatisfactory when compared with those in other countries he said increased provisions for possible bad debts at home and abroad particularly in latin america had lowered profits androsch said but declined to give an exact figure schmidt chiari said that foreign lending business had fallen significantly due to exchange rate fluctuations removing some billion schillings from the balance sheet total in an attempt to generate more foreign business representative offices would be opened this year in tokyo hong kong moscow and prague androsch welcomed government plans to abolish legal controls on foreigners buying voting shares and drawing dividends preference shares of state controlled creditanstalt rose eight schillings on the vienna bourse today to brokers said improved results had been widely expected by investors androsch said industrial holdings had performed better in than in previous years giving a return on investment of pct compared with pct in creditanstalt austria s largest bank holds majority interests in medium sized and large austrian companies but he forecast its biggest industrial subsidiary steyr daimler puch ag sdpv vi would return a result similar to the expected operating loss of mln schillings reuter
acq	cpc cpc to sell unit to hi port hipt cpc international inc said it has agreed in principle to sell its peterson puritain inc subsidiary to hi port industries inc cpc said the sale is not expected to have a significant impact on its earnings and is subject to approval by boards of both companies terms were not disclosed peterson purittan is a contract packager of personal care and household products reuter
earn	pulitzer publishing co pltzc th qtr net shr cts vs cts net vs revs mln vs mln avg shrs vs mln year shr dlrs vs dlrs net mln vs mln revs mln vs mln avg shrs mln vs mln note interest expense dlrs vs dlrs in quarter and dlrs vs dlrs in year year net reflects undisclosed amount of expenses for defense of takeover effort reuter
acq	hughes tool says it approves revised terms for merger with baker international
crude	opec reaffirms commitment to fixed prices ceiling opec has reaffirmed its commitment to fixed crude oil prices of around dlrs a barrel and an overall output ceiling of mln barrels per day bpd to defend prices its president rilwanu lukman said he told a news conference here after due consultation with my colleagues in opec i hereby wish to emphasize that nigeria and all member countries of opec remain determined to uphold the december agreement by adhering strictly to their various quotas and official selling prices lukman added no extraordinary opec conference was planned we are in a position to re confirm that despite misleading news in foreign media to the contrary opec member countries as a whole produced below their agreed quota in the month of february lukman who is nigerian oil minister said lukman put the overall opec output shortfall in february at bpd and said this was as a result of their firm determination to defend official selling prices of dlrs agreed upon last december in geneva the december agreement set an overall output ceiling for opec of mln bpd for first half and restored fixed prices as from february around a reference point of dlrs oil prices rallied immediately after the geneva accord but fell again last month on reports that opec was producing more than the agreed level the idea was to suggest that opec s agreement would not hold and this caused some customers to hold back purchases of opec oil and resort to destocking to meet their needs lukman said he said the bpd shortfall last february was based on the verified figure for out of opec s members adding that nigeria alone had a shortfall in production of bpd iraq disassociated itself from the december agreement while the production figures of ecuador and the united arab emirates needed to be verified lukman said if that is the price we have to pay to make the agreement succeed we are ready opec is not changing its price level of dlrs the group s president said he said the opec price differentials committee meeting formerly postponed to april had been put off indefinitely furthermore no extraordinary meeting of the conference is at the moment contemplated since most agreements reached in december are being adhered to he said asked if the committee did not need to meet soon to narrow the gaps in the prices of the various opec crudes fixed in relation to the dlr benchmark lukman replied we consider the defence of our prices much more crucial than differentials lukman said opec was aware that consumers had heavily drawn on stocks of both crude oil and refined products to levels well below this time last year and soon they would return to the market in search of crude we don t see that there is going to be any difficulty in maintaining the dlr price throughout the rest of the year lukman said the opec president praised non opec oil producers which he said had contributed to the group s efforts to stabilise prices but he criticised britain for maintaining its long held view not to do anything to help the market we are quite confident however that in the long term with two thirds of the world s reserves in opec hands the future is ours we will use that advantage responsibly he said lukman described the disruption in ecuador s output following an earthquake as tragic but refused to say if the south american country would be allowed a higher output quota when it recovered from the disaster reuter
ship	dutch port union to meet parliamentarians today dutch port and transport union fnv is presenting its case against planned redundancies in rotterdam s general cargo sector to parliament s standing committee on social affairs today a union spokesman said with of the strong workforce on strike the union will tell the committee the government has a duty to help solve the dispute that has been disrupting the general cargo sector for more than seven weeks the spokesman added the union will also take its case against the redundancies of them planned for this year to a court in amsterdam tomorrow he added reuter
acq	qintex again extends princeville pvdc offer qintex america ltd said it is again extending its offer of dlrs a share for mln princeville development corp shares until today from yesterday at midnight yesterday princeville shares had been tendered up from shares hours earlier qintex said it is extending the offer to allow princeville to comply with federal law restricting the ownership of u s airlines by non u s citizens and to finalize the terms and conditions of the letter of credit or bank guarantee required under the previously announced acquisition agreement reuter
earn	novell novl sets two for one stock split novell inc said its board declared a two for one stock split payable to holders of record at the close of business on march it said shareholders at the annual meeting approved a doubling of authorized common shares to mln from mln and a limitation of directors liability reuter
sugar	agency to review johnson johnson jnj sweetner johnson and johnson said the u s food and drug administration has notified the company its food additive petition for a high intensity sweetener has been formally accepted and now will be reviewed by the agency the company said the product with the generic name of sucralose is made from sugar and tastes like sugar but is about times sweeter it yields no calories and does not promote tooth decay reuter
earn	heart federal hfed sets two for one split heart federal savings and loan association said its board declared a two for one stock split payable april to holders of record april the company said the split is subject to shareholder approval at the april annual meeting of an increase in authorized common shares to mln from five mln reuter
earn	novo industri a s nvo co year pre tax income mln danish crowns vs mln sales billion crowns vs billion income after tax mln crowns vs mln earnings per crown share crowns vs dividend pct unchanged reuter
earn	overmyer corp omco regular dividend qtly div cts vs cts in prior qtr payable march record march reuter
earn	uniforce temporary personnel inc unfr th qtr shr cts vs cts net vs sales mln vs mln avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs note share data adjusted to reflect three for two stock split effective june reuter
money-fx	u k money market given mln stg assistance the bank of england said it gave the money market assistance worth mln stg this afternoon buying bank bills at the rates established on monday the bank bought mln stg of band one bills at pct and mln stg of band two paper at pct this is the first time that it has intervened today the bank has revised its estimate of the liquidity shortage in the market down to mln stg from mln initially reuter
earn	pic n save corp picn th qtr net shr cts vs cts net mln vs mln sales mln vs mln year shr dlrs vs dlrs net mln vs mln sales mln vs mln note share adjusted for three for two split in june reuter
acq	goodyear tire to receive mln dlrs for goodyear aerospace from loral corp
acq	hughes tool ht board approves merger hughes tool co said its board voted at a special meeting last night to approve a new agreement with regulators that would allow the company to complete its proposed merger with baker international corp bko the agreement approved by the u s department of justice yesterday will give the merged company baker hughes six months instead of three to sell certain assets the pact also allows a three month extension if warranted and limits the obligation of the new company to give financial support to the businesses to be divested pending their sale the company said its board recommended that shareholders approve the merger of the oilfield service companies a previously adjourned meeting of hughes tool stockholders will be resumed this afternoon it said hughes will work with baker and the justice department towards negotiating the final form of the consent decree and filing it as soon as possible the company said in a statement closing of the merger would occur immediately after the filing it said the assets to be sold under the consent decree consist of baker s domestic oilfield drilling bit business and its domestic submersible electric pump business baker has an agreement to sell the pump business to trico industries inc tro the financial terms of the merger are unchanged a hughes spokesman said under those terms each baker common share and hughes common share would be converted into one share and of a share respectively of baker hughes inc which would be formed as a new holding company reuter
sugar	agency to review johnson and johnson sweetener johnson and johnson said the u s food and drug administration has notified the company its food additive petition for a high intensity sweetener has been formally accepted and now will be reviewed by the agency the company said the product with the generic name of sucralose is made from sugar and tastes like sugar but is about times sweeter it yields no calories and does not promote tooth decay johnson and johnson said the sweetner is being jointly developed with tate and lyle plc tatl tate and lyle is seeking approval in canada the united kingdom and other european countries johnson and johnson said the company noted its petition covering the product and its safety evaluation were submitted to the fda last month while awaiting fda approval the company said it is proceeding with plans for commercialization through its mcneil specialty products co subsidiary johnson and johnson said it is operating under a licensing agreement with tate and lyle whose collaborative research with scientists at queen elizabeth college in london led to the discovery of sucralose in patents and licensing agreements control the use of sucralose through the year johnson and johnson said sucralose is a chlorinated derivative of ordinary sugar the carbon chloride bonds in sucralose are stable and are not broken during digestion or metabolism sucralose is essentially not metabollized by the body the chlorine content enhances sweetness without providing calories reuter
acq	hanson trust plc unit to sell kaiser cement terminal and plant for mln dlrs
crude	triton energy oil affiliate in canadian find triton energy corp said its pct owned canadian worldwide energy ltd affiliate s lasmo et al tableland w well in saskatchewan flowed barrels of degree gravity oil through a inch choke from depths of to feet and barrels of oil per day through a inch choke from depths of to feet triton said because of the well s status as a deep exploratory well production qualifies for a five year royalty holiday under the saskatchewan drilling incentive products it said the well s initial production is expected to be restricted to an allowable level of about barrels a day although it is capable of sustaining much higher rates the company said london and scottish marine oil plc owns a pct interest in the well and its spacing unit canadian worldwide pct saskatchewan oil and gas corp pct interprovincial pipeline ltd s home oil co ltd pct and scurry rainbow oil ltd srb pct triton said royal dutch shell group s rd sc shell canada ltd shc affiliate retains a convertible overriding interest in the well reuter
crude	ecuador deputy minister seeks oil aid in venezuela ecuador s deputy energy minister fernando santos alvite arrived here last night for talks on further venezuelan assistance to his country s oil industry following last week s earthquake officials said ecuador was obliged to suspend crude oil exports for an expected five months as a result of damage to miles of pipeline linking its jungle oil fields with the pacific port of balao oil normally accounts for pct of its exports fellow opec member venezuela has already agreed to lend ecuador five mln barrels of crude to be repaid in kind after days to help meet its domestic consumption needs the officials could neither confirm nor deny reports that venezuela will temporarily produce ecuador s entire opec quota set at barrels per day for first half all options are open at this moment in the context of cooperation on oil production a venezuelan energy and mines ministry source said discussions are also under way to arrive at a formula to compensate ecuador for the loss in oil export revenue while the pipeline is repaired officials said santos alvite last night met venezuelan energy and mines minister arturo hernandez grisanti and will today hold talks at technical level officials said industry sources said that among the options are for venezuela to produce ecuador s entire quota or for venezuela and non opec mexico to share it and for the latter to supply ecuador s far eastern clients but the ministry source said that no decision has yet been reached on the matter and that an announcement would be made in due course santos alvite said earlier in quito that ecuador would have to import six to seven mln barrels of crude oil to meet its needs until the line was repaired ecuador energy and mines minister javier espinosa teran said last night his country needs mln dlrs to repair the damage to the export pipeline caused by the earthquake reuter
acq	goodyear gt to receive mln dlrs for unit goodyear tire and rubber co said it will receive about mln dlrs in cash from loral corp lor for the business of goodyear aerospace corp goodyear said the previously announced acquisition by loral is expected to be completed march when loral announced the transaction january the company said it was paying mln dlrs for goodyear aerospace goodyear said the price it will receive is after adjustments for such items as pension and benefits provision allocation of liabilities and asset valuations last year goodyear aerospace had revenues of mln dlrs reuter
earn	veba s raab karcher raises operating profit raab karcher ag a trading subsidiary of veba ag vebg f said it increased operating profit in despite a sharp decline in turnover and added there were good chances this profit level could be held in operating profit rose to just under mln marks in from around mln in however the group s third party sales fell sharply to billion marks from billion the year before largely due to lower prices for energy products particularly oil and coal managing board chairman klaus giesel told a news conference reuter
earn	hovnanian enterprises hov splits stock hovnanian enterprises inc said its board of directors has declared a two for one split of its outstanding common stock the company said shareholders will receive one additional share for each share held at the close of business on march and additional shares will be distributed on april reuter
acq	british aerospace raises system designers stake british aerospace plc bael l said it has increased its stake in systems designers plc to pct or mln ordinary shares following the purchase of mln ordinary shares the british aerospace pension fund holds mln ordinary shares in systems representing a stake of pct a spokesman for british aerospace said it has no present or future intention of making a full bid for systems designers system designers shares were nine pence higher at prior to the share stake announcement and have showed little movement since reuter
earn	esselte business systems inc esb ups payout qtly div cts vs cts prior pay march record march reuter
earn	katy industries inc kt th qtr net oper shr profit cts vs loss cts oper net profit vs loss sales mln vs mln year oper shr profit cts vs loss cts oper net profit vs loss sales mln vs mln note earnings exclude losses from discontinued consolidated operations of dlrs or eight cts a share vs dlrs or cts a share in the quarter and dlrs or dlrs a share vs dlrs or dlrs a share for the year earnings exclude a loss on the sale of discontinued consolidated operations of dlrs or three cts a share in the quarter and a loss of dlrs or cts a share vs a gain of dlrs or cts a share for the year note earnings exclude losses from discontinued unconsolidated operations of dlrs or cts a share in each period earnings exclude gain from termination of defined benefit pension plan of dlrs or eight cts a share in the quarter and dlrs or cts a share for the year reuter
earn	pmi fund inc sets monthly dividends pmi fund inc said its board declared monthly dividends of six cts for april four cts for may five cts for june seven cts for july and six cts for august the fund which customarily omits dividends in march and september last paid six cts in february dividends declared today are payable april three may six june four july three and august six to holders of record march april may june and july reuter
earn	merry go round enterprises inc mgre th qtr jan end shr cts vs cts net vs sales mln vs mln year shr dlrs vs dlrs net vs sales mln vs mln reuter
earn	tenera lp tlpzv sets initial quarterly tenera lp said it will make an initial quarterly distribution of cts per unit on april to holders of record march the partnership said the dividend is greater than it had expectd to pay and was warranted by fourth quarter results and anticipated results for this year s first quarter tenera said it expects a comparable distribution for the second quarter it said about cts per share of the first quarter amount will be taxable income reuter
acq	hanson han unit to sell kaiser terminal plant hanson industries the u s arm of hanson trust plc han said it has proposed to sell in separate transactions kaiser cement s northwest terminals and montana city plant to lone star industries inc lce and ash grove cement west inc respectively for a total of mln dlrs hanson said the deals are subject to normal conditions of closing hanson industries completed the purchase of kaiser cement on march for about mln dlrs hanson said kaiser cement is now an indirect wholly owned unit of hanson trust and forms part of its building products group these sales are a continuation of an asset redeployment program at kaiser cement and will allow kaiser to concentrate its efforts in the california marketplace where it is the largest cement producer and holds a premiere market position hanson industries chairman gordon white said reuter
crude	ecuador official seeks oil aid in venezuela ecuador s deputy energy minister fernando santos alvite arrived here last night for talks on further venezuelan assistance to his country s oil industry following last week s earthquake officials said ecuador was obliged to suspend crude oil exports for an expected five months as a result of damage to miles of pipeline linking its jungle oil fields with the pacific port of balao oil normally accounts for pct of its exports fellow opec member venezuela has already agreed to lend ecuador five mln barrels of crude to be repaid in kind after days to help meet its domestic consumption needs reuter
sugar	ny traders say e c sold tonnes of white sugar at tender
money-fx	u k money market given late help of mln stg the bank of england said it provided the money market with unspecified late assistance of around mln stg this brings its total assistance on the day to mln stg compared with a liquidity shortfall it estimated at a revised mln stg overnight interbank sterling was being offered at eight pct shortly after the bank s announcement reuter
sugar	uk intervention bd says ec sets white sugar tender rebate ecus
earn	bayer usa bayry affiliates increased sales bayer usa inc said sales of its affiliated operating cmpanies based in the u s increased in by pct from the previous year combined sales were billion dlrs up from billion dlrs in the company said however the company said net income was mln dlrs three pct below bayer said its operating companies include mobay corp miles laboratories inc agfa gevaert inc compugraphic corp haarmann and reimer corp deerfield urethane inc and helena chemical co bayer said mobay its primary chemicals company reported net income of mln dlrs up eight pct of it also said miles its pharmaceutical and healthcare company recorded net income of mln dlrs a pct increase over reuter
earn	deb shops inc debs sets stock split deb shops inc said its board declared a pct stock dividend and will increase the quarterly dividend to four cts from cts after adjustm ent for the split the company said the split is payable april to holders of record march the dividend increase will be effective with the april payment it said reuter
lei	canada leading indicator up pct in december after pct november gain official
acq	continental health cthl purchases marketech continental health affiliates inc said that it has acquired marketech inc an pct partner in diatronics nutrition services continental said diantronics nutrition services is a joint venture with physicians providing patient ready home infusion therapy products and services to outpatients of five northern new jersery hospitals representing over inpatient beds continental said the terms of the deal were not disclosed reuter
earn	visual graphics sets dividends visual graphics corp vgca vgcb said its board declared a quarterly dividend of cts per share on its class b common stock and cts per share on class a common stock payable april three to shareholders of record as of march the company set up the two classes of common stock in february previously the company had paid a cent per share quarterly dividend on one class of common stock reuter
earn	deb shops inc debs th qtr jan net shr cts vs cts net vs sales mln vs mln year shr dlrs vs dlrs net mln vs mln sales mln vs mln reuter
gold	sigma mines details gold ore reserves sigma mines quebec ltd pct owned by dome mines ltd dm said its sigma mine had proven and probable reserves at the end of of tons with an average grade of ounces of gold a ton sigma said the reserves are equivalent to years future production at current milling rates the reserves comprise tons proven reserves grading an average of ounces of gold a ton and tons probable reserves grading an average of ounces of gold a ton sigma said it changed its reserve reporting method following dome mines previously reported move to adopt general industry practice of reporting proven and probable ore reserves prior to sigma conservatively reported only proven reserves that could be mined without future development costs proven reserves as of december were tons grading an average of ounces of gold a ton equivalent to about two years future production reuter
earn	regency cruises inc ship th qtr net shr profit nine cts vs loss two cts net profit vs loss revs vs avg shrs mln vs mln year shr profit cts vs loss cts net profit vs loss revs mln vs avg shrs mln vs mln note company began operations nov reuter
earn	seaman furniture co inc seam rd qtr jan shr cts vs cts net vs sales mln vs mln avg shrs vs nine mths shr dlrs vs dlrs net mln vs sales mln vs mln reuter
earn	novo industri earnings fall despite increased sales danish based insulin and enzymes producer novo industri a s nvo co said pre tax earnings fell almost pct in though sales rose by two pct the pre tax figure fell to mln crowns from mln in on sales increased from billion to billion giving net earnings of mln crowns against mln in earnings per crown share went from crowns to crowns but the company proposed an unchanged pct dividend foreign exchange fluctuations in were a very significant factor behind developments in the result before and after tax novo said in a statement not only the u s dollar but also other currencies essential to novo fell in in relation to the danish crown the statement added in november novo purchased pct of shares in a s ferrosan which heads a group specialising in research and development of cns central nervous treatment treatments and the sale of pharmaceuticals and vitamins in scandinavia the mln crowns paid in goodwill had a very limited effect on the result the novo statement said reuter
earn	scs compute inc scom rd qtr jan loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs mln vs mln nine mths shr loss one dlr vs loss dlrs net loss vs loss revs vs avg shrs mln vs mln reuter
acq	securities dealer has leaseway ltc stake alpine associates a cresskill n j securities dealer told the securities and exchange commission it has acquired shares of leaseway transport corp or pct of the total outstanding common stock alpine a limited partnership said it bought the stock for mln dlrs as an investment in the ordinary course of its business as a securities dealer it left open the possibility that it might buy more leaseway stock or sell some or all of its current stake but said it has no plans to seek control of the company reuter
earn	empire of carolina inc emp year net shr dlrs vs cts net vs revs mln vs mln avg shrs vs note results restated to include deltona corp dlt investment on equity method reuter
earn	vhc ltd vhcl th qtr oper net oper shr profit cts vs loss one ct oper net profit vs loss revs vs na year oper shr profit cts vs loss cts oper net profit vs loss revs mln vs na avg shrs vs note excludes gains of dlrs or cts and dlrs or cts in current qtr and year respectively from benefit of tax loss carryforwards year ago excludes losses of dlrs or four cts in qtr and dlrs or eight cts in year from discontinued operations restated reuter
earn	transtech industries inc trti year net oper shr cts vs seven cts oper net vs revs mln vs mln avg shrs vs note net excludes dlr loss from discontinued operations reuter
sugar	thai sugar production increases thai sugar production totalled tonnes in january an increase of pct on january according to figures received by the international sugar organization november and december production figures also exceeded last year s totals with the result that output in the first three months of the season showed a pct increase over production in the november to january period totalled mln tonnes thai exports in december and january were down however january exports fell from to tonnes domestic consumption increased pct to tonnes for the three month period but this was not sufficient to prevent a significant rise in stocks which climbed to mln tonnes by the end of january compared with mln a year earlier thai agricultural ministry officials have previously forecast a decline in raws output to around mln tonnes from mln in reuter
lei	canada december leading indicator up pct canada s leading composite indicator advanced pct in december after gaining pct in the two previous months statistics canada said the unfiltered index rose pct in the month a turnaround from the pct decline in november the federal agency said the manufacturing groups continued to post advances while goods production rose pct the third increase in the last four months the advances however were offset by a deceleration in household demand reuter
earn	anova ventures sets dividend in duevel shares anova ventures corp said its board declared a dividend payable in the form of registered shares of stock in duvel corp a blind public pool anova describes itself as a publishing and financial services firm specializing in arranging revers acquisitions and mergers between blind pools shells and private companies anova said it created duvel to act as a blind pool and will seek an operating private company to merger with duvel duvel has sold common shares to a private investor group to finance expenses of registration and shares will be paid to anova stockholders as a dividend it added reuter
acq	chrysler c deal leaves uncertainty for amc workers chrysler corp s billion dlr bid to takeover american motors corp amo should help bolster the small automaker s sales but it leaves the future of its employees in doubt industry analysts say it was business as usual yesterday at the american motors headquarters one day after the proposed merger was unveiled by chrysler and amc s french parent renault according to company spokesman edd snyder but amc s future to be discussed at a board meeting today would be radically different as a chrysler subsidiary than if it had continued with the state run french car group as its controlling shareholder industry analysts said the future of amc s car assembly plant in kenosha wis and its toledo ohio jeep plant would be in doubt if the overcapacity predicted in the north american auto industry by the early s comes to pass both plants are far from state of the art for car manufacturing sites and amc has a history of poor labor relations at each chrysler doesn t need that many new plants said michael luckey automotive analyst for the wall street firm shearson lehman brothers they probably will close the toledo plant and move jeep production to canada ronald glantz of montgomery securities said that at the very least the new owner of the toledo plant would be able to wring concessions from the united automobile workers union local representing jeep workers the uaw won t be able to hold them up for ransom as they have amc because during a down year chrysler will have underutilized facilities to transfer production he said analysts said they foresaw no major complications that would abort a combination which historians said would be the auto industry s biggest merger since american motors was formed in amc was in need of a financial savior because of its losses of more than mln dlrs since and pressures in france for renault to cut its backing the company had said it could not forecast consistent profitability until at the earliest in announcing the takeover agreement chrysler chairman lee iacocca cited amc s jeep division as well as its new mln dlr assembly plant at bramalea ontario and its network of dealers as the major attractions analysts reasoned that chrysler might feel moved eventually to sell off or close some of the older plants to cut overhead costs in view of the new debts and liabilities it would incur in the amc buyout reuter
earn	nucor corp nue raises quarterly qtly div nine cts vs eight cts prior pay may record march reuter
earn	kelsey hayes canada ltd year net shr dlrs vs dlrs net mln vs mln revs mln vs mln note shr restated to reflect january stock split pct owned by kelsey hayes co reuter
earn	riggs national corp rigs sets quarterly qtly div cts vs cts prior pay april record march reuter
acq	pacer systems to make acquisition pacer systems said it has agreed in principle to acquire the assets of sea data corp a maker of low powered electronic systems including undersea intelligent recording sensors and high density digital data recorders for one mln dlrs reuter
reserves	spain qualifies reserve requirements statement a bank of spain spokesman qualified a bank statement announcing an extension of reserve requirements to convertible peseta funds held by banks saying the move applied only to future rises above current balances the pct reserve requirement will only be applied to further increases in bank s convertible peseta funds the spokesman said convertible peseta funds previously were exempt from reserve requirements the spokesman said the measure was intended to curb an influx of short term foreign speculative capital which threatened the government s money supply growth target reuter
money-supply	spain s money supply growth doubles in february spain s broad based m money supply rose at an annualised rate of pct in february against pct in january and pct in february last year bank of spain figures show the broad based money supply is measured as liquid assets in public hands plus quasi monetary assets money supply growth was pct last year the government wants to reduce the rate to eight pct this year reuter
earn	telephone support systems inc tssi rd qtr nov end shr four cts vs cts net vs sales vs year shr cts vs six cts net vs sales vs reuter
earn	network video inc nvid rd qtr feb net shr one ct vs five cts net vs revs vs avg shrs vs nine mths shr four cts vs cts net vs revs vs avg shrs vs reuter
earn	comtech inc cmtl nd qtr jan net oper shr profit one ct vs profit two cts oper net profit vs profit sales vs st half oper shr profit two cts vs loss cts oper net profit vs loss sales vs backlog mln vs mln note current year net excludes tax credits of dlrs in quarter and dlrs in half reuter
earn	baltek corp btek th qtr net oper shr cts vs cts oper net vs revs vs year oper shr dlrs vs cts oper net vs revs mln vs mln notel net excludes tax credit dlrs vs reversal of credit dlrs in quarter and credits dlrs vs dlrs in year reuter
acq	sahlen and associates salnu completes purchase sahlen and associates inc said it has completed the purchase of gleason securities service inc of new york and gleason plant security inc of connecticut sahlen said the deal s terms were not disclosed but added that the acquired companies had combined annual revenues of over mln dlrs sahlen a private invetigation company said the gleason companies provide security guard services to corporations in the tri state area reuter
earn	mem co inc mem declares qtly div qtly div cts vs cts prior pay may record march reuter
earn	insituform of north america inc insua th qtr shr nine cts vs four cts net vs revs vs avg shrs vs year oper shr cts vs cts oper net vs revs mln vs avg shrs vs note year net includes dlr tax credit reuter
earn	major realty corp majr th qtr loss shr loss cts vs profit cts net loss vs profit revs vs year shr loss cts vs profit cts net loss vs profit revs vs reuter
earn	nutmeg industries inc nutm year jan net shr cts net sales mln note share adjusted for five for four stock split in january backlog mln dlrs vs dlrs company began operating january reuter
acq	henry ansbacher has pct of adams and porter inc henry ansbacher holdings plc said it has acquired a pct interest in the u s retail and general corporate insurance broker adams and porter inc the move is the first step in building a new international insurance broking group following the appointment of a new management team for its seascope insurance holdings unit ansbacher said a and p has exciting growth potential particularly on the east coast of the u s and has an annual revenue of more than four mln dlrs ansbacher shares were up p to helped by the announcement earlier today of a pretax profit rise to mln stg from mln in reuter
earn	natwest rabo unit reports pct profit growth dutch bank f van lanschot bankiers n v co owned by national westminster plc nwbl l and rabobank b a rabn a said net profit rose pct to mln guilders on a pct higher balance sheet total of billion van lanschot bankiers is a subsidiary of van lanschot beleggingscompagnie b v in which britain s national westminster bank plc and dutch cooperative bank rabobank nederland b a each have a pct stake commercial union s dutch insurance unit delta lloyd verzekeringsgroep n v has a pct stake in van lanschot which lowered risk provisions to mln guilders
money-fx	fed expected to add reserves the federal reserve is expected to intervene in the government securities market to add temporary reserves via customer or system repurchase agreements economists said most economists said the fed will inject reserves indirectly via customer repurchases but they added that the fed might opt for a direct injection of reserves via overnight system repurchases federal funds opened at pct and eased to pct in early trading funds averaged pct yesterday reuter
earn	ben and jerry s homemade inc bjic th qtr net shr cts vs two cts net vs sales vs avg shrs vs year shr cts vs cts net vs sales mln vs avg shrs vs reuter
earn	bonneville pacific corp bpco rd qtr jan shr cts vs cts net vs revs mln vs mln avg shrs vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	jc penney jcp up on smith barney opinion j c penney co s stock rose sharply after analyst william smith of smith barney recommended the stock based on the company s strong earnings momentum and the possibility of a stock buyback dividend hike or stock split traders said i am very impressed with the strong basic earnings story analyst smith said noting that the company has fine tuned its buying and inventories and has admirably controlled costs in a time that they needed to the stock jumped to smith said the company ended with a strong cash position of about mln dlrs as compared to mln dlrs the year before this implies the possibility of a share buyback or significant dividend increase or a stock split he said in addition he said the company has been gradually adjusting its merchandise mix and its gross margins have been improving smith expects the company to earn to dlrs a share in as compared to the dlrs a share earned last year last year s results include a cent charge for the buyback of debt reuter
sugar	german sugar offers put at about tonnes the west german intervention board said about tonnes of sugar have been offered into intervention so far a spokesman speaking from frankfurt told reuters offers have increased recently but contracts have not yet been concluded a european commission spokesman in brussels earlier confirmed that one mln tonnes of sugar had been offered to intervention boards in various member states the intervention board spokesman in frankfurt said one million tonnes is an awful lot and the community s coffers are almost empty this could turn into a serious political problem west german trade sources said they believed the one mln tonne offer by the ec sugar industry into intervention would have a neutral market impact overall reuter
interest	bankers trust co raises broker loan rate bankers trust co said it raised its broker loan rate to pct from seven pct effective immediately u s trust co which also quotes its broker loan rate publicly is posting a pct rate reuter
gold	sigma mines details gold ore reserves sigma mines quebec ltd pct owned by dome mines ltd said its sigma mine had proven and probable reserves at the end of of tons with an average grade of ounces of gold a ton sigma said the reserves are equivalent to years future production at current milling rates the reserves comprise tons proven reserves grading an average of ounces of gold a ton and tons probable reserves grading an average of ounces of gold a ton sigma said it changed its reserve reporting method following dome mines previously reported move to adopt general industry practice of reporting proven and probable ore reserves prior to sigma conservatively reported only proven reserves that could be mined without future development costs proven reserves as of december were tons grading an average of ounces of gold a ton equivalent to about two years future production reuter
acq	moore mccormack mmc to sell globe unit moore mccormack resources inc said it agreed in principle to sell its globe metallurgical inc unit to cyprus minerals co cypm for undisclosed terms the sale expected to close by mid april is subject to certain conditions including board approval at both companies globe produces silicon metals and magnesium ferrosilicon the products are used in the chemical aluminum iron rubber and semiconductor industries reuter
housing	u s hosuing completions fell pct in january u s completions of new homes fell pct in january to a seasonally adjusted rate of mln units from mln in december the commerce department said the january fall came after a strong pct rise from november s rate of mln units and brought completions to pct above the january level of mln units in january completions of single family units rose pct to a seasonally adjusted mln units from mln units in december while multi family units fell pct to units in january the department said reuter
acq	u s justice department reviews icahn usair filing the u s department of justice doj is reviewing whether trans world airlines inc twa and chairman carl icahn violated federal antitrust law by failing to seek advance clearance from the doj or the federal trade commission for his extensive open market purchases of usair group inc u stock a doj official told a senate panel this is a matter that is being looked into charles rule acting assistant attorney general antitrust told the senate judiciary committee s antitrust subcommittee rule declined further comment while the review was continuing rule was responding to panel chairman howard metzenbaum d ohio who had asked why the department was not acting against what appears to be a clear violation of the law metzenbaum said icahn had failed to file a pre merger notification form with the ftc prior to purchasing more than mln dlrs worth of usair stock but rule said that for airline companies a purchaser would be exempt from the requirement if it instead had filed a merger application with the u s department of transportation icahn filed such an application with the dot but the filing was thrown out by the dot on friday the dot threw out the application late friday on grounds it lacked the necessary data for the government to review the proposed usair takeover bid icahn refiled a more complete application form monday rule pledged to act against icahn and twa if a violation were found reuter
earn	t cell sciences inc tcel rd qtr jan loss shr loss one ct vs loss cts net loss vs loss revs vs avg shrs vs nine mths shr loss seven cts vs loss cts net loss vs loss revs vs avg shrs vs reuter
jobs	dutch adjusted unemployment unchanged in february dutch seasonally adjusted unemployment totalled people in february unchanged from january but down from in february a social affairs ministry spokesman said the unadjusted figure stood at at the end of last month a decline of from the january total of and comparing with at the end of february last year reuter
housing	u s housing completions fell pct in jan completions of new homes fell pct in january to a seasonally adjusted rate of mln units from mln in december the commerce department said the january fall came after a strong pct rise from november s rate of mln units and brought completions to pct above the january level of mln units in january completions of single family units rose pct to a seasonally adjusted mln units from mln units in december while multi family units fell pct to units in january the department said reuter
earn	mitchell energy and development corp mnd net th qtr jan shr five cts vs cts net vs mln revs mln vs mln avg shrs mln vs mln year shr cts vs dlrs net vs mln revs mln vs mln avg shrs mln vs mln reuter
housing	u s housing completions fell pct in january u s completions of new homes fell pct in january to a seasonally adjusted rate of mln units from mln in december the commerce department said the january fall came after a strong pct rise from november s rate of mln units and brought completions to pct above the january level of mln units in january completions of single family units rose pct to a seasonally adjusted mln units from mln units in december while multi family units fell pct to units in january the department said reuter
money-fx	fed sets two billion dlr customer repurchase fed says
earn	groundwater technology inc gwti rd qtr jan shr cts vs cts net vs sales vs avg shrs vs nine mths shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
earn	seven oaks international inc qpon in payout qtly div four cts vs four cts prior pay april record march reuter
money-fx	fed adds reserves via customer repurchases the federal reserve entered the u s government securities market to arrange two billion dlrs of customer repurchase agreements a fed spokesman said dealers said federal funds were trading at pct when the fed began its temporary and indirect supply of reserves to the banking system reuter
earn	property trust of america ptras year net ope shr cts vs cts oper net vs revs vs mln avg shrs vs note net excludes gains from sale of investments of dlrs vs dlrs reuter
earn	chi chi s inc chic rd qtr jan loss shr loss cts vs profit eight cts net loss mln vs profit revs mln vs mln nine mths shr loss cts vs profit cts net loss vs profit mln revs mln vs mln note current year net both periods includes mln dlr pretax charge for disposition of underperforming company owned restaurants current year net includes tax credits of dlrs in quarter and dlrs in year reuter
acq	chemlawn corp said it is talking with new suitors about being acquired
earn	chi chi s chic takes mln dlr charge chi chi s inc said it has taken a mln dlr pretax charge against earnings for the third quarter ended january to cover the cost of disposing of underperforming company owned restaurants the company also said it has agreed to repurchase up to three mln common shares on the open market the company now has about mln shares outstanding chi chi s today reported a loss for the third quarter ended january after the pretax charge and a dlr tax credit of mln dlrs compared with a year earlier profit of dlrs chi chi s said it believes the disposition of the restaurants has the potential of increasing its pretax earnings by about two mln dlrs next fiscal year the company said it will use existing cash resources for the share repurchases reuter
earn	dupont dd up on recommendations shares of du pont co rose today after accumulating recommendations from shearson lehman brothers and first boston traders said du pont which opened with a two point gain stood at up first boston s analyst was not available for comment analyst theodore semegran of shearson said he raised his earnings estimates for the company to dlrs a share in and eight dlrs a share in the company earned dlrs a share in good domestic demand higher operating earnings and a strng export business probably benefitting from a lower dollar and effects of reduced imports in chemicals will continue to aid du pont he also noted that energy earnings in the first quarter are better than expected because of the rise in crude prices semegran expects first quarter earnings of about dlrs a share from dlrs last year he also expects the company to raise its annual dividend about to cts a share from its current dividend of dlrs a share and a stock split is possible but it has a low probablility reuter
acq	chemlawn chem in talks on being acquired chemlawn corp said it has started talks on the possible sale of the company with various parties that it did not identify the company said the talks began after it considred and rejected waste management inc s wmx dlr per share tender offer for all its sharesd chemlawn gave no details on the talks reuter
acq	shv withdraws ic gas offer shv holdings nv said it is withdrawing its take over bid for imperial continental gas association icgs l after failing to gain the minimum number of pledges sought from ic gas shareholders shv said in a statement it had sought to gain ic gas shares under a p offer for ic gas ordinary stock but was informed that level was not reached when the deadline expired the tender offer is therefore void it said shv also offered pence for every one stg nominal of ic gas loan stock under the bid made by shv united kingdom holding co ltd reuter
rubber	progress at rubber pact talks reported slow negotiators at a united nations conference on natural rubber are making slow progress towards reaching an agreement delegates said the conference which began monday is widely seen as the final effort to adopt a new international natural rubber agreement inra before the current one expires in october some producing and consuming countries are taking part in the two week meeting this is the fourth such conference in nearly two years delegates said both sides still appeared divided on the key issue of the price adjustment mechanism consumers want frequent price reviews at month intervals instead of months as at present a proposal currently rejected by producers and while consumers press for the price adjustment to be automatic producers have resisted reducing the role of the international rubber organization council in the price adjustment procedure conference chairman manaspas xuto of thailand has said it was imperative to settle outstanding issues this week so that technical drafting work can be done next week reuter
earn	lord abbett and co declares mutual fund divs lord abbett value appreciation fund annual div cts vs cts prior long term capital gain vs cts prior short term capital gain cts vs cts prior pay april record march lord abbett u s government securities fund daily div cts vs cts prior pay april record april lord abbett tax free income national series daily cts vs prior pay april record april lord abbett tax free income fund ny series daily cts vs cts prior pay april record april lord abbett tax free income fund texas series daily cts vs cts prior pay april record april lord abbett california tax free income fund daily vs cts prior pay april record april reuter
earn	associates corp of north america st qtr net qtr ended jan net mln dlrs vs mln dlrs revs mln vs mln note revs include investment and other income of mln dlrs vs mln dlrs company is wholly owned by gulf and western corp gw reuter
earn	newport pharmaceuticals nwph rd qtr loss period ended january shr loss six cts vs profit one ct net loss vs profit revs vs avg shrs vs nine mths shre loss nine cts vs loss five cts net loss vs loss revs vs avg shrs vs note full name newport pharmaceuticals international inc reuter
earn	the raymond corp raym declares qtly div qtly div cts vs cts prior pay march record march reuter
nat-gas	mitchell energy mnd again cuts capital outlays mitchell energy and development corp said it plans to hold its capital spending in fiscal ending january to mln dlrs down from the mln dlrs spent in and mln dlrs in the company also said its natural gas revenues so far this year have been reduced by lower contract customer purchases due to mild weather and soft economic conditions but the contracts call for the lower takes to be made up during the course of the year mitchell energy said meanwhile it will sell additional quantities of gas on the spot market mitchell energy said the additional spot sales will tend to lower the average price realized for gas in the early part of fiscal however it said the average for the full year is not expected to be significantly lower than the dlrs per thousand cubic feet averaged in fiscal reuter
acq	investor to take control of river oaks roi river oaks industries inc said it agreed in principle to give control of the company to benson seizer a new york investor in return for mln dlrs in capital the company a maker of mobile homes said it terminated merger discussions with nursing centers of america river oaks said it will place a mln dlr convertible note with seizer who in turn will name six additional members to the company s five member board one of the new directors will take over as chairman and chief executive officer river oaks said river oaks said the note will be convertible into two mln shares of its common stock at one dlr a share the company currently has mln shares outstanding the company said it will also grant seizer an option to buy an additional mln shares during the next four years at dlrs a share during the first year and dlrs a share thereafter the company said the money raised from seizer will further strengthen its balance sheet and enhance its ability to seek selective expansion opportunities seizer is experienced in turnaround situations and is expected to take direct involvement in river oaks management said charles f degroot who will remain a director of the company after giving up the post of chairman to one of seizer s board nominees don manning will cede his post as chief executive but will remain president the company said reuter
earn	gevaert nv gevn br year consolidated group net profit billion francs vs billion net financial and operating profit billion vs mln extraordinary earnings mln vs mln net dividend francs vs reuter
interest	national savings move points to lower u k rates u k interest rates look set to move lower even after monday s half point cut in bank base rates to pct analysts said citing as evidence the suspension of a british national savings issue yesterday the department of national savings effectively a treasury department unit yesterday suspended its nd issue launched in october and paying a high tax free pct on five year private investments between and stg a spokesman said the suspension was just a reaction to yields on national savings bonds being way out of line with the rest of the market the move was followed by a surprise sell out within minutes today of a bank of england one billion stg tap issue the second such issue in as many weeks analysts noted they said the near instant sale of the entire new gilts issue for which the bank of england had required a high pct downpayment was clear evidence that the market thought rates had to drop sooner rather than later the sale of the tranche of pct treasury bonds due occurred in an active bullish gilts market as downward pressure on money market rates remained intact with the bellwether three month interbank rate down point at pct it coincided with another strong sterling rally which pushed the pound to four year highs against the dollar that government stock disappeared very quickly indeed said stephen lewis head of economic research at stockbrokers phillips and drew it is an indication that the market believes rates are going to fall further at least by a half point immediately after the budget on march and some people hope for more stockbrokers james capel said in a comment the move by the national savings department was of considerable significance it said the real message is that the decks are being quickly cleared so as to facilitate a speedy decision by the building societies to cut their rates when the inevitable cut in bank base rates to pct materialises building societies have said a drop in bank base rates would normally have to exceed half a point to give rise to a reduction in mortgage lending rates lewis of phillips and drew said he too believed the national savings issue suspension may reflect new u k treasury policy to point building societies towards a mortgage rate cut national savings has been competing too effectively with the building societies of late building society income has been depressed in recent months he said he and other analysts said chancellor of the exchequer nigel lawson was keen to see mortgage rates fall to keep a lid on u k inflation underlying upward pressure on prices is stronger in britain than in most other western economies with inflation seen rising well above four pct this year and above five pct in after last year s pct emphasising the impact of mortgage rates on consumer prices lewis said a one point cut in building society rates would reduce inflation in britain by about pct but lewis and others noted that building societies had been complaining to the government about intense competition from national savings which they argued reduced the scope for early mortgage rate cuts the chancellor need not be worried about losing some psbr funding from national savings but he must be taking the building societies criticism to heart it looks like the national savings move reflects this one senior dealer said a savings department spokesman refused to comment on this interpretation saying the suspension of the issue was merely a reaction to the recent fall in u k interest rates which had pushed yields on national savings bonds way out of line with the rest of the market we are not politically motivated funding was just becoming too expensive and we don t need all that money he told reuters adding the department had suspended issues at least twice in the past when offered interest rates were above or below market rates he said demand for the issue had risen sharply of late as u k money market rates continued their steady decline and income was threatening to overshoot an unofficial three billion stg target set for fiscal ending march in the first months of fiscal national saving s contribution to government funding totalled billion stg compared with billion stg in the same period of the previous year official figures show figures for february out on monday are expected to show a further increase of between and mln stg pushing the total for months above target government officials said reuter
earn	nicor inc gas regular dividend set qtly div cts vs cts previously pay may record march reuter
earn	handleman co hdl sets quarterly qtly div cts vs cts prior pay april record march reuter
earn	perini corp pcr sets quarterly qtly div cts vs cts prior pay june record may reuter
acq	jones and vining said vulcan corp offers five dlrs a share for jones
earn	international banknote co inc ibk th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln year oper shr profit nine cts vs profit two cts oper net profit vs revs mln vs mln note net excludes extraordinary tax charges of dlrs vs dlrs in quarter and credits dlrs vs dlrs in year year net includes pretax gain dlrs from termination of pension plan net includes pretax charge dlrs in quarter and gain dlrs in year from restructuring and consolidation quarter net includes dlr tax credit year net includes pretax gain mln dlrs from sale of foreign subsidiary reuter
trade	ec concerned over u s textile import moves the european community ec expressed disquiet over protectionist moves in the united states to limit imports of textiles and said it would retaliate immediately if ec exports were hit a spokeswoman for the ec commission said ec external trade commissioner willy de clercq had written to his u s counterpart special u s trade representative clayton yeutter outlining the concerns of the nation community the draft legislation under consideration by congress would impose permanent quotas on products entering the u s and seek to limit any increase to a growth in the overall trade reuter
earn	speed o print business sbm th qtr net shr loss seven cts vs profit cts net loss vs profit revs vs year shr loss cts vs profit cts net loss vs profit revs vs note results include operations of radio stations wjye fm for the full year and wnnr am for the last six months speed o print business machines corp is full name of company reuter
earn	asbestec industries asbs sets stock split asbestec industries inc said its board declared a three for two stock split payable april record april three reuter
earn	quaker oats co oat regular dividend qtly div cts vs cts previously pay april record march reuter
acq	jones and vining jnsv gets vulcan vul bid jones and vining inc said vulcan corp one of its main competitors in the production of shoe lasts has offered to acquire jones and vining for five dlrs a share jones and vining said a management effort to take the company private will go ahead at dlrs per share the form of the buyout has not yet been determined and the buyout is subject to a nunber of conditions it said jones and vining said its board believes that a transaction with vulcan would be difficult to complete but it has asked vulcan for further information to explore the bid on january jones and vining said its board had recommended that shareholders aprove a management buyout at dlrs a share on february six vulcan initially offered to acquire jones and vining for five dlrs a share but jones and vining dismissed the offer as frivolous and without substance and said the bid failed to comply with provisions of the securities act of reuter
earn	ppg industries ppg sees growth in ppg industries inc will continue to show earnings growth in despite a difficult economic climate the company said in its annual report mailed to shareholders today for the company s earnings rose five pct to mln dlrs on revenues that increased eight pct to billion dlrs earnings per share were dlrs compared with dlrs the company added that in its return on equity reached pct up from pct in and close to its goal of pct reuter
acq	belgian minister unveils privatisation plan belgian budget minister guy verhofstadt has proposed a plan to sell off shares in several state owned enterprises including national airline sabena and the postal and telecommunications authority government sources said they said the plan could raise more than billion francs in revenue over the next five years according to verhofstadt s projections helping the government to reduce its huge budget deficit targetted this year at billion francs but the scheme had received a guarded reception from the social christian parties in belgium s centre right coalition when verhofstadt unveiled it at a cabinet meeting yesterday discussion of the plan was likely to be long and difficult the sources said verhofstadt proposes beginning the selloffs in the last quarter of with the sale of to pct of state investment company sni he expects the sale to raise three billion francs they added a pct share in sabena would be sold in mid for billion francs while pct of the postal and telecommunications authority would be sold off in two stages in mid and early raising at least seven billion francs also on verhofstadt s list are the maritime transport authority leading gas distributor distrigaz cger savings bank cger and several other credit institutions le soir daily quoted cger vice president paul henrion as expressing strong opposition to the privatisation of his bank public company we are and public company we wish to stay henrion told the paper reuter
earn	science dynamics corp sidy year net shr cts vs cts net vs revs vs reuter
earn	foodarama supermarkets inc fsm st qtr jan shr cts vs cts net vs sales mln vs mln notel prior year net includes pretax charge dlrs for reopening of eight stores reuter
earn	engineering measurements co emco rd qtr net qtr ends jan shr four cts vs cts net vs revs vs nine mths shr cts vs cts net vs revs vs note excludes discontinued operations gain of dlrs in the third quarter fiscal and loss of dlrs in the nine months fiscal reuter
earn	boothe financial corp bcmp th qtr net shr one ct vs cts net vs revs mln vs mln avg shrs mln vs mln mths shr dlrs vs dlrs net vs revs mln vs mln avg shrs mln vs mln note restated to reflect tax loss carryforwards reuter
earn	consolidated natural gas co cng in payout qtly div cts vs cts prior pay may record april reuter
earn	sandusky plastics inc spi sets quarterly qtly div six cts vs six cts prior pay march record march reuter
acq	rexnord rex to sell railway equipment unit rexnord nc said it signed a definitive agreement to sell its railway maintenance equipment co subsidiary to banner industries inc terms were withheld it said railway maintenance had sales of mln dlrs and employs people rexnord said the sale is part of a major program to divest several of its businesses representing about mln dlrs in net assets still to be divested are the process machinery division with sales of mln dlrs and mathews conveyer co with sales of mln dlrs reuter
sugar	licht sees stagnant european beet area the overall area devoted to sugar beet in europe is forecast to remain stagnant this year at mln hectares compared with mln ha in west german statistician f o licht said it was feared that the recent steep rise in sugar prices would have a marked effect on planting intentions this year licht said but judging by this first estimate the effect was probably minimal the total beet area in the european community is forecast to fall two pct to mln ha against mln in the total western europe area is put at mln ha against mln in eastern europe area is forecast at mln ha against mln individual west europe country estimates in hectares with figures in brackets are belgium luxembourg denmark france greece ireland italy netherlands portugal spain u k west germany austria finland sweden switzerland turkey yugoslavia eastern europe plantings are forecast as follows ussr albania bulgaria czechoslovakia east germany hungary poland romania on the basis of average yields this year licht said these area forecasts pointed to a total european beet sugar crop in of mln tonnes raw value down from mln tonnes in licht said sugar yields were fairly high last season thanks to favourable weather and this increases the chances of a significant reduction in production in based on average yields ec beet sugar production could fall nearly pct this year to mln tonnes from mln in while total western europe production could be mln tonnes against mln eastern europe production could be mln tonnes against mln in reuter
gold	britain to mint new britannia gold coin britain will from next autumn mint and market a new bullion coin called the britannia containing one ounce of carat gold together with bullion coins of smaller denominations a treasury official said the new investment coin to be sold worldwide will fluctuate in price according to the international price of gold the smaller coins will be in denominations of a half ounce a quarter ounce and a tenth of an ounce reuter
acq	meese sees a plus in chrysler amc merger attorney general edwin meese said he saw some benefit in the proposed purchase of american motors co amo by chrysler corp c in that it would return the smallest of the u s auto manufacturers to american hands meese told the house appropriations subcommittee that consideration would be part of the justice department s review of the proposed merger he said the agency has not yet received a formal notice of the merger which would start the review process chrysler has made a billion dlr bid to buy amc from its french parent renault i think one of the things that has to be recognized in that merger is that it appears at least that a good portion of the ownership of american motors which has been in overseas hands will be put back in american hands meese told the subcommittee that may be one of the factors that would be weighed in the judgment he added renault currently holds about pct of amc reuter
ship	dutch parliament offers little help in port row dutch members of parliament said they could do little to help resolve the dispute over redundancies in rotterdam port s general cargo sector and urged the union and employers to sort out their differences themselves both sides gave evidence to the all party standing committee on social affairs today but committee members said they saw little chance of parliamentary intervention the dispute began on january in protest at employers plans for redundancies from the strong workforce starting with this year the port and transport union fnv is to challenge the redundancies in an amsterdam court tomorrow reuter
acq	sosnoff says caesars caw offered stock buyback martin sosnoff who has offered to buy caesars world inc for dlrs a share said senior officials of the company have offered to buy back the caesars stake he already holds now pct of the total outstanding in a filing with the securities and exchange commission sosnoff a new york investor and money manager said the offers to buy back his stock occurred on several occasions during the past year the offers were made by several caesars world representatives including its chairman henry gluck he said sosnoff said he rejected all of the proposals the caesars world official suggested various forms of payment for sosnoff s stake including other securities of the company and cash he said sosnoff did not detail the value of the proposed compensation also suggested was a deal involving put and call option regarding sosnoff s caesars world holdings he said the proposed deals would have also included a standstill agreement which would have restricted sosnoff s right to buy more caesars world stock or to take any action adverse to incumbent management he said sosnoff s report on the offers he received for his caesars world shares were amended to his official offer to purchase the company as well as reported to the sec sosnoff now holds about mln caesars world shares or pct of the company s mln shares outstanding the sosnoff offer to buy the shares of the company he does not already hold has been valued at mln dlrs reuter
gnp	austrian growth seen between and pct a meeting of leading politicians bankers and economists has forecast austrian real gross domestic product growth for this year at between and pct a government spokesman said this compared with a two pct growth forecast made by the semi official institute for economic research wifo last december helmut kramer spokesman for chancellor franz vranitzky told reuters that the forecast had been made during the meeting attended by vranitzky finance minister ferdinand lacina national bank president stefan koren and a wifo representative economists have been cutting growth forecasts recently mainly due to expectations of a poor export performance this year notably to eastern europe and oil exporting states hannes androsch general director of creditanstalt bankverein cabv vi today put gdp growth at between one and pct kramer also said the meeting had heard that unemployment for the year would be above the pct forecast but was unlikely to be more than six pct reuter
earn	for better living inc th qtr net shr profit primary cts vs loss cts shr profit diluted cts vs loss cts net profit vs loss sales mln vs mln year shr profit profit dlrs vs profit five cts shr profit diluted dlrs vs profit five cts net profit vs profit sales mln vs mln note prior qtr and year figures include gains on disposal of discontinued operations of dlrs and dlrs respectively reuter
earn	newport electronics inc newe th qtr net oper shr loss nine cts vs loss four cts oper net loss vs loss sales vs year oper shr profit cts vs profit cts oper net profit vs profit sales mln vs mln avg shrs vs note current qtr and year figures exclude operating loss carryforward gain of dlrs vs gain of dlrs in prior year periods reuter
earn	transco exploration partners ltd exp in payout qtly div cts vs cts prior pay june one record may eight reuter
earn	transco energy co e sets quarterly qtly div cts vs cts prior pay june one record may eight reuter
earn	total erickson resources ltd tlexf year net shr profit nine cts vs loss cts net profit vs loss revs vs note net includes mln dlr or nine ct a shr writedown of nine pct stake in trans canada resources ltd results reflect only six mths of mining operations due to merger of erickson gold mines ltd and total eastcan exploration ltd on june reuter
acq	versar vsr to buy marietta ml unit versar inc said it has agreed in principle to acquire martin marietta corp s martin marietta environmental systems unit for about dlrs versar said it would use its working capital and an established life of credit to find the purchase which is subject to approval by both boards and is expected to be completed in april marietta environmental had revenues of about nine mln dlrs versar said the acquisition should have a moderately favorable effect on its earnings this year reuter
interest	u k banks offer fixed rate mortgages at pct two major u k clearing banks announced they will offer a total of mln stg in new mortgages at a fixed interest rate of pct for the first three years below current bank base lending rates of pct midland bank plc mdbl l said it has initially allocated mln stg for home loans at this rate while lloyds bank plc lloy l will offer mln stg earlier this week midland said it would cut its standard rate of mortgage payment to pct from april following a half a percentage point reduction in leading banks base lending rates from pct building society and other bank mortgage rates are largely still well above the new base rate level although last year lloyds offered a fixed rate of pct on certain home loans a midland spokesman said his bank calculated that at the current level of billion stg its existing mortgage book accounts for about pct of the total british home loan market lloyds said it has billion stg in outstanding mortgage loans but had not estimated its total market share among other major clearing banks barclays plc bcs l and national westminister bank plc nwbl l said they had no immediate plans to announce similar fixed rate schemes reuter
acq	jim walter jwc busy owens corning ocf plant jim walter corp said it completed the acquisition of owens corning fiberglas corp s mineral ceiling and fiberboard plant in meridian miss terms were not disclosed the plant s operations will complement existing ceiling materials production within jim walter s building material s group which last year generated income of mln dlrs on sales of mln dlrs reuter
ship	american president aps to lease more ships american president cos ltd said its american president lines shipping subsidiary obtained final approval from u s and japanese authorities to lease four new ships from lykes bros co the move will will enable it to boost service in the pacific by pct in american president said the company said it will lease the ships for three years and hold two additional three year options it said american president lines is currently operating at capacity in the pacific and the new ships will arrive in time for the normal demand surge of the spring and summer seasons reuter
earn	bowne and co inc bne sets stock split bowne and co inc said its board declared a two for one stock split payable may to holders of record april reuter
acq	investment firm boosts amerford amrf stake louart corp a los angeles investment firm said it raised its stake in amerford international corp to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission louart said it bought amerford common shares between march and jan at prices ranging from to dlrs a share it said it bought the shares for investment purposes and might increase its stake in the future reuter
gnp	corrected austria growth forecast revised austrian gross domestic product growth for this year is likely to be between and pct helmut kramer head of the semi official institute for economic research wifo said this compared with a two pct growth forecast made by the wifo last december kramer made the forecast at a meeting today on austria s economic outlook also attended by chancellor franz vranitzky finance minister ferdinand lacina and national bank president stefan koren reuter
acq	first boston fbc swiss affiliate boosts stake first boston the swiss affiliate of first boston inc said it raised its stake in the company to shares or pct of the total from shares or pct in a filing with the securities and exchange commission financiere credit suisse said it bought first boston common shares between feb and at prices ranging from to dlrs a share or mln dlrs total it said it bought the shares as part of an agreement to raise its minority stake in first boston to pct the same stake level first boston holds in financiere credit suisse reuter
earn	numac oil and gas ltd nmc year net oper shr cts vs cts oper net vs mln revs mln vs mln note cash flow mln dlrs or cts shr vs mln dlrs or dlrs shr net excludes ct shr loss from discontinued operations gross proven and probable reserves of crude oil and natural gas liquiids mln barrels off pct from a year before reuter
earn	farah fra again omits quarterly dividend farah inc said it omitted its quarterly common stock dividend for the second consecutive quarter the company which last paid a quarterly common dividend of cts a share in december said it will consider future dividend payments on the basis of improved profitability and cash flow farah said it expects to turn a profit for the balance of for its first quarter ended january farah lost dlrs or cts a share on sales of mln dlrs in addition farah said it received shareholder approval to change its name to farah inc from farah manufacturing co reuter
crude	jordan petrocanada agree oil exploration project a two year project to search for oil and gas in jordan was agreed in amman by jordan s natural resources authority nra and the canadian company petrocanada international assistance corporation pciac the mln dlr assistance agreement was signed by jordan s minister of energy hisham al khatib and pciac chairman peter m towe pciac is a canadian government corporation providing assistance to countries like jordan to reduce their dependence on oil imports towe said reuter
earn	numac oil nmc sees results improving numac oil and gas ltd said it expects significant improvement in operating performance during the company today reported earnings from continuing operations of dlrs down from mln dlrs a yuear earlier due to lower prices for crude oil and pipeline capacity constraints numac said changes introduced by federal and provincial governments during should help results reuter
earn	h j heinz co rd qtr shr cts vs cts
earn	h j heinz raises quarterly to cts from cts
earn	ranchmen s resources ltd year loss shr loss seven cts vs loss dlrs net profit vs loss revs mln vs mln note current shr after preferred dividends of mln dlrs prior shr and net includes mln dlr writedown on oil properties reuter
acq	oak industries oak to buy rexnord rex unit oak industries said it signed a definitive agreement to buy the stock of rexnord inc s railway maintenance equipment co unit for an undisclosed sum the company said railway maintenance had revenues of mln dlrs oak said the acquisition is part of its two tier strategy of buying releated and unrelated businesses oak had a tax loss carryforward of mln dlrs at the end of reuter
earn	sumitomo bank sumi declares stock dividend sumitomo bank of california said it declared a pct stock dividend in addition to its regular quarterly cash dividend of cts per share both dividends are payable april to shareholders of record march the company said reuter
earn	lsb bancshares inc lxbk raises payout qtly div cts vs cts prior pay april record april one reuter
earn	h j heinz co hnz rd qtr jan net shr cts vs cts qtly div cts vs cts prior net mln vs mln revs billion vs billion nine mths shr dlrs vs dlrs net mln vs mln revs billion vs billion note dividend payable april to shareholders of record march reuter
acq	wall street stocks tenneco inc tgt tenneco inc a company that has long been rumored to be a takeover candidate rose sharply today when speculation surfaced that investor t boone pickens may be targeting the company for an acquisition traders and analysts said tenneco spokesman joseph macrum said we have no comment to make whatsoever pickens was not available for comment traders noted that activity in the stock increased today after a published report linked pickens to tenneco tenneco rose two points to paul feretti an analyst with new orleans based howard weil labouisse friedrichs inc said he was not surprised at market rumors that tenneco might be the target of a takeover attempt it s pure market speculation that boone pickens and his group may be interested feretti said but tenneco would be a challenge to run because of its sheer size and diversity mr pickens is a man who likes a challenge pickens who made an unsuccessful attempt to take over dallas based diamond shamrock corp dia last winter has made no secret of his plans to acquire additional natural gas reserves in the belief that gas prices will stabilize sooner than oil prices tenneco holds natural gas reserves estimated in excess of trillion cubic feet analysts said feretti conservatively estimated tenneco s breakup value at dlrs a share and said the company generated a cash flow of about dlrs a share which is probably very attractive to pickens other analysts however estimate a breakup value well into the dlr a share range i strongly doubt that there is going to be any hostile takeover drexel burnham lambert inc s houston based analyst john olson said putting little credence in the rumors tenneco is a gargantuan enterprise with seven billion dlrs in long term debt and preferred stock outstanding he said the buyer would also have to deal with the intractable problems tenneco faces with its farm equipment unit and energy businesses analysts suggested that tenneco could use a number of defensive strategies to fend off an unwanted buyer such as spin off some of its non energy businesses directly to shareholders buy back shares or create a limited partnership out of its natural gas pipeline interests an analyst who asked to remain unidentified discouraged the pickens rumor pickens has a plateful already with his holdings in burlington northern and amerada hess he said i don t think he would be willing to take on tenneco s problems with case the farm equipment unit which has been losing about mln dlrs annually and is worth less than a billion dlrs on the market today reuter
earn	software ag saga sees weak results software ag systems inc said it expects to report earnings for its third quarter substantially weaker than earnings of prior periods due to an unexpected shortfall in u s domestic license revenues for the second quarter ended november software ag earned dlrs down from dlrs a year before in last year s third quarter software ag earned dlrs reuter
earn	miles laboratories inc th qtr net net vs sales mln vs mln year net vs sales billion vs billion note company is a subsidiary of bayer ag of west germany figures exclude miles bayvet animal health business sold jan to mobay corp another bayer ag affiliate reuter
earn	intelligent systems mlp inp rd qtr dec net shr profit cts vs profit five cts net profit vs profit rev mln vs mln avg shares vs nine months shr profit cts vs loss cts net profit vs loss rev mln vs mln note third qtr net includes gain from discontinued operations of mln dlrs or cts a share vs or two cts a share in fiscal s third qtr nine months net includes gain from discontinued operations of mln dlrs or cts a share vs dlrs or seven cts a share in the first nine months of fiscal
earn	shadowfax resources ltd shfxf year loss shr loss three cts vs profit cts net loss vs profit revs vs note year includes dlr writedown on utah oil and gas properties reuter
acq	paralax vido agrees to acquire american video paralax video enterprises inc said it has agreeed to acquire american video group inc in exchange for paralax restricted common shares and three year warrants to buy restricted shares at six dlrs a share paralax said holders of some american video convertible debentures have elected to exchange them for paralax restricted common with a market value of about dlrs with that value to be determined in about days american video is a closely held company operating video rental concessions in post and base exchanges at army air force navy and coast guard installations in its most recent year the company had revenues of about mln dlrs paralax said the acquisition is scheduled to close march the company now has about mln shares outstanding reuter
earn	kurzweil music systems inc kurm th qtr loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs vs year shr loss cts vs loss dlrs net loss vs loss revs vs avg shrs vs reuter
earn	j p morgan and co inc jpm sets quarterly dividend cts vs cts previously pay april record march reuter
acq	bayly bayl buys majority of chutes bayly corp said it acquired pct of chutes corp a maker of denim oriented sportswear headquartered in seattle wash terms were not disclosed reuter
earn	intelligent systems mlp inp makes cash payout intelligent systems master limited partnership said it will make a cash distribution of cts a unit in early april to unitholders of record as of march the company said continued strength in its results prompted the move intelligent systems added that if current plans to sell some of its assets as previously announced are successful it may make further distributions estimated at cts to cts a unit earlier the company reported fiscal third quarter ended december net income of mln dlrs or cts a share up from fiscal third quarter results of dlrs or five cts a share in addition it reported fiscal nine months net income of mln dlrs or cts a share versus a loss of mln dlrs or cts a share in fiscal s first three quarters reuter
earn	kurzweil kurm has reduced work force kurzweil music systems inc said it has taken steps this year to reduce costs including a to pct reduction in its work force a spokesman said the company now has about employees it said other reductions include the use of professional services administrative costs manufacturing overhead and non essential development services adding these cuts are expected to have a significant impact beginning in the second quarter earlier today kurzweil reported a loss of cts a share compared to a loss of dlrs a share reuter
earn	heinz hnz has higher net despite higher costs h j heinz co said net income for the third quarter rose pct despite an pct increase in marketing expenses meanwhile the company said it raised its quarterly dividend to cts a share from cts a share in part on the expectation that its tax rate under the new tax law will result in greater cash flow for the third quarter ended january heinz earned mln dlrs or cts a share up from earnings of mln dlrs or cts a share for the year ago quarter for the nine months the company posted a profit of mln dlrs or dlrs a share compared with a profit of mln dlrs or dlrs a share for the year ago period based on the company s performance for the first nine months we expect to achieve our rd consecutive year of new growth records anthony j f o reilly heinz s newly elected chairman reuter
orange	brazilian fcoj official welcomes u s duty cut mario branco peres president of the brazilian association of citrus juice industries abrassuco welcomed a decision by the u s commerce department sharply cutting its duties on imported frozen concentrated orange juice fcoj from brazil speaking by telephone from sao paulo peres said with its decision the u s government recognised the honesty of brazilian exporters who never have the intention of practising dumping in a final ruling yesterday the u s government eliminated the duties shipped by sucocitrico cutrale and cut to pct the duty on citrosuco duties of pct had been set last october peres said brazil had enough orange juice to meet the needs of its major clients we do not have in stock what we would like to have but we certainly have enough orange juice available to supply our buyers peres said declining to estimate the amount of the current stock to keep it a secret is part of our strategy he added peres said the price policy of the orange juice was based on market conditions there is nothing better than a free trade policy he said cutrale and citrosuco officials were not immediately available for comment reuter
earn	wall street stocks ich corp ich ich corp s stock continued under pressure because of lower earnings expectations wall street analysts said the stock was down one today at and down about four since thursday when ich announced it would be reporting lower than expected fourth quarter net income the company said it would report full year net income of dlrs per share compared to dlrs per share in analysts said they had estimated net at dlrs and were now looking for at dlr to dlr range ich officials were unavailable for comment reuter
earn	invacare corp ivcr th qtr net shr profit cts vs profit cts net profit dlrs vs profit dlrs rev mln dlrs vs mln dlrs mths shr profit cts vs loss cts net profit dlrs vs loss dlrs revs mln dlrs vs mln dlrs reuter
earn	renaissance energy ltd year net shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
housing	quebec february housing starts fall quebec housing starts fell in february to a four pct drop from last year when growth in quebec housing starts was among the highest in the canada the canada mortgage and housing corp said the february rate seasonally adjusted now stands at down from in january the government agency said reuter
earn	invacare ivcr expects higher sales invacare corp chairman president and chief executive officer a malachi mixon iii said he expects the home healthcare equipment company to post sales increases in the to pct range in mixon said the increases should come from internal growth as well as potential acquisitions invacare is aggressively seeking acquisitions to complement the company s existing product lines mixon said earlier the company reported fourth quarter net of mln dlrs or cts a share up from mln dlrs or cts a share in s fourth quarter invacare also reported net income of mln dlrs or cts a share up from a loss of mln dlrs or cts a share in reuter
earn	lamson and sessions co lms th qtr loss oper shr loss cts vs profit five cts oper net loss vs profit revs mln vs mln year oper shr loss cts vs profit cts oper net loss vs profit revs mln vs mln note excludes discontinued operations loss dlrs a share versus loss nine cts in the quarter and loss dlrs a share versus loss cts in the year also excludes extraordinary loss of six cts a share in the fourth quarter and gain of dlrs a share in full year also excludes full year gain of cts per share from accounting change reuter
trade	south korea to keep trade surplus years south korean trade minister rha woong bae said his nation would maintain a trading surplus for three to five years as a way to cut its foreign debt he said in an interview with reuter that after a few years it was likely south korea would drop barriers to foreign goods and move toward a more balanced trade position he said the present trade surplus was vital if his nation was to reduce its billion dlr foreign debt rha said that was the first year south korea had a trade surplus billion dlrs against a deficit of mln dlrs rha made his remarks at the end of a two week trade mission here during which a team he led agreed to buy u s products valued at billion dlrs about mln dlrs of the purchases here were in goods of the type south korea normally bought from japan rha leaves today for ottawa for trade talks with canadian officials and businessmen asked if south korea would retaliate against u s goods if congress closed u s markets to its products he said at this moment we have no thought of retaliation south korea is a major exporter to the u s of textiles and apparel and electronic goods such as television sets video cassette records and personal computers its purchases from the united states include electronic testing equipment grains and cotton reuter
earn	resturant associates industries inc raa th qtr shr cts vs cts shr diluted cts vs cts net vs revs mln vs mln avg shrs vs year shr cts vs cts shr diluted cts vs cts net vs revs mln vs mln avg shrs vs note results for and week periods ended january vs and week periods ended december net in both periods includes gain of dlrs from tax loss carryforward spokeswoman said average shares outstanding on a diluted basis were not available reuter
earn	southern new england telecom sng declares div qtly div cts vs cts prior pay april record march note company s full name is southern new england telecommunications corp reuter
earn	empire of carolina inc emp th qtr net shr cts vs cts net dlrs vs dlrs revs mln dlrs vs mln dlrs mths shr dlrs vs cts net dlrs vs dlrs revs mln dlrs vs mln dlrs note empire s investment in the deltona corp is reported on the equity method beginning the fourth qtr of amounts for and the first three qtrs of have been restated to reflect the retroactive application during the pct debentures and dlrs preferred stock were redeemed or converted resulting in common shares outstanding at december as compared to common shares outstanding at december reuter
earn	enseco inc ncco th qtr loss oper shr loss six cts vs profit seven cts oper net loss vs profit revs vs avg shrs mln vs mln year oper shr loss six cts vs profit cts oper net loss vs profit revs mln vs mln avg shrs mln vs mln note excludes extraordinary credit of four cts a share in fourth quarter and cts in year reuter
acq	corrected rexnord rex to sell railway unit rexnord inc said it signed a definitive agreement to sell its railway maintenance equipment co subsidiary to oak industries inc terms were withheld also participating in the agreement was banner industries inc which previously agreed to acquire rexnord railway maintenance had sales of mln dlrs rexnord said the sale is part of a major program to divest several of its businesses representing about mln dlrs in net assets still to be divested are the process machinery division with sales of mln dlrs and mathews conveyer co with sales of mln dlrs corrects mame of purchaser reuter
acq	wall street stocks supermarkets general sgl dart group corp darta which wants to acquire supermarkets general corp for billion dlrs is not likely to give up without a fight if its target seeks another buyer arbitrageurs said speculation that dart s offer of dlrs per share could be just the beginning of a bidding contest helped supermarkets shares gain one to on mln shares one rumor had federated department stores inc fds taking a look at supermarkets general our policy is that we do not comment on any rumors or speculation of this nature a federated spokeswoman said an arbitrageur noted that dart controlled by chairman herbert h haft and his son robert last year raised its initial bid for safeway stores by approximately pct when safeway resisted however that company was later sold to a buyout group that topped the hafts if history repeats itself the hafts could raise their bid to dlrs if they are rebuffed by supermarkets general the arbitrageur said but another arbitrageur said the hafts present bid seemed quite fair he said the offer amounts to times after tax cash flow which is probably fully priced reuter
acq	american motors amo weighs takeover proposal american motors corp said its directors met wednesday to review the takeover proposal which the corporation received monday from chrysler corp c amc said its board has retained independent investment and legal advisers and expects to meet periodically over the next several weeks on the proposal reuter
earn	bangor hydro electric co bang sets dividend qtly div cts vs cts pay april record march reuter
acq	kansas city southern ksu merger response kansas city southern industries inc said an attempt by santa fe southern pacific co sfx to reopen the proposed merger of the atchison topeka and santa fe railway co and the southern pacific transportation co offers nothing truly new in a letter to shippers kansas city chairman landon rowland stated this proposed merger is plainly anti competitive as found by the icc and urged by the department of justice nothing has changed landon said kansas city southern is continuing its efforts to acquire the transportation operation of santa fe railway reuter
acq	coke affiliate to sell delaurentiis deg stake de laurentiis entertainment group inc said embassy communications a californai general partnership affiliated with coca cola co ko plans to sell its pct stake in the company in a filing with the securities and exchange commission for a secondary offering de laurentiis said embassy will offer its entire stake in the company of shares of common stock in the public sale de laurentiis said it has mln shares outstanding painewebber inc will underwrite the offering reuter
earn	herley microwave hrly nd qtr jan net shr nine cts vs cts net vs rev mln vs four mln six months shr cts vs cts net vs rev mln vs mln note company s full name is herley microwave systems inc reuter
acq	williams cos wmb completes sale of unit williams cos said it completed the sale of its agrico chemical co unit to freeport mcmoran resource partners l p frp for an initial mln dlrs cash the company said it will also receive an additional to mln dlrs in five years based on the operating performance of the unit it said the cash proceeds will be used to lower its debt costs reuter
sugar	ec commission rejects sugar threats sources the european community commission has told ec member states that it is not prepared to discuss ec sugar prices while sugar traders threaten to make a huge sale into intervention stocks to protest against its policies commission sources said our position is that we are not willing to discuss the problems of market prices at a time when traders are making threats one source said the sources said the commission s view was made clear at a meeting of its sugar management committee today they said french west german and dutch officials had informed the committee that traders in their countries intended to sell just over tonnes of sugar into ec intervention stocks the commission riposted by signalling that it would sell the sugar sold into intervention back onto the ec market by tender a move that would push down prices the sources said french traders planned to sell tonnes into intervention stocks west german traders tonnes and dutch traders reuter
money-supply	treasury balances at fed fell on march treasury balances at the federal reserve fell on march to billion dlrs from billion dlrs the previous business day the treasury said in its latest budget statement balances in tax and loan note accounts fell to billion dlrs from billion dlrs on the same respective days the treasury s operating cash balance totaled billion dlrs on march compared with billion dlrs on march reuter
trade	south korea to maintain trade surplus years south korean trade minister rha woong bae said his nation would maintain a trading surplus for three to five years as a way to cut its foreign debt he said in an interview with reuters that after a few years it was likely south korea would drop barriers to foreign goods and move toward a more balanced trade position he said the present trade surplus was vital if his nation was to reduce its billion dlr foreign debt rha said that was the first year south korea had a trade surplus billion dlrs against a deficit of mln dlrs asked if south korea would drop its trade barriers once its foreign debt was substantially reduced he said yes i think so rha made his remarks at the end of a two week trade mission here during which a team he led agreed to buy u s products valued at billion dlrs about mln dlrs of the purchases are in goods of the type south korea normally bought from japan rha was to leave later today for ottawa for trade talks with canadian officials and businessmen he said in the interview the u s purchases were to reduce his country s billion dlr surplus with the united states and also to cut its billion dlr shortfall with japan rha said it was also due to a shift in exchange rates between the u s dollar and the yen that made it cheaper to buy u s goods than japanese goods he said south korea heavily relied on foreign trade and he hoped the leaders of major trading nations could find a way to resolve the growing trend toward protectionist legislation rha said i hope the leaders can get together to find a solution by making some mutually satisfactory concessions but he added the leaders seem hesitant to make concessions because of domestic political reasons speaking of his own country he said we have made a lot of concessions already he cited regulations permitting foreign investment in industrial firms allowing increased foreign banking activity and cracking down on piracy of intellectual property by strengthening protection of copyrights and patents rha said south korea had also lowered many of its tariffs asked if south korea would retaliate against u s goods if congress closed u s markets to its products he said at this moment we have no thought of retaliation south korea is a major exporter to the united states of textiles and apparel and electronic goods such as television sets video cassette records and personal computers its puchases from the united states include electronic testing equipment and grains and cotton the trade mission s purchases here included three boeing passenger planes for mln dlrs four mcdonnell douglas planes for mln dlrs and machinery worth mln dlrs reuter
acq	hong kong firm ups calmat czm stake to pct industrial equity pacific ltd a hong kong investment firm said it raised its stake in calmat co to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission industrial equity which is principally owned by brierley investments ltd a publicly held new zealand firm said it bought calmat common shares between feb and march for mln dlrs it has said it bought the stock for investment purposes but may raise its stake to pct reuter
acq	paralax video vido to buy american video paralax video enterprises inc said it signed a definitive agreement to buy american video group inc for stock according to the merger proposal american video shareholders will receive about restricted paralax shares and warrants to buy another restricted shares at six dlrs a share the warrants run for three years in addition it said holders of american video convertible debentures agreed to exchange their holdings for about dlrs worth of paralax stock american video operates stores in u s military bases reuter
earn	lamson sessions lms drops rail parts operations lamson and sessions co said it has decided to discontinue operations of youngstown steel door a maker of components and equipment for railroad freight cars the company said the unit is to be sold sometime this year so was included as discontinued operations in its results announced earlier today the company reported a loss from continuing operations of mln dlrs for the year against a profit of mln dlrs for discontinued operations it reported a loss of mln dlrs compared to a year earlier loss of dlrs reuter
acq	rochester telephone rtc to buy canton phone rochester telephone corp said it agreed to buy canton telephone co for undisclosed terms canton serves customers in northeastern penn in it had operating revenues of about mln dlrs the company said reuter
earn	wallace computer services inc wcs dividend qtly div cts vs cts previously pay june record june one reuter
earn	iroquois brands ltd ibl th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln mths oper shr loss dlrs vs loss dlrs oper net loss vs loss revs mln vs mln note excludes gain dlrs a share versus gain cts in the quarter and gain dlrs a share versus gain dlrs in the year from discontinued and disposed operations reuter
acq	alabama investor ups penobscot shoe pso stake donaldson bramham lee an investor from birmingham alabama said he raised his stake in penobscot shoe co to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission lee said he bought penobscot common shares between feb and march at prices ranging from to dlrs a share lee has said he bought the penobscot stock for investment purposes only and has no plans to seek control of the company although he may buy more stock reuter
earn	aero services aeroe sees better aero services international inc said it expects to achieve improvements in overall operations in the year ending september earlier aero reported a year end net loss of mln dlrs compared to a profit of dlrs in the company said the loss was attributable to costs associated with its acquisition costs and operating losses of nine beckett aviation fixed base operations purchased in august and discontinued weather service and flight simulator segments reuter
earn	aero services international inc aeroe year shr loss cts vs profit cts net loss mln vs profit revs mln vs mln note net loss includes loss of mln dlrs or cts a share from discontinued operations revenues include revenues for the last eight months of beckett aviation acquired in september of year ended september reuter
earn	vista resources inc vist th qtr net shr dlrs vs one dlr net vs revs mln vs mln mths shr dlrs vs dlrs net vs revs mln vs mln reuter
alum	alcoa declines specific comment on options trade alcoa officials acknowledged the possibility that they may have a position in the off exchange aluminum options market but declined specific comment on trade speculation that the company is holding a large outstanding position an alcoa aluminum company of america source involved in terminal trading for the company said we use all means available to manage our business so it s a possibility we re trading options we won t go into specifics about what we re doing but when you re dealing in un alloyed ingot it s a commodity business where there are a lot of tools available for hedging and alcoa is using all of those tools said al posti alcoa s manager of corporate news trade sources have said alcoa is long call options equal to to tonnes of aluminum due to mature in april and may however some new york based aluminium traders said they believe the size of alcoa s position has been exaggerated the possibility that alcoa may be long call options is one factor indicating that supply tightness may worsen in the second quarter traders said if they decide to exercise their right to buy it would mean really squeezing the market one new york trader said noting that aluminum stocks on the london metal exchange were tonnes at the end of last week reuter
earn	brae corp brae rd qtr dec loss shr loss dlrs vs profit two cts net loss vs profit revs mln vs mln nine mths shr loss dlrs vs loss cts net loss vs loss revs mln vs mln note includes losses from discontinued operations of dlrs vs loss dlrs in rd qtr and dlrs loss vs dlrs loss in nine mths reuter
crude	marathon to raise crude prices cts bbl tomorrow wti to dlrs
acq	general electric ge to sell datel unit general electric co s ge semiconductor business said it agreed to sell its datel unit to a group led by the unit s president nicolas tagaris terms were not disclosed tagaris founded the company which produces precision data acquisition conversion and control components and subsystems in he sold it to ge in reuter
acq	trico tro sets date for acquisition vote trico industries inc said it set march as the date for a special shareholders meeting for a vote on the proposed acquisition of the company by paccar inc pcar in january the two companies announced an agreement covering a proposed acquisition by paccar of trico s approximately mln shares outstanding for eight dlrs per share in cash reuter
acq	hughes tool shareholders approve merger with baker international
earn	canadian gypsum co ltd year net shr dlrs vs dlrs net mln vs mln revs mln vs mln reuter
acq	crew union sets pact with pacific southwest psg pacific southwest airlines said it reached an agreement with the southwest crew controllers association needed to satisfy conditions of usair group s u proposed acquisition of psa psa said this is the third of four unions agreement is needed with for usair s acquisition to be consummated under the agreement psa crew controllers received assurances they will be provided with labor protective provisions and a seniority integration process reuter
earn	southernnet inc sout th qtr net shr cts vs four cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln reuter
ship	senator lugar calls for cargo preference repeal the senior republican on the u s senate agriculture committee richard lugar of indiana called for repeal of the cargo preference law that aids the american shipping industry but which he said hurts farmers cargo preference is a costly special interest operated at the expense of american farmers and dockworkers lugar said in signing on as a co sponsor or cargo preference repeal legislation the law requires shipment of u s goods on american ships rather than foreign vessels which are less costly reuter
crude	eia says distillate stocks off mln gasoline off crude off mln
earn	sylvan learning corp slvn nine months dec shr loss cts vs profit eight cts net loss mln vs profit revs mln vs mln note net includes negative effect of accounting change of or five cts a share reuter
crude	eia says distillate gas stocks off in week distillate fuel stocks held in primary storage fell by mln barrels in the week ended march six to mln barrels the energy information administration eia said in its weekly petroleum status report the department of energy agency said gasoline stocks were off barrels in the week to mln barrels and refinery crude oil stocks fell mln barrels to mln the eia said residual fuel stocks fell mln barrels to mln barrels and crude oil stocks in the strategic petroleum reserve spr rose barrels to mln the total of all crude refined product and spr stocks fell mln barrels to it said reuter
interest	philippine debt talks delayed for consultations today s debt rescheduling talks between the philippines government and its bank advisory committee were postponed until thursday to give the banks more time to consider manila s novel proposal for paying part of its interest bill in notes instead of cash bankers said the committee banks met briefly earlier today and decided that they needed more time in particular to consider a news report which quoted a reagan administration official as urging that the proposal be given serious consideration the banks felt that this was new information and that further consultation was called for one banker said in a despatch yesterday from washington reuters quoted the official as saying manila s plan to pay some interest with notes that could be converted into equity investments in the philippines was fully consistent with the reagan administration strategy for handling developing country debt the philippine proposal is very interesting it s quite unique and i don t think it s something that should be categorically rejected out of hand the official said because of the key role the u s plays in the debt crisis foreign banks in particular wanted time to analyze the significance of the policymaker s comments bankers said reuter
acq	harper and row gets bid from harcourt brace jovanovich for dlrs shr
acq	hughes ht approves merger with baker bko an overwhelming majority of hughes tool co shareholders approved a merger agreement with baker international corp based on revised terms that allow the companies additional time to sell a drilling bit business as required by the u s justice department hughes chairman william kistler said the revised terms of the proposed consent decree also set a mln dlr cap on how much funding the newly combined companies will have to spend on the disputed drilling bit business until it is sold an earlier proposed consent decree did not establish a funding limit the baker hughes merger which would would create a billion dlr oilfield services company almost fell through earlier this month when hughes balked at terms of a proposed justice department consent decree that would have given the companies only three months to find a buyer for the reed business baker said today it would withdraw the one billion dlr lawsuit it had filed to force hughes to follow through with the merger hughes kistler speaking to reporters after pct of hughes shareholders approved the merger said the revised terms of the agreement give the companies six months to find a buyer for the reed drilling bit business the previous agreement had proposed a three month period kistler said the the government had also indicated it would consider granting if necessary an additional three month extension to complete the sale he said there were several people looking at the domestic drilling bit business the companies kistler said have also decided to voluntarily sell a reed plant in singapore kistler estimated that the merger which should be completed in about two weeks will result in annual cost savings of about mln dlrs he said he expects substantial cutbacks in the member workforce at baker hughes inc the name the merged company will take kistler said the cost savings and greater efficiencies should put the company on a profitable course we think that in the third or fourth quarter after the merger we should see something close to breakeven he said in the fourth quarter of hughes earned mln dlrs on sales of mln dlrs baker in its first fiscal quarter ended december lost mln dlrs on revenues of mln dlrs reuter
crude	usx x unit to raise most crude postings usx s subsidiary marathon petroleum co said it will raise its contract prices for eleven grades of crude oil cts a barrel effective tomorrow the increase brings marathon s posted price for west texas intermediate and west texas sour grades to dlrs a barrel the light louisiana grade was also raised cts to dlrs a barrel reuter
earn	dollar general corp dolr th qtr net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs mln revs mln vs mln reuter
acq	broad acquires vogt and conant unit broad corp said it acquired the construction activities of vogt and conant co of cleveland the combined companies to be called broad vogt and conant inc will be the largest structural steel erection company in the u s combined sales of the two operations were more than mln dlrs in reuter
acq	harper hpr gets bid from harcourt hbj harper and row publishers inc said it received an acquisition offer from harcourt brace jovanovich inc to acquire all of harper and row s shares at dlrs a share in cash harper said it will consider the proposal including such possible concerns as anti trust and other legal considerations on monday harper and row received a surprise dlr a share bid from investor theodore cross owner of six pct of the shares for the stock he does not own harcourt made clear in its offer that it will step aside if harper s directors and shareholders reject the bid harper said harper said the board has previously expressed a strong determination to remain an independent publishing enterprise harper also said that new world pictures a shareholder has requested a copy of harper s shareholder list to be used in soliciting proxies new world has shares of the total mln shares harper and row s stock closed off to after rising points yesterday shareholders are due to vote april on a shareholders rights plan designed to thwart hostile takeovers ivan obolensky an analyst with the investment banking for of sterling grace and co said harper and row is one of the few remaining independent publishers with a back list of authors stretching back years he said as long as the company maintains copyrights with the estates of deceased authors it controls all motion picture and television rights to the stories and he said new printing technologies make new editions a profitable business harcourt brace needs a back list of that nature and is willing to pay up for it obolensky said but he said harper and row has plenty of beef to warrant a dlr bid reuter
acq	goldman sells most st pennsylvania fpa stock goldman sachs and co told the securities and exchange commission it sold nearly its entire stake in first pennsylvania corp of shares or pct of the total outstanding common stock goldman sachs said it has about first pennsylvania common shares remaining on february the company redeemed convertible debentures with common stock which at once increased goldman s stock holding and the total outstanding goldman sachs said it originally bought the stake as part of its arbitrage business marine midland banks mm has an agreement in principal to acquire first pennsylvania reuter
earn	lionel corp lio th qtr jan oper net oper shr dlr vs cts oper net mln vs revs mln vs mln avg shrs mln vs mln year oper shr cts vs cts oper net vs revs mln vs mln avg shrs mln vs note prior year th qtr and year oper net excludes mln dlrs and mln dlrs respectively for income from discontinued operations prior year th qtr and year oper net also excludes mln dlrs and mln dlrs respectively for operating loss carryforwards and other reogranization items prior year th qtr and year ended january reuter
earn	montreal city district savings bank st qtr shr cts vs cts net mln vs mln loans not given deposits not given assets billion vs not given note full name montreal city and district savings bank period ended january reuter
gold	franco nevada says stock rise due to drilling franco nevada mining corp ltd said the gain in its stock price today is related to deep drilling being conducted by american barrick resources corp at the goldstrike claims in the carlin camp in northern nevada franco nevada stock is up two at seven dlrs per share on the toronto stock exchange franco nevada said american barrick announced on march nine that the drilling indicated a number of significant intersections of sulfide gold mineralization below a depth of about feet one vertical drill hole intersected gold continuously from feet to feet averaging ounces per short ton the announcement said reuter
acq	businessman has pct of del e webb dwp a john cotton an arizona businessman told the securities and exchange commission he has acquired the equivalent of shares of class a common shares in del e webb investment properties or pct of the total cotton president of finalco group inc a paradise valley ariz data processing equipment maker said he bought the stake which includes warrants to buy shares for dlrs the warrants are exerciseable at dlrs a share he said cotton said it bought the stock for investment purposes only reuter
earn	astec industries inc aste th qtr dec shr loss nine cts vs profit cts net loss vs profit revs mln vs mln year shr profit cts vs profit cts net profit mln vs profit revs mln vs mln note net includes loss of three cts or mln dlrs in th qtr and loss of cts or dlrs in year from discontinued operations reuter
earn	bank of british columbia st qtr jan net oper shr loss two cts vs profit three cts oper net profit dlrs vs profit year period ended october oper shr loss cts vs profit cts oper net loss vs profit assets billion vs billion note st qtr net excludes extraordinary loss of mln dlrs or six cts shr yr net excludes extraordinary loss of mln dlrs or dlrs shr involving mln dlrs of costs from sale of bank assets to hongkong bank of canada eight mln dlrs for contingent liabilities in respect of litigation and potential tax reassessment by u s govt and mln dlrs of deferred tax debits most bank assets sold to hongkong bank of canada a unit of hong kong and shanghai banking corp in nov shr after preferred divs reuter
earn	restaurant associates inc ra th qtr jan shr cts vs cts net mln vs mln revs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln note th qtr includes loss from carryforward shares restated to give effect to to one stock split in the form a pct class a dividend in august reuter
earn	michigan general corp mgl th qtr shr loss dlrs vs dlr net loss mln vs mln revs mln vs mln year shr loss dlrs vs loss dlrs net loss mln vs mln revs mln vs mln note th qtr year loss includes mln dlrs mln dlrs respectively from discontinued th qtr and year include loss of mln mln dlr respectively reuter
earn	bank of b c revises share payout estimate bank of british columbia said it revised its estimate of shareholder distributions from last november s sale of most of the bank s assets to hongkong bank of canada to between cts and dlrs a share from cts to dlrs a share the bank said the estimate could rise to between dlrs and dlrs a share if the full pension surplus is obtained it said it did not know when distributions would be made it earlier reported that operating profit for first quarter ended january fell to dlrs from mln dlrs the previous year for full year ended october the bank posted an operating loss of mln dlrs against year earlier profit of mln dlrs the bank also posted a mln dlr extraordinary loss in fiscal bank of british columbia sold most of its assets last november to hongkong bank canada a unit of hongkong and shanghai banking corp of hong kong for mln dlrs it said efforts to wind up the bank s affairs were proceeding as quickly as possible the bank said it expected to report positive earnings in future periods barring unforeseen circumstances loan losses which the bank previously said figured in its move to sell off most of its assets rose to mln dlrs in fiscal from year earlier mln dlrs the bank said mln dlrs of the total represented downward adjustments to its portfolio of syndicated sovereign risk loans as required under the sale to hongkong bank since november the bank has confined activities to the winding up of affairs bank of british columbia said reuter
earn	kiena gold mines ltd th qtr net shr cts vs cts net vs revs vs year shr dlrs vs cts net vs revs mln vs mln reuter
earn	kiena plans two for one stock split kiena gold mines ltd said it planned a two for one common stock split pending shareholder approval on april it said approval would require pct of votes cast kiena said pct owner campbell red lake mines ltd crk was expected to vote in favor of the split reuter
earn	rowe furniture corp rowe sets qtly dividend qtly div four cts vs four cts prior pay april record march reuter
trade	u s house panel takes first trade bill votes house trade lawmakers took their first votes on measures designed to toughen u s trade laws but held over until tomorrow the most difficult votes on controversial plans to protect american industries meeting in closed session the house ways and means trade subcommittee failed to resolve one of the most sensitive issues in the bill whether they will force major foreign trading partners to severely cut their trade surpluses with the united states the subcommittee is considering a toned down version of democratic sponsored trade legislation that aims to open foreign markets but which drops last year s effort to force president reagan to retaliate with quotas or tariffs congressional aides who asked not to be identified said the lawmakers intend to wrap up their proposals tomorrow and will consider a proposal to mandate retaliation without setting specific trade penalties the legislation faces another hurdle in the full ways and means committee next week before the full house votes on it rep richard gephardt a missouri democrat who is seeking his party s presidential nomination said he may offer an amendment to call for reductions in the trade surpluses of those countries with barriers to imports of u s goods this would be a moderated version of his earlier plan to force a mandatory ten per cent annual cut in the trade surplus with the united states by japan south korea taiwan west germany and other countries with the largest trade imbalances my criteria for a good amendment sets a standard for getting the trade deficit down he told reporters the trade law changes are to become part of a major congressional and administration effort to turn around the record u s trade deficit of billion dlrs last year by opening up foreign markets and making u s products more competitive house speaker james wright a texas democrat said again today he expects the full house will approve the trade bill by may and that reagan will accept the final congressional bill i expect whatever is reported by the ways and means committee will pass we will have a good bill and an effective bill he told reporters the comprehensive trade bill will include work by other committees to ease export controls on high technology to aid u s workers displaced by foreign competition to stimulate research and development to remove foreign trade barriers and to improve education and worker training the lawmakers agreed that for the first time a u s industry could charge foreign producers with unfair competition if they deny basic worker rights such as collective bargaining safety rules and payment of a minimum wage appropriate to the country s economic development they transferred to u s trade representative clayton yeutter the powers now held by reagan to decide whether to retaliate against foreign violations of fair trade rules and whether an injured industry deserves import relief they agreed to make it easier for a company to get temporary relief from import competition but agreed the industry should provide a plan to become competitive the administration has not announced its support but yeutter said yesterday i am cautiously optimistic that the democratic led house will come up with an acceptable bill reuter
trade	soviet minister says trade boost up to french soviet first deputy prime minister vsevolod murakhovsky said at the end of a brief visit here his country wanted to boost joint business with france but that a reduction of france s trade deficit with the soviet union depended on the french murakhovsky who is also chairman of the state agro industrial committee gosagroprom told a news conference he had discussed a variety of possible deals with french companies rhone poulenc pechiney and imec declining to put figures on possible contracts he said he had discussed plant protection and the processing of highly sulphuric gas with rhone poulenc packaging technology for agricultural products with pechiney and fruit and vegetable juice processing with imec an official for pechiney said an agreement of intent on packaging could be signed soon but could not give any other details the other two companies were not immediately available for comment asked whether he foresaw a reduction this year of france s trade shortfall at billion francs in the first months of against billion for the whole of murakhovsky told reuters it all depends on france at a meeting in paris last january french and soviet foreign trade ministers said they were committed to increased efforts to reduce the deficit estimates at the time showed a french mln franc surplus for december murakhovsky said the soviet union was prepared to talk with anybody with interesting proposals offering latest technology and assuring a mutual advantage he said the soviet union had many tasks ahead of it and would deal rapidly with proposals it considered interesting he encouraged companies to take advantage of new laws guaranteeing the interests of foreign partners in joint ventures but he said no agreements had yet been finalised under the new joint venture laws he said concrete deals had not yet been finalised as a result of a one billion dollar accord signed in moscow last month with french businessman jean baptiste doumeng he said doumeng s interagra company was preparing proposals for further examination by the soviet union doumeng last month said the agreement was to exchange one billion dollars worth of goods murakhovsky said the agreement was one of intent and designed primarily to renew and increase the soviet union s food production capacity reuter
crude	venezuela to lend oil to ecuador for export venezuela will supply ecuador with an as yet undetermined amount of crude oil to help it meet export commitments seriously affected by last week s earthquake energy and mines minister arturo hernandez grisanti said he gave few details about the deal but said a crude oil loan agreement will be made between state oil companies petroleos de venezuela pdvsa and ecuador s cepe ecuador was forced to suspend oil exports for an expected four months after an earthquake damaged a pipeline oil accounts for per cent of its export income hernandez was speaking to reporters at miraflores palace on the results of talks with ecuador s deputy energy minister fernando santos alvite who arrived here last night the volume lent to ecuador would be discounted from its opec quota and would not affect venezuela s he said we would from august on produce our own quota and sell the additional amounts that ecuador would be repaying us he said he did not elaborate on the quota arrangements but did say ecuador would notify opec by telex that venezuela would be lending it a certain amount over so many days venezuela s opec output quota is currently million barrels a day and ecuador s has been set at bpd reuter
earn	eagle clothes inc egl nd qtr jan shr profit cts vs profit cts net profit mln vs profit revs mln vs mln six months shr profit cts vs loss cts net profit mln vs loss revs mln vs mln note six months includes increase in provision for doubtful accounts to mln dlrs shares give effect to issuance of mln shares in exchange for outstanding series preferred shares reuter
trade	britain calls on japan to increase imports britain today called on japan to increase foreign imports or risk the rise of protectionism and the harm it would bring to it and other trading nations british trade and industry secretary paul channon said japan must heed a report issued by a japanese government advisory body in december calling for faster domestic demand to help cut its trade surplus and restructure its economy i recognise that the strong yen has brought problems to japan s domestic economy he told a group of japanese businessmen in london but these short term difficulties should not be allowed to deflect japan from the fundamental reforms necessary he said it is not just a domestic issue for japan if import propensity does not expand very soon there is a real risk from protectionist lobbies particularly in the u s with whom japan has so massive a surplus he said they may well succeed in securing action by governments which would be highly injurious to trading nations like japan and the u k channon said there had been substantial growth in the volume of trade between japan and britain amounting to billion sterling billion dlrs last year but he added regrettably too much of it was in one direction with the japanese selling us billion sterling billion dlrs more than we sold them reuter
acq	taft broadcasting rejects dlr per share buyout offer from theta corp
acq	taft tfb rejects dlr shr offer taft braodacasting co said its board of directors unanimously decided not to accept the pending proposal of theta corp an investor group led by dudley taft the decision was based on among other things the advise of its financial advisors goldman sachs and co that the offer of dlrs per share was inadequate taft said the board concluded that the offer failed to recognize fully the future propsects of the company and directed management to explore alternatives including possible financial restructuring reuter
veg-oil	british minister criticises proposed ec oils tax a british minister said that a proposed european community tax on vegetable oils and fats would raise the price of fish and chips and he pledged the government would fight against it lord belstead a junior agriculture minister told the house of lords the tax would raise the price of raw materials used in many processed foods by about pct he said revenue should not be raised by taxing the consumer and called the proposal repugnant reuter
jobs	australian unemployment eases in february australia s seasonally adjusted unemployment rate eased to pct of the estimated workforce in february from pct in january compared with pct a year earlier the statistics bureau said the number of unemployed declined to from in january against in february it said but unadjusted the number of jobless rose to or pct of the workforce from or pct in january and or pct a year earlier reuter
money-fx	treasury secretary baker declines comment on g u s treasury secretary james baker declined comment on the february paris accord between the six major industrial nations under which they agreed to foster exchange rate stability asked by reporters after a speech before the national fitness foundation banquet what if any currency intervention levels had been set in paris baker replied we never talk about intervention baker also declined to comment on his views about the foreign exchange markets reaction to the accord reuter
crude	ecuador to ask opec to raise export quota ecuador will ask opec to raise its oil export quota by barrels per day to to compensate for lost output due to last week s earthquake deputy energy minister fernando santos alvite said santos alvite who arrived in caracas last night to discuss an aid plan for ecuador did not say when the organisation of petroleum exporting countries opec would be approached the additional output would be related to plans now under discussion for venezuela and mexico to lend ecuador crude while it repairs a pipeline damaged by the quake earlier venezuelan energy and mines minister aturo hernandez grisanti said his country would supply an unspecified part of ecuador s export commitments but santos alvite told reporters he hoped a first cargo of barrels could leave maracaibo this weekend to supply refineries near guayaquil he added ecuador also wanted to make up for bpd it shipped to caribbean destinations mexico might supply ecuador s south korean market ecuador may be unable to export oil for up to five months due to extensive damage to a mile stretch of pipeline linking jungle oilfields to the pacific port of balao reuter
crude	china closes second round of offshore oil bids china has closed the second round of bidding by foreign firms for offshore oil exploration rights the china daily has reported it quoted a spokesman for the china national offshore oil corp cnooc as saying china signed eight contracts with foreign firms for blocks in the pearl river mouth and south yellow sea covering a total area of sq km second round bidding began at the end of and only one well has so far produced results lufeng km south east of shenzhen with an output of barrels a day the well was drilled by a group of japanese companies the spokesman added cnooc was ready to enter into contracts for offshore blocks before third round bidding began he did not say when this would be but added the contracts would not be bound by restrictions imposed during the second round china has signed oil contracts and agreements with companies from countries since when offshore exploration was open to foreigners eleven contracts were terminated after no oil was discovered foreign firms have invested billion dlrs on offshore china since reuter
acq	amc imposes hiring freeze due to takeover bid american motors corp amo management has ordered a hiring freeze in view of chrysler corp s c billion dlr takeover bid a spokesman for amc said analysts said the merger is virtually certain to go ahead american motors directors met for five hours wednesday to review the takeover proposal the board expects to be meeting periodically over the next several weeks on the chrysler proposal amc said in its first formal statement since it acknowledged the chrysler proposal on monday chrysler the number three u s automaker has said the merger is motivated principally by its desire to acquire amc s profitable jeep business and dealers as well as a new modern car assembly plant in bramalea ontario that means a guaranteed future for much of amc but it leaves in question the fate of many of its plus employees according to industry analysts amc s toledo ohio jeep plant has hourly workers on indefinite layoff while its kenosha wisconsin car plant has another on layoff reuter
bop	foreign investment in australia jumps in last qtr the net inflow of foreign investment into australia jumped to billion dlrs in the fourth quarter of from billion in the third quarter and billion a year earlier the statistics bureau said the bureau attributed the increase to a turnaround of billion dlrs in official sector transactions and a billion turnaround in direct investment the turnaround in official transactions to a billion inflow from a mln outflow in the third quarter against a mln inflow a year earlier was largely on account of government foreign currency borrowings it said direct investment recorded a turnaround to a billion dlr inflow in the fourth quarter from a mln withdrawal in the third quarter against a mln inflow in the fourth quarter of the bureau said it said the major part of the turnaround reflected an injection of funds estimated at around mln dlrs associated with the previously reported restructuring of the australian operations of general motors corp gm gm used the funds to pay out or take over certain australian liabilities of its local unit general motors holden s ltd it said however net borrowings remained the major part of total inflow accounting for billion dlrs in the fourth quarter against billion in the third quarter and billion a year earlier the bureau said net official borrowings comprised billion dlrs against a net outflow of mln in the third quarter and a mln inflow a year earlier total private and semi public authority net borrowings rose to billion dlrs from billion in the third quarter and billion a year earlier reuter
trade	taiwan further relaxes foreign goods import curbs taiwan said it would soon relax import controls on some foreign items including stationery and books in a further effort to allow trading partners especially the u s greater access to its markets taiwan announced the easing of import curbs on some farm and industrial products last month a council for economic planning and development spokesman told reuters he said the new move was intended to balance trade between taiwan and its trading partners the island s trade surplus reached a record billion u s dlrs last year up from billion in in january taiwan cut import tariffs on some foreign products and allowed imports of u s wine beer and cigarettes we hope the measures will help reduce our trade surplus this year especially with that of the u s the spokesman said washington is pressing taiwan to open its markets wider as a way of cutting its trade deficit with the island which rose to billion u s dlrs in the first two months of from billion in the year earlier period reuter
ship	bangladesh port workers end strike cargo handling resumed at bangladesh s chittagong port today after workers ended their three day walk out triggered by a pay dispute port officials said loading and unloading of ships stranded by the strike started this morning and will be completed as quickly as possible they said the strikers returned to work after an agreement was reached last night between port authorities and the port workers association they said without giving details reuter
acq	leigh pemberton opposes takeover protection rules the bank of england does not favour the introduction of rules to shield companies from hostile takeover attempts its governor robin leigh pemberton said instead merchant banks advising bidding companies must show restraint and responsibility to avoid the excesses that have marred recent takeovers he told the yorkshire and humberside regional confederation of british industries annual dinner leigh pemberton also called on companies to improve ties with institutional investors suggesting representatives of those institutions be granted seats on the boards of directors of companies they invest in boards cannot expect protection from unwelcome predators for that is but a short step from saying that they should be protected from their own shareholders who are after all the proprietors of the company leigh pemberton said he added takeovers and mergers had an important role to play in furthering economies of scale integration and more efficient market penetration the degree of success or failure of a takeover has not in my experience depended on whether or not the takeover was contested he said leigh pemberton noted there had been excesses in takeover activity in the recent past the aim is to pressurise a company s management into action dedicated solely to a favourable impact on the share price in the short term partly or even primarily at the expense of the future he said such bids often depend for their success on creating a highly charged and artificial situation in the share market and give rise to temptations on both sides of the battle to engage in aggressive even manipulative tactics that are immensely damaging to the interest of the shareholders he said in a clear reference recent events he said those in the city who act for companies or individuals must i suggest be ready to accept a full measure of responsibility even if it entails opprobrium for the transactions that may result they should exercise the most careful judgment at the outset with respect to the clients for whom they act and the activities contenplated those who sow wind cannot expect the whirlwind to visit elsewhere he added reuter
pet-chem	tonen sekiyu and exxon unit studying resin project tonen sekiyukagaku kk and exxon chemical co a petrochemical division of exxon corp xon said they agreed to accelerate a study to set up an equally owned joint venture to make waterwhite resin in japan details of the venture to be based on exxon chemical technology will be set later the companies said waterwhite resins are widely used in adhesive applications for baby nappies medical tapes and other bonding agents tonen is a wholly owned subsidiary of toa nenryo kogyo kk tnen t which is owned pct by exxon corp reuter
acq	japanese purchase of u s high tech firm opposed commerce secretary malcolm baldrige has asked the white house to consider blocking the planned japanese acquisition of a major u s computer and semiconductor maker u s officials said yesterday the officials told reporters baldrige had serious concerns on national security grounds about the sale of schlumberger ltd slb unit fairchild semiconductor inc to fujitsu ltd itsu t the officials said the sale could leave the united states overly dependent on a foreign company for equipment used in advanced missiles aircraft electronics and intelligence gathering the u s officials added the sale would also worsen the strained relations between the two countries stemming from the huge japanese trade surplus the white house economic policy council would consider the sale in the coming weeks they said defence secretary caspar weinberger s position was not known but in the past he has opposed the transfer of high technology to foreign governments or companies computers made by u s manufacturers are widely used in the world but tokyo told u s negotiators recently it prefers local manufacturers and would not buy u s supercomputers reuter
cotton	s korea to buy more cotton especially u s cotton south korea plans to import about tonnes of cotton this year compared to tonnes in trade ministry officials said more than three quarters of the total some tonnes will come from the united states that will be a pct increase on when u s imports totalled tonnes an official said he said the u s increase is due partly to the competitiveness of american cotton and partly to efforts by seoul to reduce its trade surplus with washington south korea is the second largest importer of u s cotton after japan reuter
ship	striking brazil seamen threaten mass resignation striking seamen said they would offer their collective resignation rather than end their day old national strike on management s terms the seamen said they were spurred to their decision after marines occupied the ship docemarte in santos harbour tuesday night they said seamen on the vessel were being forced to work under duress president jose sarney s government despatched troops to brazil s ports and oil installations on tuesday seamen in santos brazil s main port are in defiant mood one of their leaders orlando dos santos told reuters that most of the seamen in the port offered their resignations on wednesday the national strike headquarters in rio de janeiro said seamen were offering to resign in all the country s main ports the strike by seamen comes as brazil faces a serious debt crisis brought on by a sharp deterioration in its trade balance the country needs all the foreign exchange it can get and shipowners have been quick to denounce seamen for the harm the strike is doing to exports an advertisement placed in the newspapers by the shipowners association read the seamen s strike is illegal irrational and unpatriotic the seamen respond that they cannot live on their present salaries according to officical pay lists available in the union s office the basic pay for ordinary seamen is cruzados a month while various allowances can bring their total pay up to cruzados a month at the other end of the scale captains earn cruzados a month basic pay which is brought up to cruzados with allowances brazil s seamen are the second worst paid in the world after ghana s dos santos said he said the seamen had not received a pay increase since february and prices have doubled since then with the collapse of the government s cruzado plan price freeze talks in rio de janeiro wednesday involving labour minister almir pazzionotto seamen and employers failed to resolve the dispute the seamen are demanding pay raises of about pct but have been offered less than half that reuter
reserves	german net currency reserves rise mln marks to billion bundesbank
coffee	indonesian coffee production may fall this year indonesia s coffee production in ending september may fall slightly from last year s level of tonnes dharyono kertosastro chairman of the association of indonesian coffee exporters told reuters he said shade trees had been damaged by pests and this may have affected the crop though it remains to be seen how seriously indonesia s main crop is harvested next month he gave no figure for expected output except to say it would probably be down a little from he said stocks were about normal at tonnes kertosastro predicted that exports were unlikely to rise much from last year s level of tonnes i expect exports will be a bit more maybe tonnes but not above that he said exports in were valued at mln u s dlrs but the value could fall by pct this year because of low prices he added dharyono said production was behind a five year plan target of tonnes for the current year but indonesia is trying to boost output through introduction of higher yielding seeds better training for farmers and increased use of fertilizers reuter
acq	renouf sells pct nzi stake to brierley renouf corp ltd said it sold its pct stake in nzi corp ltd to brierley investments ltd bil for mln n z dlrs renouf managing director mike cashin said in a statement it had been renouf s intention to build up a long term strategic position in nzi but it became clear to us that it was in the best interests of both nzi and ourselves for brierley investments to acquire our holding he said he said renouf built up its nzi holding over the past six months the sale comprised mln shares at n z dlrs a share and warrants at dlrs each the warrants are attached to a mln swiss franc note issue each bond of francs carries a detachable warrant entitling the bearer to nzi shares in its annual report bil reported that it held a pct stake in nzi nzi has mln ordinary shares on issue total capital including shares attached to warrants is mln shares cashin said the sale will result in a significant profit and places renouf in a good position to consolidate on recent transactions and pursue other opportunities nzi shares were at n z dlrs bil at and renouf at at the close of trading bil executives were unavailable for comment reuter
earn	boliden ab blds st results group loss after financial income and expenses billion vs loss mln crowns sales billion crowns vs billion no proposed dividend vs crowns note the company this year consolidated wholesale and investment conglomerate ahlsell ab reuter
gold	britain to mint new britannia gold coin britain will from next autumn mint and market a new bullion coin called the britannia containing one ounce of carat gold together with bullion coins of smaller denominations a treasury official said the new investment coin to be sold worldwide will fluctuate in price according to the international price of gold the smaller coins will be in denominations of a half ounce a quarter ounce and a tenth of an ounce reuter
earn	saudi banks face further lean period saudi arabia s commercial banks are reporting a further decline in profits for as increasing provisions have to be set aside to cover the burden of non performing loans bankers in the saudi capital said the need to build reserves for bad and doubtful debts may start to decline a little this year but the kingdom s still sluggish economy and legal problems hampering traditional lending operations mean earnings will remain vulnerable one senior bank credit officer said the work is largely done in terms of identifying bad loans and making provisions but banks are still going to face difficulties earning money the sudden decline of saudi arabia s corporate sector in culminating in a number of debt reschedulings has taken a heavy toll of bank profits with first results now appearing for showing a fourth successive year of broad decline the cumulative net earnings of the kingdom s banks had sunk to mln riyals from billion in before world oil prices tumbled of the kingdom s nine joint venture banks which operate on the gregorian calendar year four have already reported and revealed a further profits decline or net loss for at the expense of increased provisions the newest and smallest of the joint ventures united saudi commercial bank uscb reported a net loss of mln riyals marginally less than s shortfall of mln profits before provisions were sharply higher in part reflecting an pct staff cut last year but the bank nearly trebled the amount set aside against bad and doubtful loans to mln riyals from mln in other results released so far show saudi american bank samba reporting a pct fall in net profit to mln riyals while al bank al saudi al fransi known as saudi french slid pct to mln riyals both saudi american owned pct by citicorp s cci n citibank na and saudi french pct owned by banque indosuez increased provisions sharply arab national bank s net profit fell pct to mln riyals and provisions were more than doubled to mln riyals bankers said there are first signs that the number of non performing loans has stopped growing as the decline in the saudi economy bottoms out few are willing to predict a sharp upturn in economic activity but one banker said the top pct of the saudi banks are now at or close to international levels on provisions from to the kingdom s largest bank national commercial bank ncb stashed away billion riyals in provisions or pct of its total loans and advances to the private sector bankers calculated between and riyad bank ncb s rival as the second biggest of the two all saudi shareholding banks had covered pct of its loans and advances both banks operate on an islamic year that does not coincide with the other nine although the saudi arabian monetary agency sama has been tightening supervision there is still no standardised rule for declaring loans as non performing bankers say this makes comparison of profit figures difficult because some banks still book non accruing interest as revenue while others follow more conservative practices in force in major world financial centres bankers generally said ncb riyad bank and the joint ventures samba saudi french and arab national bank rank as the strongest earners other banks such as saudi british bank pct owned by the british bank of the middle east are disadvantaged by a relatively low deposit base saudi british slashed profit pct to just mln riyals and accounts due soon are expected to show another low figure but the bank has traditionally been one of the most conservative in making provisions bankers said sama has proved it is not prepared to see a saudi bank go under and not only supported saudi cairo bank after its troubled accounts came to light but also made available cheap deposits to saudi investment bank and uscb the banks can on lend these to generate profit but generally banks are awash with liquidity since they are unwilling to risk incurring fresh non performing loans and while banks in more liberal financial markets can attempt to diversify away from traditional lending conservatism in saudi banking has made it difficult to generate fee income from new investment banking products one banker said operating earnings in the kingdom are not good reflecting the caution in new lending the amount of advances is showing a declining trend while the days when banks had ample funds in interest free current accounts to invest are disappearing as saudi customers seek a better return on their money in the ratio of interest bearing accounts to current accounts was to pct today only about pct of customer funds are held on current account reuter
acq	guinness challenges mln stg payment to lawyer guinness plc guin l the brewing group has challenged a mln stg payment to a u s lawyer who says he organised its controversial takeover of scotch whisky maker the distillers co plc but attorneys for lawyer thomas ward a member of the guinness board told a court yesterday in the channel island of jersey that ward saw the payment as his reward for services in last year s billion stg takeover britain s department of trade and industry is investigating the takeover guinness says its former chairman ernest saunders and ward breached their fiduciary duty in authorising the payment to ward via a jersey based company marketing and acquisitions consultants and has gone to the jersey court to recover it mac said in defence documents that ward was the main negotiator in the battle for distillers against rival bidder argyll ayll l group plc the bid would not have been successful but for the services of mr ward mac attorneys said in the documents submitted in court the payment was in all the circumstances reasonable proper and fully earned reuter
coffee	indonesia pressing for compromise over coffee indonesian coffee exporters are preparing for a period of depressed prices while urging their government to lobby for a resolution of the deadlocked issue of export quotas the chairman of the association of indonesian coffee exporters aice told reuters dharyono kertosastro said in an interview that indonesia the world s third largest producer is trimming costs and improving its marketing while seeking a compromise on quotas but as long as brazil sticks to its hardline position we can never bridge the gap dharyono said indonesia was one of a group of eight producing countries along with costa rica the dominican republic ecuador honduras india papua new guinea and peru which proposed a new quota system at last month s failed international coffee organistion ico talks in london brazil which would have had its quota reduced under the group of eight scheme blocked the proposal aice officials are now hoping colombia can use its contacts with brazil to suggest a compromise edward muda an aice official who attended the ico negotiations said latin american members of the group of eight were in contact with colombia the world s second largest producer but gave no details colombia has shown interest because they will gain from a compromise without one they will suffer if the present market stays like it is muda said he said indonesia was in contact with consumers such as the u s japan the netherlands west germany and canada ahead of an ico executive board meeting scheduled for april dharyono said the aice will send delegations to the u s and japan to brief indonesian embassy officials there and press them to present indonesia s case more firmly he urged the indonesian government to do more to help the country s coffee traders through the ico negotiations muda said the group of eight had some common ground with the big consumers because they agreed on the need for basing quotas on what he termed realistic criteria the breakaway group believes the old quota system which gives brazil a pct share of the quota exports does not reflect up to date supply and demand trends brazil has stuck rigidly to its insistence that the old system be applied export quotas were suspended in february when market prices surged because of the failure of the brazilian crop although prices have long since come down to a point where export controls could be reintroduced producers and consumers at the member ico have not been able to agree on new guidelines brazil and the u s the largest consumer are both refusing to alter their positions dharyono said if new quotas are not agreed he believed indonesia was well placed to survive low prices indonesian farmers are trimming production costs and the aice is improving its marketing system dharyono said indonesia s coffee output in ending september is expected to stagnate or fall slightly from last year s level of tonnes he said he said stocks at tonnes were about average for the time of year reuter
earn	japanese corporate earnings recovery predicted japanese corporate earnings will rise pct in fiscal for the first year on year increase in three years partly because of the yen s stable exchange rate the nomura research institute said sales of all industries are predicted to rise pct in the year which starts april the research arm of nomura securities co said in a statement recurrent profits were estimated to fall pct in the current fiscal year with sales forecast to drop pct the forecast assumes an average rate of yen to the dollar in compared with yen in the current year corporate efforts to cope with the yen s appreciation such as cutting production costs are expected to bear fruit next fiscal year the institute said the economy should also benefit from pump priming expected from the government and a halt in rising prices of manufactured goods it said recurrent profits of manufacturing industries are projected to rise pct next fiscal year against an estimated pct fall in the current year non manufacturing sector profits will decline pct in against an estimated pct rise in the current year it said reuter
earn	boliden says results burdened by loss writeoff swedish mining and metals group boliden ab blds st forecast a return to profitability during after recording a billion crown loss burdened by a massive write off the company which consolidated the swedish wholesale and investment conglomerate ahlsell ab this year said the result included restructuring costs and write offs of mln crowns these costs have arisen as a results of a change of direction for the group they are mainly one off but they have burdened the annual accounts the company said in a statement boliden said the company s liquid assets were billion crowns at year end which together with an investment portfolio of billion made it one of the most liquid swedish companies as a result of the losses the board proposed cancelling dividend for the year although it predicted a return to profitability during the statement added swedish tyres process equipment and components firm trelleborg ab has taken a majority stake in boliden since the beginning of this year trelleborg then said it had no plans for consolidating boliden reuter
gnp	malaysia optimistic over economic outlook for malaysia s central bank bank negara said the economic outlook for is good in view of a marked improvement in commodity and oil prices in the later months of last year it said in its latest quarterly review that real gross domestic product averaged an annual growth of pct over the first nine months of last year compared with a decline of pct in the corresponding period in growth was generated mainly by the manufacturing sector it added reuter
earn	rowntree reports pretax profit at mln stg rowntree mackintosh plc rwnt l announced it made a pretax profit of mln stg in the weeks ending january compared with mln stg in the previous year turnover was up to billion stg from billion a final dividend of p was proposed after a final p last year earnings per share rose to p from p the results were broadly in line with market expectations leaving shares at p in early trading up one pence from yesterday s close but slightly off pre announcement opening levels profit on ordinary activities after tax was mln stg up from the previous year s mln the u k remained rowntree s largest centre for trading profits accounting for mln stg up from mln in profit from its second largest geographical area north america slipped to mln stg from mln north american profits were affected by the fall of the value of the dollar operations in continental europe made mln stg in trading profit up from mln with mln stg made in australasia up from mln and mln stg from the rest of the world against mln in the previous year extraordinary items amounted to a mln debit after a mln debit previously a company spokesman said this represented additional provisions for the cost of rationalisation plans announced in earlier years rowntree expects north american operations will this year ahead of company expectations be of the same order as those from the u k and the rest of europe combined the statement said a spokesman said no specific figures had been forecast acquisitions will continue to be sought worldwide including further moves in the speciality retailing business which rowntree first entered in the statement said rising profit from europe this year was forecast by chairman kenneth dixon in a statement he added the performance of seven businesses bought last year was encouraging the u k confectionery side gained market share and increased trading margins the sun pat british grocery concern increased profit and rowntree s small health food business holgates raised earnings fold the statement said offsetting factors included currency movements which cost the company nearly mln stg sales tax hurt canadian profits on confectionery operations and the company faced strong competition in the u k snack and mid east export markets reuter
trade	china trade deficit falls in january china s trade deficit in january fell to mln dlrs from mln in january the china daily business weekly said quoting customs figures the paper said exports fell to billion dlrs from billion and imports fell to billion from billion reuter
earn	jacobs suchard ag jacz z year net mln swiss francs vs mln turnover billion vs billion dividend per bearer vs francs francs per registered vs francs francs per participation certificate vs francs cash flow mln vs mln note confirms forecast of results issued in january operating profit mln vs mln depreciation mln up pct capital spending mln down pct reuter
earn	british telecom third quarter pre tax profit mln stg vs mln
money-fx	bank of england offers early help in money market the bank of england said it had invited the discount houses to make an early round of bill offers to help offset a large liquidity shortage in the money market it estimated the shortage at around billion stg one adverse factor being the unwinding of a sale and repurchase agreement with the market having to buy back bills worth mln stg from the bank bills maturing in official hands and the treasury bill take up would drain mln stg wile exchequer transactions and a note circulation rise would take out mln and mln respectively above target bankers balances would add mln reuter
earn	british telecom rd qtr ended dec shr p vs p making p vs p for nine months pre tax profit mln stg vs mln making billion stg vs billion net profit before minorities mln vs mln making mln vs mln note company s full name is british telecommunications plc bty l third quarter turnover billion stg vs billion making billion vs billion for nine months operating profit mln vs mln making billion vs billion net interest payable mln vs mln making mln vs mln tax mln vs mln making mln vs mln minorities nil vs nil making two mln vs nil reuter
jobs	danish unemployment rises to pct in january denmark s seasonally adjusted unemployment rate rose to pct of the workforce in january from pct in december unchanged from january the national statistics office said the total of unemployed in january was against in december and in january reuter
earn	rowntree mackintosh plc rwnt l year to end january shr p vs p div final div p vs p pretax profit mln stg vs mln net after tax mln vs mln turnover mln vs mln trading profit mln stg vs mln consisting u k mln vs europe mln vs mln north america mln vs mln australasia mln vs mln rest of world mln vs mln reuter
earn	glynwed international plc glyn l year shr net basis p vs p div p vs p making p vs p pretax profit mln stg vs mln net after tax mln vs mln extraordinary items debit mln vs debit mln interest payable mln vs mln net borrowings mln vs mln turnover mln vs mln reuter
sugar	dutch sugar trade deny involvement in offer dutch sugar traders deny involvement in a plan to offer more than tonnes of sugar to intervention in protest at ec export policy and prices traders told reuters although some tonnes of sugar have been offered to intervention in the netherlands dutch producers and traders said this sugar was actually belgian and was being offered by the belgian industry we sympathise with the actions of the french west german and belgian traders and producers but we are not party to it a spokesman said ec commission sources said yesterday french traders planned to sell tonnes into intervention stocks west german traders tonnes and dutch traders dutch trade sources gave the same figure for france but estimated up to tonnes offered by german traders and producers the dutch spokesman added the weekly export tender policy and prices are squeezing the european sugar industry and this is the only way in which they can really register their protest these are desperate actions but we believe that most of this offered sugar will be withdrawn within the three week breathing space allowed reuter
earn	glynwed sees further progress in glynwed international plc glyn l in a statement accompanying their results that present indications are that has started well and it is confident that the year will be one of further progress the company added that results in the u s were poor and the deterioration in the south african economy left its falkirk industries unit with a loss of one mln stg but it said there was a continuing improvement in its core businesses the extraordinary items debit of mln stg arose on the closure and disposal of various businesses reuter
earn	british telecom sees satisfactory results british telecommunications plc bty l expects to announce satisfactory results for its financial year ending march chairman sir george jefferson said in a third quarter statement full year results will be published in june in the financial year pre tax profit rose to billion stg from billion in the previous period jefferson said good progress was made in the latest nine months while most customers were able to maintain their normal level of calls during the recent strike by company engineers the statement said a positive cash flow of mln stg for the first nine months will diminish in the final quarter due to corporation tax and dividend payments earlier the company reported third quarter pre tax profit for the period ended december of mln stg compared with mln a year earlier nine month pre tax was billion stg against billion british telecom shares were last quoted at p level with late yesterday in the wake of results which were in line with market expectations dealers said reuter
sugar	india buys white sugar from london traders india yesterday bought two cargoes of white sugar from london traders for april may shipment and granted the trade houses the option to sell an additional two cargoes at the same price for may june shipment the firms involved said e d and f man and woodhouse drake and carey both said they sold single cargoes at dlrs a tonne cif for april may and were granted options to sell an extra cargo each at the same price for may june at the indian buying tender for three to four cargoes of whites held yesterday the tender had called for a single cargo of prompt and two to three cargoes of april may reuter
earn	next plc nexl l five months to end january shr p vs p div p vs p pretax profit mln stg vs mln net interest payable mln vs stg net after tax vs mln turnover excluding vat mln vs mln note the company said it intends to issue a second interim statement for the six months to july and to pay a related dividend in early reuter
cotton	india cotton export quota up bales india s raw cotton export quota has been raised by kg bales to bales in ending august still well below the quota of mln bales minister of state for textiles r n mirdha said state and private agencies contracted to export mln bales in he told journalists but only bales were shipped that year with the rest to be delivered in about bales from contracts were shipped up to february in the government will export bales of long and extra long staple cotton in the three years from he said reuter
earn	ste lyonnaise des eaux lyoe pa year ended dec consolidated attributable net profit mln francs vs mln parent company net profit mln vs mln reuter
earn	lyonnaise des eaux forecasts profit rise consolidated attributable net profit of ste lyonnaise des eaux lyoe pa is likely to rise by at least pct this year from the mln francs reported for chairman jerome monod told a news conference group turnover should rise about seven pct from the mln reported for this year while group investments should total around billion francs somewhat above the billion annual average of the past three years he added investments will be aimed mainly at developing the group s leisure industry health and communications activities monod said in the leisure sector the group planned a joint development with club mediterranee cmi pa club med of a hectare pleasure park at puisaye in the yonne department of eastern central france he said wholly owned subsidiary lyonnaise de developpement touristique would carry out the construction work and financial planning of the development which would be leased to club med as operator of the complex he said he gave no financial details but said leisure sector investments would total about mln francs over the next three years investments in the communications industry would go mainly to develop the group s cable television activities and its pct owned metropole television affiliate metropole recently won the concession to operate a sixth television channel in france financing requirement of metropole would be about mln francs over the next four years of which lyonaise des eaux would provide about mln monod said monod said metropole aimed to win a to pct audience share and to capture about pct of the national television advertising market total investment by the group in the communications sector including cable activities would be between mln and mln francs over the next five years mainly concentrated in the coming year investment in cable operations would total between mln and mln over the five years with the aim of widening the audience to subscribers from and boosting turnover to around mln francs a year from mln reuter
acq	gus makes mln stg agreed offer for pantherella great universal stores plc gus l said it has made an agreed offer for pantherella plc valuing the company at mln stg and each pantherella ordinary share at pence the offer is based on eight new a non voting ordinary shares in gus plus stg for every ordinary pantherella the new gus shares will not receive the eight pence per share interim dividend in respect of the year ending march the statement said gus has received irrevocable undertakings to accept the offer in respect of pct of pantherella shares from the company s directors and their families the pantherella board estimates the company which manufactures socks will show a pretax profit of about stg reuter
earn	bond corp international ltd nine mos to dec shr loss h k cents no comparison dividend nil no comparison net loss mln dlrs notes net excluded extraordinary losses mln dlrs property valuation reserve surplus mln dlrs results reflected trading in subsidiary humphreys estate group but excluded influence of a bulk of properties which the firm bought late last year from hongkong land co ltd hkld hk for billion dlrs company controlled by bond corp holdings ltd of australia reuter
reserves	german public authority bundesbank holdings fall the net position of federal states worsened in the first march week cutting public authority net holdings at the bundesbank by mln marks the central bank said states cash deposits at the central bank fell to mln and they also drew down billion marks in book credit mln marks more than in the prior week by contrast however the federal government was able to reduce its credit drawdown at the central bank by mln marks to mln despite the stronger states net needs in the week their cash position and other market dependent influences just about balanced the outflow of liquidity from the money market through an increase in cash in circulation the bundesbank said cash in circulation rose by billion marks in the week to billion liquidity also came in through the maturing of short term treasury bills bought from the bundesbank in the prior week gross currency reserves rose in the week by mln marks to billion foreign liabilities of the bundesbank were largely unchanged at billion marks giving a rise in net currency reserves of mln to billion it said the bundesbank said its balance sheet total fell by billion in the week to billion reuter
trade	canada january trade surplus mln dlrs after december mln dlrs surplus
trade	canada january trade surplus mln dlrs canada had a trade surplus of mln dlrs in january compared with an upward revised mln dlrs surplus in december statistics canada said the december surplus originally was reported at mln dlrs the january surplus last year was billion dlrs january exports seasonally adjusted were billion dlrs against billion in december and billion in january january imports were billion dlrs against billion in december and billion in january reuter
sugar	hungarian sugar beet area little changed hungary is to grow sugar beet on hectares of land this year compared with some in the official mti news agency said diplomats said this reflected hungary s policy of keeping the sugar beet area stable under the current five year plan and producing enough to cover only domestic demand despite the recent rise of world prices to month highs drought cut the harvest to mln tonnes from mln in but a record yield of kilos per tonne of beet kept production at tonnes with extra refined in yugoslavia from hungarian beet output was in reuter
earn	kidston says higher net reflects gold sale rise kidston gold mines ltd attributed the rise in net profit to higher prices and an increase in gold sales to ounces from ounces in the placer development ltd offshoot which operates australia s largest gold mine in north queensland earlier reported net profit rose to mln dlrs from mln in the period of months from the start of production sales of silver also rose to ounces from kidston said in a statement it will spend about mln dlrs to upgrade its mill grinding circuit to a mill ball mill crushing circuit to boost output by pct from end reuter
tin	bulletin says tin price may rise to ringgit the tin price is likely to rise to ringgit a kilo this year because of the producers accord on export quotas and the reluctance of brokers and banks to sell the metal at lower prices a malaysian government bulletin said the malaysian tin bulletin said it is in producers interest to keep to their quotas to limit total exports to tonnes and to gradually deplete the tonnes overhang it said consumption by industrialised countries should stay at tonnes and that international tin council creditors and brokers are not likely to dump their stocks excessively unless there is a large and abrupt price jump the continued depreciation of the dollar could also help push up the price of tin the bulletin said a depreciation of the dollar means the depreciation of the ringgit which is closely pegged to it making the price of tin cheaper in sterling terms it added even in the absence of economic rationale in the tin market psychological optimism alone is sufficient to secure a price recovery of up to ringgit per kilo the bulletin said reuter
earn	kidston gold mines ltd year shr cents vs yr div cents vs net mln dlrs vs mln turnover mln vs mln other income mln vs shrs mln vs same note company paid total cents in previously declared quarterly divs vs net is after tax dlrs vs interest mln vs mln and depreciation mln vs mln reuter
crude	china closes second round of offshore oil bids china has closed the second round of bidding by foreign firms for offshore oil exploration rights the china daily has reported it quoted a spokesman for the china national offshore oil corp cnooc as saying china signed eight contracts with foreign firms for blocks in the pearl river mouth and south yellow sea covering a total area of sq km second round bidding began at the end of and only one well has so far produced results lufeng km south east of shenzhen with an output of barrels a day the well was drilled by a group of japanese companies the spokesman added cnooc was ready to enter into contracts for offshore blocks before third round bidding began he did not say when this would be but added the contracts would not be bound by restrictions imposed during the second round china has signed oil contracts and agreements with companies from countries since when offshore exploration was open to foreigners eleven contracts were terminated after no oil was discovered foreign firms have invested billion dlrs on offshore china since reuter
acq	leigh pemberton opposes takeover protection rules the bank of england does not favour the introduction of rules to shield companies from hostile takeover attempts its governor robin leigh pemberton said instead merchant banks advising bidding companies must show restraint and responsibility to avoid the excesses that have marred recent takeovers he told the yorkshire and humberside regional confederation of british industries annual dinner leigh pemberton also called on companies to improve ties with institutional investors suggesting representatives of those institutions be granted seats on the boards of directors of companies they invest in boards cannot expect protection from unwelcome predators for that is but a short step from saying that they should be protected from their own shareholders who are after all the proprietors of the company leigh pemberton said he added takeovers and mergers had an important role to play in furthering economies of scale integration and more efficient market penetration the degree of success or failure of a takeover has not in my experience depended on whether or not the takeover was contested he said leigh pemberton noted there had been excesses in takeover activity in the recent past the aim is to pressurise a company s management into action dedicated solely to a favourable impact on the share price in the short term partly or even primarily at the expense of the future he said such bids often depend for their success on creating a highly charged and artificial situation in the share market and give rise to temptations on both sides of the battle to engage in aggressive even manipulative tactics that are immensely damaging to the interest of the shareholders he said in a clear reference recent events he said those in the city who act for companies or individuals must i suggest be ready to accept a full measure of responsibility even if it entails opprobrium for the transactions that may result they should exercise the most careful judgment at the outset with respect to the clients for whom they act and the activities contenplated those who sow wind cannot expect the whirlwind to visit elsewhere he added reuter
crude	ecuador to ask opec to raise export quota ecuador will ask opec to raise its oil export quota by barrels per day to to compensate for lost output due to last week s earthquake deputy energy minister fernando santos alvite said santos alvite who arrived in caracas last night to discuss an aid plan for ecuador did not say when the organisation of petroleum exporting countries opec would be approached the additional output would be related to plans now under discussion for venezuela and mexico to lend ecuador crude while it repairs a pipeline damaged by the quake earlier venezuelan energy and mines minister aturo hernandez grisanti said his country would supply an unspecified part of ecuador s export commitments but santos alvite told reporters he hoped a first cargo of barrels could leave maracaibo this weekend to supply refineries near guayaquil he added ecuador also wanted to make up for bpd it shipped to caribbean destinations mexico might supply ecuador s south korean market ecuador may be unable to export oil for up to five months due to extensive damage to a mile stretch of pipeline linking jungle oilfields to the pacific port of balao reuter
earn	jacobs suchard expects another excellent year jacobs suchard ag jacz z hopes for another excellent year in after a pct increase in net profit results in the first few months show it heading in the right direction company president klaus jacobs said the group reported net profit of mln swiss francs compared with mln in and raised its dividend per bearer share to francs from francs jacobs said the increase in profit which far exceeded the company s target of five pct real annual growth had been made possible by restructuring measures introduced in january which had also made some major acquisitions possible last year hermann pohl general director in charge of economic affairs said the pct decline in group turnover to billion francs was due to currency factors a pct negative currency influence was partially offset by growth in operations and by structural changes within the group turnover in the coffee business fell to billion francs from billion in while turnover in the chocolate sector rose to billion francs from billion the tonnage sold in both sectors declined due to higher prices and lower consumer demand especially in france and west germany jacobs suchard increased its market share in west germany to pct from pct in largely as a result of acquisitions market share in france was little changed at pct against pct pohl said the group s average tax rate rose to pct from pct because of the higher profits and despite write offs on the losses of new acquisitions a further increase in tax levels was expected in future taxes jumped pct to mln francs in from mln the previous year reuter
acq	taft tfb rejects dlr shr offer taft broadacasting co said its board of directors unanimously decided not to accept the pending buyout proposal of theta corp an investor group led by dudley taft the decision was based on among other things the advice of its financial advisors goldman sachs and co that the offer of dlrs per share was inadequate taft said the board concluded that the offer failed to recognize fully the future propsects of the company and directed management to explore alternatives including possible financial restructuring reuter
money-fx	treasury secretary baker declines comment on g u s treasury secretary james baker declined comment on the february paris accord between the six major industrial nations under which they agreed to foster exchange rate stability asked by reporters after a speech before the national fitness foundation banquet what if any currency intervention levels had been set in paris baker replied we never talk about intervention baker also declined to comment on his views about the foreign exchange markets reaction to the accord reuter
earn	bel fuse inc belf th qtr net shr cts vs cts net vs sales vs year shr cts vs cts net vs sales mln vs mln reuter
earn	southwest realty swl year loss shr loss cts vs profit dlrs net loss vs profit note cash flow dlrs or cts shr vs dlrs or cts shr reuter
earn	southwest realty swl has liquidity problems southwest realty ltd said it believes it could make all of its scheduled montly debt service payments for despite the falloff in its rental operations but making the payments would probably severely impair its liquidity and restrict its ability to maintain the quality of its properties the company today reported a loss of dlrs compared with a profit of dlrs southwest said in addition to its monthly scheduyled debt service payments a dlr loan on one of its houston properties is due to mature on april one southwest said a commitment to reduce the interest rate and extend the houston loan for one year has been accepted it said talks are underway with lenders on other houston properties to obtain partial debt service moratoriums which if granted would cut cash deficits from levels the loan renegotiations could involve bankruptcy or other litigation connected with the specific properties involved and could involve the suspension of interest and principal payments to some of the lenders southwest said if the attempts to restructure debt do not succeed it could lose one or more of the properties southwest said the houston properties made up about pct of its current value equity as of december of dlrs per share down from dlrs a year before the company said depending on the success of the talks and operating results for one or two more properties could become subject to similar negotiations the two additional properties comprised about pct of its current value equity at year end southwest said reuter
earn	d h holmes co ltd hlme sets payout qtly div cts vs cts prior pay april one record march reuter
acq	pope evans per repurchases shares pope evans and robbins inc said it has repurchased common shares from putnam mills corp principals sidney and peter kaplan for dlrs per share it said the purchase price will be applied against the dlrs putnam mills currently owes pope evans for merchandise pope evans has about mln shares outstanding the company also said it has agreed in principle to acquire privately held pat fashions industries inc for mln dlrs in cash and notes with financing to come partly from bank borrowings subject to approval by the pope evans board and pat shareholders pat fashions imports apparel from the far east and makes apparel domestically as well in the year ended november pat earned dlrs pretax on sales of mln dlrs reuter
acq	baird batm gets temporary restraining order baird corp said the massachusetts state court for suffolk county has granted it a temporary restraining order prohibiting mark iv industries inc iv from further purchases of baird stock until mark iv complies with the massachusetts anti takeover statute the company said mark iv currently owns at least pct of baird stock and has indicated that it may attempt to acquire baird baird said the u s district court in boston has denied mark iv s application for a temporary restraining order to prevent enforcement of the massachusetts takeover law reuter
acq	dudley taft and narragansett capital to pursue taft broadcasting bid
earn	general mining union corp ltd genm j year net shr cts vs final div cts vs making vs pre tax mln rand vs mln net mln vs mln tax mln vs mln attrib to outside shareholders mln vs mln reuter
retail	u s retail sales rose pct in feb non auto sales rose pct
retail	u s retail sales rise pct in february u s retail sales rose billion dlrs or pct in february to a seasonally adjusted billion dlrs the commerce department said the increase came after a revised pct drop in january sales to a level of billion dlrs the department previously reported january retail sales fell pct excluding autos retail sales in february were up pct after falling by a revised pct in january department spokesmen said the major cause for the revision downward in january sales was a weaker january auto dealer sales figure than originally estimated auto dealer sales were billion dlrs in february a pct rise from january levels but january sales dropped by pct from december levels to billion dlrs more than the pct fall originally reported the expiration of the sales tax deduction under new tax laws on january was the main reason for the drop in january sales department spokesmen said sales of durable goods rose in february by pct to billion dlrs after dropping by pct in january building materials rose pct in february after falling by pct in january non durable goods sales rose by pct to billion dlrs in february after falling by pct in january the department said general merchandise stores rose pct after increasing sales by pct in january and department stores were up two pct in february after rising pct in january food store sales increased pct after declining by pct in january while grocery store sales increased pct in february after falling pct in january gasoline service station sales rose pct in february after a pct january increase apparel store sales were up pct last month after falling pct in january while sales at eating and drinking places increased pct after rising pct in january february s retail sales were pct above the year ago level of billion dlrs the department said reuter
acq	dudley taft to pursue taft broadcast tfb bid taft broadcasting co vice chairman dudley taft and narragansett capital inc narr said they intend to pursue their effort to acquire taft broadcasting despite the rejection yesterday of their dlr per share offer by the taft broadcasting board dudley taft and narragansett in a joint statement said they intend to explore alternatives to achieve the acquisition including further talks with taft broadcasting they said they are confident that the taft broadcasting board will conclude that the resolution of the company s current unstable situation as quickly as possible is in the best interests of all parties they said the taft board did not conclude that their offer was not fair to taft shareholders taft broadcasting yesterday however said financial advisor goldman sachs and co found the offer to be inadequate reuter
earn	harper group harg th qtr net shr cts vs cts net vs revs mln vs mln avg shrs vs year oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note year net excludes dlr loss from discontinued operations share adjusted for three for two stock split reuter
trade	canada leaders fail to set pact on free trade prime minister brian mulroney said he held frank discussions with the canadian province premiers on the pace of free trade talks with the united states but the longstanding issue of provincial ratification remains to be settled speaking to reporters after nearly five hours of meetings with the premiers mulroney said further discussions would be held in june and september to discuss the role of the provinces in approving any new trade deal but he maintained progress was being made in the sweeping talks with the unites states that got under nearly two years ago it appears reasonable progress is being made in the talks mulroney said alberta premier don getty agreed things are running pretty quickly now the talks launched by mulroney s progressive conservative government after concerns about protectionist sentiment in the u s are aimed reducing the remaining barriers between the world s largest trading partnership but the provinces are expected to play a major role in any new trading arrangement and some of the provincial leaders complained of a lack of progress on reaching a ratification formula it s my view that we should be thinking about these things right now along with the questions of the substance of the agreement commented ontario premier david peterson who has been highly critical of the talks in the past but newfoundland premier brian peckford said an agreement was more likely to emerge by consensus and there would be no need for a hard and fast formula peckford said it appears canada is prepared to make concessions to the united states on financial services in order to make inroads on other bargaining areas such as agriculture canadian published reports quoting government sources say the two countries are close to reaching a trade deal and it will involve eliminating border tariffs and many non tariff barriers over the next to years a rough draft of the accord is expected to be presented to the premiers at the june meeting while the finished document is hoped to be presented to congress in october it s a very tight time frame ontario s peterson said last night but at this moment it is tough to say what will transpire reuter
earn	healthsouth rehabilitation corp hsrc th qtr shr profit eight cts vs loss cts net profit vs loss revs vs year shr profit cts vs loss cts net profit vs loss revs mln vs reuter
acq	first union func acquisition advances first union corp said shareholders of first north port bancorp of northport fla have approved a merger into first union for dlrs per share or about dlrs the company said the acquisition is still subject to regulatory approvals and is expected to be completed during the second quarter reuter
earn	sand technology sndcf mulling reverse split sand technology systems inc said it is considering a reverse stock split of at least one for and expects to report a second quarter profit compared to a loss last year the stock consolidation is something we re discussing but it s not definite sand technology president jerry shattner told reuters in an interview a private placement recently brought the number of outstanding shares to mln up from mln shares on july the fiscal yearend the company has always had the aura of a penny stock shattner said adding that sand plans at some time to apply for listing on the montreal stock exchange shattner said the company expects to report a profit of five pct or about dlrs on sales of seven mln dlrs for the second quarter ended january results for the third quarter should be about the same as the second he added last year sand lost dlrs on revenues of dlrs in the second quarter after a disastrous first quarter sand hopes to break even in the current fiscal year shattner said the company has scaled back its sales forecast to about mln dlrs from the mln dlrs projected in december the rapid appreciation of the japanese yen against u s and canadian dollars last year led to sand s loss of mln dlrs or two cts per share on sales of mln dlrs in the first fiscal quarter this year the company lost dlrs or one ct per share on sales of dlrs shattner believes the company will post better results this year due to several factors last year one of our biggest problems was we were buying products in japanese yen we now buy some products from hitachi in u s dollars and the results are starting to show up in the second quarter he said sand technology sells under its trademark computer accessories such as disk drives solid state memory enhancement devices and printers manufactured by hitachi ltd hit of japan shattner said sand s affiliate in detroit st systems inc is developing software that lets large maniframe computers handle large databases and share them between applications it is also distributing a new product called sapiens which is artificial intelligence computer language for use by major corporations the company has also reduced costs through some staff cutting and a switch to profit sharing plans for sales staff instead of straight commissions shattner said and sand plans to market a laser printer in the fourth fiscal quarter shattner said reuter
acq	concorde ventures inc in merger agreement concorde ventures inc said it has signed a letter of intent to acquire englewood colo homebuilder winley inc for mln common shares the investment company said after the merger the combined company will have mln shares outstanding for the year ended january winley earned dlrs pretax on revenues of mln dlrs reuter
acq	borg warner to sell industrial products business for about mln dlrs
gnp	japan economy may be near bottom economists say the worst may be just about over for japan s battered economy but economists said they do not expect a vigorous recovery anytime soon japanese bank economists polled by reuters said the economy s month old slowdown is likely to end in the first half of this year helped by rising exports stepped up government spending and falling prices the economy will bottom out in the middle of the year said sumitomo bank ltd chief economist masahiko koido industrial bank of japan ltd senior economist susumu taketomi agreed it the bottom is in the offing he said but he added that the recovery will be slow growth in the fiscal year beginning next month will only pick up pct from two pct in the current year he said signs that the economy has just about weathered the worst are increasing the volume of exports in the first two months of the year rose slightly on a year on year basis after declining toward the end of last year although this may be due to extraordinary factors such as a sharp rise in car exports to rebuild depleted european stocks several economists said it could mark the beginning of a recovery industrial production fell pct in january much smaller than expected and is forecast by the government to rise pct in february and pct in march a bank of japan survey released last week showed that the decline in japanese corporate earnings may be nearing its end and the paris currency accord last month has fostered hopes the rapid yen rise has come to the end they said six nations the u k canada france japan the u s and west germany pledged in paris last month to stabilise currencies around current levels the yen s pct climb against the dollar over the last two years has hit the export driven economy hard by forcing its companies to raise prices and lose sales in the u s market the important thing is the exchange rate taketomi said if it stabilises firms will grow more confident and raise investment in plant and equipment although there are no signs of that yet economists said a stable yen would also help exporters regain some of their competitive edge just as the u s economy may be starting to recover economists said domestically the economy may get a boost from some loosening of the government s tight fiscal policy said haruo muto manager of national economics at the bank of tokyo ltd the next reading of the economy s health should come early next week with the release of gnp figures for the last quarter most private economists expect a rise of about pct from the previous quarter in the third quarter gnp rose pct but a senior government official said the fourth quarter figures could surprise by showing a rise of more than one point quarter on quarter but he added that would be a statistical aberration and not a significant shift in economic activity to maintain year on year growth of around pct the economy would have had to rise about pct in the fourth quarter as the final quarter of was strong the rise in the fourth quarter of was probably a statistical anomaly that was repeated in the final months of the official said economists said the fourth quarter figures were also distorted by the government s sale of gold coins in the second half of because the coins were classified as legal tender their purchase did not show up in the statistics on consumer expenditure consumer spending also tailed off in december because of bad weather and smaller than normal end year bonuses they said as the government had to buy back some of the coins from retailers because they were unsold the government s contribution to the economy in the fourth quarter may have been boosted economists said taketomi said it may have received a further boost from government buying of farm products as the domestic crop last year was good the senior government official said the fourth quarter performance of the domestic sector was probably worse than generally expected while that of the external sector was better reuter
acq	qintex extends princeville pvdc offer qintex america ltd said it is again extending its offer of dlrs a share for mln princeville development corp shares until today from yesterday as reported yesterday qintex said about seven mln princeville shares had been tendered in response to the offer qintex said it is extending the offer to allow princeville to comply with federal law restricting the ownership of u s airlines by non u s citizens and to finalize the terms and conditions of the letter of credit or bank guarantee required under the previously announced acquisition agreement reuter
earn	corrected network video inc nvid rd qtr feb end shr five cts vs one ct net vs revs vs avg shrs vs nine mths shr cts vs four cts net vs revs vs avg shrs vs note corrects reversed figures in march item reuter
money-fx	bankers oppose strict taiwan currency controls taiwan imposed currency controls today in what bankers called a desperate move to prevent speculation as the taiwan dollar appreciated against the u s currency the strict controls will require proof that large remittances to taiwan are connected to commercial transactions rather than currency speculation bankers attacked the controls as ineffective saying they were a panic reaction to pressure from washington for faster appreciation of the taiwan currency against the u s dollar which would slow exports to the united states remittances exceeding one mln dlrs earned through exports shipping insurance or bank lending will now need government approval along with remittances of more than dlrs from any other source reuter
trade	taiwan to relax import curbs on more goods taiwan will relax import controls on more foreign goods a government spokesman said today the move was to allow greater access to taiwan markets by overseas trading partners especially the united states an official of the council for economic planning and development told reuters import curbs on about foreign goods including stationery and books would soon be relaxed he said taiwan announced it would ease curbs on some farming and industrial products last month the official said the moves were intended to balance trade between taiwan and the united states and other trading partners taiwan s trade surplus reached a record billion dlrs last year up from billion in reuter
retail	u k retailers see growth in consumer spending u k retailers expect consumer spending to accelerate in march after a disappointing increase in february according to a monthly survey by the confederation of british industry cbi fifty nine pct of the retailers questioned for the latest distributive trades survey expected sales to be higher in march than they were in march with only six pct expecting lower sales the chairman of the distributive trades survey panel nigel whittaker said a favourable budget next week would further help sales during the summer figures released earlier this week showed retail sales in january fell pct mainly due to exceptionally cold weather sales did not recover in february as much as retailers had expected and they are now looking for better business in march today s survey said it reported clothing stores were the most optimistic with pct expecting sales in march to be higher than a year ago wholesalers also expected stronger sales in march while both retailers and wholesalers reported slower growth in import penetration it said reuter
crude	most japan firms not renewing iran term contracts most japanese companies have decided not to renew term contracts to lift iranian crude oil because spot prices remain considerably lower than opec s official levels industry sources said they said a cargo of the mideast benchmark crude dubai traded yesterday at dlrs a barrel compared to its official price of dlrs only one japanese company has renewed its term contract for iranian crude oil for the second quarter the sources said the sources said japanese companies had been lifting a total of about barrels per day bpd of iranian crude under term contracts but only one firm has agreed to lift in the second quarter it is lifting just to bpd they said this move could inspire iran to offer discounts on cargoes loading in april but the likelihood of discounts depended largely on the levels of spot prices if the spot price of dubai goes above dlrs we would probably buy iranian crude at the official price one japanese refiner said we don t intend to put pressure on them he added buyers have little incentive to renew contracts to lift oil at official opec prices while spot prices on all grades are considerably lower oil traders said they said if spot prices move higher there will be no problem finding opec crude to purchase at the official prices qatar has chartered floating storage for its crude oil after finding no buyers at official prices in march the problem is likely to recur in april adding to that country s surplus the traders added that iraq had dissociated itself from opec s december production agreement while agreeing to the fixed prices but oil analysts said if opec keeps group output close to its first half ceiling of mln bpd supply and demand would be balanced by the end of the second quarter they also said if opec holds its official price structure based on a reference price of dlrs spot price fluctuations should be limited to a to dlrs range for dubai and a to dlrs range for the north sea s brent blend one japanese refiner said at the moment there s a lot of pressure on opec particularly on qatar but if they hold out there will be no problem and i m beginning to trust their ability nigerian oil minister and opec president rilwanu lukman told a news conference in lagos yesterday nigeria and all member countries of opec remain determined to uphold the december agreement by adhering strictly to their various quotas and official selling prices he said opec believed consumers had drawn heavily on stocks of both crude oil and refined products reducing them to levels well below this time last year he said consumers would soon return to the market in search of crude a japanese refiner said the european and u s markets are beginning to look better so opec might be quite lucky
earn	possis poss votes pct stock dividend possis corp said its board approved a pct stock dividend payable may one record march at the company s annual meeting wednesday possis said shareholders approved a proposal to increase the authorized common shares to mln from eight mln the company currently has about mln shares outstanding reuter
earn	seal inc sinc st qtr jan net shr cts vs cts net vs sales vs reuter
earn	dow chemical co dow regular dividend qtly div cts vs cts prior pay april record march reuter
earn	telco telc delays defensive rights offering telco systems inc said its plan to distribute a dividend of common stock purchase rights to shareholders of record on march has been delayed pending the completion of necessary regulatory approvals reuter
acq	clayton and dubilier new joint unit to buy firm clayton and dubilier inc and senior management of a unit of borg warner corp bor said it will form a new company to buy borg warner s industrial products group for about mln dlrs borg warner industrial products has sales of about mln dlrs from three divisions which provide advanced technology fluid transfer and control equipment systems and services worldwide clayton said the new company will have employees and be headquartered in long beach calif the company said peter valli vice president of borg warner corp and president of its industrial products division will become president and chief executive officer of the new company according to clayton clayton a private investment firm said this was the third mangement buyout of a divestiture completed by them since december reuter
earn	u s health inc ushi nd qtr jan net shr cts vs seven cts net vs revs mln vs mln st half shr cts vs cts net vs revs mln vs mln reuter
earn	k mart corp th qtr shr dlrs vs nine cts
earn	environmental systems co esc st qtr jan shr cts vs cts net vs revs mln vs mln note share after preferred dividends reuter
earn	general mining genm j cautions on profits general mining union corp ltd chairman derek keys cautioned that profits may not rise this year if the rand stays at its current level of u s cents we would do well to repeat last year s results if the rand stays depressed keys said the level of the dividend however ought not to be affected he added discussing the outlook general mining earlier reported that per share earnings rose pct to cts reuter
earn	colgate palmolive co cl sets payout qtrly div cts vs cts pay may record april reuter
earn	isco inc isko nd qtr ends jan net shr cts vs cts net vs revs vs six mths shr cts vs cts net vs revs mln vs mln reuter
veg-oil	ccc reallocates credit guarantees to el salvador the commodity credit corporation ccc has reallocated two mln dlrs in credit gurantees previously earmarked for sales of u s protein meals to cover sales of vegetable oil and tallow to el salvador the u s agriculture department said the action reduces coverage for sales of protein meals to mln dlrs from mln dlrs and creates new lines of one mln dlrs for tallow and or greases and one mln dlrs for vegetable oils the department said all sales under the credit guarantee lines must be registered and exported by sepember it said the guarantee rates include a charge to provide for a yearly interest rate coverage of up to pct on the guaranteed value the department said reuter
acq	borg warner bor to sell unit for mln dlrs borg warner corp said it agreed to sell its industrial products group to clayton and dubilier inc and senior management of the group for about mln dlrs clayton and dubilier is a new york based private investment firm which has completed two other management led buyout transactions since december borg warner s industrial products group based in long beach california has sales of about mln dlrs and employs about staff its businesses include standard and custom engineered centrifugal pumps and mechanical seals for the petroleum industry and advanced controls for the aerospace and defense industries the sale is part of borg warner s planned restructuring the proposed sale is subject to approval by borg warner s directors it said reuter
acq	guardian morton shulman agrees to takeover bid guardian morton shulman precious metals inc said morton shulman and guardman investment management services inc agreed in principle for andrew sarlos to make a takeover bid for all special shares and series ii warrants of guardian morton subject to regulatory approval and completion of definitive documentation guardman investment current manager and owner of all common shares of guardian morton also agreed to sell the common and its management agreement to a company controlled by sarlos if the takeover bid is successful guardian morton said price to be offered for the guardian morton special shares under the takeover bid will be pct of the net asset value of the special shares at the time of the bid and two dlrs for each series ii warrant the company said guardian morton said the takeover bid will be conditional on sarlos acquiring at least pct of the special shares and pct of the series ii warrants when combined the number of special shares and warrants owned by the offeror at the time of the bid investment companies managed by sarlos currently own slightly less than pct of guardian morton s special shares reuter
earn	k mart corp km th qtr jan net shr dlrs vs nine cts net vs revs billion vs billion avg shrs vs year shr dlrs vs dlrs net vs revs billion vs billion avg shrs vs note latest year earnings include a loss in each period of mln dlrs or cts a share for a premium paid in the early call of a mln dlr pct year debenture earnings include a gain from discontinued operations of mln dlrs or cts a share vs a loss of mln dlrs or dlrs a share in the quarter and a gain of mln dlrs or cts a share vs a gain of mln dlrs or dlrs a share for the year reuter
earn	dorchester hugoton ltd dhulz raises payout qtly div cts vs eight cts prior pay april record march reuter
acq	international american home sets acquisition international american homes inc said it has contracted to acquire diversified shelter group ltd for about dlrs to be paid pct in cash and pct in international american common stock to be valued on a day trading average prior to closing it said the price is based on diversified s estimated mln dlrs pro forma pre tax earnings for after adjustment for certain non continuing expenses diversified a developer of single family housing in the atlanta market had revenues of about mln dlrs the acquisition if subject to international american arranging financing reuter
iron-steel	ec commission has open attitude on steel quotas the ec commission said it was adopting an open attitude about whether a system of production quotas should remain for the indefinite future on heavy steel products which account for about pct of all ec steel goods in a statement the commission reiterated its view that the industry needs to lose between and mln tonnes of capacity by it had previously said the quota system started in should be wound up completely by the end of next year the industry has argued for the maintenance of existing quotas which cover almost pct of all output saying almost all steelmakers are losing money due to the depressed market reuter
earn	precision aerotech inc par rd qtr jan net oper shr cts vs two cts oper net vs sales vs avg shrs vs nine mths oper shr cts vs cts oper net vs sales mln vs mln avg shrs vs note current year net both periods excludes dlr gain from retirement of notes backlog mln vs mln at start of fiscal year reuter
earn	guardian national insurance co ltd garj j year shr cts vs cts final div cts vs making cts vs pre tax mln rand vs mln net mln vs mln tax mln vs mln gross premiums mln vs mln net premiums written mln vs mln underwriting loss mln vs loss mln div pay april register march note period year to december reuter
earn	datametrics corp dmcz st qtr jan net shr diluted five cts vs cts net vs revs vs avg shrs diluted vs note net includes tax credits of dlrs vs dlrs reuter
earn	wiener enterprises inc wpb year jan net shr cts vs cts qtly div cts vs cts prior net vs sales mln vs mln note dividend pay april record april nine reuter
earn	k mart km says record net turning point k mart corp said its record fiscal net earnings of mln dlrs a rise from mln dlrs a year ago marked a major turning point for the world s second biggest retailer k mart said the earnings rise for the fourth quarter ended january to mln dlrs from mln dlrs resulted from merchandising refurbishing and expense control a year ago k mart took a charge of mln dlrs for discontinued operations earnings from continuing retail operations in the quarter totalled mln dlrs or dlrs a share compared with mln dlrs or dlrs a year ago k mart chairman bernard fauber said the success of these programs is better illustrated by the strong pct increase in income from continuing operations before income taxes to billion dlrs the first time k mart corp has reached this milestone sales for the fiscal year reached a record billion dlrs an pct rise from billion dlrs the prior year k mart said was restated to account for discontinued operations comparable store sales rose pct in over it said fauber said the sales growth came from greater consumer acceptance of k mart s apparel merchandise a marked increase in hardline merchandise sales and a growing contribution from specialty retailing operations k mart said its fourth quarter pre tax income from continuing operations was mln dlrs a pct gain from mln dlrs last year it said sales in the period grew pct to billion dlrs from a restated billion dlrs in with comparable store sales up pct k mart said its effective tax rate rose in to pct from pct in but it said selling general and administrative expense eased to pct of sales from pct in our performance in marks a major turning point for k mart fauber said in a statement in the years immediately prior to we focused on changing the look of our stores and the structure of the company k mart he said committed billion of dollars for store remodeling and installing a centralized point of sale system upgraded its merchandise mix acquired three large specialty retailers divested underperforming businesses and restructured its long term debt we were forced to pay a temporary price in the form of slower earnings growth and a lower rating by the investment community however beginning with the fourth quarter of our improved performance is proof that our approach is correct for the long term the k mart chairman said reuter
acq	dainippon ink to invest in quixote quix quixote corp said dainippon ink and chemicals inc of japan will buy shares of quixote common stock a pct stake for mln dlrs or dlrs a share it said the two companies also agreed to share the results of their research and development activities in optical disc technology dainippon inc s optical disc technology focuses on the development of a new direct read after write optical disc and an advanced erasable optical disc quixote said its wholly owned subsidiary laservideo inc is making advancements in the art of mastering and manufacturing compact discs cd roms and laser read videodiscs quixote said the agreement with dainippon which has annual sales of more than two billion dlrs provides for a dainippon representative to sit on the laservideo board of directors reuter
earn	circuit city stores inc cc sets quarterly qtly div cts vs cts prior pay april record march reuter
acq	knoll to buy american savings aaa shares american savings and loan association of florida said knoll international holdings inc has offered to purchase new shares of american savings for mln dlrs and the board has accepted knoll s offer knoll already owns shares or pct of american savings american savings said the purchase will resolve a previously announced disagreement between american savings and the federal home loan bank of atlanta on the replacement of the capital american savings used to repurchase common shares in january from former chairman marvin l warner it said completion of the transaction would give knoll pct ownership in american savings american savings said knoll also had talks with chairman of the executive committee shepard broad and chairman morris broad on the purchase of their american savings shares as well at dlrs each but no agreement was reached american savings said the company said knoll s offer to buy the new shares is not conditioned on other purchase of common stock from any person or entity it said its previously announced engagement of salomon inc sb to evaluate alternatives to enhance shareholder values including the possible sale of american savings is still being actively pursued reuter
cotton	igene biotechnology igne finds crop loss aid igene biotechnology inc said its research teams at auburn and hebrew universities have found its patented pesticide is highly effective in combating a disease reponsible for approximately three billion dlrs in annual crop losses the company said it learned clandosan controls nematodes deadly plant pathogens formerly controlled by now banned synthetic chemicals varieties of the deadly disease attack major cash crops such as cotton vegetables orchard trees citrus fruits and garden plants the company said reuter
acq	merrill lynch mer canada mulls buying broker merrill lynch canada inc wholly owned by merrill lynch and co is considering acquiring another canadian securities company as the result of federal and provincial government moves to lift investment dealer ownership restrictions on june according to a published report we re talking to a number of people merrill lynch canada deputy chairman e duff scott told the toronto star whether we re going to do something i don t know he said a merrill lynch canada spokesman declined to comment on the newspaper report when queried scott did not disclose which investment dealers merrill lynch canada was considering acquiring but the toronto star quoted unidentified industry sources as saying serious discussions have already been held with burns fry ltd burns fry chairman jack lawrence told the newspaper the investment dealer has not made a final decision but was examining three or four alternatives discussions between brokers about possible mergers is to be expected pending industry deregulation one investment industry source who asked not to be named told reuters it s silly not to take a look at making a merger or acquisition if you re a businessman you have to take a look the industry source said under federal and provincial government regulations expected to be in place by june banks trust companies and foreign companies will be allowed to acquire existing investment dealers or establish their own securities subsidiaries reuter
acq	most american aggregates amag stock acquired consolidated gold fields plc s arc america corp subsidiary said it has acquired american aggregates corp shares about pct of those outstanding as a result of its tender offer which expired february as soon as is practicable arc america will acquire american aggregates converting the company s remaining shares into the right to receive dlrs a share reuter
acq	biotech capital bitc to buy magazine biotech capital corp said it agreed to buy high technology magazine from the goldhirsh group of boston terms were not disclosed the magazine publishes information about emerging technologies and their impact on business it has a circulation of and is the largest of its kind in the world the company said reuter
trade	pakistan s trade deficit narrows in february pakistan s trade deficit narrowed to billion rupees provisional in february from billion final in january and compared with billion in february the federal bureau of statistics figures show exports fell to billion rupees provisional in february from billion final in january and compared with billion in february imports fell to billion rupees provisional in february from billion final in january and compared with billion in february reuter
earn	corrected insituform of north america inc insua th qtr shr nine cts vs four cts net vs revs vs avg shrs vs year oper shr cts vs cts oper net vs revs mln vs avg shrs vs note year net excludes dlr tax credit corrects march item to exclude tax credit reuter
earn	colgate palmolive co cl sets quarterly qtly div cts vs cts prior pay may record april reuter
earn	co operative bancorp cobk raises quarterly qtly div cts vs cts prior pay april record march reuter
earn	wilcox and gibbs inc wg sets payout semi div cts vs cts prior pay april record march reuter
crude	saudi output said at year low to help opec saudi arabian oil output has fallen to its lowest level in more than a year giving fresh evidence of the kingdom s determination to keep oil prices at dlrs a barrel as agreed by opec last december oil industry sources said they said saudi output in the first eight days of march averaged mln barrels per day bpd including oil from the neutral zone shared with kuwait compared to a february average of mln bpd they said saudi arabia was also selling oil from its crude oil stocks in tankers around the world which opec says must be counted towards a member s production quota saudi arabia s quota is mln bpd the lower production levels indicated saudi arabia the world s largest oil exporter was insisting on getting opec official prices even at the cost of lower production the sources said king fahd reiterated yesterday in an interview with reuters and the television news agency visnews the saudi commitment to opec s december pact to boost oil prices to an average dlrs saudi arabia is completely sticking to opec decisions he said the sources said the kingdom s exports from gulf ports averaged one mln bpd during the eight days ending last sunday down from a february average of mln bpd they said saudi arabia was allowing production to fluctuate with lifting nominations and was not trying to maintain artificially high levels by putting oil into storage the kingdom s main buyers the four u s oil firms with past stakes in the national oil company aramco mobil exxon texaco and chevron enjoy considerable flexibility in the timing and volume of their liftings but are bound to pay official prices the sources said spot market prices have firmed in the past two weeks but still remain below opec levels and major buyers have delayed liftings in the hope they would improve the sources said they expected low early march output to pick up towards the end of the month as buyers sought to fulfill their contractual obligations reuter
acq	leader ldco buys petrosurance stake leader development corp said it has purchased shares of convertible preferred stock in petrosurance inc for dlrs in cash and real estate petrosurance specializes in property and casualty insurance for the oil industry leader said the stock is convertible into a petrosurance common leader said it already owns pct of petrorusrance and conversion would give it about pct the company said petrosurance will use the sale proceeds to support growth and improve the structure of its reinsurance treaties to retain a larger part of premiums written reuter
earn	federal realty investment trust frt in payout qtly div cts vs cts prior pay april record march reuter
retail	white house welcomes retail sales figures the white house welcomed the february retail sales figures showing a pct rise following a slow performance in january spokesman marlin fitzwater told reporters the february sales growth was broad based and good news for the economy commerce department figures showed a larger than expected rise following depressed levels of sales and factory orders in january reuter
earn	beauticontrol cosmetics inc buti st qtr net qtr ends feb shr cts vs cts net vs revs vs reuter
earn	old dominion systems inc odsi st qtr jan shr loss cts vs profit five cts net loss vs profit revs vs reuter
trade	sweden sets october deadline for s africa boycott sweden announced its promised program of unilateral economic sanctions against south africa and gave firms an october deadline to cut trading links foreign trade minister anita gradin said a trade boycott of south africa and neighbouring namibia would take effect from july followed by a three month period of grace to give companies time to wind down their operations from october no direct trade would be allowed in either direction with certain exceptions covering medical supplies and printed matter gradin told a news conference she said exceptions would also be granted in cases where a swedish trade boycott would benefit south african firms and disadvantage south africa s black ruled neighbours the front line states gradin cautioned that legislation upon which the boycott would be based was not impossible to get round she said a parliamentary committee would investigate ways of closing some of the bigger loopholes including indirect trade with south africa via swedish subsidiaries in third countries reuter
earn	fidelity national financial inc fnf st qtr jan end shr profit cts vs loss not given net profit vs loss revs mln vs mln avg shrs vs reuter
earn	british telecom cautious on earnings prospects british telecommunications plc s bty l profit growth prospects for the coming years will be reduced by increasing competition and continued costs for replacing old telephone systems deputy chairman graeme odgers said speaking at a news conference on the third quarter results which were released earlier today odgers said the company faced heavy costs for installing new digital telephone systems in britain for three to five years he said mercury communications ltd a cable and wireless plc cawl l subsidiary was becoming a significant competitor odgers said mercury was seeking to make inroads into some of british telecom s most profitable areas one company official privately estimated that british telecom still had a pct share of the u k telecommunications market but feared that this could slip to or pct the recent two and a half week engineering strike which lead to some disruption in service could well have encouraged clients to consider using the mercury system odgers said however he forecast that the last quarter s results overall should not be adversely affected by the walkout he calculated salary savings as a result of the strike at mln stg and while loss of income on telephone calls should be limited revenue probably dropped on peripheral activities but on balance odgers said that group s financial strength economies of scale and the fact that it operates in a growth industry will help produce annual profit increases for the forseeable future british telecom will also seek to expand into manufacturing he said adding that research and development expenditure will rise both in terms of value and compared with the current proportion of two pct of overall turnover analysts said the company s downbeat forecasts helped shares dip to p in mid afternoon down p from yesterday s close and off an early high of p philip augar of stockbrokers wood mackenzie and co ltd said the market expects slower profit growth but forecast a seven to eight pct rise in both earnings per share and pretax profit over the next two years in the financial year pre tax profit rose to billion stg from billion augar noted that a government imposed formula linking charges to inflation meant that the company s scope for raising prices was limited as long as inflation remains low reuter
coffee	no near term brazil coffee moves expected the brazilian coffee institute ibc is unlikely to disclose its future export policy until the end of next week at the earliest trade sources said ibc president jorio dauster is meeting government ministers producers exporters and market analysts to assess brazil s position in the light of the failure of talks in london earlier this month to set new international coffee organization ico export quotas the failure of the talks means brazil has got to rethink its position completely one santos exporter said a meeting of the national coffee policy council is set for thursday march and dauster will almost certainly explain his plan to members then before announcing any new measures dauster told reporters on his return from london last week that no decisions would be made on exports before he had held talks with all sectors of the industry exporters said dauster is not under any great pressure to start marketing coffee immediately world prices have been recovering from the lows which followed the collapse of the ico talks and brazil has sold a reasonable mln bags of kilos for export in the first four months of this year the exporters said the key factor in the eventual opening of may and june export registrations will be the amount at which the contribution quota is set with little expectation of other sales incentive mechanisms such as discounts bonuses and price fall guarantees being introduced the level of the quota will be decisive in determining the competitiveness of brazilian coffee on world markets they said they noted that on february the eve of a planned increase in the quota april registrations were opened and closed after mln bags were registered for export a record amount for a single day if may june registrations are opened under similar conditions as before brazil would have no difficulty in selling at least mln bags per month the problem would be how to limit sales one exporter said brazil s present foreign trade and payments problems mean there are pressures from the government to boost exports to maximise foreign exchange earnings however the sources said they expect the ibc to adopt a marketing strategy aimed at regaining brazil s dominant position as an exporter but without causing a price war general opinion among exporters was that brazil would plan to export between and mln bags this year of which between and mln would be to non members of the ico the mln to mln bags sold to members would be around the figure brazil had offered to ship if ico quotas were reintroduced although dauster has said this offer expired with the breakdown of talks with the prospects of a crop of at least mln bags this year brazil has the capacity to export up to mln bags after meeting local consumption of around mln the sources added however the sources said brazil is unlikely even to consider exporting such quantities as this would almost inevitably lead to a fall in world prices as brazil tried to encroach on other producers markets maximum export earnings would be achieved by orderly marketing of traditional amounts thus re establishing brazil s market share after last year s unusually low exports of mln bags enabling it to rebuild stocks and maintaining cordial relations with the producer group which backed brazil s stance at the ico talks they added reuter
earn	tenney engineering inc tny th qtr net shr two cts vs nine cts net vs revs vs mths shr cts vs cts net vs revs mln vs mln reuter
earn	modern controls inc mocon th qtr net shr cts vs cts net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln reuter
acq	instinet inet sets meeting on merger instinet corp said its board has scheduled a special shareholders meeting for may to vote on its proposed merger into reuters holdings plc rtrsy it said shareholders of record as of april will be eligible to vote at the meeting instinet said the meeting date is subject to adjustment based on the length of time needed for the u s securities and exchange commission to complete its review of the filing of merger proxy materials which instinet expects to make before the end of march instinet said the filing of the preliminary merger proxy materials is tied to the finalization of audited financial statements of instinet and reuters for under a merger agreement entered into in november reuters tendered for up to mln instinet common shares or about pct of those not already owned by reuters as a result of the tender reuters now owns about pct of instinet shares in the merger holders of remaining instinet shares will receive dlrs of reuters american depositary shares for each instinet share the ads s will be valued at the average of their closing prices in the trading days before the effective date of the merger instinet said it expects the merger to become effective as soon as possible after shareholder approval at the special meeting reuter
earn	dayton hudson corp th qtr oper shr dlrs vs dlrs
acq	union pacific says will sign pact in caracas on march for sale of half its corpus christi refinery
acq	cyacq offers to raise cyclops buyout to dlrs shr from dlrs
acq	waste management says waiting period ends on its chemlawn bid
earn	petrie stores corp pst regular payout qtrly div cts vs cts prior pay april record april reuter
earn	unilever fragrance unit has lower earnings the flavours and fragrances firm naarden international n v acquired by anglo dutch food and detergents group unilever plc n v un as last year said net profits for fell pct to mln guilders naarden said earnings were hit by the fall in the value of both the dollar and sterling noting the figure was in line with prior expectations net profit was mln guilders in earnings per share fell to guilders from in on turnover of mln down from mln naarden set a cash dividend of guilders unchanged from last year but without last year s share option for payment reuter
earn	eagle pitcher industries inc epi st qtr net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln reuter
retail	u s retail sales rise masks weak trend analysts u s retail sales rose sharply in february but many economists said the underlying consumer spending trend remains weak february retail sales jumped pct more than the pct rise the financial markets had anticipated but january s sales were revised down to a pct drop from a previously reported pct decline the trend is toward continued spending but certainly at a much more sluggish pace said don maude of midland montagu capital markets inc maude averaged out the wide swings in the retail sales data over past four months to show that the pace of consumer spending is slowing combining the latest data with a pct drop in november and a pct gain in december the average retail sales gain over the four months was pct he said compared to to a pct rise for year over year sales through february you can see a pattern developing maude said i wouldn t be surprised to see a fall off in march especially since sales probably won t be boosted by auto sales as they were in february despite the weak underlying trend economists were impressed by a robust pct gain in total sales excluding autos in february this compared to a revised pct decline in january previously reported as a pct decline the increase in non auto sales was broadbased with gains in durable goods as well as non durables noted ward mccarthy of merrill lynch capital markets inc it was a pretty healthy report he noted that building materials rose pct in february after falling pct in january general merchandise store sales gained pct after a pct rise in january there are signs of life in the economy mccarthy said but it s jumping to conclusions to extrapolate this report into the future a pct increase in disposable personal income in january which may be linked to the new tax laws probably helped boost spending in february he said a lot of people may be inadvertently under withholding taxes from their paychecks he said when people in this country get an increase in disposable income the inclination is to go out and spend it he said economists said tomorrow s release of u s auto sales for the first days of march will be an important indicator of how much this sector will add to first quarter spending auto sales accounted for the lion s share of total february sales rising pct this followed a pct drop in january previously reported as a pct fall due largely to the expiration of the sales tax deduction under new tax laws january the commerce department noted some economists argued that the because the gain in total sales excluding autos also followed a decline in january the strength in the february report is less than impressive there is strength in the february data but that s because they were compared to low sales levels in january said said beth reiners of dean witter reynolds inc we don t see it as a precursor of continued strength durable goods sales rose pct in february after falling pct in january february non durable goods sales gained pct after declining pct in january gasoline service station sales rose two pct in february following a pct gain in january but economists said higher oil prices rather than an increased volume of gas sales probably accounted for these gains reiners also emphasized that the trend in consumer spending is weakening total retail sales on average were billion dlrs in the fourth quarter of she said in january they fell to a seasonally adjusted bilion dlrs and in february rose to billion dlrs on average it looks like they ll total to mln dlrs in the first quartrer she said we don t look at this as indication that the economy is barrelling along the number is not really that problematic for those of us who are constructive on the bond market agreed elliot platt of donaldsen lufkin and jenrette securities corp platt does not foresee potential for tighter monetary policy on the basis of the latest retail sales report the fed is on hold now because the data have been so confusing he said before the gain in february non farm payroll employment i would have looked for a discount rate cut in march he said but now fed officials will have to wait for the first quarter real u s gross national product data in april to sort things out reuter
earn	rpt insituform of north america inc insua net th qtr shr nine cts vs four cts net vs revs vs avg shrs vs year oper shr cts vs cts oper net vs revs mln vs avg shrs vs note year net excludes dlr tax credit reuter
money-fx	fed says it sets two billion dlrs of customer repurchase agreements
gnp	german banks say uncertainty about economy growing uncertainty is growing about the prospects for the economy as orders for industry fall and companies scale back investment plans the german savings banks and giro association said exporters expect foreign demand to remain weak while industry is less optimistic than it was the association said in a report however last month s agreement among the six leading western industrialized countries to keep currencies around present levels was expected to be a stabilizing influence for exporters it added the banking association said the possibility of using monetary policy to stimulate the economy should not be overestimated another small drop in already low interest rates could not be expected to cause any significant rise in purchases of consumer or capital goods it said the bundesbank s half point cuts in the discount and lombard rates in january have largely exhausted the scope for any further monetary moves the association added on tuesday the federal statistics office said gross national product stagnated in real seasonally and calendar adjusted terms in the fourth quarter of compared with the third quarter the economics ministry commenting on the figures said gnp in the first quarter was also expected to be relatively weak bank economists have forecast the economy will either stagnate or contract slightly in the first quarter official first quarter figures are due in early june reuter
acq	waiting period ends on waste management wmx bid waste management inc said it received notice of early termination of the hart scott rodino waiting period for its mln dlr takeover bid for chemlawn corp chem the waiting period was terminated march waste management said chemlawn has rejected waste management s dlrs a share bid it has said it was talking with other parties about selling its business reuter
earn	asa ltd asa st qtr feb net shr dlrs vs dlrs net mln vs mln note net asset value per share dlrs vs dlrs reuter
acq	investors to raise cyclops cyl tender price cyacq corp an investor group bidding for cyclops corp said it would raise its outstanding tender offer price for cyclops common to dlrs a share from dlrs if certain conditions were met the increased offer would exceed the dlrs a share price offered by dixons group plc in a tender offer for cyclops that is part of a definitive agreement to acquire the pittsburgh based maker of carbon tool and specialty steel products cyacq includes audio video affiliates inc and citicorp capital investors ltd and other investors cyclops has about mln shares outstanding for the tender price to be raised cyclops must provide cyacq with all non public information provided to dixons group and cyacq must be satisfied with financial projections made in offering material by dixons based on the information cyacq said additionally dixon group s rights to buy cyclops common and its rights to fees or expenses if the dixon cyclop merger agreement is broken must be rescinded cyacq said cyacq said financial projections it developed for cyclops were materially lower than the financial projections provided by cyclops to dixons group a cyclops spokeswoman said the company had no details of the new cyacq proposal and could not comment we have nothing in hand she said in addition to making specialty metal products cyclops also operates about specialty stores that sell consumer electronics products the stores are located in states concentrated in the northeast northwest and southwest cyclops employs about people in pennsylvania ohio and other states it also has interests in non residential construction in cyclops earned mln dlrs or dlrs a share on sales of billion dlrs compared to earnings of mln dlrs or dlrs on sales of billion the spokeswoman said the agreement with dixons group calls for cyclops s steel and construction businesses to be sold to a unit of alleghany corp y for about mln dlrs once the merger is completed a cyacq spokesman said the new conditional tender price would be all cash he had no comment on whether cyacq plans to withdraw its current offer which is scheduled to expire midnight on march six dixon group s offer extends to march reuter
earn	dayton hudson corp dh th qtr jan oper net oper shr dlrs vs dlrs oper net vs revs billion vs billion year oper shr dlrs vs dlrs oper net vs revs billion vs billion note period ended february one note results exclude earnings from discontinued operations of mln dlrs or nine cts a share vs mln dlrs or three cts a share in the quarter and mln dlrs or two cts a share vs mln dlrs or three cts a share for the year earnings exclude gain on sale of b dalton bookseller of mln dlrs or cts a share in each period earnings exclude extraordinary charge from purchase and redemption of debt of mln dlrs or cts a share in the quarter and mln dlrs or cts a share for the year reuter
jobs	spanish unemployment rises in february the number of spanish registered unemployed rose by to mln or pct of the workforce in january in the sixth consecutive monthly increase the labour ministry said registered unemployed totalled mln or pct of the workforce in february reuter
earn	vse corp vsec th qtr net shr cts vs cts net vs revs mln vs mln year shr dlr vs dlr net vs revs mln vs mln note th qtr and year net includes income loss of metcap subsidiary of dlrs and dlrs or cts per share respectively th qtr and year net includes loss in metcap unit of dlrs and dlrs or cts per share respectively reuter
acq	security pacific spc buys orbanco orbn security pacific corp said it completed its previously announced acquisition of orbanco financial services corp after receiving federal approval of the deal security pacific said the federal reserve board approved on wednesday its purchase of the portland ore based bank holding company and financial services concern the purchase of orbanco for about mln dlrs in cash and common stock will be effective in days a security pacific spokeswoman said terms call for each share of orbanco common stock to be exchanged for about dlrs of security pacific common stock plus dlrs cash each share of orbanco s dlr par value preferred stock will be exchanged for dlrs cash plus accrued dividends orbanco with one billion dlrs in assests is the holding company for the oregon bank orbanco real estate service co american data service inc and orbanco securities corp security pacific now has four major regional bank purchases outside california completed or pending security pacific bought the arizona bank with assets of four billion dlrs in the fourth quarter of pending approval currently is the purchase of rainier bancorporation rban with assets of billion dlrs in anticipation of legislative changes that take effect in security pacific has also negotiated the future purchase of the nevada bank with assets of mln dlrs security pacific is the sixth largest u s bank holding company with assets of about billion dlrs reuter
earn	dranetz technologies inc dran year dec net shr cts vs cts qtly div six cts vs six cts prior net vs revs mln vs mln note net includes one time charge of dlrs or five cts a share from discontinuation of boat sentry and lakontek products qtly div payable april to shareholders of record march reuter
earn	lands end inc leys year jan net shr dlrs vs dlrs net vs sales mln vs mln avg shrs vs note earnings are pro forma including the increase in common shares that took place last october when the company went public through an initial offering of mln shares avg shrs assume the shares sold to public and employees were outstanding during the entire period reuter
acq	bancroft bcf sues zico zico investment holdings inc said that bancroft convertible fund inc filed suit seeking to enjoin zico s dlr a share tender offer for bancroft shares in its complaint bancroft said the tender offer materials and letters to shareholders are false and misleading and that the tender offer violates the investment company act of zico said the suit is totally without merit and vigorously intends to contest it a motion is scheduled to be heard on march reuter
earn	seaboard corp seb week year net shr dlrs net mln revs mln note company changed its reporting period to dec from may it said prior year comparisons were thus not applicable reuter
ship	turkish ship headed for florida after explosion the turkish ore bulk oil vessel obo engin tonnes dwt had an explosion in its boiler yesterday lloyds shipping intelligence service reported the vessel has retained some power and yesterday evening was in position lat n long w it is diverting to jacksonville florida with its cargo of tons of coal the vessel was bound for iskenderun turkey from lake charles reuter
earn	reuter inc reut th qtr shr cts vs six cts net mln vs revs mln vs mln year shr cts vs cts net mln vs revs mln vs mln note net includes mln dlrs in tax loss carryback reuter inc is a spindle maker it is not connected with reuters holdings plc reuter
earn	centel corp cnt regular payout set qtly div cts vs cts previously pay april record april seven reuter
crude	mobil mob to restructure exploration unit mobil oil corp said it will restructure its dallas based mobil exploration and producing services inc operations april one to provide stronger technological support to its u s and overseas operations mobil said the operation will consist of two new units technical services and application technology along with the existing drilling and new exploration ventures groups it said r c mills president and general manager of its exploration and producing southeast inc has been named vice president and general manager of the new operation reporting to p j hoenmans president of its exploration and producing division reuter
earn	equity oil co eqty th qtr loss shr loss nine cts vs profit cts net loss vs profit revs vs year shr loss six cts vs profit cts net loss vs profit revs mln vs mln note per share figures reflect five pct stock dividend paid december reuter
earn	fn results hit by strikes dollar in fabrique nationale herstal sa fnhb br said it suffered a net loss of billion francs last year after being hit by strikes the falling dollar and declining oil prices an fn statement said the loss which compared with a mln franc profit the previous year included considerable charges for restructuring in and without these the net loss would have been billion francs it said it added that the restructuring plan would allow the firm to return to long term profitability once it had been approved by local authorities banks and the workforce reuter
acq	millipore mili acquires equity in protein protein databases inc said millipore corp through its venture capital subsidiary millicorp acquired an equity position in the company protein said it and millipore intend to establish an interactive relationship no other details were disclosed about the amount of millipore s investment in protein reuter
crude	wildlife unit proposes alaska refuge oil study the national wildlife federation rejected an interior department draft plan to open wilderness lands in northern alaska to oil and gas exploration the federation the nation s largest conservation group said further study was needed to assess any possible damage that development might have on the wildlife in the area the coastal plain of the arctic national wildlife refuge jay hair the federation s executive vice president called the interior s research into the effects of development so fundamentally flawed that it provides little or no basis on which to make a public policy decision hair called the department s proposal a reflection of a largely political decision adding we have no confidence in interior to represent the broad public interest in this area interior wants to open the million acre coastal plain to oil and gas exploration but it said only with tough safeguards to protect the area s caribou and musk oxen it said a preliminary survey showed the region could hold billions of barrels of oil and gas and that its potential as an energy resource would never be known without exploration interior said oil on the coastal plain could match the billion barrels found at prudhoe bay just west of the plain under existing law congress must agree to oil and gas exploration and if it does not act the land will remain a wildlife refuge protected from commercial development hair said interior s report failed to stress the probability that finding recoverable oil is only pct he said interior s study also failed to weigh oil gas fish and wildlife information the state of alaska had gathered nor had the department consulted the environmental protection agency on the possible effects of exploration the federation in letters to congressmen proposed that a nine member commission be set up to study all aspects of the issue and report back to congress in about two years hair said the federation was not opposed to the possible exploration of oil only that interior s study was inadquate to make a sound judgement congressional observers said that at present there was little sentiment in congress to open the wildlife area for commercial exploitation dispite increasing concern that the united states is becoming overly dependent on foreign oil reuter
earn	gemini food corp six mths january net shr profit one ct vs loss one ct net profit vs loss revs mln vs mln reuter
acq	merrill lynch mer fires vaskevitch merrill lynch and co inc fired the head of the mergers department in its london office today saying he had been unable to provide a satisfactory explanation in response to insider trading charges filed yesterday by the securities and exchange commission merrill had suspended the official nahum vaskevitch yesterday saying at the time it was disappointed and angry if the sec charges are true merrill lynch s statement at midday today said the firm will continue to cooperatie fully with authoriteis in the u s and london investigating vaskevitch s activities reuter
earn	lincoln national corp lnc votes dividend qtly div cts vs cts prior qtr pay may record april reuter
ship	st lawrence seaway to open on schedule the st lawrence seaway and the welland canal linking lakes erie and ontario were expected to open as scheduled on march and april respectively a st lawrence seaway official said the entire seaway is already free of ice due to the mild winter and could be open for navigation today but there doesn t seem to be enough demand from shipping companies to warrant an early opening the canadian official said repairs are continuing at a stepped up pace on the welland canal and should be completed by the april start up date she added reuter
earn	lvi group inc lvi th qtr net oper shr profit two cts vs loss cts oper net profit vs loss mln revs mln vs mln mths oper shr profit cts vs loss cts oper net profit mln vs loss mln revs mln vs mln note all and last two months of include results of nico inc acquired oct prior year excludes discontinued operations loss of cts per share in the quarter and loss cts a share in the year excludes extraordinary gain of two cts per share in the quarter and four cts per share in the year reuter
earn	protocomdevices prcm sees more profit erosion protocomdevices inc said it has seen more erosion of its general financial condition since december and is actively engaged in negotiations to secure additional financing it also said it has undergone a restructuring of its management and is instituting further staff reductions it said ramon morales has relinquished his role as president and chief operating officer and assumed the position of executive vice president in charge of international sales it also said rafael collado has assumed the positions of president and chief operating officer in addition to his role as chief executive officer for the year ended january the company had a net loss of dlrs or cts a share on revenues of mln dlrs reuter
coffee	ico board meeting delayed one day the international coffee organization ico executive board meeting scheduled for the end of this month has been delayed by one day and will now run from march to april and not march to april ico officials said on march the ico ad hoc working group will meet to consider management consultants ernst whinney s report on the ico secretariat this report was commissioned late last year to report on the administrative structure of the ico reuter
earn	paradise fruit co inc parf year net shr cts vs cts net vs sales mln vs mln note year net penalized cts shr from loss of investment tax credits reuter
earn	samson energy co limited partnership sam year net loss vs loss revs mln vs mln notes loss includes write down of mln dlrs in the carrying value of oil and gas properties taken in the first quarter cash flow from operationswas dlrs or dlrs per unit vs dlrs or dlrs per unit reuter
earn	acceleration corp acle th qtr shr cts vs cts net mln vs year shr cts vs cts net mln vs mln note net includes tax loss carryforward gain of dlrs reuter
earn	energy optics inc nd qtr jan net shr profit nil vs loss five cts net profit vs loss revs vs st half shr profit one ct vs loss cts net profit vs loss revs vs reuter
acq	blue gass breeders blgr completes acquisition blue grass breeders inc said it has completed the acquisition of equine enterprises inc for four mln common shares it said it is obligated to deliver another shares on the attainment of a certain level of shareholders equity during any fiscal quarter within months of closing if all the contingent shares are issued blue grass said former owners of equine will have a pct interest in blue grass equine is a new mexico quarter horse breeding and racing company reuter
earn	digimed corp nd qtr dec loss shr loss two cts vs loss five cts net loss vs loss sales vs avg shrs vs six mths shr profit four cts vs loss cts net profit vs loss sales vs avg shrs vs reuter
earn	flight international group inc flti rd qtr periods ended january shr profit cts vs loss cts net profit vs loss revs vs nine mths shr profit cts vs loss three cts net profit vs loss revs mln vs mln note year ago revenues include dlrs in quarter and dlrs in nine months from operations of subsidiary sold in april reuter
earn	nord est plans mln franc bond issue financial and industrial holding company nord est plans to make a convertible bond issue for a total of mln francs president gustave rambaud said he told a news conference nord est expected to receive approval from the bourse supervisory body cob in the next two week when terms would set according to market conditions he said the issue was meant to boost capital ahead of new investments rambaud said the company would pay a dividend of francs unchanged on parent company net profit last year rose to mln francs against mln in provisional consolidated profits were lower at mln francs compared with mln in of which mln against mln was attributable to the group he said the lower profit was mainly due to losses made by steel tube maker vallourec in which nord est has a pct stake rambaud said he forecast a parent company net profit before provisions of around mln francs reuter
crude	solv ex solv shell canada shc pact complete solv ex corp said it successfully completed its oil sands pilot testing program under its agreement with shell canada limited shc and received a u s dlr bonus payment it also said that shell canada exercised its option to take over solv ex s pct working interest in the construction of the oil facility relieving it of its obligation to raise about mln canadian dlrs for plant construction it said pct of that loan was guaranteed by the government of alberta in exchange for shell s participation solv ex said shell is obligated to pay it an up front royalty and a running royalty based on the operating profits of the oil sands facility it said the shell canada barrel per day oil sands project will be built on shell s oil sand lease about miles north of fort mcmurray in the athabasca region of northern alberta solv ex said the project will cost about mln canadian dlrs it said that following a final feasibility study the plant should open in the early s when oil prices are expected to exceed u s dlrs per barrel reuter
bop	spain has mln dlr january payments surplus spain had a mln dlr current account balance of payments surplus in january compared with a mln deficit in december and mln surplus in january last year bank of spain figures show the trade deficit rose to mln dlrs in january from mln in january reuter
acq	purolator pcc director quits over buyout a purolator courier corp director resigned from the company s board saying he plans to take steps to make or find an offer that tops the mln dlr buyout deal already accepted by purolator s board the company said the director doresy gardner resigned in a march letter to the purolator board which was included in a filing made by the company to the securities and exchange commission gardner noted that the terms of the merger agreement in which the company would bought out by a group of its managers and e f hutton lbo inc bar directors from taking action to solicit initiate or encourage acquisition proposals i as a shareholder wish to solicit initiate or encourage such an offer or indication of interest and believe therefore that i should resign as a director of the corporation gardner said in the letter accordingly i hereby resign as a director of purolator courier corp effective immediately he said gardner said he believes shareholders could get a better deal than the buyout offer if the company would agree to be sold to some other entity or if it could sell off all or part of its u s courier division on march another purolator shareholder rodney shields filed a class action suit on behalf of the company s shareholders charging the company and its board with breaching their fiduciary duty by failing to take steps to ensure that shareholders got the highest possible price in the buyout the deal would give shareholders dlrs a share in cash if just pct of purolator s mln shares are tendered if more are tendered they would receive dlrs in cash and six dlrs in debentures and a warrant to buy stock in the new company in exchange for each share reuter
earn	unr industries inc unriq th qtr net shr profit cts vs profit cts net profit vs profit sales mln vs mln year shr profit dlrs vs loss dlrs net profit vs loss sales mln vs mln reuter
acq	century telephone ctl to sell properties century telephone enterprises inc said it has accepted an offer to sell its cable television properties in michigan tennessee florida arkansas and louisiana for a substantial gain the company said details were not disclosed reuter
earn	volt information sciences inc volt st qtr shr cts vs seven cts net vs revs mln vs mln avg mln vs mln note net includes mln dlr pretax gain on settlement dlrs gain on securities sale interest expense net of investment income of mln dlrs and dlrs in fiscal change of european operations method resulted in pre tax translation losses of mln dlrs in period ended january reuter
earn	paradise fruit parf sets lower dividend paradise fruit co inc said its board declared a dividend of cts per share payable march to holders of record march the company last paid cts per share in january and before that paid cts in january paradise said commercial bank lending agreements it entered into in june include retained earnings requirements that limit the amount of earnings available for distribution to shareholders reuter
earn	canada malting co ltd year net oper shr dlrs vs dlrs oper net mln vs mln sales mln vs mln note excludes extraordinary loss of mln dlrs or dlrs per share reuter
earn	north american holding corp nahl rd qtr net dec end shr profit nil vs loss four cts net profit vs loss revs vs avg shrs mln vs mln nine mths shr profit six cts vs loss seven cts net profit vs loss revs mln vs avg shrs mln vs mln reuter
earn	general host corp gh sets quarterly qtly div six cts vs six cts prior pay april three record march reuter
earn	grow group inc gro sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	digimed corp nd qtr dec loss shr loss cts vs loss five cts net loss vs loss sales vs six mths shr profit four cts vs loss cts net profit vs loss sales vs reuter
crude	powerine refinery to resume operations powerine oil co said its refinery here will resume operation today with initial crude oil runs of barrels per day powerine a privately held company said it expects the refinery to become fully operational by may with crude oil throughput at bpd initial oil products deliveries are scheduled for monday powerine said the refinery had been closed due to a change of ownership the company said reuter
earn	trinity industries inc trn sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	coastal bancorp csbk sets quarterly qtly div five cts vs five cts prior pay april record march reuter
earn	idaho power co ida sets quarterly qtly div cts vs cts prior pay may record april reuter
earn	united stationers inc ustr sets dividend qtly dividend six cts vs six cts pay april record march reuter
earn	lincoln national corp lnc sets quarterly qtly div cts vs cts prior pay may one record april reuter
earn	petrie stores corp pst sets quarterly qtly div cts vs cts prior pay april record april o reuter
acq	desoto dso sells industrial chemical assets desoto inc said it sold the plant inventory and certain other assets of some of its industrial chemical operations to plastic specialities and technologies inc a privately held company headquartered in parsippany new jersey terms were not disclosed desoto s industrial chemical operations are based in fort worth texas and has annual sales of about mln dlrs reuter
earn	safeguard health sfgd th qtr loss shr loss cts vs profit cts net loss vs profit revs mln vs mln year shr loss cts vs profit cts net loss vs profit revs mln vs mln note full name safeguard health enterprises inc current qtr and year figures include mln dlr reserve for estimated loss from proposed divestment of one third of existing offices reuter
rubber	rubber talks chairman cites slight progress there has been slight progress towards reaching a rubber pact the chairman of a united nations conference on a new international natural rubber agreeement inra manaspas xuto of thailand said there has been some slight progress but it is not the end of the road yet he said the conference which began monday is seen as the last effort to adopt an accord to replace the current one which expires in october some producing and consuming countries are taking part in the two week meeting xuto said if the key outstanding issues are not resolved by tomorrow he would hold weekend meetings at the beginning of the conference the fourth such meeting in nearly two years xuto said it was imperative to settle those issues this week so that technical drafting work can be done next week conference sources said it is highly unlikely that producers will accept a pact that will provide for any possible downward adjustment of the floor price as proposed by consumers under certain circumstances the sources said this means that any possible adjustment would centre on the reference price and the may buy or may sell and must buy or must sell levels without changing the lower indicative price or floor price of malaysian singapore cents a kilo in the present pact the present five day average of the indicator price is around malaysian singapore cents consumers are seeking an adjustment of the reference price set in the current accord at malaysian singapore cents a kilo and of the lower indicative price if the buffer stock currently tonnes rises to tonnes consumers want price reviews at month intervals instead of the at present and the price revision mechanism to respond automatically to market trends at present if the market price has been above or below the reference price for six months the reference price is revised by five pct or by an amount decided by the international natural rubber organisation council consumers say that in these circumstances the adjustment be automatic at five pct or more producers have resisted reducing the role of the council in the price adjustment procedure and have expressed concern that changes proposed by consumers would weaken the present pact reuter
gold	britannia coin to sell at premium the new british one ounce gold coin the britannia will be priced on the basis of the gold price on the day of purchase plus a competitive premium treasury officials said value added tax will be levied on all purchases by members of the u k public as is currently the case with foreign coins although transactions between members of the london gold market and all exports of the coins will be zero rated no decision has yet been taken on the face value of the coins although a number of gold coins especially the canadian maple have been issued elsewhere in an attempt to take the place of the south african krugerrand the british government still feels that there is a gap in the market for a british one ounce gold coin the only british gold coin available at present is the sovereign which contains ounces of gold gold from south africa or the soviet union will not be used in the coin officials said adding that bullion would be bought on the world gold market but analysts said it would be difficult to ascertain the origins of such purchases no details are yet available on how many coins will be issued or how much gold will be bought but traders said that the amounts involved would be unlikely to move the gold price there were some enquiries on the britannia from coin dealers today but value added tax would prove a major factor in the success of the coin with the pct tax likely to put off many investors traders said some said that the britannia had come too late with the canadian maple leaf the american eagle and other gold coins already well established reuter
acq	cytrx cytr unit buys swedish company cytrx corp said its pct owned cytrx biopool ltd subsidiary has acquired biopool ab of umea sweden for undisclosed terms it said former shareholders of biopool ab own the remaining pct in cytrx biopool ltd biopool ab develops cardiovascular and fibrinolytic products for diagnostic applications the company said cytrx biopool is studying the possible combination of cytrx corp s rheothrx drug to reduce platelet aggregation and viscosity in blood with biopool ab s drug t pa for dissolving blood clots reuter
interest	canada day t bills average pct making bank rate pct
earn	north american nahl sees record fourth qtr north american holding corp said it expects to have record fourth quarter earnings and for sales to exceed mln dlrs for the fourth quarter ended march the company reported net income of dlrs on sales of mln dlrs it also said it expects revenues for the year to exceed mln dlrs for fiscal north american reported a net loss of dlrs on sales of mln dlrs reuter
acq	investors up intermedics itm stake to pct a group of investment firms told the securities and exchange commission they raised their stake in intermedics inc to shares or pct of the total outstanding from shares or pct bessemer securities corp a new york investment firm cilluffo associates l p a new york investment partnership and related entities said they bought intermedics common shares between february and march for mln dlrs reuter
earn	wal mart stores inc wmt raises quarterly qtly div six cts vs cts prior pay april record march reuter
earn	optrotech ltd optkf year net shr cts vs cts net vs revs mln vs mln note net includes gain dlr gain from quantity discount rebates on purchases of materials in prior years reuter
earn	north atlantic technologies natt th qtr shr loss cts vs loss cts net loss vs loss revs vs year shr loss cts vs loss cts net loss vs loss revs vs note full name is north atlantic technologies inc reuter
crude	montedison other refineries to shut for work selm societa energia montedison is to close its priolo crude refining units from march th to march th for maintenance a company spokesman said throughput at the refinery is currently estimated at bpd although total capacity is nearer bpd several other mediterranean refineries are currently shutdown for maintenance most of which were scheduled some months ago but industry sources said that shutdowns may have been rearranged to avoid running negative netback crude tighter availabilities of products as a result of the shutdowns in the med is helping to keep products markets bullish particularly for march deliveries oil traders said garrone s refinery at san quirico capacity bpd is due to shutdown on march th for three weeks and the jointly owned isab garrone refinery at mellili capacity bpd is due to start up around march th following its closure for maintenance a month ago a company spokesman said the esso italiana refineries at augusta and siracusa will not be closing this spring a spokesman for the company said in france the distillation unit at societe francaise de bp s lavera refinery has been closed for maintenance since march and is due to restart early april total capacity is bpd it is currently operating at around pct capacity a company spokesman said shell francaise s berre l etang refinery will shut down in early april until mid june a company spokesman said capacity is around bpd compagnie francaise de raffinage cfr will close the visbreaker at its la mede refinery in early april but would not affect crude throughput at the refinery a company spokesman said current capacity is bbl day despite current bullish sentiment in the med however traders noted that crude netbacks are beginning to look more attractive and most maintenance shutdowns should be finished in two to three weeks as a result oil industry sources suggest that the situation may ease by mid april reuter
crude	attacks affect colombia s oil outlook ecopetrol continuous rebel raids against oil pipelines and foreign exploration camps endanger colombia s present oil bonanza franciso chona manager of the state run oil company ecopetrol said it seems the subversion wants to end with our oil bonanza he told reporters he was speaking after a meeting with defense minister rafael samudio military chiefs and mines and energy minister guillermo perry to review the security situation in the light of a recent upsurge of leftist guerrilla attacks in the oil rich arauca region bordering venezuela ecopetrol chief of security retired general carlos narvaez said security measures would be stricter and that the armed forces were closely collaborating but gave no details samudio said new plans had been designed and hoped they would be effective samudio stressed that despite the most recent attacks which cost more than four mln dlrs in damage the overall situation had improved compared with last december when initial measures were taken to combat a wave of attacks repeated bombings of a vital pipeline from the cano limon oilfield to the caribbean then led to a loss of barrels of crude reuter
copper	peru s centromin says no copper force majeure peru s biggest state mining firm centromin sa said today there was no immediate force majeure possibility on its copper shipments after guerrillas blew up a railway line interrupting train traffic from the cobriza copper mine to the pacific coast a centromin spokesman said the managers of the mine at cobriza could always ship the the mineral by road to the coast for export if the train line continued interrupted cobriza produced the equivalent of around fine tonnes of copper last year maoist guerrillas using dynamite interrupted train traffic two days ago when they blew up railway tracks and derailed a train laden with minerals km miles east of lima at chacapalca between the coast and cobriza an official at minero peru comercial minpeco peru s state minerals marketing firm confirmed there had been no declaration of force majeure on the shipments from cobriza officials at national train company enafer headquarters in lima the peruvian capital declined to comment on when train traffic would be restored to cobriza but an enafer official reached by telephone in the central andean city of huancayo near chacapalca said traffic could be restored by saturday reuter
earn	parker drilling suspends quarterly dividend
acq	first granite bancorp inc agrees to be acquired by magna group inc for stock
veg-oil	argentine vegetable oils shipments in jan nov argentine vegetable oils shipments during january november totalled tonnes against tonnes in the same period the argentine grain board said the breakdown was cotton sunflower linseed groundnutseed soybean tung olive maize rapeseed nil nil grape nil nil the board added shipments during november amounted to tonnes against tonnes in the same month of the breakdwon was in tonnes cotton nil nil sunflower linseed groundnutseed soybean tung nil olive maize nil rapeseed nil nil grape nil nil the board said the ten principal destinations during january november with comparative figures for the same period in brackets were in tonnes holland iran soviet union egypt algeria brazil south africa cuba united states nil india the board added reuter
earn	parker drilling pkd suspends payout parker drilling co said its board of directors voted to suspend the payment of dividends to shareholders parker drilling said it has been paying a quarterly dividend of one ct a share of common stock the company said it expects to save mln dlrs a year through the dividend suspension reuter
earn	eqk realty investors ekr th qtr net shr nine cts vs cts net vs revs vs avg shrs vs mln mths shr cts net revs mln note mth figures not available for since company started operations march reuter
earn	masco corp mas regular dividend set qtly div nine cts vs nine cts previously pay may record april reuter
earn	eqk realty investors i ekr sets payout qtrly div cts vs cts prior pay july record june
crude	sun raises crude postings cts effective today wti to dlrs bbl
earn	ipco corp ihs sets regular payout qtrly div nine cts vs nine cts prior pay may record april reuter
acq	first granite fgbi agrees to be acquired first granite bancorp inc said it agreed in principle to become a wholly owned subsidiary of magna group inc magi under terms of the agreement first granite shareholders will receive shares of magna for each first granite share held first granite shareholders will be asked to approve the tranaction in late summer first granite which has shares outstanding as of dec had assets of mln dlrs it owns first granite city national bank and colonial bank of granite city ill magna groups as of dec had assets of billion dlrs it owns banks a data services company a mortgage company and a trust company serving st louis as well as springfield centralia and decatur ill reuter
interest	canadian imperial bank of commerce cuts prime rate to pct from tomorrow
earn	thermwood corp thm nd qtr jan net shr three cts vs three cts net vs sales vs six mths shr four cts vs four cts net vs sales vs avg shrs vs reuter
earn	perini investment properties pnv raises payout qtly div cts vs cts in prior qtr payable june record may reuter
crude	sun sun raises crude postings cts sun co said it raised the contract price it will pay for crude oil cts a barrel effective today the increase brings sun s posted price for the west texas intermediate and west texas sour grades to dlrs bbl the light louisiana sweet grade was also raised cts to dlrs bbl sun co last changed its crude postings on march reuter
earn	petroleum and resources corp peo dividend interim income dividend cts last paid dlrs february including capital gains of cts pyable april record april eight reuter
interest	royal bank of canada lowers prime rate to pct down
earn	new line cinema corp nln th qtr net shr cts vs nine cts net vs revs vs year shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
interest	ottawa seeks explanation of credit card rates minister of state for finance tom hockin said he has asked the canadian bankers association an industry lobby group for an explanation of the level of credit card interest rates hockin said he hopes to here the association s response on the important issue soon hockin was responding to questions in the house of commons about why credit card rates which run as high as pct per year remain high when other rates are falling today the canadian bank rate fell to pct from pct last week and the canadian imperial bank of commerce cut its prime rate effective tomorrow to pct from pct reuter
earn	ipco corp ihs regular dividend qtly div nine cts vs nine cts in prior qtr payable may one record apreil nine reuter
earn	asamera inc year oper shr loss cts vs profit cts
crude	diamond shamrock raised crude by cts bbl today wti up to dlrs
acq	alleghney international ag faces added count alleghney international inc said the plaintiffs in the existing lawsuits opposing its sale requested an amendment to their complaint to include a class action count alleghney said the suit filed in the u s district court for the western district of pennsylvania was aimed at blocking the sale of alleghney to an affiliate of first boston inc allegheney said the additional count sought by the plaintiffs alleges the price to be offered for ai s common stock dlrs is grossly unfair and one the purposes of the proposed sale is to absolve the individual defendants of liability in the lawsuit the additional count among other forms of relief requests an injunction against the defendants from taking any steps to accomplish the proposed sale alleghney said reuter
crude	phillips raises crude postings cts effective today wti to dlrs bbl
earn	bull and bear equity income fund bulax div new york march qtly div eight cts vs eight cts prior payable march record march reuter
cocoa	pessimism mounts over bahian temporao cocoa crop pessimism over the effects of a prolonged dry spell on the coming bahian temporao cocoa crop is rising with trade forecasts generally in the mln to mln bag range against mln to mln a fortnight ago trade sources told reuters from the state capital of salvador that despite scattered rains since mid february which broke a six week drought plantations have not picked up as hoped and very little cocoa is expected to be gathered in the first three months of the may september crop the sources said arrivals from may through july might only reach around bags whereas in normal years a figure of mln to mln bags might be expected arrivals from then should start to pick up sharply as pods from current flowering are gathered however the sources noted a late temporao is always more susceptible to pod rot which flourishes if conditions turn cold and humid and which is more likely from late july on this year s crop is doubly susceptible because poor prices mean farmers were not encouraged to invest in fertilisers and insecticides and are also unlikely to treat against pod rot a severe attack of pod rot can cause the loss of over bags in a very short period one source said because of the increased exposure to pod rot damage estimates of the final outcome of the temporao are extremely vulnerable and production could easily drop to below the mln bag mark if the disease hits although flowering was good following the start of the rains pod setting was not up to expectations possibly because the drought had caused a drop in the insect population which pollinates flowers the sources said however reports from farms indicate moisture levels are now generally back to near normal levels and that current flowering and pod setting is good which should result in mature fruit from august through september the sources said they expect no break in the harvesting of beans between the end of the temporao and the beginning of the main crop which officially starts on october the cut off date is completely artificial if things go well from now on we should see heavy harvesting without a break from august through november or even december one said if predictions of a to mln bag temporao prove accurate this would be below the mln bag average for the past years the last poor temporao was in when prolonged drought and later pod rot cut production to mln bags the lowest since good growing conditions the following year produced a temporao of mln bags just below the mln bag record while last year s output which also suffered some drought damage was mln bags figures for the coming temporao might be distorted upwards by the inclusion of undeclared current main crop beans the sources said large quantities of beans are believed to have been undeclared from this year s record total harvest and they were unsure how much of this would be unregistered by the end of the official crop year on april recent official arrivals figures have been swollen by the inclusion of beans which had been delivered previously to port warehouses but not declared because of the high turnover of beans this year significant amounts have deteriorated because they were stored too long at the back of warehouses some of these are expected to be held for mixing in with early temporao arrivals with official arrivals figures for the temporao and main crops totalling over mln bags and over seven weeks still to go to the end of the year the total outturn should be at least a record mln bags if all production is declared the sources said this would compare with the previous record set last year of mln however there is no way of telling how many current crop beans will be declared after the may start of the temporao and thus the true size of the harvest may never be officially registered reuter
earn	rose s stores inc rsto th qtr jan shr cts vs cts net mln vs mln revs mln vs mln year shr dlrs vs cts net mln vs mln revs billion vs billion reuter
crude	phillips p raises crude postings cts phillips petroleum said it raised the contract price it will for all grades of crude oil cts a barrel effective today the increase brings phillip s posted price for the west texas intermediate and west texas sour grades to dlrs a bbl phillips last changed its crude oil postings on march the price increase follows similar moves by usx s x subsidiary marathon oil and sun co sun earlier today reuter
earn	asamera inc asm year loss oper shr loss cts vs profit cts oper net loss mln vs profit mln revs mln vs mln note net excludes tax gain of mln dlrs or three cts shr vs yr ago gain of mln dlrs or cts shr net includes mln dlr charge for reduction in carrying value of refinery and related assets net includes mln dlr gain on sale of canadian natural gas property u s dlrs reuter
earn	lvi group inc lvi th qtr oper net oper shr profit two cts vs loss cts oper net profit vs loss revs mln vs mln avg shrs mln vs mln year oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln avg shrs mln vs note th qtr and year oper net excludes a gain of dlrs and dlrs respectively for carryforwards and a loss of dlrs and dlrs respectively for early extinguishment of debt th qtr and year oper net excludes a loss of dlrs or cts per share and loss dlrs or cts per share respectively for discontinued operations reuter
acq	talking point purolator courier corp pcc purolator courier corp s stock rose on specualtion that a disgruntled former purolator director would find a new suitor for the company traders said purolator agreed in late february to a dlr a share mln dlr offer from e f hutton lbo inc and certain members of its purolator courier division s management the stock today hit up one today purolator revealed in a filing with the securities and exchange commission that director doresy gardner resigned from its board of directors in a letter dated march the letter from gardner said he resigned the board because the merger agreement with hutton barred directors from soliciting new offers and he believes shareholders might get a better deal gardner said he believes a better offer might be found if the company would agree to be sold to some other entity or if it could sell off all or part of its u s courier division basically the courier division is a company that has mln dlrs in revenues it s a very large company and it s being sold for or mln dlrs said gardner in a telephone interview with reuters gardner is an official of kelso management a firm associated with fidelity international ltd a group of fidelity companies owns eight pct of purolator and gardner said he personally owns shares a purolator official said the company has no comment on the letter from gardner arbitragers speculated another overnight messenger service may emerge as a likely bidder for purolator before the transaction with hutton lbo was announced analysts had also speculated another courier company would be the most likely suitor while one arbitrager acknowledged there in fact may be no new bidders he said the possibility one could appear pushed the stock into play again there s no shortage of possibilities it s just a question of management s willingness to let the process continue said one arbitrager arbitragers said a new buyer might be found because they believe hutton lbo has taken on no risk in the transaction hutton has begun a tender for pct of purolator at dlrs cash per share the balance of purolator s stock will be bought for securities and warrants in a new company holding the u s courier operations the arbitragers said tender offer documents show that hutton does not need to use its cash in the transaction and will emerge with a giant majority equity interest in purolator as far as i can tell from the public documents from the deal that s on the table hutton is basically putting up zero one always likes a situation like that you always like to think if they can do this deal at no risk there should be someone else in the world that could do it higher said one arbitrager the firm however is supplying temporary financing and sources close to the transaction disputed the claim that the firm will not end up paying for its equity position while one scenario mentioned in the tender offer document did note that the e f hutton group subsidiary may not have to keep cash in the transaction the sources said there is some risk to the firm there are a variety of contingencies and restricted cash and all sorts of things that make it very speculative said one of the sources adding there are also severance payments to employees the e f hutton group subsidiary is supplying mln dlrs in so called bridge financing for the transaction the bridge financing is a temporary loan from hutton the financing is to be replaced with permanent financing expected to come from banks however it may take some time to replace the financing the source said resulting in what could be a substantial expense to the firm gardner said hutton stands to gain fees of to mln dlrs from the transaction but sources close to the transaction said fees are at the low end of the scale it s a very complex transaction but basically what happens is they ostensibly put up money but the fees recapture any investment they might have once the merger takes place gardner said reuter
trade	volcker sees no clearcut evidence that u s trade deterioration has yet been reversed
crude	diamond shamrock dia raises crude postings diamond shamrock said it raised the contract price it will pay for crude oil cts a barrel effective today the increase brings the company s posted price for the benchmark grade west texas intermediate to dlrs bbl diamond shamrock last changed its postings on march reuter
interest	toronto dominion bank cuts prime rate to pct from pct tomorrow
interest	bank of montreal cuts prime rate to pct from pct effective friday
cpi	volcker says fed remains concerned about the possibility of renewed inflation
money-supply	assets of money market mutual funds fell mln dlrs in latest week to billion
acq	weinberger opposes fujitsu buying u s firm defense secretary caspar weinberger will join commerce secretary malcolm baldrige in fighting fujitsu ltd s itsu t plan to buy pct of fairchild semiconductor corp pentagon officials said he weinberger opposes it it is not in the best interests of the country to have more of the micro electronics business leaving the united states one of the pentagon officials who asked not to be identified told reuters commerce department officials told reuters yesterday that baldrige opposed the planned sale and that the white house economic policy council will take up the matter within weeks commerce and defense officials said baldrige and weinberger feared the u s military is already leaning too heavily on foreign electronic support but the defense department also said today that weinberger and baldrige differed on the proposed sale of u s computer equipment to iran the commerce department advised the pentagon recently that defense objections to two proposed sales to an iranian power company and the islamic republic of iran news agency were not valid and the sales of small and medium computers would go through unless more evidence was presented reuter
acq	safeguard scientific sfe in equity deal safeguard scientifics inc said it made a mln dlr equity investment in sanchez computer associates inc a private computer software firm based in malvern pa safeguard said the investment gives it a major ownership position in sanchez which specializes in software products for financial institutions reuter
earn	core industries inc cri nd qtr feb net shr cts vs cts net vs sales mln vs mln six mths shr cts vs cts net vs sales mln vs mln note results include gain on sale of land of dlrs or six cts a share results include loss from discontinued operations of dlrs or four cts a share in the quarter and dlrs or six cts a share in the six months reuter
earn	first financial ffmc in stock split first financial management corp said its board declared a three for two stock split of its common stock the split will be effected by a pct stock dividend for shareholders of record march to be distributed on april six reuter
interest	bank of nova scotia cuts prime rate to pct from pct effective tomorrow
earn	circon corp ccon th qtr shr loss two cts vs profit cts net loss vs profit revs mln vs mths shr profit two cts vs profit cts net vs revs mln vs reuter
earn	brown transport btcu declares first payout brown transport co inc said its board declared an initial quarterly dividend of four cts a share payable april to stockholders of record march reuter
gas	wright says a gas tax an option to cut deficit house speaker jim wright said a gasoline tax is one option to finding a way to reduce the deficit but told reporters in response to a question he will not try to dictate a solution to the debt problem wright has made suggestions for raising taxes about billion dlrs as part of a budget plan to reduce the deficit tax proposals are being given consideration by members of the house budget committee but the details of any tax increase would be made by the tax writing house ways and means committee reuter
trade	key u s house trade subcommittee approves bill to toughen u s trade laws
acq	summit petroleum corp sells shares summit petroleum corp said it sold mln shares or pct of its common stock to halbert and associates inc the company said the shares were previously held by consolidated energy corp and harken oil and gas inc hogi in addition david d halbert president and chief executive officer of halbert an abilene investment firm was named chairman and chief executive of summit the company said halbert charles m bruce and james o burke were also named directors expanding the board to five summit added the company said burke is president and chief executive of allied comprehensive health inc abilene while bruce is a partner in the washington law firm of butler and binion summit said it intends to actively seek acquisitions to increase its asset base reuter
trade	no clear evidence trade gap reversed volcker federal reserve board chairman paul volcker said current data does not give a clear sign that the deterioration in the u s trade balance has yet been reversed the data we have in hand do not provide clearcut evidence that the deterioration in the trade balance has yet been reversed volcker said in remarks prepared for delivery to a luncheon for community leaders here however volcker said there are encouraging signs particularly the rising volume of exports over the past year achieved despite relatively slow growth abroad volcker warned it is not sustainable from an economic perspective to pile up foreign debt while failing to make the investment needed to generate growth and earn the money to service the debt he said the process of restoring external balance to the u s economy requires dealing with the budget deficit he said needed economic adjustment will require a relative shift of financial and real resources into internationally competitive industry more of our growth will need to be reflected in net exports and business investment and less in consumption volcker said reuter
money-supply	n y business loans fall mln dlrs in march week fed says
money-supply	new york bank discount window borrowings nil in march week
earn	tony loma co inc tlam th qtr shr profit nil vs loss cts net profit vs loss revs mln vs mln year shr loss cts vs loss cts net loss vs loss revs mln vs mln note net includes extraordinary gain of dlrs or cts per share reuter
acq	allied lyons sees no change in hiram walker stake allied lyons plc alld l and canada s reichmann brothers are working well together as partners and currently do not plan any change in their joint ownership of distiller hiram walker gooderham and worts allied lyons chairman derrick holden brown said allied lyons got pct control of hiram walker gooderham last year for about mln u s dlrs while the reichmanns gulf canada corp acquired pct in an out of court pact after a hostile battle for the wine and spirits division of hiram walker resources ltd we are getting along very well as partners i hope there won t be any change but there could be holden brown told reporters after a speech in toronto he said allied lyons has a two year call option that could force gulf canada to sell its pct stake to allied lyons and gulf canada has a two year put option that could obligate allied lyons to buy its pct both we and gulf hope very much there will be no occasion for either the put or call to be exercised holden brown said in answer to a reporter s question holden brown said it would be possible for gulf canada to sell off part of its pct in a public offering with allied lyons consent i don t think we would have any objection to it he added allied lyons maintains control of hiram walker gooderham s board of directors and has total responsibility for its management we cannot contemplate giving up our control he said holden brown would not disclose how big a profit contribution the distiller will make in allied lyons financial results but he said it will be substantial i am not able to give profit forecasts he said holden brown said allied lyons was able to finance the hiram walker gooderham acquisition with cash and borrowings and has no current plans for a stock issue he said the company is not currently negotiating any more acquisitions in canada but has a team of officials evaluating possible purchases of wines spirits soft drinks or food concerns i don t think we shall be looking at the brewery scene which is highly concentrated already he added holden brown said allied lyons plans to list its shares on canadian stock exchanges possibly later this year reuter
money-supply	new york business loans fall mln dlrs commercial and industrial loans on the books of the major new york banks excluding acceptances fell mln dlrs to billion in the week ended march the federal reserve bank of new york said including acceptances loans fell mln dlrs to billion commercial paper outstanding nationally dropped mln dlrs to billion national business loan data are scheduled to be released on friday reuter
earn	eaton vance corp eavn st qtr jan net shr cts vs cts net vs avg shrs vs reuter
earn	adams express co adx sets regular payout div cts vs cts pay april record april note company pays dividend of cts three times annually with a bulk payment at the end of the fiscal year to equal annual dividend of cts reuter
grain	cargill official defends certificate programs the use of generic in kind commodity certificates has helped ease storage problems and is a necessary part of export promotion programs a senior executive for the world s largest grain company said testifying before the house agriculture subcommittee on wheat soybeans and feedgrains robbin johnson vice president of cargill inc disputed claims that u s grain companies have made huge profits from certificate trading the certs program is not in any way a windfall to the trade he said johnson said that cargill has been dealing with a two pct spread in certificate transactions and that this is within the normal grain marketing levels johnson recognized current concern over the cost of certificates as compared to cash but said that critics need to look more closely at the savings caused by certs noting for example that widespread use of certs in the pik and roll marketing technique last summer helped ease storage costs certificates are also an important part of any export promotion program he said the more you look at ways to expand export markets the more you have to look at ways to expand certs to put more grain into the market to meet demand he said subcommittee chairman dan glickman d kans said his committee would be looking at the certificate program later this year and studying the general accounting office report on certificate costs reuter
crude	house speaker backs oil import forecast plan house speaker jim wright endorsed a proposal to require the president to take action to reduce oil imports if they threaten to top pct of u s consumption wright told reporters the plan by sen lloyd bentsen a fellow texas democrat was positive and useful oil imports peaked in at pct were short of pct last year and this year are up over pct bentsen said the bentsen proposal supported by other senators would would require the president to issue annual three year oil import forecasts in any year they threatened to top pct he would be ordered to propose quotas or other solution reuter
money-supply	u s bank discount borrowings average mln dlrs a day in march week fed says
money-supply	u s bank net free reserves mln dlrs in two weeks to march fed says
money-supply	u s m falls mln dlrs in march week feb m down billion m up billion
acq	princeville pvdc to sell its air operation princeville development corp and aloha inc parent of aloha airlines inc jointly said they agreed to terms for the sale of princeville airways inc to aloha terms of the agreement were not disclosed under the proposed sale the companies said aloha would acquire the entire princeville airways commuter operation and access to the princeville airport on the island of kauai they said princeville airways is expected to operate as a subsidiary of aloha inc and will continue to use the princeville aiways name reuter
acq	new hampshire savings nhsb to buy bank new hampshire savings bank corp said it agreed to buy seashore bankshares inc in an exchange of stock according to the terms of the deal it said seashore s shares will be exchanged for mln dlrs of new hampshire savings stock it said seashore bankshares has assets of about mln dlrs reuter
orange	fcoj movement gallons last week florida citrus processors association said frozen concentrate orange juice movement into trade channels in the week ended march totalled gallons versus gallons in the week ended february and gallons in the corresponding year ago period there were gallons of foreign imports last week versus gallons the week before domestic imports last week were retail movement was versus a year ago bulk movement was against a year earlier current season cumulative movement was gallons versus last year cumulative net pack for the season was versus a year ago inventory was versus a year ago reuter
money-supply	u s m money supply falls mln dlrs u s m money supply fell mln dlrs to a seasonally adjusted billion dlrs in the march week the federal reserve said the previous week s m level was revised to billion dlrs from billion while the four week moving average of m rose to billion dlrs from billion commenting on february growth of the broader monetary aggregates the fed said that m fell billion dlrs while m rose three billion economists polled by reuters had projected a mln dlr fall in m a billion dlr drop in m and no change in m reuter
earn	amvestors financial avfc sets stock dividend amvestors financial corp said it declared a pct stock dividend payable june to holders of record june one subject to an increase in authorized shares it said shareholders will vote at the april annual meeting to increase authorized shares to mln from mln the company also said it plans to pay an initial quarterly dividend of five cts a share on the shares reuter
trade	u s house panel approves trade bill the house ways and means trade subcommittee unanimously approved a toned down version of legislation designed to toughen u s trade laws and wedge open foreign markets to more u s goods the measure now goes to the full house ways and means committee next week but major changes are not expected congressional sources said this product could very well be toughening our trade policy and doing it in a manner that opens markets without this frightening word protectionism ways and means chairman dan rostenkowski an illinois democrat said the trade subcommittee backed away from mandating specific retaliation against foreign countries for unfair foreign trade practices as the house had approved in a trade bill last year but it held over for the full ways and means committee debate on a controversial plan by rep richard gephardt to mandate a reduction in trade surpluses with the u s by countries such as japan south korea and taiwan gephardt a missouri democrat has not decided the exact form of his amendment an aide said last year the house approved his idea to force an annual ten pct trade surplus cut by those countries the trade bill will be wrapped in with legislation from other committees dealing with relaxation of export controls incentives for research expanded worker training and education and other efforts to increase u s competitiveness the comprehensive trade bill is to be considered by the full house in late april and then will be considered by senate committees it requires president reagan to retaliate against foreign unfair trade practices but do not mandate quotas or tariffs and allow an exemption if u s economic security would be harmed by u s actions against other countries the bill would make it easier for u s industries to win relief from surges of imports of competitive products it extends until january the administration s authority to negotiate trade agreements as part of the new round of multilateral talks under the general agreements on tariffs and trade and it includes provisions to tighten trade rules on copyrights patents and telecommunications goods reuter
earn	standard logic inc stdl st qtr loss qtr ends jan oper shr loss cts vs profit cts oper net loss vs profit revs vs note oper net excludes loss from discontinued operations of vs loss for prior qtr excludes tax carryforward for prior qtr reuter
cpi	inflation still a concern volcker says federal reserve board chairman paul volcker said both the fed and the financial markets remain concerned about the possibility of renewed inflation a possibility of renewed inflation remains of concern both in the markets and within the federal reserve he said in remarks prepared for delivery to a group of business leaders here he said one potential channel for renewed inflationary pressures would be an excessive fall of the dollar in the exchange markets which would push import prices up sharply he said participants in financial markets and business remain skeptical of prospects for lasting price stability should the skepticism about our ability to resist inflation be reinforced by bad policy the consequences for interest rates for exchange rates and for the economy generally would clearly be undesirable recognition of that danger neccesarily must weigh heavily in the formation of monetary policy the fed chairman said volcker said attempts to drive the dollar much lower would undermine the hard won gains against inflation and would risk dissipating the flow of foreign capital reuter
crude	unocal raises most crude prices cts today wti at dlrs
earn	shawmut corp shas sets regulary dividend qtly div cts vs cts prior pay april one record march reuter
earn	anglo american aivj j year to dec shr cts vs final div vs making vs pre tax mln rand vs mln net mln vs mln tax mln vs mln att to outside shareholders mln vs mln pref div mln vs same turnover billion vs billion div pay may register march note full name is anglo american industrial corp ltd reuter
earn	anglo american aivj j year to dec shr cts vs final div vs making vs pre tax mln rand vs mln net mln vs mln tax mln vs mln att to outside shareholders mln vs mln pref div mln vs same turnover billion vs billion div pay may register march note full name is anglo american industrial corp ltd reuter
crude	unocal ucl raises crude oil postings unocal corp said it raised the contract price it will pay for most grades of crude oil cts a barrel effective today the increase brings unocal s posted price for the u s benchmark grade west texas intermediate to dlrs a barrel it also brought the price for west texas sour to dlrs a bbl light louisiana sweet was also raised cts to dlrs bbl unocal last changed its crude postings on march four and brings it price in line with other major companies which have been raising prices steadily in recent weeks the increase also represents the latest in a series of increases that began with usx corp s x marathon petroleum corp s notification yesterday evening that effective today it raised its crude postings cts a barrel bringing its contract price for wti to dlrs a barrel earlier today sun co sun phillips petroleum p and diamond shamrock dia also said they raised their crude postings cts a barrel bringing their wti contract price to dlrs a barrel contract prices have risen in response to higher spot market prices oil traders said reuter
crude	citgo raises crude postings cts today wti to dlrs bbl
acq	court lifts restraining order on mark iv iv baird corp batm said the massachusetts state court for suffolk county has lifted a temporary restraining order prohibiting mark iv industries inc from further purchases of baird stock according to filings with the securities and exchange commission mark iv owns at least pct of baird s stock and may attempt to acquire baird baird said baird said the court also issued an order enjoining baird from enforcing the massachusetts anti takeover statute against mark iv industries reuter
earn	cji industires inc cjiia th qtr net oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln avg shrs mln vs mln year oper shr loss dlrs vs loss cts oper net profit vs profit revs mln vs mln note per share figures come after preferred dividends excludes fourth quarter and full year extraordinary gains of cts and cts per share respectively reuter
earn	counsel corp sets three for two stock split counsel corp said it plans a three for two stock split pending shareholder approval at the april annual meeting the company said it recently reported profit of mln dlrs or dlrs a share before extraordinary items compared with mln dlrs or cts in reuter
crude	southland slc unit raises crude postings southland corp s citgo petroleum corp said it raised the contract price it will pay for crude oil cts a barrel effective today the increase bring s citgo s posted price for the west texas intermediate and west texas sour grades to dlrs a barrel the light louisiana sweet south onshore grade was also raised cts to dlrs a barrel and light louisiana sweet north was increased to dlrs a barrel citgo last changed its postings on march four reuter
earn	cannon can audit to show significant loss the cannon group inc said its financial statements will show substantial losses for fiscal and significant downward adjustments in previously reported stockholders equity the company also said its audit being conducted by arthur young and co will cover the year ended january instead of the nine month period ended september as previously announced it said it anticipates the results of the audit will be available in mid to late april reuter
acq	eager technology acquires nuclad eager technology inc said it signed a letter of intent to acquire nuclad inc a private colorado corporation and its subsidiaries terms of the acquisition were not disclosed reuter
acq	interconnect offers to buy gates learjet glj interconnect capital corp said it sent a letter to the board of gates learjet corp offering to buy the company for dlrs a share gates corp which owns pct of gates learjet agreed earlier this week to sell its shares to a partnership formed by privately held cobey corp and a unit of bear stearns cos inc bsc for dlrs a share or mln dlrs the proposal is subject to approval by gates learjet s board a spokesman for privately held interconnect said it made the new proposal to gates learjet s board but would not say if it had held talks with the parent company s board reuter
acq	seal sinc acquires ademco ltd seal inc said it acquired ademco ltd a united kingdom company which distributes mounting and laminating equipment and supplies for a combination of cash and stock valued at mln dlrs based on current exchange rates seal said it will pay up to an additional mln dlrs contingent on the market price of seal s common on december and on certain earnings targets by the acquired business reuter
crude	brazil cancels oil purchase from saudi arabia brazil s state oil company petrobras cancelled a mln dlr crude oil purchase from saudi arabia after the saudis refused to accept credit guarantees from the bank of brazil a petrobras official said export director carlos santana told a press conference the saudis were the first suppliers of oil to impose such conditions after brazil s decision to halt interest payment of its commercial debts last month the shipment of mln barrels represents two days of oil consumption in brazil but santana said if the saudis change their minds and decide to respect the terms of the contract then petrobras will lift the order to cancel the shipment santana said if the saudis do not accept brazil s terms by monday then petrobras will negotiate elsewhere petrobras has been saudi arabia s traditional client since if they do not accept our conditions now it will be much better for us because with the market prices more or less the same buying from iraq and china is an advantage he said iraq and china have barter deals with brazil importing brazilian goods in exchange for oil but the saudis buy nothing from brazil he said santana said despite a strike threat by oil industry workers and a two week stoppage by brazilian seamen petrobras oil stocks are reasonably balanced saudi arabia is brazil s second biggest oil supplier with an average bpd iraq is the main supplier with bpd china comes third with bpd if the saudis wish to stop our trade relationship fine i am sure that if they do we will be getting dozens of offers from elsewhere santana added reuter
trade	u s house panel approves trade bill the u s house ways and means trade subcommittee unanimously approved a toned down version of legislation designed to toughen u s trade laws and wedge open foreign markets to more u s goods the measure now goes to the full house ways and means committee next week but major changes are not expected congressional sources said this product could very well be toughening our trade policy and doing it in a manner that opens markets without this frightening word protectionism ways and means chairman dan rostenkowski an illinois democrat said the trade subcommittee backed away from mandating specific retaliation against foreign countries for unfair foreign trade practices as the house had approved in a trade bill last year but it held over for the full ways and means committee debate on a controversial plan by rep richard gephardt to mandate a reduction in trade surpluses with the u s by countries such as japan south korea and taiwan gephardt a missouri democrat has not decided the exact form of his amendment an aide said last year the house approved his idea to force an annual pct trade surplus cut by those countries reuter
crude	india gets mln dlr world bank loan the world bank said it has approved a mln dlr loan for india to help lessen that country s dependence on imported oil and spur development of its own petroleum resources the bank said the loan will be used to boost production by injecting gas in the partially depleted assam oil fields and to assist exploration in other areas including drilling exploratory wells the bank said the recipient of the year loan will be oil india ltd oil which is the smaller of two public indian petroleum exploration and production companies reuter
coffee	colombia s coffee marketing to be more flexible colombia intends to improve the marketing of its coffee with the accent on more flexibility on setting export registration prices finance minister cesar gaviria said speaking to reporters after announcing a lower export registration price or reintegro of dlr per lb ex dock new york gaviria said export mechanisms would be more agile in the first stage we decided not only to lower the reintegro but also to adopt a flexible policy of reintegro that will allow private exporters to participate more actively in colombia s coffee export policy he said traders said this means the export registration price will change more often in a truer reflection of market trends gaviria said the measures merely responded to new market factors since a return to a system of international coffee organisation ico export quotas may not occur in the short term ico talks last month in london failed to break a deadlock over re introduction of export quotas suspended in february gaviria stressed that colombia will not necessarily suffer from depressed prices because it can compensate lower prices with increased volume colombia will continue to export its traditional amount of coffee between and mln bags of kilos and will do so without an agreement among producers he said he ruled out a much higher volume of exports or up to mln bags as mentioned in market circles because the idea is precisely not to disrupt the market colombia exported a record mln bags in the coffee year which ended last september echoing gaviria s words jorge cardenas manager of the national coffee growers federation said colombia sought to adapt its coffee marketing policy to circumstances there is great expectation in the world for the policies that brazil and colombia will adopt ours is beginning to emerge and no agreement among producers is foreseeable in the immediate future he told journalists trade sources in rio today said brazil s future export policy was unlikely to be revealed before the end of next week cardenas said a new ico meeting could only take place when problems that hindered an agreement at the recent london talks have been resolved asked to comment on a reuter report from jakarta saying indonesia hoped colombia could use its contacts with brazil to suggest a compromise on the quota issue cardenas said the brazilian stand was quite clear he said brazil s current quota reflects the reality of the market allows for an orderly supply and satisfies demand but added more clarity was needed to assess the criteria that determined it cardenas said lows registered immediately after the failure of the london talks were triggered by a widespread fear among dealers of an imminent price war and the belief that producers would go out and sell their coffee as quickly as possible which did not happen reuter
crude	india gets mln dlr world bank loan the world bank said it approved a mln dlr loan for india to help lessen that country s dependence on imported oil and spur development of its own petroleum resources the bank said the loan will be used to boost production by injecting gas in the partially depleted assam oil fields and to assist exploration in other areas including drilling exploratory wells the bank said the recipient of the year loan will be oil india ltd oil which is the smaller of two public indian petroleum exploration and production companies reuter
acq	cannon can sells library to weintraub weintraub entertainment group inc said it agreed to acquire cannon group s screen entertainment film library the library was purchased in may as part of cannon s acquisition of screen entertainment ltd from bond corp holdings ltd the library has over theatrical motion pictures terms call for the price to be established through an appraisal process beginning immediately and not to exceed mln dlrs or be below mln dlrs reuter
acq	gerber grb buys gerber systems gsti shares gerber scientific inc said its gst acquisition corp purchased shares of its pct owned gerber systems technology pursuant to a january tender offer following the purchase gerber made a capital contribution to gst of all the shares it owned resulting in pct ownership by gst reuter
crude	venezuela to lend ecuador bpd of crude venezuela will lend ecuador barrels per day of crude oil over the next few months to help it meet its export commitments energy and mines minister arturo hernandez grisanti said today he said that under the terms of this loan agreed during a visit here this week by ecuador s deputy energy minister fernando santos alvite ecuador will begin repaying the loan in august hernandez grisanti said the loan will go part way to offsetting the loss of ecuador s in exports caused by earthquake damage to miles of pipeline last week ecuador was forced to suspend exports after the pipeline connecting its jungle oil fields with the pacific port of balao was put out of action venezuela has an output quota of bpd while ecuador s is bpd santos alvite said ecuador will ask opec to allow it to produce bpd above its quota when the pipeline is repaired to offset present production losses hernandez grisanti said also a first barrels shipment of venezuelan crude oil will leave for ecuador this weekend to help meet domestic consumption needs the oil part of a five mln additional crude oil loan by venezuela will be processed at guayaquil refineries if we had not supplied oil to ecuador the life of this country would have ground to a halt he said reuter
earn	the adelaide steamship co ltd adsa s first half first half ended december shr cents vs int div cents vs net mln dlrs vs mln turnover mln vs mln other revenue mln vs mln one for five rights issue at dlrs a share one for four bonus issue on capital enlarged by rights issue shrs mln vs mln note shr applies to total net mln dlrs vs mln after extraordinaries loss pre extraordinaries net shr cents vs div pay april div and rights issue reg march bonus reg may net equity accounts share of associates earnings pre equity pre tax earnings mln dlrs vs mln pre equity net mln dlrs vs mln after tax mln vs mln minorities mln vs mln interest mln vs mln and depreciation mln vs mln but before net extraordinary loss mln vs mln reuter
earn	bryn mawr bank corp bmtc ups dividend qtly div cts vs cts prior payable may one record april note bryn mawr was reorganized as a holding company on january resulting in each share of bryn mawr trust co being converted into three shares of the new holding company s stock the cts dividend represents a pct increase over prior quarter reuter
acq	price pclb to buy pct of tss seedman price co said it agreed to buy at least pct of the stock of tss seedman s inc for about mln dlrs the terms envision a purchase of the entire company it said the transaction is expected to close at the end of april reuter
ship	two brazilian shipping firms settle with strikers two small shipping companies have reached a pay deal with striking seamen but union leaders said most of brazil s seamen were still on strike a union spokesman in rio de janeiro said the seamen had accepted a pct pay offer from the companies globo and flumar which have less than employees each the two week strike comes as brazil faces a debt crisis and is delaying exports badly needed to earn foreign exchange labour minister almir pazzionotto said the government will not force a settlement of the strike which was ruled illegal last friday reuter
earn	chock full o nuts corp nd qtr jan loss new york march oper shr loss cts vs profit cts oper net loss vs profit revs mln vs mln six mths oper shr loss cts vs profit cts oper net loss vs profit revs mln vs mln note year ago oper excludes loss from discontinued operations of dlrs for qtr and dlrs for six mths reuter
earn	adsteam rights issue to raise mln dlrs the adelaide steamship co ltd adsa s adsteam said its one for five rights issue at dlrs a share will raise mln dlrs for general working capital and investment both in australia and overseas the group announced the issue with its first half earnings and said in a statement that the rights issue will be followed by a one for four bonus issue adsteam s equity accounted net earnings rose to mln dlrs in the half ended december from mln a year earlier and interim dividend to cents from adsteam shares eased to dlrs from an opening and yesterday s close of on the issue announcement the issue will be underwritten by morgan grenfell australia ltd and mccaughan dyson ltd apart from the shares to be taken up by adsteam s associate and largest shareholder department store retailer david jones ltd new shares will not rank for the interim dividend but will rank equally thereafter adsteam said it expects to maintain an annual dividend rate of cents on capital enlarged to about mln shares by both issues from mln adsteam said its diverse industrial interests generally performed well and its results as the ultimate holding company and beneficiary reflected this solid performance david jones owned pct by adsteam earned the largest associates net of mln dlrs in the half against mln a year earlier adsteam s figures show wholly owned and joint venture companies also did well apart from timber building supplies and real estate which returned below budget profits due to the housing downturn adsteam said it sees as a year of reconstruction and consolidation with the capital base boosted by the issue reuter
acq	hearst buys houston chronicle for mln dlrs the hearst corp is buying the houston chronicle from houston endowment inc for mln dlrs the announcement was made jointly by frank bennack jr president and chief executive officer of hearst and richard johnson president of the chronicle the houston endowment is selling the paper to comply with federal tax laws requiring charitable institutions to divest themselves of profit making subsidiaries by the chronicle has a daily circulation of over and is in competition with the houston post owned by the toronto sun publishing corp with a circulation of about the acquisition gives hearst its biggest newspaper holding in texas where the california based publisher already owns papers in san antonio beaumont and laredo the chain also owns among others the flagship san francisco examiner the los angeles herald examiner and the seattle post intelligencer reuter
acq	iel s acmex unit to bid for cheetham industrial equity ltd iel unit acmex holdings ltd said it proposed to make a formal takeover offer for all the issued capital of cheetham ltd a producer of salt animal feed and seeds acmex said in a statement it would offer one share for every two cheetham shares or dlrs cash for each share acmex said it was presently entitled to mln cheetham shares or pct of its mln issued shares the scrip offer values cheetham at about mln dlrs based on acmex s current price of dlrs and the cash offer at about mln cheetham last traded at dlrs reuter
gnp	u s officials disagree on reducing budget deficit senior u s economic officials disagree on the likelihood the government can meet its budget deficit reduction targets beryl sprinkel chairman of the council of economic advisers reiterated the reagan administration s opposition to a tax increase and its pledge to reduce the deficit by cutting spending and fostering economic growth by contrast rudolph penner director of the congressional budget office said the budget process has broken down and the deficit will remain close to billion dlrs for fiscal sprinkel told a symposium sponsored by new york university that spending could be cut by avoiding decisions based on the desire to influence votes and by shifting the responsibility for local projects to state governments he also suggested a line item veto which allows the president to veto parts of bill without rejecting all of it to limit wasteful spending spending and taxing decisions should be linked more closely sprinkel said the administration still looks for pct growth in u s real gross national product gnp in and pct in asked if the latest economic reports signal this rate of economic growth is attainable sprinkel said it looks pretty good to me we ve had two very strong employment reports he also said federal reserve policy is appropriate adding it looks like they re on track while further reductions are needed in the trade deficit sprinkel said the lower dollar is having an impact the new tax laws will not hurt the economy and the tax reform act of significantly lowers tax rates and will greatly increase private production incentives he said our estimates at the council of economic advisers suggest national net output of goods and services will permanently increase by approximately two pct because of the long run consequences of tax reform sprinkel said in this would have amounted to an increase of approximately dlrs in the income of the average american family sprinkel also argued the tax cuts were not responsible for the large increase in the budget deficit in fiscal ending september federal spending amounted to pct of gnp while federal receipts absorbed pct of gnp leaving a deficit of pct he said sprinkel said that compared with fiscal the federal expenditure share of gnp is percentage points higher and the revenue share of gnp is virtually the same contrary to the conventional wisdom therefore the tax cut is not the root cause of the extraordinary budget deficits of the past few years sprinkel said this tax cut merely rolled back the inflation induced tax increases that occurred between and he added however the congressional budget office s rudolph penner argued that the tax cut in was misguided since making the big mistake in of cutting taxes enormously without any plan to decrease spending by the administration or congress indeed with increases in defence spending now all the options for reducing the budget deficit are unpleasant he said penner said the tax cut resulted from the ideological turmoil in the u s caused by the biggest sustained inflation in our nation s history which helped foster widespread distrust of government the american people turned on the government with tax revolt at the state level and new demands on the government at the national level penner said but their dislike of taxes exceeded their general dislike of spending programs now the correction of that mistake demands that the system change a lot penner sees little hope the gramm rudman hollings budget deficit reduction targets will be met and said the deficit will remain at roughly billion dlrs this year he said a budget process that sets targets arbitrarily is not likely to succeed i feel pretty safe in saying that any process that tries to dictate a numerical outcome from above is doomed to fail simply because there s no way to enforce it penner said penner questioned the methods by which the budget deficit was cut he said to billion dlrs were eliminated by one time measures such as a temporary increase in taxes related to tax reform and sales of government assets another four billion dlrs was cut by what i call creative timing changes like moving the military payday from the last day of fiscal to the first day of fiscal that saved more than two billion dlrs penner said reuter
sugar	china faces dilemma over sugar imports china has to decide if it will increase sugar imports this year to cover falling domestic output and rising demand in view of market predictions that international sugar prices will remain firm this year traders and the official press said he kang minister of agriculture animal husbandry and fisheries said this week that china has adjusted the purchasing price for sugar cane and beet to check a drop in production last year but he gave no price details one japanese trader said domestic demand is rising rapidly because of improving living standards and rising demand for sweet drinks cakes and biscuits and other sugary foods it will not be easy to cut domestic demand even in a state controlled economy china may have to import he said customs figures show imports fell to mln tonnes in from mln in and fell to tonnes in january from in january the official economic information newspaper last month said production in the crushing season september april will be mln tonnes short of demand the paper put output at mln down from mln in and domestic demand at about six mln tonnes in the last two years acreage under sugar cane and beet has fallen sugar mills are underutilised output has dropped and cannot meet demand that is rising every day it said the country will have to continue imports of sugar and draw down stocks to meet market demand it added it quoted the ministry of light industry as blaming the drop in output on unreasonable state purchasing prices for cane and beet as against other crops which has resulted in farmers refusing to grow them the paper said in a farmer could earn up to three times more per hectare from pineapple and watermelon and up to seven times more from bananas than from sugarcane he could sell grain on the free market at yuan a tonne against only yuan a tonne for sugarcane sugar mills are suffering because refined sugar prices have not changed for years despite rising costs it said in fujian the cost of producing one tonne rose to yuan in from in cutting the mills profit to yuan a tonne from it added the paper said unreasonable pricing resulted in of the sugar mills working in the crushing season losing money china has sugar mills a foreign agricultural expert forecast a drop in cane acreage in september august of up to pct in guangdong which produced pct of china s sugar in calendar and a smaller drop in fujian which produced pct of china s sugar in calendar he said both provinces are more developed than other sugar producing areas and more sensitive to demand from cities but cane acreage in guangxi and yunnan which accounted for pct of the crop has risen by to pct in because cane growing is more economic there he said he put sugar stocks at mln tonnes in september a hong kong trader estimated stocks at more than three mln at end january now they are falling but they have not reached the critical level compelling china to import quickly he said china has options not easily available in western countries it controls stocks strictly and can release less into the consumer market if stocks fall too quickly he said the hong kong trader said calendar imports will be slightly less than those of because of firm world prices and serious foreign exchange constraints which he said are likely to continue until at least end he said nearly all cane and beet is sold to the state owned mills with a small amount sold raw to consumers most of the mills are old and inefficient with many of them using soviet equipment imported in the s he said he said demand in rural areas will in future rise an annual four pct with demand in the cities rising an annual two pct reuter
trade	japan denies breaking semiconductor trade pact japan denied breaking a pact with the u s on semiconductor trade but said prices set out in the pact were too high and acknowledged difficulties in implementing the accord we are faithfully abiding by the agreement but of course there are some problems a spokesman for the international trade and industry ministry told reuters he said the high semiconductor prices recommended by the agreement were leaving japanese manufacturers piling up stocks of unsellable products we are aiming to reduce production in japan but of course this takes time he said the spokesman said some japanese companies were selling chips in europe and asia below stipulated prices but added it is only a matter of time before we solve this problem the eight month old pact aims to stop japan selling large quantities of chips at knock down prices to the united states and other countries and to increase u s semiconductor sales in japan the u s senate finance committee this week called on president reagan in a non binding resolution to retaliate against japan for violating the agreement reuter
wpi	german wholesale prices fall pct in february west german wholesale prices fell pct in february from january to stand pct lower than in february the federal statistics office said in january wholesale prices rose pct from december to stand pct below their level in january wholesale price declines were led by starch products down pct light heating oil pct lower heavy heating oil pct lower and green coffee down pct among higher wholesale prices were those for fresh vegetables up pct fresh fruit up pct and eggs up pct the statistics office said in a statement reuter
trade	swiss feb trade deficit mln francs jan deficit mln official
grain	china s january grain exports fall china s grain exports in january totaled tonnes down pct from january customs figures show they gave no detailed breakdown the official china economic news quoted the figures as showing tea exports rose pct to tonnes during the month imports of wool rose pct to tonnes over the same period the figures show reuter
trade	swiss february trade deficit mln francs switzerland had a trade deficit of mln swiss francs in february compared with a revised mln deficit in january and mln shortfall in february the federal customs office said february imports were billion francs against exports of billion imports rose in real terms by pct against february while exports rose by a real pct the office said but a further improvement in the terms of trade left the deficit smaller than last year last february s figure had also been hit by the import of two passenger aircraft reuter
ship	japan shipbuilders seek cartel to restrict output japanese shipbuilders have applied to the state s fair trade commission to form a cartel to restrict tonnage built to about half of total capacity for the year starting april officials of the shipbuilders association of japan said under the plan yards capable of building ships of more than gross tons will curtail operations to three mln compensated gross registered tonnes cgrt a year against capacity of about six mln cgrt the transport ministry estimates new orders at mln cgrt in the year to march and mln the following year the industry has curtailed production due to oversupply nearly every year since under cartel or transport ministry guidelines the latest guidelines call for a ceiling of four mln cgrt in the year to march the cartels self imposed and self regulated are not legally binding but industry finds it in its own interest to stick to them the slowdown in orders has been caused by the strong yen and a protracted worldwide shipbuilding slump reuter
wpi	swiss wholesale prices fall pct in february swiss wholesale prices fell by pct in february giving a drop of pct from february the federal office of industry trade and labour said prices had been unchanged in january giving an annual drop of pct they fell by pct in the year to february the wholesale price index base stood at in february from last year the office said the fall was largely due to lower prices for energy raw materials and semi finished goods consumer goods prices rose slightly reuter
earn	kubota ltd kub t third quarter to january group shr yen vs net profit billion vs profit billion pretax profit billion vs loss mln operating profit billion vs profit mln sales billion vs billion nine months ended january group shr yen vs net billion vs billion pretax billion vs billion operating billion vs billion sales billion vs billion reuter
gold	japan cabinet approves bill on gold coin issues the cabinet has approved a bill making it easier for the government to issue commemorative coins a finance ministry official said the bill which must still be approved by parliament would take effect in april it would allow the government to issue and yen coins without special legislation although higher valued coins would still need a special law the official said at present it can only issue coins of yen or less reuter
earn	sandoz ag sanz z year group net profit mln swiss francs vs mln dividend francs per francs nominal share vs francs per franc nominal participation certificate vs group turnover billion francs vs billion cash flow mln francs vs mln parent company net profit mln francs vs mln reuter
earn	alusuisse group net loss mln swiss francs loss mln
trade	bank of japan calls for long term efforts on trade the short term effect of foreign exchange rate movements in correcting international trade imbalances appears to be waning and long term efforts are required to cut japan s chronic dependence on external demand the bank of japan said in a monthly report japan s trade surplus in nominal terms is likely to remain high in the near future the central bank said fundamental adjustments will be needed as long as japan hopes to benefit from a better international allocation of resources and maintain the free trade system it added reuter
interest	london floating rate note prices open sharply lower dealers say
earn	alusuisse aluz z year net loss mln swiss francs vs loss mln gross sales billion vs billion operating income mln francs vs mln net extraordinary charges mln vs mln note company plans pct capital reduction banks to convert mln francs of credit facilities to subordinated loans no immediate plans for capital increase company full name schweizerische aluminium ag reuter
crude	opec deliberately under mln barrel ceiling to defend price subroto
acq	county increases tesco stake in hillards county ltd which is acting in concert with tesco plc tsco l in its mln stg for supermarket chain operator hillards plc has purchased hillards ordinary shares at p per share a statement said these purchases together with those made by county on march represent about pct of hillards issued ordinary share capital it said tesco s offer made on march values each hillards ordinary share at p a pct premium over the previous day s closing price a cash alternative of p will be made available reuter
wpi	s african producer price inflation falls sharply south african year on year producer price inflation fell to pct in january against pct in december central statistics office figures show the all items index base rose a monthly pct in january to after also rising pct in december to a year ago the index stood at and year on year producer price inflation at pct reuter
crude	subroto sees oil market continuing bullish indonesian energy minister subroto said he sees the oil market continuing bullish with underlying demand expected to rise later in the year he told a press conference in jakarta at the end of a two day meeting of south east asian energy ministers that he saw prices stabilizing around dlrs a barrel the sentiment in the market is bullish and i think it will continue that way as demand will go up in the third or fourth quarters subroto said asked about the prospect for oil prices he said i think they will stabilise around dlrs although there is a little turbulence of course the spot price will fluctuate but the official price will remain at dlrs he added reuter
crude	opec defending dlr price subroto says indonesian energy minister subroto said opec is deliberately under its production ceiling of mln barrels to defend its dlr a barrel price target he told reporters at an energy conference in jakarta that opec had decided to maintain its price level of dlrs we are deliberately defending the price so opec production is less than mln at the moment he stated asked if opec would increase production if prices went above dlrs a barrel he said this would be decided at the next opec meeting in june we will discuss the market situation then he added he said a meeting of the opec differentials committee had been postponed because there is no need for the meeting he did not elaborate the committee had originally been due to meet in vienna this week reuter
acq	japan rejects u s objections to fairchild sale a foreign ministry official dismissed arguments made by senior u s government officials seeking to block the sale of a u s microchip maker to a japanese firm they appear to be linking completely unrelated issues shuichi takemoto of the foreign ministry s north american division told reuters u s commerce secretary malcolm baldrige has asked the white house to consider blocking the sale of fairchild semiconductor corp to japan s fujitsu ltd itsu t u s officials said yesterday baldrige expressed concern that the sale would leave the u s military dependent on a foreign company for vital high technology equipment pentagon officials said defence secretary caspar weinberger also opposes to the sale u s officials have also said the sale would give fujitsu a powerful role in the u s market for supercomputers while japan s supercomputer market remains closed to u s sales takemoto said national security should not be an issue since the planned purchase of fairchild from its current owner schlumberger ltd slb does not include fairchild s main defence related division in addition takemoto said tension over the supercomputer trade should not affect the sale as fairchild does not make supercomputers analysts noted that fairchild does make sophisticated microchips used in supercomputers fujitsu makes similar chips and supplies them to u s supercomputer makers they said takemoto also dismissed u s fears that the proposed takeover would violate u s antitrust law saying the purchase would not result in fujitsu monopolising the u s semiconductor market two separate issues appear to have come together to boost pressure to block the purchase industry analysts said the move is in part an attempt to force japan to open its domestic market to more u s supercomputer sales they said u s officials have repeatedly charged that the japanese public sector is closed to u s supercomputer sales despite u s firms technological lead in the field the united states believes japan will only react when bullied and this is a bullying ploy salomon brothers asia analyst carole ryavec said however the analysts said more is at stake than supercomputer sales as the u s fears it is losing its vital semiconductor industry to japanese competitors the real issue is xenophobia in the u s silicon valley said tom murtha of brokerage james capel and co u s japanese tension over the semiconductor trade has failed to subside despite recent efforts by japan s ministry of international trade and industry miti to get japanese firms to abide by a bilateral pact aimed at halting predatory pricing and opening japan s market a miti official said that while japan is faithfully abiding by the agreement problems remain in halting the sale of microchips in europe and southeast asia at prices below those set by the pact it is only a matter of time before we solve this problem he told reuters despite the furore fujitsu will proceed with talks on the acquisition in line with the basic agreement reached with schlumberger last year a fujitsu spokeswoman told reuters reuter
money-fx	bank of england offers early help to money market the bank of england said it invited an early round of bill offers to help ease tight conditions in the money market the bank estimated today s liquidity shortage at about billion stg bills maturing in official hands and the treasury bill take up would drain billion stg from the system while a rise in the note circulation and below target bankers balances would take out mln and mln respectively the bank said against this exchequer transactions would add a net mln stg reuter
cotton	china trying to increase cotton output paper says china s cotton output must rise above the level of mln tonnes or supply will fall short of increasing demand the china daily said demand in rose pct over output in fell from mln tonnes in and a record mln in official figures show the china daily attributed the decline to several factors including less favorable weather conditions and new state measures to restrict cotton production after the build up of stocks according to customs figures cotton exports rose to tonnes in calendar from in to increase output quickly the state will raise by pct the price it pays for cotton produced above and beyond quota levels the newspaper said its official purchasing agencies will buy cotton produced in excess of that originally contracted for it added the china daily said all cotton growing areas in south china should be maintained and growing in the north should be concentrated in hebei shandong henan and xinjiang it called for comprehensive planning to coordinate production of cotton with that of grain edible oil and other crops but gave no more details reuter
money-supply	japan personal savings soar in japanese personal savings grew pct in from helped by a sharp increase in stock investments by individuals the bank of japan said outstanding savings on december totalled billion yen funds in investment trusts alone totalled billion yen up pct from a year earlier the outstanding balance also included deposits at banks and post offices up pct to billion yen savings in the form of insurance up pct to billion corporate bond investments up pct to billion and investments in trust banks up pct to billion reuter
earn	alusuisse shares suspended on capital cut news trading in shares of schweizerische aluminium ag alusuisse aluz z was suspended on the zurich stock exchange after today s announcement by the company that it would cut its share capital by pct the bourse said the bourse said trading would resume again on monday alusuisse bearer shares closed at francs yesterday registered shares at francs and the participation certificates at reuter
crude	petrobras cancels oil purchase from saudi arabia brazil s state oil company petrobras has cancelled a mln dlr crude oil purchase from saudi arabia after the saudis refused to accept credit guarantees from the bank of brazil and did not disclose reasons a petrobras official said export director carlos santana told reporters the saudis were the first suppliers of oil to impose such conditions after brazil s decision to halt interest payment of its commercial debts last month the shipment of mln barrels represents two days of consumption he said the saudis reported they would no longer accept letters of credit from the bank of brazil or even from saudi banks and that brazil would have to obtain credit guarantees from leading international banks in february brazil had contracted to buy bpd from the saudis until june saudi arabia is brazil s second biggest oil supplier with an average bpd iraq is the main supplier with bpd china comes third with bpd if the saudis wish to stop our trade relationship i am sure that if they do we will be getting dozens of offers from elsewhere santana added santana said if the saudis change their minds and decide to respect the terms of the contract then petrobras will lift the order to cancel the shipment the saudis had put similar conditions on a previous shipment he added we telexed them saying that if they insisted we would rather cancel the contract and buy the product elsewhere santana said after petrobras threatened to cancel the contract the saudis changed their minds and decided to accept the bank of brazil s credit guarantees he said reuter
acq	mannesmann considering majority stake in fichtel a mannesmann ag mmwg f spokesman said the company has lodged an application with the federal cartel office for approval of a possible majority stake in car parts company fichtel und sachs ag he described the application as a precautionary move and said no agreement on buying a majority stake had yet been reached until now mannesmann has said only that it wanted to buy a pct stake in fichtel from the heirs of ernst wilhelm sachs the grandson of the firm s founder the spokesman declined to say from whom it may buy the other shares to create a majority stake in the firm fichtel s other principal shareholders are commerzbank ag cbkg f with pct and salzgitter ag islg f with pct spokesmen declined to comment directly on the possibility of selling fichtel shares to mannesmann mannesmann said in january it hoped to take a pct stake in fichtel s holding company sachs ag in the first quarter last week a spokesman said mannesmann had a letter of intent on the pct stake but completion was being delayed by legal questions surrounding the inheritance reuter
earn	schweizerhalle fire hit sandoz profits sandoz ag sanz z would have reported a percentage rise in net profits close to double figures rather than the actual two pct had it not been for november s warehouse fire a senior company official said the official who declined to be identified told reuters sandoz had made a substantial addition to reserves to cope with the consequences of the accident at schweizerhalle which caused severe pollution of the rhine sandoz today reported without comment a rise in net profits to mln francs from the previous mln and a five pct increase in dividend to francs per franc nominal share this year began well with the performance in january and february at least equal to the same period last year the official said the company is expected to give fuller details of its results at a news conference on april sandoz has insisted that it is adequately insured to cover any liability arising from the accident the official said the addition to reserves was to cover the one pct of claims somehow not covered and any voluntary gestures it wanted to compensate for the effects of pollution from the fire sandoz has not given any figure for claims which have been flowing in from switzerland and other countries bordering the rhine since the accident however the official said the final figure would be much less than that cited in earlier comments he gave no further details in line with fellow chemical giant ciba geigy cigz z which reported last month sandoz profit and turnover were also hit by the falling dollar the official said sales in local currency terms were up by pct with market share increases in the united states and japan but this was more than offset by a pct negative foreign exchange effect which produced the reported one pct drop in turnover to billion francs the sandoz official said net profit at ciba geigy dropped by pct to billion francs while sales fell by pct to billion francs the third major swiss chemical company f hoffmann la roche and co hofz z has not yet reported its results reuter
earn	alusuisse sees possible break even in schweizerische aluminimum ag aluz z alusuisse may be able to break even this year after cleansing its balance sheet for chief executive hans jucker said the threshold of profitability has returned to the foreseeable future he said we expect already in approximately to break even that presupposes however that our industrial environment does not worsen he said alusuisse would no longer face the burden of past losses alusuisse made a net loss of mln swiss francs in after a restated mln loss in gross sales were billion francs after billion and net turnover billion after billion alusuisse had originally reported a mln francs loss for but jucker and finance director hermann haerri told a news conference the new management installed a year ago had decided to restate the previous five years accounts to eliminate rights on australian bauxite previously in the books as an asset together with other one off charges alusuisse took an gross extraordinary charge in of mln francs up from mln in it also had mln extraordinary income in remaining after provisions from the sale of its maremont corp subsidiary in the united states there were no extraordinary gains in jucker said the losses plus those carried forward from had wiped out the company s remaining reserves and exceeded legally allowed levels forcing alusuisse to adopt a pct capital cut to be approved by shareholders on april jucker said he knew shareholders would find this radical elimination of the mortgages of the past painful but said the foundation had been laid for a successful new company strategy haerri said despite the losses the company s liquidity was strong bank debt had been cut by about one third to billion francs against the end level of billion cash flow improved substantially to mln francs from mln and represented pct of turnover against a mere pct in in addition to reassure other creditors alusuisse had arranged with three major swiss banks union bank of switzerland sbgz z swiss bank corp sbvz z and credit suisse crsz z to convert mln francs of credits into a subordinated loan the main sources of losses in were book losses and not cash losses haerri said existing credit lines were used only to a small extent and the parent company had been granted a new credit line of mln francs from a consortium of swiss banks that would cover most of the loans falling due in haerri said the company had been criticized for maintaining bauxite rights as an asset and so had restated the accounts that left the account with a mln franc loss instead of mln with a mln profit instead of mln with a mln loss instead of mln and with a mln loss instead of mln the new accounts show with shareholders equity of billion francs instead of billion and similar alternations were made for previous years after losses shareholder s equity stood at only mln francs reuter
earn	japan corporate profits in last quarter up current profits of japan s major firms in the october december quarter rose four pct from a year earlier to billion yen against a pct year on year rise in the preceding quarter the finance ministry said the improved earnings resulted mainly from a pct profit increase in non manufacturing industries supported by an pct rise for construction firms and a pct gain in real estate according to a ministry survey total sales of the firms with capital of mln yen or more which responded to the poll fell one pct to billion yen against a pct fall the previous quarter current profits of manufacturing industries in the fourth quarter dropped pct to billion yen against a pct fall in the preceding quarter the ministry said plant and equipment investments of all firms polled fell pct to billion yen compared with a percent fall the previoius quarter ministry officials said the survey showed that the japanese economy is in a delicate stage in which it is hard to tell if economic growth has stopped deteriorating or if the economy is heading for a recovery reuter
alum	alusuisse plans further aluminium capacity cuts schweizerische aluminium ag aluz z alusuisse plans further drastic cuts in its aluminium smelting capacity and more concentration of higher value added products chief executive hans jucker said elaborating on plans disclosed in outline last september company officials said current smelting capacity of tonnes a year would be cut to between and tonnes by or they did not say where cuts might be made two years ago before selling its ormet corp subsidiary in the united states to local management and staff alusuisse had an annual capacity of tonnes reuter
jobs	canada february unemployment falls to pct from january pct statistics canada said
jobs	canada february unemployment pct canada s february unemployment rate seasonally adjusted fell to pct from pct in january statistics canada said the rate was pct in february last year seasonally adjusted employment in february was compared with in january while unemployment slipped to from reuter
gold	japan cabinet approves bill on gold coin issues the cabinet has approved a bill making it easier for the government to issue commemorative coins a finance ministry official said the bill which must still be approved by parliament would take effect in april it would allow the government to issue and yen coins without special legislation although higher valued coins would still need a special law the official said at present it can only issue coins of yen or less reuter
ship	two brazilian shipping firms settle with strikers two small shipping companies have reached a pay deal with striking seamen but union leaders said most of brazil s seamen were still on strike a union spokesman in rio de janeiro said the seamen had accepted a pct pay offer from the companies globo and flumar which have less than employees each the two week strike comes as brazil faces a debt crisis and is delaying exports badly needed to earn foreign exchange labour minister almir pazzionotto said the government will not force a settlement of the strike which was ruled illegal last friday reuter
money-fx	miyazawa says exchange rates will stay stable finance minister kiichi miyazawa told a press conference he thinks exchange rates will remain stable due to the currency accord reached in paris last month by six major industrialised nations but he did not say for how long the dollar has hovered around yen since the six agreed to cooperate to bring about currency stability asked to comment on remarks by some u s officials calling for a further decline of the dollar miyazawa said only the u s president and the u s treasury secretary can make official statements about exchange rates reuter
crude	subroto sees oil market continuing bullish indonesian energy minister subroto said he sees the oil market continuing bullish with underlying demand expected to rise later in the year he told a press conference in jakarta at the end of a two day meeting of south east asian energy ministers that he saw prices stabilizing around dlrs a barrel the sentiment in the market is bullish and i think it will continue that way as demand will go up in the third or fourth quarters subroto said asked about the prospect for oil prices he said i think they will stabilise around dlrs although there is a little turbulence of course the spot price will fluctuate but the official price will remain at dlrs he added reuter
crude	opec defending dlr price subroto says indonesian energy minister subroto said opec is deliberately under its production ceiling of mln barrels to defend its dlr a barrel price target he told reporters at an energy conference in jakarta that opec had decided to maintain its price level of dlrs we are deliberately defending the price so opec production is less than mln at the moment he stated asked if opec would increase production if prices went above dlrs a barrel he said this would be decided at the next opec meeting in june we will discuss the market situation then he added he said a meeting of the opec differentials committee had been postponed because there is no need for the meeting he did not elaborate the committee had originally been due to meet in vienna this week reuter
trade	bank of japan calls for long term efforts on trade the short term effect of foreign exchange rate movements in correcting international trade imbalances appears to be waning and long term efforts are required to cut japan s chronic dependence on external demand the bank of japan said in a monthly report japan s trade surplus in nominal terms is likely to remain high in the near future the central bank said fundamental adjustments will be needed as long as japan hopes to benefit from a better international allocation of resources and maintain the free trade system it added reuter
earn	aep industries inc aepi st qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
earn	d h holmes co ltd hlme th qtr net shr cts vs dlrs net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln note share adjusted for three pct stock dividend in january pretax net profits dlrs vs dlrs in quarter and loss dlrs vs profit dlrs in year latest year net includes pretax gains of dlrs in quarter and dlrs in year from pension plan reversions prior year net includes gain dlrs on sale of property reuter
acq	first boston fbc starts allegheny ag bid first boston inc said it has started its previously announced tender offer for all common shares dlr cumulative preference shares and dlr convertible preferred shares of allegheny international inc at dlrs dlrs and dlrs respectively in a newspaper advertisement the company said the offer and withdrawal rioghts will expire april nine unless extended the offer is conditioned on receipt of at least a majority of allegheny voting power on a fully diluted basis and on receipt of at least two thirds each of the preference and preferred shares a merger approved by the allegheny board in which remaining common preference and preferred shares would be acquired at the tender prices is to follow the offer receipt of the minimum amounts under the offer would give first boston sufficient voting power to assure approval of the merger without the affirmative vote of any other shareholder the company said reuter
ship	court puts injunction on dutch port redundancies employers in rotterdam port s strike hit general cargo sector have been served with an injunction until may preventing them from continuing with plans for redundancies this year an employers organisation spokesman said an amsterdam court yesterday ruled there had been a legal fault in the employers redundancy procedure the employers spokesman said they were likely to restart the redundancy procedure afresh next week in an attempt to pre empt the may final court ruling port and transport union representative paul rosenmuller described the court ruling as a victory for the union but added there was still a long way to go before the dispute that has hit the general cargo sector for the past eight weeks was resolved rosenmuller said there would be a meeting of the sector s workers this afternoon to decide on further action in the campaign of lightning strikes that began on january in protest at planned redundancies of starting with this year the employers said there were no immediate plans for meetings with the union either on the proposed redundancies or on a new work practice agreement in the sector meanwhile discussions on a new work agreement in the port s grain sector due to resume next week are stalemated although agreement could be close in the coal and ore sector the employers spokesman added reuter
ship	strike to close new zealand ports on monday harbour workers said they will strike for hours on monday effectively closing all new zealand s ports the strike is over deadlocked wage negotiations a harbour employees workers union spokesman told reporters there will be no ship movements in and out of ports from midnight on sunday hrs gmt march there will be no loading or unloading involving harbour board workers and the cook strait ferries which provide a vital link between new zealand s north and south islands will not run he added reuter
ship	two brazilian shipping firms settle with strikers two small shipping companies reached a pay deal with striking seamen late yesterday but union leaders said most of brazil s seamen were still on strike a union spokesman in rio de janeiro said the seamen had accepted a pct pay raise offer from the companies globo and flumar which have less than employees each the two week strike comes as brazil faces a debt crisis and is delaying exports badly needed to earn foreign exchange labour minister almir pazzionotto said the government will not force a settlement of the strike which was ruled illegal last friday reuter
cpi	portuguese february consumer prices rise one pct portugal s consumer prices rose one pct last month after a pct increase in january and a pct rise in february the national statistics institute said the consumer price index base rose to from in january and compared with in february this gave a year on year february inflation rate of pct against pct in january and pct in february measured as an annual average rate inflation in february was pct compared with pct in january the government forecasts annual average inflation of about eight pct this year reuter
crude	weather closes alexandria port sumed oil terminal strong winds and high seas forced the closure of egypt s main port of alexandria and a nearby oil terminal port officials said tanker loading at the suez mediterranean arab petroleum pipelines co in sedi kerir southwest of here stopped and officials said five tankers were at anchorage awaiting improved weather reuter
wpi	u s producer prices rose pct in feb after pct jan rise
wpi	u s producer prices rise pct in february the u s producer price index for finished goods rose pct on a seasonally adjusted basis in february the labor department said the increase came after a pct increase in producer prices in january higher energy prices were primarily responsible for the increase in february though they rose at a slower pace than they had in january the department said the finished goods index was up pct from its february level before seasonal adjustment the index for finished goods stood at over its base of among finished goods the index for energy products rose four pct in february after a pct increase in january but price increases slowed sharply for gasoline and home heating oil the department said there were some price declines including a pct fall for passenger cars and pct for light trucks from january levels this reflected expanded factory financed rebates and discount loan programs the department said before seasonal adjustment the index for finished goods stood at over its base of among finished goods the index for energy products rose four pct in february after a pct increase in january but price increases slowed sharply for gasoline and home heating oil the department said there were some price declines including a pct fall for passenger cars and pct for light trucks from january levels this reflected expanded factory financed rebates and discount loan programs the department said the index for consumer foods fell pct after a pct drop in january as vegetables pork and coffee cost less the index for intermediate goods rose pct following a sharp pct rise in january the department said that energy prices again were the main reason with the index for intermediate energy up pct gasoline and diesel fuel prices were about five pct higher half the pct jump recorded in january the durable manufacturing materials index edged down pct last month after jumping pct in january as prices for steel precious metals and copper stabilized the department said lead and zinc prices fell while hardwood lumber and cement cost more the crude materials index rose pct in february after a pct rise in january crude energy materials were up pct much less than the pct rise in january crude petroleum prices rose pct last month after a sharp pct rise in january price rises accellerated for logs and timber and tobacco but fell for cotton metal ores and copper and aluminum scrap among finished goods gasoline rose pct after a pct january increase and fuel oil was up three pct in february after an pct increase in january reuter
earn	first farwest corp ffws th qtr loss shr loss dlrs vs profit nil net loss vs profit revs mln vs mln year shr loss dlrs vs profit dlrs net loss vs profit revs mln vs mln note net both periods includes dlr loss from discontinued operations due to settlement of lawsuit and redemption of preferred reuter
earn	hemotec inc hemo th qtr net shr one ct vs two cts net vs sales vs year shr four cts vs cts net vs sales vs note net includes tax credits of dlrs vs dlrs in quarter and credit dlrs vs provision dlrs in year reuter
acq	service control bids for american service service control corp said it has started a tender offer for all shares of american service corp at dlrs each in a newspaper advertisement the company said the offer and withdrawal rights expire april nine unless extended the american service board has approved the offer which is to be followed by a merger at the same price service control said the offer is conditioned on receipt of at least shares it said holders of shares have agreed to tender their shares under the offer and have granted service control an option to buy them at dlrs each reuter
earn	dreyer s grand dryr restates rth quarter loss dreyer s grand ice cream said it has restated its previously reported fourth quarter loss to dlrs or cts per share because it has now decided to take a charge of about dlrs to provide for losses of midwest distributing co which was acquired december dreyer s said the restatement reduces net income for the full year to dlrs or cts per share the company said the restatement does not indicate any change in its thinking on the benefits of the acquisition or future prospects in midwest distributing s markets dreyer s grand previously reported earnings of dlrs or cts per share down from dlrs or dlrs a share for the first nine months of the year it had earned dlrs or cts per share up from dlrs or cts a share a year before reuter
earn	turbo resources ltd year net oper shr nine cts vs three cts oper shr diluted eight cts vs three cts oper net mln vs five mln revs mln vs mln note oper net excludes extraordinary income of seven mln dlrs vs four mln on tax loss carryforward offset by writedowns of three mln dlrs vs eight mln on u s oil and gas properties and other assets reuter
earn	vw has no comment on seat loss reports a volkswagen ag vowg f spokesman said the group had no immediate comment on reports of greater than expected losses at its spanish subsidiary sociedad espanola de automoviles de turismo seat german newspapers reported that werner schmidt seat supervisory board chairman had told journalists that seat losses for were around billion pesetas or about mln marks almost double original expectations according to the boersen zeitung newspaper schmidt said vw would invest billion pesetas in seat this year and in the years to would spend billion on its new spanish unit reuter
acq	beneficial corp to sell western national life for mln dlrs
earn	general mills inc rd qtr shr cts vs cts
acq	caesars world inc said board rejects martin sosnoff tender
interest	top discount rate at u k bill tender falls to pct
earn	mdi mobile data international inc year net oper shr cts vs cts oper shr diluted cts vs cts oper net vs revs mln vs mln note current oper net excludes writedown of dlrs or seven cts a share on unidentified investment reuter
money-fx	uk money market deficit revised to one billion stg the bank of england said it has revised its estimate of today s shortfall to one billion stg before taking account of mln stg morning assistance reuter
nickel	outokumpu to close nickel refinery during summer the finnish metal and mining group outokumpu oy said it will close its nickel refinery at harjavalta in central finland for six weeks in july and august this year due to current low prices on the nickel market we consider nickel prices as bad at the moment although they have been rising slightly since january refinery sales manager pekka purra said he said the closure will mean a drop in production of tonnes in from last year s output of tonnes the closure was also a move to cut labour costs as no extra staff have to be employed during holidays to keep the plant open reuter
ipi	u s feb industrial production rose pct after revised pct jan gain
ipi	u s feb industrial production rose pct u s industrial production rose pct in february after a revised pct increase in january the federal reserve board said the fed previously said industrial production rose pct in january the fed said the february gain was dominated by a sharp rise in motor vehicle production which boosted output of both consumer goods and business equipment industrial production stood at pct of the average in february and was up pct from a year ago the fed said the fed also revised the december industrial production figure to a gain of pct from pct originally reported manufacturing output rose pct in february after a pct increase in january and included gains of pct in durables and pct in non durables the fed said manufacturing was pct above the year ago level production of auto assemblies rose to an annual rate of mln units last month from a january rate of mln units output of consumer goods rose pct after falling pct in january and output of consumer durables was up pct in february after falling by pct in january business equipment production rose pct in february reflecting more output of autos and trucks for business use and a recovery from strikes in farm equipment industries the fed said mining output rose pct after a pct increase in january but was still six pct lower than a year ago utilities output rose pct in february after a pct rise in january output of defense and space equipment was up pct the same as in january and pct higher than a year ago output of construction supplies rose pct in february after a pct january rise materials output increased by pct last month the fourth consecutive monthly increase after declining throughout much of the recent strength in materials has been concentrated in textiles paper and chemicals the fed said output of home goods was up pct in february and the fed said production of items like appliances and furniture continued strong last month reuter
acq	caesars world caw rejects sosnoff s offer caesars world inc said its board unanimously rejected a dlr a share takeover offer by new york investor martin t sosnoff caesars said sosnoff s offer to by all its outstanding shares of common stock was inadequate and not in the best interests of its shareholders the company recommended that shareholders reject sosnoff s offer made through his mts acquisition corp and not tender any of their shares caesars said it will explore a variety of alternative transactions but did not elaborate caesars in a brief statement did not say whether it would seek to buy back its shares held by sosnoff a caesars spokesman said the company would not comment further on its decision on wednesday sosnoff told the securities and exchange commission that he controls pct of the company s stock sosnoff also informed the sec that caesars had offered to buyout his holdings several times during the past year no one from the sosnoff organization was immediately available for comment caesars said its financial advisor drexel burnham lambert inc had determined that sosnoff s offer was financially inadequate for shareholders other than sosnoff the company said other factors it considered in rejecting the offer were its financial condition future prospects current market conditions and the numerous conditions on which sosnoff s bid was conditioned caesars stock opened up point at that is point above sosnoff s offer price reuter
earn	esselte ab esb st results group profit after net interest items mln crowns vs mln sales billion crowns vs billion estimated profit per share crowns vs proposed dividend four crowns vs reuter
acq	conseco cnc to buy beneficial bnl unit conseco inc said it has signed a definitive agreement to acquire western national life insurance co from beneficial corp for mln dlrs in cash western national had assets of billion dlrs at the end of and premium and investment revenues western issues structured settlement annuities for the settlement of personal injury and damage claims and sells tax sheltered annuities the acquisition is subject to regulatory approval conseco said the acquisition would raise its assets to billion dlrs and annual revenues to about mln dlrs beneficial had previously announced plans to leave the insurance business on march three it said it agreed in principle to sell its american centennial insurance co beneficial international insurance co consolidated marine and general insurance co ltd consolidated life assurance co ltd wesco insurance co and service general insurance co subsidiaries to a management led group for mln dlrs in notes mostly contingent on performance of the units and mln dlrs in cash conseco had operating earnings of dlrs on revenues of mln dlrs reuter
earn	great american bancorp grtb th qtr net shr profit seven cts vs loss cts net profit vs loss mths shrs loss dlrs vs loss cts net loss vs loss assets mln vs mln deposits mln vs mln loans mln vs mln reuter
earn	koninklijke nederlandse papierfabrieken knpn as net profit mln guilders vs mln turnover billion guilders vs same earnings per share guilders vs on capital expanded by pct to mln outstanding shares proposed dividend per share guilders vs note full company name is koninklijke nederlandse papierfabrieken nv reuter
earn	general mills inc gis rd qtr feb net shr cts vs cts net vs sales billion vs billion avg shrs mln vs mln nine mths shr dlrs vs dlrs net vs sales billion vs billion avg shrs mln vs mln note period ended february prior year amounts restated to reflect discontinued furniture operations earnings include gains from discontinued operations of mln dlrs or two cts a share in the quarter and gains of mln dlrs or cts a share in the fiscal nine months vs mln dlrs or four cts a share a year earlier reuter
earn	novell novl sets payment date for stock split novell inc said the dividend to effect its previously announced two for one stock split will be distributed april as stated at the time of the original announcement the company said the payment will be made to holders of record march reuter
earn	nortek inc ntk sets quarterlies qtly div common cts vs cts prior qtly div special common one ct vs one ct pay may eight record april three reuter
ship	dutch port union calls off general cargo strikes dutch port and transport union fnv has called off the strikes against planned redundancies that have hit rotterdam port s general cargo sector for the past eight weeks strike leader paul rosenmuller told a mass meeting the decision followed yesterday s ruling by an amsterdam court preventing the sector s employers continuing with current plans for redundancies this year until the court sits again on may rosenmuller told a meeting of the general cargo sector s workers today the court ruled the employers had made a mistake in the complicated legal procedure for obtaining official permission for the redundancies and therefore could not proceed there is no need to continue the strikes for the moment now the immediate pressure of redundancies has been lifted rosenmuller said but he added that the strikes which began on january in protest against plans for redundancies by could resume at any time before may if the employers made any moves to re apply for permission for the redundancies svz labour relations manager gerrard zeebregts said they would be meeting their lawyers today with a view to re applying for this permission next week in the hope of gaining approval for the redundancies within a month reuter
earn	nova an alberta corp th qtr shr loss cts vs loss dlrs
coffee	uganda re routes coffee exports through kisumu long delays at the railway crossing on the kenyan border have led uganda to re route its coffee exports through a ferry link with the kenyan port of kisumu across lake victoria ugandan officials based in kenya said uganda has a direct rail link with the kenyan port of mombasa through which it conducts pct of its external trade but there is a chronic shortage of railway wagons they said customs at kisumu take less than a day compared with two to three at the malaba rail border crossing a ugandan railways official said malaba is now handling only pct of the trade and all the coffee and oil goes through kisumu he said however an accident recently damaged the wagon ferry which plies between kisumu and the ugandan port of jinja causing bottlenecks on the lake route too sources at the coffee marketing board in kampala reported delays in coffee export shipments last january due to congestion on the lake ferries coffee accounts for about pct of uganda s export earnings and last november president yoweri museveni ordered all coffee shipments to be carried by rail in order to avoid the higher costs of road haulage reuter
wpi	norway s wholesale prices rise pct in february norway s wholesale price index base rose pct in february to after a pct rise in january to the central bureau of statistics said the year on year increase for february was pct compared with pct in january and pct in february it added reuter
earn	healthco international inc hlco th qtr net oper shr cts vs cts oper shr diluted cts vs cts oper net vs revs mln vs mln avg shrs vs avg shrs diluted vs year oper shr dlrs vs dlrs oper shr diluted dlrs vs dlrs oper net mln vs revs mln vs mln avg shrs vs avg shrs diluted vs note net both periods excludes charge dlrs from distribution system restructuring costs year net excludes dlr debt retirement gain and gain mln dlrs from sale of hpsc inc hpsc stock net both periods includes charge dlrs from reversal of investment tax credits reuter
earn	wilfred american educational corp wae th qtr shr two cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln note net both periods includes gain dlrs from cancellation of debt quarter net includes reversal of dlrs in investment tax credits reuter
earn	al laboratories inc bmd th qtr net shr cts vs cts net vs revs mln vs mln mths shr cts vs cts net vs revs mln vs mln note net for qtr and yr and adjusted to reflect retroactive effect of three for two stock splits distributed to shareholders in july and august net includes results of operations of parmed pharmaceuticals inc acquired may reuter
earn	nu med inc nums rd qtr jan net shr cts vs cts net vs revs mln vs mln avg shrs mln vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs mln vs current year net both periods includes gain dlrs from change inestimation of useful lives used in depreciation of property and equipment reuter
earn	alusuisse plans pct capital cut schweizerische aluminium ag alusuisse plans to reduce share and participation certificate capital by pct to cover losses in and those carried forward from the previous year chief executive hans jucker said jucker told a news conference that the greatest drain on its financial resources had been stopped but after extraordinary charges the net loss of mln francs in was only slightly under the mln loss of the previous year the losses in and those carried over from made it necessary to reduce capital by pct he said however jucker said the company improved liquidity through a recovery in cash flow and conversion of mln swiss francs of credit into a subordinated loan trading in alusuisse shares was suspended on the zurich stock exchange after today s announcement by the company that it would cut its share capital by pct the bourse said trading would resume again on monday reuter
earn	davis water dwws releases pre split earnings davis water and waste industries inc said it has restated its earnings on a pre stock split basis for fiscal s third quarter and nine months ended january which were reported march on a post four for three stock split basis the company said its earnings per share for the third quarter on a pre split basis converts to cts from cts post split versus three cts pre split from two cts post split for fiscal s third quarter for the nine months davis said earnings per share would convert to cts and cts for fiscal and respectively from cts and cts respectively reuter
earn	nova an alberta corp th qtr loss shr loss cts vs loss dlrs net loss mln vs loss mln revs mln vs mln year shr profit cts vs loss dlrs net profit mln vs loss mln revs billion vs billion avg shrs mln vs mln reuter
acq	elder beerman eldr gets offer of dlrs share elder beerman stores corp said owners of about pct of its stock have offered to take the company private by offerring dlrs per share for the remaining pct of its stock the company said the proposal will be considered at a regularly scheduled board meeting on march it said the offer was made by members of the beerman family holding about pct of the company s stock chairman max gutmann and certain members of the board reuter
earn	echlin inc ech dividend increased pct qtly div cts vs cts in prior qtr payable april record april two reuter
earn	national entertainment corp nent rd qtr net jan end shr six cts vs eight cts net vs revs vs nine mths shr cts vs eight cts net vs revs vs note prior year net both periods includes dlr tax credit reuter
earn	national entertainment nent reverse split set national entertainment corp said shareholdersapproved a one for reverse stock split and a name change to major video corp both effective march it said its new ticker symbol will be majv the company also said it expects to add nine company owned and franchised major video stores in the next days it now operates reuter
earn	pembina resources ltd year net shr cts vs cts net vs revs mln vs mln reuter
acq	computer memories cmin sets film firm merger computer memories inc which ended its disk drive operations in june agreed to acquire hemdale film corp in a transaction which will give hemdale s owner control of the resulting company computer memories principal asset is about mln dlrs in cash and cash equivalents it has agreed to exchange newly issued shares equaling pct of the aggregate issued to acquire hemdale that company s owner john daly would then become chief executive officer of the combined company which would be renamed hemdale film corp computer memories said the proposed transaction is subject to the results of certain corporate reviews and approval of its shareholders who will hold a special meeting as soon as practicable the company said it has shares outstanding of which about are held by intel corp intc it is anticipated the fintel shares will be purchased for dlrs a share in connection with the merger with hemdale computer memories said reuter
acq	klm seeks stake in british courier service klm royal dutch airlines klm as said it is negotiating for a minority stake in a british and commonwealth shipping plc bcom l courier service in a transaction which might include a convertible loan issue klm already active in the fast growing door to door delivery market through a pct stake in a dutch courier service is seeking to buy one third of iml air services group ltd from british and commonwealth the two companies agreed earlier this month for klm to take a pct stake in british and commonwealth commuter airline air u k ltd in a deal worth around two mln stg reuter
money-fx	economic spotlight ems marks eighth birthday the european monetary system marks its eighth anniversary still vulnerable to turmoil in world money markets despite creating an island of currency rate stability in europe economists say but many economists say the system which holds eight european community currencies within narrow fluctuation bands remains in its infancy its new currency the european currency unit ecu has been a runaway success with investors and borrowers alike seeking an alternative to the volatile dollar and on wednesday the long term vision of the ecu as europe s common currency took a step nearer to becoming reality when belgium minted the world s first ecu coin but economists say members such as west germany have so far blocked a second stage of development envisaged by the system s founding fathers ex west german chancellor helmut schmidt and former french president valery giscard d estaing under this phase originally due to have started two years after the ems was set up decision making was to have been transferred from national governments and central banks to an autonomous european monetary fund but members have jealously guarded their sovereignty in economic and monetary matters the basic problem of the ems is that governments are not prepared to make the quantum leap to a situation where certain decisions are taken in common said one economist who has closely watched the system s development the result is that the ec is often divided over policy on third currencies accentuating what the economists say is the system s greatest weakness its vulnerability to a weak dollar over the past months as the u s dollar plunged and investors moved into strong currencies the resulting sharp rise of the west german mark severely strained the system more as the mark soared against the dollar it also rose against ems currencies less favoured by international investors and as west germany last year refused to give in pressure from several ec partners and the united states to cut interest rates to slow the mark s rise the ems had to be realigned twice to ease financial and trade strains within the community two months ago the mark and the dutch guilder were revalued by three pct and the belgian and luxembourg francs by two pct against other currencies in the system the french franc italian lira the irish punt and danish crown another frustration has been britain s failure to lend the ems political support by keeping the pound still a major world currency outside the system no change in the british government s attitude is expected before the country s next general elections due by mid meanwhile the system s last realignment the th since it was set up prompted european finance ministers to ask the ec s highly secretive monetary committee and committee of central bank governors to come up with suggestions for reinforcing it their ideas are due to be unveiled when finance ministers hold an informal meeting in belgium early next month but economists said the proposals are unlikely to involve more than tinkering with technical details they are sceptical about the chances for any fundamental change technical measures won t be enough to protect the ems against external factors such as dollar weakness for that we must take the step forward to the institutional level said leo de corel of kredietbank s economic research department economists say the system s fortunes now will depend largely on the success of an agreement last month among major industrial nations to stabilise exchange rates if the dollar resumes its slide the ems could be in for more turbulence they predict reuter
earn	general mills gis sees strong th qtr results general mills inc reporting stronger results for the third quarter ended february said it expects the momentum to continue in the fourth quarter the company said it expects to report strong earnings per share growth and a record return on equity in fiscal it said this should be achieved despite expected non operating charges in the final quarter general mills said these charges will likely offset non operating gains which included six cts a share in the first half general mills said at the end of the third quarter its return on average equity was pct it said major factors contributing to the third quarter improvement were an pct gain in unit volume by consumer foods continuing good profit growth at red lobster usa and strong performance in specialty retailing the company reported quarterly earnings of mln dlrs or cts a share up from mln dlrs or cts a share a year ago sales rose to billion dlrs from billion dlrs year ago data reflect a two for one common stock split reuter
acq	packaging systems paks to buy label firm packaging systems corp said it agreed to acquire walter richter labels inc a privately held maker of woven labels based in paterson n j terms of the acquisition which is expected to be completed within days were not disclosed reuter
earn	manufactured homes inc mnh year net shr cts vs cts net vs revs mln vs mln note net includes dlr provision for credit loss net includes charge dlrs from cumulative effect of accounting change reuter
gold	haiti announces find of ore rich gold field the ministry of mines has announced the discovery of a major gold field in grand bois in haiti s mineral rich north at a press conference yesterday a ministry spokesman reported the deposit contained an estimated mln tons of ore with each ton capable of containing grams of gold the spokesman gave no estimate of what he thought the find discovered on wednesday was worth however mining could only begin after foreign partners invest eight mln dlrs needed for technical equipment the spokesman said the haitian government has never before operated a gold mine but the united nations has recently completed a three year feasibility study which lists grand bois and morne bossa as sites of important gold deposits in the sedren copper mine in gonaives operated by a canadian firm closed down after years of mining a concentrate containing gold as well as copper the new grand bois mine represents large amounts of money said a former official of sedren mine but like everything else there s a catch the gold has to be extracted and first someone has to come up with the money to finance the operation the official who asked not to be named told reuters reuter
acq	holiday corp hia comsat cq close sale holiday corp and communications satellite corp said they closed the previously announced sale to comsat of holiday s pct interest in hi net communications their joint venture that provides in room video entertainment to hotels by satellite under terms of the deal comsat paid holiday mln dlrs in cash and assumed half of the venture s mln dlrs of outstanding debt the company s said hi net they added will continue to provide programming to holiday s hotels reuter
earn	consumers financial corp cfin net shr cts vs cts net vs rev mln vs mln note net includes investment gains of cts a share versus six cts a share for and extraordinary gain of seven cts a share reuter
earn	chicago rivet and machine co cvr th qtr net shr cts vs cts net vs sales vs year shr dlrs vs dlrs net vs sales mln vs mln reuter
earn	filtertek inc ftk sets quarterly qtly div cts vs cts prior pay may record may one reuter
rubber	new rubber pact appears in the balance negotiations on a new international natural rubber agreement inra are approaching the make or break point and prospects for a future pact appear to be in the balance delegates said manaspas xuto of thailand chairman of the inra renegotiation conference is holding consultations with a small group of producers and consumers to try to resolve major outstanding issues when the talks began on monday xuto said those issues should be settled by the end of the first week to allow time to draft an agreement during the second week the talks are due to last until march xuto said there is nothing concrete yet but the atmosphere is good the discussions are expected to continue late into the night and xuto said he may hold weekend meetings delegates said negotiations now focus on the degree to which price adjustments should be automatic at present if the market price has been above or below the reference price set at malaysian singapore cents a kilo in the current agreement for six months the reference price is revised by five pct or by an amount decided by the international natural rubber organisation council consumers are asking that in these circumstances the adjustment be automatic at five pct or more producers want the council to have the last word and have resisted reducing its role in the price adjustment procedure delegates said there seems to be optimism about settling another issue that of the floor price it now appears that consumers may consider dropping their insistence of a downward adjustment of the floor price called the lower indicative price under certain circumstances this means that any possible compromise would centre on the reference price and the may buy or may sell and must buy or must sell levels without changing the lower indicative price which is set at malaysian singapore cents in the current pact delegates said that in exchange for consumer flexibility on the floor price question producers may consider agreeing to another consumer proposal for more frequent price reviews at month intervals instead of at present reuter
earn	transact int l inc tact rd qtr jan net shr one ct vs three cts net vs rev mln vs mln nine months shr two cts vs four cts net vs rev mln vs mln note nine months period includes gain of dlrs from sale of meston lake resources shares and a credit of dlrs from a favroable settlement of s state income tax assessment nine months period includes gain of dlrs or two cts a share from sale of ferrotherm co reuter
money-fx	france repays some of currency intervention debt france today repaid billion francs of short term currency intervention debt to the european monetary cooperation fund emcf the finance ministry said it said the debt was part of a billion franc liability incurred through the activation of emcf swap facilities to defend the franc before the january european monetary system realignment the realignment following several weeks of speculative pressure produced a three pct revaluation of the west german mark and the dutch guilder against the french franc and a two pct revaluation of the belgian franc reuter
crude	shell canada raises crude prices by canadian cts bbl today at edmonton
ship	correction two brazil shipping firms settle in today s sao paulo story headlined two brazilian shipping firms settle with strikers please read in second para offer from the companies global and flumar instead of offer from the companies globo and flumar corrects name of first company reuter
trade	german bank sees good soviet trade prospects soviet west german trade is expected to develop favourably due to moscow s increasing openness to east west economic relations dresdner bank ag s moscow representative michael stein said he told a bank presentation the soviet union was last year hit by the fall in world oil prices which cut export revenue from oil related products and natural gas and its overseas buying power was also adversely affected by the lower dollar dresdner bank economist alfred apholte said the soviet union s large currency and gold reserves had softened the impact of the dollar weakening and oil price drop reuter
acq	national pizza co piza to acquire restaurants national pizza co said it reached an agreement in principle to buy seven straw hat pizza restaurants and certain related real estate for approximately three mln dlrs in cash the acquisitions will be converted to pizza hut restaurants said national pizza and are expected to generate annual sales of approximately eight mln dlrs when the sale is complete it will bring to the number of restaurants operated by national pizza the company said reuter
earn	citicorp says placing brazil loans on cash basis could cut st qtr net by mln dlrs
ship	singapore to spend billion dlrs on ports the port of singapore authority psa will spend billion dlrs to develop port facilities and cargo handling equipment over the next five years communications minister yeo ning hong told parliament yeo said the improvements were needed to cope with an expected growth of ship tonnage and cargo handled by the port but gave no further details the psa handled mln gross registered tonnes of cargo in according to the latest available statistics from the port authority reuter
crude	ors seeks canadian funds for heavy oil test ors corp said dominion securities alberta inc has been appointed to offer common shares in a new canadaina company being organized to exploit heavy oil production opportunities in canada and western europe ors said the offer for private sale of the stock being made on a best efforts basis is designed to raise five mln canadian dlrs which the new company will invest in properties and projects using the electromagnetic well stimulation process developed by iit research institute under sponsorship of ors reuter
acq	chrysler c unit buys beneficial bnl unit chrysler corp said its chrysler first inc acquired a major portion of the commercial lending portfolio of beneficial business credit corp a subsidiary of beneficial corp it said the acquisition involves about mln dlrs of net receivables chrysler first a subsidiary of chrysler financial corp had receivables of billion dlrs at the end of reuter
crude	petrobras asks army to withdraw troops brazil s state oil company petrobras has asked the army to withdraw the troops which were occupying its oil installations since tuesday petrobras said in a statement the statement said the request for the withdrawal of the troops was made because of the calmness reigning in all of its refineries the request was also due to the end of the seamen s strike and the willingness of the oil industry workers to sit again by the negotiating table the statement said even though the petrobras statement said the seamen s strike was over a union spokesman said only two small shipping companies had reached a pay agreement the overwhelming majority of brazil s seamen remained on strike the statement said a meeting between petrobras and oil industry leaders was set for next wednesday in rio with the presence of labour minister almir pazzionotto as a mediator petrobras said the request for the withdrawal of the troops was made at local hours gmt but a company spokesman said he did not know if the troops had already been removed reuter
interest	italian interbank rate rises in february italy s average interbank rate rose to a provisional pct in february from pct in january figures from the bank of italy show weighted average rate on bank lending was a provisional pct in february compared with in january while average weighted rate paid on deposits eased a provisional pct from pct italy today announced that its official discount rate would be cut to pct from pct effective tomorrow reuter
acq	paint company has metex mtx stake may buy more metropolitan consolidated industries inc a new york paint company said it has acquired shares of metex corp or pct of the total and left open the possibility that it might acquire more through a merger in a filing with the securities and exchange commission metropolitan said it bought the metex stock as an investment it also said it may buy additional shares or sell some or all of its current stake if it buys more shares metropolitan said it would consider doing so in the open market in private deals or through an exchange offer tender offer or merger metropolitan said it may acquire an option on or may buy some or all of the metex shares owned by william hack a metex director who together with this wife holds of the company s common shares or pct of the total metropolitan said it already has an option to buy another metex common shares at dlrs each the option is not exercisable until april it said if metropolitan were to exercise the option and acquire all of hack s stake it would have metex common shares or pct of the total metropolitan s sec filing was made as a shareholder group with hack metropolitan which said it spent mln dlrs to acquire its metex stake listed its recent stock purchases as common shares on march at dlrs each and shares on march at dlrs reuter
acq	bpi systems bpii in talks to sell company bpi systems inc said it is holding discussions that could lead to the sale of all its outstanding shares for about mln dlrs bpi president and chief executive officer david r fernald declined to identify the other party involved in the talks for the nine months ended december bpi lost dlrs on sales of dlrs reuter
acq	bally manufacturing said it is considering sale of six flags theme parks
acq	telemedia to buy harrowsmith equinox magazines telemedia inc said its telemedia publishing inc subsidiary agreed to buy privately owned harrowsmith and equinox magazines for an undisclosed amount of cash telemedia said the acquisition is expected to have a small positive impact on short term earnings harrowsmith an alternative life style magazine is canada s seventh largest paid circulation english language magazine while equinox is the country s eighth largest each has a circulation of about copies the magazine group had revenues of eight mln dlrs last year and employs people telemedia said telemedia said it will also acquire a pct interest in the company which recently launched the u s edition of harrowsmith the magazine s u s editiion begun last year now has a paid circulation of the company said it said a final deal is expected in mid april telemedia said the magazines founder has agreed to continue to provide editorial and publishing direction for the magazines reuter
earn	divi hotels nv dvh rd qtr net shr profit cts vs profit cts net profit vs profit revs mln vs mln nine mths shr loss cts vs loss cts net loss vs loss revs mln vs mln note nine months fiscal includes extraordinary gain of cts per share reuter
acq	bally bly considering sale of six flags bally manufacturing corp said it is considering the sale of its six flag theme amusement park unit and would use the proceeds to pay off debt in addition to the possible sale of the amusement parks bally plans to sell a minority stake in its health club chain to the public the company will register a proposed offering with the securities and exchange commission for to pct of the health clubs soon spokesman william peltier told reuters selling six flags is definitely under consideration peltier said in response to an inquiry he said the company would use much of the income from the amusement park chain were it to be sold to repay debt six flags might sell for as much as mln dlrs analysts said the health club chain the nation s largest is valued at to mln dlrs they said bally reportedly already has been approached about six flags by several prospective buyers the company needs the cash to begin paying back a mln dlrs mountain of debt bally recently completed a mln dlrs acquisition of the golden nugget casino hotel in atlantic city from golden nugget inc gng n the purchase pushed its long term debt to billion dlrs or almost times its equity of mln dlrs bally s unit health and tennis clubs had revenues in of more than mln dlrs or about pct of bally s total revenues of billion dlrs bally acquired six flags for mln dlrs in january from penn central corp bally bought the great america theme park in gurnee ill in may for mln dlrs from marriott corp mhs in the parks had pretax operating profit of mln dlrs on revenues of mln dlrs the clubs and equipment unit combined to post operating profit of mln dlrs on revenues of mln dlrs in of which mln came from the clubs the company earlier this month said it will take a charge to earnings in the first quarter of mln dlrs as a result of its deal to buy back mln of its common shares from real estate developer donald trump under a february deal bally agreed to buy the mln of the mln shares held by trump at dlrs a share or mln dlrs plus mln dlrs related expenses in exchange for trump not seeking control of the company for years the deal also requires bally to buy trump s remaining shares for dlrs a share if the stock price does not reach that level by february reuter
acq	franklin resources ben says net may double franklin resources inc said it believes earnings could double this year as compared to a year ago when the company reported income of mln dlrs on mln dlrs in revenues franklin resources is a financial services company its fiscal year ends september reuter
sugar	cuba sugar crop seen at least same as last year cuban sugar export figures for january suggest that this year s crop may be at least as large as last year s mln tonnes according to sugar analysts exports in january totalled tonnes raw value up from a year earlier according to figures received by the international sugar organization january is the first major export month and the figures thus give a good indication of the current crop they said fourth quarter exports fell to tonnes from tonnes a year earlier but this was because cuba was destocking at the end of they added trade house c czarnikow recently estimated production this year at mln tonnes cuban sugar production in the third quarter of was tonnes giving a final crop total of mln tonnes compared with a crop of mln tonnes there is normally no third quarter production in cuba but a hurricane meant that last year s crop was extended exports to the ussr were substantially down in january at tonnes from in january but other comecon countries received tonnes against tonnes in the same month last year figures received by the iso show bulgaria czechoslovakia poland and romania all took substantially more cuban sugar cuba s november exports totalled tonnes compared with tonnes in and december s total was tonnes down from tonnes the year before calendar year exports for were also lower at mln tonnes against mln in the lowest level since s mln tonnes the figures show reuter
earn	helmerich and payne inc hp increases div qtly div cts vs nine cts payable june one record may reuter
earn	holly corp hoc nd qtr jan loss shr loss cts vs profit cts net loss vs profit revs mln vs mln six mths shr loss cts vs profit cts net loss vs profit mln revs mln vs mln note six months fiscal includes loss of cts per share from discontinued operations per share figures also reflect partial three for one stock split effected december reuter
trade	white house says trade bill generally good white house spokesman marlin fitzwater said the administration had some disagreements with the trade bill that cleared a house subcommittee yesterday but generally felt good about the bill generally we feel very good about the bipartisan consideration of the trade legislation i think we are progressing very well he told reporters there are wide areas of agreement there are some areas of disagreement he said reuter
acq	sunter acquisition begins tender for allegheny international inc
acq	irish oil concern boosts cenergy crg stake bryson oil and gas plc a belfast northern ireland oil company which has said it is considering seeking control of cenergy corp said it raised its stake in the company to shares or pct of the total in a filing with the securities and exchange commission bryson said it bought cenergy common shares on march at eight dlrs each previously it had held shares or pct bryson has request detailed shareholder information from cenergy in case it decided to communicate with shareholders but it said cenergy has made legal challenges to the request reuter
acq	sunter begins tender for allegheny ag allegheny international inc said sunter acquisititon corp formed by first boston inc began a cash tender offer in accordance with their previously announced merger agreement for all the outsanding shares of allegheny s common stock dlr cumulative preference stock and dlrs convertible preferred stock the offer expires april unless extended under terms of the agreement tendering shareholders will receive dlrs per common share dlrs per preference share and dlrs per preferred share allegheny said the offer is conditioned upon the valid tender of stock representing a majority of the voting power and at least two thirds of outstanding shares of preference stock and preferred stock the merger agreement was announced earlier this week reuter
earn	transit financial holdings inc th qtr net shr cts vs cts net vs revs not given year shr cts vs cts net vs revs vs reuter
earn	sporting life inc splf nd qtr jan net oper shr loss six cts vs profit four cts oper net loss vs profit revs vs st half oper shr profit six cts vs profit cts oper net profit vs profit revs vs note prior year net excludes extraordinary credits of dlrs in quarter and dlrs in half current quarter net includes dlr tax credit reuter
acq	investment firms cut cyclops cyl stake a group of affiliated new york investment firms said they lowered their stake in cyclops corp to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission the group led by mutual shares corp said it sold cyclops common shares since february reuter
earn	argyll energy corp year loss shr loss dlrs vs profit cts net loss vs profit revs vs note shr and net after dlr writedown on property and other assets reuter
earn	transit financial sees share profit rise transit financial holdings inc earlier reporting higher fourth quarter and full year earnings said it expects share profit to increase to dlrs from cts in the company said the share forecast is based on mln shares outstanding after a one mln common share issue on december its and earnings were based on mln shares outstanding the company earlier reported profit rose to dlrs or cts a shares from year earlier dlrs or cts a share reuter
interest	san paolo di torino cuts prime rate to pct from pct official
money-supply	canadian money supply m rises mln dlrs in week bank of canada said
earn	holly corp hoc nd qtr jan loss shr loss cts vs profit cts net loss vs profit revs mln vs mln avg shrs vs st half oper shr four cts vs cts oper net vs revs mln vs mln avg shrs vs note current half net excludes dlr loss from discontinued oil and natural gas operations share adjusted for three for one stock split and recapitalization in december prior year net both periods includes pretax charge of dlrs from recapitalization costs reuter
acq	cyclops cyl will not give data to group cyclops corp said its board rejected a request by cyacq corp an investor group for more non public information about cyclops a maker of specialty steels and an electronics retailer cyclops cited its agreement to be acquired by britain s dixons group plc for dlrs a share under a tender offer that expires midnight march cyacq comprising audio video affiliates inc citicorp capital investors ltd and other investors yesterday said it would increase its tender offer for cyclops to dlrs a share from dlrs subject to certain conditions the conditions were that cyclops provide cyacq with non public data given to dixons and that cyacq be satisfied with financial projections made by dixons in its offer cyclops also said its board determined that cyacq s announcement was not an offer cyacq s press release does not amend cyacq s outstanding tender offer which remains at dlrs per share and it does not state that cyacq has financing commitments necessary to carry out its original offer or any increased offer that it may make cyclops said in a statement its agreements with dixons are binding and dixons indicated it will not rescind or waive any provisions of the pacts cyclops said the company also said it was advised that dixons shareholders approved the merger satisfying that condition of the agreement reuter
earn	san juan racing association inc sjr rd qtr shr cts vs cts net vs revs mln vs mln nine months shr cts vs cts net mln vs mln revs mln vs mln note rd qtr and nine months include extraordainry gain of dlrs and dlrs respectively on sale of land reuter
acq	edelman cuts lucky stores lks stake to pct a group led by new york investor asher edelman said he lowered its stake in lucky stores inc lks to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission the edelman group said it sold lucky stores common shares on march and at prices ranging from to dlrs a share so long as edelman s stake is below five pct he is not required to report his dealings in lucky stores stock reuter
money-supply	canadian money supply rises in week canadian narrowly defined money supply m rose mln dlrs to billion dlrs in week ended march bank of canada said m a which is m plus daily interest chequable and non personal deposits rose mln dlrs to billion dlrs and m which is m a plus other notice and personal fixed term deposit rose billion dlrs to billion dlrs m which is non personal fixed term deposits and foreign currency deposits of residents booked at chartered banks in canada rose billion dlrs to billion dlrs chartered bank general loans outstanding rose mln dlrs to billion dlrs canadian liquid plus short term assets fell mln dlrs to billion dlrs and total canadian dollar major assets of the chartered banks rose mln dlrs to billion dlrs chartered bank net foreign currency assets rose mln dlrs to minus mln dlrs notes in circulation totalled billion dlrs up mln dlrs from the week before government cash balances rose billion dlrs to billion dlrs in week ended march government securities outstanding fell three mln dlrs to billion dlrs in week ended march treasury bills rose mln dlrs to billion dlrs and canada savings bonds fell mln dlrs to billion dlrs reuter
rubber	u s makes conciliatory move at rubber pact talks the u s has dropped its insistence that the floor price in a new international natural rubber agreement inra be revised downward under certain circumstances conference sources said the surprise conciliatory move by the u s meets one of the producers main concerns that the floor price or lower indicative price remain unchanged they said it is not clear however whether all consuming countries will follow suit as a number of them in particular britain west germany and belgium appeared to have strong reservations the sources added the group of consumers has been seeking an adjustment of the lower indicative price set at malaysian singapore cents a kilo in the present pact if the buffer stock currently tonnes rises to tonnes the sources said the question of to what extent price adjustments should be automatic remains a problem conference chairman manaspas xuto of thailand has been holding consultations with producers and consumers throughout the day the consumers group is now holding a separate meeting ahead of further consultations within the president s group tonight reuter
acq	interconnect prefers friendly gates glj offer interconnect capital said it seeks to acquire gates learjet corp on friendly terms late yesterday the company said it has offered dlrs per share for all gates learjet shares interconnect capital said it intends to purchase the gates corp loan to gates learjet for mln dlrs should its bid be successful interconnect capital is controlled by interconnect inc gates corp owns pct of gates learjet reuter
earn	infinite graphics inc infg rd qtr jan net shr profit two cts vs loss cts net profit vs loss sales vs nine mths shr profit eight cts vs loss cts net profit vs loss sales vs reuter
acq	mindscape buys harcourt brace hbj unit mindscsape inc said it agreed to buy the educational software unit of holt rinehart and winston inc a subsidiary of harcourt brace jovanovich inc for undisclosed terms sales of the division which had been purchased by holt rinehart from cbs peaked at about mln dlrs in mindscape said reuter
earn	health mor inc hmi sets dividend qtly dividend cts vs cts pay april record march reuter
acq	caesars world says it considers restructuring and sale to other company
earn	fairchild industries inc th qtr oper shr loss cts vs loss eight cts
acq	arco sells two agricultural research operations atlantic richfield co said it sold its plan cell research institute unit and its arco seed co operations in two transactions for undisclosed prices the company said it sold dublin calif based plant cell research to montedision spa of milan italy and arco seed co to u f genetics of hollister calif atlantic richfield said the divestitures are in line with its policy of focusing resources on oil gas chemical and coal operations reuter
acq	caesars world caw says it mulls restructuring caesars world inc in rejecting a dlr a share takeover bid by new york investor martin sosnoff said it is considering alternatives that include a restructuring of the company and the sale to someone else in a filing with the securities and exchange commission caesars world said its board decided at a special meeting yesterday to explore and investigate several alternatives in an effort to thwart sosnoff s takeover attempt more
sugar	low sugar prices may attract soviet chinese any further decline in raw sugar prices is likely to attract buying from the soviet union and china woodhouse drake and carey said in their latest weekly market report present lower terminal values may be a reflection of the lack of renewed prompt offtake particularly from these two large consumers the report said the week has seen good demand for thai raws particulary for october december shipment which has traded above twenty points premium to the october new york delivery it said reuter
acq	chemlawn chem seeks bids by march chemlawn corp said it has asked potential purchasers of the company to submit their proposals by est on march chemlawn said if waste management inc wmx intends to participate in the bidding process it will have to submit a confidentiality agreement to chemlawn financial advisor smith barney harris upham and co inc waste management has a dlr per share tender offer for chemlawn underway that chemlawn has already rejected as inadequate chemlawn has already said it is holding talks with various parties on the sale of the company and said it has informed all potential purchasers that they mnust sign confidentiality agreemnents to receive confidential information on chemlawn chemlawn said if waste management were to sign such an agreement chemlawn would supply it with the same information being supplied to other potential purchasers but it said it will not make an exception for waste management which would give that company an advantage in the bidding process reuter
earn	gts corp gtsc th qtr dec loss shr loss cts vs loss cts net loss vs loss revs vs year shr loss dlrs vs loss cts net loss vs loss revs vs note net both periods includes dlr writedown of value of seismic laboratory and dlr increase in reserve for doubtful accounts reuter
earn	fairchild industries inc fen th qtr loss oper shr loss cts vs oper loss eight cts oper net loss vs profit rev mln vs mln year oper shr loss cts vs loss cts oper net profit vs loss rev mln vs mln note per share results after provision for pfd dividends fourth qtr earnings exclude loss from discontinued operations of mln dlrs or dlrs a share and a loss of mln dlrs or dlrs a share from tax reverse versus a gain from discontinued operations of mln dlrs or cts a share in s th qtr oper earnings excludes loss from discontinued operations of mln dlrs or dlrs a share versus a loss of mln dlrs or dlrs a share in reuter
acq	smartnames to buy american information network smartnames inc said it reached an agreement in principle to buy american information network terms of the agreement were not disclosed the company said the purchase of american will allow it to meet the needs of a broader range of direct mail industry customers reuter
acq	arco acr sells two operations atlantic richfield co said it sold its plan cell research institute unit and its arco seed co operations in two transactions for undisclosed prices the company said it sold dublin calif based plant cell research to montedision spa of milan italy and arco seed co to u f genetics of hollister calif atlantic richfield said the divestitures are in line with its policy of focusing resources on oil gas chemical and coal operations reuter
crude	ecuador begins work on oil pipeline to colombia construction workers today began building a km mile pipeline to link ecuador s jungle oilfields to a pipeline in colombia through which ecuadorean crude could be pumped to the pacific coast ecuadorean energy minsitry officials said they said it would take about two months and at least mln dlrs to build the pipeline from lago agrio in ecuador to puerto colon colombia for connection to the colombian pipeline which goes to the port of tumaco on colombia s pacific ocean coast the lago agrio to puerto colon pipeline is designed to transport between to barrels of day bpd of ecuadorean crude to the colombian pipeline they said the colombian pipeline to tumaco has ample room for ecuadorean crude they said it is currently transporting about bpd out of its bpd capacity an ecuadorean energy ministry official said the ecuadorean crude reaching tumaco will be shipped by boat to ecuador for refining into oil products to meet domestic demand the completion of the pipeline would allow ecuador to resume some of production paralysed since march six by an earthquake the night before the tremor ruptured the country s main pipeline from jungle oilfields to the ecuadorean port of balao on the pacific ocean ecuador was pumping about bpd before the earthquake it would take about five months to repair the pipeline to balao government officials said ecuador estimates that it will cost between to mln dlrs to repair oil installations damaged by the earthquake energy ministry javier espinosa said reuter
trade	dutch trade fully in balance but down in january the netherlands recorded a flat trade balance in january with both exports and imports totaling billion guilders a modestly lower compared with december but sharply down from january last year an economics ministry spokesman said quoting official statistics january exports compared with a december figure of billion guilders and were pct below last year s level of billion january imports compared with billion guilders in december and fell pct from billion in january last year reuter
earn	desoto inc dso regular dividend set qtly div cts vs cts previously pay april record march reuter
earn	methode electronics inc methb regular payout qtly div class b cts vs cts prior class a two cts vs two cts prior pay april record april reuter
ipi	brazil industrial growth rate slowed in january the growth rate of brazilian industrial output slowed in january to pct above the same month after rising pct in december brazilian geography and statistics institute figures show the result is in line with the declining trend in the growth rate since october the institute said in the months to end january industrial production was pct above the months to end january last year while in calendar output was pct above the biggest output rises in the months to end january were pct in pharmaceuticals and pct in machinery reuter
earn	general cinema corp gcn common stock dividend qtly div cts vs cts prior pay april recrod april nine reuter
earn	stephan co ftc year net shr cts vs cts net vs revs vs reuter
acq	plm plma unit ends merger talks plm cos inc said its plm power co unit broke off merger discussions with sunlaw energy corp of beverly hills calif in january plm power entered into a letter of intent to negotiate a potential acquisition of sunlaw subject to substantial due diligence the company said but it also said the two companies were not able to agree on mutually satisfactory final terms and conditions reuter
coffee	colombia opens april may coffee registrations colombia opened coffee export registrations for april and may with the national coffee growers federation setting no limit gilberto arango president of the private exporters association said he told reuters the decision not to put any limit responded to new factors which have emerged from recent international coffee organisation talks in london where producers and consumers failed to agree on a re introduction of export quotas reuter
earn	met pro corp mpr to pay regular dividend qtrly cts vs cts prior pay may eight record april reuter
earn	aileen inc aee sr qtr jan loss shr loss cts vs loss cts net loss vs loss revs mln vs reuter
earn	wolverine world wide inc www th qtr loss shr loss six cts vs profit cts net loss vs profit sales mln vs mln year shr loss dlrs vs profit cts net loss vs profit sales mln vs mln note year results include mln dlr restructuring charge in nd qtr of reuter
earn	hurco companies inc hurc first qtr net shr profit three cts vs loss cts net profit vs loss rev mln vs mln avg shares vs reuter
acq	maxtor mxtr agrees to acquire u s design maxtor corp and u s design corp usdc said they reached definitive agreement covering the acquisition of u s design by maxtor they said the arrangement which is subject to a number of conditions including u s design shareholder approval calls for maxtor to issue mln dlrs worth of its own common stock in exchange for all of u s design the number of maxtor shares to be issued will be determined by the average closing price of maxtor stock over the trading day period prior to the day the acquisition becomes effective the companies also said reuter
earn	shared medical systems corp smed sets payout qtly div cts vs cts prior pay april record march reuter
earn	weigh tronix inc wght th qtr net shr cts vs cts net vs sales vs year shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
earn	monarch avalon inc mahi rd qtr jan loss shr loss cts vs profit four cts net loss vs profit rev mln vs mln nine months shr loss cts vs profit cts net loss vs profit rev mln vs mln note per share information adjusted for three for two stock split on january reuter
cotton	u s cotton certificate expiration date extended expiration dates on upland cotton certificates issued under the upland cotton program are being extended the agriculture department announced the certificates are being extended because of a shortage of commodity credit corporation inventory available for exchange with certificates usda undersecretary danial amstutz said presently upland cotton commodity certificates expire nine months from the last day of the month of issuance under the new procedure all current outstanding and all new upland cotton certificates issued under the upland cotton program will have an expiration date of either february or nine months from the last day of the month in which the certificate is issued whichever is later reuter
earn	bnl announces net profits in bank sector state owned banca nazionale del lavoro bnl said profits for its banking activities equalled billion lire against billion lire in consolidated results for bnl which also has interests in tourism public works industrial credit and other sectors are expected to be announced later this year the results for the banking sector are to be presented at a shareholders meeting scheduled for april reuter
earn	applied dna systems inc adna th qtr loss shr loss one ct vs nil net loss vs loss revs vs avg shrs vs year shr loss three cts vs loss six cts net loss vs revs vs note amounts include losses of a pct owned scientific development affiliate analytical biosystems corp reuter
acq	oilman has pct of qed exploration qedx kansas oilman nicholas powell told the securities and exchange commission he has acquired shares of qed exploration inc or pct of the total outstanding common stock powell who heads prairie resources corp and mack c colt inc both kansas oil and gas exploration companies said he bought the stock for investment purposes powell who said he has already spent dlrs on his qed stock said he plans to buy more shares as long as he considers them to be undervalued reuter
earn	john labatt ltd rd qtr shr diluted cts vs cts
earn	lifestyle restaurants inc lif st qtr jan shr loss cts vs loss eight cts net loss vs loss revs mln vs mln note current st qtr loss included a gain of dlrs and dlrs from the sale of restaurant leases reuter
earn	sierra health services inc sie th qtr loss shr loss cts vs profit six cts net loss vs profit revs mln vs mln year shr loss dlrs vs profit cts net loss vs profit revs mln vs mln reuter
earn	firecom inc frcm rd qtr jan loss shr loss two cts vs profit two cts net loss vs profit sales vs nine mths shr loss one cent vs profit four cts net loss vs profit sales vs reuter
ipi	brazil industrial production slowed in january industrial output in january was pct above the same month after rising pct in december brazilian geography and statistics institute figures show the result is in line with the declining trend in the growth rate since october the institute said in the months to end january industrial production was pct above the months to end january last year while in calendar output was pct above the biggest output rises in the months to end january were pct in pharmaceuticals and pct in machinery reuter
earn	wheeling and lake erie railway co wle div qtly div dlrs vs dlrs pay may record april note dividend paid to all shareholders other than norfolk southern corp s nsc norfolk and western railway co reuter
earn	general cinema corp gcn class b dividend qtly div class b cts vs cts pay april record april reuter
earn	john labatt ltd rd qtr jan net shr cts vs cts shr diluted cts vs cts net vs revs billion vs mln nine mths shr dlrs vs dlrs shr diluted dlrs vs dlrs net vs revs billion vs billion avg shrs mln vs mln reuter
trade	trade bill to change agriculture trade laws the house ways and means committee is moving toward passage of a trade bill that sponsors said was intended to help open foreign markets to u s agricultural goods and to modify some u s agricultural trade laws the trade subcommittee voted to require president reagan to take into account the potential harm to u s agricultural exports of any trade retaliation he might impose for foreign unfair trade practices against other domestic industries the bill would allow u s agricultural producers to seek government monitoring of imports if there is a reasonable chance the industry would be harmed by an import surge the full ways and means committee is to consider the bill next week and congressional sources said they expect it will be approved in investigations involving a processed agricultural product trade associations of processors or producers would have to petition for relief from foreign dumping or unfair duties the bill sets out u s trade negotiating objectives for the uruguay round of talks under the general agreement on tariffs and trade it would seek fair trade in agriculture seek to discipline restrictive or trade distorting import and export practices to eliminate tariffs subsidies quotas and non tariff barriers president reagan s authority to negotiate a new gatt agreement would be extended through january and authority to negotiate a free trade zone with canada would be extended through january the bill extends reagan s authority to negotiate an international coffee agreement through october it allows a refund of import duties paid on raw sugar imported from november to march for production of sugar or products containing sugar and destined for re export the export of the sugar or products must occur before octoer presently to qualify for the refund the sugar must be processed within three years after import and exported within five years agriculture would also benefit from more rapid decisions in complaints of unfair foreign trade practices or injury from imports reuter
earn	american city ambj sets initial preferred div american city business journals inc said it declared an initial dividend of cts a share on its recent issue of mln shares of convertible exchangeable preferred stock the dividend is payable march to shareholders of record march american city said adding that future dividends will be paid on a quarterly basis the preferred stock was issued on february reuter
money-supply	u s business loans rise mln dlrs in march week fed says
money-supply	u s business loans rise mln dlrs business loans on the books of major u s banks excluding acceptances rose mln dlrs to billion dlrs in the week ended march the federal reserve board said the fed said that business loans including acceptances increased mln dlrs to billion dlrs reuter
earn	weyerhaeuser said it sees significant increases in earnings in
earn	varity expects to report th qtr and full year loss
money-fx	after g round one goes to central banks central banks have easily beaten back the foreign exchange market s first test of the industrialized nations recent pact to stabilize currencies analysts said in active trading this week the market pushed the dollar sterling the canadian dollar and australian dollar higher but operators got their fingers burned as one by one the central banks signalled their displeasure so far g has been a roaring success said james o neill financial markets economist at marine midland bank na the central banks are sending strong signals that they won t tolerate any kind of momentum building behind currencies added a senior corporate trader at one u k bank on february the finance ministers and central bank governors of the u s japan west germany france and the u k the group of five plus canada signed an accord under which they agreed to cooperate closely to foster stability of exchange rates around prevailing levels the agreement was viewed by many in the market as an attempt to put a floor under the dollar after its sizeable two year decline against major world currencies and initially traders indicated their respect for the accord by refraining from pushing the dollar lower but by wednesday the dollar climbed to more than marks about five pfennigs above its levels the friday before the g accord the move was aided by indications that the u s economy picked up steam in february at the same time as the west german economy was regressing but dealers said the federal reserve bank of new york gave traders a sharp reminder that the g pact had encompassed the idea of limiting inordinate dollar gains as well as declines dealers differed as to whether the u s central bank actually intervened to sell dollars above marks or simply telephoned dealers to ask for quotes and enquire about trading conditions but the dollar quickly backed off it hovered today around marks the market was surprised that the fed showed its face so soon said marine midland na s o neill also on wednesday london dealers said the bank of england intervened in the open market to sell sterling as the u k currency rose to dlrs compared with dlrs before the g pact sterling along with the other high yield currencies like the australian dollar and canadian dollar was in favor after traders surmised that the the chance of intervention pursuant to the paris currency accord left limited room for profit plays on dollar mark and dollar yen the pound also was boosted by suggestions of an improving u k economy anticipation of a popular british budget on march and public opinion polls showing good chances for the incumbent conservative party in any general election there was a real run on sterling said anne mills of shearson lehman brothers inc sterling traded today around dlrs down from dlrs last night it slid to marks from yesterday and from a peak of about recently there s been some heavy profit taking on sterling mark ahead of next tuesday s u k budget said james mcgroarty of discount corp as speculators detected the presence of the u s and british central banks they acclerated their shift into canadian and australian dollars but here too they were stymied the bank of canada acted to slow its currency s rise the canadian dollar traded at per u s dollar today down from yesterday and the australian reserve bank using the fed as agent sold australian dollars in the u s yesterday dealers said the australian dollar fell to a low of u s cents today from a high of thursday analysts said the central banks moves to stifle sudden upward movement leave the market uncertain about its next step today the focus shifted to the yen which has held to a very tight range against the dollar for several months the dollar fell to yen from last night analysts said the yen also gained as traders unwound long sterling short mark positions established lately because of the change in perceptions about the health of the german economy the funds from those unwinding operations are ending up in yen a dealer at one u k bank said recent west german data have shown falling industry orders lower industrial output and slowing employment gains moreover the yen is benefitting as japanese entities who have invested heavily overseas for example in australian financial instruments repatriate their profits ahead of the end of the japanese fiscal year on march noting that the dollar yen rate is in a sense the most controversial one because of the large u s trade deficit with japan analysts said the stage could be set for another test of the dollar s downward scope against the japanese currency in its latest review of the foreign exchange market through the end of january the federal reserve revealed that it intervened to protect the dollar against the yen on january on that day the dollar fell as low as yen sure the fed bought dollars near the yen level in january but the market has to bear in mind that time marches on and the situation changes said mcgroarty of discount reuter
earn	weyerhaeuser wy sees higher earnings weyerhaeuser co said it should have significant increases in earnings in and should be another very good year weyerhaeuser reported earnings of mln dlrs or dlrs per share on billion dlrs in revenues anticipated improved cash flows will allow the company to invest and acquire much more aggressively than it has in the past few years weyerhaeuser also said weyerhaeuser principally a lumber products company said the forecast was made by the company s chief financial officer during a meeting of institutional investors in tokyo it also said its expects to see opportunities in the building products area particularly in composite panels and in other engineered products directed toward specific rather than commodity end use markets but it said growth may be higher in added value products in financial services and in other diversified businesses in addition the company said rising product prices and demand for pulp and paper are reflected in all the major world markets except in the case of some light weighted paper grades where overcapacity remains a problem weyerhaeuser further stated that it has lowered its manufacturing cost structure and is obtaining significant productivity increases reuter
earn	ldbrinkman corp ldbc nd qtr jan loss shr loss seven cts vs profit cts net loss vs profit revs mln vs mln six mths shr profit cts vs profit cts net profit vs profit revs mln vs mln reuter
earn	acs enterprises inc acse th qtr loss shr loss two cts vs profit three cts net loss vs profit revs vs avg shrs vs year shr loss cts vs profit four cts net loss vs profit revs vs avg shrs vs notes revenues exclude hospital television rental business sold dec losses in both periods include gain of dlrs on sale of discontinued business reuter
acq	tony lama tlam to buy coulson of texas inc tony lama co inc said it signed a letter of intent to buy coulson of texas inc a maker of heels and leather components the company said exact terms of the deal have not been determined but that it does not expect the acquisition to have a material effect on its financial position in addition to buying substantially of all coulson s assets tony lama said it would assume certain of the company s liabilities reuter
earn	to fitness inc tfit year dec loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs vs reuter
acq	tribune trb completes cable system sale tribune co said it completed the sale of the danville va cable television system to cablevision industries ltd partnership affiliated with cablevision industries inc of liberty n y it said the danville system was one of two systems acquired by tribune on september as part of its purchase of the daily press inc publisher of the newport news daily press and the times herald agreements to sell both systems for a total of mln dlrs were reached in october sale of the newport news system was completed in december reuter
acq	gte gte unit to sell infortext products infortext systems inc said it finalized a two year agreement under which gte services corp and eight affiliates will sell infortext s line of personal computer based telephone call accounting systems gte services a unit of gte corp evaluated competitive call accounting systems the company said reuter
acq	sheppard resources to merge with cancer clinic sheppard resources inc said it signed a letter of intent to merge with breast centers inc an owner operator and franchiser of clinics that provide services for the early detection of breast cancer terms were not disclosed after the merger breast centers shareholders would become the majority shareholders of the combined company also if approved sheppard will change its name to breast centers reuter
earn	firstier inc frst sets regular quarterly div qtly div cts vs cts prior pay march record march reuter
earn	zondervan corp zond th qtr net shr profit nil vs profit cts net profit vs profit revs mln vs mln mths shr profit cts vs loss three cts net profit vs loss revs mln vs mln reuter
earn	unibancorp inc ubcp regular dividend set qtly div cts vs cts previously pay april record march reuter
earn	second national building snbl raises dividend qtrly seven cts vs six cts pay april record march note full name of company is second national building and loan reuter
earn	broadview financial corp bdvf th qtr loss shr loss dlrs vs loss dlrs net loss mln vs loss mln year shr loss dlrs vs loss dlrs net loss mln vs loss mln note th qtr and year net includes mln dlr and mln dlr provision respectively for possible land and real estate losses th qtr and year net includes mln dlr and mln dlr provision respectively for possible losses reuter
earn	enzo biochem inc enzo nd qtr jan net shr one ct vs three cts net vs revs vs avg shrs mln vs mln six mths shr five cts vs six cts net vs revs vs avg shrs mln vs mln reuter
acq	tender for allegheny int l ag underway first boston inc s fbc sunter acquisition corp said it began its previously announced dlr per share tender offer for allegheny international inc s common stock the company is also offering dlrs for each dlr cumulative preferred share and dlrs for each share of dlr convertible preferred stock the company said the offer and withdrawal rights will expire at midnight april nine unless extended reuter
earn	varity vat expects th qtr full year loss varity corp formerly massey ferguson ltd said it expected to report on march a loss for the fourth quarter and full year ended january a company spokesman said specific figures were unavailable varity posted a net profit of mln u s dlrs for the previous fiscal year ended january and a mln dlr net profit for the previous fourth quarter its net loss for the nine months ended october totaled mln dlrs after a mln dlr third quarter loss tied to strikes and plant shutdowns at its british and french operations varity also said it would seek shareholder approval at a special shareholders meeting on april to authorize a transfer of values to the contributed surplus account on its balance sheet from the stated capital account for common shares the spokesman said the move would help raise company values required to pay dividends under canadian law reuter
acq	cablevision to buy valley cable for mln dlr cablevision industries corp said its cablevision industries of california inc subsidiary has entered into an agreement to buy substantially all of the assets of valley cable tv for about mln dlrs the company said it will buy the system from a california limited partnership which is wholly owned by toronto based hollinger inc it said valley cable operates a subscriber cable television systems passing about homes in the west san fernando valley area of los angeles cablevision said it is the nation s st largest cable company and is ownnd by alan gerry its chairman president and chief executive officer the company said the agreement is subject to regulatory approval reuter
earn	anthes industries inc th qtr net oper shr cts vs nine cts oper net vs revs not given year oper shr cts vs six cts oper net vs revs mln vs mln note qtr excludes extraordinary loss of dlrs or nine cts share versus gain of dlrs or five cts shr note continued year excludes extraordinary loss of dlrs or cts share versus extraordinary loss of dlrs or two cts share reuter
acq	borg warner bor board oks sale of unit borg warner corp said its directors approved the sale for about mln dlrs of its industrial products division to a new york based private investment firm clayton and dubilier inc and senior management of the group yesterday the company said it agreed to sell the division which has annual sales of about mln dlrs and is based in long beach california reuter
earn	autrex inc st qtr january net shr one cts vs two cts net vs revs vs reuter
acq	southam unit acquires winnipeg community papers southam inc said its flyer force unit acquired three community newspapers in winnipeg with a combined circulation of for undisclosed terms southam said the newspapers the herald the lance and metro one will be printed at its canadian publishers division in winnipeg flyer force intends to expand distribution of the newspapers to begin improved service to the winnipeg market southam said reuter
earn	mlx corp mlxx th qtr loss shr loss cts vs profit one ct net loss vs profit revs mln vs avg shrs mln vs year shr loss cts vs loss three cts net loss vs loss revs mln vs avg shrs mln vs reuter
acq	forest city feca completes sale forest city enterprises inc said it completed the previously announced sale of assets of its retail store division excluding real estate to handy andy home improvement centers inc a private gurnee ill firm the sale is for cash and notes but exact terms were not disclosed reuter
acq	minn bank okla thrift actions taken beaver creek state bank in beaver creek minn failed and the bank s insured assets were transferred to citizens state bank of silver lake minn the federal deposit insurance corp said separately the federal home loan bank board said victor federal savings and loan association of muskogee okla was placed into receivership beaver creek s two offices will re open as branches of citizens on monday the transfer was arranged because there were no bids to buy beaver creek the fdic said citizens will pay a premium of dlrs to the fdic and purchase beaver creek s assets for mln dlrs it was the rd bank failure in the nation this year the fhlbb said victor federal savings was insolvent and its assets were transferred to a newly chartered federal mutual association with directors named by the fhlbb victor was a stock association with mln dlrs in assets the new association is to be known as victor savings and loan association and its assets continue to be insured by the federal savings and loan insurance corp the fhlbb said reuter
earn	lifestyle restaurants lif adjusts revenues lifestyle restaurants inc said revenues for the first quarter ended january were mln dlrs and not the mln dlrs it had reported earlier the company also said a note attached to its earnings concerning a gain in on certain sales was incorrect and should be disregarded reuter
lumber	u s says canada complying with lumber pact the commerce department said that all canadian firms had begun to pay an agreed to pct surcharge on softwood shipped to u s markets it made the statement after talks with canadian officials about press reports and speculation in canada that some exporters were not paying the charge canada and the united states agreed last december to the pct charge ending a lengthy trade dispute over alleged canadian subsidies to canada s softwood exporters commerce officials would not say if they found any canadian companies had been evading the charge but that following the talks they were convinced all exporters were complying with the agreement undersecretary of commerce bruce smart said we are gratified to learn that companies in canada have begun paying the export charge on lumber he added the agreement was important to the health of the u s lumber industry and he intended to see that it was fully carried out reuter
acq	investor disappointed at caesars caw response investor martin sosnoff said in a statement that he was disappointed in caesars world inc s response to his dlrs a share offer to buy the company the company had said the offer was inadequate and that it was exploring restructuring or sale of the company to another party sosnoff said he believes the offer is fair to all shareholders my primary desire is still to sit down with management to negotiate a friendly acquisition he said reuter
crude	venezuela to lend up to mln barrels of oil venezuela will lend ecuador up to mln barrels of crude oil to help it meet its export commitments and its domestic energy demand ecuadorean energy and mines minister javier espinosa said today in a statement ecuador was forced to suspend exports after the pipeline connecting its jungle oil fields with the pacific ocean port of balao was damaged last week by an earthquake venezuela would lend barrels per day of crude for a total of up to to mln barrels to help ecuador meet export commitments espinosa said also venezuela will sell the crude and provide the foreign exchange earnings to ecuador he said ecuador would repay venezuela in crude once it resumed its exports after repairing its pipeline to balao a task that would take an estimated five months venezuela is lending ecuador five mln barrels of crude for refining in this country to meet domestic demand ecuador would repay that loan with crude once the oil pipeline is repaired both countries are the only latin american members of the organisation of petroleum exporting countries opec ecuador was exporting about bpd before the earthquake energy ministry officials said its total output was around bpd reuter
crude	pdvsa to sign champlin refinery deal march petroleos de venezuela s a said it will sign a contract march to buy a half interest in a corpus christi texas refinery and related operations the contract to be signed by pdvsa and champlin petroleum s parent company the union pacific corp unp will create a new joint venture called champlin refining the state oil company said pdvsa will pay on the order of mln dlrs for the half interest in champlin energy minister arturo hernandez grisanti said wednesday the cost would be mln dlrs in cash plus an additional mln in crude and refined oil shipments pdvsa and union pacific have sought a line of credit from a group of north american and japanese banks to finance the new company s working capital the venezuelan company said under the deal pdvsa will supply up to barrels a day to the refinery with the option to place bpd more mostly gasoline and distillates through champlin s distribution system in u s states the new company will be directed by a six member board with three representatives each from pdvsa and union pacific reuter
acq	pratt prat offer for resorts rt expires ph acquisition co a unit of pratt hotel corp said its mln dlrs per share tender offer for all shares of class b common stock of resorts international inc expired as of today about shares were tendered an insufficient number of shares to satisfy the condition that pct of the voting power be tendered earlier this week new york developer donald trump made a competing bid for the class b shares reuter
crude	saudis drop condition for oil sale to brazil saudi arabia has dropped its condition that brazil secure international bank guarantees before saudia arabia would ship it oil the state oil company petrobras said in a statement petrobras said the saudis will accept banco do brasil credit guarantees petrobras cancelled a mln dlr crude oil purchase from the saudis yesterday after they refused to accept a letter of credit from the official bank of brazil the saudis had demanded that brazil get credit guarantees from leading international banks petrobras said the saudis had been advised that if they did not change their mind by monday petrobras would negotiate the purchase of oil with other producers the petrobras statement said the shipment of mln barrels will be made by the saudis on march as scheduled the shipment is part contract signed in february for the saudis to supply brazil with barrels per day until june reuter
crude	saudi arabia decides to accept brazil credit saudi arabia has lifted the condition it imposed on the sale of oil to brazil and will accept banco do brasil s credit guarantees state oil company petrobras said in a statement petrobras cancelled a mln dlr crude oil purchase from the saudis yesterday after they refused to accept a letter of credit from the bank of brazil demanding guarantees from leading international banks it advised the saudis the company would negotiate oil purchases elsewhere unless they changed their mind by monday the mln barrels shipment will be made by the saudis on march as scheduled the statement said under a bpd contract signed in february the saudis agreed to supply oil to brazil until june reuter
earn	micron technology dram sees nd qtr loss micron technology inc said it expects to record a net loss of about mln dlrs in the second quarter compared to a loss of mln dlrs in the first quarter and mln dlrs in the year ago second quarter revenues in the quarter ended march five increased to about mln dlrs from mln in the preceeding quarter and mln dlrs in the year ago quarter the company makes semiconductors memory components and related products reuter
interest	trading range likely to continue in debt futures u s economic data due out next week is unlikely to hold any surprises that will shake u s interest rate futures out of their relatively narrow trading range of the last months financial analysts said people don t seem to have any firm conviction about the current strength of the economy or about the federal reserve doing anything said drexel burnham lambert analyst norman mains the narrow range trading is also taking its toll on trading volume he noted we ve had a decline in activity as recent economic statistics have not greatly changed people s viewpoints on interest rates mains said the data which has provided not clear cut view of the economy coupled with dampened activity in the foreign exchange markets after the paris initiative has made for less than ebullient market action mains said he added however that treasury bond futures could be in for a retracement after the recent rise as they are near the top of the trading range my view is that the economy remains relatively strong and market participants will see that current prices are unjustified mains said refco inc senior vice president michael connery also noted that the market is showing very little momentum and lacks retail interest all of the movement occurs at the opening afterwhich volume dwindles and momentum fades connery said although data during the week was mildly positive for bond prices the small rise in february producer prices and downward revisions in january retail sales and industrial production were not real exciting said prudential bache analyst fred leiner there is no one factor that will push us through the highs at this moment leiner said next week s revision to fourth quarter u s gross national product is also likely to be of little interest to the market said kleinwort benson chief financial economist sam kahan still forecasts for first quarter gnp could play a role in the direction of bond prices over the next month kahan said his early estimate for first quarter growth is around three pct due largely to a buildup in inventories reflected in the january inventory data friday which showed the largest increase since the key question will be not whether there is a large increase in first quarter gnp but whether any increase is sustainable or a one shot deal kahan said he said that a sizable increase in first quarter gnp stemming from an increase in inventories will be a drag on second quarter growth if that is the case gnp in the second quarter could ease back to a one to two pct growth rate kahan said reuter
earn	agra industries ltd six mths jan net oper shr cts vs cts oper net vs revs mln vs mln note net excludes extraordinary loss of dlrs or four cts vs shr vs yr ago loss of dlrs or cts shr net includes non cash loss of dlrs or cts shr vs yr ago loss of dlrs or cts shr from depreciation and amortization allowances on u s cable tv operation fewer shrs outstanding reuter
lumber	u s says canada complying with lumber pact the commerce department said all canadian firms have begun to pay an agreed pct surcharge on softwood shipped to u s markets it made the statement after talks with canadian officials about rumors in canada that some exporters were not paying the charge canada and the u s agreed last december to the pct charge ending a lengthy trade dispute over alleged canadian subsidies to canada s softwood exporters commerce officials declined to say if any canadian companies had been evading the charge but said following the talks they were convinced all exporters were complying with the agreement undersecretary of commerce bruce smart said we are gratified to learn that companies in canada have begun paying the export charge on lumber he added the agreement was important to the health of the u s lumber industry and he intended to see that it was fully carried out reuter
coffee	no heavy coffee export implied colombia official a decision by colombia to open coffee export registrations for an unlimited amount does not imply the country will heavily sell coffee until recently withheld gilberto arango president of the private exporters association told reuters colombia today opened export registrations for april and may with the national coffee growers federation setting no limit since the start of the coffee year last october private exporters were on average allowed bags of kilos per month traders will initially interpret this measure as announcing heavy sales even today it pressured the market but it will quickly become apparent that colombia does not intend to go over the top arango said in an interview colombia s marketing policy is to sell without haste but consistently no targets for volume will be set we will react to market factors adequately colombia has no intention to give its coffee away he added arango described measures adopted here yesterday including a lower export registration price as a major change in colombia s coffee marketing policy the export registration price or reintegro was lowered to dlr per lb ex dock new york or dlrs per bag of kilos from dlrs dlrs the government announced a more flexible policy of reintegro in order to closely reflect market trends which arango warmly welcomed saying private exporters will undoubtedly be more actively present in the market a frequent gap between international market prices and the reintegro was unlikely to recur he said reuter
rubber	geneva negotiators at u n conference agree basic elements in new rubber pact chairman
rubber	major differences resolved at rubber pact talks negotiators at a united nations conference on a new international natural rubber agreement inra have agreed on basic elements in a new pact conference chairman manaspas xuto said we have resolved major differences of opinion he told reuters xuto said the way is now cleared for drafting a new accord to replace the current one which expires in october xuto said i welcome the friendly and cooperative atmosphere that has prevailed without interruption since the talks began last monday it is my hope that delegations will go back home and try to ratify the new agreement he added the renegotiation conference under the auspices of the u n conference on trade and development unctad is the fourth such meeting in two years xuto said producers and consumers had agreed on four points regular price reviews will be held every months previously consumers were proposing month intervals between price reviews instead of in the current pact if the average of the daily market indicator prices over six months prior to a review is below or above the lower intervention price or the upper intervention price the reference price will be automatically revised downwards or upwards by five pct unless the international natural rubber organisation council decides on a higher percentage if buffer stock purchases or sales reach tonnes the reference price will be lowered or raised by three pct unless the council decides on a higher percentage if the buffer stock reaches tonnes the price at which the additional contingency stock of tonnes is brought into operation will be two malaysian singapore cents above the floor price or cents the floor price will not be breached throughout the talks producers had adamantly resisted a consumer proposal to lower the floor price of cents if the buffer stock currently tonnes rose to tonnes the proposal initiated by the u s was withdrawn last night setting the stage for compromise legal drafting of provisions will start next week and formal adoption of the new accord by the countries taking part in the conference is expected to take place on march the current conference was widely seen as the last chance to clinch a deal three previous attempts to negotiate a new five year pact had failed the last round breaking down in october over consumer demands for tighter controls of the buffer stock the united states japan west germany france italy and britain are the major consumers unctad s latest estimates project an increase of pct in rubber prices this year and pct in reuter
acq	s l acquisition raises u s toll to the federal home loan bank board fhlbb announced the acquisition of home savings and loan association in seattle washington by interwest savings bank of oak harbour washington the fhlbb said home savings was the th troubled savings institution requiring federal action this year it said home savings had assets of mln dlrs in assets and interwest had assets of mln dlrs reuter
trade	swedish trade surplus rises in february sweden s trade surplus rose to billion crowns in february from billion in january and billion in february the central bureau of statistics said the trade surplus for the first two months of the year rose to billion crowns from billion in the corresponding period of the report said february imports stood at billion crowns while exports were billion reuter
iron-steel	yugoslav steel output to hit mln tonnes yugoslavian steel output will rise by one mln tonnes to mln tonnes a year between and under a development program adopted by the yugoslav iron and steel metallurgy association the official tanjug news agency said the association groups together the main yugoslav iron and steel enterprises extraction of iron ore should show an annual growth rate of nine pct and reach seven mln tonnes by under the program iron output is planned to grow at eight pct a year reaching mln tonnes at the end of the decade tanjug said the programme would create conditions for raising exports of finished steel products the main yugoslav steel producers plan to market mln tonnes of steel goods this year or tonnes more than last year with mln tonnes going to export reuter
alum	pechiney pukg pa signs soviet packaging accords french state owned aluminium and special metals group pechiney said it has signed two protocols of intent to set up joint ventures with the soviet union pechiney said in a statement one accord was to set up joint ventures manufacturing aluminium packaging for food and cosmetics while another was to produce machinery to manufacture packaging under the latter pechiney which does not manufacture packaging equipment will form and lead a consortium of yet unspecified european partners a spokesman said he said it was early to put figures on possible deals or outline what form joint ventures would take the statement said joint working groups for each accord had a three month deadline to come up with contract proposals no firm contracts have yet been finalised under new laws enabling joint ventures first deputy prime minister and chairman of the state agro industrial committee gosagroprom vsevolod murakhovsky told journalists here on wednesday reuter
ship	iran has anti ship missiles near gulf paper iran has deployed about six large missiles near the strait of hormuz which increase the threat to shipping in the gulf the new york times said the paper quoted u s intelligence sources as saying the missiles appeared to be of a chinese design known as hy which is based on the soviet ssn or styx missile styx missiles have a range of up to miles it said the missiles had been deployed at two sites and quoted a naval analyst as saying they could be used to sink a supertanker and block the strait of hormuz missiles now used by iran had only a fraction of the explosive power of the styx and could sink a supertanker only with a lucky hit the paper said none of the new missiles had been fired yet it added the cbs television network reported on friday that iran had installed new missiles along the gulf and said washington had warned tehran not to use them against civilian shipping reuter
trade	baldrige warns of world trade war danger u s commerce secretary malcolm baldrige predicted congress will pass a reasonable trade bill this year and said tough protectionist legislation could prompt a trade war the mood of the congress right now is as tough on trade as i ve ever seen it in six years in washington baldrige said in a television interview i think we ll still be able to get a reasonable trade bill out in spite of that because the whole congress is trying to work together with the administration but there is a hardening trade attitude he said president reagan opposes protectionist legislation but agreed to support a trade bill when it became apparent that opposition democrats would pass such legislation however baldrige warned measures that would penalise trading partners such as japan south korea and taiwan for failing to cut their trade surpluses with the u s could lead to retaliation and he said he would urge reagan to veto any such bill when asked if there is a rising danger of a worldwide trade war baldrige said yes i don t think there s any question about that reuter
acq	delors quoted favouring franco german bid for cgct european commission president jacques delors quoted by le monde newspaper said he favoured a franco german candidate to take over cie generale de constructions telephoniques which has a pct stake in the french public telephone switching market i wish for a european solution that will enable germany and france to move closer together which is currently necessary he was quoted as saying given the situtation of the ec european community and of the importance for our future connunications audiences and of cooperation already undertaken on the community level that seems the best choice delors added five groups including an alliance between west germany s siemens ag sieg f and france s schneider s a schn pa subsidiary jeumont schneider have applied to buy what is france s second largest telephone switching firm under french privatisation law foreign companies are restricted to a pct stake in privatised companies reuter
crude	saudi oil minister foresees no need for new opec measures before june
crude	saudi oil minister sees no need to alter opec pact saudi arabian oil minister hisham nazer said opec s december agreement to stabilise oil prices at dlrs a barrel was being implemented satisfactorily and there was no immediate need to change it nazer in an interview with reuters and the television news agency visnews said saudi arabia was producing around three mln barrels per day bpd of crude oil well below its opec quota saudi arabia the world s largest oil exporter will continue to restrain production as long as other opec members adhere to the pact nazer said the nation opec agreed in december to cut its production ceiling by pct to mln bpd and abide by fixed prices averaging dlrs a barrel from february nazer in his first interview since succeeding ahmed zaki yamani last october said i do not foresee any need for new measures before the th of june when our next opec meeting will take place as scheduled nazer said opec was producing below mln bpd and all members were abiding by its agreements we ve heard news every now and then of violations but they were not at all verified he said opec production curbs have boosted world oil prices from a year low of around eight dlrs a barrel last august to near dlrs after announcement of the december pact spot market prices slipped some two dlrs in february but have firmed in the past two weeks to near opec levels as traders gained confidence in opec price and output discipline nazer said saudi arabia would continue to produce below its mln bpd quota if necessary to defend the dlr price as long as all the opec members adhere to the program as devised in december saudi arabia will continue to adhere to the agreement he said current production of three mln bpd includes oil from the neutral zone shared with kuwait but not sales from floating storage nazer said king fahd of saudi arabia in an interview with reuters and visnews on march said the kingdom wanted oil price stability and called on non opec producers to avoid harmful competition with opec saudi arabia doesn t decide prices by itself but certainly desires price stability he said nazer said the output level did not mean the kingdom had returned to a role of swing producer within opec saudi arabia allowed its output to sink as low as two mln bpd in august to compensate for slack demand and over production by some opec states saudi arabia is not playing that role it is being played by opec membership as a whole because the reduction in the mln bpd share of opec in the market is being shared by other members of opec nazer said nazer said opec estimated demand for its oil during third quarter this year would be around mln bpd but he said if circumstances changed i am sure then the opec members will consult with each other and take the necessary measures oil analysts say the opec pact could come under strain when demand for petroleum products generally falls in the northern hemisphere spring and summer nazer said he was satisfied with the extent of cooperation from non opec producers norway egypt and the soviet union agreed to help opec by restraining production or exports after he visited them on opec s behalf earlier this year we did not ask any country to do anything these were programmes they thought were necessary to stabilise market conditions and to help themselves attain better pricing conditions nazer said he said it was up to countries that declined to cooperate such as britain to come up with their own proposals if they saw fit reuter
cocoa	ivory coast confirms presence at cocoa talks a senior ivory coast agriculture ministry official confirmed his country s backing for a new international cocoa pact and said ivorian delegates would be present at talks on its buffer stock starting this week the official told reuters that ivorian agriculture minister denis bra kanon would attend the opening of the talks convened by the international cocoa organization icco in london on monday while bra kanon is due to return home this week for funeral ceremonies for a sister of ivorian president felix houphouet boigny scheduled to be held in the country s capital yamoussoukro between march senior ivorian delegates will be present throughout the london talks the official said bra kanon is chairman of the icco council and rumours that he or ivorian delegates might be delayed because of public mourning in the west african nation helped depress already low world cocoa prices friday the official said ivory coast continued to support the new pact which was agreed in principle last year by most of the world s cocoa exporters and consumers he also said bra kanon would fulfil his duties as icco council chairman during the talks scheduled to end on march the meeting aims to set rules for the operation of the pact s buffer stock which producers hope will boost a market hit by successive world cocoa surpluses ivory coast did not participate in the last international cocoa pact and its decision to join the new accord has sparked hopes that it will be more successful in supporting prices reuter
crude	saudi businessmen to discuss private sector saudi arabian business leaders assembled for a conference aimed at thrashing out problems facing the private sector of the kingdom s oil dependent economy the meeting of some top businessmen from across saudi arabia comes at a time of guarded optimism in industry and commerce following the opec pact to boost world oil prices the four day conference in this resort town high in the mountains above the tihamah plain stretching to the red sea has been organised by saudi arabia s chambers of commerce finance minister mohammed ali abal khail and commerce minister suleiman abdulaziz al salim will attend the first day bankers and businessmen said the conference will air problems facing commerce and industry after last year s slide in oil prices and examine ways to promote higher investment in a private sector sorely short of finance government planners have long recognised that saudi arabia the world s largest crude exporter needs to foster private enterprise to diversify its oil based economy the fledgling private sector was hard hit by the middle east recession as early as and several big manufacturing and trading companies ran into problems repaying loans renewed optimism this year stems largely from the accord reached by opec last december to curb oil output and boost prices to a benchmark level of dlrs per barrel with oil prices recovering saudi arabia went ahead at the turn of the year with long delayed budget plans incorporating a billion riyal deficit to be bridged by drawing down foreign reserves the simple act of publishing a budget restored a measure of confidence to the business community some share prices have risen by more than pct since last november while banks are generally reporting a slowdown in the number of new non performing loans but not all bankers are convinced one senior corporate finance manager in riyadh said banks are still reluctant to lend there is certainly more optimism in the air but i am not sure if it is firmly based some businessmen and bankers point out that government spending is still under tight control and the non oil economy may still be contracting capital expenditure on large projects has been cut sharply a u s embassy report on saudi arabia published just before the budget said while industrialisation has continued to be one of the government s highest priorities the recession the payments problem and the lack of financing have reduced saudi and foreign investor interest in industry it is the lack of fresh investment that is expected to be a major issue among the businessmen gathered here official figures show the number of new licences for industrial ventures fell pct in the six months to march compared with the same period in lending by the saudi industrial development fund a major source of industry backing has fallen steadily since trading companies have also been hit some caught with huge inventories of construction equipment as recession bit some firms laid off workers and cut bloated inventories others have effectively been liquidated a few have reached agreement with bankers to extend debt repayments the latest rescheduling is for the shipping to hotels conglomerate redec its negotiators have just initialled a draft accord to restructure payments on billion riyals of bank debt bankers and businessmen said the conference was also likely to discuss the apparent reluctance of u s and british firms to step up investment in the kingdom a british government delegation has just left riyadh after holding preliminary talks on ways of offsetting the huge saudi outlay on a defence contract to supply fighter aircraft worth five billion stg reuter
earn	citroen expects higher profits helped by ax automobiles citroen expects rising sales of its new ax compact car to help boost profits significantly this year continuing a financial recovery after six straight years of losses president jacques calvet said speaking to reporters during weekend trials for the new ax sports model he said all the budgetary forecasts that we have been able to make show a relatively significant improvement in compared with he added citroen part of the private peugeot sa peup pa group increased its share of the french new car market to pct in first two months from pct a year earlier it is aiming for an average pct share throughout the year after pct in the firm believes it is on target to raise its share of the european market excluding france to pct this year from pct in our first problem is to produce enough vehicles to meet the demand calvet said this is a relatively new problem for us citroen lost close to two billion francs in but cut the deficit to mln in helped by moves to modernise its range and improve productivity calvet indicated last december he expected citroen s profit to be between and million francs this weekend he said that those profit estimates remain about the same perhaps even a little more optimistic some of this optimism is due to the early success of the ax launched on the french market last october it will be available throughout most of western europe within four months the car has registered just over sales it is being built at citroen s large plant at aulnay sous bois in northern paris as well as at rennes in brittany and vigo in spain with production just reaching target level of cars a day the car which citroen markets as an intermediate model between its long running cv and the visa is designed to compete with the renault volkswagen polo and opel corsa the ax had built up its market share in france to around four pct last month calvet said our hope is that once the ax is fully developed we will have between and seven per cent of the national market reuter
sugar	no taiwan sugar exports expected this year taiwan is not expected to export sugar this year because of falling production and growing domestic consumption state owned taiwan sugar corp said a company spokesman told reuters this will be the first time in more than years taiwan has not exported sugar last year sugar exports totalled tonnes he said the actual production during the season november may is about tonnes barely enough to meet local consumption this compares with actual output of he said the production fall was due to typhoon damage to more than hectares of canefields last year reuter
money-fx	leading industrial nations to meet in april leading industrial nations will meet again next month to review their accord on currency stability but u s officials said financial markets are convinced for now the countries will live up to commitments to speed up economic growth the narrow currency movements of recent weeks strongly suggests the six leading industrial countries have tamed the normally unruly financial markets and next month s talks seem likely to build on that stability a reagan administration official said the paris agreement last month was the main reason markets were calm but he said in an interview that financial markets also understood that all six countries concluded that the measures to be taken over a period of time in the future should foster stability of exchange rates around current levels that is in fact what has happened since paris monetary analysts said stability has been helped in part by the decision of industrial nations to bury the hatchet and cease to quarrel over short term policy objectives instead they have focused on medium term policy goals but left room to adjust their agreements with periodic meetings the official refused to comment however on whether the agreement included a secret pact to consider further coordinated interest rate cuts a measure industrial nations have taken jointly several times in the past year on february the united states japan west germany france britain and canada agreed that major currencies were within ranges broadly reflecting underlying economic conditions given commitments by washington to cut its budget deficit and by toyko and bonn to boost economic growth the shake up would strengthen the u s position in future international talks i think these changes will strengthen the president s hand politically and the stronger he is politically the better off we are with the congress and the better off we are in international fora said the official an administration economic policymaker so it would be beneficial to the continued conduct of our initiatives but the official also said the administration would resist calls for a tax increase to cut the budget deficit a target europeans say is crucial to help curb economic instability last week dealers said the federal reserve intervened to stop the dollar rising against the mark which had breached to the dollar british authorities are also understood to have intervened to curb sterling s strength international monetary sources say finance ministers and central bankers who will review market performance and their own economic prospects will reassemble again in washington just before the april policymaking meeting of the international monetary fund the sources said italy which refused to join the paris pact was invited back by treasury secretary james baker since paris there are signs west german growth is slowing while u s officials said they were giving japan until april to show that an economic stimulus package was in the offing signs of concern about german prospects emerged recently when bundesbank central bank president karl otto poehl told bankers he would consider cutting west german interest rates if the fed was ready to follow suit a reagan administration official said this would show there had been some change in approach on the part of the central bank in germany but he declined to comment on the prospects for action by the fed and the bundesbank if there is such a provision it is private and if i talked about it it would no longer be private said the official who asked not to be identified public comments by fed officials suggest the central bank is keeping credit conditions broadly unchanged but if the major economies continue to show sluggish growth and the u s trade deficit remains stubbornly high further coordinated action could be on the april agenda reuter
acq	harper and row hpr to mull options after bids harper and row publishers inc said its board of directors decided to take no action on two takeover bids that the company has received instead it appointed a committee of independent directors to study strategic alternatives for the year old firm the alternatives include continuation of the company s existing business plans possible business combinations sales of stock restructuring and the sale of all or part of the company kidder peabody and co inc has been retained to advise on the alternatives harper and row added private investor theodore cross last week offered dlrs a share for harper and row prompting a rival bid of dlrs a share from another publishing firm harcourt brace jovanovich inc hbj after considering the two offers at a meeting on friday the harper and row board decided not to act on them the directors unanimously expressed their strong desire to preserve the company s independence and take advantage of its considerable future prospects according to director winthrop knowlton former chief executive and now chairman of the newly established independent committee however given the significant current interest in the company we also feel that we should carefully review all the options available the committee will consider all the pertinent facts and alternatives we intend to make a careful and informed decision but will proceed expeditiously to a conclusion knowlton said pending its deliberations harper and row s board has postponed indefinitely a special meeting of stockholders that had been scheduled for april to discuss a proposal to recapitalize the company s stock to create two classes of shares with different voting rights reuter
ipi	soviet figures show economy still short of targets the soviet economy recovered slightly last month after a poor performance in january but major industries including oil and machinery are still short of production targets official figures show central statistical board data published in the weekly ekonomicheskaya gazeta yesterday showed that industrial output was only up pct in the first two months of over the same period of last year however the figure for january alone showed a fall in output of pct from a year earlier production is targetted to increase pct for all of the figures showed that only pct of enterprises met their supply obligations in january and february production of oil the country s main export to western nations hit mln tonnes in january and february up from mln a year earlier and exceeded its target by pct economists said this reflected the huge investments poured into the oil sector in recent months in an effort to reverse the stagnation in production which began in november falling world oil prices last year helped cause a decline in soviet trade with the west to billion roubles from billion in ekonomicheskaya gazeta said labour productivity targets were also not fulfilled but did not give figures economists said the overall data reflected exceptionally bad weather at the start of the year and stricter quality controls imposed on enterprises production in the machine building sector a priority in moscow s plans for economic renewal recovered slightly in february but was still pct lower in the first two months of the year compared with the same period of the figures showed that five republics produced less than in the first two months of reuter
money-fx	taiwan says u s wants taiwan dollar to appreciate the united states wants taiwan s currency to appreciate faster to reduce taiwan s trade surplus with the u s a senior trade official said board of foreign trade director vincent siew told reporters on saturday u s officials told him in washington last week that unless taiwan allowed its dollar to rise faster it would face retaliation siew returned from washington on friday after the u s responded to taiwan s request to increase its textile export quotas by promising further talks in may taiwan s surplus with the u s hit a record billion u s dlrs in washington signed a three year accord with taipei last year limiting textile export growth to pct a year siew said the taiwan dollar had risen by about pct against the u s dollar since september it surged last week amid indications washington was seeking a major rise in its value it rose four cents against the u s dollar on saturday to close at western trade sources told reuters taiwan and the u s have been holding talks on the currency issue but added it is not clear how far washington wants to see the taiwan dollar rise reuter
earn	the national bank of new zealand ltd year to december net profit mln n z dlrs vs mln pre tax profit mln vs mln total assets billion vs billion notes the company is pct owned by lloyds bank plc lloy l results include for the time first a pre tax profit of mln n z dlrs from australian unit lloyds bank nza ltd reuter
money-fx	zambia imf talks hit problems over food subsidies zambia s talks with the world bank and international monetary fund imf on a financial rescue package have run into difficulties on the issue of food subsidies an official newspaper said the times of zambia which is run by the ruling united national independence party unip quoted official sources as saying the imf and world bank had refused to continue financing food subsidies and were pressing the government to explain how it proposes to pay for them president kenneth kaunda tried to abolish maize subsidies last december in line with imf recommendations but the move caused maize meal prices to double overnight and led to riots in which people were killed the subsidies were immediately restored as part of moves to quell the disturbances but they are estimated to cost the government about mln kwacha per year the times of zambia said another major issue in the government s current talks with the imf and world bank was the remodelling of zambia s foreign exchange auction the central bank s weekly auction of foreign exchange to the private sector has been suspended since the end of january pending modifications to slow down the rate of devaluation and dampen fluctuations in the exchange rate the kwacha slid to around per dollar under the auction system losing pct of its value in months however since the end of january it has been revalued to a fixed rate of nine per dollar banking sources said zambia was persuaded by the world bank and imf to lift its proposed ceiling of kwacha per dollar on the currency s devaluation once the auctions restart according to the times of zambia the imf team led by assistant director for africa paul acquah is due to conclude its talks with the government on schedule on march the imf mission arrived in lusaka on february and its talks with the government have taken longer than expected reuter
ship	japan line selling tankers and bulkers major tanker operator japan line ltd jlit t is selling vlccs and several bulk carriers for scrap or further trading industry sources said the tanker disposals include japan orchid dwt japan lupinus dwt sovereign dwt rosebay dwt saffron dwt and cattleya dwt all of which have been reported on the london sale and purchase market they said but refused to give further details japan line officials declined to comment reuter
cocoa	corrected ivory coast confirms presence at talks a senior ivory coast agriculture ministry official confirmed his country s backing for a new international cocoa pact and said ivorian delegates would be present at talks on its buffer stock starting this week the official told reuters that ivorian agriculture minister denis bra kanon would attend the opening of the talks convened by the international cocoa organization icco in london on monday while bra kanon is due to return home this week for funeral ceremonies for a sister of ivorian president felix houphouet boigny scheduled to be held in the country s capital yamoussoukro between march senior ivorian delegates will be present throughout the london talks the official said bra kanon is chairman of the icco council and rumours that he or ivorian delegates might be delayed because of public mourning in the west african nation helped depress already low world cocoa prices friday the official said ivory coast continued to support the new pact which was agreed in principle last year by most of the world s cocoa exporters and consumers he also said bra kanon would fulfil his duties as icco council chairman during the talks scheduled to end on march the meeting aims to set rules for the operation of the pact s buffer stock which producers hope will boost a market hit by successive world cocoa surpluses ivory coast did not participate in the last international cocoa pact and its decision to join the new accord has sparked hopes that it will be more successful in supporting prices reuter
cpi	lange predicts n z inflation to fall to pct new zealand s inflation rate could fall to eight pct in the coming year prime minister david lange said he said forecasts to be released soon by research groups would predict a rate of around eight or nine pct in the months to the end of march against pct in calendar i predict it will be something between eight and per cent he told a news conference lange would not name the forecasting groups reuter
rubber	malaysia welcomes accord on new rubber pact malaysian primary industries minister lim keng yaik welcomed the basic accord reached over the weekend in geneva between producers and consumers on a new international natural rubber agreement inra this is a good development and if a new pact is adopted this week it will augur well for the rubber industry and prices in the long term he told reuters here negotiators at a united nations conference on a new inra resolved differences and agreed last saturday on basic elements for a new pact to replace the current one which expires in october conference chairman manaspas xuto said legal drafting of the new pact will begin this week and it is expected to be formally adopted by some countries on march malaysia the world s top producer acted as spokesman for producers at the talks which began on march malaysian traders said they expected prices to firm by a few cents on the news that a pact is expected to be adopted prices will also firm in the short term because some tonnes of rubber held in inra buffer stock will not be liquidated with a new pact in sight they said reuter
money-fx	german banking authorities weigh swap regulations german banking authorities are weighing rules for banks off balance sheet activities in an attempt to cope with the growing volume of sophisticated capital market instruments banking sources said interest rate and currency swaps and currency options are under closest scrutiny and if revisions are made they may resemble regulation jointly proposed by the u s and u k to japan juergen becker director of the bundesbank s division of banking law and credit supervision said the u s british proposals were interesting but declined to elaborate but banking sources said west germany was more likely to produce its own conclusions than to adopt foreign proposals there is no formal plan yet but talks are in the latter stages one representative of the german banking association in cologne said bankers expect rule changes this year all alterations must be approved by the bundesbank west germany s four major banking associations and the federal banking supervisory office talks have been slowed by the fact that fundamental changes would require a revision of germany s credit law which has been in effect since authorities favour reinterpreting the credit law to fit present circumstances in order to avoid the long parliamentary political process of changing it banking sources said since the beginning of the banking law has limited banks lending to times shareholders equity plus reserves on a consolidated basis but lending ratios do not extend to several newer instruments such as spot and forward currency contracts currency and interest swaps commercial paper programs currency options interest rate futures in foreign currencies and various innovative types of interest rate hedges the sources said the main value of the u s u k proposals lay in differentiating between different types of risk factor and for instance in placing greater weight on currency swaps than interest swaps but even if german banking authorities agree with some of the assessments of swaps they disagree on how to find balance sheet equivalents for the risk u s british proposals include a complicated series of formulae for assessing the stream of payments involved in swaps whose ultimate risk is borne by the financial intermediary especially when counterparties remain anonymous this is the so called market to market value but german authorities are likely to consider this much too complex and to base their evaluation instead on a schedule of lending ratings assigned according to the creditworthiness of the borrowers involved the sources said the weightings also likely if lending ratios are extended to include banks securities portfolios are zero for public authorities pct for domestic banks pct for foreign banks and pct for other foreign and non bank borrowers a further complication is that the more flexible definitions of equity allowed in the u s and the u k may put german banks at a competitive disadvantage the sources said stricter definitions here also mean the use of a version of the u s u k proposals could far exceed the intent of the u s and british authorities the sources said one specialist for dresdner bank ag said a long dated foreign exchange forward transaction could for instance be brought under the same rule as a cross currency swap despite the fact that the risk may be entirely different how new regulations will affect foreign banks here was uncertain many have converted to full subsidiary status and applied for a full banking licence over the last two years in order to lead manage mark eurobonds but as their equity capital is fairly small tight lending ratios will severely hamper foreign banks freedom of movement particularly in the growing business of currency swaps if they are required to include more transactions in the balance sheet the sources added reuter
acq	bhp to merge bhp minerals and utah international the broken hill pty co ltd brkn s said it will merge its bhp minerals division and utah international inc into a single business unit under a common management structure the merger will be effective june coinciding with the retirement of utah international chairman and chief executive bud wilson bhp said in a statement the new bhp utah minerals international group will be headed by jim curry as executive general manager and chief executive officer curry is currently executive vice president of utah international bhp said bhp petroleum americas inc formerly part of utah international will become a subsidiary of bhp s renamed bhp petroleum international now bhp petroleum pty ltd the company said bhp will also bring its queensland coal operations under one management structure and consolidate minerals marketing and sales offices in various markets throughout the world bhp acquired utah from general electric co ge in utah s assets include stakes of to pct in seven large central queensland coking mines pct of the samarco iron ore operation in brazil pct of la escondida copper deposit in chile the island copper mine at port hardy in canada pct of a coal mine and pct of a gold mine in south africa and coal and other mines in the u s bhp minerals assets include wholly and partly owned iron ore mines coal mines manganese and base metal operations or prospects and pct of the ok tedi gold copper project in papua new guinea reuter
retail	german retail turnover rises one pct in january west german retail turnover rose a real one pct in january compared with the same month a year earlier according to provisional data from the federal statistics office there were shopping days in january this year the same as in january a statistics office statement said a statistics office official added retail turnover had risen by pct in december compared with the year ago month a slight upward revision from the pct increase provisionally posted reuter
money-supply	bangladesh money supply rises in december bangladesh s broad based m money supply rose pct to billion taka in december after rising pct to billion in november and pct to billion in december the central bank said on a year on year basis m rose pct in the months to december pct to november and pct to december narrowly based m rose pct to billion taka against a fall of pct to billion in november and a pct rise to billion to december it added year on year m rose pct in december reuter
gold	japan s dowa mining to produce gold from april dowa mining co ltd said it will start commercial production of gold copper lead and zinc from its nurukawa mine in northern japan in april a company spokesman said the mine s monthly output is expected to consist of tonnes of gold ore and of black ore which consists of copper lead and zinc ores a company survey shows the gold ore contains up to grams of gold per tonne he said proven gold ore reserves amount to tonnes while estimated reserves of gold and black ores total one mln tonnes he added reuter
earn	japan business decline seen bottoming out the extended decline in japan s overall business performance was likely to bottom out in the current january march quarter the finance ministry said improved corporate earnings and better prospects for the stability of the yen had made companies more optimistic it said after carrying out a quarterly survey the survey conducted in february was based on questionnaires returned by large and small firms in all sectors except the finance and insurance industries the survey said overall corporate earnings were expected to turn positive with an estimated pct year on year increase in the second half of fiscal ending on march after a pct decrease in the first half corporate earnings will grow further in the first half of fiscal rising an estimated pct it added manufacturers earnings hit hard by the yen s steady rise against the dollar will rise pct in first half fiscal after falling pct in the second half of fiscal it said overall earnings of non manufacturing companies will rise pct year on year in the first half of fiscal after growing pct in the second half of fiscal the survey said it said this figure was bolstered by profits of firms such as electric power and gas companies which have benefitted from the yen s appreciation reuter
acq	carlton buys stake in central independent tv carlton communications plc ccml l said in a statement it had purchased a pct stake or some mln shares in central independent television from ladbroke group plc ladb l at p per share the consideration of mln stg will be met with mln stg in cash and the issue of one million ordinary carlton shares it said central showed pretax profits up by pct to mln stg for the year ended september reuter
sugar	european beet plantings seen little changed european sugar beet plantings are expected to show little change from last year despite recent firmness in world prices analysts and industry sources said a reuter survey of planting intentions showed that while so far european community ec growers plan unchanged to lower areas increases are expected in some eastern european nations trade analysts said their private reports give similar results and do not differ significantly from the first estimate of stagnant european beet plantings made last week by west german sugar statistician f o licht areas may be slightly lower but analysts and agricultural experts said the steady rise in yields resulting from improved seed varieties and better farming techniques could offset this in recent years good autumn weather has given yields a late boost making up for lower areas despite some disappointing starts to growing seasons changes in ec areas reflect the extent to which producers will grow so called c sugar for unsubsidised sale to the world market this is what is produced in excess of the basic area needed to meet the ec a and b quotas which receive full and partial price support respectively some analysts said the open row that broke out last week between producers and the ec commission over its export policy could have serious implications for future sugar output beet producers have threatened to effectively dump nearly one mln tonnes of white sugar into ec intervention stocks as they feel export subsidies have been too low to compensate for the gap between high ec internal and low world market prices however with the ec budget stretched to breaking point this could give treasury ministers extra resolve in resisting higher guaranteed sugar prices and build a case for a future cut in the basic a and b quotas they added in france the largest producer of ec quota and non quota sugar the sugar market intervention board firs said first planting intentions indicate an area about the same as last year s hectares nine pct below the previous year the basic trend is towards stability a firs spokesman said unlike world market raw sugar prices in dollars white sugar french franc prices are not particularly high and are not encouraging higher planting levels he said beet sugar output last year was mln tonnes with an average yield of tonnes per ha the highest in the ec apart from the netherlands but below the previous year and a five year average in west germany recent price rises have not altered plans since planting decisions were taken a few months ago industry sources said the farm ministry said a december survey is still valid and plantings should be cut slightly after being trimmed by just under four pct in when yields were above average licht last week estimated west german plantings at a reduced hectares against last year british sugar plc the monopoly beet processor has signed up u k farmers to grow mln tonnes of beet this should yield about mln tonnes of whites last year s crop equalled the second highest ever at mln tonnes british sugar has a and b quotas totalling mln tonnes of whites and its c output is due to improved yields from more consistent disease resistant seed types recent price rises have not altered polish plans wincenty nowicki a deputy director of cukropol the amalgamated sugar industry enterprises said world prices are still below polish production costs and there is no way to convince farmers to increase the area above the already signed contracted level the national plan set before prices began to rise put plantings this year at hectares against in nowicki said last year production was mln tonnes world prices have less impact in italy than in france or germany as it is traditionally not an exporter but is geared to the domestic market an official at the national beet growers association said italian sowings are not yet complete but surveys suggest a drop from last year s ha especially in the north where some farmers have switched to soya beet output last season of mln tonnes yielded a higher than expected mln tonnes of white sugar dutch plantings are expected to fall to ha from a record in as a new self imposed quota system comes into force a spokesman for centrale suiker the second largest dutch sugar processor said the new system aims for an average of around tonnes of white sugar and to cut output of c sugar last year the netherlands produced a record mln tonnes of white sugar against a combined a and b quota of only tonnes the world price of sugar would have to rise much higher than it has done recently to make planned production of c sugar really worthwhile the spokesman said western agricultural experts in moscow said soviet planting intentions are likely to be unchanged licht put this year s soviet beet area at mln ha against mln last year hungary is expanding its beet area to ha from some in the official mti news agency said but diplomats said policy is to balance supply with domestic demand the spanish ministry of agriculture said beet sowings are estimated unchanged at ha this year a spokesman for denmark s largest beet concern de danske sukkerfabrikker a s said its sugar target was unchanged from at tonnes from a steady area of ha in sweden where beet is grown just to meet domestic demand the planted area is seen little changed at ha against last year according to a spokesman for sugar company svenska sockerfabriks ab last year irish yields were the lowest for years due to late sowings and the state run irish sugar plc said the plantings target is the equivalent of hectares down from in reuter
jobs	swiss unemployment falls to pct in february swiss unemployment edged down to pct of the working population from one pct in january and in february the federal office of industry trade and labour said seasonally adjusted however there was a slight rise in unemployment the number out of work fell to down compared with the previous month the number of vacant positions registered with employment offices stood at against in january reuter
reserves	malaysia s gold and foreign exchange reserves rise malaysia s gold and foreign exchange reserves rose to billion ringgit in february from billion in january and billion in february bank negara malaysia said the central bank said cumulative assets at end february fell to billion ringgit from billion at end january but were up from billion at end february last year holdings of federal government securities dropped to mln ringgit in february from billion a month earlier and billion in february malaysia s special drawing rights rose to mln ringgit at end february from mln at end january and mln at end february the bank said the imf position was unchanged from january at mln but was above the mln in february a year ago currency in circulation in february fell to billion ringgit from billion a month earlier but was up from billion in february last year reuter
earn	pearson plc pson l yr ended dec shr p vs p final div p making p vs p pre tax profit mln stg vs mln net profit before minorities mln stg vs mln turnover mln vs mln pre interest profit mln vs mln net interest mln vs mln tax mln vs mln minority interests mln vs mln extraordinary debit mln vs credit mln note extraordinary debit reflected full provision for discontinuing the financial times s printing operations at bracken house in partly offset by gains on disposals reuter
trade	china reports mln dlr two month trade deficit china s trade deficit totalled mln dlrs in the first two months of this year according to figures released by the state statistics bureau the new china news agency quoted the bureau as saying foreign trade totalled billion dlrs in the period of which exports were worth billion dlrs the bureau said total trade volume was up pct on the same period with exports up pct but it gave no other comparative figures china s trade deficit totalled billion dlrs official figures show reuter
earn	poclain offers par rights issue french machinery maker poclain pct owned by tenneco inc said it will raise its capital to mln francs from mln by a for rights offering to shareholders priced at par of francs a share the offer between march and april is the second stage of a capital restructuring plan announced in december under which tenneco will become poclain s majority shareholder in the first stage poclain reduced its capital to mln from mln by reducing the nominal value of its shares to francs from poclain traded friday on the paris bourse at francs reuter
money-fx	u k money market offered early assistance the bank of england said it invited an early round of bill offers from discount houses after forecasting a shortage in the system of some billion stg among the main factors affecting liquidity bills maturing in official hands and treasury bill take up will drain some billion stg while exchequer transactions will take out around mln stg and bankers balances below target five mln stg partly offseting these outflows a fall in note circulation will add some mln stg to the system today reuter
acq	manila government to take over san miguel board a government commission that controls pct of san miguel corp smc stock will increase its nominees on the firm s member board to nine from six we want to correct business practices ramon diaz chairman of the presidential commission on good government pcgg told reuters right now there are a lot of companies that keep so many things from their shareholders and one of them is san miguel he said a san miguel spokesman declined comment diaz said new york investment bank allen and co inc told the pcgg it was interested in tendering for all outstanding smc stock with the subsequent dispersal of pct of the stock to filipino investors to comply with investment laws he said australian businessman and brewer alan bond and the brewing company elders ixl ltd elxa s were interested in buying pct each of smc stock he added that the pcgg wanted some foreign input but would not allow foreign control of the brewing and food conglomerate the philippines biggest manufacturing concern diaz said the pcgg did not plan to remove smc president andres soriano from his family company he has tremendous prestige to run the company diaz said we appreciate his management but certainly some practices have to be corrected reuter
earn	cie bancaire in one for five bonus share issue cie bancaire a subsidiary of recently privatised banking group cie financiere de paribas pari pa said it is issuing mln new francs nominal shares on the basis of one for five already held the operation will begin on march a spokesman said cie bancaire also said it has increased its capital to billion francs from billion by the incorporation of mln francs of reserves reuter
cpi	israeli inflation rate is pct in february israel s inflation rate for february was one pct compared to pct in january and pct in february a spokesman for the central bureau of statistics said inflation for the months ending in february was pct the spokesman said february price rises were mostly in housing health education entertainment and transport wage and price controls have been in force since august officials said the controls have helped soften the effect of a recent pct devaluation of the shekel reuter
acq	bond defers rights issue mulls project partners bond corp international ltd a subsidiary of the australian based bond corp holdings ltd bona s said it would defer its planned rights issue but still wants the issue to be made before july no date has been set for the issue announced in january in a document to shareholders bond corp said the delay follows its receipt of a mln h k dlr loan from its parent company to meet the first payment on the newly acquired bond centre commercial complex in central hong kong it also wants outside partners to take up to pct in the project the company said the january announcement said the rights issue would finance bond corp s billion dlr acquisition of a pct stake in hk tvb ltd tvbh hk from film magnate run run shaw the company then reached an agreement with a consortium led by sino land co ltd sino hk to buy a commercial complex that is still under construction for billion dlrs bond international said in the document that except for the mln dlr loan the deal would be financed from internal resources and by selling an interest in the building the payments must be completed by the end of bond international has also sold several residential buildings in hong kong s mid levels district for a total of mln dlrs the statement said the flats were among the properties it bought last year from hongkong land co ltd hkld hk for billion dlrs analysts said bond international is heavily geared as it has relied on bank borrowings to purchase both the hongkong land properties and the hk tvb shares bond international also said in the document that while it plans to sell an interest in the complex it will hold the hk tvb shares as a long term investment reuter
interest	philippines sees government revenue up pct philippine government revenue is expected to rise pct to billion pesos this year from billion in finance secretary jaime ongpin said in a report to president corazon aquino on his department s performance during the year ended february ongpin said at least billion pesos were expected to accrue from new tax reform measures announced last year he said the goal for official development assistance oda this year is two billion dlrs adding that aid donors have committed oda inflows of billion dlrs in up pct from billion in ongpin said steps planned to provide a sound revenue base included a value added tax vat system due to be introduced in he gave no other details he said treasury bill maturities interest rate levels and the volume of government securities sold to the private sector have improved significantly in particular short term prime interest rates which had gone over pct in are now down to less than pct he said ongpin said the government s debt equity scheme introduced in august last year had attracted more than mln dlrs worth of applications but selective evaluation had resulted in approvals of only mln dlrs at end february he said his department aims to accelerate its privatisation program and the sale of non performing assets owned by associates of former president ferdinand marcos to achieve a sales target of four billion pesos which would help finance land reform aquino said earlier this month that all the billion pesos the government hopes to raise from the sale of the failed companies will be used to finance the land reform plan ongpin also said the government would pursue efforts to obtain mln dlrs in concessional funding for the program from a world bank led consultative group of multilateral and bilateral aid donors the government has said the land reform plan aims to distribute mln hectares of land to poor peasants reuter
trade	norway s trade deficit widens in february norway s trade deficit widened in february to mln crowns from mln crowns in january and mln crowns in february last year the central bureau of statistics said exports dropped to billion crowns last month compared with billion in january and billion in february it added crude oil and natural gas exports totalled billion crowns in february against billion in january and billion a year ago reuter
interest	uae government paper yields unchanged yields on certificates of deposit issued by the united arab emirates central bank were unchanged at pct the bank said the yield applies to maturities of one two three and six months reuter
cpi	dutch cost of living falls pct in february the dutch cost of living index base fell pct to in the year to mid february after a pct fall in the year to mid january the economics ministry said the february index was pct up on january clothing shoe and vegetable prices rose in february while prices of coffee heating oil and most car fuels fell the ministry added reuter
ipi	swedish industrial production falls in january sweden s industrial production fell pct during january compared with a fall of pct the month before and remains unchanged compared with january according to figures from the central bureau of statistics the bureau attributed the fall to a long christmas break and particularly cold weather which lowered production in the forestry industry reuter
alum	pechiney signs letters of intent with soviet union pechiney pukg pa said it signed two letters of intent with the soviet union covering the setting up of packaging and packaging materials joint ventures it said one proposed venture would produce aluminium packaging for food and cosmetics the other envisaged pechiney putting together a consortium of european partners to set up a packaging and equipment manufacturing unit in the soviet union a pechiney spokesman said two working groups would prepare detailed projects over the next three months he said it was too soon to estimate the financial value of the two ventures reuter
crude	mees says second week march opec output mln bpd opec produced only about mln bpd of oil in the second week of march mln bpd below its ceiling largely because of pipeline problems in turkey and ecuador the middle east economic survey mees estimated a landslide breached iraq s one mln bpd pipeline through turkey on march for a week and earthquakes in ecuador have shut down its export pipeline for four to five months ecuador has an opec quota of bpd mees put saudi arabian output at mln bpd in the first week of march and mln bpd in the second in addition to output from the neutral zone between saudi arabia and kuwait mees said saudi arabia was pumping more than bpd of its total production into floating storage saudi oil minister hisham nazer told reuters and the television news agency visnews yesterday that saudi output including neutral zone production was around three mln bpd the cyprus based newsletter also said authoritative libyan oil sources said libya was producing bpd compared with its bpd quota and that actual liftings are much lower than that it said one major libyan equity producer had partially stopped lifting its bpd equity entitlement for march because libya was insisting on official prices but is still lifting bpd of debt crude at official prices and a further bpd of purchase crude it said small equity producers with entitlements of only to bpd had also told tripoli they could not lift at official prices mees said iraq had sent a telex to opec and member countries calling for the formation of a committee to study what it said were inequalities in marketing potential among various members the newsletter said the iraqi letter indicated baghdad was having difficulty selling crude at official prices the iraqi telex pointed out that some member countries export substantial volumes of oil that are not subject to opec price regulations exports of refined products equity crude on which the margins are equivalent to covert discounts and other forms of hydrocarbons which are marketed in package deals with crude oil reuter
cpi	finnish inflation falls to pct in february year on year finnish consumer prices fell to pct in february from pct in january and pct in february the central statistical office said consumer prices rose pct in february after rises of one pct in january and pct in february the consumer price index base was in february in january and in february reuter
earn	pearson concentrates on four sectors pearson plc pson l said the recent sale of its fairey engineering companies in a mln stg management buy out was part of its policy of concentrating on four key sectors in a statement with its results the company said its information and entertainments sector s financial times ft newspaper had record sales and profits the ft is subject to a mln stg investment programme with the printing and publishing operation moving to a new plant in the london docklands next year its other key sectors are merchant banking oil and china commenting on its camco inc oil service subsidiary pearson said it believes the oil business setback is only temporary the group has been acquiring oil properties in both the u s and britain which will begin to make a significant impact on profits in the s far east operations of fine china subsidiary royal doulton ltd are being expanded in the wake of record recent sales in japan it added pearson reported pre tax profit of mln stg up from mln in turnover fell to mln from mln reuter
money-supply	german february central bank money grows annual pct january same prov bundesbank data
money-supply	german february central bank money growth steady west german central bank money stock was growing at an annualized pct in february unchanged from the pct reported in january provisional data from the bundesbank showed the figure was thus outside the three to six pct range set by the bundesbank for in absolute terms the measure rose to billion marks in february from billion in the prior month the data showed that the stock grew at an annualized pct over the six months to february slower than the pct rise in the same period to january of the two components comprising central bank money stock cash in circulation rose to billion marks in february from billion in january the bundesbank data showed this gave an annualized pct rise over the six months to february down from a pct increase over the six months to january minimum reserve requirements on domestic liabilities grew to billion marks in february from billion in january this yielded an annualized pct rise over the six month to february up slightly from an pct increase over the same period to january reuter
retail	uk feb retail sales rise provisional pct jan fall pct official
gold	german bank sees higher gold price for gold is expected to continue its rise this year due to renewed inflationary pressures especially in the u s hamburg based vereins und westbank ag said it said in a statement the stabilisation of crude oil prices and the organisation of petroleum exporting countries efforts to achieve further firming of the price led to growing inflationary pressures in the u s the world s biggest crude oil producer money supplies in the u s japan and west germany exceed the central banks limits and real growth of their gross national products it said use of physical gold should rise this year due to increased industrial demand and higher expected coin production the bank said speculative demand which influences the gold price on futures markets has also risen these factors and south africa s unstable political situation which may lead to a temporary reduction in gold supplies from that country underline the firmer sentiment it said however australia s output is estimated to rise to tonnes this year from tonnes in reuter
retail	u k retail sales rise pct in february the volume of u k retail sales rose a provisional seasonally adjusted pct in february after falling a final pct in january figures released by the department of trade and industry show the february sales index base was put at a preliminary after a final in january in the three months from december to february the level of sales was little changed over the previous three months but was nearly six pct higher than the same year ago period on a non seasonally adjusted value basis retail sales in february were a provisional pct higher than a year earlier the department noted the latest figures were similar to the average in the fourth quarter last year but well above the january index which was depressed by the effects of severe weather the february trading period comprised the four weeks february to final february retail sales figures will be published on april reuter
earn	transport development group plc tdgl l year shr p vs p final dividend p making p vs p pre tax profit mln stg vs mln turnover mln stg vs mln operating profit mln stg vs mln net interest mln vs mln tax mln vs mln profit after tax mln vs mln minority interest vs net tangible assets per ordinary shr p vs p reuter
cocoa	cocoa latest focus for commodity pact negotiators the credibility of government efforts to stabilise fluctuating commodity prices will again be put to the test over the next two weeks as countries try to agree on how a buffer stock should operate in the cocoa market government delegates and trade experts said only two weeks ago world coffee prices slumped when international coffee organization members failed to agree on how coffee export quotas should be calculated this week many of the same experts gather in the same building here to try to agree on how the cocoa pact reached last summer should work the still unresolved legal wrangle surrounding the international tin council itc which had buffer stock losses running into hundreds of millions of sterling is also casting a shadow over commodity negotiations the itc s failure has restricted negotiators ability to compromise as governments do not want to be involved in pacts with built in flaws or unlimited liability but want clear lines drawn between aid and trade a more hopeful sign of cooperation was agreement on basic elements of a new international natural rubber agreement in geneva at the weekend some importing countries insist the international cocoa organization icco buffer stock rules must not be muddied with quota type subclauses which might dictate the type of cocoa to be bought one consumer country delegate said this would distort not support the market trade and industry sources blame uncertainty about the icco for destabilising the market as the recent collapse in coffee prices has made traders acutely aware that commodity pacts can founder on friday this uncertainty helped push london cocoa futures down to eight month lows the strength of sterling has also contributed to the recent slip in prices the icco daily and average prices on friday fell below the must buy level of sdrs a tonne designated in the pact which came into force at the last icco session in january but without rules for the operation of the buffer stock consumers and producers could not agree on how it should operate and what discretion it should be given the agreement limits it to trading physical cocoa and expressly says it cannot operate on futures markets a cash balance of some mln dlrs and a stock of almost tonnes of cocoa enough to mount large buying or selling operations were carried forward from the previous agreement members finance the stock through a dlrs a tonne levy on all cocoa they trade it has an upper limit of tonnes the key arguments being faced by the icco working group on buffer stock rules which is meeting today and tomorrow will be over non member cocoa and differentials the buffer stock should pay when trading different types of cocoa another working group is scheduled to meet wednesday to discuss administrative matters and the full council meets on thursday producers have so far maintained that buffer stock funds should not help mop up surplus cocoa produced in non member countries such as malaysia consumers say when this cocoa is the cheapest the buffer stock should buy it rather than compete with chocolate manufacturers for premium priced high quality cocoas the argument over buying non member cocoa is closely linked to the one over differentials for different qualities european industry and trade advisers have suggested as a compromise that the buffer stock have a maximum share that can represent non member cocoa and that it use the london futures market s existing differentials for different qualities currently good west african cocoa is tendered at par onto the london market discounts which are currently under review range up to stg a tonne for brazilian and malaysian cocoa consumer delegates said the same arguments in reverse would operate when prices are high the buffer stock should sell the highest priced cocoa in most demand forcing all prices lower the january talks were slowed by a split inside the european community a key icco consumer group with france siding with producers ec representatives met in closed session in brussels on friday in an attempt to reach a common ground and a diplomatic source said narrowed the range of positions among the nations the source said the ec will be looking for signs of flexibility on the part of producers in the next few days and will be able to respond if they are there one icco delegate describing the producer consumer split said consumer proposals mean buying more cocoa for less and backs the concept of the pact which is meant to support the market where trade buying is not in contrast he said producers seem to want to sell their cocoa to the buffer stock rather than consumers other more technical issues still outstanding include whether the buffer stock should buy at a single announced posted price as in the previous pact or by announcing it is buying then accepting offers in either case delegates said it is accepted that producers must be given a clear opportunity to make offers of cocoa for forward shipment directly to the buffer stock in a way that is competitive with spot offers made by dealers reuter
cpi	yugoslav february inflation rises pct yugoslav retail prices in february rose pct from january to stand pct higher than in february the federal statistics office said in january retail prices rose pct from december to stand pct higher than in january the cost of living an index that includes services and utilities as well as retail prices was up pct in february from january and stood pct higher than in february in january the cost of living increased by pct from december and stood pct higher than in january reuter
earn	mai plc mlll l six months to december shr p vs p div p vs p pretax profit mln stg vs mln net after tax mln vs extraordinary credit mln stg vs nil turnover mln vs note the extraordinary item comprises profit less losses on the sale of certain subsidiaries less related tax and minority interests pretax profit comprises securities and money broking mln stg vs mln personal financial services mln vs stg media mln vs mln market reserch stg vs net interest vs mln reuter
crude	ecuador says it will pay debt when it can president leon febres cordero said ecuador would honour its debt when it had the capacity to make payments but said foreign banks had calculated oil would have to be dlrs a barrel for ecuador to meet its commitments ecuador said on friday that last week s earthquake was forcing it to reaffirm an earlier decision based on the slide in world oil prices to suspend debt payments to private foreign banks which hold two thirds of its billion dlr foreign debt all legitimate debt is a commitment of honour the president said during a visit to the quake zone a government as a sovereign entity has dignity and prestige to maintain private foreign banks and the world bank had calculated oil would have to be at least dlrs a barrel for quito to be able to meet its commitments febres cordero said he added that ecuadorean crude was now selling for to dlrs a barrel after having been sold for many months at dlrs a barrel and as low as seven dlrs before that meanwhile ecuador announced an austerity program and a price freeze on key consumer goods as a result of the earthquake which killed at least people presidency minister patricio quevedo said the budget would be cut by five to pct government hiring would be frozen and salaries of top officials including the president and cabinet would be reduced he also said a price freeze would be imposed on basic consumer items mainly food staples while the price of gasoline would rise by between and pct and bus fares would rise by pct gasoline supplies would also be limited reuter
money-fx	u k money market deficit forecast revised upwards the bank of england said it had revised its estimate of the shortage in the money market today up to billion stg before taking account of its early operations earlier the bank forecast the deficit at billion stg and gave mln stg assistance at an early round of bill offers reuter
crude	paribas seeking to adjust ecuador oil facility banque paribas which arranged a mln dlr loan for ecuador last year to pre finance oil exports wants to adjust the terms of the facility to help the country recover from a devastating earthquake bankers said but the french bank s plan which would effectively postpone repayment of about mln dlrs of the loan for several months is running into stiff resistance from many of the members of the loan syndicate the pipeline that carries all ecuador s oil exports was ruptured in the march tremor and will take some five months to repair at a cost of about mln dlrs to repair president leon febres cordero on friday estimated total damages caused by the quake at one billion dlrs and said that ecuador as a result would maintain january s suspension of interest payments on its foreign commercial bank debt payments were halted in january because of the drop in the price of oil which accounts for nearly two thirds of ecuador s export earnings and pct of government revenue although sympathetic to ecuador s plight many banks in the paribas facility feel that emergency financial relief is a job for international financial organizations and not for commercial banks bankers said the month oil financing facility which was signed last october is one of the few purely voluntary credits for a latin american nation since the region s debt crisis erupted in august because it was a voluntary deal many bankers feel strongly that the orginal terms must be adhered to otherwise they fear the gradual re establishment of normal market conditions for latin borrowers will be set back there s a lot of reluctance by the other banks they feel it s a different facility and so any kind of suggestion of a restructuring would look bad one banker commented reuter
acq	bank of china takes stake in baii holdings bank of china has taken a stake in luxembourg based finance company baii holdings sa a spokesman for baii said the stake was between three and five pct but no further details of the deal which was announced simultaneously in paris london and hong kong were immediately available baii which is pct arab owned is looking to expand its activities in the far east and recently established a wholly owned merchant banking subsidiary in hong kong the spokesman said the group had earnings of mln dlrs in reuter
crude	saudi oil minister sees no need to alter pact saudi arabian oil minister hisham nazer said opec s december agreement to stabilize oil prices at dlrs a barrel was being implemented satisfactorily and there was no immediate need to change it nazer in an interview with reuters and the television news agency visnews said saudi arabia was producing around three mln barrels per day bpd of crude oil well below its opec quota saudi arabia the world s largest oil exporter will continue to restrain production as long as other opec members adhere to the pact nazer said the nation opec agreed in december to cut its production ceiling by pct to mln bpd and abide by fixed prices averaging dlrs a barrel from february nazer in his first interview since succeeding ahmed zaki yamani last october said i do not foresee any need for new measures before the th of june when our next opec meeting will take place as scheduled nazer said opec was producing below mln bpd and all members were abiding by its agreements we ve heard news every now and then of violations but they were not at all verified he said opec production curbs have boosted world oil prices from a year low of around eight dlrs a barrel last august to near dlrs after announcement of the december pact spot market prices slipped some two dlrs in february but have firmed in the past two weeks to near opec levels as traders gained confidence in opec price and output discipline nazer said saudi arabia would continue to produce below its mln bpd quota if necessary to defend the dlr price as long as all the opec members adhere to the program as devised in december saudi arabia will continue to adhere to the agreement he said current production of three mln bpd includes oil from the neutral zone shared with kuwait but not sales from floating storage nazer said king fahd of saudi arabia in an interview with reuters and visnews on march said the kingdom wanted oil price stability and called on non opec producers to avoid harmful competition with opec saudi arabia doesn t decide prices by itself but certainly desires price stability he said nazer said the output level did not mean the kingdom had returned to a role of swing producer within opec saudi arabia allowed its output to sink as low as two mln bpd in august to compensate for slack demand and over production by some opec states saudi arabia is not playing that role it is being played by opec membership as a whole because the reduction in the mln bpd share of opec in the market is being shared by other members of opec nazer said nazer said opec estimated demand for its oil during third quarter this year would be around mln bpd but he said if circumstances changed i am sure then the opec members will consult with each other and take the necessary measures oil analysts say the opec pact could come under strain when demand for petroleum products generally falls in the northern hemisphere spring and summer nazer said he was satisfied with the extent of cooperation from non opec producers norway egypt and the soviet union agreed to help opec by restraining production or exports after he visited them on opec s behalf earlier this year we did not ask any country to do anything these were programmes they thought were necessary to stabilise market conditions and to help themselves attain better pricing conditions nazer said he said it was up to countries that declined to cooperate such as britain to come up with their own proposals if they saw fit
trade	turkish trade deficit widens in turkey s trade deficit rose to billion dlrs in from billion in following increased imports from western countries figures from the state statistics institute show exports were down pct at billion dlrs compared with billion in while imports were down pct at billion dlrs from billion total trade with mid east gulf states fell some pct due to lower oil prices with imports at billion dlrs compared with billion and exports at billion after billion exports to organisation for economic cooperation and development countries rose to billion dlrs from billion in while imports were billion after billion turkey s trade deficit in december narrowed to mln dlrs from mln in november and compared with mln in december reuter
earn	alusuisse shares fall after capital cut news bearer shares of schweizerische aluminium ag aluz z alusuisse fell sharply as trading resumed after a one day suspension on friday when the firm disclosed plans for a capital cut the bearers held mainly by foreign investors dropped swiss francs to but volume was not particularly heavy registered shares were less affected slipping five to the participation certificates fell to francs from alusuisse made a net loss of mln francs after a restated mln loss in and set a pct capital cut the company said it could break even this year reuter
trade	egypt soviets to renegotiate arms debt terms egypt and the soviet union are expected to sign an agreement in moscow next week settling cairo s three billion dlr military debt egyptian officials said one official who asked to remain anonymous told reuters a draft agreement would reduce to zero from two pct future interest payable on the year old debt and set a year repayment term talks are due to begin in moscow on wednesday economy minister youssri mustapha who leaves for moscow on tuesday met president hosni mubarak and egyptian ambassador to moscow salah bassiouni to discuss the issue one official said egypt would propose a new exchange rate for trade with the soviet union current commerce is based on a rate set in the s of egyptian pounds to the dollar which moscow sees as unreasonable the fluctuating official rate is about pounds to the dollar the officials said part of the debt would be paid in exports of goods such as textiles leather and furniture egypt wants to settle the debt problem partly to open the door for new cooperation mainly in modernising soviet built steel aluminium and fertiliser plants under a five year development plan ending june egypt which already imports soviet coal wood newsprint and glass also wanted a debt deal to allow purchases of currently blocked spare parts for its ageing soviet military hardware the officials said an estimated pct of egypt s arsenal is still made up of soviet supplied equipment one official said cairo stopped repaying moscow for arms purchases in when then president anwar sadat broke with its long standing ally and turned to the u s reuter
crude	saudis drop condition for oil sale to brazil saudi arabia has dropped its condition that brazil secure international bank guarantees before saudia arabia would ship it oil state oil company petrobras said in a statement petrobras said the saudis will accept banco do brasil credit guarantees petrobras cancelled a mln dlr crude oil purchase from the saudis yesterday after they refused to accept a letter of credit from the official bank of brazil the saudis had demanded that brazil get credit guarantees from leading international banks petrobras said the saudis had been advised that if they did not change their mind by monday petrobras would negotiate the purchase of oil with other producers the petrobras statement said the shipment of mln barrels will be made by the saudis on march as scheduled the shipment was part of a contract signed in february for the saudis to supply brazil with barrels per day until june reuter
earn	bsi raising mln swiss francs via rights issue banca della svizzera italiana bisz z said it planned a one for rights issue at pct of nominal value to raise about mln francs new capital the rights issue would have a theoretical value to shareholders of swiss francs per bearer share and per registered share bsi was also seeking shareholder authorization for new participation certificates of a nominal value of francs without rights for shareholders to back future convertible or warrant bonds or for other purposes existing franc b tranche certificates would be split five for one the split would improve the marketability of the existing certificates chief executive giorgio ghiringhelli told a news conference the new bearer shares would be priced at francs compared with a closing price last friday of on the zurich stock exchange while the registered shares would be issued at francs against a market price of reuter
acq	pepsico offers to acquire calny inc for dlrs a share
acq	harper and row hpr to mull options after bids harper and row publishers inc said its board of directors decided to take no action on two takeover bids that the company has received instead it appointed a committee of independent directors to study strategic alternatives for the year old firm the alternatives include continuation of the company s existing business plans possible business combinations sales of stock restructuring and the sale of all or part of the company kidder peabody and co inc has been retained to advise on the alternatives harper and row added private investor theodore cross last week offered dlrs a share for harper and row prompting a rival bid of dlrs a share from another publishing firm harcourt brace jovanovich inc hbj after carefully considering the two offers at a meeting on friday the harpers and row board decided not to act on them the directors unanimously expressed their strong desire to preserve the company s independence and take advantage of its considerable future prospects according to director winthrop knowlton former chief executive and now chairman of the newly established independent committee however given the significant current interest in the company we also feel that we should carefully review all the options available the committee will consider all the pertinent facts and alternatives we intend to make a careful and informed decision but will proceed expeditiously to a conclusion knowlton said pending its deliberations harper and row s board has postponed indefinitely a special meeting of stockholders that had been scheduled for april to discuss a proposal to recapitalize the company s stock in order to create two classes of shares with different votinmg rights reuter
acq	failing washington state s l is acquired the federal home loan bank board fhlbb announced the acquisition of home savings and loan association in seattle washington by interwest savings bank of oak harbour washington the fhlbb said home savings was the th troubled savings institution requiring federal action this year it said home savings had assets of mln dlrs in assets and interwest had assets of mln dlrs reuter
trade	baldrige warns of world trade war danger u s commerce secretary malcolm baldrige predicted congress will pass a reasonable trade bill this year and said tough protectionist legislation could prompt a trade war the mood of the congress right now is as tough on trade as i ve ever seen it in six years in washington baldrige said in a weekend television interview i think we ll still be able to get a reasonable trade bill out in spite of that because the whole congress is trying to work together with the administration but there is a hardening trade attitude he said president reagan opposes protectionist legislation but agreed to support a trade bill when it became apparent that opposition democrats would pass such legislation however baldrige warned measures that would penalize trading partners such as japan south korea and taiwan for failing to cut their trade surpluses with the u s could lead to retaliation and he said he would urge reagan to veto any such bill when asked if there is a rising danger of a worldwide trade war baldrige said yes i don t think there s any question about that reuter
acq	calny clny gets bid from pepsico pep calny inc said it has received an offer to be acquired by pepsico inc which already owns pct of calny stock for dlrs per share subject to approval by pepsico and calny boards and calny shareholders the company said its board intendsd to schedule a meeting in the near future to review the proposal and it has asked oppenheimer and co inc to assist it in evaluating the offer and advise calny on its alternatives calny is the largest franchisee of pepsico s taco bell restaurants operating in california oregon texas and washington as well as la petite boulangerie bakeries in seattle calny earned dlrs on sales of mln dlrs for the nine months ended november four on december four calny rejected as inadequate an investor group led by former president and chairman robert a larive s second offer to acquire it because the bid was inadeuqate and subject to too many contingencies the group offered dlrs and one dlr of pct preferred stock per calny share reuter
acq	warburg pincus starts symbion symb bid warburg pincus capital corp said it has started a tender offer for up to common shares of symbion inc at dlrs each in a newspaper advertisement the firm said the opffer is not conditioned on receipt of any minimum number of shares but is conditioned on holders of nor more than symbion sharesseeking to receive the fair value of their shares under provisions of the utah business corporation act warburg said receipt of shares would raise its interest in symbion to about pct from pct currently and give it control warburg said it reserves the right to buy more than shares if the offer is oversubscribed but has no present intention of doing so it said it has asked symbion to provide its shareholder list to help in disseminating the offer the firm said the offer proration period and withdrawal rights expire april unless extended reuter
earn	zim energy zimr to sell shares privately zim energy corp said it has entered into an agreement for a group consisting of strategy and development inc norsk vikingolje a s of oslo and mis gas corp which already owns one third of zim to buy to mln new common shares at cts each in association with polo energy corp and jaguar petroleum corp the company said the investor group also bought about mln shares from zim management it said james mitchell william richardson and steven duin have resigned as officers and directors zim said chemclear inc cmcl has unilaterally canceled an agreement to merge with zim and zim s board is studying the possiblity of a claim against chemclear the company said it expects to report a loss for the year of about dlrs due to lower oil and natural gas prices unsuccessful well workover programs and excessive overhead and corporate expenses it said it plans a dramatic reduction in overhead costs that should improve results the company said michel billard has been named chairman and robert berckmans has been named president and chief executive and berckmans and two others have joined the board zim said it has agreed to acquire the remaining interest in its buccaneer and blue dolphin pipeline affiliates for about one mln dlrs in cash and stock it gave no further details reuter
earn	bluefield supply bfld in liquidating payout bluefield supply co said its board declared its second liquidating dividend of dlrs per share payable march to shareholders of record march the company paid an initial liquidating dividend of dlrs per share on january eight reuter
earn	bergen brunswig corp bbca nd qtr feb net shr cts vs cts shr diluted cts vs cts net vs revs mln vs mln st half shr cts vs cts shr diluted cts vs cts net vs mln revs billion vs billion reuter
acq	dixons sells mln woolworth shares dixons group plc dxns l has sold mln shares in woolworth holdings plc wlth l through salomon brothers u k equity ltd a statement from salomon said the shares were placed with about to institutions in europe and the far east dixons retains one mln woolworth shares a dixons spokesman added industry sources said dixons acquired the woolworth shares in connection with its unsuccessful bid for the company last year dixons paid an average price of p per share which compares with p today woolworth closed on froday at p a dixons spokesman said the decision to retain one mln shares reflected woolworth s buoyant prospects reuter
earn	joule inc joul sets stock split joule inc said its board declared a three for two stock split payable april record march reuter
acq	whippany paper board co inc merger approved whippany paper board co inc said shareholders at a special meeting approved a merger into npn inc for dlrs per share npn acquired control of whippany in a recent tender offer reuter
acq	northern air freight nafi gets rejects bid privately held pilot air freight said it met with officials of northern air freight inc to try to negotiate a friendly acquisition of northern but northern s management had no interest in the proposal northern has annual revenues of about mln dlrs and is based in seattle reuter
earn	american building maintenance abm st qtr net shr cts vs cts net vs revs mln vs mln note american building maintenance industries inc reuter
acq	renouf extends benequity holdings bh offer renouf corp international said it has extended the expiration of its offer to pay dlrs a unit to buy all outstanding units of benequity holdings a california limited partnership to march from march as of march renouf said about units had been tendered renouf pointed out this exceeds the minimum number sought in the offer but its statement gave no reason for the extention benequity has mln units outstanding reuter
earn	new world pictures ltd nwp th qtr net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln year oper shr cts vs cts oper net mln vs revs mln vs mln avg shrs mln vs mln note year net excludes dlr tax credit reuter
earn	lowrance electronics inc leix nd qtr jan shr profit cts vs loss two cts net profit vs loss sales mln vs st half shr profit cts vs profit cts net profit vs profit sales mln vs mln reuter
earn	commtron corp cmr nd qtr feb net shr cts vs cts net vs sales mln vs mln avg shrs mln vs eight mln st half shr cts vs cts net vs sales mln vs mln avg shrs mln vs eight mln reuter
earn	wholesale club inc whls th qtr jan net shr profit two cts vs loss cts net profit vs loss sales mln vs mln avg shrs vs year shr loss cts vs loss cts net loss vs loss sales mln vs mln avg shrs vs reuter
earn	msa realty corp sss th qtr net shr profit four cts vs loss two cts net profit vs loss revs vs avg shrs vs year shr profit cts vs loss cts net profit vs loss revs vs avg shrs vs note earnings include a loss from carryforward of investment tax credits of dlrs in the quarter and a gain of dlrs or four cts a share for the year reuter
cpi	economic spotlight france awaits economic lift a year after squeezing to power with a narrow bare coalition majority gaullist prime minister jacques chirac has swept away a cobweb of controls and regulations choking the french economy but france is still waiting for a promised industrial recovery the government says will follow from its free market policies company profits and the stock market are rising but so is unemployment growth is stagnant at about two pct a year and the outlook for inflation held to a year low of pct in is uncertain forced last month to cut the government s growth target and raise its inflation estimate finance minister edouard balladur ruled out action to stimulate the economy but some government supporters say they fear time for an economic miracle may be running out the political clock is ticking towards presidential elections due by april next year france s economic performance led by a mixed cast of right wing ministers and a socialist president has won mixed reviews from non partisan analysts for michel develle director of economic studies at newly privatised banque paribas the government s outstanding achievement has been to launch a veritable intellectual revolution breaking the staid habits formed by centuries of state control the figures may look mediocre neither good nor bad but set in their context of structural reforms they are excellent develle said but some analysts say they fear that balladur chief architect of the government s free market policies may be pursuing a mirage the belief that economic liberalism will produce an explosion of economic forces is ideological said indosuez chief economist jean cheval personally i think it s an illusion dirigisme direction is a basic fact of the french system from school onwards ultra liberalism is impossible illusion or not the government has pushed its vision hard over the past year foreign exchange and consumer price controls have been largely abolished labour regulations have been pruned to ease the sacking of redundant workers and a hugely popular programme has been launched to sell state owned banks and industries to private investors since december nearly five mln french investors have bought shares in cie financiere de paribas pari pa and glass maker cie de saint gobain sa sgep pa the first two state companies brought to the stock market under the billion franc five year privatisation plan encouraged by an amnesty for past illegal exports of capital and the lifting of most currency controls money has flooded into the paris stockmarket from abroad helping to lift the market pct last year and another pct since december at the end of last year the government abolished price controls that had existed for years on services such as car repairs and hairdressing freeing from state intervention small businesses which account for some pct of the french economy the immediate result was a pct rise in consumer prices in january partly responsible for a forced revision in the official inflation forecast to pct from two pct or less but even pct would be a fantastic result when you consider that prices are now free for the first time since commented develle of paribas other achievements include a major reduction in the state s foreign debts and a cut in the state budget deficit to billion francs last year billion francs below target and down from billion in but despite a healthy balance of payments surplus and a gradual improvement in industrial productivity the french franc was forced by speculators in january into a humiliating three pct devaluation against the west german mark its second since chirac took power a recent report by the organisation for economic cooperation and development pilloried french industry for failing to produce the goods that its potential customers wanted outside the mainly state controlled high technology sectors french industrial goods were increasingly ill adapted to demand and over priced the report said french economists including cheval at indosuez agreed with the report one of the assumptions of the government is that if you give them freedom the employers will invest and modernise but nine out of ten will say yes they like freedom and then wait to be told which way to go he said and despite rising industrial investment and the introduction of special incentives to boost youth employment the end number of jobless was reported at a record million some more than a year earlier the problem for the government is that there may be little more it can do to prod the economy into faster growth french producers failed more than most to take advantage of last year s oil price falls and growth hopes now rest on the shaky prospects of expansion in other industrial countries like west germany and japan they say reuter
acq	becor western gets offer to be acquired by new group for dlrs share
earn	everest and jennings international eja th qtr shr profit nine cts vs loss cts net profit vs loss sales mln vs mln year shr profit dlrs vs loss cts net profit mln vs loss sales mln vs mln note net both periods includes dlr provision for plant closing net includes gains on sale of west los angeles real estate of dlrs in quarter and dlrs in year year net includes gains on sale of west los angeles real estate of dlrs reuter
gold	german bank sees higher gold price for gold is expected to continue its rise this year due to renewed inflationary pressures especially in the u s hamburg based vereins und westbank ag said it said in a statement the stabilisation of crude oil prices and the organisation of petroleum exporting countries efforts to achieve further firming of the price has led to growing inflationary pressures in the u s money supplies in the u s japan and west germany exceed central bank limits and real growth of their gross national products it added use of physical gold should rise this year due to increased industrial demand and higher expected coin production the bank said speculative demand which influences the gold price on futures markets has also risen the bank said these factors and south africa s unstable political situation which may lead to a temporary reduction in gold supplies from that country underscore the firmer sentiment it said however australia s output is estimated to rise to tonnes this year from tonnes in reuter
earn	endotronics sees heavy losses in qtr from withdrawal of japan distributor
earn	alpine group inc agi rd qtr jan net shr profit seven cts vs loss five cts net profit vs loss revs vs nine mths shr profit cts vs profit cts net profit vs profit revs mln vs mln note profits include gains of dlrs or three cts a share in quarter and dlrs or cts a share vs dlrs or one cent a share in nine months from tax loss carryforward reuter
earn	bsi says expects another good year in banca della svizzera italiana bisz z said it expected business to be good again this year after s pct increase in net profit to mln swiss francs chief executive giorgio ghiringhelli told reporters he expected almost all important sectors to expand well in an important exception would be its securities business which would grow more slowly ghiringhelli also said the bank planned to convert its representation in london into a subsidiary at the end of this year and further expand activities at its new york subsidiary particularly in private banking reuter
acq	diamond shamrock sets pct proration factor for tendered shares
ship	brazilian bank workers decide on national strike brazilian bank workers voted to launch a nationwide strike this month compounding labour unrest arising from the failure of the government s anti inflation plan at a rally in this city about km northwest of sao paulo about bank workers voted to strike on march unless their demand for pct pay rises is met wilson gomes de moura president of the national confederation which groups the bank employees unions representing workers told reuters the indefinite stoppage would affect all banks the vote came as a stoppage by seamen entered its third week and as oil workers threatened action against the state owned petroleum company petrobras reuter
acq	becor western bcw gets offer to be acquired becor western inc said investment limited partnership of greenwich conn and randolph w lenz are offering to acquire becor for dlrs per share subject to becor s receipt of at least mln dlrs from the proposed sale of its western gear corp subsidiary becor said it has also received expressions of interest from other parties seeking information about becor becor had previously agreed to sell western gear for at least mln dlrs and to be acquired by bcw acquisition inc for dlrs in cash and four dlrs in debentures per becor share bcw was formed by becor executives and goldman sachs and co both deals are subject to shareholder approval reuter
acq	clark equipment ckl stake acquired clark equipment co said it was informed by arthur m goldberg acting on behalf of a group of investors that the group had accumulated shares or about pct of clark s outstanding common stock it said goldberg recently approached clark to repurchase the shares however negotiations for the block repurchase were unsuccessful and have been terminated reuter
coffee	paton reports u s green coffee roastings higher u s roastings of green coffee in the week ended march were about kilo bags including that used for soluble production compared with bags in the corresponding week of last year and about bags in the week ended february george gordon paton and co inc reported it said cumulative roastings for calendar now total a bags compared with bags by this time last year reuter
acq	avia stockholders seek to block sale to reebok avia group international inc stockholders filed a class a action suit in multnomah county circuit court seeking to halt the sale of avia to reebok international ltd rbok avia stockholders also seek to receive compensation from the defendants who include most of avia directors according to court papers the suit grew out a meeting of several dozen dissatisfied minority stockholders of avia following the announcement of reebok s proposed acquisition of avia and the sudden drop in the price of avia stock the complaint was filed on behalf of clem eischen a portland area resident who owns shares of avia and robert withers also of the portland area who owns shares and other individuals who held stock at the time of reebok s announcement a jury trial has been requested the actions of the small group that contral avia have hurt the little guy said eischen the stockholders according to a statement have organized a steering committee the complaint reviews the price action of avia stock from march and noted the plaintifs who purchased stock between dlrs and dlrs per share the price fell from dlrs to dlrs a share following the reebok announcement the complaint asked the defendants be enjoined from proceeding with the reebok acquisition of avia it also requests damages to be determined at the time of trial avia said it had not seen the court papers and said it had no comment on the suit reuter
earn	dwg corp dwg rd qtr jan net oper shr profit cts vs profit cts oper net profit vs profit revs mln vs mln avg shrs mln vs mln nine mths oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln avg shrs mln vs mln note net excludes discontinued operations loss dlrs vs profit dlrs in quarter and loss dlrs vs profit dlrs in nine mths net excludes gains on insurance recovery of dlrs vs dlrs in quarter and dlrs vs dlrs in nine mths prior year net excludes dlr loss from change in accounting for textiles inventories prior year results for discontinuance of apparel segment and change in accounting for textile inventories share adjusted for stock dividends net includes pretax unrealized loss provision recoveries related to marketable securities of dlrs vs dlrs in quarter and recovery dlrs vs provision dlrs in nine mths prior nine mths net includes pretax gain on sale of marketable securities of dlrs net includes tax credits dlrs vs dlrs in quarter and credit dlrs vs provision mln dlrs in nine mths reuter
acq	diamond shamrock dia sets proration factor diamond shamrock corp said it will accept about pct of the shares of its common stock tendered in response to the company s offer to pay dlrs a share for mln shares the company said it expects to mail checks representing the purchase price of the mln shares purchased later this week and will be returning unpurchased shares shortly thereafter reuter
earn	bralorne resources ltd year loss shr loss dlrs vs loss cts net loss mln vs loss revs mln vs mln note includes charge of mln dlrs due to writedown of oil and gas interests writeoff of goodwill and patents provision against disposal of surplus inventory losses on disposition of operating units and writedown of assets held for disposal reuter
earn	h and r block hrb sees gains from tax reform with the april tax return deadline less than a month away confused taxpayers will be converging on h and r block inc s offices to interpret the new tax codes financial results for the nation s largest tax preparer are expected to be good in fiscal but next year could be a bonanza analysts say for the short term the key word is confusion block vice president tom bloch said in an interview when congress drastically changes laws confusion results and tax preparers benefit bloch said next year when taxpayers take the new forms and place them side by side to compare them more people will throw their hands up and say i m going to get help he said tax forms will look very different next year he added kidder peabody analyst herbert buchbinder expects block s fiscal year to end april to show good gains over fiscal earnings of mln dlrs or dlrs a share on revenues of mln dlrs he estimates block s fiscal earnings at to dlrs next year block could have a bonanza buchbinder said based on estimates of a larger work force block could show a gain of more than five pct in tax forms prepared he said in the tax season block prepared u s tax returns up pct over the previous year the internal revenue service estimates about mln individual income tax returns will be filed for the tax season up from last year s mln forms professional tax preparers accounted for just over million forms according to the irs for the longer term while confusion will continue to bring clients into block s tax preparation offices worldwide there are some changes in the act that will have a negative effect bloch conceded certain changes in filing requirements will shorten the tax return and in some cases simplify the form he noted in addition some low income wage earners will be taken off the tax rolls he said block is currently analyzing its price structure to try to offset some of the negatives last tax season the average cost for each return in the u s amounted to dlrs and dlrs worldwide bloch said this tax season rates will be up about three or four pct in line with the inflation rate he said block expects some expansion this tax season of its electronic filing system which directly feeds into the irs and can speed up the refund process block can choose where and by how much it wants to expand into the seven cities made available for the direct filing by the irs bloch noted the irs estimates about returns will be directly filed this tax season up from the returns injected in the tax season first kansas city analyst jonathan braatz said that block will benefit greatly from lower tax rates in fiscal braatz expects block s advertising budget to be about the same as last year which will be helped a bit by lower costs for television ads they may get a little more bang for their buck he said he estimates block has about mln dlrs cash on its balance sheet sheet and says if interest rates rise it could be of great benefit to them reuter
earn	ausimont compo nv aus raises quarterly qtly div eight cts vs five cts prior pay april record april three reuter
acq	aldershot agrees to acquire intracoastal refining aldershot resources ltd said it signed an interim agreement to acquire pct of the outstanding shares of intracoastal refining inc of conroe texas aldershot will pay a certain number of shares of common stock based on book value and up to a maximum of one mln shares under a formula linked to the next five years pre tax net revenues the transaction is subject to completion of a definitive agreement and to regulatory approval reuter
acq	derlan acquires pct of aurora industries derlan industries ltd said it acquired pct of aurora industries inc of montgomery illinois for an undisclosed price closing is subject to completion of legal formalities derlan said reuter
earn	marion labs mkc votes split dividend hike marion laboratories inc said its board declared a two for one common stock split in the form of a dividend with distribution april record march the board also said it intends to increase the regular quarterly dividend by pct to five cts a share reflecting the split it said the increase will be declared at the may board meeting and reflected in regular payments beginning in july reuter
acq	dart seeks supermarkets sgl negotiations dart group inc said it is preparted to negotiate all terms of its proposed acquisition of supermarkets general corp early this month dart made an unsolicited offer of dlrs a share in cash for supermarkets general s stock releasing a letter sent friday to supermarkets general dart said we believe that an agreement can be reached which will be in the best interests of supermarkets general its stockholders management employees and customers to that end we are prepared to negotiate all terms of an acquisition agreement dart said dart said it urges a meeting with supermarkets general officials be held promptly the letter pointed out the company has not heard from supermarkets general since making the offer other than on this past monday when we were informed that our offer would be seriously considered and that you would get back to us on a timely basis to arrange a meeting dart said it has acted openly and amicably in an effort to facilitate its proposed acquisition adding it has not purchased additional supermarkets general stock since prior to submission of its offer dart said it continues to be interested in acquiring supermarkets general in a friendly manner noting it has given the company the tune that you suggested in order to allow you to evaluate the available options dart now owns mln supermarkets general shares slightly less than five pct of those outstanding reuter
earn	decorator industries inc dii th qtr net ended jan three shr profit five cts vs na net profit vs loss revs vs year shr profit cts vs loss cts net profit vs loss revs mln vs mln note loss per share not given for quarter reuter
earn	mccormick and co inc mccrk st qtr net qtr ends feb shr cts vs cts net vs revs vs reuter
earn	value line inc valu rd qtr jan shr cts vs cts net vs revs mln vs mln nine months shr dlrs vs cts net mln seven mln revs mln vs mln note periods include pretax investment income of mln dlrs in capital gains distributions from mutual fund investment reuter
acq	thermo electron tmo considers unit stake sale thermo electron corp said it has entered into talks with underwriters on the possible public sale of a minority interest in its packaged cogeneration systems subsidiary tecogen inc the company also said it plans to offer convertible subordinated debentures publicly it gave no further details reuter
earn	hongkong bank of canada st qtr jan net net mln vs not given note results not comparable with last year due to november acquisition of bank of british columbia subsidiary of hongkong and shanghai banking corp reuter
earn	salant corp qslt th qtr nov net oper shr profit cts vs profit cts oper net profit vs profit sales mln vs mln year oper shr profit cts vs loss dlrs oper net profit vs loss sales mln vs mln note year net includes pretax provision for loss on sale of subsidiary of dlrs year net includes pretax loss dlrs from plant closing provision net excludes tax credits of dlrs in quarter and dlrs in year net both periods excludes charge dlrs for estimated settlement and expenses connected with chapter bankruptcy reuter
money-fx	u k money market given mln stg late help the bank of england said it provided the money market with late assistance of around mln stg this takes the bank s total help today to some billion stg and compares with its estimated deficit of around billion reuter
acq	renouf extends benequity holdings bh offer repeat new york march renouf corp international said it has extended the expiration of its offer to pay dlrs a unit to buy all outstanding units of benequity holdings a california limited partnership to march from march as of march renouf said about units had been tendered renouf pointed out this exceeds the minimum number sought in the offer but its statement gave no reason for the extention benequity has mln units outstanding reuter
grain	lyng says too late for crop decoupling this year u s agriculture secretary richard lyng said it is too late to implement a full acreage provision or decoupling for grain crops i think there s a chance we ll see that legislation passed but not for crops it s too late lyng told the national grain and feed association convention here lyng added that there seems some support in congress for and there was a good chance a pilot program will be passed as part of a pending disaster bill but he indicated that it is already too late in the year to alter the crop program sign up for spring crops closes the end of this month overall lyng predicted very little change will be legislated in the farm bill this year reuter
earn	salant qslt files reorganization plan salant corp said it and its thomson co inc and obion co inc subsidiaries have filed a joint reorganization plan with the u s bankruptcy court and expect to emerge from chapter bankruptcy in the near future the company said a hearing on the adequacy of the associated disclosure plan is scheduled for april nine and completion of the plan is subject to approval by creditors equity security holders and the bankruptcy court salant said it has reached agreement for ray w williams to continue as president and chief executive officer for five years from the effective date of the reorganization plan and has substantially concluded talks for a new mln dlr unsecured credit effective the same date the company said the committee of its unsecured creditgors and the committee of its equity security holders have approved the terms of the plan as previously announced creditors will receive mln dlrs in cash dlrs of pct senior subordinated debentures and four common shares for each dlrsd of allowed unsecured claims salant today reported earnings for the year ended november of dlrs after a dlr pretax provision for loss on the sale of a subsidiary but before a dlr post tax charge attributable to costs and expenses of chapter and the settlement of pre chapter claims as well as a dlr tax credit a year before it lost dlrs after a dlr pretax provision for plant closings reuter
earn	analogic corp alog nd qtr jan net shr cts vs cts net vs revs mln vs mln st half shr cts vs cts net mln vs revs mln vs mln reuter
trade	west german exports to u s drop sharply west german exports to the united states fell below four billion marks worth in january for the first time since mid provisional bundesbank data showed the figures showed exports were billion marks in january sharply down from december s billion and the lowest since the billion exported to the u s in july this compared with billion marks in january total west german exports to western industrialised countries also fell in january to billion marks from december s billion also posting the lowest monthly total since july west german exports to the european community were billion marks in january down from billion in december and billion in january last year the figures showed exports to developing nations and centrally planned economies also slackened separately commerzbank ag said in a report that the focus of west german exports this year was likely to shift to europe because of an expected downturn in growth in the dollar area this was one of the strengths of west german exports compared with japan which depended in large part on the u s opec and developing country markets it added reuter
acq	texas air to give former continental air holders another dlrs a share
cpi	french february inflation between and pct vs pct in january official
trade	trade interests ready for fight in u s congress u s lawmakers are gearing up for a showdown between protectionists and free traders as a major trade bill winds its way through committees to a vote by the full house of representatives in late april in a move to toughen u s enforcement of trade laws a key house subcommittee last week approved a toned down version of legislation to require president reagan to retaliate against foreign countries that follow unfair trade practices this bill will be the cornerstone of congressional efforts to restore competitiveness of american industries and turn around last year s record billion dlrs trade deficit several lawmakers have argued the new trade bill made too many concessions to reagan and said they intend to back amendments to get tough with countries that violate trade agreements or keep out u s products on the other hand congressmen known for their allegiance to free trade said the bill ties reagan s hands too much in trade disputes and they will seek to restore his negotiating powers republican bill frenzel of michigan said the subcommittee s bill was not one that a free trader like me could endorse in all respects but he emphasized there was a consensus among trade lawmakers to work toward a bill reagan and republicans would ultimately endorse frenzel said the goal of trade legislation was to make our trade policy stronger without violating our international trade agreements you ll find a lot of people who think we have not done the former enough you ll find poeple who think we haven t avoided violating agreements in a key concession made at the urging of the powerful chairman of the house ways and means committee the trade subcommittee backed off a requirement that would have forced reagan to automatically impose quotas or tariffs on imports from countries that engage in unfair trade practices it also agreed he may waive any retaliation if it would hurt the u s economy ways and means chairman dan rostenkowski an illinois democrat insisted the more moderate approach was necessary if the house wanted to pass a bill reagan would sign into law reagan last year had blocked senate consideration of a tough house trade bill he branded as protectionist and this year only reluctantly agreed to support a trade bill when he saw democratic leaders were determined to pass a bill as an indication of his success white house spokesman marlin fitzwater told reporters friday the administration still did not like some provisions but he added generally we feel very good about the bipartisan consideration of the trade legislation i think we are progressing very well the first battle will take place next week when the full house ways and means committee considers an amendment by rep richard gephardt a missouri democrat to force countries such as japan south korea and taiwan to cut their trade surpluses with the united states the subcommittee limited the gephardt plan to provide only that the existence of a large trade surplus with the united states will trigger an investigation of unfair trade practices but would not automatically set off retaliation rep phil crane an illinois republican and staunch free trader said he will try to further weaken the gephardt plan organized labor has pressed lawmakers for more relief from imports where jobs have been lost to foreign competition afl cio president lane kirkland this year angered the administration in a statement that any trade bill reagan would sign would not be worth passage in congress but rostenkowski set the tone of the trade debate in a statement i m not trying to write legislation to please lane kirkland i m trying to write legislation that will be signed by the president in writing the bill the subcommittee rejected calls for trade relief for specific industries such as textiles rep ed jenkins a democrat from georgia agreed to hold off his fight he intends to push separately a bill to protect the domestic textile and shoe industry an aide said reagan vetoed a similar measure last year house speaker jim wright a texas democrat is one of the most influential proponents of aid for specific industries beset by low priced foreign competition wright thursday renewed his call for import relief for the domestic oil industry and announced his support for a senate plan to trigger a temporary oil import tariff when imports reach half of domestic consumption for the most part the trade bill s provisions toughen u s enforcement of trade laws the bill forces the administration to act rapidly on complaints of unfair trade practices such as dumping products in the united states at prices below the cost of production it also forces the administration to act rapidly when an industry complains that a surge in imports threatens its existence congressmen said the change would have required the u s international trade commission to impose limits on car imports in reuter
earn	endotronics endo expects loss for year endotronics inc said it expects to incur substantial losses for the second quarter ending march and fiscal year ending sept as one factor behind the anticipated loss endotronics cited a dispute by one of its japanese distributors yamaha inc over payment of a dlr promissory note in a form k filing with the securities and exchange commission endotronics said the note was for overdue accounts receivable from sales of instruments to yamaha and another japanese distributor during the company s fiscal year endotronics said at its present reduced level of operations it will exhaust all currently available cash and credit facilities in early may it said this assumes full use of the remaining dlrs available under a line of credit from celanese corp which requires approval of celanese corp cz the company said its ability to obtain funding was adversely affected by a suit filed march by two of its shareholders seeking to represent a class of holders against three officers of endotronics endotronics said the complaint against it alleges violations of the federal securities laws in connection with statements made in the company s annual and quarterly reports the company also said the securities division of the minnesota department of commerce is conducting an inquiry into the company s japanese sales for fiscal and trading by insiders and brokers in the company s common shares it said similar inquiries are being conducted by the securities and exchange commission the investigations will hurt the company s ability to obtain funding it said as a result of the dispute over payment of the promissory note the law suit challenging its financial data and the various investigations concerning insider trading the company said it no longer expects that anticipated declines in instrument sales in japan in fiscal will be offset by increased instrument sales in other foreign countries and the united states reuter
cpi	french february year on year inflation pct vs three pct january official
acq	continental air holders to get further payment texas air corp said under a settlement of class action litigation with mutual shares corp former minority shareholders of continental airlines inc will receive an additional dlrs per share in february texas air acquired the minority interest in continental that it did not already own for dlrs per share mutual had challenged the adequacy of the price texas air said any former continental holder who has sought appraisal rights under delaware law may continue to seek the appraisal remedy in delaware chancery court or accept the settlement and drop the appraisal process texas air said the settlement has other terms relating to employee shareholdrs of continental who will receive options from texas air it did not give details the company said the settlement is subject to approval by the delaware chancery court which is expected to take about days reuter
cocoa	cocoa consumers narrow gap on buffer stock issue representatives of cocoa consuming countries at an international cocoa organization icco council meeting here have edged closer to a unified stance on buffer stock rules delegates said while consumers do not yet have a common position an observer said after a consumer meeting they are much more fluid and the tone is positive european community consumers were split on the question of how the cocoa buffer stock should be operated when the icco met in january to put the new international cocoa agreement into effect delegates said at the january meeting france sided with producers on how the buffer stock should operate delegates said that meeting ended without agreement on new buffer stock rules the ec commission met in brussels on friday to see whether the ec cocoa consuming nations could narrow their differences at this month s meeting the commissioners came away from the friday meeting with an informal agreement to respond to signs of flexibility among producers on the key buffer stock issues delegates said the key issues to be addressed at this council session which divide icco members are whether non member cocoa should be eligible for buffer stock purchases and what price differentials the buffer stock should pay for different types of cocoa delegates said a consumer delegate said producers and consumers should be able to compromise on the non member cocoa question a working group comprising delegates from all producing and consuming member countries met briefly this morning then broke up into a producer meeting and an ec meeting followed by a consumer meeting producers who are in favour of the buffer stock buying a variety of grades of cocoa and oppose non member cocoa being accepted reviewed their position ahead of the working group meeting this afternoon we are waiting to see what consumers say a producer delegate said we hope they will be flexible or it will be difficult to negotiate the icco comprises member countries non members include the u s a consumer and malaysia an increasingly important producer reuter
earn	lowrance electronics leix sees orders off lowrance electronics inc said results from operations in the third and fourth quarter may not be comparable to the first and second quarters which were strong because of orders for new sonar equipment for the six months ended jan the company reported net income almost tripled to dlrs or cts a share as sales rose pct to mln dlrs the company which went public dec also said it expects to be able to fill back orders from the first two quarters because of improved supply of computer chip components reuter
cpu	canada manufacturing utilization rate rises utilization of canadian manufacturing capacity rose to pct in the fourth quarter of from pct in the third quarter statistics canada said although the change was small this marked the first quarter since the third quarter of in which the utilization rates for manufacturing as a whole rose the federal agency said increased residential construction led to strong increases in the building materials sector led by a pct increase in non metallic mineral industries reuter
cpi	french inflation slows in february french inflation slowed in february to between and pct against pct in january the national statistics institute insee said the retail price index showed a year on year rise of pct against three pct in january an insee official said the final figure for february would be released later this month after january s rise the government was forced to revise its inflation target for to pct year on year from an initial target of two pct after pct in finance minister edouard balladur said half the january rise was due to higher oil prices and forecast a february slowing reuter
earn	capitol bancorp capb to restate net to loss capitol bancorp said it expects to restate its results for to a loss of about one mln dlrs due to a reclassification of loans recommended by auditor ernst and whinney the company said the restatement also reflects a substantial increase in reserves of its principal subsidiary capitol bank and trust co it said it expects to earn to dlrs for the first quarter of capitol said to maintain an adequate capital ratio it will seek additional equity capital in the near future it also said it has delayed its annual meeting until may due to the restatement of annual earnings capitol said its board raised the quarterly dividend to cts from cts a share payable april record march the company originally reported earnings of dlrs it earned dlrs in last year s first quarter the annual meeting had been scheduled for the second week of april reuter
jobs	swedish unemployment down as data is revised a new method of calculating sweden s unemployment figures reduced the number of jobless by a sixth a spokesman for the central bureau of statistics scb said reporting a substantial drop in the past year according to the revised data there were jobless in february representing pct of the workforce against or pct of the workforce in february scb official olle wessberg said the new figures were based on a more extensive survey of the unemployed which brought sweden into line with the practises recommended by the geneva based international labour organisation wessberg said the new method cut the number of unemployed by about pct the way we are now collecting data is far more accurate and we are asking many more questions to find out whether the jobless want work whether they are able to work and whether they have actually looked for work he told reuters the new method was first used for the january figures which showed unemployment dropping to pct of the workforce from pct old style in december but wessberg said the change had apparently not been noticed by the press recalculated according to the new method unemployment in february would have stood at pct the scb said reuter
money-fx	economic spotlight ems marks eighth birthday the european monetary system marks its eighth anniversary still vulnerable to turmoil in world money markets despite creating an island of currency rate stability in europe economists say but many economists say the system which holds eight european community currencies within narrow fluctuation bands remains in its infancy its new currency the european currency unit ecu has been a runaway success with investors and borrowers alike seeking an alternative to the volatile dollar and on wednesday the long term vision of the ecu as europe s common currency took a step nearer to becoming reality when belgium minted the world s first ecu coin but economists say members such as west germany have so far blocked a second stage of development envisaged by the system s founding fathers ex west german chancellor helmut schmidt and former french president valery giscard d estaing under this phase originally due to have started two years after the ems was set up decision making was to have been transferred from national governments and central banks to an autonomous european monetary fund but members have jealously guarded their sovereignty in economic and monetary matters the basic problem of the ems is that governments are not prepared to make the quantum leap to a situation where certain decisions are taken in common said one economist who has closely watched the system s development the result is that the ec is often divided over policy on third currencies accentuating what the economists say is the system s greatest weakness its vulnerability to a weak dollar over the past months as the u s dollar plunged and investors moved into strong currencies the resulting sharp rise of the west german mark severely strained the system another frustration has been britain s failure to lend the ems political support by keeping the pound still a major world currency outside the system no change in the british government s attitude is expected before the country s next general elections due by mid meanwhile the system s last realignment the th since it was set up prompted european finance ministers to ask the ec s highly secretive monetary committee and committee of central bank governors to come up with suggestions for reinforcing it their ideas are due to be unveiled when finance ministers hold an informal meeting in belgium early next month but economists said the proposals are unlikely to involve more than tinkering with technical details they are sceptical about the chances for any fundamental change technical measures won t be enough to protect the ems against external factors such as dollar weakness for that we must take the step forward to the institutional level said leo de corel of kredietbank s economic research department economists say the system s fortunes now will depend largely on the success of an agreement last month among major industrial nations to stabilise exchange rates if the dollar resumes its slide the ems could be in for more turbulence they predict reuter
acq	intermagnetics general inma completes buy intermagnetics general corp said it completed the purchase of the advanced products department of air products and chemicals inc apd terms were not disclosed the department which makes cryogenic equipment will continue operating at its present location in allentown pa the company said it will market its products as apd cryogenics inc reuter
acq	italy s ferruzzi takes over spanish mill italy s ferruzzi spa has taken a pct stake in spanish sunflower seed and cotton mill cooperativa agricola del guadalete sa guadalco sources at guadalco said the italian firm s spanish subsidiary ferruzzi espana sa took the majority equity stake with the remaining pct retained by guadalco ferruzzi plans to set up a sugar division and import some tonnes of industrial sugar from its french factories in its first year of operation guadalco has a processing capacity of tonnes a day of sunflower seeds and tonnes a day of raw cotton reuter
livestock	ccc accepts bid for dairy cattle to kuwait the commodity credit corporation ccc has accepted a bid for an export bonus to cover the sale of head of dairy cattle to kuwait the u s agriculture department said the dairy cattle are for shipment on or before may it said the bonus of dlrs per head was made to american marketing services inc and will be paid in the form of commodities from the ccc inventory it said an additional head of dairy cattle are still available to gulf countries kuwait bahrain oman qatar and the united arab emirates under the export enhancement program initiative announced october it said reuter
earn	american hoechst corp year net net mln vs mln revs billion vs billion note fully owned subsidiary of hoechst ag reuter
earn	levitt corp lvt th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr cts vs cts oper net vs revs mln vs mln note th qtr and year excludes extraordinary credit of dlrs or cts per share reuter
grain	eep should be used tactically yeutter says u s trade representative clayton yeutter said the export enhancement program eep should be used as a tactical tool and not as a general policy yeutter made the comment in response to a question whether the u s should expand the eep to cover grain sales to the soviet union he did not comment directly on the soviet question replying that any decision would be made at the highest levels of the reagan administration and i don t want to preempt that yeutter told the national grain and feed association eep should continue to be used as a tactical tool against the european community but not as a general policy he said selective eep use has been successful in pressuring the e c reuter
acq	national pizza piza corrects figure national pizza co said the seven straw hat piza restaurants in los angeles and bakersfield calif that it announced plans to buy friday are expected to generate annual sales of about dlrs not the eight mln dlrs the company originally announced the company said it will convert the restaurants to pizza hut units closing is expected around march reuter
earn	tbg holdings n v tgbn as year net net profit mln dlrs vs mln dlrs turnover billion dlrs vs billion note company lowered to nine pct from pct interest rate on outstanding subordinated loan for period august to july tbg formerly known as thyssen bornemisza group reports in dlrs since december the start of the financial year tbg said the decline in profits was mainly caused by losses in container rental activities reuter
acq	avaq international to seek commitment on deal avaq international inc said it intends to require gates learjet corp glj to honor its agreement to sell its shares to the company avaq said it made the statement in response to an offer by interconnect capital corp for all of gates learjet shares after what it believed to be an agreement by gates to accept its offer avaq said it offered pusuant to gates guidelines six dlrs per share plus the purchase of gates corp s promisary note for mln dlrs interconnect said it offered dlrs per share plus the repurchase of the loan for mlns for an aggregate price in the mln dlr range interconnect said it made the offer to the board of directors of gates learjet on march avaq said gates corp and gates learjet approved its offer feb reuter
earn	standard products co std raises quarterly qtly div cts vs cts prior pay april record april reuter
earn	aaron spelling productions inc sp nd qtr net jan end shr cts vs cts net vs revs mln vs mln st half shr cts vs cts net mln vs mln revs mln vs mln note current half net includes dlr charge from reorganization reuter
earn	cooper lasersonics inc zaps st qtr loss period ended january shr loss cts vs profit one ct net loss vs profit sales mln vs mln avg shrs vs note prior qtr figures include gain of mln dlrs or six cts per share from discontinued operations reuter
earn	diversified industries dei st qtr oper net period ended jan oper shr two cts vs eight cts oper net vs sales mln vs mln avg shrs vs note full name is diversified industries inc earnings exclude gains from utilization of tax loss carryforwards of dlrs or one ct a share vs dlrs or six cts a share reuter
pet-chem	hoechst celanese sets expansion program hoechst ag s hfag f u s unit hoechst celanese corp said it has begun projects that will cost more than mln dlrs the unit was formed last month when hoechst completed the acquisition of celanese for billion dlrs the company said it will expand its sanwet super absorbent polymers unit and its acrylic acid facility it also said it plans an acetaminophen production plant at bishop texas reuter
earn	golden nugget inc gng th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln avg shrs mln vs mln year oper shr profit cts vs profit cts oper net profit vs profit mln revs mln vs mln avg shrs mln vs mln note net excludes debt retirement gain dlrs vs loss dlrs in quarter and losses mln dlrs vs dlrs in year net includes tax crdits of dlrs in quarter and dlrs in year reuter
earn	oppenheimer industries opp sees year loss oppenheimer industries inc said it expects to report a loss for the year ended january of about dlrs compared with a profit of dlrs a year before the company blamed the loss on the continuing depression in agriculture the discontinuance of several programs due to the passage if the tax bill and the failure to close the sale of four ranches in the california carrizo plains during the year as expected the company said the prospective purchaser forfieted a dlr deposit it said it is in talks on a new contract reuter
earn	luby s cafeterias inc lub nd qtr feb net shr cts vs cts net vs sales mln vs mln st half shr cts vs cts net mln vs sales mln vs mln note current year net both periods includes dlr gain from land sale share adjusted for three for two split in august reuter
earn	tesco forecasts profits rise this year tesco plc tsco l said in a statement it expects pre tax profits of mln stg for the year ending february before nine mln stg of net property profits this compares with mln stg pretax profits and a net mln on property sales the previous year it said the forecast was in its formal offer document sent to hillards plc shareholders today on march tesco launched a mln stg bid for hillards the offer of new tesco ordinary shares for every hillards ordinary shares valued each hillards ordinary share at p reuter
earn	business computer bcsi had th quarter profit business computer solutions inc said it expects to report a profit for the fourth quarter ended february its first quarterly profit ever of about dlrs on revenues of about dlrs a year before it lost dlrs on sales of dlrs the company attributed the improved results to increased purchases of its zfour language and development environment for computer software business computer said it expects to report a full year loss of about dlrs on sales of about dlrs last year it lost dlrs on revenues of dlrs reuter
money-fx	fed says it sets three day system repurchase agreements
earn	j w mays inc mays nd qtr jan net shr dlrs vs cts net vs revs mln vs mln six mths shr dlrs vs three cts net vs revs mln vs mln note current periods include pretax gain of mln dlrs from sale of leasehold of glen oaks store in queens n y and gain of mln dlrs from benefit of tax loss carryforwards year ago six mths includes gain of dlrs from refund of prior year s real estate taxes reuter
earn	circus circus enterprises cir th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr cts vs one dlr oper net vs revs mln vs mln note current qtr and year figures exclude extraordinary losses on early debt retirement of mln dlrs or five cts per share and mln dlrs or cts per share respectively full name circus circus enterprises inc reuter
earn	national fuel gas co nfg sets mail date national fuel gas co said its mail date for its previously announced two for one stock split is june the company which announced the split last week had said the record date for the split is may reuter
acq	comtech cmtl to sell premier microwave comtech inc said it agreed in principle to sell pct of its outstanding shares in premier microwave corp for seven mln dlrs it said the buyers include an investment group composed of the unit s management the company said it expects the sale to close in the next few weeks proceeds will be used to reduce debt reuter
acq	investment firms have pct of purolator pcc a group of affiliated new york base investment firms and funds told the securities and exchange commission they have acquired shares of purolator courier corp or pct of the total outstanding the group led by mutual shares corp said it bought the stock for investment purposes it also said it is studying the dlr a share leveraged buyout offer made by purolator managers and e f hutton lbo inc but has not decided whether it will tender its stock in the offer the group said it has held talks with the hutton lbo group before and may do so again reuter
earn	tofutti brands tof sees profit for new year tofutti brands inc said it is changing its fiscal year to a calendar year from a year ending july and it expects to be profitable on higher sales in the company lost dlrs on sales of mln dlrs in the year ended july a company spokesman said tofutti will be reporting earnings for the last five months of calendar by the end of march and will then report calendar first quarter results reuter
earn	digitech inc dgtc st qtr jan net shr two cts vs eight cts net vs revs vs avg shrs vs reuter
gnp	belgium revises down gnp growth forecasts the belgian government has lowered its forecast for the nominal increase in gross national product in to pct from an originally forecast pct prime minister wilfried martens said in a statement to parliament he said this revision which brings government forecasts more closely into line with those by private institutions takes account of an anticipated slowdown in the world economy and international trade but he said the impact on the belgian economy will be limited due to recent agreements on wages and working conditions agreed by employers and unions martens did not say how much the government expected gnp to grow in volume terms however last month the government s planning bureau said it had revised its forecast for this to pct from pct in belgium s gross national product rose pct in volume terms against a pct nominal rise reuter
earn	cabot medical corp cbot st qtr jan net shr four cts vs two cts net vs revs vs reuter
earn	amerihealth inc ahth th qtr loss oper shr loss one ct vs loss cts oper net profit vs loss revs vs year oper shr loss six cts vs loss cts oper net profit vs loss revs mln vs mln note net excludes tax credits of dlrs in quarter and dlrs in year and gains on termination of pension plan of dlrs in quarter and dlrs in year share after preferred dividends reuter
gnp	banks see german growth of at least two pct external risks for the economy have increased but growth of two to pct this year is still possible according to president of the west german federation of banks hanns christian schroeder hohenwarth schroeder hohenwarth told a news conference the further fall of the dollar since the start of this year and the revaluation of the mark against european currencies meant west german exporters were facing a rough wind however domestic demand was continuing to rise and private consumption in particular would support the economy he said he saw good prospects for consumer industries schroeder hohenwarth said economic policy now had to concentrate on strengthening this domestic growth in this context he welcomed a decision by the government to increase the scope of tax cuts due in he added a planned reform of the fiscal system scheduled for which was worked out by coalition partners this month was an important step in the right direction the government plans to cut corporation tax to pct from pct however schroeder hohenwarth said the decision to cut the maximum rate of income tax to only pct from pct was rather half hearted reuter
earn	cambridge analytical caan sees first qtr loss cambridge analytical associates inc said it expects to incur a loss for the first quarter of fiscal equal to or greater than its loss of dlrs for the fourth quarter ended december cambridge said it expects revenues for the first quarter to be approximately the same as those recorded for the fourth quarter ended december of dlrs cambridge recorded a profit of dlrs on revenues of dlrs for the first quarter of fiscal the company said the company attributed the expected loss to lower than expected sales from its laboratory and consulting business and planned major investment in its proprietary treatment technology the company said winter is traditionally its slowest season reuter
acq	seton sel gets buyout offer from chairman seton co said its board has received a proposal from chairman and chief executive officer philip d kaltenbacher to acquire seton for dlrs per share in cash seton said the acquisition bid is subject to kaltenbacher arranging the necessary financing it said he intends to ask other members of senior management to participate the company said kaltenbacher owns pct of seton stock and other management members another pct seton said it has formed an independent board committee to consider the offer and has deferred the annual meeting it had scheduled for march reuter
earn	mrs fields plans to open more stores u s based speciality food retailer mrs fields inc which earlier announced pre tax profits of mln dlrs in against mln in said it plans further growth this year with the opening of new stores in the u s the company which is quoted on london s unlisted securities market usm said it also planned to expand its outlets internationally however chairman randall fields told a news conference the company would not move into any new countries during but would intensify its efforts where it already had stores during the company opened new stores including in the u s two in australia and one each in japan canada and the u k we intend to open a minimum of five more units in london for example and it is reasonable that we might open other stores in other european countries in fields said he said the company acquired competitive businesses as a matter of routine and might add others in but declined to say how much the company planned to spend on them last year turnover rose by pct to mln dlrs from mln dlrs in reuter
cpu	u s industrial capacity use rate rose to pct in feb from pct in jan
earn	biotechnology development biod th qtr loss shr loss five cts vs loss cts net loss vs loss revs vs year shr loss cts vs loss cts net loss vs loss revs vs reuter
earn	hechinger co hech th qtr net shr primary cts vs cts shr diluted cts vs cts net vs sales mln vs mln year shr primary cts vs cts shr diluted cts vs cts net mln vs mln sales mln vs mln reuter
acq	metex mtx chairman sells shares metex corp said its chairman and chief executive officer alan cohen sold shares of metex common stock to metropolitan consolidated industries inc mony the company said the selling price was dlrs per share with an option for metropolitan consolidated industries to purchase up to shares more at the same price metex also said mason carter was elected president and chief operating officer of the company carter joined metex in where he was formerly its executive vice president in addition attilio petrocelli president of metropolitan was named to fill a vacancy on the metex board of directors the company said metropolitan owns pct of metex common stock the company said reuter
acq	american security asec to release information american security corp said a release will be forthcoming shortly regarding its pending merger with maryland national corp mdnt approved by its stockholders october american was halted on nasdaq pending a news announcement reuter
earn	svenska cellulosa ab scab st year group profit after net financial items billion crowns vs billion sales billion crowns vs billion profit per share crowns vs proposed dividend five crowns vs reuter
coffee	colombia coffee exporters believe in pragmatism private coffee exporters say colombia s more pragmatic coffee marketing policy will ensure that the country does not suffer excessively from current depressed prices and erratic market conditions gilberto arango president of the exporters association said in an interview that colombia the world s second largest producer was in a position to withstand a prolonged absence of international coffee organization ico export quotas colombia is one of the countries that will benefit most from this situation he said recent ico talks in london failed to break a deadlock over re introduction of export quotas suspended in february and no date has been set for a new meeting on the issue arango said that government measures adopted here last week including a lower export registration price indicated a major change but also disclosed a welcome pragmatism this is the start of a new era in colombia because world market conditions are also new he said the government lowered local taxes for exporters and said the export registration price or reintegro will be changed more often in order to closely reflect market trends arango said an illustration of colombia s new attitude was the decision on friday to open export registrations for an unlimited amount but he added it did not imply the country would begin heavy selling of coffee our marketing policy is to sell without haste but consistently no targets for volume will be set we will react to market factors adequately and colombia has no intention of giving its coffee away colombia s past records should be the basis for upcoming exports he said we will certainly not export seven mln kilo bags but neither are we going to sell like mad the trade knows full well what colombia s export potential is he said colombia with stockpiles standing at about mln bags exported a record mln bags in the coffee year which ended last september and mln in calendar arango did not want to commit himself on export predictions but said that output for the coffee year would not exceed mln bags compared with mln forecast by the national coffee growers federation and mln by the u s department of agriculture a figure he said was ridiculous he said ageing plantations and rust in particular in the number one producing province of antioquia meant output was likely to fall but that nationwide estimates were rare and oscillated between mln and mln bags on the failure of the recent ico talks arango said colombia understandably felt frustrated at not having managed to force a compromise jorge cardenas manager of the national federation and head of his nation s delegation in london has blamed the intransigence of some big countries without naming them however arango like colombian finance minister cesar gaviria last week was more explicit and said the united states would undoubtedly be under great political pressure in coming weeks to revise its policy washington will have to take into account that for many countries and some of its allies for instance in central america a sharp fall in coffee export revenue would have far reaching political and economic consequences arango ruled out a fresh colombian initiative on export quotas saying producers had now to show a common resolve which could emerge from continuous contacts reuter
gnp	belgian government to cut financial requirement belgian prime minister wilfried martens announced to parliament a plan to reduce the government financing requirement by billion francs he said this will enable the requirement to be held to billion francs against the previous government target of billion or eight pct of gross national product martens said following a lowering of government estimates of nominal gnp growth and a re estimation by government departments of spending the government calculated that unless action was taken the requirement would exceed the target by billion francs martens said the plan involved raising non fiscal receipts by billion francs and reducing spending by billion the remaining billion francs will be raised through treasury operations martens said the money is being found through a series of small economies and confirmed that it includes the raising of two billion francs through the sale of part of the government s pct holding in the gas company distrigaz last year the government announced a major program designed to cut spending by billion francs the program was designed to get belgium out of what the government said was a snowball effect under which the government constantly borrowed more to finance budget deficits which were due largely to the cost of servicing and repaying existing debt in the government financing requirement is estimated at billion francs or pct of gnp reuter
earn	royal trust plots aggressive global expansion royal trustco ltd in a move unique among canadian trust companies is pursuing a bold global expansion that could someday lift the foreign share of its yearly earnings to pct president michael cornelissen said first marathon securities ltd financial services analyst michael walsh said royal trust s international growth target is attainable but it will be a tremendous achievement because they re going to have to build an international earnings base larger than the earnings of a lot of significant domestic trust companies walsh said global operations which made up pct of royal trust s mln dlr net profit will post pct profit growth this year against an expected pct jump in total company profit cornelissen told reuters in an interview he said the foreign share of total profit would rise to pct in and to pct by royal trust canada s second largest trust company with assets of about billion canadian dlrs has operated internationally since when it opened a london bank its aggressive global strategy began in the s when other canadian trusts the equivalent of u s savings and loans were focusing on domestic retail banking the company s overseas ambitions were whetted by heightened domestic competition and impressive growth at its london bank operations which attained full british banking powers in cornelissen said last year royal trust moved into continental europe and asia with its mln canadian dlr acquisition of dow chemical co dow s dow financial services corp which included asset management merchant and private banking companies it was a heaven sent opportunity cornelissen said of the dow financial acquisition we achieved in one year what would otherwise have taken five to years to set up cornelissen stressed that royal trust would shun direct competition with major global financial institutions in activities such as international lending and stock brokerage in order to exploit profitable niches overseas in traditional trust activities such as asset management private banking and advisory services he said that royal trust hoped to complete negotiations before the end of this month to sell its london based savory milln brokerage acquired in the dow financial deal the international market is so big and we have such a miniscule share of it that growth opportunities are really limited only by our energy and our desire to find more business he said adding that in trust type services we don t think the international markets are well served aiding royal trust s foreign growth are greater foreign investment interest in north america and increased canadian investment abroad cornelissen said central to royal trust s strategy is asia boasting rapid economic growth and huge pools of japanese capital said cornelissen whose company administers assets of billion dlrs more than any other canadian trust citing statistics indicating that by the year asia will contain two thirds of the world s population and pct of global productive capacity cornelissen said we knew we had to be there royal trust s international locations include offices in tokyo hong kong and singapore the company also recently listed its shares on the tokyo stock exchange the royal trust president said the company was stressing growth within its overseas units adding he did not foresee any acquisitions in the immediate future although we have our eyes wide open for the right opportunities asked about royal trust s plans for the u s which the company abandoned with the sale of its florida bank units cornelissen said the company faced a trust services market well covered by hundreds of small regional banks that doesn t mean to say we shouldn t be in the u s said cornelissen that is probably one area that we will probably do something with in the next five years he said the company would continue to emphasize its home canadian market which cornelissen and financial services analysts agreed would remain vital to royal trust proposed government regulations to allow canadian banks trusts insurance and securities dealers full participation in one another s actitivies will mean more domestic competition for royal trust but not drastically more cornelissen said reuter
earn	salomon raises caterpillar cat opinion salomon brothers inc said it raised its opinion on caterpillar inc s stock to an aggressive buy from a hold because of a brighter earnings outlook for salomon analyst david sutliff said in a statement he sees earnings of dlrs a share up from an earlier forecast of three dlrs for the year the outlook for remains at dlrs to three dlrs caterpillar s stock was down points at although earnings will be poor for the next two quarters we believe that profits could begin to improve in the second half perhaps significantly and should surge sharply through and he said sutliff said improved results should come from four factors higher prices improved market share reduced costs and improved demand the higher prices will stick because its japanese competitor komatsu has had to raise prices because of the increased value of the yen he said reuter
earn	rockwood holding co rkwd th qtr net shr profit cts vs loss cts net profit vs loss revs mln vs mln year shr profit dlrs vs loss dlrs net profit mln vs loss eight mln revs mln vs mln note includes extraordinary gains of cts per share and cts in the fourth quarter and respectively reuter
trade	canada prime minister says a major trade deal emerging with u s
acq	forum four ends beverly bev purchase deal forum group inc said it has terminated its agreement in principle to buy eight retirement living centers in six states from beverly enterprises due to a failure to reach a satisfacotry definitive agreement reuter
gold	some miners go on strike in south africa some black miners went on strike at south african gold and coal mines the national union of mineworkers num said a num spokesman said workers began an underground sit in at the grootvlei gold mine owned by general union mining corp to protest the transfer of colleagues to different jobs he said about employees of anglo american corp s new vaal colliery also downed tools but the reason for the stoppage was not immediately clear officials of the two companies were not available for comment and the num said it was trying to start negotiations with management reuter
earn	fbx corp fbxc year nov net shr cts vs three cts net vs revs mln vs mln reuter
cpu	u s capacity use rate pct in february u s factories mines and utilities operated at pct of capacity in february compared with a revised pct in january and december the federal reserve board said the fed previously said the rate was pct in january and pct in december a surge in automobile assemblies in february and a gain in primary metals production helped raise manufacturing to pct capacity from pct in january durables manufacturing increased to pct last month from pct in january the fed said nondurable manufacturing eased to pct of capacity use from pct in january last month s rate was down from pct in february fabricated metals increased to pct in february from pct in january while motor vehicles and parts jumped to pct from in january primary metals rose to pct from pct in january petroleum products fell to pct in february from pct in january capacity utilization for mining rose to pct in february from pct in january but was below the february rate of pct the fed said the use rate for utilities was up to pct last month from pct in january producers of industrial materials operated at pct of capacity the same as in january and december but down from the february rate of pct the fed said the decline in energy materials use and durables goods materials were the reason for the decline over the past year for producers of industrial materials reuter
cpi	balladur maintains pct inflation target after february pct year on year
cocoa	csce to put additional margin on july cocoa a dlr spot charge will be added to the new york cocoa futures july delivery contract starting wednesday march the coffee sugar and cocoa exchange said the march delivery ceases trading march making may and july the two nearby unlimited positions previously march and may were unlimited the margin requirement for a may or july position will be dlrs dlrs original margin plus dlrs spot fee reuter
earn	cooper canada ltd year net shr cts vs cts net vs revs mln vs mln reuter
earn	tab products co tbp rd qtr feb net shr cts vs cts net vs revs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln reuter
earn	markel corp makl th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs cts net vs revs mln vs mln reuter
earn	science accessories corp seas st qtr net qtr ends jan shr two cts vs two cts net vs revs vs reuter
trade	french adjusted february trade deficit mln francs vs january deficit billion
ship	biffex members to ballot on merger members of the baltic international freight futures exchange biffex are to be balloted at the end of this week on whether it will merge with the london commodity exchange or come under a new umbrella of baltic futures exchanges a biffex official said the final decision will be left with the biffex board which will meet at the end of this month he said last week three exchanges currently trading on the baltic exchange the london potato futures association the gafta soya bean meal futures association and the london meat futures exchange instructed legal advisers to implement a merger reuter
earn	machine technology mtec sees nd qtr loss machine technology inc said it expects to report a second quarter loss of to cts per share on sales of about dlrs a year earlier it lost dlrs or three cts per share on sales of dlrs the company said it booked over six mln dlrs in the quarter and its backlog has risen pct since the end of its fiscal year leading it to expect improved results in the second half reuter
earn	docugraphix inc docx rd qtr jan loss shr loss six cts vs loss cts net loss vs loss revs vs avg shrs mln vs mln nine mths shr loss cts vs loss cts net loss vs loss revs vs avg shrs mln vs mln reuter
earn	nbd bancorp nbd regular dividend set qtly div cts vs cts previously pay may record april nine reuter
acq	triangle microwave trmw in talks on buyout triangle microwave inc said it is involved in talks on its possible purchase by a substantial u s company it did not identify triangle said no agreement has yet been reached and there can be no assurance that one will be reached any acquisitioon would be subject to approval by its shareholders and to regulatory filings it said triangle microwave makes microwave system components and had earnings for the first half ended january of dlrs on sales of dlrs up from earnings of dlrs on sales of dlrs a year before reuter
veg-oil	yeutter repeats retaliation threat on ec oil tax u s trade representative clayton yeutter said the united states will retaliate if the european community adopts a proposed tax on vegetable oils but he did not say what ec products would be singled out for reprisal speaking to the national grain and feed association ngfa convention here yeutter said he is cautiously optimistic the controversial oils tax proposal will be rejected by the ec council of ministers yeutter said the proposed tax is a flagrant violation of the spirit of gatt because it would imperil the zero binding duty on u s exports of soybeans to europe he said the reagan administration has yet to decide on a retaliation list the administration would not reveal a retaliation list unless the ec approved the proposal he said reuter
trade	canada s mulroney says u s trade deal nears prime minister brian mulroney said significant progress was being made in trade talks with the united states and a profile of a major deal was emerging opening a debate on free trade in the house of commons mulroney said an accord would create thousands of jobs in canada and bring greater economic prosperity to both countries mulroney who offered few new details of the talks said that while the negotiations were risky and difficult a profile of a major trade deal is now emerging in a minute address mulroney made an often passionate defense of the initiative that he said would give poorer areas of the country a major economic boost because of our trading patterns over a period of decades we are in the process of building two canadas one that is rich and promising one that is under developed and under employed said mulroney what we want is to make sure newfoundlanders and british columbians and albertans and others that they get their chance they must be given the opportunity to trade their way to prosperity few detials have been released on the trade talks which were launched nearly two years ago between the two nations that are each others most important trading partners recent published reports in canada quoting senior trade sources said the countries were close to reaching a trade deal and it will involve eliminating border trariffs and many non tariff barriers over the next to years it has been reported a key stumbling block in the talks is a canadian proposal to find a new way to settle trade disputes something that would give canada protection from washington s tough trade remedy laws but mulroney sharply critical of protectionist sentiment in the u s said canada was a fair trader and denied the government was pursuing the deal to win unfair access to the american market he said a trade deal must bring benefits to both sides we recognize a good deal must be a fair deal one that is fair to both sides mulroney said reuter
trade	france reduces trade deficit in february france posted a seasonally adjusted trade deficit of mln francs in february after a billion franc deficit in january the finance ministry said for the first two months of this year the trade deficit on a seasonally adjusted basis was billion francs unadjusted the february deficit was billion francs and the two month cumulative deficit billion the ministry said in a statement the ministry said february exports totalled billion francs an pct increase on january while imports totalled billion francs an increase of pct farm and food trade showed a two billion franc surplus after a surplus of billion in january the energy deficit was reduced to billion francs from eight billion in january while industrial trade showed a surplus of billion francs against only mln francs in january reuter
earn	ncr ncr sees good chance for record year net ncr corp is very optimistic that it will post record revenues and profits for charles e exley jr chairman and president said much of our considerable optimism about the future is based on the strength of a continuing flow of new products exley told a meeting of securities analysts our current position is the strongest in modern ncr history with new generation offerings deliverable in every major category this year for ncr s earnings rose nine pct to dlrs a share on sales that increased pct to billion dlrs during the balance of exley said ncr will pay close attention to increasing its penetration of major accounts expanding its third party distribution channels and continuing its introduction of new products in new products introduced within the proceding months accounted for more than pct of our major equipment order activity he said at the end of two months he added i can say we are off to a good start for reuter
acq	equitable banc ebnc boss has ameritrust stake a group controlled by equitable bancorp chairman alfred lerner said it has acquired a pct stake in ameritrust corp amtr and may buy up to pct if obtains regulatory approval in a filing with the securities and exchange commission the group said it bought its stake of mln ameritrust common shares for mln dlrs as an investment but the group acting through clevebaco l p a cleveland partnership also said it would seek regulatory approval to increase its stake lerner owns clevebaco corp which is the general partner of clevebaco l p the lerner group said it filed with the federal reserve board on march notice of its intent to buy more than pct of the common stock of ameritrust a cleveland bank holding company if the fed approves lerner whose equitable bancorp is also in cleveland said he intends to buy more ameritrust stock subject to market conditions and other factors since lerner heads a bank holding company with assets greater than one billion dlrs he said he is barred by law from serving as a director or officer of ameritrust or of having his representatives on its board lerner said he has no intention of influencing ameritrust management or its policies the group said clevebaco l p bought one mln of its shares from bear stearns and co inc on march at dlrs a share lerner said he accumulated the other one mln shares through march and sold them to clevebaco l p which he controls on march for dlrs a share reuter
acq	american security asec buyout completed maryland national corp mdnt said it has completed the acquisition of american security corp in an exchange of maryland share for each of american s mln shares outstanding the company said the mandatory day review by the u s justice department was completed today maryland national said american security shareholders will be entitled to receive the ct per share maryland national regular quarterly dividend that is payable march to holders of record today reuter
acq	rainier rban completes acquisition rainier bancorp said it completed the acquisition of tacoma wash based united bank for mln dlrs worth of rainier stock united a savings bank with mln dlrs in assets and offices will operate as a wholly owned subsidiary rainier said rainier which last month agreed to merge with security pacific corp spc said the united acquisition will increase its assets to billion dlrs from the billion reported at the end of reuter
earn	franklin resources inc ben sets quarterly qtly div six cts vs six cts prior pay april record march reuter
cpi	balladur maintains french inflation target finance minister edouard balladur said he was maintaining his pct inflation target for after the announcement earlier today of a pct year on year rise in retail prices for february he told a radio interviewer he saw no reason to revise his target for after the february monthly result of between to o pct following a pct rise in january three pct year on year that forced the government to revise an earlier target of two pct to a current pct he said he was happy with a good result for february but stressed a need for continued vigilance against inflation a finance ministry statement said the year on year differential between french and lower west german inflation rates calculated on the last three months had narrowed in february to two to pct compared to pct in january if calculated on the last months the differential came to pct the statement said adding the tendency is therefore one of a lessening of the inflation gap with our main trading partner reuter
earn	general cinema gcn sees flat net general cinema corp said it expects flat net income for fiscal ending oct against mln dlrs or dlrs a share a year ago the company said the costs of a restructuring at its carter hawley hale stores inc unit and the previous purchase of an pct stake in cadbury schweppes plc will lead to the flat net figure it also said it may raise its stake in cadbury schweppes to pct but has not made any additional stock purchases so far according to the restructuring carter hawley plans to spin off its specialty stores including neiman marcus bergdorf goodman and contempo casuals into a new company named neiman marcus group whose shares will trade on the new york stock exchange it said as previously announced general cinema will own pct of the equity and pct of the voting shares in the new company the restructuring is subject to approval by carter hawley shareholders reuter
gold	levon resources lvnvf gold assays improved levon resources ltd said re checked gold assays from the howard tunnel on its congress british columbia property yielded higher gold grades than those reported in january and february it said assays from zone one averaged ounces of gold a ton over a foot section with an average width of feet levon previously reported the zone averaged ounces of gold a ton over a foot section with average width of feet levon said re checked assays from zone two averaged ounces of gold a ton over a foot section with average width of feet levon resources said the revised zone two assays compared to previously reported averages of ounces of gold a ton over a foot section with average width of feet the company also said it intersected another vein feet west of zone two which assayed ounces of gold a ton across a width of feet reuter
earn	teeco properties lp sets cash distribution qtly distribution cts per unit vs cts prior pay april record march reuter
earn	radix ventures inc nd qtr jan loss shr loss three cts vs loss cts net loss vs loss revs mln vs mln six mths shr profit nil vs loss cts net profit vs loss revs mln vs mln reuter
earn	adobe systems inc adbe st qtr feb net shr cts vs six cts net vs revs vs avg shrs vs note prior qtr per share figure adjusted for two for one stock split of february reuter
acq	armtek arm completes sale of assets armtek corp formerly armstrong rubber co completed the previously announced sale of its natchez miss tire plant and other assets to condere corp condere said condere formed to acquire the armstrong assets said it named dennis terwillger formerly vice president and controller of armstrong s tire division president reuter
earn	data systems inc toot st qtr jan net shr three cts vs four cts net vs revs vs reuter
earn	vishay vsh sets two pct stock dividend vishay intertechnology inc said its board declared a two pct stock dividend payable april to holders of record on march the company said the stock dividend will be paid only to holders of commons tock who do not exchange for class b stock in vishay s current exchange offer which expires march reuter
earn	onyx petroleum exploration co ltd year loss shr loss dlrs vs profit cts net loss vs profit revs vs note shr and net after dlr writedown on oil and gas property values reuter
earn	integrated circuits ictm sets record date integrated circuits inc said it set march as the record date for its previously announced pct stock dividend the company said it will distribute the dividend on march reuter
gold	bp bp unit sees mine proceeding british petroleum co plc said based on a feasibility report from ridgeway mining co its joint venture ridgeway project in south carolina could start commercial gold production by mid the company said the mine would produce at an approximate rate of ounces of gold per year over the first four full years of operation from through and at an average of ounces a year over the full projected year life of the mine bp s partner in the venture is galactic resources ltd galcf of toronto the company said subject to receipt of all statutory permits finalization of financing arrangements and management and joint venture review construction of a short ton per day processing facility can start capital costs to bring the mine into production are estimated at mln dlrs reuter
earn	msa realty corp sss th qtr net shr profit four cts vs loss two cts net profit vs loss revs vs avg shrs vs year shr profit cts vs loss cts net profit vs loss revs mln vs avg shrs vs note th qtr and yr net includes a loss of dlrs and a gain of dlrs respecitvely for extraordinary item net assumes all warrants exercised for the nd qtr only the adjustment to second quarter income for earnings per share was dlrs reuter
earn	lear petroleum partners lp lpp th qtr loss oper shr loss nil vs loss nil oper net loss vs loss revs nil vs nil avg shrs mln vs mln year oper shr loss two cts vs loss two cts oper net loss vs loss revs nil vs nil avg shrs mln vs mln note net excludes losses from discontinued oil and natural gas operations of mln dlrs vs dlrs in quarter and mln dlrs vs mln dlrs in year company sold all its operations at the end of reuter
earn	westronic inc wstx year loss shr loss dlr vs loss dlrs net loss vs loss revs vs reuter
earn	kenan transport co ktco sets quarterly qtly div four cts vs four cts prior pay april record march reuter
earn	gencorp st qtr shr cts vs cts
bop	danish credit downgrading not dramatic minister finance minister palle simonsen said today s downgrading of denmark s credit rating by standard and poor s corp should not be over dramatised standard and poor s said it had downgraded the kingdom of denmark s long term external debt to aa from aa plus following the country s loss of the top aaa rating in january this change is regrettable but there is no reason to dramatise this is a change of nuance standard and poor s defines the aa category as only slightly different from the top aaa rating simonsen said in a statement the direct effect of the lower rating on our borrowing capability is unlikely to be very great but if against expectation we fail to reduce permanently the external account deficit this will inevitably affect borrowing terms and capability he added standard poor s has noted that in there was a series of austerity measures designed particularly to cut lending and encourage saving tax reforms have also gone into effect if and when it becomes necessary the government will be ready to take any necessary economic and political initiatives as it has in the past simonsen said standard and poor s said weaker international competitiveness in the face of rising labour costs would mean a deteriorating current account balance and a rise in external debt the external current account deficit rose to a record preliminary billion crowns in from billion in bringing total foreign debt to billion crowns according to government statistics government economists forecast that the external current account deficit will fall to billion crowns this year denmark s net foreign debt rose to pct of total exports in from pct in s and p said reuter
earn	magnetic technologies corp mtcc st half net jan end shr not given net profit vs loss sales vs reuter
earn	gencorp gy st qtr feb net shr cts vs cts net mln vs mln sales mln vs mln reuter
gold	bp unit sees u s gold mine proceeding british petroleum co plc said based on a feasibility report from ridgeway mining co its joint venture ridgeway project in south carolina could start commercial gold production by mid the company said the mine would produce approximately ounces of gold per year over the first four full years of operation from through and at an average ounces a year over the full projected year life of the mine bp s partner is galactic resources ltd of toronto bp said subject to receipt of all statutory permits finalization of financing arrangements and management and joint venture review construction of a short ton per day processing facility can start capital costs to bring the mine into production are estimated at mln dlrs reuter
acq	safety kleen sk to buy stake in oil refiner safety kleen corp said it has tentatively agreed to buy an pct stake in breslube enterprises of toronto for mln dlrs in stock cash and equipment price includes mln dlrs of safety kleen common stock cash and a rerefining plant owned by safety kleen closing of the deal is expected by may breslube is a leading rerefiner of used lubricating oils in north america collecting used oils from auto garages car dealers and other businesses in it refined mln gallons of used oil reuter
trade	trade interests ready for battle in u s house u s lawmakers are gearing up for a showdown between protectionists and free traders as a major trade bill winds its way through committees to a vote by the full house of representatives in late april in a move to toughen u s enforcement of trade laws a key house subcommittee last week approved a toned down version of legislation to require president reagan to retaliate against foreign countries that follow unfair trade practices the bill will be the cornerstone of congressional efforts to restore competitiveness of american industries and turn around last year s record billion dlrs trade deficit generally the bill s provisions toughen u s enforcement of trade laws the trade bill forces the administration to act rapidly on complaints of unfair trade practices such as dumping products in the united states at prices below cost of production it also forces the administration to act rapidly when an industry complains that a surge in imports threatens its existence in writing the bill the subcommittee rejected calls for trade relief for specific industries such as textiles several lawmakers have argued the new trade bill made too many concessions to reagan and said they intend to back amendments to get tough with countries that violate trade agreements or keep out u s products but congressmen known for their allegiance to free trade said the bill ties reagan s hands too much in trade disputes and they will seek to restore his negotiating powers bill frenzel r mi said the subcommittee s bill was not one that a free trader like me could endorse in all respects but he emphasized there was a consensus among lawmakers to work toward a bill reagan and republicans would ultimately endorse the goal of trade legislation was to make our trade policy stronger without violating our international trade agreements he said in a key concession made at the urging of ways and means committee chairman dan rostenkowski d il the trade subcommittee backed off a requirement that would have forced reagan to impose automatically quotas or tariffs on imports from countries that engage in unfair trade practices it also agreed the president may waive any retaliation if it would hurt the u s economy rostenkowski insisted the more moderate approach was necessary if the house wanted to pass a bill reagan would sign into law reagan last year blocked senate consideration of a tough house trade bill he branded as protectionist and this year he only reluctantly agreed to support a trade bill when he saw democratic leaders were determined to pass such legislation white house spokesman marlin fitzwater told reporters late last week that the administration still did not like some of the bill s provisions but he added generally we feel very good about the bipartisan consideration of the trade legislation i think we are progressing very well the first battle will take place next week when the full house ways and means committee considers an amendment by rep richard gephardt d mo to force countries like japan south korea and taiwan to cut their trade surpluses with the u s the subcommittee limited the gephardt plan to provide only that the existence of a large trade surplus with the united states will trigger an investigation of unfair trade practices but would not automatically set off retaliation organized labor has pressed lawmakers for more relief from imports where jobs have been lost to foreign competition afl cio president lane kirkland this year angered the administration when he said any trade bill reagan would sign would not be worth passage in congress but rostenkowski set the tone of the trade debate by saying i m not trying to write legislation to please lane kirkland i m trying to write legislation that will be signed by the president rep ed jenkins d ga intends to push separately a bill to protect the domestic textile and shoe industry an aide said reagan vetoed a similar measure last year house speaker jim wright of texas one of the most influential proponents of aid for specific industries beset by low priced foreign competition last week renewed his call for import relief for the domestic oil industry and announced his support for a senate plan to trigger a temporary oil import tariff when imports reach half of domestic consumption reuter
earn	magnetic technologies mtcc sees improvement magnetic technologies corp said it expects the second half to show continued growth in earnings and sales the company today reported a profit for the first half ended january of dlrs compared with a year earlier loss of dlrs on sales of dlrs up from dlrs in all of last year magnetic earned dlrs after a loss from discontinued operations of dlrs on sales of dlrs reuter
gold	levon resources reports improved gold assays levon resources ltd said re checked gold assays from the howard tunnel on its congress british columbia property yielded higher gold grades than those reported in january and february it said assays from zone one averaged ounces of gold a ton levon previously reported the zone averaged ounces of gold a ton levon said re checked assays from zone two averaged ounces of gold a ton levon resources said the revised zone two assays compared to previously reported averages of ounces of gold a ton the company also said it intersected another vein feet west of zone two which assayed ounces of gold a ton reuter
earn	welbilt corp welb th qtr net shr cts vs cts net vs revs mln vs mln avg shrs vs year shr dlrs vs dlrs net mln vs revs mln vs mln avg shrs vs reuter
earn	satellite music network inc smni year net oper shr four cts vs three cts oper net vs revs mln vs avg shrs vs note net excludes tax credits of dlrs vs dlrs reuter
gold	starrex links share price to assay speculation starrex mining corp ltd said a sharp rise in its share price is based on speculation for favorable results from its current underground diamond drilling program at its pct owned star lake gold mine in northern saskatchewan starrex mining shares rose cts to dlrs in trading on the toronto stock exchange the company said drilling results from the program which started in late february are encouraging but it is too soon for conclusions starrex did not disclose check assay results from the exploration program reuter
earn	combined int l to ask doubling of authorized shares stock split
earn	canbra foods ltd sets special one time five dlr common shr cash payout
earn	canbra foods ltd year oper shr profit dlrs vs loss cts
earn	wilson foods corp wilf nd qtr jan net oper shr profit cts vs loss cts oper net profit vs loss sales mln vs mln st half oper shr profit cts vs loss dlrs oper net profit vs loss mln sales mln vs mln note prior half net includes pretax charge mln dlrs from plant closings and workforce reductions current year net excludes tax credits of dlrs in quarter and dlrs in half reuter
earn	canbra foods ltd year net oper shr profit dlrs vs loss cts oper profit vs loss revs not given note shr and net exclude extraordinary gain of dlrs or cts share on sale of stafford foods unit reuter
earn	oxford first corp ofc th qtr net oper shr cts vs cts qtly div six cts vs six cts prior oper net vs revs vs year oper shr dlrs vs one dlr oper net vs revs mln vs mln note net excludes losses from discontinued operations of dlrs vs dlrs in quarter and dlrs vs dlrs in year dividend pay may five record april share adjusted for three for two stock split reuter
earn	harris teeter properties htp reports earnings harris teeter properties inc reported fourth quarter fiscal earnings per share of cts on earnings of dlrs the realty investment trust company started operations in august and had no comparable figures it said reuter
earn	bsn corp bsn th qtr net shr two cts vs eight cts net vs revs mln vs avg shrs vs year shr cts vs cts net vs revs mln vs mln avg shrs vs note year net includes extraordinary gain one ct shr and gain two cts from cumulative effect of accounting change reuter
earn	bsn bsn sees higher net bsn corp said it expects revenues of about mln dlrs and a substantial increase in net income and earnings per share for today it reported net income of dlrs or cts per share on revenues of mln dlrs up from dlrs or cts per share on revenues of mln dlrs a year before reuter
earn	combined int l pma holders to vote on split combined international corp said it will ask shareholders at the april annual meeting to approve the doubling of authorized common shares to mln holders will also vote on a proposal to create a new class of mln shares of serial preferred stock one dlr par value in place of its existing classes of authorized and unissued preferred stock it said at its regular march board meeting members will consider a stock split or stock dividend which would be contingent upon stockholder approval of the changes in the capital structure at the april annual meeting holders will also be asked to approve a new corporate name aon corp it said aon is a gaelic word meaning unit the name is intended to eliminate confusion between the parent company and its principal subsidiary combined insurance co of america holders will also vote on a proposal to limit the liability of directors and amend the provision for indemnifying directors officers employees an agents this is being done to reduce the costs of liability insurance reuter
earn	canbra foods sets special five dlr shr payout canbra foods ltd earlier reporting a net profit against a year ago loss said it declared a special one time dividend of five dlrs per common share pay march record march canbra said it set the special payout to allow shareholders to participate in the gain on the sale of unit stafford foods ltd in november as well as the company s unusually profitable performance in canbra earlier reported net earnings of mln dlrs excluding a mln dlr gain on the stafford sale compared to a year ago loss of mln dlrs reuter
earn	advance circuits inc advc nd qtr feb net oper shr profit one cts vs loss cts oper net profit vs loss revs mln vs mln six mths oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln note results exclude credits of or cts shr for both periods from refinancing of debt reuter
earn	commonwealth mortgage cma sets payout qtrly div cts class a vs cts qtrly div one cent class b vs nil pay may record march note prior qtr pro rated on day basis for abbreviated qtr full name of company commonwealth mortgage of america reuter
earn	bkla bancorp dec year net shr cts vs cts net vs loans mln vs mln deposits mln vs mln assets mln vs mln reuter
earn	precision target marketing ptmi rd qtr net qtr ends jan shr profit one ct vs loss two cts net profit vs loss revs vs nine mths shr profit five cts vs loss cts net profit vs loss revs vs note full name precision target marketing inc nine months includes extraordinary gain of two cts per share reuter
acq	cheyenne software chey in acquisition talks cheyenne software inc said it is in preliminary talks on the acquisition of compouter hardware distribution firm f a components inc and its freeman owings inc subsidiary the company said f a had sales of mln dlrs for and expects to report a loss for the year cheyenne said the purchase price would be paid in common stock and it would provide additional finances for the operation of f a reuter
acq	hudson valley patrol agrees to buy guard firm hudson valley patrol inc said it agreed to acquire privately held federal protection services inc a palm beach fla security firm for common shares and other considerations hudson valley which provides guard and patrol services in upstate n y said federal protection services provides investigation uniformed guard and armoured truck services to banks corporations and residential communities in southern florida the company said it will issue shares of its common at closing and additional shares based on federal protection s pretax earnings over the next three years closing is subject to setting a definitive agreement it said reuter
cocoa	icco to examine buffer stock proposal tomorrrow the international cocoa organization icco council adjourned after presenting divergent producer and consumer views on buffer stock rules and agreeing to examine a draft compromise proposal on the buffer stock issue tomorrow delegates said icco executive director kobena erbynn will draw up what some delegates called a pre compromise and present it to the buffer stock working group at hrs gmt tuesday they said while consumer and producer member nations disagree how a buffer stock should be implemented both sides reiterated they were willing to compromise to come to agreement they said i am optimistic we will be able to come to an agreement maybe not tomorrow or the next day but some time later in the session a consumer delegate said producers say they want the buffer stock to consist only of icco member cocoa comprise a representative basket of various grade cocoas and pay different prices for different grades delegates said some consumers would rather the buffer stock manager be able to buy non member cocoa also and pay a single price for the buffer stock cocoa without respect to origin consumer members were not unified in their views on how the buffer stock should operate with several countries backing different aspects of the producer stance delegates said the semi annual council meeting is scheduled to run until march consideration of the buffer stock rules is the most controversial topic on the agenda delegates said reuter
earn	amcast industrial corp acst nd qtr march one shr profit cts vs loss dlrs net profit vs loss mln sales mln vs mln avg shrs vs st half shr profit cts vs loss dlrs net profit vs loss mln sales mln vs mln avg shrs vs reuter
earn	scientific systems services inc sssv th qtr shr profit four cts vs loss cts net profit vs loss revs vs year shr profit two cts vs loss dlrs net profit vs loss revs mln vs mln reuter
earn	skippers inc skip semi annual dividend semi annual div four cts vs four cts pay april record april reuter
earn	ziegler co inc zegl sets quarterly qtly div cts vs cts prior pay april record april reuter
acq	banking center tbcx to make acquisition banking center said it has signed a letter of intent to acquire first railroad mortgage co from first union bank of augusta ga for undisclosed terms the company said first railroad had loan production of over mln dlrs in and was servicing over mln dlrs in loans at the end of reuter
acq	san paolo di torino to acquire californian bank italian state bank istituto bancario san paolo di torino said its fully owned san paolo u s holding co of wilmington in the u s had signed a letter of intent to acquire valley national bank of california san paolo said in a statement that subject to obtaining official authorization from the relevant bodies it would merge valley national bank with its subsidiary first los angeles bank value of the planned acquisition was not disclosed reuter
grain	u s senator uncommitted on offering bill senator richard lugar of indiana ranking republican on the u s senate agriculture committee has not decided whether to introduce an administration backed bill to apply the so called provision to through grain crops an aide to the senator said the reagan administration has asked lugar to offer the measure the aide said however a number of farm groups have told lugar they oppose the proposal on the grounds it would reopen the farm bill and the senator has decided to take a second look at the proposal the aide said last week the aide indicated lugar was planning to offer the measure and a bill to tighten a payment limitation loophole reuter
acq	international fine foods makes acquisition international fine foods inc said it has acquired distributors inc of west babylon n y for common shares plus contingent shares based on future earnings distributes fresh squeezed juices and had a loss on sales of about one mln dlrs in its first year of operation reuter
earn	united tote inc tote st qtr jan net shr profit nil vs loss cts net profit vs loss revs vs reuter
earn	seven oaks qpon in telemarketing venture seven oaks international inc said it has formed a new pct owned subsidiary called seven oaks direct inc to offer a full line of telemarketing services it said seven oaks direct management will own the remaining pct the company said initial costs connected with the startupo of a new memphis tenn marketing center for seven oaks direct may hurt earnings slightly in the first half of the year ending in april but seven oaks direct should operate at no worse than breakeven for fiscal as a whole reuter
earn	quadrex corp quad th qtr jan loss shr loss eight cts vs loss cts net loss vs los revs mln vs mln year shr loss cts vs loss cts net loss vs loss revs mln vs mln reuter
earn	philip crosby associates pca earnings delayed philip crosby associates inc said its fourth quarter and annual earnings report will be delayed two more weeks the company cited the recent in house embezzlement and a subsequent review by auditors of its international situation as reason for the delay philip crosby however said it believes its december estimate calling for earnings per share between cts and cts on revenues of mln dlrs was still valid reuter
earn	united tote inc tote st qtr jan net shr nil vs loss cts net profit vs loss revs vs reuter
earn	new plan realty trust npr nd qtr net qtr ends jan shr cts vs cts net vs revs vs avg shrs mln vs mln six mths shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln note earnings were restated to reflect the three for two stock split on april one reuter
acq	schlumberger says it terminates pact to sell fairchild semiconductor business to fujitsu
acq	lynch corp lgl unit buys television station lynch corp subisidiary lynch entertainment corp said it formed a general partnership called coronet communications co which has acquired whbf tv station in rock island ill the company said the price for the station a cbs television network affiliate was mln dlrs the company also said the other partner is lombardo communications inc a wholly owned corporation of phillip lombardo lynch said it will pursue further acquisitions of media and entertainment entities with emphasis on broadcasting and cable television operations reuter
acq	schlumberger slb ends pact to sell fairchild schlumberger ltd said it terminated an agreement in principle for fujitsu ltd to buy pct of its fairchild semiconductor operations the company said the rising political controversy in the u s concerning the venture made it unlikely that the sale of the fairchild stake could be completed within a reasonable time the sale has been opposed by the u s commerce department and the u s defense department in part on national security grounds the company said termination of the agreement opened other possibilities including a possible leveraged buyout of the semiconductor maker by fairchild management in the interim fairchild would continue its ongoing business within schlumberger the oilfield services concern said last october schlumberger announced the sale of the fairchild stake and said it would take a mln dlrs charge in the fourth quarter from the sale the company ended up recording special charges of billion dlrs in the fourth quarter leading to a loss of billion dlrs for the year schlumberger never announced a price for the sale but industry analysts have estimated the value of the deal at about mln dlrs the proposed sale was under antitrust review by the u s justice department additionally commerce secretary malcolm baldridge and other u s officials have voiced reservations about the transaction since it was announced government officials have expressed concern that the sale could reduce the competitiveness of u s chip makers by putting key advanced technology into japanese hands new high technology semiconductors are used in supercomputers which are faster and more powerful than existing computers schlumberger is an oilfield services company controlled by french interests and headquartered in new york fujitsu ltd is a computer and telecommunications company based in japan reuter
earn	henley group heng sets fisher distribution henley group inc said it declared a special dividend distribution of one fisher scientific group inc share for every henley shares previously it said it would pay one fisher share for every outstanding but it changed the ratio because of the reduction in its outstanding shares to mln from mln it said the distribution of about pct of fisher s common stock will be made april six to holders of record march fisher will trade on nasdaq under the symbol fshg reuter
earn	gencorp gy st qtr operating earnings rose gencorp said its first quarter earnings from operations rose four pct as sales increased six pct to mln dlrs from mln a year earlier however the company reported net income declined to mln dlrs or cts a share in the quarter ended february from mln dlrs or cts a year earlier this year s net included dlrs from the sale of assets while last years was increased mln dlrs by such sales gencorp said lower operating profits for the tire and plastics and industrial products segments were essentially offset by higher wallcovering results reuter
earn	mccormick and co inc mccrk st qtr feb net shr cts vs cts net vs revs mln vs mln reuter
acq	twa said it does not intend to seek control of usair acquire more stock at this time
earn	telequest inc telq th qtr dec loss shr loss nine cts vs profit cts net loss vs profit sales vs avg shrs vs year shr profit one ct vs profit cts net profit vs profit sales mln vs mln avg shrs vs reuter
veg-oil	u s eep veg oil proposals still under review u s agriculture department proposals to offer tonnes of subsidized vegetable oil to four countries are still under consideration by an interagency trade policy group a usda official close to the group said the official who asked not to be identified dismissed a report circulating in markets today that the interagency trade policy review group had rejected the proposals under the proposals usda would offer vegetable oil under the export enhancement program eep to four countries including tonnes to turkey and tonnes to algeria morocco and tunisia industry sources said the proposals are still under review by the interagency working group the usda official said reuter
earn	amcast industrial corp acst nd qtr net qtr ends march one shr profit cts vs loss cts net profit vs loss mln revs mln vs mln avg shrs vs six mths shr profit cts vs loss net profit vs loss mln revs mln vs mln avg shrs vs note figures for qtr and year prior include pre tax restructuring charge of mln reuter
earn	chicago dock and canal docks rd qtr net period ended jan shr cts vs cts net vs nine mths shr dlrs vs cts net vs note full name is chicago dock and canal trust nine months earnings include gain from dispositions of real estate of dlrs or dlrs a share reuter
acq	mcgraw hill mhp buys harper row hpr unit mcgraw hill inc said it bought medecines et sciences internationales sa a french healthcare publisher from harper and row publishers inc the sum of the deal was not disclosed it said the french company publishes original titles by french authors as well as translations of american british and german medical books the company will be consolidated with mcgraw hill france it said reuter
earn	infinite graphics infg sees higher th qtr infinite graphics inc expects earnings for the fourth quarter ending april to exceed the dlrs or seven cts a share posted a year ago chairman clifford f stritch jr told a meeting of financial analysts stritch also said the company s annual revenues should exceed mln dlrs up from mln dlrs in the previous fiscal year he said the company which markets advanced computer aided engineering design and manufacturing systems plans to double its dealers to during the coming fiscal year reuter
acq	suburban bancorp subba unit wins judgment suburban bancorp said a cook county circuit court ruled in favor of one of its companies suburban bancorp of bartlett formerly bartlett state bank on claims against six former directors suburban bank of barlett claimed that the former directors breached their fiduciary duties and were negligent in opposing suburban bancorp s tender offer in january costing bartlett state bank several hundred thousand dollars it said a hearing to determine the amount of damages owed to the bank was set for april reuter
earn	affiliated publications inc afp sets payout qtrly div eight cts vs eight cts prior pay june record may reuter
earn	franklin resources inc ben qtly dividend shr six cts vs six cts prior qtr pay april record march reuter
acq	twa files application seeking right to raise usair stake to pct
acq	coopervision has pct of cooper laser zaps coopervision inc eye told the securities and exchange commission it has acquired shares of cooper lasersonics inc or pct of the total outstanding common stock coopervision said it bought the stake for mln dlrs for investment purposes it said it might buy additional cooper lasersonics common shares but said it does not plan to boost its stake above pct of the total outstanding reuter
acq	dna medical dnam signs pact for stock sale dna medical inc said walter g mize had bought about shares or about pct of dna s outstanding stock for dlrs cash under an agreement with mize dna said he will also become chairman and may at his option expand the board to provide him equal representation with the current board dna also said it will submit a proposal at its annual meeting for it to acquire three companies owned by mize heritage lite meat corp national lean beef corp and heritage cattle corp dna said the total value of the transactions is dlrs dna said that when the transactions are approved by its shareholders it will issue additional shares of its common so that mize will own pct of its issued and outstanding stock dna said mize will replace its current chairman donald holbrook who will remain on the board the company also said it will continue in the medical development business as long as it is deemed to be advantageous reuter
earn	canadian roxy petroleum ltd year net shr profit five cts vs loss cts net profit vs loss revs mln vs mln reuter
acq	cityfed ctyf to sell consumer lending offices cityfed financial corp said its city federal savings bank has a preliminary agreement to sell consumer lending offices to goldome fsb for undisclosed terms goldome is the largest mutual savings bank in the u s cityfed said it decided to sell its consumer lending offices outside its main market areas in new jersey and florida to concentrate its resources to these markets the offices being sold operate under the name of city consumer serices inc in arizona colorado illinois maryland new mexico oregon and virginia reuter
acq	trans world airlines twa files on usair u trans world airlines said it told the securities and exchange commission it does not intend to seek control of usair group or to acquire more of its stock at this time twa also said it is amending its application with the department of transportation to seek control of usair the amendment said twa reserves the right to seek control of usair in the future that it intends to maintain its pct stake and that it also is seeking the flexibility to acquire up to pct of usair twa said all usair stock owned by it would be in a voting trust and voted in the same proportion as the vote of all other usair shareholders twa filed a d with the securities and exchange commission reporting its holding of shares of usair twa has said the stake amounts to about pct twa also said that by order of the federal court in pittsburgh it is temporarily barred from buying additional shares of usair pending a hearing march to reconsider usair s application to expand the temporary restraining order to a preliminary injunction reuter
acq	first bank fbs agrees to sell another bank first bank system inc said it has found a potential buyer for first bank luverne and its office in pipestone minnesota the bank holding company said holding co a corporation controlled by the family of the late robert short will buy first bank luverne the bank has mln dlrs in assets first bank which announced plans in to restructure its banking assets by offering to sell of its banks with a total of offices said agreements have now been signed for of these offices reuter
acq	american international petroleum to buy assets american international petroleum corp aipn said it agreed to acquire for one mln dlrs the assets of a western louisiana oil and gas company american international would not identify the company american said assets included nine leases totalling acres various working interests in oil and gas wells on that property all equipment and machinery necessary for operation and a pct interest in a nine mile gas pipeline reuter
earn	three d departments inc tdd nd qtr jan shr four cts vs cts net vs revs mln vs mln six mths shr cts vs cts net vs revs mln vs mln reuter
earn	consolidated pipe lines co year net shr dlrs vs dlrs net vs revs mln vs mln reuter
earn	newcor inc new st qtr jan net shr profit four cts vs loss cts net profit vs loss sales mln vs mln reuter
earn	skyline corp sky rd qtr feb shr cts vs seven cts net vs sales mln vs mln nine mths shr cts vs cts net vs sales mln vs mln note quarter and nine month earnings includes a gain on sale of idle facilities of dlrs or four cts a share nine months earnings include gain on sale of idle facilities of dlrs or three cts a share reuter
earn	tech data corp tecd th qtr ends jan net shr cts vs cts net vs revs mln vs mln avg shrs vs mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
trade	brazil trade surplus rises in february the trade surplus doubled in february to mln dlrs from january s mln but was below the mln of february official figures show the director of the banco do brasil s foreign trade department cacex roberto fendt told reporters the upturn in february confirmed a rising trend in exports which totalled billion dlrs against billion in january and after excluding coffee and oil derivitives was only slightly below the same month last year coffee earnings were down to mln dlrs against mln in february because of lower prices he added fendt said that although the february results were lower than the average expected for the rest of the year the government s target of an eight billion dlr surplus for should be achieved this would compare with a surplus of billion dlrs exports this year are expected to total billion dlrs and imports billion he added in exports totalled billion dlrs and imports billion fendt said the rise in imports in february to billion dlrs from billion in february last year was in line with government plans to foster economic growth fendt said that imports were running at levels well above the traditional average for brazil in the first two months of the year imports excluding oil and wheat totalled billion dlrs against billion in the same period this rise in import demand reflected the needs of brazilian industry to equip to raise production and is perfectly compatible with the government s program for economic growth fendt added reuter
acq	armtek arm unit leveraged buyout completed condere corp formed by former managers of armtek corp said it completed the acquisition of a tire plant and other assets of armtek for undisclosed terms in addition to a tire manufacturing plant condere bought s and a truck tire sales and service corp which operates sears truck tire sales and service centers through a licensed agreement with sears roebuck and co s the plant will supply tires to armtek s armstrong tire co as well as to several sears centers condere said it expects first year revenues to be mln dlrs reuter
earn	horizon bancorp hzb sets regular payout qtrly div cts vs cts prior pay may record april reuter
earn	ashland oil chairman sees loss from operations in the second fiscal quarter
earn	henley heng to issue subsidiary s shares henley group inc said it plans to issue pct of the common stock of its fisher scientific group inc unit to henley group shareholders the company said it intends to issue one share of fisher scientific for each henley shares held to shareholders of record march the distribution is scheduled for april six the company also said it said the fisher shares will trade in the over the counter market under the symbol fshg reuter
acq	schlumberger slb may have alternate buyer schlumberger ltd most likely has an alternate buyer lined up for its fairchild semiconductor unit wall street analysts said i think its clear that in cancelling its agreement with fujitsu schlumberger has signaled that it has another deal in the works said paul johnson a semiconductor analyst with l f rothschild there are unquestionably other buyers out there added kidder peabody analyst adam f cuhney a lot of companies have looked at fairchild and would be willing to buy it among the companies that would be interested in bidding for fairchild are advanced micro devices amd sunnyvale calif and lsi logic corp llsi milpitas calif industry analysts said top u s chipmakers like national semiconductor corp nsm texas instruments inc txn and motorola inc mot might also seek to buy fairchild but could possibly run into antitrust problems the analysts added moreover fairchild s management is thought to be considering proposing a leveraged buyout of the cupertino calif company analysts said in a brief statement announcing the termination of the agreement with fujitsu schlumberger said the decision opened up other possibilities including a possible buyout by fairchild management the company said it ended the deal in which fujitsu would have bought pct of fairchild for an estimated mln dlrs because rising opposition to the deal by the reagan administration made it unlikely that the sale could be completed within a reasonable period of time analysts questioned this explanation however arguing that the companies did not need government approval to complete the transaction both schlumberger and fujitsu are foreigned owned companies schlumberger would not have terminated the deal because the u s government didn t want it said johnson of l f rothschild a spokesman for schlumberger declined to elaborate on the company s news release he said only that the company was reviewing a number of possible alternatives for the fairchild unit officials at fairchild and fujitsu were not immediately available for comment analysts noted the significance of the government s apparent success in preventing fujitsu from taking control of fairchild administration officials including commerce secretary malcolm baldrige and defense secretary caspar weinberger feared that the sale to fujitsu would lead to japanese control of key semiconductor technology for supercomputers and military weapons systems the government really stood up for the semiconductor industry said johnson of l f rothschild that i think is the real significance of this consequently analysts said the japanese government might now feel more pressure to address u s complaints about japanese chipmakers violation of the semiconductor trade agreement signed last summer reuter
trade	brazil s trade surplus doubled in february brazil s trade surplus doubled in february to mln dlrs from january s mln but was well below the mln dlrs of february last year official figures show director of the banco do brasil s foreign trade department cacex roberto fendt told reporters the upturn in february confirmed a rising trend in exports which totalled billion dlrs against billion in january and after excluding coffee and oil derivatives was only slightly below the same month last year coffee earnings were down to mln dlrs against mln in february because of lower prices he added fendt said although the february results were lower than the average expected for the rest of the year the government s target of an eight billion dlr surplus for should be achieved this would compare with a surplus of billion dlrs exports this year are expected to total billion dlrs and imports billion he added in exports totalled billion dlrs and imports billion fendt said the rise in imports in february to billion dlrs from billion in february last year was in line with government plans to foster economic growth fendt said imports were running at levels well above the traditional average for brazil imports in the first two months of the year excluding oil and wheat totalled billion dlrs against billion in the same period this rise reflected industry s need for equipment to raise production and is perfectly compatible with the government s program for economic growth fendt added reuter
earn	silicon valley bancshares sets stock payout silicon valley bancshares said it declared a five pct stock dividend payable may to shareholders of record april reuter
earn	di giorgio corp dig qtly dividend shr cts vs cts prior qtr pay may record april reuter
heat	u s heating oil futures up sharply in april a supply shortage of number two oil in new york for prompt delivery boosted the april heating oil contract on u s energy futures traders said crude oil futures followed but gasoline futures lagged april heating oil ended cts higher to cts a gallon while april crude settled cts higher at dlrs the rally was led by spot month heating oil contract which seemed to move higher because of tigtened prompt deliveries in new york harbor said james ritterbusch vice president at paine webber inc in chicago april gasoline was cent higher at cts a gallon ritterbusch said the market also found support from a report in the middle east economics survey that said that opec oil output was down to about mln barrels per day in the second week of march there was not a lot of interest to sell the market because of belief in opec said richard redoglia a broker with merrill lynch futures inc redoglia and ritterbusch said april heating oil could continue to rally above cts a gallon while crude futures could test dlrs a barrel before profit taking stunts the move higher reuter
earn	transamerica income tai monthly dividend shr cts vs cts prior period pay april record march note full name transamerica income shares inc reuter
acq	mcdermott mdr says stake violates law mcdermott international inc said the purchase of a pct block of its stock was an apparent violation of the laws of panama its country of incorporation the company said a detailed disclosure of an acquisition offer must be made to the panamanian national securities commission or to the target s board before acquiring more than five pct stake it said transfers of securities in violation of these panamanian regulations are invalid the company was not immediately available to say who had acquired the pct block of stock reuter
acq	icahn says he is target of sec investigation corporate raider carl icahn acknowledged that he is one of the targets of an investigation by the securities and exchange commission into possible violations of securities laws icahn who heads and controls trans world airlines inc twa made the acknowledgement in a filing twa was required to make with the sec disclosing its pct stake in usair group the sec issued a formal order launching the private investigation on nov icahn said in the sec filing the order empowers sec investigators to try to find out whether any persons including icahn violated securities laws and related rules icahn said specifically the probe is examining the acquisition and subsequent sale of more than five pct of the stock of certain unspecified companies he said federal law requires individuals or groups of individuals who have made shareholder agreements to disclose stakes in companies of at least five pct within days icahn has acknowledged that he has been subpoenaed in connection with sec probes but this is the first time he has disclosed that he is among those being investigated by making the disclosure in a filing with the sec which is obviously already aware of its own probe icahn was also alerting current and potential shareholders of twa it is not uncommon for companies which are aware that they or their officers are the targets of government probes to acknowledge the existence of the otherwise secret investigations to fulfill their legal disclosure requirements to their shareholders icahn said the sec is looking into whether he and others whom he did not name violated securities laws by acquiring and selling more than five pct of a company s stock sec investigations into those kinds of possible securities law violations have been spawned by the agency s widening probe into the wall street insider trading scandal according to published reports making late filings of d forms which disclose the amount of stock over five pct an investor has in a company or making no filing at all could indicate a scheme to warehouse shares of stock in a warehousing scheme a group of investors acting in concert would each amass stock in the company without disclosing that they have an agreement among them by failing to disclose that they are acting together the market is unware of the amount of stock of a company that is controlled by a group acting in concert last year the sec charged members of the wealthy belzberg family of canada with taking part in a warehousing scheme while it was accumulating stock in ashland oil inc reuter
earn	smithkline skb aims for pct earnings raise smithkline beckman corp said it is pursuing a three point stragey that will achieve a pct annual increase in operating earnings throughout the remainder of the decade in smithkline earned mln dlrs or dlrs per share on revenues of billion dlrs the company said in its annual report that its nonpharmaceutical business will play a major role in meeting its earnings growth target and will in fact grow faster than its pharmaceutical business smithkline whose major product is the antiulcer medication tagamet said in the report that it intends to improve earnings from existing products expand its product portfolio and optimize its financial resources to bolster its position in the antiulcer market in which tagamet has met stiff competition smithkline said its strategy to develop an over the counter version of tagamet is bolstered by two joint ventures one with wellcome plc and one pending venture in japan smithkline also said its allergan inc eye and skin care products division can be a one billion dlr organization in the next five years that can grow at more than seven to pct annually nondilutive acquisitions are a real possibility gavin herbert president of the eye and skin care product group said in the report in allergan had worldwide sales of mln dlrs it said its smith kline and french laboratories pharmaceuticals unit with sales of billion dlrs will file for food and drug administration marketing approval for a number of cardiovascular agents including tissue plasminogen activator over the next two years it also said sk and f s u s sales force will be pct larger in with more than sales personnel smith kline also said its small clinical laboratory testing unit with sales of mln dlrs performs mln tests a year and sees increases in employee drug testing as well as in testing for the aids antibody smith kline said that depending on its share price and the cost of money it may buy back more shares in the last three years it has bought back about pct of its shares smithkline begins the year with a new management team including its new chief operating officer george ebright reuter
earn	ashland oil ash sees nd qtr oper loss ashland oil inc said it expects to report a loss from operations in the second quarter the company also said it expects to report a mln dlrs net gain in the quarter from excess pension funds used to pay down debt however it is difficult to determine now whether this gain will be sufficient to offset the expected operating loss the company said in a statement a company spokesman would not elaborate the company s ashland petroleum co unit operated at a loss in january and february since it was unable to raise product prices enough to recover higher crude oil costs ashland said although ashland petroleum and superamerica a retail marketing operation are having a difficult quarter the company s valvoline ashland chemical and coal businesses are expected to report good results for the quarter ended march in the year ago quarter ashland had income from operations of mln dlrs before corporate and interest expenses taxes equity income and other items net income in the quarter was mln dlrs or dlrs a share on sales of billion dlrs reuter
acq	ameritrust amtr sells two mln shares ameritrust corp said it sold two mln shares of its common stock to an investment group named clevebaco ltd partnership the partnership is controlled by alfred lerner and a subsidiary of the progressive corp prog is the limited partner according to the company ameritrust said it was advised that the clevebaco group has filed an application with bank regulatory authorities seeking permission to acquire up to an additional three mln shares of ameritrust common stock the company said the group indicated to it that it had no hostile takeover intent toward ameritrust and that the purchase was for investment purposes reuter
earn	bankamerica chairman says bank is turning around heading to profitability
earn	general leaseholds ltd year net shr cts vs cts net vs revs vs avg shrs vs reuter
trade	british farm minister attacks subsidies farm subsidies and protectionist moves threaten healthy trade on both sides of the atlantic michael jopling british minister of agriculture fisheries and food warned it would not be sensible to provoke another dispute between europe and the united states jopling said in remarks prepared for an evening speech but some things are clear and they apply on both sides of the atlantic we cannot continue to pile up stocks while world demand shrinks he said governments must not operate farm policies as if they were purely domestic affairs with no impact on others they also have to recognize that they cannot in the long run develop a healthy and stable farm sector on the basis of protectionism and excessive subisdies and above all europe and the united states have too many common interests to make it worthwhile to engage in trade wars and competitive export subsidies which end by benefitting no one he added it is crucial that the united states and the european community remain friends jopling who is a member of the ec agriculture committee was in indiana to visit several farms prior to talks with u s officials in washington later this week jopling also criticized a recent proposal still under consideration by the ec for a tax on vegetable and fish oils he said his government would oppose such a move because we do not think it is correct that a shortage of funds to support ec farmers should be alleviated by raising money at the consumer s expense reuter
earn	bankamerica bac chair says bank turning around bankamerica corp chairman a w clausen said the bank holding company is turning around and is back on the road to profitability in a speech to the san francisco chamber of commerce clausen said he was absolutely convinced bankamerica would return to its position of preeminence fundamental to achieving that goal is to continue to reduce costs dramatically to get our arms around our loan loss problems and begin to reduce charge offs and to enhance our revenue generation clausen said clausen said he doubts bankamerica would be in a position this year to make any acquisitions or experience any growth he said bankamerica will continue to reduce staff and operations noting that expense growth in increased only one pct over expenses clausen also said it will continue to phase out its overseas retail banking and concentrate on wholesale banking with emphasis on a premium list of multinational corporations reuter
earn	rochester telephone corp rtc sets dividend qtly div cts vs cts pay may one record april reuter
earn	augat inc aug sets quarterly dividend qtly div cts vs cts pay april record april reuter
earn	phh group phh regular qtly dividend qtly div cts vs cts prior pay april record april reuter
earn	telco systems inc telc nd qtr march one loss shr loss nine cts vs profit cts net loss vs profit revs mln vs mln six mths shr loss cts vs profit cts net loss vs profit revs mln vs mln reuter
acq	u s declines comment on schlumberger slb move a u s commerce department spokesman said the agency would have no comment on schlumberger ltd s announcement that it had terminated an agreement in principle to sell its fairchild semiconductor corp unit to fujitsu ltd sclumberger had said that controversy surrounding the venture made it unlikely the sale could be completed any time soon the sale was opposed by commerce and the u s defense department in part on national security grounds commerce chief spokesman b j cooper said the department had had no contact with schlumberger about the deal a defense department spokesman said the agency was unaware of schlumberger s announcement and would have no immediate reaction officials last week told reuters that commerce secretary malcolm baldrige and defense secretary caspar weinberger had joined forces to fight the planned sale because it could have left the u s military overly dependent on foreign sources for vital equipment used in high technology weapons administration opposition to the deal also stemmed from ongoing trade tensions between the united states and japan officials said reuter
earn	precision target marketing inc ptmi rd qtr shr profit one cts vs loss two cts net vs loss revs mln dlrs vs mln nine months shr profit five cts vs loss cts net profit vs loss revs mln vs mln note rd qtr ended january rd qtr and nine months includes dlrs and dlrs gains respectively from tax loss carryforward reuter
earn	royal bank canada brazil unit sees growth royal bank of canada s ry small brazilian commercial bank subsidiary banco royal do canada brasil s a sees opportunities for its own growth with an expected substantial increase in brazilian exports to canada banco royal president michael brennan said they brazilian exporters are very interested in the canadian market because it s an untapped market brennan told reporters after a speech to the brazil canada chamber of commerce brennan said brazil is currently exporting products like paper machinery and ships to canada he said he hopes to see medium term financing facilities for brazilian companies reinstated shortly following an agreement reached in january with international financial authorities brennan estimated brazilian exports to canada totalled roughly mln canadian dlrs in while imports from canada reached about mln dlrs brennan said he expects banco royal profit to increase this year from the three mln u s dlrs reported for fiscal ended september but said he could not predict by how much because of the country s uncertain financial climate brennan said he expects his bank s growth to come from increased exports to canada banco royal is the only canadian owned commercial bank in brazil although bank of montreal has a brazilian investment bank subsidiary he said brennan said he expected brazil to be able to reach an equitable agreement with foreign banks on restructuring its billion u s dlr foreign debt because the brazilian economy is essentially healthy he said he believed brazil might be in a position to resume debt repayments within a year brennan said he could not comment on the impact of brazil s interest payment moratorium on the royal bank of canada reuter
earn	affiliated publications inc afp sets dividend qtly div eight cts vs eight cts pay june one record may reuter
earn	astro med inc alot th qtr net shr cts vs nine cts net vs revs vs year shr cts vs cts net vs revs mln vs mln reuter
acq	central pennsylvania cpsa buys stake in firm central pennsylvania savings association said it made a pct investment in pinnacle mortgage investment co terms were not disclosed pinnacle incorporated in generates about mln dlrs in closed mortgage loans annually central pennsylvania also said its directors recently approved a letter of intent to acquire hamilton reliance savings association of norristown pa reuter
ship	n z ports reopen but further closures possible harbour workers returned to work this morning after a strike in support of pay claims closed new zealand s ports for hours yesterday but the harbour workers union told reporters the pay dispute is not settled and the union s national executive will meet here tomorrow to decide its next moves obviously we will be considering further industrial action union secretary ross wilson said in a radio interview the union rejects employers offers of a pct pay rise over months it wants pct over months reuter
earn	atcor atco says outlook depends on steel atcor inc said the magnitude of any earnings recovery in fiscal depends on the direction of steel pricing and how fast the company s severe operating problems in its consumer segment are resolved atcor s consumer segment represents about pct of its sales in a letter to shareholders the company said that that part of its business continues to be unprofitable atcor said it does not expect performance improvements in the first quarter to be sustained throughout the year due to increasing raw material costs reuter
earn	zzzz best co inc zbst rd qtr net shr cts vs four cts net vs revs mln vs mln avg shrs mln vs mln nine mths shr cts vs eight cts net vs revs mln vs mln avg shrs mln vs mln reuter
acq	pacific lighting plt considers unit sale pacific lighting corp said it is considering the sale of its land development line of business and will be initiating discussions with potential buyers the book value of the company s investment in land development operations is mln dlrs the pacific lighting real estate group earned mln dlrs and employed people during the company said alternatives to the sale being considered include a master limited partnership and an initial public offering of the equity in the land development companies it said proceeds from the sale would likely be invested in pacific lightings new specialty retailing line of business and its oil and gas operations the company said the investment banking firm morgan stanley has been retained to advise pacific lighting on the disposition of the land development operations completion of a transaction it one is made is expected by the end of the year the company said reuter
acq	mlx mlxx unit agrees to by abex unit mlx corp said a subsidiary has tentatively agreed to acquire a sintered friction materials business in milan italy from a unit of abex corp for undisclosed terms the deal will close after obtaining italian government approvals expected in late april the business which will operated under the name s k wellman will become a member of mlx s specialty friction materials group the business is a manufacturer of high energy friction materials for heavy duty transmissions and clutches reuter
earn	moduline international mdln rd qtr oper loss qtr ended dec oper shr loss two cts vs loss cts oper net loss vs loss sales vs nine mths oper shr profit cts vs loss cts oper net profit vs loss sales mln vs mln mouduline international inc note oper data does not include gains from tax benefit carryforwards of dlrs or three cts per shr in qtr and dlrs or ten cts per shr in nine mths reuter
earn	financial trustco capital ltd hikes payout qtly div cts vs six cts pay march record march note co also declares ct qtly div on special shares issued in december with same pay and record dates reuter
earn	usp real estate uspts has gain on sale usp real estate investment trust said it will post a first quarter gain of dlrs on the sale of the spanish villa apartments in savannah ga which was completed last week reuter
earn	bindley western industries inc bind th qtr net oper shr primary cts vs cts oper shr diluted cts vs cts oper net vs revs mln vs mln avg shrs primary vs avg shrs diluted mln vs mln year oper shr primary cts vs cts oper shr diluted cts vs cts oper net vs revs mln vs mln avg shrs primary vs avg shrs diluted mln vs note revs includes investment income dlrs vs dlrs for qtr and mln dlrs vs dlrs for mths revs also include unrealized loss on equity securities of dlrs for qtr and dlrs for mths oper net excludes extraordinary gain of dlrs vs dlrs for qtr and dlrs vs dlrs for mths reuter
earn	centel cnt sees lower first qtr profits centel corp said it sees first quarter results below those of due to regulatory limits on telephone earnings and cts to cts a share dilution from acquisitions in the annual report chairman robert reuss told shareholders telephone profits will continued to be limited by ceilings imposed by regulators as well as deregulation and structural changes within the industry that have slowed growth in the investment base for setting rates as such its first quarter results will be below last year s first quarter of dlrs a share he said several of the company s telephone units may be faced with a reduction in the rates of return authorized by their regulators reuss said this could result in some rate reductions and refunds to customers reuss said he is encouraged by the prospects for progress in centel s business communications cable television and cellular telephone units centel is asking shareholders at the annual meeting to approve the tripling to mln in authorized shares reuter
earn	wings west airlines wing rd qtr net qtr ended jan shr one ct vs nine cts net vs revs vs note nine mth data unavailable reuter
acq	twa twa sees benefits in usair u merger trans world airlines inc which disclosed that it does not intend to seek control of usair group at this time said it still believes a combination of the two airlines would have benefits to both in a filing with the securities and exchange commission twa which is controlled by carl icahn said it continues to closely watch the developments of usair which has an agreement to acquire piedmont aviation inc pie twa said it spent mln dlrs to acquire its usair shares which amount to pct of its total outstanding common stock twa said it would not buy more usair group stock at least for the moment but it said it still believes a twa usair combination would create certain synergies that would be mutually beneficial to both carriers twa stressed that it reserved the right to revive its takeover attempt and said it may continue to explore the feasibility and strategies of gaining control of usair further purchases of usair stock would require the approval of the department of transportation twa said because of department of transportation rules twa also said it put its usair stock into a voting trust with fleet national bank as the voting trustee the voting trust agreement requires the bank to vote in favor of any acquisition agreement between twa and usair and to opposed any other merger of usair reuter
acq	adobe adb high plains hpoc to merge adobe resources corp and high plains oil corp said they reached an agreement in principle under which high plains will be merged into a unit of adobe under terms of the agreement the companies said each share of high plains common stock not owned by adobe or held in the high plains treasury will be exchanged for shares of newly issued adobe common the exchange they said will be made on the effective date of the merger which must be approved by both companies boards and high plains shareholders reuter
trade	ec warns u s and japan on trade tensions the european community ec delivered warnings to both japan and the united states over trade frictions which have hit relations between the community and its main trading partners ec foreign ministers meeting here issued a statement deploring japan s continued trade imbalance and appealed for greater effort by the country to open its markets ministers also issued a statement saying they were disturbed by moves in the u s to limit imports of textiles and warned that the community would react to any such moves ec external trade commissioner willy de clercq has already written to his u s counterpart special u s trade representative clayton yeutter outlining the ec s concerns the ministers said they were very disturbed by the u s moves adding the adoption of such measures would not fail to have a negative effect on the process of multilateral negotiations just started as well as on bilateral relations any unilateral u s moves would leave the ec no option but to react according to the laws of the world trade body the general agreement on tariffs and trade gatt they said in a separate statement on japan the ec ministers said they deplore the continued aggravation of the imbalance in trade and expect japan to open up its market more the statement added that the ec continued to insist that the japanese government must boost imports and stimulate demand ministers also called on the european commission to prepare a report on u s japanese trade for july this year to enable them to take action where necessary one diplomat said the call for a report showed ministers were determined not to let the japanese question drop it wil be back on the table again and again the diplomat said de clercq told journalists there is a certain nervousness a growing impatience within the community on trade relations with japan but diplomats said the community is keen to continue talking with tokyo to try and solve the problem rather than embark on a costly and damaging trade war reuter
acq	ceasars world files suit against martin sosnoff and mts acquisition on tender offer
acq	coastal cgp hit with two billion dlr lawsuit transamerica natural gas corp said it is seeking two billion dlrs in punitive and actual damages in a lawsuit it filed today against coastal corp its chairman and certain coastal affiliates transamerica a privately held company that has been in bankruptcy since said its suit alleges that coastal and its chairman oscar s wyatt jr unlawfully interfered with agreements it previously reached with its creditors causing the company significant damage transamerica also said its suit filed in state district court in harris county texas seeks injunctions against wyatt and coastal to enjoin them from interfering with its contractual agreements with its creditors the company alleged that beginning in mid coastal and its chairman took various steps to acquire its gas and other assets coastal has used transamerica s bankruptcy proceedings to engineer a hostile takeover attempt the company charged in its suit transamerican alleged that coastal and wyatt are notorious corporate raiders who have been restrained in the past from taking over other corporations in their attempt to create a stranglehold position from which they could control and raise gas prices it is obvious that coastal s efforts to improperly take over transamerican is a thinly veiled attempt to control a larger share of the texas gas market to the detriment of end users and consumers the company alleged coastal could not be reached for comment company name is transamerican reuter
acq	caesars world caw files suit against sosnoff caesars world inc said it filed a lawsuit against martin t sosnoff and mts acquisition corp regarding its march unsolicited tender offer for caesars world stock the company said it filed in the federal court in the central district of california charging the tender offer which its board rejected violated federal securities laws and federal margin regulations the suit charges the offering materials are materially false and misleading and misstate and conceal material information required to be disclosed to shareholders the suit also charges the offer is illusory and designed to manipulate the market in caesars world stock to enable sosnoff to sell the caesars world stock he already owns for a substantial profit the complaint seeks among other things to enjoin the tender offer and to require mts and sosnoff to correct false and misleading statements in the offer caesars world is expected to seek a friendly suitor restructure operations or buy back sosnoff s holdings in an attempt to fight off the bid sosnoff holds about pct of the company s stock reuter
acq	harris ups centerre bancorp ctbc stake harris associates l p a chicago investment advisor said it raised its stake in centerre bancorporation to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission harris said it bought centerre common shares between jan and march at prices ranging from to dlrs a share it said its dealings in the company s stock are on behalf of its clients reuter
earn	pay n save payn st qtr jan net shr profit one ct vs loss cts net profit vs loss sales mln vs mln reuter
acq	aero services aeroe in pact for nominations aero services international inc said it signed an agreement with dibo attar who controls about pct of its common stock under which three nominees to aero s board have been selected by attar in addition to attar the nominees are stephen l peistner chairman and chief executive officer of mccrory corp and james n c moffat iii vice president and secretary of eastover corp reuter
bop	australia feb current account deficit mln dlrs vs jan billion official
bop	australian current account deficit narrows in feb australia s current deficit narrowed to mln dlrs in february from billion revised from billion in january the statistics bureau said this compared with an mln dlr shortfall a year earlier february merchandise trade recorded a mln dlr surplus against a mln shortfall revised from mln in january and a mln deficit in february the current account deficit fell at the lower end of the range of forecasts of mln to one billion dlrs made by market economists yesterday february fob exports rose to billion dlrs from billion revised from billion in january and billion a year earlier while fob imports fell to billion from billion revised from billion against billion a year earlier the bureau said it said a four pct decline in rural exports despite an pct rise in wheat exports was more than offset by a seven pct rise in non rural exports notably minerals and fuels on the import side the main decreases were falls of pct in machinery and transport equipment and pct in fuels the bureau said the net services deficit narrowed to mln dlrs from mln revised from mln in january and mln a year earlier the bureau said this made a sharply lower deficit of mln dlrs on the balance of goods and services against deficits of mln in january and mln a year earlier deficit on net income and unrequited transfers was mln dlrs against mln in january and mln a year earlier official capital transactions in february showed a surplus of mln dlrs against a billion surplus in january and a mln surplus a year earlier non official capital and balancing item showed a mln dlr deficit against a billion deficit in january and a mln surplus in february the bureau said the cumulative current account deficit for the first eight months of fiscal ending june widened to billion dlrs from billion a year earlier the cumulative trade deficit narrowed to billion dlrs from billion and the services deficit to billion from billion but the transfers deficit widened to billion from billion the cumulative official capital surplus narrowed to billion dlrs from billion reuter
reserves	australian reserves fall in february australia s official reserve assets fell to the equivalent of billion u s dlrs in february from billion in january compared with billion a year earlier the reserve bank said in australian dollar terms reserves fell by billion dlrs to billion after falling billion to billion in january and rising mln to billion in february the bank said that excluding valuation effects it estimated reserves fell mln dlrs after falling billion in january and rising mln a year earlier the individual value of reserve assets in australian dollars at end february with end january and year earlier respectively in brackets were gold billion billion and billion sdr s mln mln and mln imf reserve position mln mln and mln u s dollars billion both billion other foreign exchange billion billion and billion reuter
wpi	japan february wholesale prices fall pct pct january drop official
wpi	japan wholesale prices fall pct in february japan s overall wholesale price index base fell pct in february from a month earlier to for the second consecutive month on month fall the bank of japan said wholesale prices fell pct in january from december the index fell pct from a year earlier for the st straight year on year drop the central bank said the reduced month on month drop mainly stemmed from the recovery in world crude oil prices it said on a customs cleared basis crude oil prices rose to around dlrs a barrel in february from about dlrs in january the average value of the yen against the dollar rose pct to in february from in january and was up pct from a year earlier the bank said the export price index in february fell pct from a month earlier reflecting price cuts in export products like cars and precision instruments due to severe foreign competition the index was down pct from a year earlier the import price index rose pct from a month earlier to for the sixth successive month on month gain mainly due to the continued strength of world crude oil prices but the index was down pct from a year earlier the domestic price index fell pct to in february its th straight monthly drop mainly reflecting falls in prices of home appliances such as colour televisions due to severe sales competition at home lower edible oil prices added to the decline the index was down pct from a year earlier the domestic index marked its largest year on year drop of pct in january since the central bank started compiling such statistics in under its current system wholesale prices are likely to turn upward in march as higher world crude oil and raw material prices are expected the bank said reuter
acq	hongkong bank says close to deal on property sale hongkong and shanghai banking corp hkbh hk is close to a deal on the sale of a commercial building in hong kong s mongkok business district a bank spokesman said he said the storey wayfoong plaza was likely to be sold for about mln h k dlrs but declined to identify the buyer the spokesman gave no further details reuter
money-supply	thai m money supply rises in january thailand s m money supply rose pct to an estimated billion baht in january after increasing pct in december the bank of thailand said it said year on year m grew pct in january after an pct increase in december the central bank said m rose pct to an estimated billion baht in january after a pct increase in december while year on year it expanded pct after a pct rise in december reuter
gnp	japan to release gnp figures later today the economic planning agency will announce gross national product gnp figures for the october december quarter today at hrs local time gmt agency officials told reuters in the july september quarter gnp rose pct from the previous three months reuter
earn	cathay pacific profit seen above target buoyed by low fuel prices and favourable currency factors cathay pacific airways ltd s caph hk profits are expected to surpass the airline s forecast of one billion h k dlrs stock analysts said analysts said they expect the airline to show net earnings of between billion and billion dlrs when it reports results tomorrow for its first year as a public company cathay pct owned by swire pacific ltd swpc hk made its earnings forecast in the prospectus for its flotation in may last year cathay is expected to pay a cent final dividend making a total of cents for the year as forecast in the prospectus analysts polled by reuters said they said the airline s performance improved in the second half of the year after it reported interim profits of mln dlrs the weakness of the local currency pegged at to one u s dollar and low fuel prices moved further in the company s favour from the assumptions made in the prospectus at the time of the flotation james capel far east ltd said james capel estimates average fuel prices for the airline industry in at u s cents per gallon pct below the level it said a one pct movement in fuel prices would affect cathay s net profits by mln dlrs and forecast profits of billion dlrs analysts said the company s estimates of fuel price and currency movements set out in its prospectus were conservative this is reflected in their interim results which showed that profit margin has increased said frederick tsang of mansion house securities f e ltd cathay s six month turnover rose pct from year earlier levels but profits rose pct the rise in oil prices in late had little impact on the company s fuel oil bill last year as aviation fuel prices usually lag behind crude price movements by several months analysts said by last september the yen had risen some pct against the hong kong dollar from the end of the mark pct and sterling pct overall the weakness of the hong kong dollar against cathay s major trading currencies helped push passenger yields in the first half up pct said james capel this should continue through the second half to enable passenger yields to end the year up pct a strong performance from the billion dlrs in cash under management also improved profits james capel said a general improvement in air traffic last year contributed to cathay s revenue increase but the company s load factor declined because of increased competition and an expansion of its fleet and services james capel estimated cathay s passenger kilometres flown last year rose six pct from and freight kilometres flown climbed pct though the airline s load factor probably fell to pct from pct cathay added new planes and was forced to fly some routes last year because of the threat of competition from dragon air said tsang this affected its load factor fear of possible competition from fledgling carrier hong kong dragon airways ltd may have contributed to cathay s decision to resume service to new zealand last year analysts said reuter
copper	renison goldfields extends lyell copper mine life the renison goldfields consolidated ltd rgfj s rgc mt lyell copper mine in tasmania will stay open for an extra five years following a new aid package from the state government rgc said in a statement the mine had been scheduled to close in after the series stopes were mined but will now stay open until the deeper and series have played out probably in the australian dollar s fall since also improved the local dollar copper price making the company profitable and justifying the mining of deeper reserves at a copper grade of about pct against about pct now the firm said ore output will be cut but the higher grades will keep contained copper output at current levels of about tonnes a year it said capital expenditure of about mln dlrs will be required over the life of the new plan rgc said the latest aid package is the third since for rgc a major employer in queenstown on the thinly populated west coast of tasmania the mine was kept open in after tasmania gave rgc mln dlrs in aid the new package includes an eight mln dlr advance to rgc at the long term bond rate power concessions and deferred royalties and payroll taxes reuter
acq	new zealand press group buys more texas newspapers independent newspapers ltd inl said it bought two more community newspapers in houston texas through a subsidiary there for an undisclosed sum inl said in a statement houston community newspapers inc bought the south west advocate and the south bend advocate with combined circulation of copies and associated assets from the advocate communications corp inc inl publishes wellington s morning and evening newspapers as well as new zealand provincial dailies and newspapers in rhode island just under pct of inl is owned by news ltd an australian subsidiary of news corp ltd ncpa s production and administration of the two publications would be transferred to the company s existing centre in houston inl said the acquisition took effect on march inl chairman alan burnet said the purchase would enable the subsidiary to offer advertisers a combined distribution of nine community newspapers to homes in the greater houston area trading conditions in the area are particularly difficult because the city s economy depends to a large extent on the fortunes of the petroleum industry but the situation should improve in the medium to long term and the investment will prove to be sound he said reuter
rubber	kobe rubber exchange to extend trading hours the kobe rubber exchange said it will extend its trading hours from may to enable more operators to use the exchange subject to ministry of international trade and industry approval the exchange will add a sixth session starting at local time and will close the account for trading at the new session the following day before the opening call starts at local time an exchange official said trading on the singapore rubber market a major producer price indicator for japanese end users is usually active after the end of the current final session here the introduction of the new session will enable participants to trade overnight after taking account of singapore rubber prices because brokers and members who are designated by the kobe exchange are allowed to add the volume traded overnight to the new final session before the opening session starts next day the official said but because the kobe exchange uses the auction system which sets a fixed price at each session the price of contracts traded overnight should be a fixed price settled at the sixth session he added industry sources said they expected the ministry to approve the plan because it has encouraged the japanese futures industry to expand and internationalise the tokyo commodity exchange for industry tocom which also trades rubber futures in japan said it has no plans to introduce an extra session tocom also has five rubber trading sessions a day four sessions start minutes later than kobe exchange sessions but both exchanges final sessions start at the same time reuter
nat-gas	coastal cgp seeks to halt billion dlr lawsuit coastal corp said a federal bankruptcy court will hear its request today for a restraining order to stop a two billion dlr lawsuit against it by transamerican natural gas corp transamerican which entered chapter bankruptcy proceedings in to reorganise its debts filed the lawsuit to block coastal from taking control coastal spokesman jim bailey confirmed the company which is an unsecured creditor of transamerican would present its own reorganisation plan to the bankruptcy court under the plan coastal would buy the natural gas reserves and pipeline system owned by transamerican in texas for an undisclosed amount transamerican lawyer john nabors said the company values its total assets including an unused oil refinery at about one billion dlrs the company the second largest natural gas producer in texas said it has gas reserves of trillion cubic feet and over miles of pipeline and gas gathering lines about pct of transamerican s gas is available for spot market sales in texas during peak demand it said nabors said the transamerican reorganisation would repay its mln dlr debt with profits from natural gas sales the lawsuit seeks one billion dlrs in actual damages and one billion in punitive damages from coastal coastal has been trying to break into the texas gas market since when it was forced to sell lo vaca gas gathering co to settle over billion dlrs in lawsuits by texas customers facing abrupt curtailment of supply coastal a natural gas producer and pipeline company earned mln dlrs on sales of billion in about half the its profits due to slumping energy prices reuter
crude	study predicts u s dependence on foreign oil a government study has concluded the u s will be dependent on oil from the middle east into the next century and must take steps to reduce its vulnerability the new york times said the newspaper said the inter agency government study found a serious oil dependency problem due to steadily falling domestic production and rising demand for imported oil the study concluded that by the u s will be relying on foreign countries for pct of its oil more than the peak of pct reached in and far above the pct rate during the arab oil embargo the u s now imports about pct of its oil needs up from pct a year ago the new york times said it said recommendations sent to the white house by energy secretary john harrington include financial incentives to raise domestic oil production by one mln barrels a day from the current mln barrels the newspaper said the administration has placed increased emphasis on stockpiling oil reserves it said the view now held is that the strategic petroleum reserve to be tapped in times of shortages should be increased by barrels a day rather than as called for in the budget the newspaper said harrington may propose restoring the depletion allowance to major producers the administration also plans to renew its efforts to repeal the windfall profits tax remove bars to drilling on the outer continental shelf and repeal the law that limits the use of natural gas in industrial and utility boilers it added the new york times quoted senator don nickles of oklahoma as saying the study greatly underestimated potential u s demand for imported oil in the next decade and overestimated the amount of domestic oil which would be produced reuter
money-supply	japan m plus cd money supply rose pct in year to february jan official
money-supply	japan february money supply rises pct japan s broadly defined money supply average of m plus certificate of deposits cds rose a preliminary pct in february from a year earlier compared with an pct rise in january the bank of japan said the seasonally adjusted february average of m plus cds supply rose pct from january it said unadjusted m plus cds stood at an average billion yen in february compared with billion yen in january reuter
grain	china to import more grain in china s grain imports will rise in because of a serious drought and increasing demand but will be not be as large as in the past chinese officials and japanese traders told reuters they said foreign exchange constraints and national policy would not allow a return to large scale imports which peaked at mln tonnes in an agricultural official of the shanghai government put maximum imports at about mln tonnes this year against mln in and mln in officials said grain imports rose in because of a poor harvest and rising domestic demand but remained below exports which rose to mln tonnes from mln in china is short of foreign exchange the shanghai official said we cannot rely on imports even at current low world prices only if there is a major disaster will we become a major importer a japanese trader in peking said chinese grain imports would rise and exports fall this year because of the drought low world prices and rising domestic demand for human and animal consumption at current prices china loses yuan on every tonne of grain it exports though it earns foreign exchange which it badly needs the trader said the people s daily said last saturday a serious drought is affecting mln hectares of arable land which will reduce the summer grain harvest from last year s level the paper added that leaders in some areas were not paying enough attention to agriculture especially grain making it difficult to achieve the grain output target of mln tonnes against mln in all areas must spare no effort to raise the autumn harvest area especially of corn sweet potatoes paddy rice and high yield cash crops it said it added factory production might have to be reduced to provide electricity for agriculture if it was needed to fight the drought since january the press has devoted much attention to grain stressing that growth in output is vital to china s economic and political stability and that prices paid to farmers are too low officials in east china have repeatedly said stable grain production is a key state policy and outlined the measures being taken in their areas to encourage output the shanghai official said that in one suburb pct of the pre tax profits of factories are used to subsidise agriculture he said rural industries in other suburbs also set aside money for grain and pay the salaries of some of the workers available to help farmers chu jinfeng an official of fengbing county outside shanghai said factory workers get yuan a month and three years unpaid leave to grow grain and can keep the profits pan huashan an official of the agricultural department of zhejiang province said rural industry also subsidises grain output in his province in addition we are setting up grain production bases raising the level of science and technology on the farms and improving the supply of raw materials roads and other infrastructure he said the shanghai official said rural residents who work in industry or commerce usually keep their land to farm in their spare time or let other family members farm it in some cases they lease the land to grain farmers the china daily said last month that grain output should reach between and mln tonnes by and between and mln by it said growing grain should be made profitable the advantages the state promises grain growers actually yield tangible profits for them and are not siphoned off by intermediate agencies because of bureaucracy or corruption only this will boost enthusiasm it said reuter
gnp	japan october december gnp up pct july sept revised rise official
gnp	japan gnp rises pct in calendar pct in official
gnp	japan october december gnp rises pct japan s gross national product gnp rose a real pct in the october december quarter after an upwardly revised pct increase the previous three months the economic planning agency epa said the rise in the july september quarter had originally been put at pct the annualized growth rate accelerated to pct in october december from pct in july september in the calendar year gnp rose pct after a pct increase in last year s performance was the worst since when gnp fell pct agency officials blamed the strong yen for depressing exports and manufacturing industry in nominal terms gnp rose pct in the october december quarter reflecting stable prices after a one pct increase in the previous three months the agency said domestic real demand increased pct in october december after a one pct rise the previous quarter domestic demand contributed percentage point to real gnp growth in october december while foreign trade added the figures do not tally exactly due to rounding in july september domestic demand contributed one percentage point to gnp growth while foreign trade knocked off point of the point contribution of foreign trade to gnp last quarter falling exports knocked off while falling imports contributed point total export volume fell pct quarter on quarter in october december imports also fell by pct of the point contribution of domestic demand to october december gnp growth the private sector accounted for point and the public sector the private sector contribution included point for housebuilding for corporate capital outlays and for stockbuilding consumer spending had a negative impact reuter
gnp	japan officials see difficulty hitting gnp target the government will find it very difficult to achieve its new gross national product gnp forecast of three pct growth in the fiscal year ending march economic planning agency officials said they made the comment to reporters after news that gnp rose pct in the october december quarter after a pct increase the previous three months for japan to achieve three pct growth in gnp in the january march period would have to grow pct from october december the officials said the government lowered its gnp forecast for from four pct last december reuter
acq	fairchild deal failure seen making japanese wary schlumberger ltd s slb n decision to end an agreement in principle for fujitsu ltd itsu t to buy pct of its fairchild semiconductor corp and the political furore that surrounded the proposed sale will make japanese companies more cautious in their efforts to acquire u s high technology firms but will not halt such attempts industry analysts said the collapse of the deal will not be a critical blow to fujitsu but it will boost the cost of future u s expansion by the japanese firm said analysts polled by reuters the acquisition of fairchild is not essential to fujitsu s north american operations but it would have been a great boost james capel and co analyst tom murtha said french controlled schlumberger said yesterday it was ending the agreement because mounting political controversy in the u s made it unlikely that the sale of the fairchild stake could be completed in a reasonable time the sale was opposed by the u s commerce department and defence department partly on national security grounds fujitsu s acquisition of fairchild would have given the japanese computer maker control of a comprehensive north american sales and distribution system and access to microprocessor technology an area where fujitsu is weak analysts said the deal would also have given fujitsu additional microchip production facilities worldwide eight of them in the u s a report by the capel firm said it was an entry point a port for semiconductors and a marketing channel for other things said barclays de zoete wedd analyst rick may several analysts said the purchase would not have given fujitsu access to critical defence technology fairchild simply doesn t have key technology that s a thing of the past may said the failure could be a blessing in disguise for fujitsu as it might have had to spend several hundred million dollars to modernise fairchild s production lines capel s murtha said the failure of the deal will doubtless encourage japanese firms to take a lower profile in attempts to acquire u s high tech firms but they are unlikely to stop analysts said most analysts said fujitsu was likely to go the more costly route of expanding its own production and distribution facilities in the u s although some said it could use the estimated mln dlrs set aside for buying fairchild to try to acquire some less politically symbolic firm it may slow the pace of japanese acquisitions but the necessity of expanding their production and design capacity in america remains said capel s murtha the japanese will continue to shop for bargains but it will be harder to find ones that are politically acceptable japanese firms are likely to favour joint ventures or smaller equity stakes in firms to avoid the political backlash that blocked the fairchild sale analysts said they re not going to slow up they re just going to buy smaller pieces because of the political risk said barclays de zoete s may several japanese firms have already taken to pct shares in smaller u s high technology firms such as super minicomputer makers he said opposition of the sort that blocked fujitsu could end up harming u s firms and undermining a trend toward multinational tie ups some analysts said this is not really of benefit to u s firms either said jardine fleming securities ltd analyst nick edwards the pooling of resources in semiconductors is a positive move why should the government step in to prevent it japan s minister of international trade and industry hajime tamura told a press conference that interference by u s government officials in the fairchild deal was inappropriate this is entirely a private sector matter and not a matter for governments comment tamura said i think it was improper for u s government officials to intervene to the extent they did he said a spokesman told reuters the ministry s view is that international investment flows ought to be free and that such flows are of increasing importance in line with the growing closeness of u s japanese economic ties reuter
trade	s korea says japan complains to gatt on trade plan japan has complained to the secretariat of the general agreement on tariffs and trade gatt that south korea s five year plan to cut its trade deficit with japan breaks gatt rules trade ministry officials here said they said japan submitted a report earlier this month alleging south korea s plan to import less from japan and more from the u s and elsewhere was tantamount to creating non tariff trade barriers south korea unveiled the plan in november it said it hoped to narrow its trade deficit with japan to two billion dlrs by south korea s trade deficit with japan was a record billion dlrs in and rose to mln dlrs in the first two months of from mln in the same period the plan envisages giving incentives to importers not to import japanese goods and to exporters to sell more to japan the officials said they believed the japanese action one step short of filing a suit was designed to bring south korea to the negotiating table and stop the plan the seoul government wants tokyo to ease various import restrictions and simplify customs inspections for south korean goods to help reduce the trade deficit reuter
earn	mitsubishi chemical industries ltd mcit t year year ended january parent shr yen vs div five yen vs same net billion vs billion current billion vs billion operating billion vs billion sales billion vs billion note company forecast for current year parent div five yen net seven to eight billion current billion sales billion reuter
ship	japan foreign shipbuilding orders rise in february new foreign shipbuilding orders received by japanese yards in february rose to six vessels totalling gross tons from three ships of tons in january the japan ship exporters association said this compared with six ships of gross tons a year earlier an association official said the backlog of orders at end february was ships of mln gross tons against ships of mln a month earlier and vessels of mln a year earlier an association official said reuter
money-fx	u k money market deficit forecast at mln stg the bank of england said it forecast a shortage of around mln stg in the money market today among the main factors affecting liquidity bills maturing in official hands and the take up of treasury bills will drain some mln stg while banker s balances below target will take out around mln stg partly offsetting these outflows exchequer transactions and a fall in note circulation will add some mln stg and mln stg to the system respectively reuter
earn	ccic finance ltd year to dec net profit mln h k dlrs vs mln total divs to shareholders mln vs nil note firm underwrote capital market issues in next industrial transaction in may is syndication of a mln u s dlr loan to the shanghai ta chun tyre project the company is a joint venture merchant bank between the bank of china first national bank of chicago and the industrial bank of japan ibjt t reuter
grain	southeast china crops saved by heavy rain the heaviest rains for seven months are believed to have saved more than one mln hectares of drought threatened crops in southeast china the official new china news agency said this week s rains have alleviated drought conditions in guangdong province the agency said china has warned that this year s harvest will be affected by drought in many areas reuter
copper	zambia stops sending copper through south africa zambia has stopped sending its copper exports through south africa the official times of zambia said the newspaper yesterday quoted highly placed sources as saying the state owned zambia consolidated copper mines zccm was diverting its mineral exports away from south africa but it did not say which alternative routes were being used zccm officials declined to comment on the report but standwell mapara general manager of the tanzania zambia railway authority tazara told reuters recently virtually all zambian mineral exports had been channelled along the tazara line to dar es salaam for the last three months during that period no zambian copper had been shipped through zimbabwe to the mozambican port of beira the only other available route which avoids south africa mapara said last december tazara carried tonnes of zambian mineral ore the line s record for any one month period he added copper cobalt and other mineral exports account for to pct of zambia s foreign exchange earnings and president kenneth kaunda told reuters in a recent interview it was vital for his country to assure new outlets for them avoiding the traditional route through south africa referring to zambia s preparations for a possible cut in economic links with south africa kaunda told reuters in an interview on march my main concern of course is the mines because whatever happens we must continue to run the mines according to mapara tazara handled mln tonnes of freight last year and is still working well below its present mln capacity kaunda said that once preparations had been completed for evacuating zambia s mineral exports on safe and dependable routes his government would look to increase its usage of tazara for other types of cargo the annual report of zambia s state run metal marketing corporation said pct of the country s metal exports were channelled through dar es salaam last year versus pct in the report said zambian copper production fell to tonnes last year from in despite the official optimism about diversifying zambia s export routes diplomatic sources in lusaka expressed reservations about the capacity of dar es salaam and beira ports to handle all of zambia s mineral exports even if they could be hauled there by train the two ports cannot in any way and in their present form handle the huge exports of zambian copper one western diplomat said a serious disruption in copper movement to the markets could be brought about as it would pile up at the two ports which lack the facilities and space to handle the copper tonnage he added reuter
cpi	oecd january annual inflation steady at pct inflation in the industrialised nations of the organisation for economic cooperation and development was pct in the year to january unchanged from december the oecd said but monthly inflation throughout the oecd was an average pct in january a rise compared to the pct in the last quarter retail energy prices rose strongly in january reflecting the firming of world oil prices for oecd states the increase was pct but the january level of retail energy prices was still pct lower than a year earlier the oecd said the increase in consumer prices excluding food and energy at pct in january for the whole oecd area was unchanged on the four previous months but over the year to january oecd consumer prices rose by pct against pct in december unadjusted annual inflation for the seven leading industrialised nations in january was running at pct in italy pct in britain and canada three pct in france pct in the u s minus pct in west germany and minus pct in japan the oecd said reuter
sugar	indonesian sugar output forecast to rise in indonesian sugar output is forecast by the government to reach mln tonnes in calendar against projected consumption of mln tonnes agriculture minister achmad affandi said production in when indonesia was forced to import sugar is officially estimated at mln tonnes against mln in the u s embassy said in its annual agriculture report on indonesia there were growing signs that actual output was lower than official figures it estimated production at mln tonnes and forecast little change for indonesia imported tonnes of sugar towards the end of last year and in early to boost low stocks affandi told reporters stocks fe l to as low as tonnes at the beginning of industry sources said this represented under one month s consumption the minister said indonesia should hold three months supply or tonnes a spokesman for the national logistics bureau which distributes and stores sugar said stocks this month were tonnes the harvesting season begins in april reuter
bop	french january payments surplus billion francs billion december surplus official
wpi	italian wholesale prices up pct in january the wholesale price index rose pct month on month in january after increasing by pct in december the national statistics institute istat said the index base equals registered in january compared with in december the january figure represents a fall over january of pct after a year on year decrease in december of pct reuter
bop	french payments surplus shrinks in january france s current account payments surplus slipped to a provisional mln francs seasonally adjusted in january from a downward revised surplus of billion in december the finance ministry said the december figure was revised from a provisional billion franc surplus reported a month ago on an unadjusted basis january payments showed a billion franc deficit after a revised billion december surplus the december unadjusted surplus was revised down from a provisional billion the ministry said trade measured on balance of payments criteria showed an unadjusted billion franc january deficit while services showed a billion surplus other items mainly including unilateral transfers showed a billion deficit the current account showed an adjusted surplus of billion francs in january last year and an unadjusted deficit of one billion the full year current account surplus was reported last month at billion francs reuter
ipi	u k jan industrial output rises pct manufacturing down pct official
ipi	u k industrial output rises in january u k industrial production rose a provisional pct in january after a pct decline in december figures from the central statistical office show the index for industrial production base was set at a seasonally adjusted in january after december s and compared with a year earlier output of manufacturing industries fell a provisional pct in january after a pct rise last december the index for manufacturing base fell to from and compared with a year earlier the cso said industrial production in the three months to january was provisionally estimated to have fallen by pct from the level of the previous three months while manufacturing output rose by pct in the same period in the three months industrial production was pct higher than in the same period a year earlier while manufacturing output was two pct higher within manufacturing output of the metals industry rose by six pct and that of engineering and allied industries by one pct between the two latest three month periods output of chemicals and textiles fell by one pct and minerals by two pct the office said output of the investment goods industries rose pct while consumer goods output increased pct output of intermediate goods fell pct between the two latest three month periods the figures showed the energy production index base rose pct in january to from december s and from in january in the latest three months the energy index which comprises oil natural gas and coal production was down pct on the previous quarter and pct below the same period a year earlier reuter
gnp	zimbabwe gdp rises pct in zimbabwe s real gross domestic product increased pct in according to preliminary figures published by the central statistical office cso this contrasts with a rise of more than nine pct in the main reason for the slower rate of economic growth was a drop in the real value of agricultural output this declined pct in following a pct improvement the previous year mining output fell one pct in but manufacturing production increased pct the cso said that at current prices gdp rose pct to billion zimbabwe dlrs but inflation measured by the gdp deflator was estimated at pct so there was virtually no growth in real output during reuter
trade	japan says u s japan microchip pact working japanese officials sought to convince the u s that a u s japan pact on microchip trade is working ahead of an april deadline set by the u s for them to prove their case we are implementing the agreement in good faith and the situation does not run counter to the pact osamu watanabe director of the ministry of international trade and industry s miti americas and oceanic division told foreign reporters the effects of the measures we have taken and are taking are emerging in the market place he said u s trade officials have repeatedly accused japanese microchip makers of violating the pact by continuing to sell at below cost in markets outside japan and the united states the agreement signed last september aimed at halting predatory japanese pricing policies and increasing u s semiconductor firms access to the japanese market the comments by miti officials followed a call by prime minsiter yasuhiro nakasone to clear up any misunderstandings on the u s side about the pact watanabe said yukio honda director of miti s industrial electronics division denied that japanese chipmakers were selling at below cost in third countries miti s call to japanese chip makers last month to cut production of key memory chips in the first quarter of this year has begun to dry up the source of cheap chips for sale in the non regulated grey market honda said the grey market exports from japan are shrinking now but in contrast u s and south korean companies are expanding market share because of their cheaper prices honda said miti plans to take further steps to reduce the excess supply of inexpensive chips which developed in japan after the pact was formed because of a slump in japanese semiconductor exports to the united states he added the ministry will soon release its supply demand guidelines for the second quarter and suggested production volumes are likely to be lower than that for the first quarter he said despite businessmen s ingenuity in finding ways around any artificial controls regulation of supply and demand should bring positive results watanabe said i am optimistic he added reuter
acq	hanson sells finlays unit for mln stg hanson trust plc hnsn l said it will sell its finlays confectionery tobacco and newsagent business to a specially formed company finlays plc for an estimated mln stg cash the chain of stores was acquired when hanson took over imperial group plc last year reuter
money-fx	dollar seen falling unless japan spurs economy underlying dollar sentiment is bearish and operators may push the currency to a new low unless japan takes steps to stimulate its economy as pledged in the paris accord foreign exchange analysts polled by reuters said here the dollar is expected to try its psychological barrier of yen and to fall even below that level a senior dealer at one leading bank said the dollar has eased this week but remains stable at around yen six major industrial countries agreed at a meeting in paris in february to foster currency stability some dealers said the dollar may decline in the long term but a drastic fall is unlikely because of u s fears of renewed inflation and fears of reduced japanese purchases of u s treasury securities needed to finance the u s deficit dealers generally doubted whether any economic package japan could adopt soon would be effective enough to reduce its trade surplus significantly and said such measures would probably invite further u s steps to weaken the dollar under the paris accord tokyo promised a package of measures after the fiscal budget was passed to boost domestic demand increase imports and cut its trade surplus but debate on the budget has been delayed by an opposition boycott of parliamentary business over the proposed imposition of a five pct sales tax and the government has only a slim chance of producing a meaningful economic package in the near future the dealers said if no such steps are taken protectionist sentiment in the u s congress will grow putting greater downward pressure on the dollar they said the factors affecting the u s currency have not changed since before the paris accord they added underlying sentiment for the dollar remains bearish due to a still sluggish u s economic outlook the international debt crisis triggered by brazil s unilateral suspension of interest payments on its foreign debts and the reduced clout of the reagan administration as a result of the iran contra arms scandal said a senior dealer at a leading trust bank there is a possibility that the dollar may decline to around yen by the end of this year said chemical bank tokyo branch vice president yukuo takahashi but operators find it hard to push the dollar either way for fear of possible concerted central bank intervention dealers said there were widespread rumours that the u s federal reserve telephoned some banks in new york to ask for quotes last wednesday and even intervened to sell the dollar when it rose to marks the bank of england also apparently sold sterling in london when it neared dlrs on wednesday they said but other dealers said they doubted the efficacy of central bank intervention saying it may stimulate the dollar s decline because many dealers are likely to await such dollar buying intervention as a chance to sell dollars however first national bank of chicago tokyo branch assistant manager hiroshi mochizuki said the dollar will not show drastic movement at least to the end of march other dealers said the u s seems unwilling to see any strong dollar swing until japanese companies close their books for the fiscal year ending on march because a weak dollar would give japanese institutional investors paper losses on their foreign holdings which could make them lose interest in purchases of u s treasury securities u s monetary officials may refrain from making any comments this month to avoid influencing rates they said reuter
alum	billiton seeks change in surinam policies billiton international metals b v the dutch mining company has urged surinam to change policies it says are causing heavy losses on bauxite mining operations there a company spokesman said he told reuters that billiton a fully owned royal dutch shell rd as subsidiary presented the demands to henk heidweiler a top aide to surinam military leader desi bouterse who visited the netherlands last week for official talks billiton and suralco owned by u s conglomerate alcoa aa s both want devaluation and lower wages welfare contributions taxes on bauxite and energy prices the two firms are the biggest private sector employers in surinam billiton also urged heidweiler to improve the safety of its employees in the campaign against a jungle guerilla group the spokesman said adding rebel fighting since july had depressed production at billiton and suralco plants high voltage cables from the power plant of afobakka have been cut and a bauxite mine at moengo has been shut he added we are already making vast losses in surinam and you can t expect any company to remain operating with losses the spokesman said reuter
ship	dutch port employers resume lay off plans employers in rotterdam s troubled general cargo sector have decided to restart stalled redundancy procedures within a week employers organisation labour relations manager gerard zeebregts told reuters port and transport union spokesman bert duim said the employers decision would not lead to the immediate resumption of eight weeks of strikes in the sector the strike action was called off on friday after an interim court injunction against the employers plans for redundancies this year a court in amsterdam ruled last week the employers had made an error in the complicated procedure for obtaining permission for the redundancies and therefore could not proceed until a final ruling on may zeebregts said the initiation of new procedure might well take up to two months but the employers were not prepared simply to sit and wait for the may court ruling with the chance they would have to start all over again in any case we cannot afford not to continue with our plans the strikes have already cost a lot of money and damaged business and further delays would do even more damage zeebregts said the campaign of lightning strikes in the port s general cargo sector began on january in protest at employers plans for redundancies from the sector s strong workforce by starting with this year reuter
acq	commercial international cmmc makes purchase commercial international corp said it has completed the previously announced acquisition of most of the assets of growers distributing international corp a table grape marketer for an undisclosed amount it said the entire purchase price will be payable over a three year period and based on a percentage of pre tax earnings of the acquired operation the company said it has an option to acquire growers cold storage facility and related assets in tulare county calif growers is owned by commercial chairman sid schuman jr and director arnold t cattani jr reuter
acq	timex corp sells unit swiss corp for microelectronics and watchmaking industries said it has acquired international time corp from privately held timex corp for undisclosed terms international time is exclusive distributor of swiss corp s tissot watches in the u s reuter
acq	wavehill international inc makes purchse wavehill international ventures inc said it has completed the previously announced acquisition of personal computer rental corp for restricted common shares giving former shareholders of personal computer a pct interest in the combined company reuter
gnp	economists see sluggish japanese economy ahead the japanese economy will remain sluggish in the months ahead after turning in its worst performance for years in private economists said consumer spending a main driving force of domestic demand was likely to remain lacklustre although brisk housing and business investment would help sustain the economy this year the economists said they said they were shocked by an economic planning agency report today that private spending fell pct in the oct dec quarter for the first time in years the report said japan s gross national product rose a real pct in oct dec after a revised pct increase in the previous quarter it said gnp growth for was a real pct down from pct in agency officials said this was the worst performance since when gnp contracted pct in the wake of the first oil crisis they expressed concern about the pct decline in consumer spending in the final quarter of but said it was only temporary as exceptionally warm winter weather had depressed retail sales but most private economists disagreed and said consumers were likely to remain pessimistic in coming months as they saw their real income level off sure consumers may have spent less on winter clothes or heating apparatus because of the warm winter this year but they have done so because they have become even more uneasy about their future pay rises said shoji saito general manager of mitsui bank s economic research division he said the outlook for pay increases was gloomy because of falling employment in many industries particularly those hit hard by the yen s rise masao suzaki senior economist at the bank of tokyo said weakened consumer confidence was the most worrying factor without brisk consumer spending japan can hardly achieve domestically generated economic growth as the government has put a lid on fiscal measures he said other economists said the pct growth registered in oct dec may have been inflated by special factors including exceptionally heavy spending in the public sector johsen takahashi chief economist at mitsubishi research institute said the pct increase in public sector spending in oct dec resulted from an issue of gold coins this is just a one shot spending and we can t expect that high level of public sector consumption in the following quarter takahashi said agency officials said public spending would have risen pct in oct dec without the issue which marked years of emperor hirohito s reign takahashi said the economy might contract in the current quarter given the lack of additional significant government spending and sluggish consumer spending saito said the most effective government action would be income tax cuts and the postponement beyond next january of a proposed controversial sales tax reuter
cocoa	cocoa working group meeting delayed the international cocoa organization icco buffer stock working group meeting set for gmt today was rescheduled for icco delegates said the meeting was delayed so a draft compromise proposal on buffer stock rules could be completed they said icco executive director kobena erbynn was preparing the plan in consultation with other delegates for presentation to the full working group they added reuter
housing	u s feb housing starts rose pct to mln permits rose pct to mln
housing	u s housing starts rose pct in february u s housing starts rose pct in february to a seasonally adjusted annual rate of units the commerce department said in january housing starts fell a revised pct to units the department previously said they fell pct the rate at which permits were issued for future construction rose in february by pct to a seasonally adjusted units after falling pct to units in january permits for single family houses fell in january by pct to the number of permits for multi family houses fell in february by pct to units after falling in january by pct the department said housing starts in february included a seasonally adjusted pct rise in single family units to units and a pct fall in multi family homes to units the seasonally adjusted permits total in february for single family units was and for multi family units was units reuter
meal-feed	south american fish meal production at record high production of fish meal by the three south american producers chile peru and equador last year reached mln tonnes equalling the record output of the international association of fish meal manufacturers iafmm said however iafmm said in a statement that it expected chilean and peruvian fish meal production in the first quarter of to be much lower than the tonnes produced in the last quarter of due to a ban on sardine fishing in chile for the month of february and to adverse fishing conditions in peru in the same month the statement added that due to technical market promotion and energetic sales by chile and peru the stock position at the end of the year remained reasonable fish meal production outside south america decreased slightly falling from to tonnes the iafmm said fish meal consumption in rose in west germany scandinavian countries eastern europe and the far east but fell in the u s and remained static in the u k it added that fish meal consumption had suffered from competition with feed grade tallow in the u s and with skimmed milk powder in the u k iafmm figures for fish oil production in the main producing nations in thousands of tonnes were oct dec jan dec chile peru norway iceland denmark u s japan reuter
copper	talking point copper stocks copper shares which have lagged behind the market should pick up steam this year on stronger demand and improving prices for the metal analysts said copper prices should move up over the next four to six quarters said daniel roling of merrill lynch and co mer i see average copper prices at cts a pound in up from around or cts based on tight supply and continued world economic growth other analysts see metal prices ranging from to cts a pound this year and to cts in analysts said phelps dodge corp pd will be a strong performer because it is the largest u s copper producer but asarco inc ar with about pct of total sales from copper and newmont mining corp nem are also potential winners they said newmont is spinning off pct of its copper operations to its shareholders in theory phelps is the best stock it s the purest play and benefits most from higher copper prices one said william siedenburg of smith barney harris upham and co said phelps has lowered costs and streamlined mining operations they ve accomplished a great deal he said the company s move into carbon black a product used in tires should provide steady earnings although not rapid growth as a hedge against a copper downturn siedenburg said he estimates phelps will earn dlrs in and dlrs in including tax benefits versus dlrs in other analysts including clarence morrison of dean witter reynolds inc and merrill s roling also recommend phelps morrison projects phelps will earn dlrs in and four dlrs in while roling sees earnings at dlrs this year and around dlrs next year the stock can go to the mid s roling said from its current level of around but others see it climbing to their phelps dodge costs are so low they don t need copper prices higher than cts to make a lot of money said vahid fathi of prescott ball and turben inc the shares will outperform the market over the next months he said but nick toufexis of prudential bache securities inc says newmont mining is a more attractive investment we d rather place our bets with newmont any way you slice it i see a significant premium to the current stock price he said after the spinoff which closes next month newmont will have gold operations including pct of newmont gold co ngc a pct stake in its copper unit and energy operations toufexis noted analysts see newmont earning dlrs to three dlrs in and about dlrs in versus earnings of about dlrs from operations in i d be buying up to toufexis said last week when the stock rose sharply to near that level but the shares are probably worth about dlrs each dean witter s morrison and fathi of prescott ball like asarco because of cost cutting and restructuring morrison sees earnings at dlrs and at against losses in fathi projects asarco will earn one dlr in and from three dlrs to dlrs in roling of merrill lynch is recommending cyprus minerals co cypm in addition to phelps dodge cyprus has interests in coal and other minerals aside from copper but siedenburg of smith barney thinks cyprus is overpriced at current levels i would be willing to sell cyprus and buy phelps dodge if i were picking one copper stock he said reuter
acq	kohlberg kravis has pct owens illinois oi oii holdings corp a company formed by kohlberg kravis roberts and co said it received and purchased about mln shares or pct of owens illinois inc common stock and of dlr cumulative convertible preference shares of owens or about pct the company said its tender offer for all common and preference shares expired last night it said owens illinois will be merged into a subsidiary of oii holdings on march common shares not bought in the offer will be converted into the right to receive dlrs per share in cash the tender price the preference stock has been called reuter
earn	macgregor sporting goods inc mgs nd qtr jan shr one cent vs nine cts net vs sales mln vs mln first half shr cts vs five cts net vs sales mln vs mln note net includes gains of dlrs or one cent a share vs dlrs or seven cts a share in quarter and dlrs or seven cts a share vs dlrs or one cent a share in half from tax loss carryforward reuter
trade	ec warns u s and japan on trade tensions the european community ec yesterday warned japan and the united states its main trading partners that friction over trade issues is affecting the ec s relations with both countries ec foreign ministers issued a statement deploring japan s continued trade imbalance and appealed for the country to make a greater effort to open up its markets they also said they were disturbed by a draft bill before the u s congress that would impose permanent quotas on textile imports and were prepared to react the u s administration has already distanced itself from the bill ec external trade commissioner willy de clercq has written to his u s counterpart trade representative clayton yeutter outlining the ec s concerns the statement said ministers were very disturbed by u s moves towards protectionism the adoption of such measures would not fail to have a negative effect on the process of multilateral negotiations just started as well as on bilateral relations it said any unilateral u s moves would leave the ec no option but to react according to the laws of the general agreement on tariffs and trade it said in a separate statement on japan the ec ministers said they deplore the continued aggravation of the imbalance in trade and expect japan to open up its market more the statement said the ec would continue to insist that japan boost imports and stimulate domestic demand ministers also called on the ec commission to prepare a report on u s japanese trade for july this year to enable them to take appropriate action where necessary one diplomat said the call for a report showed ministers were determined not to let the japanese question drop it will be back on the table again and again the diplomat said de clercq talking to journalists during the meeting said there is a certain nervousness a growing impatience within the community concerning trade relations with japan but diplomats said the ec is keen to negotiate with tokyo to solve the problem rather than embark on a costly and damaging trade war and the ministers called for more cooperation with japan in industry and research reuter
earn	microbilt corp bilt th qtr jan net shr cts vs cts net vs revs vs avg shrs vs year shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
acq	shamrock holdings unit aquires software company shamrock holdings inc said its subsidiary shamrock holdings of california acquired controlling interest in dbms inc through the purchase of shares of its preferred stock the company said the stock was purchased for an undisclosed amount from an unnamed group of investors shamrock said raymond nawara a former executive vice president of dbms a privately held software company also granted it options and voting rights on a major portion of his shares of common stock the combination of preferred and common stock holdings permit shamrock and nawara to exercise voting control over approximately pct of the shares of the company shamrock also said nawara has been elected president of dbms and one of its directors reuter
acq	credit agricole replaces bnp in hachette tv bid french state agricultural bank caisse nationale du credit agricole has joined the group led by publishing house hachette which is bidding for control of the state television station tf replacing banque nationale de paris which has withdrawn hachette said in a statement credit agricole s stake in the consortium will be pct last week the broadcasting supervisory board asked hachette to remove bnp from the consortium because the bank had acted as adviser to the government for the imminent privatisation of tf reuter
earn	payless cashways inc pci st qtr feb net shr cts vs seven cts net vs sales mln vs mln qtly div four cts vs four cts prior pay april six record march six reuter
acq	france approves waterman acquisition by gillette gillette co gs exercised an option to take a pct stake in the french pen firm waterman which it had previously been authorised to do by the french government the french stockbrokers association csac said gillette has given an undertaking to intervene on the bourse until april to prevent waterman shares from falling below francs it added this compares with yesterday s rate of francs under the agreement concluded last november between waterman owners francine and grace le foyer gomez and alice lundgren and the gillette group gillette agreed to acquire pct of the capital of waterman at francs a share gillette is buying a total shares valuing the deal at mln francs reuter
money-fx	u k money market shortage forecast revised down the bank of england said it had revised its forecast of the shortage in the money market today down to mln stg from mln stg reuter
earn	noel industries inc nol st qtr jan loss shr loss cts vs loss cts net loss vs loss revs vs reuter
trade	japan alerts gatt to south korea import plan japan told the general agreement on tariffs and trade that south korea s five year import diversification plan violated the spirit of the world trade governing body a foreign ministry spokesman said the notification came in japan s answer to a recent gatt questionnaire on unfair trade practices the spokesman said in the five year plan which starts this year south korea aims to reduce its dependency on japan as a source of imported goods and to increase imports from the u s and europe japan s move came after several unsuccessful bilateral negotiations on the plan the spokesman said the notification does not represent anything resembling a formal complaint nor is it intended to pressure south korea it is a routine procedure followed by all other gatt member states reuter
money-fx	u k money market receives mln stg assistance the bank of england said it had provided the money market with mln stg help in the afternoon session the bank did not operate in the market in the morning and earlier revised its estimate of the shortage in the system today down to mln stg from mln the central bank purchased bills outright in band one at pct comprising two mln stg of local authority bills and mln stg of bank bills reuter
acq	atico financial atfc to make acquisition atico financial corp said it has executed a definitive agreement to acquire pct of intercontinental bank of dade county fla from intercontinental bank holding co for an undisclosed amount of cash and common stock it said closing is subject to regulatory approval atico said in connection with the acquisition it will apply to become a registered bank holding company and convert its npct owned atico savings bank subsidiary to a state chartered commercial bank intercontinental had year end assets of about mln dlrs atico had year end assets of about mln dlrs reuter
earn	clothestime inc ctme th qtr net shr cts vs cts net vs revs mln vs mln mths shr cts vs cts net mln vs mln revs mln vs mln note prior qtr and yr ended jan reuter
earn	charter crellin inc crtr year net shr dlrs vs dlrs net vs sales mln vs mln avg shrs vs one mln reuter
earn	sensormatic canada ltd year net shr cts vs cts net vs revs vs reuter
earn	dime savings bank of wallingford dibk payout qtly div cts vs cts prior pay april record april three reuter
acq	baker international to sell electric submersible oilwell pump unit
acq	baker bko to sell oilwell pump unit baker international corp said it has signed a definitive agreement to sell the assets and business of the electric submersible oilwell pump product line in the continental u s of its baker oil tools inc subsidiary to trico industries inc tro for an undisclosed amount of cash and other consideration the company said the transaction is subject to hughes tool co ht and baker shareholder approval of the baker hughes merger the u s justice department has announced that it will require divestiture of the product line for approval of the merger baker said the transaction is subject to approval by the justice department and the boards of baker hughes and trico reuter
earn	canadian foremost ltd year net shr cts vs cts net vs revs mln vs mln reuter
earn	immunogenetics inc igen year net oper shr profit eight cts vs loss eight cts oper net profit vs loss sales mln vs mln note net excludes losses from discontinued operations of dlrs vs dlrs net excludes tax credits of dlrs net includes gain dlrs from reversl of recapture taxes reuter
earn	scurry rainbow oil ltd st qtr dec net shr cts vs cts net mln vs mln revs mln vs mln reuter
earn	mcrae industries inc mri b nd qtr jan net shr cts vs three cts net vs revs vs six mths shr cts vs cts net vs revs mln vs reuter
earn	frontier texas corp nd qtr nov net oper shr profit one ct vs loss four cts oper net profit vs loss revs vs avg shrs vs st half oper shr profit nil vs loss eight cts oper net profit vs loss revs mln vs avg shrs vs note current year net both periods excludes tax credit of dlrs reuter
gold	viceroy resource corp details gold assays viceroy resource corp said recent drilling on the lesley ann deposit extended the high grade mineralization over a width of feet assays ranged from ounces of gold per ton over a foot interval at a depth of to feet to ounces of gold per ton over a foot interval at a depth of to feet reuter
acq	clabir clg unit agres to buy popsicle canada clabir corp said its pct owned affiliate ambrit inc abi has agreed to acquire the popsicle industries division of sara lee corp of canada ltd for about mln canadian dlrs in cash clabir said the purchase from the sara lee corp sle subsidiary is worht about mln u s dlrs the agreement is subject to canadian regulatory approval popsicle canada through its licensees is the largest maker and distributor of frozen novelty products in canada clabir added reuter
earn	st jude medical stjm votes dividend rights st jude medical inc said its board declared a special dividend of one right for each outstanding share held of the company s common stock payable to holders of record april six it said each right entitles the holder to buy one tenth of a share of preferred stock of st jude at an exercise price of dlrs st jude said the rights may be exercised only after days following the acquisition of or commencement of a tender offer for at least pct of the company s common stock the company added that it has no reason to believe st jude medical is a takeover target reuter
acq	adams russell electronics aare in purchase adams russell electronics co inc said it has acquired hermetronics plc a maker of hermetic integrated circuit packages for about dlrs the company said hermetronics is expected to have sales of over dlrs for the year ending this month reuter
earn	mesa limited partnership mlp sets payout qtly div cts vs cts prior pay may record april seven note partnership said holders of common and preference units for all of are expected to have no net taxable income reuter
money-fx	u k money market given mln stg late help the bank of england said it provided the money market with late assistance of around mln stg this brings the bank s total help today to some mln stg and compares with its forecast of a mln stg shortage in the system reuter
acq	memory protection mpdi sees bogen closing memory protection devices inc said it expects to close the previously announced acquisition of the assets and liabilities of bogen a division of lear siegler inc on april one memory protection devices said it received a senior loan commitment letter as well as the requisite waiver under the new jersey environmental control reclamation act both of which are necessary to complete the acquisition it declined to provide further details reuter
acq	canadian foremost continues macedon sale talks canadian foremost ltd earlier reporting lower net profit said negotiations are continuing concerning the previously announced sale of the company s pct interest in macedon resources ltd if concluded the sale would be refelected in the company s results foremost said without elaborating it also said lower revenues from the last half of are expected to continue during but a strong cash and working capital position will enable foremost to go on developing traditional and new markets it earlier said earnings fell to dlrs from year ago dlrs reuter
acq	texas international tei completes reserve sale texas international co said it has completed the previously announced mln dlr sale of its domestic oil and natural gas reserves to total compagnie francaise des petroles it said on closing it used part of the proceeds to retire all mln dlrs of its u s bank and u s senior debt and the rest will be used for general corporate purposes reuter
earn	trans world music corp twmc th qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr dlrs vs cts net vs sales mln vs mln avg shrs vs reuter
earn	gruen marketing gmc sees year net off gruen marketing corp said it expects to report earnings for the year ended january of to cts per share on about average shares down from cts on shares a year before it said sales fell about pct from the year earlier mln dlrs reuter
trade	dutch official warns of more trade conflicts already strained relations between the u s and the european community ec are likely to get worse before they get better director general of the dutch economics ministry s foreign affairs division frans engering said speaking at an american chamber of commerce lunch in the hague engering noted the developing history of crises over steel citrus and pasta and warned of more to come i consider the strident tone of us declarations on airbus ill advised and the ec fats and oils tax proposal a dangerous provocation he said i feel that we shall probably have to deal with quite a few more crises in the foreseeable future not only is the us congress clearly very determined to get the american balance of payments into better shape but the risks of brinkmanship are all the greater because the ec has its own constraints in meeting outside pressure engering noted if we ask ourselves whether it is perhaps inevitable that we keep pushing each other to the brink of actual trade war then i think the answer is probably yes he said in order to reduce these tensions decision making in the ec must become less self centred and the us administration will have to exercise the authority to convince congress and pressure groups of the need for accommodation he added reuter
acq	qintex again extends princeville pvdc offer qintex america ltd said its offer for mln princeville development corp shares has been extended to march from march as of yesterday qintex said princeville shares had been tendered in response to the offer and not withdrawn down from over mln on march qintex said it is extending the offer to allow princeville shareholders to assess the sale announced last week of princeville airways inc to aloha inc alo adding a supplement to the quintex offer further detailing the agreement with aloha will be distributed later today reuter
rubber	negotiators draft details of next rubber pact rubber producers and consumers who agreed last week on the central elements of a new international natural rubber pact have started work on the legal drafting of a future accord delegates said compromise on issues blocking an agreement was reached at a united nations conference on an accord to replace the current pact which expires in october the new international natural rubber agreement inra is expected to be formally adopted on friday reuter
gold	viceroy resource corp details gold assays viceroy resource corp said recent drilling on the lesley ann deposit extended the high grade mineralization over a width of feet assays ranged from about ounces of gold per short ton over a foot interval at a depth of to feet to about ounces of gold per ton over a foot interval at a depth of to feet reuter
earn	first valley corp fivc regular dividend qtly div cts payable april record march reuter
trade	u s treasury announces oecd tied aid pact u s treasury secretary james baker said an agreement has been reached by members of the organization for economic cooperation and development oecd to control the unfair trade practice of using tied aid to promote trade he said in a statement the agreement culminates the reagan administration s effot to negotiate a virtual end to export credit subsidies the practice of other governments using tied aid or mixed credits to promote exports has cost the united states lost jobs and lost exports the treasury said the agreement to be implemented in two stages by july would ban tied aid credit among industrialized countries and place limits on permitted aid by developing countries it would also reduce export credits that do not involve aid and reduce credit subsidies permitted for relatively poor countries the treasury said baker said the agreement imposes particular sacrifices on japan and praised japan s willingness to accept the pact as a demonstration of the japanese government s willingness to take concrete steps to resolve important trade issues reuter
earn	gulf resources gre sees st qtr pretax profit gulf resources and chemical corp said the sale of its stake in imperial continental gas association will result in a pre tax profit of about mln dlrs or dlrs per share fully duliuted in the first quarter of gulf said it sold its remaining stake in imperial of shares and units of loan stock for mln dlrs based on an exchange rate of one pound sterling at dlr as previously reported it sold of its imperial shares on march nine gulf said the sale of the imperial shares were accepted as part of a recent tender offer made by groupe bruxelles lambert s a and tractebel s a under the terms of the offer gulf said it is entitled to receive a supplementary payment if a general offer to acquire imperial continental or its calor group or contibel holdings becomes wholly unconditional before jan at a price above the tender off of pence per share reuter
earn	sterling inc strl th qtr jan net shr dlrs vs not given net vs sales mln vs mln year shr dlrs vs not given net vs sales mln vs mln note company went public in may reuter
earn	automatix inc aitx th qtr loss shr loss cts vs loss cts net loss vs loss revs vs year shr loss cts vs loss cts net loss vs loss revs mln vs mln reuter
earn	ionics inc ion th qtr net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln backlog mln vs mln note net includes nonrecurring gain dlrs in quarter and charge dlrs in year reuter
grain	soviets said to see new floor for grain output the intensive technology concept for grain production has put a new floor under ussr grain production the u s agriculture department s officer in moscow said in a field report the report quoting a broadcast on radio moscow said that due to intensive technology grain production in a bad year will not fall below mln tonnes and in a good year grain production could reach mln tonnes the u s agriculture department currently forecasts this year s ussr crop at mln tonnes and if realized this would be the third year since that the soviet union s grain harvest has exceeded mln tonnes the largest crop since was mln tonnes harvested in according to usda data reuter
trade	oecd agrees export credit reforms the western industrialised nations have agreed reforms in rules by which they provide credit for exports to developing countries the organisation for economic cooperation and development said the reforms tighten the rules for the use of foreign aid to subsidise export credits in so called mixed credits the oecd said the agreement to be implemented in two stages in july this year and july means the minimum aid component in mixed credits will be raised to pct from pct and to pct for credits covering exports to the world s least developed nations additionally a new formula will be used for calculating the aid element in mixed credits to take account of different interest rates in the exporting countries the nation oecd which hosted the reform negotiations said minimum interest rates for officially subsidised trade loans have also been revised with the aim of cutting the subsidies and ending them completely on loans to relatively rich developing countries by july next year the reforms follow several years of pressure by the u s to stop competitors notably france and japan using foreign aid to subsidise exports putting u s firms at a disadvantage oecd officials said the agreement was based on a provisional accord reached in january subject to ratification by member governments some governments including austria had linked their final approval to other trade credit issues which would be discussed at a meeting here in mid april they added by raising the minimum amount of aid required in mixed credits the agreement aims to make such hidden subsidies too costly for frequent use a major loophole in the general agreement on tariffs and trade has been closed today a senior u s official here commented reuter
acq	tm communications tmci completes purchase tm communications inc said it has completed the acquisition of radio station knss fm of reno nev for about dlrs in cash reuter
acq	peoples heritage phbk to make acquisition peoples heritage bank said it has agreed to purchase northeast leasing co inc a portland maine lessor of office equipment for about common shares it said norhteast had year end receivables of dlrs reuter
earn	codenoll technology corp codn th qtr loss shr loss cts vs loss cts net loss vs loss sales vs avg shrs vs year shr loss cts vs loss cts net loss vs loss sales vs avg shrs vs reuter
acq	owens corning ocf completes sale of plants owens corning fiberglas corp said it has completed the previously announced sale of its three foam products plants to atlas roofing corp for undisclosed terms the sale is part of its restructuring the company said reuter
gnp	u k chancellor forecast in budget speech gdp growth of pct in
earn	campbell resources inc nd qtr shr profit three cts vs loss cts
earn	genetic laboratories inc genl nd qtr loss period ended jan net loss vs loss sales vs six mths net profit vs loss sales vs reuter
gnp	u k budget sees gdp growth at three pct chancellor of the exchequer nigel lawson presenting his budget for fiscal to parliament said u k economic growth was forecast at three pct in calendar he said the treasury expected a current account balance of payments deficit in of billion stg after a billion shortfall in inflation is expected to be pct at the end of this year lawson said as i forecast in the autumn statement inflation may continue to edge up for a time perhaps exceeding pct by the summer before falling back to pct by the end of the year he added turning to the public sector borrowing requirement psbr lawson said the likely outturn for fiscal was billion stg or pct of gdp the planned psbr for was set at billion stg on monetary policy lawson confirmed the target range for the narrow m measure would be two to six pct in fiscal no explicit target was set for the broad sterling m aggregate he said but broad money will continue to be taken into account in assessing monetary conditions as of course will the exchange rate the chancellor told parliament lawson said the low outturn of the psbr in is chiefly attributable to the remarkable buoyancy of non oil tax revenues in general and the corporation tax paid by an increasingly profitable business sector in particular on oil prices lawson said he was sticking to his earlier assumption that north sea crude prices will average dlrs per barrel in calendar he said it is clear that the increased flow of non oil tax revenues coupled with the prospective further growth of the economy in excess of the growth of public expenditure puts the public finances in a very strong position lawson said the treasury would strive to keep the psbr at pct of gdp in future we have reached what i judge to be the medium term financial strategy s appropriate destination a psbr of pct of gdp my aim will be to keep it there over the years ahead lawson said inevitably this greatly diminishes the scope i have this year for reducing the burden of taxation which of course remains a major objective of government policy but i am sure it is right to err on the side of prudence and caution and to build a still firmer base for the future lawson said the time had come to strike the exchange control act from the statute book on corporation tax he said the rate will remain unchanged at pct in but companies capital gains will be charged at the appropriate corporation tax rate he said that under the new proposed system companies should be able to set advanced capital tax act payments against tax on capital gains taken together these changes should yield mln stg in lawson said lawson said he will propose that all companies and building societies be treated the same way on payment of corporation tax with all liable to pay corporation tax nine months after the end of the accounting period on which the tax is due i also propose to legislate now to pave the way for a new method of collecting corporation tax to be known as pay and file this would be part of a wider programme of streamlining tax collection and would not come into force until the early s lawson said he planned two reliefs on petroleum revenue tax prt as from today companies may elect to have up to pct of the costs of developing certain new fields set against their prt liabilities in existing fields until the income of those new fields exceeds the costs incurred second there will be a new relief against prt for spending on research into u k oil extraction that is not related to any particular field on business employment lawson said employers will receive tax relief for retraining workers lawson said that in future traders registered for value added tax vat would be able to choose to account for the tax on the basis of cash paid and received small businesses may account for vat annually instead of quarterly the vat compulsory registration period was being extended to days he added and vat registration thresholds are to be raised to stg new measures are planned to combat vat avoidance he added the capital gains tax retirement relief limit would now be set at stg lawson said he proposed to change the law so that companies in multinational groups with dual residence will no longer be able to secure tax relief twice on the same interest payment the change will take effect on april but genuine trading companies will not be affected he also planned to end the present treatment of tax credit relief for foreign withholding tax paid on interest on bank loans also from april in future banks will be able to offset this tax credit only against tax on the profit on the relevant loan he said the standard rate of taxation is being reduced by two pence to pct from pct lawson reiterated the government s aim of reducing basic taxation to pence in the pound but added given my decision to use the greater part of the fiscal scope i now have to reduce the psbr that goal cannot be achieved in this budget small companies corporation tax is also being reduced to pct he said on the lloyd s insurance market lawson said he planned to change the tax treatment of lloyd s syndicates bringing it into line with that of provisions for outstanding liabilities made by ordinary insurance companies and of comparable provisions made by financial traders the inland revenue would be told to consult urgently with lloyd s about the details of the legislation he said the new rules will first apply to premiums payable for the lloyd s account which closes on december this year lawson said more
acq	royal resources rrco makes acquisition royal resources corp said it has exercised its optioon to purchase montagu mining investments inc from samuel montagu ltd of london for dlrs in cash and common shares the company said montagu s main asset is a pct interest in the hog ranch joint venture which operates the open cut heap leach hog ranch gold mine in washoe county nev the mine now produces gold at over ounces a year it said after nine months following closing montagu may require royal to register the shares for sale royal said from six months after closing until one year after montagu also has the right to require royal to repurchase any or all of the shares at dlrs each reuter
earn	campbell resources inc cch nd qtr dec net shr profit three cts vs loss cts net profit vs loss revs vs six mths shr profit three cts vs loss cts net profit vs loss revs mln vs mln note campbell changing its yr end to dec from june reuter
earn	amertek inc atekf year net oper shr cts vs eight cts oper net vs revs mln vs mln note shr and net exclude extraordinary gain of dlrs or cts share shr and net exclude extraordinary gain of dlrs or cts share reuter
earn	systematics inc syst rd qtr feb net shr cts vs cts net vs revs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln reuter
money-fx	fed may supply reserves in the money markets there is a slightly better than even chance that the federal reserve will enter the u s government securities market to add temporary reserves economists said they said the fed would supply the reserves indirectly via around billion dlrs of customer repurchase agreements federal funds which averaged pct yesterday opened at pct and moved in a narrow range between there and six pct in early trading reuter
housing	baldrige predicts solid u s housing growth commerce secretary malcolm baldrige predicted will be the fifth successive year for growth in housing starts after a pct rise overall in february starts to a seasonally adjusted annual rate of mln units this year should be the fifth solid year in a row for homebuilding activity with single family units stronger than multi family units he said in a statement single family starts rose last month from january levels by pct to mln units on a seasonally adjusted basis while multi family unit starts fell pct to units the department said reuter
acq	irving trust v buys gulf western gw unit irving bank corp said it bought the factoring division of associates commercial corp a unit of gulf and western co inc s associates corp of north america the terms of the previously announced deal were not disclosed it said the assets were transferred to irving commercial corp reuter
earn	amre inc amre rd qtr jan net shr five cts vs one ct net vs revs mln vs nine mths shr cts vs cts net two mln vs revs mln vs mln reuter
earn	porta systems corp psi th qtr jan net shr cts vs cts net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln reuter
earn	federated department stores inc th qtr shr dlrs vs dlrs
earn	warnaco group inc eight mths jan three net oper net mln revs mln mths oper net mln vs mln revs mln vs mln note eight months represents earnings following acquisition in may when company went private period ending jan excludes mln dlrs of interest expenses mln dlrs of acquisition adjusments and mln dlrs of income taxes reuter
earn	gantos inc gtos th qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln year shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln reuter
earn	atlantic express inc st half dec net shr not given net revs mln note company went public during reuter
acq	spendthrift farms sfi gets bid for control spendthrift farm inc said it has received three tentative proposals to acquyire control of the company it said it is evaluating the proposals and will not comment further unless a definitive agreement is reached reuter
crude	shearson lehman upgrades u s oil stocks analyst sanford margoshes of shearson lehman brothers said he recommended a number of oil stocks today now that it is apparent that opec has succeeded in holding to its prescribed production quotas it is clear that opec through jawboning and quota restraint will boost the price of oil margoshes said prices of oil stocks rose sharply today in response to higher oil prices and optimism about opec quotas margoshes said he recommends imperial oil imo a up to standard oil co srd to exxon xon one to and chevron chv to in addition margoshes said he recommended atlantic richfield arc on a short term basis though he said he is still suspect about its debt situation atlantic richfield rose to he said the market could come down to test the dlr a barrel level again but the main thrust of investing in oil is positive right now before the year is out we will see higher oil prices he noted that belief that the government is interested in raising the strategic reserves is factored into the rise in oil stocks today reuter
copper	zambian minister confirms copper diversion minister of mines patrick chitambala confirmed that zambia had ended copper shipments through south africa and announced that its state run mining company had closed down its liaison office in the white ruled republic he told the official times of zambia newspaper in an interview the government was diverting all mineral exports along rail routes to dar es salaam in tanzania and beira in mozambique chitambala declined to say what volume of copper and other minerals were being shipped through these two ports but he said there had not been any problem with the new arrangements so far our copper has been reaching its destinations without hindrance he told the times the times of zambia quoted unnamed sources as saying zambia exported tonnes of copper through dar es salaam and through beira in the last quarter of diplomatic sources in lusaka had earlier expressed doubts over zambia s ability to ship all its copper through beira and dar es salaam without causing massive bottlenecks at the ports chitambala also said that the state run zambia consolidated copper mines zccm had closed its liaison office in johannesburg since it was now redundant reuter
acq	taft chairman s group raises taft broadcasting bid to dlrs share
acq	development corp of america dca merged development corp of america said its merger with lennar corp len was completed and its stock no longer existed development corp of america whose board approved the acquisition last november for mln dlrs said the merger was effective today and its stock now represents the right to receive dlrs a share the american stock exchange said it would provide further details later reuter
acq	teva teviy sells promedico subsidiary teva pharmaceutical industries ltd based in israel said it sold its wholly owned promedico subsidiary to foreign investors for four mln dlrs it said the book value of the unit is about mln dlrs teva said it will continue to market promedico s products through its wholly owned subsidiary salomon levin and elstein ltd reuter
earn	new milford savings bank nmsb raises payout qtly div cts vs cts prior pay april reord march reuter
acq	k mart km ends talks to sell stores k mart corp said recent talks to sell remaining kresge variety stores and their underlying real estate to f w woolworth co z have ended robert stevenson k mart vice president told reuters the talks which began about six weeks ago ended he declined to give a reason kresge is the forerunner of what is now the k mart chain the name was changed to k mart in stevenson said we re selling and buying real estate in our real estate division and woolworth was interested in some of our properties the talks were of a casual nature he said the kresge stores that are scattered around the country in downtown and suburban locations he said stevenson said k mart will continue to operate the stores the stores are profitable the only decision k mart has made is that we will continue to operate them he said kresge had been a nationwide chain of variety stores reuter
earn	institute of clinical pharm plc icpyy year shr ct vs cts net vs revs vs note dollar amounts converted from irish pounds at noon buying rate of the federal reserve bank of new york at dec of dlr per one irish pound the equivalent rate at dec was dlr equals one irsh pound full name of company is the institute of clinical pharmacology plc based in dulbin ireland reuter
earn	icn biomedicals inc bimd st qtr feb net shr cts vs eight cts net vs sales vs avg shrs vs reuter
earn	applied circuit technology acrt st qtr loss period ended january shr loss two cts vs loss cts net loss vs loss revs vs note full name applied circuit technology inc reuter
earn	frisch s restaurants inc frs sets quarterly qtly div cts vs cts prior pay april record april six reuter
earn	federated department stores inc fds th qtr jan end shr dlrs vs dlrs net mln vs mln sales billion vs billion avg shrs mln vs mln year oper shr dlrs vs dlrs oper net mln vs mln sales billion vs billion avg shrs mln vs mln note latest year net excludes mln dlr charge from loss on early debt extinguishment net includes charges mln dlrs in both periods of latest year vs charges mln dlrs in both periods of earlier year from merger of divisions investment tax credits three mln dlrs vs dlrs in quarter and dlrs vs mln dlrs in year latest year net includes nine mln dlr provision for loss on disposition of two abraham and strauss stores and preopening expenses for another latest year net includes gain from sale of interest in fort worth texas shopping center of dlrs latest year net both periods includes gain dlrs from sale of interest in memphis tenn shopping center prior year net includes gain dlrs on sale of boston store division reuter
earn	clothestime inc ctme th qtr net shr cts vs cts net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln reuter
earn	video library inc vlvl th qtr loss shr loss two cts vs profit three cts net loss vs profit revs vs year shr profit cts vs loss two cts net profit vs loss revs mln vs avg shrs vs reuter
earn	chemie linz expects sharply higher loss state owned chemie linz ag is likely to record a loss of some mln schillings compared with a mln loss in a company spokesman said falling sales and lower world prices of fertilisers were largely responsible for the sharp increase along with the effects of the dollar s fall which has helped to give u s fibre producers a competitive edge he told reuters the firm would have made a small profit in had it not been for mln schillings lost by subsidiary merx handelsgesmbh on oil trading merx has since withdrawn from the oil market the firm will announce results in july reuter
earn	cabre exploration ltd six mths jan net shr cts vs cts net vs revs vs reuter
acq	dudley taft raises bid for taft broadcasting tfb dudley taft and narragansett capital inc said it was prepared to raise its bid to acquire taft broadcasting co to more than dlrs per share taft through theta co sent and letter to taft s board of directors stating he was committed to purchasing the broadcasting company and was ready to discuss all aspects of the purchase the company said items to be discussed included price structure and form of consideration taft said he was prepared to negotiate a transaction in which taft broadcast shareholders would receive in excess of dlrs per share reuter
veg-oil	ec oils tax no longer major issue association the proposed european community ec tax on vegetable oils and fats is no longer a major issue on the agenda and the ec commission merely used it as a threat the west german feed stuffs industry association mfi said association chairman ulrich wagner told a news conference the west german feed industry believes the ec does not seriously contemplate the introduction of such a tax because it would end in another transatlantic trade war we have just avoided a trade conflict with the u s and the commission used the tax threat to calm national farm lobbies american soybean association asa president elect wayne bennett said yesterday in the hague that u s soybean producers were confident the tax would be rejected bennett who is leading one of three soybean delegations on a lobbying tour of ec capitals will also visit bonn on thursday and friday there are indications the bonn government will also reject the proposed tax wagner said reuter
acq	allwaste alws to buy related company allwaste inc said it entered into an agreement in principle to acquire all the outstanding common of a related air moving and industrial services company it did not disclose the name of the company allwaste which preforms air moving and related services said it will swap shares of its common valued at mln dlrs with the company it is acquiring it said the acquisition is subject to negotiation of a final agreement reuter
crude	exxon xon may close one french refinery exxon corp the world s largest oil company said in a published interview today that it was reviewing its worldwide refinery operations and might decide to close on of its french refineries lee r raymond exxon s new president singled out the possibility of a closure of one of exxon s refineries in france during the interview an exxon spokeswoman confirmed that raymond had specifically mentioned refineries in france but said that no specific refinery had been named she also said that all of exxon s opertations were under constant review exxon currently has two refineries in france fos in the mediterranean with a capcity of barrels per day and port jerome west of paris with a similar capacity petroleum intelligence weekly an influential trade journal said in its current issue that they understood that exxon was looking at the possibility of refinery closures in antwerp southern france or possibly italy paul mlotok oil analyst with salomon brothers inc said that with the closures exxon made in in europe and the improvement in the european refining situation its future profits there should be good exxon and other major oil companies have closed a bunch of refineries in europe upgraded the rest and shaken many of the indepedents out of the market now with demand for products rising and efficient operations exxon should show superior earnings mlotok said just after royal dutch rd they are seen as one of the highest grade refiners in europe he added industry sources said that the oil companies were likely to feel greater pressure on their operations in southern europe where competition from the opec countries is increasing as these producers move further into downstream operations piw said that refiners in the mediterranean can expect increased shipments from saudi arabia and other opec export refineries piw said sales from libya algeria and elsewhere are expected to reclaim markets lost to italian and other european refiners as a result of the abundance of cheap netback oil last year reuter
cotton	israel s five year plan to boost agriculture israel has drawn up a five year plan for to raise agricultural production by mln dlrs to billion dlrs an annual rise of pct the israeli ministry of agriculture said agricultural exports are to be increased by mln dlrs or pct per year on average the area planted to cotton is to remain at the level of to acres with exports expected to bring in to mln dlrs per year the pct decline from the level reflects continued water rationing which will remain in force the ministry said groundnut production is planned to increase by tonnes or pct by and exports by tonnes or pct maize production is targetted to rise by tonnes or pct and exports by tonnes or pct reuter
acq	soros group has b f goodrich gr stake an investor group led by new york investor george soros said it acquired a pct stake in b f goodrich co common stock as an investment the group said it paid about mln dlrs for the goodrich shares which are being held by quantum fund n v a netherlands antilles investment firm advised by soros it said all the shares were bought between dec and march the group said it reserved the future right to buy additional shares and to formulate other purposes or plans regarding its goodrich investment reuter
housing	baldrige predicts solid u s housing growth commerce secretary malcolm baldrige predicted will be the fifth successive year for growth in housing starts after a pct rise overall in february starts to a seasonally adjusted annual rate of mln units this year should be the fifth solid year in a row for homebuilding activity with single family units stronger than multi family units he said in a statement single family starts rose last month from january levels by pct to mln units on a seasonally adjusted basis while multi family unit starts fell pct to units the department reported reuter
acq	taft broadcasting says it will continue to review options in response to latest bid
acq	court enjoins zico investment s tender for bancroft convertible fund
acq	steinhardt group has pct of holiday hia a group led by new york investor michael steinhardt told the securities and exchange commission it bought a pct stake in holiday corp common stock as an investment the group said it paid mln dlrs for its mln holiday shares of which were bought since feb at the same time group members said they held short positions in the stock totaling shares in addition to steinhardt himself the group includes steinhardt partners and institutional partners two investment firms of which steinhardt is one of the general partners reuter
earn	scor u s corp sure th qtr net oper shr cts vs cts oper net mln vs mln year oper shr cts vs four cts oper net mln vs note excludes gain one ct per share vs loss two cts in the quarter and gain cts per share vs gain six cts in the year from investments also excludes extraordinary gain of one ct per share in fourth quarter and gain of one ct per share vs one ct in the full year period reuter
earn	genstar sale boosts belgian societe generale net societe generale de belgique belb br said the near doubling of net profits in was due in large part to the sale of shares in genstar corp the company which announced a net non consolidated profit of billion francs compared with billion in said its current profits rose by pct last year without giving further figures however it added in a statement that the company made major capital gains on sales during the year in particular from the sale of genstar shares societe generale governor rene lamy told last november s annual meeting that asset disposals would total around billion francs including the sale of genstar shares to imasco limited ims to he predicted a profit on extraordinary items of two billion francs after a rough balance in in today s statement societe generale gave no figures for extraordinary gains reuter
earn	westerbeke corp wtkb st qtr jan loss shr loss cts vs profit six cts net loss vs profit revs vs avg shrs vs reuter
acq	court enjoins tender for bancroft btv bancroft convertible fund said the u s district court for the district of new jersey issued a preliminary injunction enjoining zico investment holding inc s tender offer for bancroft it said the court order prevents zico from buying any shares tendered to them during the offer which began on feb in the tender offer blocked by the court zico offered to buy shares or about pct of bancroft s outstanding stock for dlrs a share previously zico had bought bancroft shares for dlrs a share giving it about pct of the company if the recent offer had gone through the zico would have owned slightly more than pct of bancroft s outstanding shares reuter
money-fx	zambian exchange auction to resume at end of march zambia will reintroduce a modified foreign exchange auction at the end of this month as part of a new two tier exchange rate central bank governor leonard chivuno said chivuno told a press conference at the end of three weeks of negotiations with the international monetary fund imf that there would be a fixed exchange rate for official transactions and a fluctuating rate decided by the auction for other types of business the bank of zambia previously held weekly auctions to distribute foreign exchange to the private sector and determine the kwacha s exchange rate but these were suspended at the end of january president kenneth kaunda said at the time that he was suspending the auction system in view of the rapid devaluation and violent fluctations of the exchange rate which had resulted business and banking sources said another reason for suspending the auction was that the central bank was low on foreign exchange and was weeks behind in paying successful bidders the kwacha stood at per dollar when the auction system was first introduced in october but it slid to around per dollar by the time it was suspended months later since then zambia has operated a fixed exchange rate of about nine kwacha per dollar reuter
earn	jamesway corp jmy th qtr jan net shr primary cts vs cts shr diluted cts vs cts net vs revs mln vs mln avg shrs primary vs avg shrs diluted vs year shr primary dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs year revs mln vs mln avg shrs primary vs avg shrs diluted vs note includes after tax lifo charges of dlrs vs dlrs for qtr and dlrs vs dlrs for year reuter
acq	taft tfb to continue to review alternatives taft broadcasting co said its board continues to explore alternatives such as a possible financial restructuring in response to a theta corp offer of dlrs per share for taft stock last week taft rejected a dlr a share bid by theta an investment group headed by taft s vice chairman dudley taft taft also said the new proposal would be submitted to the board but no decision had been made with respect to the sale of the company in the proposal theta said it was prepared to discuss all aspects of the offer including price structure and form of consideration and would be prepared to negotiate a transaction in which shareholders would receive a value in excess of dlrs per share taft said theta requested that the company cooperate and provide it with information subject to an appropriate confidentiality agreement the company declined to comment beyond this statement reuter
crude	lawson oil tax breaks to help new fields revenue two new u k tax relief measures for oil producers announced today are aimed at encouraging developments in the north sea to go ahead and boost opportunities for the offshore supplies industry the inland revenue said in a post budget statement earlier chancellor of the exchequer nigel lawson announced in his annual budget to parliament that from today companies will be allowed to offset up to pct of qualifying development expenditure on certain future oil fields against petroleum revenue tax prt to date full relief was allowed for expenditure on an individual field itself when its income stream began but was not immediately available against other development expenditure the statement said the new relief will apply to fields outside the southern basin for which development consent is first given on or after today and will improve the post tax economics of new developments and encourage companies to proceed with project which might have been delayed it said lawson also announced that he would henceforth allow certain expenditure on oil related research which does not at present qualify for prt relief to be offset against prt liability this means oil related expenditure in the u k or on the u k continental shelf which has not become allowable in a particular field within three years of being incurred to be allowed against prt liability in any oil field the inland revenue said this brings the scope of prt relief for research costs more in line with corporation tax relief measures and is planned to encourage general research into ways of reducing field development costs it said in due course the industry should benefit by over mln stg a year it calculated the inland revenue statement also included other technical measures that lawson did not comment on in his budget speech these included measures to allow companies to balance their shares of prt exempt oil allowances through reallocation in two past periods of allowance utilisation tidier rules on incorrectly allowed prt expenditure reliefs were announced while there were also ammendments on rules on corporation tax and advance corporation tax relating to the so called ring fence of activities in the u k and its continental shelf the finance bill will have provisions for the implementation of measures announced in november it said gareth lewis davies a north sea expert with stockbrokers wood mackenzie and co inc in edinburgh thought the two reliefs on prt would help the depressed offshore industry he said the pct cross field allowance relief would favour chances that development of smaller north sea fields such osprey don and arbroath would be brought forward early development of the larger miller and bruce oil fields might also be encouraged he said lewis davies said the measure might also aid the offshore construction industry which suffered a huge amount of lay offs under the price slump of more than pct last year he pointed out that the relief only applies to the development of new fields outside the southern basin this means more jobs could be created as the fields in the central and northern sectors of the north sea are deeper than in the south and thus have greater capital and labour requirements as the waters are deeper than in the south he said the prt relief for certain research expenditure would help fundamental research in the oil industry although the benefits of this research would not be seen for several year reuter
earn	shoney s inc shon st qtr feb net shr cts vs cts qtly div four cts vs four cts prior net mln vs revs m ln vs mln note qtly div is payable april to shareholders of record april three reuter
acq	att philips bid for cgct outlined american telephone and telegraph co and philips telecommunications bv apt would hold pct through direct and indirect holdings in france s cie generale de constructions telephoniques if a joint bid with french partners for the soon to be privatised firm succeeds a director at one of the partner firms said marc mathieu of societe anonyme de telecommunications sat told journalists the bid foresaw a direct stake of pct for apt the joint firm set up by the u s s att t n and the nv philips gloeilampenfabrieken pglo as the other pct would be owned by a holding company made up of sat apt cie du midi mcdp pa and five mutual funds under french law foreign investors are restricted to a pct direct stake in privatised companies but can boost their stake to pct through indirect holdings the make up of the holding company however is subject to close discussions within the government due to legal queries over the nationality of the mutual funds a finance ministry official said although bought by french citizens they are managed by foreign banks morgan guaranty trust co of new york and banque de neuflize schlumberger mallet sa controlled by algemene bank nederland nv abnn as an sat spokesman said cgct which controls pct of the french public telephone switching market is to be sold by the government for mln francs by private tender five groups are bidding for the company and the government has said it will choose cgct s new owner by the end of april apt vice president wim huisman told a news conference a capital increase was envisaged if sat apt wins cgct but declined to give details or say how an increase would affect foreign stakes in cgct in cgct posted losses of mln francs on sales of three billion after losses of mln francs a joint sat apt statement added that buyers were committed to investing mln francs in cgct research and production plants the apt sat offer includes a provision for cgct to produce apt ess prx switching technology and adapt it to french standards the tender was launched after a draft agreement for att to take over cgct was abandoned following the introduction of the french government privatisation laws which reopened bidding among a wider range of applicants other candidacies to take over cgct include west germany s siemens ag sieg f allied with schneider sa schn pa subsidiary jeumont schneider sweden s telefon ab lm ericsson eric st allied with matra matr pa and bouygues sa bouy pa italy s italtel and canada s northern telecom ltd ntl to reuter
interest	analysts see early one point cut in u k base rate british bank base lending rates are likely to fall by as much as one full point to pct this week following the sharp three billion stg cut in the u k central government borrowing target to four billion stg set in today s budget bank analysts said the analysts described chancellor of the exchequer nigel lawson s budget as cautious a quality which currency and money markets had already started to reward sterling surged on foreign exchange markets and money market interest rates moved sharply lower as news of the budget measures came through the analysts said lloyds merchant bank chief economist roger bootle said he expected base rates to be cut by one full point tomorrow this is very much a safety first budget in order to get interest rates down he said bootle said the money markets had almost entirely discounted such a one point cut with the key three month interbank rate down to pct from last night and it would be rather conservative for banks to go for a half point cut now midland bank treasury economist david simmonds said he too expected base rates would be a full point lower by friday but this would likely happen via two half point cuts this budget is designed to please both the markets and the electorate the implications for interest rates are very favourable we could have a half point cut tomrorow and another such cut before the end of the week simmonds said pointing to buoyant u k retail data released yesterday he said lawson had done well to resist pressures for a sharp cut in income tax rates at the expense of a lower borrowing target there is no real need to boost private consumption he said national westminster bank chief economist david kern said the lower borrowing target set in the budget had increased the likelihood of an early one point base rate cut kern said the budget would have to be analysed carefully in particular to see how exactly lawson planned to achieve the sharper than expected borrowing target cut before a one point base rate cut could be implemented but providing the budget small print was convincing and i suspect it will be it is entirely possible that we see one point off base rates by the end of this week kern said bootle of lloyds said the expected base rate cut would pave the way for an early one point cut in mortgage lending rates this would help achieve lawson s lower than expected consumer price inflation target of four pct at end he said u k base rates were cut last week to pct from pct after sustained pressure from the foreign exchange money and government bonds gilts markets but building societies said they would not cut lending rates until base rates had fallen by one full point reuter
acq	toussie group sells heck s hex shares a shareholder group led by new york investor robert toussie told the securities and exchange commission it sold off most of its holdings in heck s inc common stock but reserved the right to again seek control of the company in the future the group which includes the edward a viner and co brokerage said it sold shares since march leaving it with shares or pct of the total outstanding the group had proposed a takeover of heck s in september but later withdrew the offer and heck s on march filed for protection from its creditors under federal bankruptcy law reuter
acq	cyclops cyl holder withdraws takeover motion dixons group plc which is in a battle with cyacq corp for control of cyclops corp said a cyclops shareholder had agreed to withdraw a motion in u s district court to prevent dixons from completing its tender offer for cyclops which expires est today dixons did not name the shareholder and did not disclose the holder s stake in cyclops reuter
earn	noma industries ltd year net shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln note prior year shr restated for june two for one stock split reuter
acq	firm has coopervision eye stock will buy more siebel capital management inc a california investment adviser told the securities and exchange commission sec it bought mln coopervision inc common shares or pct of the total outstanding in its sec filing the firm said it intends to acquire more stock and may attempt to influence management of the company to make major changes in the company s business or corporate structure siebel said it made net purchases of coopervision shares since jan reuter
acq	american cyanamid acy buys u k company american cyanamid co said it bought the pct interest of cyanamid fothergill ltd held by fothergill and harvey plc making the unit a wholly owned subsidiary the unit manufactures structural materials including advanced composites adhesives and aluminum honeycomb for the european space industry the current management will remain in place and the unit will continue at its locations in wrexham u k the company said reuter
earn	noel industries inc nol st qtr jan loss shr loss cts vs loss cts net loss vs loss revs vs reuter
acq	group boosts gelco gel stake to pct an investor group including new york based mutual shares corp and mutual qualified income fund inc told the securities and exchange commission it raised its stake in gelco corp common stock to shares or pct of the total outstanding the group said its most recent purchases included shares bought between january and march the group said it purchased the shares for investment purposes reuter
earn	oshman s sporting goods inc oshm th qtr net qtr ended jan shr cts vs dlrs net vs revs mln vs mln avg shrs vs year shr cts vs dlrs net vs revs mln vs mln avg shrs vs note net includes lifo gains of dlrs vs dlrs for qtr and charges of dlrs vs dlrs for year reuter
earn	university patents inc upt nd qtr jan net oper shr cts vs cts oper net vs revs vs six mths oper shr cts vs cts oper net vs revs vs note prior year excludes income from discontinued operations of cts per share in the quarter and cts per share in the year reuter
earn	freedom federal frfe sets initial payout freedom federal savings bank said it voted its first cash dividend of cts a share payable april record march the annual dividend will be cts a share it said reuter
earn	hospital staffing services hssi st qtr net qtr ends feb shr six cts vs three cts net vs revs vs note full name hospital staffing services inc prior year includes extraordinary gain of one ct per share reuter
crude	plains plns posts reserves increases plains resources inc said that as of december its estimated proved oil and gas reserves rose by pct to mln barrels from mln barrels and proved developed reserves rose pct to four mln barrels from mln barrels a year ago the company said its year end reserves did not include the oil and gas reserves of houston oil fields co which recently agreed to merge with it pending shareholder approval in mid april if approved the merger will add another mln barrels to the company s reserve base reuter
earn	oshman s oshm cites weak regional economies oshman s sporting goods inc said earnings for the fourth quarter ended january were affected by the weak economies of texas oklahoma and louisiana resulting in a drop in net earnings to dlrs or cts a share from dlrs or dlrs a share for the year ago quarter the company also said sales on the west coast were hurt by late snows and poor skiing conditions same store sales declined pct for the quarter and pct for the year for the full year oshman s net earnings fell to dlrs or cts a share from dlrs or dlrs a share in the company said it opened nine stores and closed three at year end the company said it was operating oshman s stores and abercrombie and fitch stores reuter
earn	worthington industries inc wthg rd qtr net qtr ended feb shr cts vs cts net mln vs mln revs mln vs mln nine mths shr cts vs cts net mln vs mln revs mln vs mln note shr data adjusted for for stock split paid october reuter
crude	u s warns of dependence on foreign oil a white house ordered report said that growing u s reliance on foreign oil into the year could have potentially damaging implications for national security the energy department study discusses several options to curb reliance on foreign oil but makes no recommendations president reagan and most congressmen have previously ruled out a tax on foreign oil as a way to curb imports and to help the depressed domestic oil industry energy secretary john herrington said in a statement that although we have made gains in energy security in the last six years this report shows that there is justification for national concern both over declining competitiveness of our domestic oil and gas industry and over rising oil imports the report said imports last year were pct of u s consumption and by the mid s could rise to pct among the report s options to ease u s reliance on foreign oil are several already advocated by the reagan administration president reagan ordered the study last september citing a determination that the country never again become captive to a foreign oil cartel referring to the opec led oil shortages and sharp prices increases of the s the report said an import fee would raise prices and help make it economical for u s oil firms to find and produce new oil as well as to cut imports but on the whole the tax would depress the nation s economy reuter
acq	vtx elecronics vtx sets sdtock split vtx electronics corp said its board declared a five for four stock split payable april nine to holders of record march reuter
acq	coastal cgp sees increase in profits coastal corp said it expected earnings for to be significantly above profits of mln dlrs last year in a letter to shareholders appearing in the company s newly issued annual report coastal chairman oscar wyatt did not elaborate on how much earnings were expected to increase the profits of coastal a natural gas production and pipeline company were halved from levels due to slumping energy prices the company s sales totaled billion dlrs last year coastal also said it sold its natural gas for an average price of dlrs per mcf in a drop of pct from the previous year oil and natural gas liquids sold for an average dlrs a barrel in a reduction of pct the houston based company which produced a daily average of mln cubic feet of gas and barrels of oil said it had proved reserves at yearend of mln barrels of oil and billion cubic feet of natural gas average reserve replacement costs were dlrs per barrel of oil equivalent during the past three year period representing a little more than half of the industry average the company said coastal s more than gasoline retail outlets were operated profitably during and are expected to continue to do so the company said reuter
earn	repap enterprises corp inc th qtr net shr profit cts vs loss nine cts net profit mln vs loss mln revs mln vs mln year shr profit cts vs profit nine cts net profit mln vs profit mln revs mln vs mln note full year results include extraordinary loss of one mln dlrs or three cts per share reuter
acq	norstar nor sets acquisition for stock norstar bancorp said it has agreed in principle to acquire united national bank of callicoon n y by exchanging three norstar common shares for each of the united shares outstanding based on the recent price of norstar s stock it said the proposed tax free exchange would have a market value of about mln dlrs norstar said the acquisition is subject to approval by united s holders and state and federal regulators united has assets of mln dlrs reuter
crude	u s oil tax would not affect pdvsa champlin deal an eventual oil import fee in the united states will make no difference to champlin petroleum corp s joint venture agreement signed today with petroleos de venezuela pdvsa champlin chairman william adams said this was an aspect which was discussed at length during the negotiations but we can say our contract covers all eventualities in this regard he told reuters during the signing ceremony here venezuela s energy and mines minister arturo hernandez grisanti earlier described the agreement under which pdvsa buys pct of champlin s corpus christi refinery as one more step in the maturation and presence of our oil industry in world markets union pacific chairman william cook said the agreement will be beneficial to both sides combining a secure source of supply with a modern refinery and access to markets we are looking to a long term relationship and at a time of protectionist tendencies in the u s congress there are clear benefits to both sides he said adams said pdvsa crude would remain competitive even with an oil import fee because champlin had invested heavily over the years in adapingthe texas refinery to process venezuelan heavy crudes with coking and hydro treating facilities and obtain a competitive product yield therefore while the danger of an oil import fee has been a consideration in the negotiations and it remains to be seen what such a fee would represent we do not foresee any impact on today s agreement adams said he said the refinery could run crude as heavy as venezuela s bolivar coastal field bcf api without any difficultiesand would probably move over time to a heavier diet to take advantage of bigger margins the refinery has a capacity to process up to bpd of venezuelan high sulphur content heavy crude with an pct yield of white products reuter
cocoa	icco group looks at cocoa buffer stock rule plan the international cocoa organization icco buffer stock working group began examining a draft proposal for buffer stock rules this afternoon delegates said the plan presented by icco executive director kobena erbynn represented a compromise between producer european community ec and other consumer views on how the buffer stock should operate they said the proposal involved three key principles first the buffer stock manager would be open to offers for cocoa rather than using fixed posted prices as previously delegates said under an offer system the buffer stock manager would be free to choose cocoas of varying prices they said the second provision was that non icco member cocoa could comprise a maximum pct of the buffer stock while the third laid out a pricing system under which the buffer stock manager would pay differentials for different grades of cocoa to be set by a formula the delegates said after the plan was presented working group delegates met briefly in smaller groups of producers ec consumers and all consumers to look at the proposal producers gave no reaction to the scheme and will respond to it when the working group meets tomorrow at gmt producer delegates said consumer members accepted the proposal as a good base to work from one consumer delegate said delegates said the proposal was only a starting point for negotiations on buffer stock rules and subject to change reuter
earn	vtx electronics corp vtx th qtr net shr cts vs cts net vs sales vs avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs note share adjusted for five for four stock split declared today reuter
earn	mortgage growth investors mtg st qtr feb shr cts vs cts net vs qtly div cts vs cts prior avg shrs vs note dividend payable april to shareholders of record march reuter
earn	shoney s inc shon st qtr feb net shr cts vs cts net mln vs revs mln vs mln avg shrs mln vs mln note sixteen week periods reuter
acq	fortune savings to buy financial fssl branch fortune savings bank said it agreed to buy the deposits and assume the leasehold of a financial security savings and loan association fssl branch here terms of the agreement were not disclosed fortune said the agreement is subject to regulatory approval it also said that if the transaction is approved financial would generate a profit on the sale reuter
money-fx	gulf arab ministers discuss economic cooperation finance and economy ministers of the gulf cooperation council gcc opened a two day meeting to discuss further economic integration officials said they said issues to be discussed by the ministers from bahrain kuwait oman qatar saudi arabia and the united arab emirates uae would include a recommendation by central bank governors on a common currency exchange rate the governors agreed in january on a denominator on which to base currencies of the six states any decision will be forwarded for final approval to a gcc summit meeting due in saudi arabia late this year the six states have different currency systems saudi arabia bahrain qatar and the uae are linked in theory to the international monetary fund s basket of currencies the special drawing right sdr but in practice to the dollar oman links its currency formally to the dollar while kuwait pegs its dinar to a trade weighted basket devised by itself the denominator chosen by central bank governors has not been disclosed but some bankers expect the currencies to be linked to the sdr or a trade weighted basket opening the meeting ahmed al tayer the uae s minister of state for finance and industry said implementation of joint economic agreements is increasingly linking the interests of gcc citizens together the general assembly of the gulf investment corporation met in abu dhabi earlier under the chairmanship of bahrain s finance and national economy minister ibrahim abdul karim the corporation was formed to contribute to joint economic and investment projects in the gcc officials said the corporation s assets rose to billion dollars last year from billion at the end of reuter
earn	photographic sciencies corp pscx th qtr loss oper shr loss six cts vs profit four cts oper net loss vs profit sales vs avg shrs vs year ope shr profit five cts vs profit five cts oper net profit vs profit sales vs avg shrs vs note net excludes losses from discontinued operations of dlrs vs dlrs in quarter and dlrs vs dlrs in year year net excludes dlr tax credit year includes only six months of operations due to change in fiscal year reuter
earn	pueblo international inc pii th qtr jan shr cts vs cts net vs sales mln vs mln avg shrs vs year shr dlrs vs dlrs net vs sales mln vs mln avg shrs vs note net includes tax credits of dlrs vs dlrs in quarter and dlrs vs dlrs in year thirteen vs and vs week periods latest year net includes gain dlrs for first nine months from change in pension accounting for which results of first three periods restated reuter
earn	hre properties hre st qtr jan net shr cts vs cts net vs gross income vs note net includes gains on sale of real estate of dlrs vs dlrs reuter
earn	photographic sciences corp pscx th qtr shr loss cts vs profit three cts net loss vs profit revs mln vs six months shr loss cts vs profit six cts net loss vs profit revs mln vs mln note to effect change from fiscal to calendar year company reported results for six months period ended december six months includes one time gain of dlrs reuter
earn	federal paper board co fbt sets payout qtly div cts vs cts prior pay april record march reuter
earn	shoney s inc shon sets payout qtly div four cts vs four cts prior pay april record april three reuter
acq	taft tfb stock rises on proposal taft broadcasting co stock rose almost three points today as its vice chairman and an investment group proposed to sweeten a takeover offer for the company however several arbitragers said they would shy away from the stock at its current price levels since it is unclear how high bidding for the company would go and whether the company would agree to a takeover there are too many uncertainties said one arbitrager taft stock rose to dudley taft taft vice chairman and narragansett capital inc said they sent a letter to the taft board stating they were committed to pursuing acquisition of the broadcast company and were prepared to negotiate a transaction in excess of dlrs per share the company responded that the proposal would be submitted to the board of directors but that no decisions have yet been made on a sale of the company someone s betting this company will go for dlrs per share said one arbitrager arbitragers said the stock is a risky buy at current levels unless an offer was accepted in the dlr per share range they said to make an arbitrage investment at this level would be chancy since it will take a long time for any transaction to be completed because of regulatory approvals necessary for the broadcast properites taft earlier rejected a dlr per share or billion dlr bid from the investment group the company said it rejected the bid as inadequate based on advice of goldman sachs and co its financial adviser it said it would consider alternatives such as restructuring arbitragers speculated a bidding war may erupt for taft which has two large shareholders in an investment group led by robert bass and carl lindner chairman of american financial corp the bass group holds pct of taft and lindner holds pct the taft family which founded the company almost years ago has about pct lindner last week told the securities and exchange commission he may be interested in making a bid for taft i could see if things got really crazy that it might go for dlrs per share said one arbitrager but he speculated it probably would not even be taken over for more than a price in the s another speculated that lindner might bid but he speculated the investor would not really be interested in running the company lindner was unavailable for comment dennis mcalpine an analyst with oppenheimer and co said he had speculated the company might be considering a leveraged buyout ideally you d have to break this thing up to satisfy all the interests involved he said adding the two largest shareholders might be interested in pieces of taft he said the highest takeover price he calculated for the company has been about dlrs per share but that the highest estimates on wall street have been about he said the latter would be based on more optimistic expectations for the broadcast industry reuter
crude	herrington says he may recommend tax benefits for u s oil industry
crude	herrington says he may call for oil tax benefits energy secretary john herrington said he may recommend to the white house that the domestic oil industry be given tax benefits to help it produce more oil and head off increasing u s dependence on foreign oil he said also at a news conference that he would recommend to the white house that the fill rate of the strategic petroleum reserve be increased from its planned barrels per day the oil reserve fill rate capacity is barrels a day herrington said he had always advocated a greater fill rate for the petroleum reserve but the rate had been kept down because of budgetary constraints herrington did not disclose what tax incentives he might advocate but u s officials have shown interest in tax benefits for oil and gas exploration and for research and development into new ways to extract oil which is now considered uneconomical to produce he made the remarks in conjunction with the release of the energy department s study on oil s impact on national security herrington said that before he disclosed what recommendations for tax benefits for the oil and gas industry he might make he would raise the matter with the white house economic policy committee to see if the proposals to increase oil production made good tax policy he said he would like to increase u s production by one mln barrels a day the report said that by the end of the century the united states may be relying on foreign sources for pct of its oil consumption posing a serious economic and national security threat reuter
earn	consolidated stores corp cns th qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln year shr cts vs cts net mln vs mln sales mln vs mln avg shrs mln vs mln note prior year net includes dlr tax credit share adjusted for two for one stock split in june reuter
crude	wainco oil wol completes wildcat well wainco oil corp said it has completed a wildcat well on its grandmarais prspect in jefferson davis parish la which is currently producing at a rate of mln cubic feet of gas and barrels of condensate daily the company said it has a pct working interest in the well which is flowing from lower frion tweedel sand perforations between and feet additional untested but possibly productive zones exist behind the pipe it added it said the remaining owners are privately held petroleum companies reuter
crude	u s warns of dependence on foreign oil a white house ordered report said that growing u s reliance on foreign oil into the year could have potentially damaging implications for national security the energy department study discusses several options to curb reliance on foreign oil but makes no recommendations president reagan and most congressmen have previously ruled out a tax on foreign oil as a way to curb imports and to help the depressed domestic oil industry energy secretary john herrington said in a statement that although we have made gains in energy security in the last six years this report shows that there is justification for national concern both over declining competitiveness of our domestic oil and gas industry and over rising oil imports the report said imports last year were pct of u s consumption and by the mid s could rise to pct among the report s options to ease u s reliance on foreign oil are several already advocated by the reagan administration president reagan ordered the study last september citing a determination that the country never again become captive to a foreign oil cartel referring to the opec led oil shortages and sharp prices increases of the s the report said an import fee would raise prices and help make it economical for u s oil firms to find and produce new oil as well as to cut imports but on the whole the tax would depress the nation s economy the study was outlined in a new york times report today reuter
earn	hospital staffing services inc hssi st qtr feb oper shr six cts vs two cts oper net vs revs vs note prior year net excludes dlr tax credit reuter
earn	viatech inc vtk year net shr dlrs vs cts net vs revs mln vs mln reuter
earn	interactive technologies inc itxi st qtr net shr nine cts vs eight cts net vs sales vs avg shrs vs note periods end january and respectively reuter
interest	u s fhl banks sets pct pct pct rates on billion dlr offer
crude	opec wants dlr oil price oapec official opec believes world oil prices should be set around a fixed average price of dlrs a barrel oapec assistant general secretary abdelaziz al wattari said today in a speech to a european community ec oapec opec seminar in luxembourg released here al wattari said opec believes the world energy trade should be kept without restrictions and should be built around a fixed average price of dlrs but he warned that defense of the dlr a barrel level had caused hardship for opec countries who had been forced to curtail production and he warned that such cutbacks by opec states could not be sustained in some cases for opec to stabilize the world oil price at what is now considered the optimal level of dlrs a barrel its member countries have had to undergo severe hardship in curtailing production al wattari said such cutbacks cannot in certain cases be sustained al wattari said as well as financial and marketing pressures some states depended on associated gas output for domestic use and oil cutbacks had left insufficient gas supplies he added al wattari noted that total opec output was below the organization s agreed ceiling for all member countries in february although this had meant sacrifices the effect of these sacrifices meant that market stability though restored to a good level was still under pressure al wattari said a lasting stability in the world market requires a wider scope of international cooperation he added he said some non opec oil producing countries had shown a political willingness after to cooperate with opec but although cutbacks announced by these states were politically significant and welcomed by opec they were insufficient in terms of volume he added the overall majority of non opec producers have not responded sufficiently to opec s calls for supply regulation he said al wattari said an dlr a barrel price was optimal as it allowed investment in the oil industry outside opec to continue while not generating excessive cash flow for otherwise unviable high cost areas outside opec such a price would no longer encourage protectionist measures he added fadhil al chalabi opec deputy secretary general also addressing the seminar added that discipline was still needed to prevent violent fluctuations in the oil market cooperation between arab states and europe was advantageous for both sides al chalabi said adding he hoped cooperation would ultimately lead to full fledged euro arab dialogue reuter
interest	u s fhl banks sets rates on debt offering the office of finance federal home loan banks said it set rates on today s debt offering of pct on its billion dlr issue pct on a billion dlr issue and pct on a mln dlr issue it said the issues which are for settlement march mature march march and march respectively the office said telephone confirmation of allotments must be received by hrs est today and that secondary trading will begin at hrs est tomorrow reuter
earn	santa anita cos sar th qtr net oper shr cts vs cts oper net vs revs mln vs mln year oper shr dlrs vs dlrs oper net vs revs mln vs mln avg shrs vs note current qtr and year figures exclude losses from discontinued operations of dlrs and dlrs respectively and disposition gain of mln dlrs in both periods prior qtr and year figures exclude gain from discontinued operation of dlrs and loss of dlrs respectively reuter
acq	midway airlines mdwy sets holder rights plan midway airlines inc which has frequently been mentioned as an acquisition target said it declared a shareholder rights plan holders will get a dividend of one preferred share purchase right on each outstanding share of common stock each right when exercisable will entitle the holder to purchase one one hundredth share of series c junior participating preferred stock for dlrs the rights are intended to assure that all holders receive fair treatment in the event of a takeover the company said this is not in response to a known effort to acquire control the rights will be exercisable days after a person or group buys pct of the company s common or announces or commences a tender offer that would result in acquisition of pct or more of its common midway can redeem the rights at two cts each at any time prior to expieration of days after the acquisition by any person of pct or more of the companyt s common it said if midway is acquired each right will entitle its hodler to purchase a number of the acquiring company s common shares having a market value at that time of twice the right s exercise price the dividend will be payable to holders of record april six and expire years later on april reuter
earn	equion corp equi nd qtr jan net oper shr cts vs cts oper net vs revs mln vs mln six mths oper shr cts vs cts oper net vs revs mln vs mln note oper net excludes tax credits of dlrs vs dlrs for qtr and dlrs vs dlrs for six mths note year ago results restated to reflect change in accounting principle effective august one reuter
crude	venezuela ecuador oil loan under discussion venezuela has still to work out final details of its plan to supply ecuador with barrels per day of crude oil to compensate that country for lost exports caused by earthquake damage a senior petroleos de venezuela pdvsa official said we have yet to finalize details on how the compensation will be carried out and how opec production quotas will be affected he said during the signing of a joint venture deal with union pacific corp today he said an agreement was initialled on a visit last week by ecuador s deputy energy minister fernando santos alvite he pointed out that there are some contractual points to be considered venezuela possibly unique among oil exporters requires its clients to sign final destination clauses to ensure its oil is not resold on the spot market ecuador s oil minister javier espinosa was quoted today as saying venezuela will export the oil on ecuador s account and remit the revenues to quito ecuador would pay back the oil at a rate of bpd he said venezuela s oil would be traded through ecuadorean state oil company cepe but the pdvsa official said the company never allows third parties to trade its oil reuter
earn	temco service industries inc st qtr dec shr cts vs cts net vs revs mln vs mln reuter
earn	great pacific industries inc year net shr dlrs vs dlrs net vs revs mln vs mln reuter
earn	simmons airlines inc simm nd qtr loss period end jan shr loss cts vs loss cts net loss vs loss revs mln vs mln six mths shr nil vs profit cts net loss mln vs profit revs mln vs mln avg shrs vs note prior yr results restated to reflect change in value of aircraft resulting in increase of or five cts shr for six mths reuter
acq	temco service industries inc merger ended temco service industries inc said its proposed buyout by chairman herman j hellman and president harvey newwman has been terminated by mutual consent and temco has no present intention of being acquired by any other party reuter
alum	suralco alumina exports dropped pct in feb the surinam aluminum company suralco registered a pct drop in alumina exports in february after its operations were shut down by worker violence and guerrilla sabotage the official surinam news agency sna reported sna said suralco s alumina exports dropped to tonnes in february from tonnes in january aluminum exports meanwhile decreased nine pct in the same period to tonnes from tonnes suralco s alumina refinery at paranam miles south of the capital was shut down february after workers destroyed plant and computer equipment in a protest over layoffs at the company s nearby aluminum smelter the smelter was shut down january after anti government guerrillas dynamited two electricity towers which transmit power to the plant from the afobaka dam the alumina refinery owned jointly by suralco and billiton nv a royal dutch shell subsidiary was reopened march but the smelter remains closed as do the suralco mines at moengo miles east of paramaribo which were closed down by guerrillas last november reuter
earn	public service enterprise peg two mths net periods ended february shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln mths shr dlrs vs dlrs net mln vs mln revs billion vs billion avg shrs mln vs mln notes year ago results restated to reflect application of new accounting for disallowances full name is public service enterprise group inc reuter
acq	pentron corp pen unit to buy ice creations pentron corp said its rotational molding inc unit has purchased privately held ice creations unlimited for an undisclosed amount of cash and other considerations the company said ice creations had sales of mln dlrs in the year ended may ice creations is a molder of plastics reuter
crude	u k oil revenue forecast to fall in the u k government forecasts that oil revenues will fall to four billion stg in the fiscal year from billion in and billion in the forecast came in the treasury s financial statement and budget report issued after the chancellor of the exchequer nigel lawson s annual budget statement to parliament the government is assuming the price of oil will average dlrs a barrel in line with its earlier forecasts and its oil revenue calculation is based on an exchange rate remaining close to current levels the treasury document said the treasury said the oil revenue shortfall will reflect the oil price fall of as north sea corporation tax is paid after a time lag the statement calculated that a one dlr a barrel difference in oil prices this year will change revenue by about mln stg for the current fiscal year and mln stg in a full year oil production is forecast to fall slightly in according to the statement a change in one mln tonnes in production would alter revenue by about mln stg in and mln stg in a full year it added total general government receipts for are now estimated to be billion stg billion more than the budget forecasts and above the autumn statement forecasts despite a shortfall of billlion in oil receipts additional non north sea corporation tax of billion stg and vat of mln stg account for the bulk of the overshoot total general government receipts were forecast to rise to billion stg in fiscal and among the main items besides diminishing oil revenues were projected income tax of billion stg up from billion in the current year non north sea corporation tax is forecast to bring in billion stg in after the revised billion in and vat revenue should amount to billion compared with upwardly revised estimated billion this fiscal year the general government expenditure for the coming fiscal year is expected to total billion stg up from a revised billion in the current year a repayment of mln on public corporations market and overseas borrowings is forecast to bring the total public sector borrowing requirement down to billion stg in from this year s revised billion the treasury said reuter
earn	reynold metals rlm up on furman selz report shares of reynolds metals co rose sharply after wall street firm furman selz mager dietz and birney issued a report focusing on the strong earnings potential from the company s australian gold holding traders familiar with the report said traders said the report notes that earnings from australian gold holdings could be worth about cts to cts a share this year and dlrs to two dlrs a share in reynolds metals rose three points to on volume of shares reynolds owns stakes in the mount gibson gold project and the boddington gold project both located in australia an analyst familiar with the two mines said the properties together have a potential value of dlrs to dlrs a share for reynolds the analyst who asked not to be identified said the rise in the stock today was likely the result of u s investors that were not completely cognizant of the size or the importance of the reynolds holdings in australia traders said the furman selz report indicates that gold was discovered mixed with bauxite in the boddington mine boddington is principally a bauxite mine the traders said the report goes on to say that the profits from the boddington gold with substantially reduce the production costs of the other metals mined at boddington traders said furman selz also boosted its earnings estimates expecting reynolds metals to earn dlr a share in and eight dlrs a share in last year reynolds reported net earnings of dlrs a share which included dlrs a share for adoption of new accounting rules dlrs a share for tax loss carryforwards and other extraordinary items reuter
earn	correction simmons airlines inc simm loss in chicago item headlined simmons airlines inc simm nd qtr loss please reverse qtrs for which figures are reported reuter
earn	western federal savings bank wfpr ups payout qtly div cts vs cts prior pay april record march reuter
crude	opec wants dlr oil price oapec official opec believes world oil prices should be set around a fixed average price of dlrs a barrel oapec assistant general secretary abdelaziz al wattari said in a speech to a european community oapec opec seminar in luxembourg released here al wattari said opec believes the world energy trade should be kept without restrictions and should be built around a fixed average price of dlrs al wattari noted that total opec output was below the organization s agreed ceiling for all member countries in february although this had meant sacrifices the effect of these sacrifices meant that market stability though restored to a good level was still under pressure al wattari said a lasting stability in the world market requires a wider scope of international cooperation he said reuter
earn	diodes inc dio rd qtr jan net shr profit one cts vs profit four cts net profit vs sales vs nine mths shr loss four cts vs profit nine cts net loss vs profit sales vs reuter
acq	allegheny beverage says group interested in acquiring its service america corp unit
earn	mony real estate investors mym rd qtr feb oper shr nine cts vs cts qtly div cts vs cts prior oper net vs total income vs nine mths oper shr cts vs cts oper net vs total income mln vs mln note current year net both periods includes dslr provision for possible losses net excludes gains from sale of investment of dlrs vs dlrs in quarter and in nine mths dividend pay april record march reuter
earn	hilton hlt sees improved first quarter profits hilton hotels corp expects earnings per share for first quarter fiscal to march to be about cts compared with cts a year earlier hilton hotels division president carl mottek said he told a news conference the company expected costs for its first all suite hotels announced today to be about mln dlrs initial financing would come from the company s cash flow later hilton plans to use borrowings from traditional sources he added hilton which hopes to build all suite hotels within five years may take in partners in the new venture he added reuter
earn	h j heinz hnz poised for record year h j heinz co is within sight of our nd consecutive year of new records in financial growth for the fiscal year ending april chairman and chief executive officer anthony o reilly told investment analysts o reilly who declined to make a specific projection said the food company is stronger than at any time in its year history last week heinz reported third quarter earnings rose to cts a share from cts a share sales rose to billion dlrs from billion dlrs a year earlier o reilly said heinz will concentrate on backing its big brands new products and services new geography internal growth and acquisitions he said heinz ketchup has its highest market share in history pct but in response to a question the executive said a volume falloff in the overall product category is a concern to us o reilly said weight watchers continues to perform well and will generate revenue in fiscal of approximately mln dlrs o reilly told analysts heinz is in active negotiations to build a second plant in china where it entered a joint venture with the government in forming heinz ufe ltd which produces dry baby food cereal he said heinz japan is making a profit and generating its first substantial dividends and implementation of a new partnership seoul heinz ltd is moving ahead with a new manufacturing plant targeted for completion by june in seoul south korea to increase its competitiveness o reilly said heinz implemented a lowest cost imaginable program targeted at manufacturing sales and marketing and procurement he said a modernization program is in effect at the company s united kingdom operations where the labor force trimmed to from is expected to be further reduced to in reuter
acq	allegheny beverage abev explores unit sale allegheny beverage corp said it has been approached by a group interested in acquiring its foodservice unit service america corp the group includes senior management of service america but no officers of allegheny beverage the company said the company has agreed to permit the group and its potential lenders to perform a due diligence review of service america it said allegheny noted it had previously cancelled plans to spin off the foodservice subsidiary the company said the group s review is preliminary and there is no assurance that an acquisition proposal will be made or if made accepted service america had fiscal revenues of about mln dlrs or about pct of allegheny beverage s total revenues of billion dlrs for the year ended march a spokesman for allegheny beverage said he declined to identify the service america officials in the acquisition group on feb allegheny said it was cancelling the spin off of service america but gave no reason for doing so it said it would place major emphasis on managing service america to improve operations and increase earnings at the unit service america which allegheny acquired in may operates cafeterias and food and beverage vending machines through other subsidiaries allegheny provides coin operated laundry services building maintenance services and retail office and furniture operations in fiscal allegheny reported earnings from continuing operations of mln dlrs or dlrs a fully diluted share excluding income of mln dlrs from discontinued operations and an extraordinary loss of mln dlrs in may allegheny sold its pepsi cola bottling co unit to pepsico inc pep for mln dlrs including discontinued operations and the special item net income was mln dlrs or dlrs a share fully diluted reuter
gold	inspiration irc in canadian gold find inspiration resources corp said a gold project in northern manitoba in which it has a pct interest has yielded estimated total reserves of short tons grading an average ounce of gold per ton the company said manitoba mineral resources ltd owns the remaining interest in the project which is located about miles east of lynn lake inspiration said the project has proven reserves of tons assayed at ounce of gold per ton probable reserves of tons at ounce and possible reserves of tons at ounce inspiration said a production decision is expected to be made in reuter
earn	marcor maar expects fiscal year profit marcor development co inc said it expects to post a profit for its fiscal year ended february of about two mln dlrs compared to a year earlier loss of mln dlrs during the prior year the company operated as f and m importing a publicly held wholesale food distributor during march last year privately held marcor acquired a controlling interest in f and m importing divested the food business renamed the company and began operating as a real estate investment and service company reuter
earn	valley resources vr sets stock split ups payout valley resources inc said its board declared a three for two stock split and raised the quarterly cash dividend on the pre split shares to cts from cts the company said both the split and the dividend are payable april to holders of record march reuter
acq	cross boosts frost and sullivan frsl holdings a shareholder group led by new york investor theodore cross said in a securities and exchange commission filing that it boosted its stake in frost and sullivan inc common stock to shares or pct of the total outstanding the group said cross bought shares in the open market between feb and march the group had said previously that its frost and sullivan share purchases were for investment reuter
acq	peru to sell state firms to cut budget deficit peru will sell about state owned firms to trim a projected mln dlrs loss this year among government owned companies some companies would be sold in their entirety and others would be privatised only partially according to jose palomino president of the government s state company holding firm the national development council conade he told reporters in a radio interview that the aim was to slim a projected public sector firm deficit of billion intis he did not say if foreigners would be allowed to buy all or part of the companies independent economists warn that the deficit could push inflation to between and pct in against the govenment target of pct palomino said aeroperu the government flagship airline with a jet fleet would issue stock for purchase by private investors the company in registered its first profit in eight years earning about mln intis in pre tax profits peru has about non financial state firms palomino said the government would soon publish a list of those to be sold including those whose shares would be offered on the lima stock exchange last november palomino said conade s plans included the possible sale of a company producing palm oil and another manufacturing electrical appliances shares could also be sold in a copper mine empresa nacional tintaya sa in the southern state of arequipa neither palomino nor conade s general manager enrique estremadoyro were available for comment on whether foreigners would be allowed to purchase the companies their secretaries said they were out of their offices jose antonio almenara the general manager of the lima stock exchange where shares of the state owned firms could be sold told reuters that the only foreigners who could purchase stock at the exchange had to be tax paying residents of peru he said foreign stockholders cannot remit profits abroad until at least july reuter
earn	interdyne co idyn st qtr feb loss shr loss cts vs loss cts net loss vs loss sales vs loss reuter
earn	killearn properties inc kpi rd qtr net qtr ends jan shr cts vs eight cts net vs revs vs nine mths shr cts vs cts net vs revs vs reuter
earn	gateway medical systems inc rd qtr loss period end jan shr loss one cts vs profit eight cts net loss vs profit revs mln vs nine mths shr profit cts vs profit six cts net profit vs profit revs mln vs mln reuter
earn	spartech corp sptn st qtr jan net shr two cts vs three cts net vs revs mln vs mln note per shr reflects payment of preferred dividends reuter
earn	academy insurance group inc acig th qtr net shr profit two cts vs loss dlrs net profit vs loss revs mln vs mln avg shrs mln vs mln year shr loss cts vs loss dlrs net loss vs loss revs mln vs mln avg shrs mln vs mln note results include losses of nil vs dlrs or three cts a share in quarter and dlrss or three cts a share vs dlrs or seven cts a share in year from discontinued operations reuter
earn	essex chemical corp esx regular dividend qtly div cts vs cts in prior qtr payable may record april reuter
earn	hre properties hre st qtr ends jan net shr cts vs cts net vs revs vs note qtr includes dlrs or two cts per share from gains on sale of property vs gain or less than one cent per share for prior qtr reuter
earn	jayark corp jaya rd qtr ends jan loss shr nil vs nil net loss vs loss revs vs nine mths shr profit nine cts vs profit two cts net profit vs profit revs mln vs mln reuter
earn	bio vascular inc st qtr jan loss shr loss three cts vs profit two cts net loss vs profit sales vs avg shrs vs reuter
earn	great american management gami nd qtr loss period ended jan shr loss cts vs loss cts net loss vs loss revs mln vs mln six mths shr loss dlrs vs loss dlrs net loss vs loss revs mln vs mln note full name is great american management and investment inc reuter
acq	norstar nor to buy callicoon bank norstar bancorp said it reached an agreement in principle to buy united national bank of callicoon through a stock exchange valued at mln dlrs under terms of the agreement norstar would buy all shares of united s common stock at a rate of three norstar shares for each united share with year end assets of mln dlrs united has branches six upstate new york cities all of which will become part of norstar bank of the hudson valley n a norstar is an billion dlr multibank financial services company reuter
earn	academy insurance group inc acig th qtr net oper shr profit one ct vs loss dlrs oper net profit vs loss mln year oper shr loss cts vs loss dlrs oper net loss mln vs loss mln note excludes investment gains of one ct per share vs cts in the quarter and gains cts per share vs cts in the year excludes loss from discontinued operations of three cts per share in fourth quarter and loss of cts per share vs loss dlrs in the year reuter
earn	manufacturers hanover corp mhc sets dividend qtly div cts vs cts prior pay april record april one reuter
earn	williams industries inc wmsi nd qtr net qtr ended jan shr cts vs three cts net vs revs mln vs mln six mths shr cts vs cts net vs revs mln vs mln note current six mths revs include mln dlrs in revs from john f beasley construction co a wholly owned unit reuter
earn	hanover cos inc rd qtr jan loss oper shr loss cts vs profit cts oper net loss vs profit revs vs nine mths oper shr loss dlrs vs profit cts oper net loss vs profit revs vs note oper net excludes tax gains of dlrs for year ago qtr and dlrs for year ago nine mths reuter
crude	senator says energy report assumptions flawed sen pete domenici a main sponsor of legislation to set an oil import fee said the administration s energy security report was based on flawed economic assumptions the new mexico republican said the report did not take into account the last few weeks drop in domestic oil production in its statement that an oil fee would raise prices for consumers the report said a decline in economic growth as a result of the fee would reduce tax revenues a five dlr per barrel oil import fee will provide the stimulus to create jobs and investment and raise revenues he said reuter
grain	usda official sees billion dlrs certificates there will be seven to eight billion dlrs of generic certificates on the market by the end of harvest an agriculture department official said the commodity credit corp will depend heavily on certificates to relieve storage problems this year ralph klopfenstein deputy administrator for commodity operations usda told participants at the national grain and feed association s annual convention klopfenstein said that ccc will not be able to relocate grain in any significant amount this fall so certificates will be used in various programs to relieve storage tightness klopfenstein said certificates meet the goal of allowing prices to go below loan levels and providing usda with an inventory management tool reuter
earn	howell corp hwl th qtr loss shr profit six cts vs profit cts net profit vs profit revs mln vs mln nine mths shr loss dlrs vs profit cts net loss mln vs profit revs mln vs mln note current qtr net includes writedown of mln dlrs of net investment in company s oil and gas properties year ago results restated to reflect reclassification of coal mining and marketing segment as ongoing operation rather than discontinued operation reuter
earn	sigmaform corp sgma rd qtr jan net shr one ct vs five cts net vs sales vs nine mths shr cts vs cts net vs sales mln vs mln reuter
earn	marcus corp mrcs rd qtr feb five net shr cts vs cts net vs revs mln vs mln nine mths shr dlrs vs dlrs net vs revs mln vs mln note net includes tax credits of dlrs in the third quarter and dlrs in the nine months compared with dlrs and dlrs in the periods reuter
earn	firstcorp inc fcr raises qtly dividends qtly div class a nine cts vs cts prior qtly div class b nine cts vs cts prior pay april record march reuter
acq	healthvest hvt buys tennessee medical complex healthvest said it acquired the eastwood hospital medical complex in memphis from healthcare international inc for mln dlrs cash healthcare international will continue to operate the hospital under a lease agreement the company said reuter
acq	ventra buys joint venture leasing ventra management inc an over the counter company said it acquired joint venture leasing inc for mln venture shares valued at mln dlrs joint venture was organized in september to establish leasing joint ventures with manufacturers and vendors of computer equipment as a result of the acquisition and joint venture s backlog ventra said it expects sales to be mln dlrs with net profits of mln dlrs ventra was organized in september and completed a public offering of mln shares in january reuter
acq	oxford financial buys clancy systems oxford financial inc said it acquired clancy systems international inc for an undisclosed sum the company said clancy has developed a fully automated parking citation system currently in use in oklahoma city the university of california at sacramento and in a pilot program in san francisco reuter
earn	realty south investors inc rsi year net shr dlrs vs cts net vs revs vs investments mln vs mln note shr figures adjusted for for split feb results reflect operations for eight months ended dec company began operating may reuter
earn	turner equity investors inc teq payout qtly cash distribution cts vs cts prior pay april eight record march reuter
acq	grace gra completes retail unit sale w r grace and co said it completed the sale of its bermans the leather experts retail business to a new company in a management led buyout grace received mln dlrs cash and will record a pretax gain of about mln dlrs in the first quarter the company said an additional pretax gain of mln dlrs will be deferred until realization is more fully assured it said the diversified chemical and industrial company said the sale completes its program to divest retail operations in addition to the cash payment grace received warrants to buy up to pct of the new company and has reinvested about pct of the proceeds in debt of the new firm financing was provided by prudential insurance co of america and affiliates reuter
earn	wausau paper mills co wsau nd qtr net period ended feb shr cts vs cts net vs sales mln vs mln six mths shr dlrs vs dlrs net vs sales mln vs mln note per share data restated for pct stock dividends paid to holders of record dec and dec reuter
earn	taunton savings bank tsbk sets first dividend taunton savings bank said its board declared an initial cash dividend of six cts per share taunton which went public last june said the rate was based on outstanding shares it said the dividend was payable april to shareholders of record march the company said it did not know if it would pay regular dividends in the future reuter
earn	fibronics international inc fbrx th qtr loss shr loss cts vs loss one ct net loss vs loss revs vs year shr loss cts vs loss nil net loss vs loss revs mln vs mln note year ago results restated to reflect acquisition of spartacus inc in febaruary reuter
earn	telephone and data systems inc tds year net oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note net excludes discontinued operations a gain of dlrs or cts a share vs a loss of dlrs or seven cts a share net includes charge of dlrs from repeal of investment tax credits company corrects year per share operating net in table which originally ran march reuter
crude	api says distillate stocks off mln bbls gasoline off mln crude off mln
earn	cpc international inc cpc qtly div shr cts vs cts prior payable april record march reuter
earn	public service enterprise peg two months net period ends february shr cts vs cts net mln vs mln revs mln vs mln year shr dlrs vs dlrs net mln vs mln revs billion vs billion note full name public service enterprise group inc reuter
earn	damon creations inc dni th qtr jan three net shr profit cts vs loss cts net profit vs loss revs mln vs mln year shr loss cts vs loss dlrs net loss vs loss revs mln vs mln reuter
earn	gates learjet corp glj th qtr loss shr loss cts vs loss cts net loss vs loss sales mln vs mln year shr loss dlrs vs loss dlrs net loss vs loss sales mln vs mln reuter
crude	api says distillate gas stocks off in week distillate fuel stocks held in primary storage fell by mln barrels in the week ended march to mln barrels from a revised mln the previous week the american petroleum institute api said in its weekly statistical bulletin the oil industry trade group said gasoline stocks fell mln barrels to mln barrels from a revised mln and crude oil stocks dropped mln barrels to mln from a revised mln it said residual fuel stocks fell barrels to mln from mln barrels api said refinery runs in the week rose to mln barrels per day bpd from a revised mln and refinery use of operating capacity was pct up from a revised pct crude oil imports in the week rose to mln bpd from a revised mln api added reuter
earn	cpc international inc cpc regular dividend qtly div cts vs cts prior pay april record march reuter
earn	cimarron petroleum ltd nine mths net shr cts vs cts net vs revs vs reuter
earn	electro audio dynamics inc ead nd qtr jan shr profit cts vs loss cts net profit vs loss mln revs mln vs mln six months shr profit seven cts vs loss cts net profit vs loss mln revs mln vs mln note nd qtr and six months includes loss of dlrs and dlrs respectively from discontinued operations and exclude operations of action drug co inc acquired by company s pct owned subsidiary technodyne in august net includes gain of mln dlrs from sale of building and extraordinary gain of dlrs from tax loss carryforward share earnings for both periods reflect preferred stock dividends reuter
earn	technodyne inc tnd nd qtr net shr profit cts vs loss cts net profit vs loss revs mln vs mln six mths shr profit cts vs loss cts net profit vs loss revs mln vs mln note quarter ends january excludes extraordinary gain of six cts per share in the quarter and cts in the six months excludes discontinued operations loss of six cts a share in the quarter and loss of two cts in the six months company is pct owned by electro audio dynamics ead reuter
earn	sceptre investment counsel ltd st qtr net period ended january shr cts vs cts net vs revs vs reuter
earn	d p selected utilities dnp hikes payouts duff and phelps selected utilities inc said it approved payment of higher monthly dividends the closed end investment company approved payment of cts on april record march of five cts payable may record april and of cts payable june record may duff and phelps first monthly dividend of four cts was paid on march it noted reuter
earn	american electromedics corp aeco nd qtr loss qtr ends jan shr loss three cts vs loss six cts net loss vs loss revs vs six mths shr loss four cts vs loss seven cts net loss vs loss revs vs note company is pct owned by technodyne inc tnd a subsidiary of electro audio dynamics inc ead reuter
acq	lennar len completes acquisition lennar corp said it completed the previously announced acquisition of development corp of america dca consequently it said the american stock exchange suspended trading of development corp s common stock pct subordinated debentures due and pct subordinated debentures due lennar said the debentures will continue to be traded over the counter reuter
carcass	ibp oxy plant reopens without incident iowa beef processors inc said hundreds of its employees returned to work at its dakota city nebraska beef processing plant without incident last week iowa beef said it would lift a lockout in effect at the plant since mid december which affected members of the united food and commercial workers union both union and non union meatpackers who returned to work agreed to comply with iowa beef s last contract offer start up went well today and operations will continue to pick up as employees return and others are hired according to a company statement picketing ufcwu members at the plant did not disrupt operations a company spokesman said our employees are asked to continue to return to work at am unless otherwise notified he said iowa beef a subsidiary of occidental petroleum corp said it is beginning to take applications for permanent positions at the plant reuter
earn	php healthcare corp phph rd qtr jan net shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs vs note net includes tax credits of dlrs vs dlrs for qtr and dlrs vs dlrs for nine mths reuter
earn	bankers trust new york corp bt qtly dividend qtly div cts vs cts prior pay april record march reuter
earn	hallwood group inc hwg nd qtr jan loss shr loss nine cts vs profit cts net loss vs profit revs vs six mths shr profit nine cts vs profit cts net profit vs profit revs vs note includes tax loss carryforward gains of dlrs vs dlrs in quarter and gains of dlrs vs dlrs in the six months reuter
acq	paperboard plans bid to acquire belkin paperboard industries corp said it planned to make an unconditional dlr a share cash offer for belkin inc s mln common and mln non voting shares paperboard said balaclava enterprises ltd owned by morris belkin agreed to tender pct of belkin s common shares it added that in case of a competing offer of more than dlrs it had the right to match it if it did not match the offer balaclava could accept the competing bid the two companies manufacture linerboard and boxboard from recycled fibre their combined revenues are about mln dlrs reuter
earn	cathay pacific airways net profit billion h k dlrs vs mln
earn	cathay pacific airways ltd caph hk year shr h k cents vs final div cents making cents no comparison net billion dlrs vs mln turnover billion dlrs vs billion note dividend payable may books close may to note company floated in april and is now pct owned by swire pacific ltd swpc hk pct by hongkong and shanghai banking corp hkbh hk and pct by china international trust and investment corp reuter
acq	paper says u s may seek to curb foreign takeovers the reagan administration will consider curbing foreign takeovers of security sensitive industries such as semiconductors and computers the new york times said quoting an unnamed senior administration official i think there s a strong sentiment here that some industries are not totally up for grabs the paper quoted the official as saying two of the most visible industries are semiconductor and computer companies said the official who the newspaper said was a central figure in the opposition to japan s fujitsu ltd itsu t takeover bid for fairchild semiconductor corp the fairchild fujitsu deal was abandoned on monday and industry analysts said the move was a victory for the reagan administration in its drive to beat back japanese competition in the important computer chip manufacturing industry officials told reuters last week that commerce secretary malcolm baldrige and defence secretary caspar weinberger fought the planned sale of fairchild by french controlled schlumberger ltd slb to japan s largest computer maker because it could have left the u s military dependent on foreign sources for vital technology the new york times quoted baldrige as saying the time had come to limit takeovers in security sensitive areas everybody wants an open investment policy but there have to be some exceptions for the national interest baldrige was quoted as saying the newspaper said baldrige and weinberger are expected to bring the takeover issue before a top level interagency policymaking group such as treasury secretary james baker s economic policy council or the president s national security council reuter
acq	philippines social security to buy san miguel shrs the philippines social security system sss is planning to buy eight mln shares in diversified brewer san miguel corp smc smc chief financial officer ramon del rosario said he told reporters the government organisation had expressed interest in one seat on smc s man board and was preparing to invest mln pesos assuming a purchase price of pesos a share the shares involved in the proposal were part of the block of mln shares owned by the united coconut planters bank ucpb and sequestered by the government the block is split between class a and class b stock smc also proposed to sell a further five mln shares to a n soriano corp the family company of san miguel president andres soriano del rosario said the shares are worth some mln pesos at recent prices del rosario said the mln b shares in the block which are open to foreign ownership would probably be sold to unidentified foreign purchasers he said smc and ucpb would meet later this week to try to resolve disputes over the pricing of the shares president corazon aquino earlier this month established an arbitration panel to settle a row over the disposal of the shares their initial sale to soriano through smc hong kong unit neptunia corp was blocked by the presidential commission on good government the commission sequestered the stock on suspicion that the real owner of the block was eduardo cojuanco the former chairman of san miguel and the ucpb and a close associate of deposed former president ferdinand marcos reuter
earn	sun hung kai co ltd year shr h k cents vs final div six cents vs three making nine cents vs net mln dlrs vs mln note extraordinary gains mln dlrs vs mln special bonus four cents vs nil dividend payable may books close april to may reuter
acq	economic spotlight japan buying overseas firms more u s and european firms will be falling prey to japanese corporations bulging with cash and eager to extend their reach further overseas according to merger and acquisitions specialists polled by reuters already rich japanese companies have pounced on u s banks steel and other businesses in the latest attempt fujitsu ltd itsu t japan s biggest computer maker unsuccessfully bid for fairchild semiconductor corp a u s microchip maker which supplies components for supercomputers nomura securities co ltd nmsc t and daiwa securities co ltd dsec t japan s two largest brokerage firms are seeking a niche in the u s and european securities markets while the country s huge banks are looking for strongholds in overseas banking the takeover specialists said major trading houses which see their profits evaporating in the heat of increased competition in merchandise trade all have foreign businesses on their shopping lists among manufacturers car parts makers are under the most pressure to buy up overseas companies and follow the big auto makers they subcontract for as these move offshore the timing is favourable for japanese parties to buy up potential overseas businesses especially in the u s japan s largest market and where political risks are minimal a takeover specialist at one trading company said japanese companies have become among the world s richest after a series of boom export years and as the yen has climbed against the dollar by some pct in the past months but the yen s strength which has also raised the costs of japan s exports and allowed its asian neighbours to move into its traditional markets has frozen japanese corporate growth the specialists said looming trade friction is also threatening to erect more barriers against japanese exports japanese firms see overseas acquisitions as a way to avoid the gloomy growth outlook and put their excess cash to work domestic interest rates now at record lows offer little investment opportunity japanese interest in acquisitions has been continuous but the recent economic factors have become a driving force said a banking industry source so far though the japanese are being cautious while mergers and acquisitions among u s firms number in the thousands japanese buyouts of overseas companies have totalled just a few dozen one merchant banker said another merchant banker said that a flurry of japanese acquisition activity was originally expected five years from now but that time span appeared now to be too long japanese firms are becoming more aggressive now he said a turning point seemed to be dainippon ink and chemicals inc s diac t takeover bid for sun chemical corp of the u s last year which some analysts saw as somewhat hostile he added dainippon ink bought sun chemical s graphic arts group for mln dlrs late last year after an earlier unsolicited bid for the whole company sun chemical refused to sell its entire business after learning that dainippon planned to liquidate all but its graphic arts related businesses hostile takeovers are considered unethical and frowned upon by the japanese the trading company official says japanese people don t like fighting they prefer peaceful amicable deals but now after some experience overseas japanese companies are acquainted with local practice he adds this is a healthy progression however the experts do not expect the japanese to run the board meetings of any giant u s or european concerns japanese companies are not fully confident in managing a large u s or european corporation one banker said they will expand their operations only gradually a typical way for japanese business a foreign merchant banker also noted there are not many mega deals left to do in the united states a lot of the big deals there have already been done but medium size and small concerns are potential targets of japanese companies the specialists said japanese will be aiming for new businesses in high technology areas japanese companies had used technology and quality to get where they are and are unlikely to deviate from that trend one takeover specialist said many are watching the results of the first acquisitions if these succeed activity could build the specialists said but few such specialists are going to sit back and wait until the action begins already they said japanese trading houses long term credit and commercial banks brokerages and foreign merchant banks have set up research sections to act as go betweens in deals or find good buys for themselves reuter
earn	united biscuits pretax profit mln stg vs mln in wks to jan
crude	kuwait says no opec member violating output quota kuwaiti oil minister sheikh ali al khalifa al sabah said in a newspaper interview that no opec member was exceeding oil production quotas allocated by the nation group sheikh ali told kuwait s daily al anba all opec states without exception are producing within the quotas allocated to them some of them are producing less some oil industry sources had said the united arab emirates which had been generally been producing over its quota since opec returned to quotas last september was still pumping more than its allotted amount in the first months of this year ecuador had also publicly stated it was over its quota but an earthquake early this month stopped that iraq has rejected its quota but oil sources say it may be having problems marketing at official prices all the oil it wants to sell opec agreed in december to cut overall oil production by pct to mln barrels per day bpd for the first six months of this year and abide by fixed prices around dlrs a barrel from february reuter
earn	united biscuits ubis l weeks to january shr p vs p div p vs p making p vs p turnover billion stg vs billion pretax profit mln vs mln tax mln vs mln trading profit mln vs mln trading profit includes ub foods europe mln vs mln ub restaurants mln vs same ub foods u s mln vs mln other mln vs mln unallocated costs mln vs mln interest mln vs mln note full name of company is united biscuits holdings plc minority interests mln vs same extraordinary charges mln vs mln extraordinary charges and credits include surplus on bid for imperial group plc mln vs nil costs of philadelphia bakery closure nil vs mln reuter
interest	lawson expects interest rate fall soon u k chancellor of the exchequer nigel lawson said he expected british interest rates to fall soon in response to his fiscal budget but he did not say by how much i would be very surprised if there is not a very early further fall in interest rates lawson said in a radio interview analysts said they foresaw u k base rates falling as early as today by as much as one full percentage point after lawson s announcement yesterday that the public sector borrowing requirement in fiscal and was to fall to pct of gdp or some four billion stg british banks base lending rates fell a half percentage point on march to the current pct reuter
interest	thai banks weigh new interest rate cut officials of five thai commercial banks are expected to meet tomorrow to seek agreement on cutting interest rates banking sources said they said they expect thai banks to opt for a cut to spur domestic loan demand to help reduce persistent high liquidity on the money market many bankers have been urging an average half percentage point cut in deposit rates and a one point cut in lending rates they said six major thai major banks reduced minimum loan and overdraft rates by to percentage point on february but the move has not substantially increased loan demand the sources said excess liquidity has been hitting bank profits since early last year despite five interest rate cuts in the current gross pct interest rate for one year fixed bank deposit and the pct minimum loan rate are the lowest in a decade bankers said the thai banking system is saddled with about to billion baht of surplus funds which have created problems for many banks in managing their money effectively profits of many thai banks fell sharply last year partly because of a mismatch of loan demand and bank deposit growth the bank of thailand estimated overall lending by the thai banking system grew pct in against a pct expansion in bank deposits reports of a possible new round of interest rate cuts have further buoyed the thai stock market this week the securities exchange of thailand set index on monday recorded its biggest daily advance in recent years shooting up points to a new seven year high of brokers and market analysts said thai stocks will register more gains as long as liquidity remains in the money market thai and foreign bankers said the liquidity problem will grow if the bank of thailand does not extend permission for local banks to hold foreign exchange positions up to pct of bank capital if the regulation is not extended beyond its april expiry date many commercial banks will have to reduce foreign exchange holdings to a maximum pct bankers said such that could add another five billion baht of surplus funds to the local money market reuter
earn	cathay pacific forecasts good performance cathay pacific airways ltd caph hk forecast another good year in in view of good growth in both passenger and cargo traffic volumes early this year over the year earlier period the airline did not quantify its performance in early but said it would take delivery of one boeing co ba n freighter and one boeing passenger plane in september and november respectively after it took a last month it earlier reported a pct increase in net profit to billion h k dlrs and announced a final dividend of cents a share but cathay pacific recorded sharp increases in net finance charges to mln dlrs from mln a year a spokesman for the firm linked the rise to two aircraft deliveries in however the company said in a statement good returns from funds placed with investment managers had partly offset higher interest costs resulting from additional lease financing and other borrowing it added that the airline last year also saw aviation fuel prices fall to an average dlrs a gallon from dlrs in passengers carried by cathay pacific totalled mln last year up from in with the passengers kilometre travelled rising to billion from billion but passenger load factor was down to pct from pct the airline s cargo operations recorded growth of pct in total tonnage over the previous year and a pct rise in revenue to billion dlrs cathay pacific floated its shares in april and is now pct owned by swire pacific ltd swpc hk pct by hongkong and shanghai banking corp hkbh hk and pct by china international trust and investment corp reuter
earn	morgan grenfell pretax profit mln stg vs mln
earn	morgan grenfell group plc year shr basic p vs p shr fully diluted p vs p div p making p vs p pretax profit mln stg vs mln tax mln vs mln minority interest debit vs credit extraordinary items credit vs debit reuter
earn	henderson land development co ltd hndh hk six months to dec shr h k cents vs interim div seven cents vs five net mln dlrs vs mln turnover mln dlrs vs mln note dividend payable may books close april to reuter
acq	singapore government takes over goodwood shares the singapore government has taken over mln dlrs worth of goodwood park hotel ltd shares and loan stock certificates belonging to the company s chairman khoo teck puat banking sources said khoo is a major shareholder of the national bank of brunei bhd nbb which closed in november after the brunei authorities alleged pct of its loans of billion brunei dlrs had been extended to khoo related firms without documentation or guarantee the goodwood securities are now held by the commercial affairs investigation department the banking sources said the department declined to comment the government move is aimed at protecting goodwood s minority shareholders and securing goodwood deposits at the nbb the banking sources said goodwood had a total of mln dlrs in fixed deposits bank balances and accrued interest due from nbb as of last november according to goodwood s annual report reuter
interest	bank of england signals half point cut in short term rates dealers
interest	bank of england said it invited borrowings at pct later today
interest	barclays bank said its cutting base lending rate to pct pct from pct
interest	national westminster bank said it cutting base rate to pct from pct
acq	toyota motors signs purchase agreement with pnb the state owned philippine national bank pnb will fund toyota motor corp s toyo t planned purchase of its bankrupt former local partner s manufacturing facilities for at least mln pesos a bank official told reporters toyota has informed the philippine government it plans to produce cars again here in joint venture with a local partner it proposes to invest about mln pesos in the manufacture of car spare parts and other items and generate about mln pesos in export earnings over five years the banker said today a letter of intent was signed three weeks ago but the sale requires approval from government agencies charged with selling private sector assets taken over by state owned banks official sources said toyota s application was likely to be approved toyota severed ties with its philippine partner of years delta motor corp in because the local company was suffering financial difficulties pnb later foreclosed on delta s assets reuter
interest	bank of england invites borrowing at pct the bank of england said it had invited those discount houses wishing to use borrowing facilities to do so at gmt today at a rate of pct for days this compares with the bank s present band one dealing rate of pct the bank of england s announcement was quickly followed by barclays bank and national westminster bank which announced a half point cut in their base rates to pct from pct dealers said the lowering in base rates had been widely expected following yesterday s u k budget in which chancellor of the exchequer nigel lawson announced a three billion stg cut in the government s public sector borrowing target for to four billion stg many in the market had expected a full one point cut in base rates today but some were not surprised by the authorities caution dealers added reuter
wpi	german producer prices fall pct in february west german producer prices fell pct in february from january and were pct below prices in february last year the federal statistics office said in january producer prices rose pct from december the first monthly rise since october but they were down pct from a year earlier the statistics office said light heating oil producer prices fell pct in february from january while heavy heating oil prices fell pct reuter
earn	holzstoff ag ghoz bs year net profit mln swiss francs vs mln turnover mln vs mln cash flow mln vs mln proposed dividend francs vs same note company plans one for two rights issue of participation certificates of nominal francs conditions not yet set reuter
acq	veba share placement still expected this month the sale of the government s pct stake in veba ag vebg f is still expected this month banking sources closely linked with the transaction said a spokesman for the finance ministry said no exact date had yet been set for the privatisation which the government has tabled for the second half of march however he added a scandal at volkswagen ag vowg f vw over currency losses has nothing to do with the timing of the veba sale finance minister gerhard stoltenberg has said the sale of the federal government s stake in vw originally scheduled for later this year may be delayed because of the currency affair a banker involved in the veba placement said nothing has changed in the planning i still presume that it will take place in the second half of march this banker said there would be no reason to postpone the issue of the mln veba shares for a few days he added that the consortium which is arranging the deal had completed its preparatory work although the price had not been decided the veba share has been weaker ahead of the placement but west german stocks have been generally bearish and news of the vw scandal last week put further pressure on the market reuter
ipi	soviet economist says production figures padded a leading soviet economist said the practice of padding figures was significantly inflating the country s industrial production data according to the information of state monitoring organs the padding of figures makes up one and a half to three per cent of the volume of production alexei sergeyev told the official newspaper sovetskaya rossiya in my opinion it is significantly higher sergeyev who works at the economics institute of the soviet union s academy of sciences said most western economists have for years allowed for a certain padding of figures when analysing soviet statistics for industrial production sergeyev said about mln roubles was lost annually in raw material industries by paying wages and bonuses for work which was not in fact performed he said the elimination of figure padding and other malpractices would save billions of roubles and would pay for the soviet union s social development program up to the year reuter
earn	sony foresees continued slump in earnings sony corp sne t group net income is expected to be down pct for the five months ending march from the same period a year ago at around billion yen if the yen dollar rate remains at the present level managing director tsunao hashimoto told a press conference sony will have an irregular five month business term ending march as its financial year will be changed to run from april to march from the current october year end group sales in the same period are estimated at about billion yen down five pct from a year earlier he said the company earlier reported net income of billion yen in the three month period ended january down pct from a year earlier on sales of billion down pct the gloomy profits and sales resulted from the yen s recent appreciation against the dollar and a sharp drop in market prices due to severe sales competition at home and abroad the yen rose pct to an average of yen to the dollar reducing the company s total sales in the three month period by billion yen hashimoto said sales of mm video camera recorders totalled units in the three months unchanged from a year earlier while beta format video tape recorders vtrs sales fell to from sales of compact disc players rose to from and those of the walkman rose to mln from mln but colour television sales fell to from one mln due to lower exports to china sales of mm vtrs had already exceeded beta format vtrs sales since the beginning of fiscal hashimoto said overseas sales accounted for pct of the total in the three months compared with pct a year earlier overseas production will account for pct of its total production in from the present pct hashimoto also said parent current profit in the five month period is estimated at around billion yen down pct from a year earlier on sales of billion down pct sony is hoping to retain at least levels of group net profits and sales in the new financial year starting april he added the company made billion yen group net profit in the year ended november down pct from a year earlier on sales of billion down pct reuter
acq	klm denies press report of air atlanta takeover nv klm royal dutch airlines klm as is absolutely not negotiating a takeover of u s regional carrier air atlanta a klm spokeswoman said in a comment on an article in the leading dutch evening paper nrc handelsblad u s law requires that at least pct of shares in a u s airline be owned by american firms or persons the spokeswoman added the newspaper said that air atlanta which flies to u s cities has a fleet of five boeing jets with passenger capacity of and employs people is making losses she said klm had started talks with vendex international nv venn as on their jointly owned courier service xp express parcel systems but declined to confirm an nrc handelsblad report saying it wanted to buy the vendex stake in xp klm said last week it is negotiating a minority stake in british courier service iml air services group ltd a subsidiary of british and commonwealth shipping plc bcom l to strengthen its position in the fast growing worldwide door to door delivery market the klm spokeswoman said she expected further announcements about the talks with vendex to be made early next week reuter
gnp	belgian bank said to see slower growth an internal report produced by the belgian national bank foresees the country s gross national product growth falling in to pct from pct in the independent newspaper le soir said a national bank spokesman said the newspaper article was basically correct but that the report was produced six weeks ago and figures were therefore to some extent out of date the government s planning bureau predicted growth of pct this year in a study published last month reuter
cpi	spain s inflation rises pct in february spain s consumer price index rose pct in february after increases of pct the previous month and pct in february last year national statistics institute figures show year on year inflation was six pct compared with the government five pct target for it rose pct last year reuter
interest	lawson says he favours gradual approach to cuts in u k interest rates
acq	dixons has pct of cyclops corp dixons group plc dxns l said its tender offer for all of the common shares in cyclops corp of the u s expired at midnight yesterday and that it had accepted approximately mln shares in the company at dlrs each this represents just over pct of the outstanding shares on a fully diluted basis but including shares already owned dixons now holds a total of pct of the fully diluted outstanding shares the company said it is now entitled to subscribe for all the authorised but unissued and unreserved shares of common stock of cyclops which total some mln shares at dlrs each dixons said it has waived its condition that pct of the fully diluted outstanding shares be validly tendered and not withdrawn dixons launched the agreed mln dlr offer on february this year in the wake of its unsuccessful battle to take over the u k retail store chain woolworth holdings plc wluk l dixons shares were last quoted at p up on last night s close of p on friday cyacq corp an investor group formed by audio video affiliates inc ava and citicorp cci said it would increase the price it was offering for all cyclops shares to dlrs from dlrs each if cyclops would provide it with confidential information given to dixons and if it were satisfied that any rights dixon might have to recover fees or expenses from dixons or to buy cyclops stock would be rescinded or proved invalid audio video s offer is scheduled to expire march reuter
cocoa	icco delegates accept principles of buffer stock compromise as negotiation base
cocoa	icco members accept buffer stock principles international cocoa organization icco producers and consumers accepted the principles of a compromise proposal on buffer stock rules as a basis for further negotiation delegates said the buffer stock working group then asked icco executive director kobena erbynn who wrote up the draft compromise to flesh out details of the principles with the assistance of a representative group of delegates they said the working group broke up for the day into a smaller group of five producers and five consumers to discuss administrative rules and into the group headed by erbynn to hammer out buffer stock rules details delegates said delegates said many differences of opinion still have to be ironed out whenever we start getting into details the clouds gather one delegate said erbynn is likely to present fleshed out details of the buffer stock rules proposal to the working group early tomorrow delegates said the principles of the draft proposal included establishing an offer system for buffer stock purchases rather than a posted price system a limit to the amount of non icco member cocoa that can be bought and differentials to be paid for different varieties of cocoa comprising the buffer stock delegates said reuter
acq	afg afg wagner brown bid for gencorp gy general partners controlled by privately held wagner and brown and by afg industries inc said it has started a tender offer for all common shares of gencorp inc and associated defensive preferred share purchase rights for dlrs a share gencorp stock closed yesterday in composite tape trading at dlrs a share up two dlrs on the day in a newspaper advertisement general partners said the offer and withdrawal rights expire april unless extended general partners said the offer is conditioned on receipt of sufficient financing to buy all shares on a fully diluted basis and receipt of enough shares to give general partners at least pct voting power again fully diluted it said the offer is also conditioned on gencorp redeeming the defensive rights or general partners being satisfied that the rights have been invalidated and general partners obtaining from the federal communications commission a special temporary authorization allowing completion of the acquisition of gencorp shares general partners said it would set up voting trust arrangements pending review of its long form application for fcc approval of its acquisition of control of gencorp s broadcasting subsidiary the partnership said the offer is further conditioned on gencorp management withdrawing its proposals to amend the company s articles of incorporation and code of regulations to provide for an increase in authorized common shares a classified board of directors and the elimination of cumulative voting the latter two changes would make it harder for minority shareholders to elect directors general partners said it is asking gencorp for its shareholder lists for help in disseminating the offer gencorp has about mln shares outstanding making the value of the offer about billion dlrs last fall afg and wagner and brown offered to acquire lear siegler inc for about billion dlrs but withdrew the offer when higher bids emerged and due to complications of the tax reform act of lear siegler eventually went private for billion dlrs gencorp is involved in tire and plasticmaking and aerospace as well as broadcasting the company faces challenges to its two television and radio station licenses partly becuase it failed to inform the fcc about allegedly improper foreign payments and political contributions gencorp has agreed to sell its new york area television station wor to mca inc mca for mln dlrs and its los angeles station khj to walt disney co dis for mln dlrs an investor group challenging the los angeles license would also receive mln dlrs from disney for the year ended november gencorp earned mln dlrs on sales of billion dlrs a gencorp spokesman said the offer came as a surprise and the company was not yet in a position to comment on the bid reuter
crude	texaco tx to cease posting texas oil price texaco refining and marketing an operating subsidiary of texaco inc said it would cease to post crude oil prices for west texas crudes at the end of this month following a decision to discontinue purchase of crude oil from leases a texaco spokesman in houston said but it will continue to purchase quantities of u s and foreign crude oil for use in its refinery system he added the spokesman also said texaco trading and transport inc would continue to acquire and market texaco lease production as well as other lease production the company will continue to post a louisiana price it said reuter
cocoa	ivory coast minister delayed for cocoa talks ivorian agriculture minister denis bra kanon chairman of the international cocoa organization icco council will not be able to open the council session here tomorrow an ivorian icco delegate told reuters he will arrive sometime later during the meetings here the delegate said the council session will be chaired instead by icco vice chairman sir denis henry the delegate from grenada icco officials said ivorian officials last week said bra kanon was due to return home for funeral ceremonies for a sister of ivorian president felix houphouet boigny march reuter
gnp	u s real gnp rose revised pct in th qtr instead of pct rise
gnp	u s gnp price deflator rose pct in th qtr unchanged
earn	matrix science mtrx sets stock split matrix science corp said its board declared a two for one stock split and a six cent per share pre stock split dividend payable may to stockholders of record april the company said the dividend is in addition to the ten cts per share dividend paid january making the post stock split annual dividend eight cts per share reuter
earn	sea galley stores inc seag th qtr dec loss shr loss cts vs loss dlrs net loss vs loss revs mln vs mln year shr loss dlrs vs loss cts net loss vs loss revs mln vs mln reuter
acq	far west financial fwfp to buy progressive far west financial corp said its far west savings and loan association unit has reached an agreement in principle to acquire all the outstanding stock of progressive savings and loan association prsl far west said it does not expect the cost of the transaction to exceed mln dlrs progressive savings has ten branches in southern california and about mln dlrs in assets reuter
nat-gas	coastal cgp says transamerican suit frivolous coastal corp said it belives the two billion dlr suit against it by transamerican natural gas corp in texas state court is frivolous and without merit the company said it intends toi proceed with filing a reorganization plan for transamerican with the u s bankruptcy court in houston yesterday afternoon the bankruptcy court issued a temporary restraining order prohibiting transamerican and coastal from taking any action in any court that would interfere with the jurisdiction of the bankruptcy court yesterday s bankruptcy court ruling affirmed coastal s rights as a transamerican creditor to file a reorganization plan for transamerican transamerican s suit alleges that coastla attempted to unlawfully gain control of transamerican s texas natural gas reserves and pipeline system transamerican s bankruptcy proceedings began in reuter
gnp	u s real gnp rose pct in fourth quarter the u s gross national product after removing the impact of inflation increased at a revised annual rate of pct in the fourth quarter the commerce department said that was down from an earlier preliminary pct rise estimated a month ago and down from the pct rise in the fourth quarter of the final fourth quarter revision however left unchanged the previous estimate of a pct increase in gnp for all of over the revised estimate for fourth quarter gnp partly reflected a downward revision in inventories to a total decrease of billion dlrs in the fourth quarter the department said the revisions also indicated personal consumption spending decreased billion dlrs in the fourth quarter after an increase of billion dlrs in the third quarter exports of goods and services rose billion dlrs after a decline of billion dlrs in the third quarter imports decreased mln dlrs in the final quarter in contrast to an increase of billion dlrs in the third quarter reuter
acq	japan telecom merger could involve u k u s firms cable and wireless plc cawl l and the pacific telesis group pac n may take part in a proposed merger of two rival firms seeking to enter japan s international telecommunications market a senior industry official said fumio watanabe head of a telecommunications committee with the federation of economic organisations keidanren told a news conference japanese shareholders in the two consortiums agreed that the u s and british companies will be invited to participate in the new merged firm the planned linkup will satisfy tokyo s request that only one private company should enter the market the two consortiums international digital communications planning inc idc and international telecom japan itj were set up in to compete with monopoly kokusai denshin denwa co kdd after the market was deregulated in watanabe said the post and telecommunications ministry wanted only one competitor for the time being because of the size of the japanese telcommunications market and that foreign investors will only be allowed to hold a minority stake he estimated the two foreign firms share in the merged consortium at less than three pct and added that even the largest shareholders could own only some five pct cable and wireless and japanese trading house c itoh and co each have a pct stake in the idc consortium while pacific telesis and merrill lynch and co inc mer n jointly hold pct itj is headed by a rival group of trading houses several firms including toyota motor corp toyo t belong to both watanabe said progress was being made towards a merger agreement and added that japanese industry agreed with the government on having only one private consortium as two companies might invest excessive amounts he said talks with cable wireless will continue this week reuter
acq	ferruzzi negotiating european acquisition italy s gruppo ferruzzi is in the advanced stages of negotiations that could result in an acquisition worth some hundreds of billions of lire in the european agro industrial sector a company spokesman told reuters the spokesman declined to identify the other party or parties involved in talks or whether a complete takeover was under discussion but said an italian newspaper report that ferruzzi was studying the possibility of advancing an offer for european cereal processing plants owned by the u s group cpc international inc cpc n was incorrect the spokesman said that possibility had been evaluated by ferruzzi but that the company s attention at the moment was decisively in another direction the spokesman responding to a report in the italian economic daily il sole ore that ferruzzi was considering a possible bid for the cpc plants told reuters his company hoped to conclude the talks currently underway in a couple of months the spokesman said that since the u k government last month blocked ferruzzi s bid to acquire british sugar plc the company had been looking at other investment opportunities reuter
crude	malaysia to cut oil output further traders say malaysia s state oil company petronas will cut oil production to barrels per day bpd from may trade sources said malaysia cut its bpd target output by pct last september to support opec moves to boost prices and the latest cut would reduce output by pct from s target level petronas said in february that malaysia would maintain its pct production cutback until mid however the finance ministry said in its annual report that malaysia s crude oil output was expected to rise to an average bpd in the ministry s forecast assumed average crude prices at dlrs barrel bbl but prices have risen enough to permit further production cutbacks the sources said malaysia s benchmark tapis blend fetched above dlrs bbl this year against a low of dlrs bbl in july they said traders said further reductions by malaysia would add to the tight spot availabilities of asian grades caused by reduced indonesian and chinese crude output the cutback will also help malaysia maintain prices as there is concern some buyers want to reduce term purchases due to the availability of cheaper alternatives the sources said in addition to term sales petronas has been offering two to three bbl spot cargoes of malaysian crude each month for sale through tender the sources said however this practice is likely to dwindle given the reduced scale of production they said
acq	intercare care says acquisition terminated intercare inc said it has agreed to terminate the proposed acquisition of universal care because first jersey securities has withdrawn as underwriter for a proposed offering of intercare securities the company said the offering was to have raised dlrs for working capital through the sale of equity and debt and would have also financed the dlr cash portion of the universal care purchase price in addition dlrs would have been used to repay debt intercare said to date it has incurred about dlrs in expenses in connection with the proposed offering the company said to improve its working capital position it plans to reduce operating expenses by decreasing hours of operation and its workforce and selling some assets as of october the copmpany said it had a working capital deficit of dlrs on a pro forma basis to include recently acquired u s medical enterprises inc reuter
earn	rank organisation current trading satisfactory rank organisation plc rank l said trading in the current year had continued satisfactorily taking into account seasonal fluctuations association companies such as rank xerox ltd indicated an improved performance a statement issued at the annual meeting said it said it planned to spend some mln stg on refurbishing its odeon cinema chain and the rank film distributors unit was committed to spending mln to secure international distribution rights of films investment in new activities in should continue at a relatively high level to exploit opportunities for growth rank said it did not exclude the possibility of making large as well as small acquisitions in the year to end october rank reported a rise in pretax profits to mln stg from mln previously rank shares firmed in morning trading to be quoted at p at gmt after p at last night s close reuter
acq	harcourt brace sets march deadline in harper and row bid
ship	ships held up at calcutta some indian ships have been held up at calcutta port after four days of industrial action by local seamen a spokesman for the shipowners association insa said the dispute has prevented local crewmen signing on and off but has not affected foreign ships with international crews docking at calcutta which exports tea and jute and imports machinery crude oil and petroleum products the spokesman said foreign ships may also suffer if dock workers join the action he said the shipping corporation of india sci has asked its ships to avoid the port until the dispute is over national union of seafarers in india president leo barnes said reuter
earn	coopervision inc eye st qtr jan net shr dlrs vs cts net mln vs sales mln vs mln avg shrs mln vs mln note current year net includes pretax gain mln dlrs on sale of ophthalmic business and loss mln dlrs posttax from repurchase of debt prior year net includes dlr loss from discontinued operations reuter
earn	coopervision eye delays annual meeting coopervision inc said it has delayed its annual meeting to june from may to allow its board to review possible recapitalization options before the meeting coopervision today reported first quarter net income of mln dlrs after a mln dlr pretax gain from the sale of its ophthalmic business to johnson and johnson jnj for mln dlrs in cash and a mln dlr posttax charge from a debt repurchase sales were mln dlrs a year earlier it earned dlrs after a dlr loss from discontinued operations on sales of mln dlrs the company said an aggressive program of investment spending to maintain or increase market shares its its two core businesses will accelerate sales growth this year but hold back increases in operating income in the near future coopervision said furthermore until the entire net cash proceeds from the recent sales of several of our businesses are employed to reduce indebtedness make strategic acquisitions and or are otherwise employed in relation to a possible recapitalization of the company recovery of net income will be held back by the loss particularly of the tax income of the ophthalmic pharmaceutical business sold to johnson and johnson reuter
earn	great atlantic and pacific tea co th qtr oper shr cts vs cts
acq	mobex says about pct of grant gtx tendered mobex corp said grant industries inc common shares about pct of the mln outstanding have been tendered in response to mobex s offer the company said its offer of dlrs a share for the stock has been extended to est march from march reuter
acq	harcourt brace hbj sets harper hpr deadline harcourt brace jovanovich inc said it has told harper and row publishers inc representatives that it intends to withdraw its proposal to acquire harper and row for dlrs per share in cash if the parties have not made satisfactory progress in discussions by the close of business on march harcourt brace said we do not wish to put undue pressure on harper and row but we also in fairness to our own shareholders cannot allow an offer of such magnitude to lie on the table too long harcourt said three of its senior officers and its investment bankers met yesterday with investment bankers for harper and row to discuss the harcourt brace offer harcourt brace said it will only pursue the acquisition if a mutually satisfactory merger agreement can be negotiated last week a group formed by theodore cross offered to acquire harper and row for dlrs per share the group held about six pct of harper and row in addition new world pictures ltd nwp holder of pct of harper and row had offered to discuss a merger with harper and row reuter
acq	dixons group said it accepts pct of cyclops shares in tender
money-fx	bankers trust issuing stg dlr currency warrants bankers trust international ltd said it is issuing stg call dlr put currency warrants at an initial offer price of dlrs per warrant the issue is guaranteed by bankers trust new york corp each warrant entitles the holder to exchange dlrs for stg at a rate of stg dlr and the minimum number of warrants exercisable or tradeable is exercise period for the warrants will run from april until march payment is due april reuter
earn	great atlantic and pacific tea co gap th qtr oper shr cts vs cts oper net mln vs mln sales billion vs billion avg shrs mln vs mln year oper shr dlrs vs dlrs oper net mln vs mln sales billion vs billion avg shrs mln vs mln notes results for and week periods ended feb and and week periods ended feb operating net excludes credits from tax loss carryforwards of none vs mln dlrs or cts a share in quarter and mln dlrs or cts a share vs mln dlrs or cts a share in year company had stores inoperation at year end vs a year earlier reuter
acq	group tendering for gencorp says it holds about pct of gencorp common
trade	rotterdam signs cooperation agreement with tokyo the city of rotterdam today signed an agreement in principle to cooperate with the aomi cargo distribution centre in tokyo acting mayor roel den dunnen said that cooperation between private and public entities in the tokyo and rotterdam area and a fruitful exchange of information have a favourable influence on the flow of goods and services between the two countries the aomi cargo distribution center which will start operating in october this year signed a similar agreement with rotterdam s twinned port of seattle last september reuter
interest	west german banks slowly cutting key savings rates west german commercial banks are cautiously cutting key savings and lending rates banking sources said the cuts follow nearly two months after the bundesbank reduced leading interest rates far longer than the usual interim period a deutsche bank ag dbkg f spokesman said it is cutting leading savings rate for private customers on a regional basis by percentage points to two pct dresdner bank ag drsd f and commerzbank ag cbkg f have initiated similar moves bank fuer gemeinwirtschaft ag bkfg f cut rates pct generally the delay was partly due to commercial banks desire to gauge customer reaction to a similar move by regional savings banks a fall in customer savings because of lower rates could reduce cheap refinancing available to banks forcing them to draw down relatively expensive funds from other sources one economist at the german banking association said but the volume of savings funds may not be substantially undercut by lower savings rates because many customers are parking funds in savings accounts in the hope they can reinvest them at higher yields in the future he said he said this may conflict with bundesbank aims to move more funds from relatively short term deposits to longer dated securities to reduce strong growth in its central bank money supply aggregate the aggregate showed annualized growth of a provisional pct in february against the fourth quarter of last year unchanged from january the growth rate was outside the expanded target range of three to six pct few banks have so far reduced lending rates to private customers though lending rates for corporate customers are beginning to decline reuter
earn	toys r us inc toy th qtr feb one net shr cts vs cts net mln vs mln revs billion vs mln mths shr dlrs vs cts net mln vs mln revs billion vs billion note net were restated to reflect three for two stock split on june reuter
earn	measurex corp mx st qtr net shr cts vs cts qtrly div six cts vs cts prior net vs revs mln vs mln avg shrs mln vs mln note pay for dividend was march to shareholders of record on feb reuter
earn	palmer lewis co inc lwis th qtr net qtr ends jan shr three cts vs one cent qtrly div seven cts vs seven cts prior net vs revs mln vs mln mths shr cts vs cts net vs revs mln vs mln note effective july one the company acquired the outstanding stock of western american forest product inc for cash and convertible debentures the acqustion is accounted for as a purchase and consolidated statements include western s results of operations from july one payout for dividend is may six to stockholders of record on april reuter
earn	capital cities abc ccb sets payout qtrly div five cts vs five cts pay april record march
earn	publicker industries inc pul th qtr loss shr loss five cts vs loss cts net loss vs loss sales vs avg shrs mln vs mln year shr loss four cts vs loss cts net loss vs loss sales mln vs mln avg shrs mln vs mln reuter
earn	federal express corp rd qtr oper shr cts vs cts
earn	bell atlantic corp bel increases payout qtrly div cts vs cts pay may one record march reuter
earn	rhodes rhds sees sharply lower th qtr net rhodes inc said it now estimates fourth quarter ended february earnings were eight cts a share down from the cts earned in the final quarter of fiscal the company said the major causes for the reduction were an unfavorable lifo adjustment and softer than projected sales in the quarter due primarily to unfavorable weather despite the th qtr results rhodes said net income for the year just ended should come close to the record level of the previous year dlrs dlrs a share reuter
acq	gencorp gy group holds pct stake general partners a texas general partnership equally owned by affiliates of wagner and brown and afg industries inc afg said it currently holds common shares or about pct of gencorp inc s gy outstanding common stock general partners said it began a dlrs a share cash tender offer for all of gencorp an akron ohio based concern that is worth nearly billion dlrs gencorp which has interests in tire and plastic making aerospace and broadcasting has about mln shares outstanding the general partners offer is subject to receipt of financing a majority of gencorp shares and other conditions in a letter to gencorp chairman and chief executive a william reynolds describing the offer general partners said it was willing to negotiate terms of the offer and was prepared to meet as soon as possible in a statement general partners said it has contributed mln dlrs in equity financing and also has commitments for a one billion dlr credit line from wells fargo and co wfc and a billion loan from shearson lehman brothers holdings inc a unit of american express co axp a gencorp spokesman said the company s management was meeting but that its board was not scheduled to meet today he said he was not sure the company had formally received notice of the offer but was aware of it through press accounts he declined to say what gencorp s next move might be or whether it would issue a statement later today in the letter general partners said it plans to maintain gencorp s corporate headquarters in akron and retain the company s plastics and industrial products businesses and its tires and related products segment the letter did not mention gencorp s rko general broadcasting subsidiary which has been involved in disputes over license renewals at several of its television stations gencorp has agreed to sell two of its independent stations wor in the new york area and khj in los angeles general partners officials were not immediately available gencorp shares were delayed at the opening on the new york stock exchange because of an imbalance of orders and the nyse said the shares were indicated to open at to the shares closed up two yesterday at a new week high the financing for the offer includes the mln dlrs in equity from general partners the billion dlr loan from shearson lehman brothers a senior subordinated bridge loan for which a binding agreement can be delivered within hours after a request from the partnership and the one billion dlr credit line from wells fargo wells fargo has agreed to lend up to mln dlrs of the line itself and form a syndicate of banks to provide the rest the partnership said shearson lehman brothers inc will act as dealer manager in the tender offer it said in the letter the partnership said it was confident it could obtain the financing and close the transaction promptly last fall afg and privately held wagner and brown offered to acquired lear siegler inc for about billion dlrs but withdrew the offer when higher bids emerged lear siegler eventually went private for about billion dlrs reuter
earn	a and p gap sets higher capital spending the great atlantic and pacific tea co said its three year mln dlr capital program will be be substantially increased to accommodate growth and expansion plans for waldbaum inc and shopwell inc over the next two years a and p said the acquisition of shopwell in august and waldbaum in december helped us achieve better than expected results in the fourth quarter ended february its net income from continuing operations jumped pct to mln dlrs or cts a share in the latest quarter as sales increased pct to billion dlrs a and p gave no details on the expanded capital program but it did say it completed the first year of the program during a and p is pct owned by tengelmann warenhandelsgesellschaft of west germany reuter
earn	federal express corp fdx rd qtr feb net oper shr cts vs cts oper net mln vs mln revs mln vs mln avg shrs mln vs mln nine mths oper shr dlrs vs dlrs oper net mln vs mln revs billion vs billion avg shrs mln vs mln note net excludes losses from discontinued operations of nil vs mln dlrs in quarter and mln dlrs vs mln dlrs in nine mths quarter net includes gains from sale of aircraft of two mln dlrs vs dlrs reuter
earn	morgan grenfell says profits hit by guinness morgan grenfell group plc said its pre tax profits were lower than forecast because of depreciation in the value of its guinness plc guin l shares and because of securities trading losses in the u s morgan chairman lord catto said the losses on the group s seven mln guinness shares in addition to a mln dlr loss on its risk arbitrage operation in new york depressed profits some eight mln stg to mln he also told a news conference morgan had received informal approaches about a takeover of the group but was not interested no formal offers had been made but catto would not elaborate morgan grenfell acted as merchant banker to guinness during the brewing company s successful bid for distillers co plc dist l in the first half of last year the u k government launched an investigation into the affairs of guinness last december public concern has focused on the way guinness may have breached u k company law and the takeover code by prompting others to support its share price during the bid morgan chief executive christopher reeves head of corporate finance graham walsh and senior corporate finance director roger seelig all resigned in january over the guinness affair another senior morgan grenfell executive geoffrey collier resigned late last year on allegations of trading on insider information he currently faces criminal charges lord catto said the second half of had been one of the most traumatic in our history but that clients and staff had been supportive i certainly look on the future in a positive way we have the worst behind us and have swept nothing under the carpet profits for the year up pct from pre tax profits of mln stg were mainly due to a high contribution from corporate finance activities and progress in asset management finance director david ewart told the news conference the performance of the group so far in was within reasonable touch of the budget lord catto also said the group was actively seeking a new chief executive to replace sir peter carey who is acting as interim director after reeves resignation and hopes to have a new chief executive within a few months he also said reeves and walsh had been paid a total of stg in compensation following their resignations but declined to say how much each man got negotiations were going on to determine an amount of compensation for seelig he said morgan grenfell shares stood at a late p p down on yesterday s p reuter
acq	sec moves to discipline allegheny int l ag the securities and exchange commission sec staff is seeking authority to take enforcement action against allegheny international inc the pittsburgh based industrial and consumer products firm said allegheny made the disclosure in documents filed with the sec in connection with its recent agreement to be taken private through a leveraged buyout led by first boston inc following announcement of the merger agreement the company was informed by the enforcement division of the sec that it intends to seek authority from the commission to institute a proceeding against the company allegheny said the company is cooperating in the commission s investigation which is continuing and now includes the taking of testimony of employes and others allegheny said in the ongoing probe allegheny said the staff has asked for information about company executive compensation and benefit plans certain company owned real estate travel and entertainment spending and the use of corporate aircraft it also has asked for information on acquisitions and divestitures the company s accounting system and other internal controls allegheny said the probe began in february allegheny said the sec as a matter of policy routinely declines comment on its enforcement actions the sec investigation began just months before allegheny became the target of a series of shareholder lawsuits claiming that the company had violated the federal securities laws by failing to disclose material matters in recent annual proxy statements the suits later consolidated into a single class action complaint before a pennsylvania federal court allege securities law violations involving numerous current and former allegheny officers and directors earlier this month lawyers for the shareholders asked the court to expand the charges to include an allegation that in the buyout allegheny had attempted to illegally freeze out its public shareholders at an unfair price allegheny said it intends to vigorously defend itself against all charges the charges made in the shareholder suits are widely believed to have led to last summer s resignation of chairman and chief executive officer robert buckley in the buyout a group led by first boston tendered march for all outstanding allegheny shares at dlrs a share reuter
earn	united asset management corp uam ups payout qtly div four cts vs three cts prior pay april record march reuter
earn	kinder care inc kndr first qtr net qtr ends dec shr one cent vs cts net vs revs mln vs mln note the company changed its fiscal year end from aug to dec qtr prior ended jan and included two more weeks than current qtr current qtr includes loss for accounting change reuter
earn	ultrasystems inc uls th qtr jan net shr cts vs ctsd net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln avg shrs vs note latest year net includes writeoff of investment in dawn enterprises ethanol refinery of cts shr reuter
acq	canamax to acquire krezmar gold property stake canamax resources inc said it agreed to acquire the pct interest it does not already own in the krezmar gold property near wawa ontario by paying nine mln dlrs to algoma steel corp ltd and granting algoma a four pct net smelter return royalty which is payable after payback the property s drill indicated reserves to a depth of feet are estimated at over one mln tons averaging ounces of gold a ton canamax said reuter
earn	nfs financial nfsf sets initial dividend nfs financial corp said its board declared an initial dividend of five cts per share payable april to holders of record march reuter
earn	vw s audi says profit fell around pct in audi ag nsug f the pct owned subsidiary of volkswagen ag vowg f said profit in fell by around half compared with when it achieved a record mln marks net profit a rise of pct on the previous year managing board chairman wolfgang habbel told a news conference he expected both profit and turnover to rise this year compared with but he said it was questionable whether profit would return to levels he gave no figure for profit audi had predicted last year that profit would likely fall by an unspecified amount from s record levels habbel said turnover in rose to billion marks from billion in and looked certain to rise to over billion this year asked whether audi would pay a dividend to vw to help the parent company overcome its currency losses habbel said audi would ensure vw got a share of profits audi s entire net profit was paid into its own free reserves to help finance investment in the previous years vw had received pct of audi s earnings as a dividend habbel blamed the profit decline on disruptions to output caused by the introduction of the new audi model on currency factors and on negative publicity in the u s about alleged sudden acceleration of some of its audi models as reported audi s sales in the u s dropped nearly pct to last year habbel said the u s sales decline would probably bottom out in audi s worldwide car deliveries fell two pct to of the total exports fell pct to a rounded but domestic sales increased to a rounded from in habbel said the new audi had sold extremely well in the first two months of helping audi to increase its overall market share in west germany to pct from pct in the same months of sales in europe also rose but u s sales fell further he said without giving details worldwide deliveries in the first two months increased eight pct to audi said in january that car production would rise to over from in when output had fallen compared with s habbel said audi expected the rise in output to lead to further new hiring of employees at the end of audi s workforce stood at a record a rise of over reuter
interest	bank of england lends one billion stg at pct the bank of england said it had lent one billion stg to the discount market for fourteen days at pct this brings the banks total help today to some billion stg and satisfies the estimated shortage in the system today which it had earlier estimated at billion stg the bank s announcement this morning that it was willing to lend two week money at pct was interpreted by the market as a sanction for lower u k base lending rates the u k clearing banks swiftly took this up cutting their base rates by a half point to pct at midday the central bank lowered its money market dealing rates by the same amount reuter
sugar	uk intervention bd says ec sold tonnes white sugar at rebate ecus
earn	sensormatic electronics corp snsr rd qtr net feb end shr profit cts vs loss cts net profit vs loss mln revs mln vs mln avg shrs mln vs mln nine mths shr profit cts vs loss cts net profit vs loss revs mln vs mln avg shrs mln vs mln note prior year net both periods after mln dlr writeoff reuter
sugar	u k intervention board details ec sugar sales a total tonnes of current series white sugar received export rebates of a maximum european currency units ecus per kilos at today s european community ec tender the u k intervention board said out of this traders in france received tonnes in denmark in west germany in the netherlands and in belgium tonnes it added earlier today london traders had expected the subsidy for the current season whites campaign for licences to end aug to be between and ecus per kilos traders had also forecast today s total authorised sugar tonnage export awards to be between and tonnes versus last week when the restitution was ecus cumulative export authorisations for the current season now stand at tonnes weeks reuter
acq	anacomp aac acquires datagraphix anacomp inc said it acquired the common stock of datagraphix inc from general dynamics corp gd for about mln dlrs it said the purchase will be financed with a combination of a new bank credit agreement and through private placement of senior subordinated notes and convertible preferred stock datagraphix which had sales of mln dlrs manufactures a line of computer output to microfilm hardware and supplie anacomp s sales for the year ended sept were mln dlrs reuter
earn	winnebago industries inc wgo nd qtr net period ended february shr cts vs cts net vs sales mln vs mln six mths shr cts vs cts net vs sales mln vs mln note period ended march one reuter
cocoa	n y cocoa traders still cautious on icco new york cocoa traders reacted with caution to today s developments at the international cocoa organization talks in london saying there is still time for negotiations to break down i would be extremely cautious to go either long or short at this point said jack ward president of the cocoa trading firm barretto peat if and when a final position comes out of the icco talks one will still have time to put on positions the risk at the moment is not commensurate with the possible gain icco producer and consumer delegates this morning accepted the outlines of a compromise proposal on buffer stock rules as a basis for further negotiation a smaller group of representatives is now charged with fleshing out the details market sentiment has reflected optimism i would t put it any stronger than that ward said it seems to put them slightly closer to an agreement but one shouldn t forget how much they have to negotiate said another trader of today s developments many dealers were sidelined coming into the negotiations and have remained so traders said the dealers have got historically small positions in outright terms one trader said speculators have gone net long but only slightly so he added the recent price strength gains of about dlrs the last two days has been due in large part to sterling s rally against the dollar and in the process has attracted a measure of origin selling traders said reuter
gnp	reagan upbeat about latest gnp figures president reagan said the pct u s economic growth rate during the final quarter of wasn t all that bad the commerce department said the rate of growth of the gross national product in the october december period was only slightly less than a preliminary estimate of pct made earlier at the same time it said inflation as measured by the gnp price deflator rose by pct during the period asked his reaction to the gnp report during a white house photo session reagan replied it wasn t all that bad reuter
earn	penwest ltd penw nd qtr ends feb net shr cts vs cts net vs revs mln vs mln avg shrs vs six mths shr dlrs vs cts net vs revs mln vs mln avg shrs vs reuter
earn	sierra spring water co wtr th qtr loss shr loss cts vs profit six cts net loss vs profit rev mln vs mln year shr loss seven cts vs profit cts net loss vs profit rev mln vs mln reuter
acq	gelco gel to sell canadian courier unit gelco corp said it signed a letter of intent to sell its canadian courier unit gelco express ltd to air canada for about mln dlrs u s it said consummation of the transaction depends on execution of a definitive agreement which is expected in may as part of its restructuring plan gelco had announced that it would sell four business units gelco express ltd was one of the companies scheduled for divestiture reuter
acq	synthetech nzym ends southwest photo talks synthetech inc said it discontinued negotiations on acquiring southwest photo chem inc of pomona calif the company cited irreconcilable differences in the financial structure of the deal it said southwest photo proposed a significant change in terms outlined in the letter of intent signed last month reuter
acq	ranco rni holders approve merger ranco inc said shareholders at a special meeting approved a merger into siebe plc for dlrs per share reuter
earn	american physicians service amph th net shr profit five cts vs profit two cts net profit vs profit revs vs mths shr profit cts vs loss cts net profit vs loss revs mln vs mln note full name of company is american physicians service group inc reuter
acq	air canada to comment on gelco gec unit report state owned air canada said it will make a statement at est concerning a published report that the airline has agreed to acquire gelco corp s canadian unit gelco express ltd an air canada spokesman said the spokesman declined to comment on the toronto globe and mail report when queried the sale of gelco express canada s second largest courier service is part of the parent company s strategy to repay mln u s dlrs of debt by the end of the report said quoting a gelco spokesman the report did not disclose a price for the sale of gelco s canadian unit reuter
earn	philip crosby pcro sees lower th qtr results philip crosby associates inc said it expects its audited results for s fourth quarter to be lower than its previously estimated to cts per share philip crosby jr executive vice president said normal accounting adjustments as well as a review of the company s international operations due to a previously reported alleged embezzlement resulted in the lower results philip crosby reported fourth quarter results of mln dlrs or cts a share prior to an august two for one stock split crosby said however he expects the company to report higher first quarter revenues than the first quarter revenues of mln dlrs crosby said that tuition levels from the management consulting service company s courses this month are at the highest level in the company s history reuter
earn	genzyme corp genz th qtr net shr profit three cts vs loss cts net profit vs loss revs vs avg shrs vs year shr profit one ct vs loss cts net profit vs loss revs vs avg shrs vs note th qtr and year net includes two mln dlr loss for litigation settlement and dlrs for write off of goodwill reuter
earn	information solutions inc isol st qtr jan shr two cts vs six cts net vs revs vs reuter
earn	fairchild industries fen sets regular payout qtrly div five cts vs five cts pay apirl record march reuter
earn	alfa laval ab alfs st year group profit after financial income and expenses mln crowns vs mln sales billion crowns vs billion profit per share after full taxes crowns vs crowns proposed dividend crowns vs crowns reuter
earn	spectrum control inc spec sets quarterly qtly div cts vs cts prior pay april record april one reuter
acq	iceland to privatise state bank utvegsbanki the icelandic government said it will privatise the state owned bank utvegsbanki the country s second largest parliament also granted an mln crown cash infusion to ease cash flow problems that arose when the bank lost mln crowns in a shipping firm bankruptcy two years ago utvegsbanki director halldor gudbjarnarson told reuters the decision to privatise the bank was a relief and that foreign banks had already expressed interest in taking a share a quarter of the one billion crown total share capital will be available to foreign investors government officials said reuter
earn	genovese drug stores inc spec sets quarterly qtly div five cts vs five cts prior pay april record april reuter
earn	animed inc vets st qtr jan loss shr loss six cts vs profit three cts net loss vs profit revs i vs reuter
earn	animed vets expects to turn profitable animed inc said it expects to return to profitability during the current year today it reported a loss for the first quarter ended in january of dlrs compared with a dlr profit a year before reuter
earn	crown auto inc crni th qtr dec loss shr loss cts vs loss cts net loss vs loss revs vs year shr loss cts vs profit cts net loss vs profit revs mln vs mln avg shrs vs note period ended december earnings include loss in each period from discontinued operations of dlrs reuter
earn	union valley corp uvc th qtr net shr cts vs cts net vs rev mln vs mln avg shares vs year shr cts vs one dlr net vs rev mln vs mln avg shares vs note includes extraordinary gain of dlrs or eight cts a share reuter
earn	general devices inc gdic year net shr profit cts vs loss cts net profit vs loss revs mln vs mln note net includes pretax gain dlrs from sale of worldwide computer services inc subsidiary and dlr tax credit reuter
earn	deutsche babcock to increase dividend in deutsche babcock ag dbcg f will increase its dividend on results in the year ending september chief executive helmut wiehn said wiehn told a news conference deutsche babcock would double the absolute amount it distributes to shareholders this overall increase would also be due partly to an increase of nominal share capital by mln marks to mln marks a higher dividend had been anticipated because deutsche babcock has said in the past that it will only raise capital when it can make a lasting improvement in the dividend reuter
acq	exovir xovr sells stock for mln dlrs exovir inc said it sold to an investor group led by mark hammer shares of company common stock and warrants to purchase an additional shares exovir said the transaction increases the group s stake from pct to pct the net proceeds to the company total mln dlrs the company said the warrants are exerciseable over the next three years at dlrs per share of common stock according to exovir reuter
earn	brad ragan inc brd sets quarterly qtly div three cts vs three cts prior pay may record april reuter
earn	bastian industries inc nd qtr jan loss net loss vs loss sales mln vs mln st half net loss vs loss sales mln vs mln note company recently went private latest quarter net includes dlr tax credit current half net includes gain dlrs pretax from termination of pension plan reuter
earn	commercial national corp cncl cuts quarterly commercial national corp said it cut its quarterly dividend to cts per share from cts due to current expectations for earnings the company said the dividend is payable april to holders of record march reuter
earn	timberland industries inc timb th qtr net shr cts vs cts net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln reuter
earn	municipal financial corp st qtr jan net shr cts vs cts net vs revs mln vs mln assets mln vs mln reuter
acq	peat marwick and nolan norton to merge peat marwick an accounting and management consulting firm and nolan norton and co an information and technology planning concern said they have merged the companies said with the merger nolan now will be known as nolan norton and co partners the information technology arm of peat marwick also as part of the merger nolan s principals have become peat marwick partners the companies said reuter
acq	trus joist tjco to acquire canadian firm trus joist corp said it agreed to purchase dashwood industries ltd a canadian wood window and patio door manufacturer for an undisclosed amount of cash trus joist said it expects to close the transaction before june reuter
earn	kinder care kndr sees higher earnings in kinder care inc projected its earnings to be mln dlrs richard grassgreen president of the company said earnings per share are expected to be between cts and one dlr in comparison to cts earnings per share for the fiscal year ended august and cts for the trailing months ended november greengrass said this represents an earnings per share increase of approximately to pct the company said it changed its fiscal year end from august to december reuter
earn	robbins and myers inc robn nd qtr feb net shr profit cts vs loss dlrs net profit vs loss sales mln vs mln first half shr loss cts vs loss dlrs net loss vs loss sales mln vs mln avg shrs vs backlog mln vs mln reuter
ship	economic spotlight japan shipbuilders recovery japan s ailing shipbuilding industry plans to refloat itself in a few years from the twin rocks of recession and a strong yen through capacity and workforce cuts and greater use of computers industry sources told reuters the salvage measures which include a government sponsored rationalisation program are aimed at clawing back some of the market which japan the world leader has lost to south korea through currency and labour cost disadvantages they said the sources said south korea s yards are now some pct more competitive than japan s due to such factors the government plans to help the industry shed pct of current capacity within two years through mergers and regrouping under legislation put before parliament this month and likely to be approved by may or june the sources said they said from september a semi government body will assure repayment of about billion yen in liabilities incurred through job losses and the sale of excess capacity and another billion for buying unneeded land and equipment last friday the shipbuilders association of japan applied to the fair trade commission to form a cartel to slash tonnage built to about half of total capacity for a year from april the commission has held several hearings with the industry and approval should be given this month the sources said a clampdown on output over one or two years combined with a planned cost cutting and streamlining program and state support should help japanese yards recover their international competitiveness they said under the cartel proposals yards each capable of building ships of more than gross tonnes would build a maximum of three mln compensated gross registered tonnes cgrt in this is about half of total capacity this will ease the cut throat competition which forced most yards to sign orders below cost the sources said the industry is likely to seek to renew the cartel for as the transport ministry sees new orders falling to mln cgrt in from mln in they said the rationalisation program includes a cut of to of the estimated workers in the industry between and japanese yards topped world order books at end december followed by south korea and taiwan according to lloyd s register of shipping however falling orders and declining international competitiveness due to the strong yen led to heavy losses in the industry the sources said four of japan s six major heavy machinery and shipbuilding companies reported current deficits in the first half of the year to march and five of them are expected to report current deficits for the whole of they said the shipbuilding companies streamlining program will raise productivity to compete with south korean yards which have also been hard hit by declining orders and low ship prices in recnt years the sources said in japan no single yard leads the industry resulting in fierce competition and slow progress in reducing capacity the two largest firms mitsubishi heavy industries ltd mith t and ishikawajima harima heavy industries co ltd jima t account for only pct of ships built the sources said world shipowners hope japanese yards can manage to ride out the recession as their technology is the best in the world said an official at a major japanese shipping company the japanese merchant fleet the largest after liberia s has no intention of shifting to other countries to buy ships and this will encourage japanese yards the sources said reuter
earn	cont l illinois says brazil moratorium could cut st qtr net by mln dlrs
alum	suralco bauxite refinery reopened the mln tonnes capacity bauxite refinery at paranam in surinam which closed at the end of january after being sabotaged by anti government rebels has now reopened a spokesman for dutch metals company billiton said the refinery is run by suralco jointly owned by the u s company alcoa and the dutch company billiton which is a wholly owned subsidiary of royal dutch shell production of alumina at the refinery is currently running at around tonnes a day and is expected to get back to full capacity of tonnes within a week the billiton spokesman added the refinery was forced to close at the end of january when rebels cut the main power line earlier the refinery had had to import some supplies of bauxite as rebel activity shut off supplies from alcoa s mine at moengo in the east of the country billiton s mine at onverdacht between paranam and the capital paramaribo is still working but moengo remains closed and the refinery is continuing to import some bauxite the billiton spokesman said reuter
earn	cont l illinois cil says moratorium may cut net continental illinois corp said if the brazilian debt moratorium remains in effect it may place its medium and long term loans to brazil on a cash basis this would increase non performing loans by about mln dlrs and reduce income before taxes and net income by about mln dlrs in the first quarter and mln dlrs for the full year company officials told a press briefing loans to brazil at year end totaled mln dlrs according to the annual report released at the briefing in february the brazilian government citing a declining level of foreign currency reserves declared a moratorium on the payment of interest on the country s medium and long term debt obligations continental said it may take similar action on its loans to ecuador which total mln dlrs this would reduce pre tax and after tax net by dlrs in the first quarter and by two mln dlrs for the full year the bank holding company s officers said reuter
earn	cypress savings association cypsa th qtr loss shr loss dlrs vs loss dlrs net loss vs year shr loss dlrs vs loss dlrs net loss vs loss note net includes tax credits of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
earn	zenith laboratories inc zen th qtr loss shr loss cts vs profit cts net loss vs profit sales mln vs mln year shr loss cts vs profit cts net loss vs profit mln sales mln vs mln avg shrs mln vs mln note net includes tax credits of dlrs in quarter and dlrs in year reuter
earn	ceradyne inc crdn th qtr loss shr loss cts vs profit cts net loss vs profit sales vs avg shrs vs year shr profit one ct vs profit cts net profit vs profit sales mln vs mln avg shrs vs reuter
acq	chemclear inc cmcl terminates merger talks chemclear inc said it terminated merger talks with environmental systems co esc chemclear said it was unable to reach agreement with environmental which was considering buying chemclear chemclear said it is considering other options including other business combinations and financing through commercial lending and other financial institutions for internal expansion reuter
earn	vista chemical vc sees year net higher vista chemical co said it expects earnings for the year ending september to be up substantially but extensive planned downtime at two of its plants is expected to affect third quarter results it said it is looking at a number of financial options for increasing shareholder value but did not elaborate the company earned mln dlrs or dlrs per share before an extraordinary item in fiscal vista said sales for the year are expected to be comparable to fiscal s mln dlrs reuter
pet-chem	aristech ars to increase production capacity aristech chemical corp said it plans to increase production capacity for three of its key product lines polypropylene bisphenol a and phenol aristech said the polypropylene expansion involves a major modernization of its neal w va polypropylene plant when completed aristech said the project would increase the plant s annual production to mln pounds from mln pounds now aristech said the expansion will increase the company s total polypropylene a thermoplastic resin capacity to mln pounds annually from mln pounds now aristech also said it will expand bisphenol a and phenol production at its haverhill ohio plant it said the project will raise its bisphenol a which is used to make polycarbonate and epoxy reins capacity to mln pounds per year from mln pounds now aristech added that phenol production will increase to mln pounds per year from mln pounds a year now phenol is used to make phenolic resins and adhesives for engineering plastics the company said reuter
acq	camco signs letter of intent for reed tool pearson plc pson l said camco inc its pct owned u s oil and oil services subsidiary signed a letter of intent covering camco s purchase from baker international corp bko n of substantially all the business of reed tool co reed a leading manufacturer of drilling bits had sales for of around mln dlrs the transaction is subject to negotiation of a definitive agreement approved by the baker and camco boards and by the u s department of justice with which talks are already taking place concerning the combination of baker and hughes tool baker international has proposed a merger with hughes tool which could create a billion dlr oilfield services company pearson shares were down p to after the announcement reuter
earn	first connecticut fco sets quarterly payout qtly div cts vs cts prior pay april record april three note first connecticut small business investment co reuter
earn	stone and webster inc sw sets quarterly qtly div cts vs cts prior pay may record april one reuter
earn	credo petroleum corp cred st qtr jan net shr profit one ct vs loss cts net profit vs loss revs vs note prior year net includes dlr writedown of oil properites and dlr tax credit reuter
earn	att t sets payout for regular dividend qtrly div cts vs cts prior pay may one record march reuter
money-fx	gulf arab states move towards economic integration finance and economy ministers of the six nation gulf cooperation council gcc have ended talks after adopting resolutions and recommendations aimed at boosting economic integration but the ministers from bahrain kuwait oman qatar saudi arabia and the united arab emirates uae did not endorse a resolution on a common currency exchange rate system the uae s minister of state for finance and industry ahmed humaid al tayer told reporters after the two day talks that the ministers referred the issue back to gcc central bank governors for further discussion he said the governors who agreed in january on a proposed denominator on which the six currencies should be based were asked to resubmit the recommendation before july when finance ministers were due to meet in saudi arabia bankers said the central bank governors would meet soon to discuss the issue adding there was a possibility that a new system could be submitted for final approval to a gcc summit conference scheduled to be held in saudi arabia late this year the denominator approved by the governors has not been made public but banking sources said it could be similar to the european monetary system ems tayer said the ministers agreed in principle to allow gcc citizens to set up businesses and work in any member state they also agreed in principle on a recommendation for citizens to buy and own shares of gcc shareholding firms he said the ministers discussed a report on imported goods containing radiation caused by last year s chernobyl nuclear disaster in the soviet union and agreed all products with excessive levels should be returned to the country of origin reuter
earn	hartford steam hbol sets split dividend hike hartford steam boiler inspection and insurance co said its board declared a two for one stock split and raised the quarterly dividend to cts postsplit from cts both payable april to holders of record april reuter
crude	doe secretary favors higher spr fill rate energy secretary john herrington said he believes the reagan administration will review its decision to cut the fill rate of the strategic petroleum reserve because of a department report issued yesterday warning of growing u s dependence on oil imports as part of this study i think the administration will take the fill rate under review herrington said at a house energy subcommittee hearing the administration has proposed cutting the fill rate from barrels of oil per day to bpd in fiscal year to save money my personal feeling is that is too low i favor the maximum fill rate of bpd herrington said reuter
earn	cont l illinois cil sees impact from tax reform the tax reform act of will have a substantial impact on continental illinois corp the company s annual report says one provision repeals the reserve method of providing for bad debts for banks with over mln dlrs in assets and requires that tax loan loss reserves taken in the past be restored to current earnings status it said as a result those amounts will be subject to federal taxes it said no amounts were disclosed continental said it decided to deal with this change in its entirety in tax reform will also change foreign tax credit limitation rules and although the impact will not be material in the short term the act will require for the first time that income from certain foreign subsidiaries be taxable the report said the new legislation also reduces existing tax credits by pct in and pct in and later years it said continental s investment tax credits carryforwards of mln dlrs at year end will be reduced to mln dlrs in and if not used in to mln dlrs in it said another provision of the act could result in limiting the use of tax credits if a change in ownership of continental takes place the report said this could happen if the federal deposit insurance corp sells enough shares of continental s common stock over the next two years to cause a change in ownership it noted in december the fdic sold about one third of its junior convertible preference stock in continental to the public in the form of common stock reuter
earn	oesterreichische laenderbank ag olbv vi parent bank net profit mln schillings vs mln parent bank balance sheet total billion vs billion parent bank cash flow mln vs mln dividend pct vs pct on nominal share capital of billion vs billion cons banking gp balance sheet total billion vs billion reuter
earn	nl industries inc th qtr shr loss cts vs profit seven cts
earn	fhlmc frepr th qtr net net mln vs mln year shr preferred dlrs vs dlrs shr common dlrs vs dlrs net mln vs mln note federal home loan mortgage corp fhlmc had preferred shares outstanding in vs in owned by about member institutions of the federal home loan banks fhlmc also has shares of common owned by the home loan banks reuter
earn	hre properties hre cuts quarterly hre properties said its board cut the quarterly dividend to cts per share from cts payable april to holders of record march hre said the board reduced the dividend due to the continuing impact of overbuilding in its office building markets and its inability to replace the income from high yielding investments that have matured hre said in the first quarter ended january it earned cts per share down from cts a year before reuter
earn	horn and hardart co hor th qtr net shr dlrs vs two cts net mln vs revs mln vs mln avg shrs mln vs mln year shr loss dlrs vs loss cts net loss mln vs loss revs mln vs mln avg shrs mln vs mln note net both periods includes mln dlr gain from sale of real estate year net includes charge mln dlrs from restructuring of bojangles restaurant unit and charge dlrs from exchange of notes for common stock year net includes charge dlrs related to foodservice unit and gain dlrs from sale of marketable securities reuter
earn	nl industries inc nl th qtr dec loss shr loss cts vs profit seven cts net loss mln vs profit sales mln vs mln year shr loss dlrs vs profit cts net loss mln vs profit mln sales mln vs mln note share after preferred dividends note in july company set a dividend on series c preferred effecting a spin off of its chemical operations they unit has been accounted for as a discontinued operation fourth quarter and full year reflect non recurring charges from change in control at company fourth quarter also reflects writeoff of mln dlrs of goodwill full year includes a charge of mln dlrs taken in the second quarter for asset revaluation and restructuring costs in fourth quarter reversion of pension plan surplus assets completed fourth quarter and full year includes net income of mln dlrs or dlrs a share company also gained mln dlrs or four cts a share in fourth quarter and mln dlrs or cts a share in full year from adoption of accounting rule sfas in fourth quarter company also adjusted carrying value of non chemicals discontinued operations assets leading to charge of mln dlrs reuter
earn	corrected university patents inc upt nd qtr qtr ends jan oper shr loss cts vs loss cts oper loss vs loss revs vs six mths oper shr loss cts vs loss cts oper loss vs loss revs vs note prior year excludes losses from discontinued operations of cts per share in the quarter and cts per share in the year corrects march item to show losses instead of profits also corrects quarter loss from discontinued operations reuter
coffee	n y traders say latin coffee producers to meet several traders and analysts here told reuters latin american coffee producers will meet this weekend in managua nicaragua the purpose they said is to review the breakdown of international coffee organization quota talks last month and try to formulate a unified position ahead of possible future negotiations two traders who asked not to be named said separately brazil is expected to attend the meeting along with most or all of the central american producers the central american attendees would include costa rica and honduras who were part of a minority producer group at the february talks that opposed brazil s position they said another source also requesting anonymity said colombia probably will not attend reuter
earn	craftmatic contour crcc sees higher profits craftmatic contour industries inc said it would report substantial profits for the first quarter of fiscal ending march the company recorded net income of dlrs or cts per share on revenues of mln dlrs reuter
crude	u s oil tax break proposal to be examined the white house said a proposal for a tax break for the oil industry would undergo review spokesman marlin fitzwater said president reagan had no position on recommendations submitted by energy secretary john herrington to encourage investment in the hard hit domestic oil industry but fitzwater noted that reagan did have a fundamental objection to tax rises and special tax breaks he said that even though herrington s recommendation did not agree with existing policy we ll take a look at it the review will be undertaken by the president s domestic policy council herrington s proposal was reported by the washington post to have been made in a letter to reagan submitting a study that found the united states would be importing half of its oil by the s threatening u s national security reuter
earn	western savings and loan wsl th qtr loss shr loss cts vs profit cts net loss vs profit year shr profit dlrs vs profit dlrs net profit vs profit loans billion vs billion deposits billion vs billion assets billion vs billion note full name western savings and loan association reuter
jobs	france announces plan to boost employment the government announced a three billion franc program to combat long term unemployment amid speculation among political and economic analysts that it is positioning itself for a period of economic reflation the package presented to the cabinet of prime minister jacques chirac by social affairs and labour minister philippe seguin today is to be financed out of a billion franc contingency fund announced on february finance minister edouard balladur previously ruled out a reflationary program long term unemployment defined as being out of work for more than one year affects about people or one third of french unemployed government figures show the main measures of the employment program give employers financial incentives to offer short term work contracts of at least two years and stress retraining to help the long term unemployed return to the labour market training subsidies and exemptions from social security contributions are the main incentives for employers companies tell us that we have to give them a strong incentive to take on people who have fallen out of the labour market and that s why the proposals are costly an aide to seguin said the analysts said speculation the government is considering a reflationary program was sparked by chirac spokesman denis baudouin who said yesterday that ministers were generally agreed on the desirability of relaunching the economy he appeared to contradict statements by balladur ruling out economic stimulation despite the government s revision of its growth forecast to about pct from finance ministry officials later clarified baudouin s remarks saying there was no question of any move to stimulate the economy through a boost to consumer spending although government policy allowed for increased industrial investment from the proceeds of france s five year privatisation plan the budget allowed for billion francs in revenue from privatisation to be split between repaying national debt and providing state enterprises with fresh capital some political analysts said baudouin s comments possibly reflect widening differences within the rpr udf coalition on social issues ahead of next year s presidential elections divisions began to show last december when a wave of strikes led by transport workers paralysed the country and drove the government into a new mood of conciliation with labour officials said that after the success of the privatisation of cie de saint gobain sgep pa and cie financiere de paribas pari pa the government had decided to speed up its five year privatisation program with the aim of completing a third of it this year ahead of the presidential elections expected in the accelerated program could provide additional unbudgeted revenue to boost industrial and research investment and spending on infrastructure such as the national motorway network the government also today revived a proposal blocked last year by socialist president francois mitterrand to encourage more flexible working hours which it says will boost jobs by improving the competitiveness of french industry the proposals allowing night shift work by women and variations in the standard hour working week are to be put to parliament as a self contained draft bill after being vetoed for procedural reasons by mitterrand and later the council of state reuter
acq	air canada to acquire calgary courier company air canada the state owned airline said it signed a letter of intent to acquire pct of ems corp a calgary based messenger service which operates in western canada and the u s gelco corp gel earlier said air canada agreed to buy its canadian gelco express ltd unit for mln u s dlrs air canada said the acquisitions will complement its main cargo business it said it expects the courier market to grow by about to pct a year reuter
earn	may department stores co raises dividend to cts from cts a share
earn	hunt manufacturing co hun st qtr net ended march shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	may department stores co th qtr shr dlrs vs dlrs
earn	first american fiama sees gain from sale first american bank and trust co said its pct owned associated mortgage investors amims subsidiary has sold its new england operations for about dlrs in cash and dlrs in stock resulting in a first quarter gain for first american of about dlrs after tax the company said the sale will complete associated s withdrawal from the general contracting business reuter
acq	financial security fssla to sell branch financial security savings and loan association said it has agreed to sell its sunrise fla branch to fortune financial group inc forf of clearwater fla for a substantial profit subject to regulatory approval terms were not disclosed reuter
money-supply	italy m up pct in months to end january italian m money supply rose a provisional pct seasonally adjusted in the three months to end january the bank of italy said the bank said m which measures notes and coins in circulation plus bank and post office deposit accounts fell to a provisional billion lire in january from a downwards revised but still provisional billion in december the provisional year on year rise in january was pct compared with a downward revised and provisional pct in december m a similar to m but excluding certificates of deposit and including proceeds from bank repurchase operations rose a provisional pct seasonally adjusted over the three months to end january the bank said m a totalled a provisional billion lire at end january against a downwards revised and still provisional billion in december year on year m a increased by a provisional pct in january compared with a downwards revised and provisional pct in december reuter
earn	golden enterprises inc gldc rd qtr feb net shr cts vs nine cts net vs revs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln reuter
gnp	german research institute lowers growth forecast the diw economic research institute said west german economic growth in is unlikely to reach the pct rate it had forecast earlier this year the institute whose forecasts are more pessimistic than those of the other four leading german institutes said the economy had passed its peak in the summer of and its prospects had dimmed significantly since the autumn the diw repeated earlier predictions that gross national product gnp in the first quarter of would contract in real seasonally adjusted terms against the weak final quarter of last year reuter
earn	morrison knudsen mrn sees year net falling morrison knudsen corp said its earnings for are likely to be lower than those for due to lower than expected growth in engineering and construction and a previously predicted decline in earnings of its national steel and shipbuilding unit the company earned mln dlrs in including pretax gains of mln dlrs from pension income and dlrs from the settlement of vested pension obligations down from mln dlrs in it said lower than expected levels of new work booked in the last quarter of and the first two plus months of this year have delayed the expected growth in the engineering and construction area the company said it will remain profitable in and results should strengthen as the year progresses it attributed the decline in new work to more stringent bidding standards and a competitive market reuter
meal-feed	u s export bonus poultry feed for north yemen the commodity credit corporation ccc accepted a bid for an export bonus to cover the sale of tonnes of mixed poultry feed to north yemen the u s agriculture department said the department said the feed is for delivery during april as announced earlier the bonus was dlrs per tonne made to the pillsbury company and will be paid in the form of commodities from ccc stocks an additional tonnes of mixed poultry feed are still available to north yemen under the export enhancement program announced april it said reuter
earn	may department stores co ma raises dividend qtly div cts vs cts previously pay june record june one reuter
acq	gencorp gy names financial advisers gencorp inc plans to use first boston corp and kidder peabody and co as financial advisers on a tender offer for the company by general partners a gencorp spokesman said the spokesman in response to questions from reuters said the company does not yet have a comment on the dlr per share tender offer launched by the partners today first boston and kidder have been advisers to gencorp in the past he said general partners is comprised of investors wagner and brown and afg industries inc a glass manufacturer reuter
coffee	latin coffee meeting to be held in managua representatives from brazil colombia mexico and nicaragua will meet here friday to discuss the economic impact of falling coffee prices a nicaraguan official announced vice minister of foreign trade bernardo chamorro said that participating in the meeting will be the heads of the coffee associations from the four countries he did not say if the meeting would continue beyond friday chamorro said nicaragua supports the establishment of export quotas in an effort to boost sagging world prices reuter
earn	dcny corp dcy hikes qtly dividend discount corp of new york said its board of directors increased its quarterly cash dividend to cts a share from cts a share dcny said the dividend is payable april to shareholders of record april since the last two for one stock split in may the corpoartion has customarily declared cnt per share dividends for the first three quarters and a final fourth quarter dividend based on its total earnings for the year as previously announced dcny said its board has also recommended a two for one common stock split to shareholders if the split is approved at the may annual meeting the quarterly dividend rate will be adjusted to cts a share dcny said reuter
earn	st joseph light saj sets split hikes payout st joseph light and power corp said its board declared a three for two stock split and raised the quarterly dividend on presplit shares to cts per share from cts the company said the dividend is payable may to holders of record may and the split is subject to approval by shareholders at the may annual meeting reuter
acq	bevis industries seeks buyer for company bevis industries inc said it retained tucker anthony and r l day inc to seek purchasers of the company or its units it issued no further details the company which makes stainless steel tubing for the chemical petrochemical and oil industries earned dlrs or cts a share in the nine months ending september it had sales of mln dlrs in the period reuter
acq	u s house plan seeks to bar foreign takeovers a house subcommittee voted to give president reagan authority to block foreign takeovers of u s companies similar to the takeover of schlumberger ltd s slb fairchild semiconductor corp by fujitsu ltd which was withdrawn the house energy and commerce subcommittee on commerce approved as an amendment to the overall house trade bill a provision giving reagan the power to block sales to foreign companies if the sale was not in the national or economic interest the takeover provision was sent to the full energy and commerce committee for consideration as part of the overall trade bill which is being written by several house committees the subcommittee s bill would bar imports of digital audio recording equipment that is not made with anti copying chips this provision is designed to protect u s companies from the unauthorized use of u s designs in foreign products the bill calls for an investigation of whether u s engineering and construction firms are given adequate opportunity to bid on japan s civil works procurement practices including the construction of the kansai airport the energy and commerce subcommitte rejected a plan offered by rep william dannemeyer a california republican to require the u s to pay investors one pct for the right to hold their gold investments in government storage his amendment called for the government to sell gold coins and gold backed bonds with maturities of to years to investors to reduce the federal debt reuter
earn	inertia dynamics corp trim nd qtr feb net oper shr cts vs cts oper net vs sales mln vs mln six mths oper shr cts vs cts oper net vs note oper data does not include year ago qtr and six mths loss from discontinued operations of dlrs or two cts per shr reuter
earn	ati medical inc atim nd qtr jan net shr two cts vs eight cts net vs revs vs six mths shr two cts vs cts net vs revs vs reuter
earn	savannah electric and power co sav ups dividend qtly div cts vs cts prior payable april record april reuter
nat-gas	amoco said well off trinidad flows mln cubic feet natural gas daily
earn	may department stores ma th qtr jan net shr dlrs vs dlrs net vs revs billion vs billion avg shrs vs year shr dlrs vs dlrs net vs revs billion vs billion avg shrs vs note period ended feb share data restated for common stock split of july and earnings reflect a charge of one ct a share resulting from use of the lfio method of inventory valuation th qtr earnings include pretax capital gain of mln dlrs or cts a share from sale of joseph horne co division in pittsburgh note th qtr earnings include a mln dlr or cts a share pretax charge for costs associated with combining may d and f and the denver operating divisions th qtr earnings include a pretax charge of mln dlrs or nine cts a share for costs associated with several debt repurchase transactions including retirement of mln dlrs of pct debentures reuter
acq	norstar bancorp fleet financial group agree to merge
acq	first union func acquisition approved first union corp said the buyout of commerce national bank by its first union national bank of florida unit was approved by commerce shareholders according to the terms of the deal first union will pay mln dlrs for the outstanding shares of commerce national a bank with mln dlrs in assets reuter
sugar	sugar prices too low to boost latin output latin american sugar producers are awaiting further rises in world market prices before moving to boost production official and trade sources said although prices have risen to around eight from five u s cents per lb in the past six months they are still below the region s nine to ten cents per lb average production cost the recent rise in prices has placed producers on the alert manuel rico a consultant with the group of latin american and caribbean sugar exporting countries geplacea told reuters however rico said it would require another five to seven cents to stimulate notable increases in output producers are taking measures for increasing their production when the prices are profitable he said officials in mexico guatemala and ecuador said a continued rise in prices would stimulate production but industry leaders in panama and costa rica said there was still a long way to go the prices are ridiculous said julian mateo vice president of costa rica s sugar cane industrial agricultural league at current prices nobody is going to consider increasing production other producers are wary of committing funds to increasing output given the instability of world markets an official at colombia s national association of sugar cane growers said they had no plans to raise export targets the market is very unstable what is happening is not yet giving way to a pattern and so there is no reason to modify anything in the latest year for which full figures are available central and south american nations produced mln tonnes raw value of sugar of which mln were exported a year earlier they had produced and exported about more according to the london based international sugar organization years of continuous low prices have plunged the sugar industry in many countries in the region into a recession from which it will be hard to recover miguel guerrero director of the dominican republic s national sugar institute said it would be difficult to boost production even if prices recovered sharply output had slumped to under tonnes a year from in the late s obsolete refineries poor transport and badly maintained plantations were barriers to any short term recovery in output he added plans of nearby cuba the world s largest cane sugar exporter to increase output to mln tonnes a year by the end of the decade seem ambitious trade sources said output is running well below the record mln produced in cuba suffers from run down plantations harvesting problems and poor processing facilities more than from low world prices since much of its output is sold to eastern bloc countries under special deals last year bad weather added to its troubles and output fell to mln tonnes from mln in the low world prices of recent years have led many countries in the region to cut exportable production to levels where they barely cover u s and in the case of some caribbean countries european community ec import quotas for which they receive prices well above free market levels progressive reductions in the u s quotas have led to production stagnating or falling rather than being shifted to the free world market peru for example shipped tonnes to the u s in both and this fell to in and this year its quota is only a national cooperative official said that as long as world market levels continue at around half of peru s production cost the future of the industry is uncertain at a meeting of geplacea in brazil last october officials stressed the need to find alternative uses for sugar cane which according to the group s executive secretary eduardo latorre grows like a weed throughout the region brazil the largest cane producer with output of around mln tonnes uses over half to produce alcohol fuel cane in excess of internal demand for alcohol and sugar is refined into sugar for sale abroad to earn much needed foreign currency the difference in the price the state run sugar and alcohol institute iaa pays local industry and what it receives from foreign buyers costs the government some mln dlrs a year soaring domestic demand for both alcohol and sugar over the past year coupled with a drought reduced cane crop has meant brazil will have difficulties in meeting export commitments in trade sources said negotiations to delay shipments to next year have been indecisive so far the main sticking point being how brazil should compensate buyers for non delivery of sugar it had sold at around five cents per lb and which would cost eight cents to replace brazilian sugar industry sources said new sugar export sales were expected to be extremely low for the next year with the institute wary of exposing itself to domestic shortages of either alcohol or sugar and because of the need to rebuild depleted reserve stockpiles however the situation could change dramatically if the economy goes into recession and internal demand slumps sources within latin america and the caribbean hold little hope for the region s sugar industry to return to profitability unless the u s and ec change their policies the agricultural policies of the european community and of the united states have caused our economies incalculable harm by closing their markets by price deterioration in international commerce and furthermore by the unfair competition in third countries brazil s trade and industry minister jose hugo castelo branco told the october geplacea meeting the ec has come under prolonged attack from geplacea for what the group charges is its continued dumping of excess output on world markets geplacea officials say this is the main cause of low prices geplacea sees a new international sugar agreement which would regulate prices as one of the few chances of pulling the region s industry out of steady decline such an agreement would have to have both u s and ec backing and industrialised countries would have to see it as a political rather than a merely economic pact they have to realise that the more our economies suffer the less capcity we have to buy their goods and repay the region s billion dollar foreign debt geplacea s latorre said reuter
gold	morgan bank plans warrants for gold at dlrs morgan guaranty trust co of new york plans an issue of warrants for gold bullion at dlrs an ounce lead manager morgan guaranty switzerland ag said each warrant priced at swiss francs entitled holders to acquire five ounce bars of gold in the period from april to july exercisable on wednesdays the warrants represented unsecured unsubordinated liabilities of the borrower payment was due april and a quotation on the luxembourg bourse was planned the warrants when exercised would be repaid in current dollars based on the value of gold on the exercise date the conditions represent a premium of about dlrs an ounce to the current gold price a morgan switzerland official said that on the basis of the maturity of four years and three months the pricing involved an implicit volatility of gold of pct before the warrants were in the money compared with implicit volatility of pct for the indosuez gold warrants and pct for the citibank gold warrants recent issued with maturities of and months reuter
acq	norstar nor fleet flt to merge norstar bancorp said that its board and the board of fleet financial group have approved a definitive agreement to merge a norstar spokesman said that a press release containing further details on the merger would be issued shortly reuter
nat-gas	amoco an in natural gas find off trinidad amoco corp said its weqb exploratory well miles east of galeota point on trinidad s east coast flowed mln cubic feet of natural gas and barrels of condensate daily from one zone and mln cubic feet of natural gas and barrels of condensate daily from a second the company said both flows were through inch chokes and from zones between and feet in depth the well in feet of water was drilled to a total depth of feet it said it said the discovery was made in sands previously untested in the area reuter
earn	eldorado bancorp eldb sets pct dividend eldorado bancorp said its board declared a pct stock dividend payable april to shareholders of record april three reuter
acq	talking point gencorp inc gy the surprise billion dlr tender offer for ohio based conglomerate gencorp inc will not be enough to buy the company analysts said analysts estimated the dlr per share offer from general partners is to dlrs per share below the breakup value of gencorp however market sources and analysts said uncertainty surrounds any transaction because of the legal challenges to gencorp broadcasting licenses gencorp s stock rose to in heavy trading the expectation is either there will be someone else or the bidder will sweeten the offer hoping to get management s cooperation said larry baker an analyst with e f hutton group analysts said there is concern about challenges to gencorp s broadcast licenses for two television and radio stations some of the disputes dating back about years were brought by groups that alleged improper foreign payments and political contributions i think it kind of muddies an already muddy situation said baker of the offer some arbitragers said they were concerned the ongoing issue might be a stumbling block or result in a long period of time for any transaction a source close to general partners however said general partners would apply to the federal communications commission for special temporary authority to hold the broadcast stations the source said if approved the authority would allow a transaction to be carried out if it received the short form approval general partners would set up a trust which would hold the broadcasting properties until the licensing situation is resolved general partners is equally owned by investors wagner and brown and glass maker afg industries inc some market sources speculated an outside buyer such as general partners might even be be a catalyst to resolution of the challenges since it would carry out gencorp s plan to sell the stations gencorp earlier this month reached an agreement with walt disney co to sell its los angeles television station whj tv disney would pay mln dlrs to gencorp and mln dlrs to a group that challenged the station s license gencorp also has a pending agreement to sell wor tv in secaucus n j to mca inc for mln dlrs general partners said it intends to keep the company s plastics and industrial products businesses and its tires and related products segment charles rose an analyst with oppenheimer and co said that on a breakup valuation the company might be worth as much as dlrs per share rose estimated the aerospace business could bring to dlrs per share or one billion dlrs as would diversitech the plastics unit broadcasting including assets pending sale might be to dlrs per share he said the company formerly known as general tire and rubber co also has a tire business rose estimated would be worth five to dlrs per share he estimated the bottling business might also be worth several dollars per share he said analysts said gencorp chairman a william reynolds who became chairman last year has been emphasizing the company s aerojet general and diversitech general businesses gencorp founded in became an unfocused conglomerate over the years and analysts believe reynolds has helped it to improve the management s doing a very fine job in trying to deal with the non strategic assets of the company rose said analysts expect gencorp to resist the tender offer but they declined to predict what steps the company might take they said it would be possible the company might consider a leveraged buyout or restructuring to fend off the offer general partners holds pct of gencorp stock and there was some concern about greenmail greenmail is the payment at a premium for an unwanted shareholders stock i would doubt they would greenmail them but nothing surprises me anymore said rose gencorp has not commented on the offer it has retained first boston corp and kidder peabody and co as advisers reuter
acq	american express up on rumors pct of shearson to be sold to japanese firm traders say
earn	admac inc jpac rd qt jan loss shr loss dlrs vs profit eight cts net loss vs profit sales vs nine mths shr loss dlrs vs profit cts net loss vs profit sales vs mln avg shrs vs reuter
earn	paco pharmaceutical pps nd qtr feb net shr cts vs cts net vs revs vs six mths shr cts vs cts net vs revs mln vs mln note full name paco pharmaceutical services inc reuter
earn	publicker industries inc pul th qtr loss shr loss five cts vs loss cts net loss vs loss sales vs avg shrs mln vs mln year shr loss four cts vs loss cts net loss vs loss sales mln vs mln avg shrs mln vs mln note year net includes gain dlrs from settlement of litigation with belcher oil co dlr provision connected with resignation of former president legal settlements and costs of dlrs and dlrs in expenses from closing of contract packaging division reuter
earn	bionomic sciences international inc bsii loss nd qtr jan end shr loss three cts vs loss nine cts net loss vs loss sales vs avg shrs vs st half shr profit four cts vs loss cts net profit vs loss sales vs avg shrs vs note current year net includes gains on sale of assets of dlrs in quarter and dlrs in half net includes extraordinary loss dlrs vs nil in quarter and loss dlrs vs profit dlrs in half reuter
earn	piedmont aviation inc pie sets quarterly qtly div eight cts vs eight cts prior pay may record may one reuter
earn	bionomic sciences bsii sees profitability bionomic sciences international inc said it expects to start operating profitably by the fourth quarter the company today reported a profit of dlrs for the first half ended january after a dlr gain on the sale of assets and a dlr extraordinary loss a year before it lost dlrs after a dlr extraordinary gain reuter
acq	norstar shareholders to get fleet financial shrs per norstar share in merger
rubber	negotiators put final touches to new rubber pact rubber producing and consuming countries which agreed on the bases of a new international natural rubber agreement inra last weekend are now putting the final touches to the future accord delegates said they said discussions are focusing on conditions for entry into force of the new inra the present pact which expires in october required that governments accounting for pct of world exports and pct of world imports approved or ratified the pact before it became operational delegates said figures now being floated range between and pct reuter
earn	ceradyne inc crdn th qtr loss shr loss cts vs profit cts net loss vs profit sales vs avg shrs vs year shr profit one ct vs profit cts net profit vs profit sasles mln vs mln avg shrs vs reuter
earn	financial benefit group inc fbgia year loss shr loss cts vs loss cts net loss vs loss revs mln vs mln avg shrs vs note share adjusted for stock dividend and reverse split reuter
earn	megaphone international inc infl th qtr loss oper shr loss three cts vs loss three cts oper net loss vs loss revs vs year oper shr loss cts vs loss cts oper net loss vs loss res vs note net both periods excludes dlr gain from settlement of old obligations reuter
acq	butler btlr completes sale of livestock unit butler manufacturing co said it completed sale of its livestock systems division and part of its control division in separate transactions to two unrelated parties butler s livestock systems division was sold to an investor group including the president of the operations and certain control division assets were sold to minneapolis based enercon data corp terms of the transactions were not disclosed reuter
earn	carolina power and light co cpl qtly div qtly div cts vs cts prior payable may one record april reuter
earn	american international group aig qtly div qtly div cts vs cts prior pay june record june reuter
earn	rochester gas and electric corp rgs in payout qtly div cts vs cts prior pay april record march reuter
earn	service corp international srv sets quarterly qtly div eight cts vs eight cts prior pay april record april reuter
earn	valley resources vr sets split raises payout valley resources inc said its board declared a three for two stock split and raised the quarterly dividend to cts per share presplit from cts both payable april record march reuter
acq	norstar nor fleet flt outline merger fleet financial group said that its board and the board of norstar bancorp have agreed to merge the two bank holding companies in a transaction which would create a billion dlr asset bank holding company under terms of the transaction each norstar shareholder will receive shares of fleet common stock based on the number of fleet shares after giving effect to a previously announced april one fleet stock split the two for one stock split will increase fleet s currently mln outstanding shares to shares there are about mln norstar shares outstanding fleet said the deal is expected to be completed by july one the date on which the nationalization of rhode island s interstate banking law takes effect for the full year ended december fleet a rhode island based bank holding company reported net income of mln dlrs and assets of billion dlrs norstar an albany n y holding company reported net income of mln dlrs and assets of billion dlrs fleet comptroller irv goss said it is estimated that the transaction will result in minimal dilution in fleet norstar earnings per share it is the intention of both companies that cash quarterly dividends following the combination not decline for either company s stock holders the company said for norstar issued dlrs annually in cash dividends on its common stock fleet s current annual distibution on a pre split basis would be equivalent to dlrs a share in addition fleet and norstar have each granted the other an option to purchase such number of authorized buy unissued shares of common stock that will constitute pct of the fully diluted shares outstanding the transaction is subject to both regulatory and shareholder approval the companies said that after the proposed merger the combined banking holding wil be among the largest in the country reuter
acq	teck to increase stake in trilogy resource trilogy resource corp said teck corp agreed to purchase mln trilogy common shares at one dlr per share in a private placement which would increase its stake in trilogy to pct from pct trilogy also said its board approved a private placement of mln common shares at a price of cts per share to a group of investors the placement will be made through mcneil mantha inc reuter
acq	rabbit software rabt to make acquisition rabbit software corp said it has agreed in principle to acquire privately held communications hardware maker micro plus ii corp for about two mln common shares with closing expected by may reuter
earn	altex resources ltd year net shr six cts vs eight cts net vs revs vs reuter
acq	amour inc to make acquisition amour inc said it has entered into a letter of intent to acquire bard international associates inc for mln common shares in a transaction that would give former bard shareholders control of the combined company bard makes tennis and squash racquets and accessories reuter
earn	may ma reports strong st qtr start may department stores co reporting record results for the fourth quarter ended january said it is encouraged about the new fiscal year by a strong start in february and march the company said its merger last year with associated dry goods which was accounted for as a pooling of interests is going very well may said we are acting more like one company every day our expansion schedule is on track may said it plans to invest more than mln dlrs this year to open department stores eight discount stores and more than specialty outlets the company reported fourth quarter earnings of mln dlrs or dlrs a share up from mln dlrs or dlrs a share a year earlier revenues advanced to billion dlrs from billion dlrs reuter
earn	cramer inc crmr th qtr loss shr loss eight cts vs loss dlrs net loss vs loss sales vs year shr profit four cts vs loss dlrs net profit vs loss sales mln vs mln reuter
acq	american travellers atvc to make acquisition american travellers corp said it has entered into an agreement to purchase isl life insurance co of dallas a corporate shell with active licenses to operate in states for about dlrs the company said closing is expected by late spring and will result in american travellers being licensed in seven new states reuter
earn	ohio art co oar sets quarterly qtly div six cts vs six cts prior pay may eight record april reuter
acq	american express axp up on shearson rumors american express co climbed to on rumors the company was about to announce an agreement to sell pct of its shearson lehman brothers unit to nippon blife insurance of japan traders said speculation about an impending deal rumored to be worth mln dlrs also sent shares of other u s brokerages up sharply painewebber group inc pwj gained to and merrill lynch and co inc mer rose to american express officials declined comment but cited a statement it released more than two weeks ago in which it said it was studying matters of strategic importance american express officials also pointed out the earlier statement issued march one said it is company policy not to comment on rumors or speculation the earlier announcement also said american express and shearson were studying options including expansion of capacity to meet international competition and broadening access to capital the latest rumors originated in tokyo traders said if the rumors are true it gives them a nice infusion of capital for an attractive price said lawrence eckenfelder analyst at prudential bache securities reuter
earn	cont l illinois sees months of brazil debt talks continental illinois corp s cil chairman john swearingen said he sees negotiations to reschedule brazil s debt payments taking at least three to six months brazil declared last month a moratorium on payment of interest on its medium and long term debts the moratorium is expected to persist the entire time that debt scheduling talks are under way i believe it will take three to six months maybe longer for an arrangement to be worked out to reschedule brazil s debt swearingen told reporters at a press briefing i think brazil will pay its debts in the long run just how long the run is is anybody s guess swearingen said earlier the bank holding company said brazil s moritorium may force it to increase non performing loans by mln dlrs and reduce pretax and net income by mln dlrs in the first quarter and mln dlrs for the full year the bank will decide march whether to characterize these loans as non performing william ogden chairman of the continental illinois national bank and trust co of chicago continental s largest subsidiary said in response to an inquiry ogden said the moratoriums will affect both pretax and net income equally because the banking firm has tax credits to use swearingen predicted an increase in operating profits for because he sees higher income and reduced expenses continental will reduce expenses through job cuts and reducing office rental costs in it cut about positions in it had net profits of mln dlrs or cts a share up from mln dlrs or cts a share the bank transferred mln dlrs of poor quality loans and other assets to the federal deposit insurance corp fdic during it can transfer bad loans under the terms of the restructuring agreement with the government the bank will transfer the remaining mln dlrs that it is entitled to transfer to fdic by september swearingen said it will choose loans based on ultimate loss rather than their immediate effect on non performing loans in the bank s loans to the midwest s middle market rose pct at a time of overall weak loan demand in the u s concerning banking acquisitions swearingen said the bank would like to buy additional suburban chicago banks in it bought three small suburban banks swearingen said he is concerned that continental will be taken over because no bank in the midwest region is large enough to buy it and new york money center banks are prohibited by law from buying illinois banks he said however that the fdic still has control over who will eventually own the firm because it still holds the equivalent of mln common shares out of a total mln the fdic sold mln shares to the public last year and has said it intends to sell the rest as quickly as possible the agency received the shares as part of its billion dlrs bailout of the bank swearingen who came out of retirement in to head the struggling banking firm after a career as an oil industry executive said he will retire when the three year period he agreed to be continental chairman ends in august he would not comment on a successor the bank will expand its first options of chicago options clearning unit into tokyo swearingen said but said its doubtful lending to japan will occur because that country doesn t need external sources of cash reuter
earn	reliable life insurance co rlifa ups dividends qtly div class a cts vs cts prior qtly div class b cts vs cts prior pay june one record may one reuter
acq	cross and trecker ctco to sell unit cross and trecker corp said its warner and swasey subsidiary will seek to sell its grinding division to focus on other areas of its business the company said the grinding division had sales last year of about mln dlrs it makes grinding machines reuter
earn	novar electronics corp novr th qtr jan three shr loss eight cts vs loss eight cts net loss vs loss revs vs year shr profit eight cts vs profit four cts net profit vs profit revs mln vs mln note quarter net includes tax credits of dlrs vs dlrs reuter
nat-gas	consolidated natural cng forms trading unit consolidated natural gas co said it has received securities and exchange commission approval to establish a wholly owned natural gas marketing subsidiary called cng trading co it said the new unit will operate in new york pennsylvania ohio west virginia louisiana and texas and compete with other markets for delivery of low cost natural gas supplies consolidated said customers needs will be met from a wide range of low cost sources including the spot market independent producers and brokers and consolidated s producing affiliates cng development co of pittsburgh and cng producing co based in new orleans reuter
earn	correction federal paper fbt raises payout in item appearing march please read headline federal paper board co fbt raises payout also please read qtly div cts vs cts corrects headline and dividend figure to show payout was raised
ship	shell canada shc to sell tankers to socanav shell canada ltd said its shell canada products ltd unit will sell three tankers effective april one to socanav inc terms were not disclosed shell also said it will contract exclusively from socanav normal marine distribution requirements for domestic markets with some exceptions for an initial year period shell also said its shell canadian tankers ltd unit will lay off employees and that socanav will offer jobs to employees the three shell vessels are lakeshell eastern shell and northern shell which range in size from to tonnes shell said shell canada is pct owned by royal dutch shell group rd reuter
trade	ec warns congress on new trade bill the european community ec has warned the u s house of representatives that tough trade legislation it is considering could prompt retaliation by u s trading partners the warning was sent in a letter from sir roy denman head of the ec delegation in washington to dan rostenkowski chairman of the house ways and means committee a copy of the letter was made available to reuters denman told rostenkowski an illinois democrat he backed aspects of the bill such as one backing new talks under the gatt and one excluding protection for the textile industry but denman disagreed with other provisions which would require president reagan to take retaliatory trade action against nations with large trade surpluses with the u s and would set new standards for judging unfair foreign trade practices denman told rostenkowski that gatt regulations prohibit member nations from taking unilateral retaliatory action in trade disputes unless the action is gatt approved he said if the congress makes retaliatory action mandatory then the united states would be in violation of its international legal obligations and on a collision course with its major trading partners denman added that a president should have flexibility in enforcing trade laws saying in the last resort any administration must take its decision in light of the overall national interest otherwise he said the risk would be counter reaction by trading partners of the united states i e retaliation or enactment of mirror image legislation to be employed against imports from the united states denman also said congress could prompt retaliation if it reduced the threshhold of unfair trade by making it easier for firms to file unfair trade practice claims retaliation could also be prompted by relaxing standards for findings that imports were injuring u s firms changes in these standards must be agreed upon multilaterally they cannot be imposed by the united states alone on the world trading system he said house leaders have rejected a plan by textile state legislators to add to the trade bill a provision to curb imports of cloth and clothing similar to a measure passed two years ago but vetoed by president reagan there was concern by the leaders that reagan would veto the entire trade bill because of the textile amendment reuter
acq	fairchild president seeking management buyout fairchild semiconductor corp president donald brooks said he intends to take a management buyout proposal to the company s parent at some point in the future and substantial funding is available for such a purchase fairchild is owned by schlumberger ltd slb brooks also told a press conference that if management is successful it may later attempt to take the company public i am sure that if such a management buyout is to occur and i am hopeful that it does the public market is one of the avenues we will ultimately have to use to raise capital brooks said brooks also said the company would continue to attempt an exchange of technology and manufacturing agreement with fujitsu ltd if successful in its buyout bid futjitsu withdrew an offer to acquire some pct of fairchild a semiconductor maker after u s government officials expressed opposition to the transaction brooks told the news conference that any purchase would be in the form of a management buyout and not a leveraged buyout he also said the transaction could be financed through a debt issue or conventional financing from investors brooks said management is pleased by a number of investment proposals bought to them but he added the investors must be willing to invest in the future growth of the company and not just selling off assets brooks also said he was not aware of any direct intervention by the u s in an attempt to block the merger i am not aware of any direct contact between washington and fujitsu but that doesn t mean it doesn t exist brooks said he also said fujitsu executives remain enthusiastic about a link with fairchild reuter
earn	cpc cpc sees higher earnings per share cpc international inc said it expects earnings per share to increase over levels we are confident that will top in earnings per share and are optimistic about our longer term future as well the company said in its annual report in cpc earned mln dlrs or dlrs a share on revenues of billion dlrs compared with income of mln dlrs or dlrs on sales of billion dlrs in the share figures are adjusted for a for split paid in january a share buyback program started last year reduced the number of shares outstanding to mln at year end from mln dlrs the end of adjusted for the split the food and grocery products company also said it was the subject of five stockholder lawsuits and one class action suit filed last november and december in delaware new york and new jersey the suits are related to the company s purchase of its shares from salomon brothers inc after salomon bought a block of the stock from ronald perelman who had acquired nearly mln cpc shares or pct of the company last year the suits allege the company bought the shares back at an artificially inflated price violating securities laws breaching directors fiduciary duties and wasting corporate assets cpc said the defendants which include the company its directors salomon and perelman deny all the allegations of improper conduct and are defending the suits reuter
earn	novar electronics novr sees results improving novar electronics corp said it expects improved earnings this year due to a rapid expansion of its logic one computerized buolding management system customer base and expectations of good crime deterrent business the company today reported earnings for the year ended january three of dlrs up from dlrs a year before reuter
acq	mitsui mitsy security pacific spc set pact mitsui and co ltd said it has signed a letter of intent with security pacific corp to buy pct of japan security pacific finance co ltd for an undisclosed sum to form a joint venture japan security pacific has assets of mln dlrs the joint venture will introduce various financial products to the customer base of mitsui and its group of companies the company said security pacific will provide expertise in consumer and commercial lending as well as data processing support japan security pacific finance is a wholly owned subsidiary of security pacific international finance inc which is owned by security pacific corp security pacific said in addition to originating consumer and commercial loans and leases the joint venture will market related financial products and services reuter
earn	carolina power cpl cancels generating unit carolina power and light co said its board has decided to cancel coal fired mayo unit two the second unit planned for its mayo plant in person county n c the company said the kilowatt unit was only about one pct complete and was scheduled for commercial service in carolina power said the status of the unit had been under review because of a decision by the north carolina environmental management commission that would have required the unit to be equipped with expensive sulphur dioxide removing scrubbers carolina power said unit one which has been in operation since meets all air quality regulations without scrubbers through the use of low sulphur coal and the addition of scrubbers to mayo unit two would have produced only marginal air quality improvements the company said it will be able to purchase lower cost power from duke power co duk for intermediate and peaking purposes than the projected cost of power from mayo two with scrubbers it said it will retain the mayo two site for later development of a generating unit carolina power said mayo two was projected to cost about mln dlrs including mln dlrs for scrubbers the higher construction costs plus higher operating costs would increase the cost of power produced by mayo unit two with scrubbers by about mln dlrs per year a company spokesman said the company has already spent about mln dlrs on mayo two he said no estimate has yet been made of the cost of canceling the plant but the company does not expect to take a charge against earnings he said carolina power intends to include the cancellation costs in rate filings it will make late this year or early next year reuter
earn	allison s place inc alls th qtr net qtr ends jan shr seven cts vs net vs revs mln vs mln avg shrs vs mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	carolina power and light co cpl sets payout qtly div cts vs cts prior pay may one record april reuter
acq	puritan bennett pben makes acquisition puritan bennedtt corp said it has acquired a majority interest in medicom inc which makes a heart monitor for use in diagnosing heart disorders for undisclosed terms the company said the device will be sold under the name companion heart monitor reuter
earn	murray ohio mur sees higher first quarter net murray ohio manufacturing co said it expects first quarter earnings to be higher than the year ago dlrs or dlrs per share due to excellent lawn and garden shipments the company said bicycle sales were soft early in the period but recent orders and shipments have been running well ahead of last year it said it expects to meet analysts projections of earnings for the full year of dlrs per share and it could possibly exceed the estimate if orders continue strong reuter
earn	del val financial corp dvl sets payout mthly div cts vs cts prior pay july one record june reuter
earn	enron ene to pay dividends on preferred enron corp said it will pay accrued second quarter dividends on the three series of preferred stock it will redeem on may the company said it will pay second quarter accrued dividends to the redemption date of cts per share on the pct stock cts on pct and cts on pct reuter
earn	allison s place alls sales increase in february allison s place inc president marvin schenker said company owned stores sales for february increased pct over the same period last year he said comparable store sales in february increased pct the company which owns and franchises a total of clothing outlets where all articles cost six dlrs will increase that figure to seven dlrs starting march schenker said he said the impact of that boost will start to be felt in the early part of the company s second quarter and continue throughout the year schenker said costs of the company s merchandise will not increase reuter
earn	borman s inc brf th qtr net shr dlrs vs dlrs net vs sales mln vs mln year shr dlrs vs dlrs net vs sales billion vs mln note fiscal net includes tax credits of cts for the fourth quarter and dlrs for the year compared with cts and cts in the respective periods of fiscal reuter
earn	corrected bankers trust new york bt payout qtly div cts vs cts prior pay april record march note full name bankers trust new york corp company corrects pay date april not april in story that ran yesterday reuter
earn	ne electric nes auditors qualify annual report new england electric system s auditors have again qualified the utility s annual report because of uncertainty about whether its oil and gas subsidiary can recover its investments the qualification was noted in the annual report which new england electric released at a security analysts meeting today the auditors also qualified the company s report for the same reason noting the sharp drop in oil and gas prices in early president samuel huntington told analysts the utility will have to take a write down of about mln dlrs if federal regulators do not allow the company to pass on the losses cited by the accountants to its rate payers reuter
earn	corrected federal paper fbt raises payout qtly div cts vs cts pay april record march note full name federal paper board co corrects headline and dividend figure in item appearing march to show dividend was raised reuter
earn	rada electronic industries radif nine mths net ended december shr three cts vs nine cts net vs revs vs avg shrs vs note full name rada electronic industries ltd reuter
crude	doe secretary proposes oil tax incentives energy secretary john herrington said he will propose tax incentives to increase domestic oil and natural gas exploration and production to the reagan administration for consideration these options boost production while avoiding the huge costs associated with proposals like an oil import fee herrington told a house energy subcommittee hearing it is my intention to submit these proposals to the domestic policy council and the cabinet for consideration and review the goal of the administration policies is to increase domestic production i would like to shoot for one mln barrels a day he said the proposals were based on a doe study released yesterday warning the united states was threatened by a growing dependence on oil imports we project free world dependence on persian gulf oil at pct by herrington said reuter
earn	children s discovery cdcra th qtr loss shr loss cts vs profit six cts net loss vs profit revs vs mths shr loss cts vs profit cts net loss vs profit revs mln vs note th qtr loss reflects dlrs of non recurring expenses related to senior management changes full name of company is children s discovery centers of america inc reuter
earn	cpi corp cpic to post higher results cpi corp said it expects to post higher sales and earnings for its fiscal year ended february when it officially reports results in three weeks it said preliminary figures show total sales of mln dlrs up pct from mln dlrs in its fiscal year net earnings from continuing operations rose to mln dlrs up almost pct from mln dlrs while per share earnings from continuing operations were dlrs up pct from dlrs there were additional shares outstanding reuter
earn	laidlaw transportation ldmfa sees better year laidlaw transportation ltd said earnings per share for the current fiscal year should increase by substantially more than the pct average annual growth experienced in the last four years revenues for the year ended august will be about billion dlrs including gsx corp the u s waste services unit acquired from imasco ltd last year for mln dlrs laidlaw president michael de groote told analysts last year laidlaw had operating earnings of mln dlrs or cts per share on revenues of mln dlrs de groote also said the company expects excellent results in the second quarter ended february but would not be more specific he said his revenue estimate for fiscal does not include possible further acquisitions and said that the addition of gsx will produce increasing benefits in fiscal through fiscal de groote said the increased earnings in the previous four quarters was due partly to internal growth of about pct the rest came from acquisitions he said laidlaw expects to sell a small rubber recycling operation a subsidiary of gsx within the next few weeks but this will not make any material contribution to earnings de groote said he also said he is not very optimistic about the ongoing negotiations to buy pct of tricil ltd a toronto based chemical and solid waste services company with canadian and u s operations from trimac ltd of calgary de groote said that regardless of the outcome of the proposed tricil acquisition laidlaw will decide within the next days whether to stay in the north american chemical waste business through gsx corp we feel it is a profitable business with good growth potential and we now want to stay in it if we can get the right management de groote said laidlaw financed the acquisition of gsx by its u s subsidiary laidlaw transportation inc with the proceeds of a mln canadian dlr preferred stock issue and borrowing de groote said the company will gain about mln dlrs in cash by august from the exercise of warrants de groote also said waste services in fiscal will represent about pct of revenues school buses will contribute pct and trucking about two pct the trucking subsidiary in western canada is performing well and there are no plans to sell it he said he would not estimate the contribution of each segment to earnings per share for the year he also said that further acquisitions of school bus operations in the u s are likely within the next few months reuter
trade	peru short term trade lines rise to mln dlrs peru s short term foreign trade credit lines have more than doubled to mln dlrs under president alan garcia s month administration central bank general manager hector neyra told reporters that many of the credits were for day terms and could be used several times a year the trade credits stood at million dollars when garcia took office on july and announced foreign debt payments would be limited to pct of export earnngs neyra told reuters that peru was current on interest payments on short term debt including the trade credit lines and on about million dollars in so called working capital credits neyra did not specify the source of the trade credit lines reuter
gnp	brazil s gdp grew pct last year brazil s gross domestic product gdp rose by pct in real terms last year following an pct increase in the geography and statistics institute said in money terms this equalled trillion cruzados giving per capita gdp of cruzados or pct above the level achieved in before the recession of the institute said in a statement agricultural output hit by adverse weather fell by pct last year led by coffee production which was pct down industry grew pct including capital goods by pct and consumer goods by pct while services were up pct reuter
earn	ensource inc eee th qtr loss shr loss cts vs loss dlrs net loss vs loss mln revs mln vs mln year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln reuter
earn	great lakes federal glfs hikes dividend qtly div cts vs cts prior qtr pay april record april note great lakes federal savings and loan is full name of company reuter
earn	murray ohio myo sees higher st qtr earnings the murray ohio manufacturing co said it expects first quarter earnings to be higher than the dlrs or dlrs per share it recorded for the first quarter of last year the company which produces lawn mowers and bicycles said earnings are ahead of last year due to increased lawn and garden shipments in january and february and a record setting pace in march reuter
earn	alleghany corp y declares dividend alleghany corp said its board declared a stock dividend of one share of its common for every shares outstanding as the company s dividend on its company for it said the dividend will be distributed on april to holders of record on march alleghany said cash will be paid in lieu of any fractional shares of its stock reuter
interest	house subcommittee votes credit card rate cap a house banking subcommittee has approved legislation to limit the interest rates charged by banks and other credit card issuers the consumer affairs and coinage subcommittee bill would limit credit card interest rates at eight percentage points above the yield on one year treasury securities if in effect now the bill would limit credit card rates to pct compared to a nation wide average of pct the subcommittee said the bill now goes to the full house banking committee for further action reuter
earn	premier industrial corp pre rd qtr net ended feb shr cts vs cts net mln vs mln revs mln vs mln nine mths shr dlrs vs dlrs net mln vs mln revs mln vs mln avg shrs mln vs mln reuter
acq	union uco to sell union flonetics unit union corp said it agreed in principle to sell its union flonetics corp subsidiary to irvin kaplan a houston investor the unit makes valves and marine specialty equipment for the military kaplan is also controlling shareholder of hunt valve co inc the amount of the cash transaction expected to close in april was not disclosed reuter
earn	u s bank income shows first drop in years problems in the farmbelt and oilpatch regions contributed to the first decline in overall income for u s banks in a quarter century the federal deposit insurance corp fdic said the nation s commercial banks had net income of billion dlrs in down slightly from s record billion dlrs the total was still the second highest ever reported but it was the first time income had not grown since the figures reflected a radical split in the health of banks in the two halves of the country the fdic said in the east one in banks had losses last year while one in four banks west of the mississippi river had losses nationwide one out of five banks reported losses the fdic said in the first of a new series of quarterly banking profiles it planned to issue i don t remember a time when there was such a clear distinction by geographic area fdic chairman william seidman told reporters he said that while the figures were not good they showed the problem did not lie with the banking system as a whole but with regional differences in economic performance some banks have failed so far this year twice as many as failed by this time a year ago but seidman said he doubted the pace would continue on a positive note banks increased capital to a record billion dlrs last year and there has been a slowing in the number of new problem banks in all regions except the southwest seidman said banks provision for losses from bad loans in the fourth quarter increased to billion dlrs a pct rise from a year ago large banks those with assets of one billion dlrs or more reporting fourth quarter losses totaled the fdic said seidman said it was too early to say what effect brazil s moratorium on debt interest payments would have on u s banks he said bank deregulation had given managers more freedom to run their banks and that an increase in failures was to be expected but this freedom from regulatory restraints also has meant other banks that were better managed have gotten stronger seidman said reuter
earn	somerset savings bank sosa th qtr feb net shr cts vs na net vs year net vs assets mln vs mln deposits mln vs mln loans net mln vs mln note some per shr amounts not available as company converted to public ownership in july reuter
earn	vestar securities inc ves sets payout qtrly div cts vs cts prior pay april record march note company said prior qtr includes end of year additional four cts dividend reuter
earn	ameritech ait regular dividend set qtly div dlrs vs dlrs pay may record march note full name is american information technologies corp reuter
earn	hartford national corp hnat declares dividend qtly div cts vs cts prior pay april record march reuter
earn	arkansas best corp abz declares qtly dividend qtly div nine cts vs nine cts prior pay april record march reuter
earn	auditors lift qualification on ps indiana pin auditors for public service co of indiana inc lifted a qualification in effect for two years on its financial results according to the company s annual shareholders report psi s report was qualified in and when its auditors arthur andersen and co questioned the utility s ability to recover costs of its marble hill nuclear power plant and to extend the maturity of its credit agreement the company wrote off mln dlrs of marble hill costs in november and repaid its final mln dlrs in debt in october it said reuter
earn	marshall industries mi rd qtr feb net shr cts vs cts net vs sales mln vs mln nine mths shr cts vs cts net vs sales mln vs mln note per share figure reflects two for one stock split of july reuter
earn	financial benefit group inc fbgi year loss shr loss cts vs loss cts net loss vs loss note includes realized gains of one mln dlrs versus dlrs reuter
earn	arkansas best abz sees lower first qtr net arkansas best corp said its first quarter earnings will be significantly lower than fully diluted earnings of cts per share in last year s first quarter the company said pricing competition and lower traffic levels in the motor carrier industry hurt its first quarter results however the company said its furniture and tire operations are more profitable this year than last year arkansas best also said that if the industry sustains the upcoming pct motor carrier rate hike it will offset the teamster labor increase scheduled for april it said the labor increase then will be pct for abf freight system its largest unit reuter
earn	urs corp urs st qtr jan net shr primary cts vs cts shr diluted cts vs cts net vs revs mln vs mln avg shrs pimary vs reuter
earn	tie communications inc tie th qtr loss oper shr loss dlrs vs loss cts oper net loss mln vs loss mln revs mln vs mln mths oper shr loss dlrs vs loss dlrs oper net loss mln vs mln revs mln vs mln note for the qtr and yr loss reflects pretax loss of mln and mln which included a writedown of inventory and restructuring charges amounting to mln and mln and a tax gain of and for the qtr and yr loss consisted of a pretax loss of mln and mln which included a writedown of inventory restructuring charges and loss on the sale of a division amounting to mln and mln and a tax gain of and mln qtr excludes estimated loss for disposal of hcl leasing corp sold july as well as its operating results prior to this date year current and prior excludes loss and respectively for estimated loss on disposal of hcl leasing corp qtr and year current excludes foreign tax and respectively which payment would have been required in the absence of foreign operating loss carryforwards from prior years reuter
acq	u s house plan seeks to bar foreign takeover a u s house subcommittee voted to give president reagan authority to block foreign takeovers of u s companies similar to the takeover of fairchild semiconductor corp by fujitsu ltd which was withdrawn the energy and commerce subcommittee on commerce approved as an amendment to the overall house trade bill a provision giving reagan the power to block sales to foreign companies if the sale was not in the national or economic interest the subcommittee rejected a proposal requiring the u s to pay investors one pct for the right to hold their gold investments in government storage his amendment called for the government to sell gold coins and gold backed bonds with maturities of to years to investors to reduce the federal debt reuter
acq	siebe completes acquistion of ranco rni siebe plc of the u k said it completed the acquisition of ranco inc following approval by ranco shareholders according to the terms of the deal ranco holders will receive dlrs a share in cash ranco will be transferred to one of siebe s u s subsidiaries robertshaw controls co ranco produces automatic control devices and power controls that regulate temperature pressure time sequencing current fluid flow and humidity its teccor unit makes a specialized line of semiconductors reuter
earn	hawker siddeley canada inc year net shr dlrs vs dlrs net vs mln sales mln vs mln note pct owned by hawker siddeley group plc reuter
crude	no immediate plans to close refinery esso saf esso saf essf pa the french subsidiary of exxon corp xon said it had no immediate plans to shut down one of its two refineries exxon s new president lee r raymond said earlier that it could decide to close a french refinery an esso saf spokesman said a closure was a hypothesis that depended on the evolution of the market and refineries ability to make money he said port jerome west of paris and fos sur mer on the mediterranean had benefitted from new investment over and had last year broken even after stock losses the port jerome refinery has an annual production capacity of seven mln tonnes while fos sur mer s is five mln the spokesman added industry sources said the easiest plant to dispose of would be fos sur mer because it is a single refinery while the port jerome refinery is attached to a wider complex comprising a petrochemical plant and a lubricant production plant raymond was quoted as saying in a published interview that exxon was reviewing its worldwide refinery operations and might decide to close one of its french refineries reuter
earn	tel offshore trust teloz ups quarterly payout qtly distribution cts vs cts in prior qtr payable april record march reuter
earn	emhart corp emh set to increase earnings emhart corp said it plans to increase worldwide revenues and earnings at an annual compounded growth rate of pct and about pct respectively it said these objectives were based on several assumptions including a four pct average inflation rate through and a two pct to three pct gnp real growth in emhart reported a net loss of mln dlrs or cts a share after a mln after tax restructuring charge which realigned the company s assets emhart has divested itself of many of its units to focus on three primary markets industrial products consumer products and information and electronic systems emhart said industrial products should account for about pct of projected revenues of billion dlrs while consumer products should account for about pct of those revenues and information and electronic systems about pct reuter
fuel	belcher to raise heavy fuels prices the belcher co of new york a subsidiary of coastal corp cgp said it will raise the posted prices for number six fuel in new york cts to dlrs a barrel depending on grades effective march the new prices are pct sulphur dlrs up one dlr pct sulphur dlrs up dlrs pct sulphur dlrs up dlrs one pct sulphur dlrs up one dlr two pct sulphur dlrs up cts pct sulphur dlrs up cts pct sulphur dlrs up cts and pct sulphur dlrs up cts reuter
earn	graphic industries inc grph th qtr jan net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs ln vs mln reuter
earn	central pennsylvania financial corp cpsa payout qtly div cts vs cts in prior qtr payable april record april reuter
earn	hartford national corp hnat regular dividend qtly div cts vs cts in prior qtr payable april record march reuter
carcass	brazilian red meat output down sharply usda brazilian red meat production in fell more than pct to mln tonnes due to drought which reduced slaughter weight and to herd rebuilding which started because of high cattle prices the u s agriculture department said in its report on world production and trade developments usda said that in beef production is expected to reach mln tonnes pork production in rose pct to mln tonnes due to the sharp rise in beef prices and is expected to remain at that level this year usda said reuter
acq	gencorp asks shareholders to postpone action in tender offer
acq	mony financial buys united administrators uai mony financial services said it purchased united administrators inc in an effort to secure a larger market share for its group insurance line mony said this acquisition coupled with its purchase of kelly associates in contributes to its goal of expanding its group business and improving its product lines reuter
earn	bfi communications systems inc th qtr loss shr loss cts vs loss cts net loss vs loss revs vs year shr loss cts vs loss dlrs net loss vs loss revs vs avg shrs vs reuter
acq	fortune forf to acquire marine savings fortune financial group inc s fortune savings bank subsidiary said it executed a definitive agreement to buy marine savings and loan association of florida for mln dlrs it said the agreement has been approved by the directors of both banks and is subject to approval of marine shareholders by a majority vote fortune said that under the agreement it will pay dlrs cash for each of marine s shares outstanding among other things reuter
acq	hawker siddeley canada to sell unit hawker siddeley canada inc said that due to poor market conditions for railway freight car manufacturing it plans to sell its trenton works division in trenton nova scotia hawker siddeley said it set aside a provision of mln dlrs for the proposed sale it also said lower earnings were due to much lower earnings in transportation equipment and losses in steel castings and forgings which offset gains in the mining sector and improvements in forestry equipment hawker siddeley also said demand for new railway equipment was limited with export sales frequently restrained by customers financing difficulties demand for steel castings and wheels for canadian railways continued to be very depressed with maintenance requirements at the lowest level in the past decade however there was demand for industrial casting due to increased hydro electric power generation the company said the company said manufacturing of mining machinery and tunnelling equipment showed greatly improved results in the u s and export markets mainly china and india the orenda division maintained a high level of activity in aircraft engine repair and overhaul and in the manufacture of engine components sawmill equipment and skidder operations were affected by a strike in british columbia and the extended debate on u s imports of canadian lumber but there were encouraging signs at yearend the company said reuter
earn	central illinois cip mths feb net shr dlrs vs dlrs net vs revs mln vs mln note central illinois public service co is full name of company most recent months net excludes preferred dividends of mln dlrs compared with mln dlrs last year reuter
earn	bogart crafts corp vogt year loss yr ends nov shr loss cts vs loss dlrs net loss vs loss revs mln vs mln note prior yr ended nov reuter
acq	gencorp gy group to seek anti greenmail vote gamco investors inc an affiliate of gabelli and co plans to propose an anti greenmail provision at the gencorp inc annual meeting march according to gamco chairman mario gabelli greenmail often involves the repurchase of shares at a premium by a company from an unwanted investor gencorp today received a surprise tender offer from a group that holds pct of its stock gabelli also said gamco has sent a d filing to the securities and exchange commission on the pct of gencorp stock held by gamco and its affiliates the stock amounts to shares and most of it was reported in an earlier g filing a g is filed by passive investors to show holdings of more than five pct earlier today general partners owned by wagner and brown and afg industries inc launched a dlr per share tender offer for gencorp analysts said the offer was between and dlrs per share too low gencorp has made no comment on the offer gabelli said he also proposes that management consider spinning off all assets other than the gencorp broadcast properties to shareholders the licenses of the broadcast properties have long been entangled in a series of challenges one thing is going to be clear and that is i m going to the meeting and putting up no greenmail gabelli said gabelli said he fears that greenmail might be a motivation in the offer the annual meeting is to be held in akron ohio reuter
earn	laenderbank expects modest profit rise in oesterreichische laenderbank ag olbv vi expects to maintain its dividend and to record a moderate rise in profits this year after the mln schilling net profit made in general director gerhard wagner said wagner told a news conference that last year s pct rise in net profit from mln in was largely due to greater domestic business and wider margins on schilling interest rates the bank austria s third largest raised its dividend to pct of its billion schilling nominal share capital from pct on capital of billion in announcing the results wagner said we will endeavour to maintain the higher dividend in laenderbank s balance sheet total rose five pct to billion schillings against pct growth in foreign currency business last year accounted for some pct of balance sheet total compared with about pct in wagner blamed the realtive shrinkage of foreign business chiefly on the dollar s fall against the schilling which is effectively pegged to the mark the dollar s weakness had wiped some billion schillings off the balance sheet total wagner declined to give an exact figure for profits from the bank s london branch which opened in april but said that it came close to one mln stg on schilling lending profit on interest had risen pct to billion schillings while commission earnings climbed pct to mln according to the federal budget the state is due to lower its stake pct in laenderbank probably to pct wagner said the exact timing of the move depended on the state reuter
acq	national data ndac in pact with signature national data communications inc said it is no longer obligated to issue its majority shareholder signature capital corp mln common shares under a previous agreement national said it entered into a new agreement with signature which would have owned about pct of national s common under the prior pact under the new pact national said it granted signature a five year option to acquire two mln shares of its common for an option price equal to its current market value national has about mln shares outstanding reuter
acq	pilgrim venture in merger agreement pilgrim venture corp said it signed a letter of intent to merge with marketing technologies group inc rockville center n y under terms of the agreement pilgrim a publicly held corporation said it will issue two mln shares of authorized but unissued restricted common stock to marketing technologies shareholders the company said it expects to complete the merger by june marketing technologies is developing a computer based advertising system geared toward large advertisers the company said reuter
acq	gencorp gy to study general partner bid gencorp inc chairman william reynolds said the company s board and its financial and legal advisors will study the unsolicited tender offer from general partners right now our advice to all our shareholders is to wait until the board advises them of its position which will happen on or before march reynolds said earlier today general partners controlled by wagner and brown and afg industries inc said it started a tender offer for all of gencorp s shares and stock purchase rights for dlrs a share general partners said the offer which is due to expire april is conditioned on receipt of sufficient financing and other conditions we are asking our shareholders to postpone any decision on whether to accept or reject the offer until the board finishes its evaluation reynolds said in a statement the wagner and brown afg offer does not expire until april so shareholders have time to make their decision he said reuter
earn	restaurant management services resm in payout qtly div cts vs cts prior pay april record april nine note full name restaurant management services inc reuter
earn	citizens first bancorp inc cfb raises dividend qtly div cts vs cts prior pay may record april note prior dividend is adjusted for recent six for five stock split reuter
jet	texaco inc tx mln dlr defense contract texaco refining and marketing inc is being awarded a mln dlr defense logistics agency contract for jet fuel the defense department said it said work on the contract which was awarded as part of a multi contract procurement program is expected to be completed by march reuter
earn	allison s place inc alls th qtr net shr seven cts vs cts net vs revs vs year shr cts vs cts net vs revs mln vs mln reuter
earn	conagra inc rd qtr shr cts vs cts
gas	pri pri to buy shell rd hawaii gas stations pacific resources inc said it signed a definitive agreement with royal dutch shell group unit shell oil co to buy shell s marketing terminaling and distribution assets in hawaii for mln dlrs the purchase would include shell s interest in retail gasoline stations and four petroleum product terminals pri said the company said it expects the transaction to be completed by september the pact includes provisions allowing the continued use of the shell trademark credit cards and the sale of shell brand products by the gasoline stations pri said pri said all shell brand products sold under this agreement will be manufactured to shell specifications reuter
earn	reading co rdgc th qtr oper net oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs year oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note year ago periods exclude extraordinary gain of mln dlrs or cts shr includes gains of dlrs vs one mln dlrs in qtr and mln dlrs vs mln dlrs in year from tax loss carryforwards reuter
earn	conagra inc cag rd qtr feb net shr primary cts vs cts shr diluted cts vs cts net mln vs mln revs billion vs billion avg shrs primary mln vs mln avg shrs diluted mln vs mln nine mths shr primary dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs mln nine mths revs billion vs billion avg shrs primary mln vs mln avg shrs diluted mln vs mln note net is before preferred dividend payments current nine mths net includes after tax provision of five mln dlrs for consolidation of food plants shr and avg shrs data reflect two for one split in december results for year ago nine mths and current first half restated to reflect acquisition of e j miller enterprises for shares in january reuter
acq	canadian pacific cp seeks buyer for unit canadian pacific ltd said it retained wood gundy inc to seek a buyer for maple leaf mills ltd of toronto the company said maple leaf had sales of mln dlrs and an after tax profit of mln dlrs it is a diversified agriproducts company which produces and sells industrial and consumer flour flour based products and baked goods it also operates a fully integrated poultry business and a rendering businesses markets livestock and poultry feed and distributes grain through a network of country and terminal elevators reuter
acq	air canada courier buy sharply alters industry air canada s mln u s dlr acquisition of gelco corp s gec canadian unit has dramatically altered canada s fast growing courier industry largely dominated by u s companies until this year company officials and analysts said state owned air canada takes over the country s second largest overnight courier business just two months after another canadian company onex capital corp ltd approved the acquisition of number one ranked purolator courier ltd from new jersey based purolator courier corp pcc but analysts said the two acquisitions were prompted by financial restructuring undertaken by the u s parent companies and likely don t represent an industry trend toward buying out foreign owned courier operations it s a case of whether you can buy from the right people at the right time mcleod young weir ltd transportation analyst tony hine commented the two acquisitions fit with a larger move by u s companies embroiled in a take over or restructuring to sell off their canadian units to generate ready cash said nesbitt thomson deacon inc analyst harold wolkin there is a very good correlation between the u s parent selling canadian subsidiaries and the u s parent either being under siege or taking someone else over he said gelco corp of minnesota decided to sell gelco express ltd as part of its previously announced program to sell off four operating units to buy back shares and pay down debt gelco express marketing vice president james o neil told reuters the sale is the first under gelco s divestiture program and proceeds will be used to help pay down mln u s dlrs of debt by year end the company said while company officials declined to disclose earnings and revenue figures o neil said gelco express holds a dominant position in the industry handling more than packages a day and generating revenues of more than mln canadian dlrs a year the earlier move by purolator to sell its canadian unit formed an important part of a company restructuring program adopted after another canadian company unicorp canada corp acquired a pct stake in purolator and said it would consider acquiring the whole company last month purolator agreed to be acquired by a company formed by e f hutton lbo inc and certain managers of purolator s u s courier business for air canada its acquisition of gelco s canadian courier business represents an excellent financial investment in a market it sees growing by to pct annually spokesman esther szynkarsky said the airline also announced it acquired a pct stake in ems corp of calgary an in city messenger service it did not disclose financial terms but szynkarsky said the two acquisitions totalled about mln canadian dlrs and the two business have combined yearly revenues of mln dlrs she said the acquisition fit with air canada s strategy of seeking attractive investments that compliment its main airline business gelco will continue to operate with current management independently of air canada although air canada already operates its own air cargo business that includes a small door to door courier operation they re well run they re a good investment they re doing well in a growing market and that s the way we want to keep it szynkarsky said analyst hine said the gelco and purolator canadian units will likely retain operating links with their u s delivery network generating traffic for the former parent companies without them having to tie up capital in canada the nature of the business is that incremental traffic is incremental revenue hine said it s sort of a sausage maker business where you put in place the sausage grinder and the more sausage you can stuff through the more money you make he added reuter
copper	copper industry asks lme for strategy statement representatives of the international wrought copper council iwcc and major copper producers have told the london metal exchange lme a clear statement of its forward strategy would lead to a better understanding between industry and the lme in a press release the iwcc said that at the latest meeting between the copper industry and the lme to discuss the new clearing house system industry expressed grave concern about latest proposals made by at least one lme member for a cash cleared market to replace the planned clearing system which will retain the prompt date settlement basis copper industry delegates told the lme a decision to change the planned clearing system would indicate a fundamental change in the function of the lme and in its service to the industry the release said by deterring industry use of the exchange for hedging and physical needs it would remove many of the unique advantages currently offered by the lme and make it indistinguishable from non trade orientated markets such as comex the lme had to decide whether dealer convenience should take a higher priority over customer satisfaction industry delegates said the iwcc release also said the lme had confirmed that no change would be made to the clearing system planned to start on may but it had indicated that consideration would be given in due course to the cash clearing proposal made by amalgamated metal trading at a lme members meeting last week a copper industry spokesman suggested that some assurance of permanence in the new clearing system would remove industry fears of uncertainty resulting from an endless process of review and change the press release said reuter
earn	north west telecom nowt th qtr oper net oper shr cts vs cts oper net vs revs vs year oper shr dlrs vs dlrs oper net vs revs mln vs mln note full name is north west telecommunications inc reuter
acq	group reconsiders computer memories cmin bid a shareholder group led by far hills n j investor natalie koether said it is reconsidering its plan to seek control of computer memories inc and now plans to sell its entire stake in the company in a filing with the securities and exchange commission the group which includes sun equities corp said it sold a net computer memories common shares between march and at prices ranging from to four dlrs a share lowering its stake to shares or pct of the total outstanding the group said it reconsidered its takeover plans after the company announced it agreed to a stock swap on march the chatsworth calif computer disk drive concern said it agreed in a letter of intent to exchange pct of its stock all of which would be newly issued for the assets of privately held hemdale film corp with hemdale as the surviving entity in light of these disclosures sun found it necessary to re evaluate the feasibility of seeking control of the company and has sold a portion of its shares and currently intends to sell the balance thereof from time to time the group said the group which disclosed plans on dec to seek control of the company reserved the right to change its mind again reuter
earn	ault inc ault rd qtr march one net shr profit eight cts vs loss cts net profit vs loss sales vs nine mths shr profit five cts vs loss cts net profit vs loss sales mln vs reuter
earn	americus trust atu and atp initial dividend americus trust for american telephone and telegraph shares series two said it will distribute an initial dividend of cts on may to shareholders of record march reuter
acq	xtra xtr to buy fruehauf ftr unit xtra corp said it agreed to acquire all the stock of rentco trailer corp a wholly owned subsidiary of fruehauf corp for about mln dlrs rentco had revenues of about mln dlrs the transaction is expected to be completed in april and is subject to regulatory approval reuter
acq	wickes companies wix completes sale of unit wickes companies inc said it completed the sale of its sequoia supply division to a new company created by the management of that division paul hylbert president of sequoia has been named president and chief executive officer of the new company reuter
acq	ldbrinkman ldbc chief cuts cenergy crg stake ldbrinkman corp chairman l d brinkman and members of his family said they cut their stake in cenergy corp to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission the group said it sold cenergy common shares to snyder oil partners l p soi on march for dlrs and gave snyder another shares in exchange for units of limited partnership interests in snyder reuter
earn	inter tel inc intla st qtr feb net shr three cts vs one ct net vs revs mln vs avg shrs vs reuter
earn	texstyrene corp foam mths dec loss shr loss cts net loss revs mln avg shrs mln note company went public february reuter
earn	fluorocarbon corp fcbn qtly dividend shr seven cts vs seven cts prior qtr pay april record april reuter
earn	metro mobile mmct declares stcok dividend metro mobile cts inc said it declared a pct stock dividend the dividend will be distributed on april to holders of record march reuter
earn	laurentian group sees higher share net laurentian group corp said it expects earnings per share will show about the same proportionate increase as in last year the company had mln dlrs operating profit or cts per share up from mln dlrs or cts per share in shares outstanding increased to mln from mln the american holding company laurentian capital corp will show a substantial improvement this year chairman claude castonguay said before the annual meeting laurentian capital corp which recently acquired two small u s life insurance companies had profit of mln u s dlrs or eight cts per share compared to seven mln u s dlrs or cts per share castonguay said laurentian group corp the parent firm plans to fill out its national financial services distribution system and make further acquisitions if the right opportunity occurs the company also may expand this year in continental europe in conjunction with la victoire a french insurance company he said reuter
earn	metro mobile mmct declares stock dividend metro mobile cts inc said it declared a pct stock dividend the dividend will be distributed on april to holders of record march reuter
earn	tridel enterprises inc year net shr dlrs vs cts net vs revs mln vs mln reuter
trade	peru short term trade credit up to mln dlrs peru s short term foreign trade credit lines regarded as vital to ensure smooth foreign commercial transactions have more than doubled to mln dollars under the month government of president alan garcia central bank general manager hector neyra told reporters many of the credits were day trade credits were mln dlrs when garcia took office in announcing a tough stance limiting foreign debt repayments to pct of export earnings neyra told reuters peru was current on interest payments on short term debt including trade credit lines and on about mln dlrs in so called working capital credits trade credit lines were mln dlrs in but fell in when peru stopped some payments to private foreign banks reuter
acq	u k to sell off remaining pct stake in bp the british conservative government said it would sell off its remaining pct shareholding in british petroleum co plc bp l during the next financial year which starts on april treasury financial secretary norman lamont made the announcement to parliament he said the government s policy is to sell its minority holdings in companies as and when circumstances permit as part of this policy i am now able to announce that subject to market conditions the government will sell its remaining shares in bp during the financial year the last sale of british government shares in bp was in september the government currently holds some mln ordinary shares in the company lamont said the treasury would appoint financial advisers for the sale merchant banks and stockbrokers interested in being considered for this would be interviewed in early april in september the u k government sold mln shares in an underwritten offer for sale by tender the striking price then was pence pct above the minimum tender price a treasury spokesman said he said the sale of bp shares would not cut across the government s plans to privatise rolls royce in either april or may or the sale of baa plc the british airports authority which is slated for privatisation in either june or july reuter
gold	east rand mines expect higher gold production east rand proprietary mines ltd said that barring any major disruption in production it expects gold output to top tonnes after dropping to tonnes last year from in chairman clive knobbs said in the annual report the mine was expected to mill a higher tonnage while capital expenditure during will be around mln rand the decline in gold production last year was due to a four pct drop in tonnage milled and a seven pct decline in grade reuter
acq	snyder soi buys stake in cenergy snyder oil partners lp said it acquired mln shares or pct of cenergy corp it said it is continuing to review its investment and has made no determination of its future course of action reuter
acq	far west financial fwf to buy progressive progressive savings and loan association prsl said it has agreed in principle to be purchased by far west financial corp s far west savings and loan association the acquisition would be a cash merger with progressive shareholders receiving up to three dlrs per share the company said progressive savings has assets of about mln dlrs and operates ten offices in los angeles and orange counties the agreement is subject to federal and shareholder approval reuter
earn	community savings bank csbn qtly dividend qtly div six cts vs six cts prior pay april record april reuter
earn	texstyrene foam suspends preferred payments texstyrene corp said it has suspended quarterly cash dividend payments on its pct convertible exchangeable preferred stock the suspension effects the march payment and it said it does not expect to pay preferred dividends in the forseeable future it said the payments were suspended because of certain covenants contained in its loan agreements a spokesman said the company s loss of dlrs for the first months as a public company did not meet an income condition on the loans leading to the suspension the maker of foam cups food containers and other products said it had outstanding preferred shares which had been privately placed the dividend payments on the shares amounted to dlrs per year the spokesman said reuter
earn	spectran corp sptr th qtr shr loss dlrs vs profit cts net loss mln vs profit revs mln vs mln year shr loss dlrs vs profit cts net loss mln vs profit mln revs mln vs mln note th qtr includes mln dlr restructuring charge and writedowns of dlrs year includes writedown of mln dlrs reuter
earn	vanguard index trust quarterly dividend qtly div cts vs cts prior pay april record march reuter
acq	canadian pacific seeks buyer for maple leaf unit canadian pacific ltd said it retained wood gundy inc to seek a buyer for maple leaf mills ltd of toronto the company said maple leaf had sales of mln canadian dlrs and an after tax profit of mln canadian dlrs it is a diversified agriproducts company which produces and sells industrial and consumer flour flour based products and baked goods it also operates a fully integrated poultry business and a rendering business markets livestock and poultry feed and distributes grain through a network of country and terminal elevators reuter
acq	greyhound corp g completes bus line sale greyhound corp said it completed the sale of its greyhound lines unit to dallas based gli holdings inc for mln dlrs in cash securities royalties and other considerations greyhound said gli is authorized to continue using the familiar running dog logo on a red white and blue shield while greyhound corp will continue to use the running dog alone as its symbol reuter
acq	intercare care drops offering buyout plans intercare inc said it terminated plans to acquire universal care a california health mainenance organization following first jersey securities decision to withdraw as underwriter for intercare s proposed public debt and equity securities offering the acquisition was contingent on its ability to obtain financing to fund the mln dlr cash portion of the purchase price intercare said it also said the offering was aimed at raising mln dlrs for working capital and mln to repay debt incurred in connection with its recent acquisition of u s medical enterprises inc the company further stated that it has a mln dlr working capital deficit and it will therefore reduce operating expenses by decreasing operating hours workforce reductions and the sale of certain assets reuter
acq	providence energy pvy finalizes acquisition providence energy corp said it completed the purchase of north attleboro gas co terms were not disclosed north attleboro serves residential customers commercial customers and industrial customers reuter
earn	mesa royalty trust mrt monthly payout mesa royalty trust mrt said unit holders of record march will receive a distribution amounting to dlrs or cts per unit payable april reuter
earn	mitek systems expects loss in current quarter mitek systems inc said it expects to report a loss in the current quarter ending march due primarily to the government buying cycle the company did not quantify the size of the expected loss it said it expects sales and profits for fiscal however to exceed those of in mitek reported sales of five mln dlrs and a net profit of dlrs mitek als said it has introduced a line of page per minute desk top laser printers limited shipments will begin next quarter with full production planned for the following quarter it said reuter
acq	echlin ech buys stake in champion parts creb champion parts rebuilders inc said echlin inc has bought a pct stake in it by acquiring newly issued shares and warrants to buy another shares at dlrs each for a total investment of dlrs the newly issued shares raises champion s outstanding shares to there are no voting restrictions on the new shares champion s board will be expanded to include two or three independent persons suggested by echlin it said champion will use the proceeds to pay down long term debt it said echlin has agreed to limits on buying additional champion shares and its ability to seek control of champion during the next seven years champion said echlin will also receive protection against the decline in price of champion s stock for seven years echlin could receive a one time payment at its option in cash or stock ranging from up to one dlrs a share in to four dlrs a share in to to the extent the market price of champion shares is less than nine dlrs a share at those times reuter
coffee	ibc president to attend managua coffee meeting brazilian coffee institute ibc president jorio dauster said he will attend a meeting in managua this weekend he told reuters by telephone from brasilia that the meeting involving brazil colombia and central american coffee producers will be strictly to review the coffee market situation the meeting is set for saturday but could also continue on sunday he said reuter
crude	canterra energy to drill well off nova scotia canterra energy ltd said it will drill an exploratory well on the scotian shelf about kilometers east southeast of halifax nova scotia drilling will begin in late april in meters of water and will be drilled to a total depth of meters canterra said canterra will operate the well and has a pct interest in it petro canada inc has pct trillium exploration corp has pct and nova scotia resources ventures ltd has pct reuter
acq	fleet flt aims to speed merger with norstar fleet financial group hopes its proposed merger with norstar bancorp nor ranked as the largest u s banking merger can be completed by the beginning of according to an executive of fleet robert lougee director of corporate communications for rhode island based fleet told reuters the company is exploring the possiblity of seeking a change in the national trigger date for the state s reciprocal bank law to jan from july one the decision is up to the rhode island legislature the merger plan was announced in a midday news release that said the deal worth about billion dlrs would be consummated july one when rhode island barriers to interstate banking outside of new england come down if we can consummate the deal earlier that would be better for all concerned lougee said he said to the best of his knowledge a change in the rhode island law would not be a hardship for any other banking institution in the state he said fleet is optimstic connecticut law which only permits interstate banking mergers within new england can be amended fleet owns first connecticut bancorp if the connecticut law is not amended in time lougee said an option would be to spin off that unit with repurchase provisions the new england reciprocal banking laws have excluded new york as a means of protecting regional banks from being gobbled up by the money center giants wall street analysts said the merger accord between fleet and albany n y based norstar demonstrates the rapid pace of interstate banking mergers since state legislatures begain permitting regional mergers on a reciprocal basis the u s supreme court decided in mid to permit the mergers fleet and norstar in a joint statement billed the proposed merger as a partnership of two companies both will continue to operate existing headquarters after the merger norstar holders will receive fleet shares for each one of theirs following fleet s previously announced two for one split fleet shares closed today at up giving the deal an indicated value of billion dlrs that topped the proposed merger of los angeles based security pacific corp spc and seattle s rainier bancorpartion rban the west coast deal announced about four weeks ago is worth an estimated billion dlrs chemical new york corp s chl acquisition of texas commerce bancshares last year was valued at about billion dlrs making it similar in size to the security pacific rainer deal the california combination of wells fargo and co wfc and crocker national corp last year was worth billion dlrs and there have been several bank mergers in the southeast valued in the mln dlr range it s a merger of equals said analyst john rooney of moseley securities corp he said norstar had a book value at the end of of dlrs per share while fleet s book value was dlrs rooney noted that norstar chairman peter kiernan is in his s while fleet s terrence murray is in his late s he said kiernan would probably head the combined company until his retirement then murray could assume the top post analyst thaddeus paluszek of merrill lynch and co said fleet s earnings would have been diluted about two pct in on the basis of the merger terms announced today he noted that fleet has a teriffic reputation after having diversified in a number of financial areas fleet has established consumer banks in the southeast and is known as an innovator in securitization of mortgages the merged banks would have assets in excess of billion dlrs and be one of the largest banks in the u s norstar operates in most of new york state but not in new york city lougee said at some point in the future banking operations that both norstar and fleet operate in the state of maine would be combined the agreement between norstar and fleet includes a lock up option designed to deter other acquirers each granted the other an option to purchase authorized but unissued shares amounting to pct of the fully diluted shares outstanding reuter
earn	tridel enterprises inc sets initial dividend qtly div five cts pay april record march reuter
cpi	brazilian inflation lower in february brazilian consumer prices rose pct in february compared to january s record rate of pct the brazilian geography and statistics institute said in a statement the february rise brought the increase in consumer prices since the introduction of the anti inflation cruzado plan a year ago to pct reuter
interest	volatility likely to remain low in debt futures financial analysts see little chance that u s interest rate futures will break out of their narrow ranges and low volatility during the remainder of the week we got a little volatility wednesday said staley commodities international analyst jerome lacey but for the moment we re still in a trading range even unexpected developments concerning the growth of the u s economy may not be enough to spur the market out of its sluggish state the analysts said it the bond market has not yet demonstrated that it can break out of its very low volatility said carroll mcentee and mcginley analyst denis karnosky it needs something but it s not going to be news about the economy he said karnosky said that the bond market will possibly break out of the doldrums if participants perceive that the dollar has stabilized and the federal reserve has more room to conduct monetary policy but even wednesday when fed funds were below six pct the dollar strong and oil on the soft side bond futures attracted eager sellers when contracts approached recent highs he said in addition to a changing perception about the dollar and monetary policy golden gate futures president norman quinn said the beginning of april could bring foreign investors back into the marketplace the market is beginning to feel there may be demand at the beginning of the fiscal year in japan on april quinn said quinn echoed the sentiment of many analysts that there are large amounts of cash waiting to be invested if japanese investment in u s securities does materialize at the start of japan s fiscal year domestic funds may also flow into the bond market he said we could get a stiff rally possibly enough to bring yields on long bonds down to seven to pct compared to the current yield of about pct quinn said in the meantime even the prospect of new supply is not likely to move futures the treasury s announcement of a billion dlr refunding operation did little to move cash government securities prices late wednesday after the close of futures i d be surprised if supply pushed us out of it the trading range lacey said reuter
trade	u s house panel votes to ease export controls a key house panel voted to greatly ease government controls on exports as several house committees moved rapidly toward approval of major changes in trade laws they hope will help solve u s trade woes the house foreign affairs subcommittee on international economic policy voted to direct the administration to cut the list of controlled exports by per cent by removing items no longer considered important to u s military security industries had complained they were losing sales to foreign competitors who were allowed to export freely products u s companies could not sell abroad the issue has been the subject of administration debate the commerce department had held that unnecessary restrictions impeded u s exports while the defense department said current controls should be retained but better administered four congressional panels met today to consider portions of a wideranging trade bill that intends to help u s companies sell more products abroad and to fight unfair foreign trade practices their separate proposals some of them conflicting will be woven by house democratic leaders into a final trade bill for a vote by the full house in late april sparked by the proposal of fujitsu ltd to take controlling interest in schlumberger ltd s fairchild semiconductor corp the house energy and commerce subcommittee on commerce voted to expand reagan s authority to block foreign takeovers of u s companies reagan would be able to block any takeover found to be damaging to u s economic or national security interests we are losing our semiconductors which are at the heart of our national security subcommittee chairman james florio a new jersey democrat said the subcommittee also called for the administration to consider retaliation against japan for its restrictive government procurement practices the retaliation could be triggered by a requirement that the administration investigate whether u s companies were treated unfairly and whether they have been barred from bids on lucrative public works projects such as the eight billion dlr kansai airport construction u s firms have complained they were not allowed to bid on its construction at the urging of the u s recording industry the subcommittee agreed to bar imports of a new japanese product digital audio recorders meeting in closed session the house ways and means committee agreed to allow president reagan to retaliate against foreign countries that refuse to open their markets to u s telecommunications products congressional aides said the committee also agreed u s companies would be allowed to press for relief from imports of counterfeit products made in violation of u s copyright and patent laws reuter
copper	chilean copper workers elect left wing leaders chilean left wing leaders were elected by the copper workers union for the first time since the left wing government of salvador allende was overthrown in a coup nicanor araya a member of the popular democratic movement mdp was named president of the chilean confederation of copperworkers ctc which groups workers employed in the state owned copper mines union officials said other members of the mdp which includes the communist party and a faction of the socialist party took five of the principal positions on the union s directorate the state owned copper company of chile codelco produces around pct of the country s copper output of some one mln tonnes per year chile is the world s leading copper exporter and sales account for just under pct of its export income the mdp won six out of the places on the union s directorate in elections earlier this month with the christian democratic party holding five and the remainder being won by independents but the left wing was left in control of the union after the christian democrats and independents failed to reach agreement on a joint candidate for the presidency and withdrew from negotiations union elections were called following the resignation of former president rodolfo seguel last october seguel a christian democrat and chile s best known union leader said he was forced to step down after repeated court actions brought by codelco prevented the union from operating the labour leader who now heads the inter union national workers command cnt was among workers sacked by codelco following a strike in the strike the only copper industry stoppage staged in the past years marked the start of a wave of protests against the military rule of president augusto pinochet codelco argued that seguel could not continue as union leader when no longer employed by the company reuter
acq	gencorp gy bidder plans sale of aerospace unit general partners controlled by privately held wagner and brown and by afg industries inc said plans to sell gencorp inc s aerospace and soft drink bottling divisions if it succeeds in acquiring the company in a filing with the securities and exchange commission general partners said proceeds from the sale of gencorp s aerospace division would help it repay some of the debt it would incur in the dlr a share cash tender offer general partners which launched the surprise tender offer today said it already shares of gencorp or pct of the total outstanding common stock general partners which estimated the total cost of the takeover at billion dlrs also said it plans to continue gencorp s policy of trying to settle federal communications commission charges against two of its television and radio station licenses it said it would also continue gencorp s policy of trying to sell its new york area television station wor to mca inc mca for mln dlrs and its los angeles station khj to walt disney co dis for mln dlrs but general partners said it plans to keep gencorp s headquarter in akron ohio general partners also said it would maintain gencorp s plastics and industrial products division as well as tires and related products but it left open that it might make other changes in gencorp s operations after it completes the merger besides using mln dlrs of its own equity for the tender offer general partners said it would seek one billion dlrs under a secured margin facility from wells fargo bank n a and other banks it also said it would seek billion dlrs from the sale to shearson lehman brothers holdings inc or its affiliates of senior subordinated promissory notes in a march letter to gencorp chairman william reynolds which was included in the sec filing general partners officials said they were confident of our ability to promptly obtain the remaining funding as described in our offer materials for this reason we do not forsee any obstacles to a prompt consummation of the transaction general partners said shearson is dealer manager of the general partners offer for gencorp reuter
acq	monsanto mtc says debt was cut in mondanto co said it has paid off two thirds of the debt from its billion dlr acquisition of g d searle and co by the end of this lowered the company s debt to capitalization ratio from pct at the end of to pct it said the company also said that chemical sales accounted for pct of its sales in down from pct in this underscores its strategy of shifting away from low profit commodity chemicals in mature markets into higher value chemical businesses in high growth areas it said reuter
acq	lifestyle lif bombay amend merger agreement lifestyle restaurants inc said it reduced the number of bombay palace restaurants inc common shares to be received in its previously announced merger agreement under the amended deal lifestyle shareholders will get one bombay share for each six instead of five lifestyle shares under the amended offer bombay will issue about shares currently mln dlrs the amendment also increases the cash consideration to be offered on lifestyle s pct convertible subordinated debentures from pct of the principal amount to pct reuter
earn	weisfield s inc weis quarterly dividend qtly div cts vs cts pay april record april reuter
tin	bolivian tin miners start hunger strike about miners employed by the state corporation comibol went on hunger strike to press for higher wages a miners union spokesman said victor lopez executive secretary of the miners union told a news conference the strikers began to fast in the major tin mining districts of oruro and potosi and the action would spread tomorrow to la paz and other areas the government has charged that the strike by the miners union crippled by massive layoffs is part of a left wing destabilisation plan to coincide with the visit of west german president richard von weizsaecker who arrives on a four day official tour on friday but miners union chief simon reyes told reporters the strike had nothing to do with subversion and was to press for more government investment in comibol the government of president victor paz estenssoro has streamlined the deficit ridden state mining corporation laying off about miners two thirds of the workforce following a collapse of the international tin price in reuter
sugar	czarnikow expects lower european sugar output european sugar output on the basis of three year average yields will be over half a mln tonnes white value down on last year although yields do vary widely from year to year broker c czarnikow said in its market review european community sowings are likely to be down compared with last year there have been suggestions these sowings might respond to the recent upsurge in world prices but czarnikow said it is not the sort of fact that easily becomes known the broker bases its forecasts on licht planting estimates which put w germany the netherlands and ussr lower but hungary romania poland turkey and yugoslavia higher czarnikow s projections in mlns tonnes white value and three differing yields include max aver min france w germany ec w europe poland ussr e europe all europe reuter
sugar	cuban sugar output seen at mln tonnes cuban sugar output this season is put at around mln tonnes raw value by broker c czarnikow in its monthly sugar market review allowing for around tonnes for the current year s domestic usage it would leave around mln tonnes for export of which czarnikow estimates about mln tonnes will be taken by the ussr mln by other socialist countries and the remainder for delivery to non socialist bloc destinations czarnikow also estimated ussr production at mln tonnes raw value which when added to the mln imports from cuba and set against its estimated domestic and export needs of mln tonnes will leave a gap of mln tonnes to be acquired from the world market soviet purchases to date may not be far short of that quantity czarnikow said reuter
ship	u s cargo preference funding accord seen near the u s departments of agriculture and transportation are close to agreement on how to fund the increasing share of food aid to be shipped on u s flag vessels under a farm bill provision on cargo preference melvin sims usda s general sales manager told a house agriculture appropriations subcommittee hearing that the two departments are negotiating a memorandum of understanding on cargo preference under a farm bill provision the percentage of food aid shipments carried on u s flag vessels was to gradually increase over three years to pct in the increased cost of using u s vessels was to be funded by the transportation department instead of usda however usda officials said transportation has so far contributed no money the agreement between usda and transportation is expected to resolve the matter usda officials said tom kay administrator of the usda s foreign agricultural service said yesterday the requirement that more food aid shipments be carried on u s vessels has been difficult to meet as the tonnage required under cargo preference goes up its going to be harder and harder to meet kay said two farm state congressmen pat roberts r kan and glenn english d okla said cargo preference makes u s farm export programs more costly and the program should be eliminated in the past farm interests opposed to cargo preference have been defeated in congress by the maritime interests who view cargo preference as vital to the u s shipping fleet reuter
gnp	australian fourth qtr gdp rises pct after pct third qtr rise official
gnp	australian gdp rises pct in fourth quarter australia s seasonally adjusted real gross domestic product gdp rose pct in the fourth quarter of after rising pct in the third quarter the statistics bureau said this compares with a pct fall in the fourth quarter of compared with the year earlier quarter gdp also rose pct the bureau figures show the annual rise compares with a pct fall in the third quarter compared with the third quarter and a pct rise in the year earlier period the bureau figures show real non farm gross product rose pct in the fourth quarter after zero growth in the third quarter and a pct fall a year earlier making an annual rise of pct gross farm product rose pct compared with rises of pct in the third quarter and pct a year earlier making annual growth of pct elements in the fourth quarter gdp rise included falls of pct and pct in private and government final consumption expenditure respectively the bureau figures show gross fixed capital expenditure fell pct in the quarter while exports of goods and services rose pct and imports pct seasonally adjusted expenditure on gdp at average prices rose to billion dlrs in the fourth quarter from billion in both the third quarter and the year earlier quarter the figures are subject to revision over a long period reuter
acq	nippon life seeking tie with u s securities house nippon life insurance co is pursing a possible link with an american securities house to expand its overseas investment portfolio a company spokesman said but he declined to comment on rumours the company would take a pct stake in shearson lehman brothers an investment banking unit of american express co axp he said the firm started to sound out several u s investment banks on capital participation about months ago and was narrowing the number of prospects but he did not say if it had set its sights on one firm nippon life japan s largest life insurer also plans to set up a wholly owned investment unit nissei international america in new york next month and subsidiaries in canada singapore the cayman islands and jersey this year he said these moves are in line with its long term strategy to put more emphasis on overseas investment management as opportunities at home are declining while the company s assets are growing the company is especially attracted by the scale and depth of u s money and credit markets and wants to establish a firm foothold there the spokesman added reuter
jobs	new zealand unemployment falls in february new zealand s unemployment rate fell to pct of the workforce at the end of february from pct in january but was above the pct level of february the labour department said it said the number of unemployed fell to from in january and compared with in february reuter
trade	japan march interim trade surplus falls japan s customs cleared trade surplus fell to billion dlrs in the first days of march from a billion surplus a year earlier the ministry of finance said the march interim surplus compared with a billion dlr surplus in the same february period fob exports in the first days of march rose pct from a year earlier to billion dlrs and cif imports rose pct to billion the average yen dollar rate used for the statistics was yen against a year earlier reuter
acq	mitsui and co buys stake in imatron a mitsui and co mits t spokesman said its subsidiary mitsui and co usa inc bought two mln dlrs of newly issued shares in imatron inc an unlisted california based medical equipment manufacturer mitsui and co usa is now imatron s fifth largest shareholder with pct of the firm s outstanding shares imatron is capitalised at mln dlrs the spokesman said mitsui and co intends to import imatron s computerised diagnostic equipment into japan he said reuter
retail	new zealand retail sales slow in january seasonally adjusted retail sales rose by pct in january compared with increases of pct in december and pct a year earlier the statistics department said it said in a statement actual retail sales fell to billion n z dlrs in january against billion a month earlier and compared with billion in january year on year retail sales rose pct compared with a pct increase in the year earlier period reuter
gold	some south african miners return to work some black workers returned to work after staging one day strikes at two mines on monday the national union of mineworkers and the companies that own the mines said about miners resumed work at the grootvlei gold mine east of johannesburg after protesting the transfer of colleagues to other jobs at the same mine owners general mining union corp ltd genm j said the union said about mineworkers at a new coal facility owned by anglo american corp of south africa ltd angl j also returned to their jobs on tuesday the workers at anglo s vaal colliery south of johannesburg had struck to protest the alleged refusal of officials of the south african homeland of transkei to allow miners to attend a funeral in the homeland a union spokesman said reuter
acq	sanwa bank acquires small stake in portuguese bank sanwa bank ltd anwa t has agreed to buy a two pct stake in oporto based banco portugues de investmento sarl bpi portugal s largest merchant bank a sanwa official said sanwa will purchase the shares from international finance corp a bpi shareholder and sister organisation of the world bank for mln yen he said the acquisition will be completed this month as both the japanese and portuguse governments are expected to give permission soon this is the first time a japanese bank has bought a stake in a portuguese bank sanwa plans to increase its stake in bpi to four pct the ceiling for foreign shareholders the official said the bank has also agreed with banco portugues do atlantico a state owned merchant bank in oporto to exchange information on customers and help accelerate japanese investment and technological transfers to portugal he said reuter
trade	india trade deficit falls india s trade deficit is provisionally estimated at billion rupees in the first months of fiscal ending march compared with billion in the year ago period the commerce ministry said exports rose in the latest period to billion rupees from the a year earlier billion and imports to billion from billion in the period the figures show the trade deficit for all of is provisionally estimated at around billion rupees from an estimated record billion in and actual billion in commerce minister p shiv shanker told reporters last month reuter
cpi	sweden revises down january s inflation figure sweden s rate of inflation during january has been revised downwards after a fault was made in calculating the figures the central bureau of statistics said the january rise in consumer prices was pct instead of the previously announced pct the bureau said without explaining how the error arose consumer prices in february rose pct compared with pct in february last year the bureau said the total inflation rate so far this year is therefore pct allowing for january s revised figures it added year on year inflation rose to pct in february against a revised pct in january and a year on year rate of pct in february the bureau said the slowdown in price rises was mainly due to a government imposed price freeze which came into force on february the bureau added reuter
iron-steel	taiwan steel firm sees lower exports more output state owned china steel corp said its steel exports will drop to some tonnes in the year ending june from more than in production by the company taiwan s largest steel maker is expected to rise to mln tonnes from mln a spokesman told reuters he attributed the export decline to the rise in the taiwan dollar which has eroded the competitiveness of the company s products against those from south korea the spokesman said the company is undergoing an expansion project which calls for a boost in production to mln tonnes a year from the current level the project costing billion taiwan dlrs will be completed by april two months ahead of the targetted date he said the spokesman said the company exports its products to japan southeast asia hong kong the u s the middle east and africa reuter
earn	swissair net mln swiss franc vs mln div francs vs
money-supply	philippines liquidity rises loan demand falls liquidity in the philippines rose in december while loan demand and short term lending rates fell the central bank said a bank official said m rose pct to a provisional billion pesos at the end of december from a month earlier for a year on year gain of pct she said short term bank lending rates fell to an annualised pct at the end of december from pct a month earlier and pct at the end of december poor loan demand was illustrated by a rise in commercial bank reserves the official said the bank official said commercial bank reserves were billion pesos at the end of december when reserves required were billion she said the surplus of mln pesos compared with a deficit of mln pesos a month earlier and a deficit of billion at the end of reflected political uncertainty in the last quarter of reserve money the total available to monetary authorities was a provisional billion pesos at the end of this was pct up from billion at the end of november and pct up from billion in december the bank official noted m which includes m money supply plus savings time deposits and deposit substitutes was billion pesos at the end of december m money supply rose a provisional pct to billion pesos at the end of december from billion a month earlier the year on year rise was pct up from billion at the end of december the bank official said the broader m measure which measures notes and coins in circulation plus savings and time deposits rose a provisional pct to billion pesos at the end of december from billion a month earlier it rose pct from billion at the end of december she said deposits with the commercial banking system rose to just over billion pesos at the end of december from billion at the end of and billion at the end of reuter
earn	swissair swsz z year net mln swiss francs vs mln div francs per share vs turnover billion vs billion reuter
wpi	finnish wholesale prices rise pct in february finnish wholesale prices rose pct in february after a rise of one pct in january and a drop of pct in february the central statistical office said year on year wholesale prices fell pct in february after drops of pct in january and pct in february the wholesale price index base was in february in january and in february last year reuter
trade	china taiwan trade via hong kong fell in the value of trade between china and taiwan via hong kong fell pct to billion h k dlrs in from billion dlrs in hong kong s census and statistics department said taiwan s exports to china through hong kong fell to billion dlrs last year from billion in while china s exports rose to billion dlrs from mln dlrs economists in hong kong told reuters that china s controls on scarce foreign currency hurt its imports of taiwanese consumer goods such as electric fans and television sets herbal medicine and textiles were among china s chief exports to taiwan taiwan does not allow direct trade with china and indirect trade is routed mainly through hong kong reuter
money-fx	u k money market deficit forecast at mln stg the bank of england said it forecast a shortage of around mln stg in the money market today among the main factors affecting liquidity bills maturing in official hands and the take up of treasury bills will drain some mln stg while a rise in note circulation will take out around mln stg partly offsetting these outflows bankers balances above target and exchequer transactions will add some mln stg and mln stg to the system respectively reuter
cpi	brazilian monthly inflation dips slightly brazilian consumer prices rose pct in february compared with january s record rate of pct the brazilian geography and statistics institute ibge said in a statement the february rise brought the increase in consumer prices since the introduction of the anti inflation cruzado plan a year ago to pct reuter
reserves	german net currency reserves fall billion marks to billion bundesbank
gold	north korea to resurrect gold mine to repay debt pyongyang and a group of tokyo based north korean businessmen plan to resurrect a north korean goldmine and boost annual output to almost one tonne within two years from pounds at present said li sangsu a spokesman for unzan mine development co the venture partner work will begin on april and the company aims to increase output to tonnes within a decade to pay off pyongyang s billion yen debt to japanese companies li added we expect this mine to be worth about billion yen in gold deposits he said the mine started in by a u s company is one of six or seven virtually untapped mines in the unzan area miles north of pyongyang li said li said modern equipment and advanced technology would increase yields up to now the mining was done with antiquated methods and basic equipment the gold mine scheme is the latest in a series of moves by north korea to clear its debts to japanese creditors earlier this year pyongyang tried and failed to pay off part of its debt with several tonnes of fish reuter
earn	legal and general group pre tax profit mln stg vs mln
veg-oil	cargill u k strike talks to resume tuesday three consecutive days of talks between management and unions aimed at ending the three month old strike at cargill u k ltd s oilseed processing plant at seaforth ended yesterday without resolving the situation although some progress was made a company spokesman said fresh talks have been scheduled for next tuesday he said reuter
zinc	oecd europe zinc stocks rise in january producers zinc stocks in organization for economic co operation and development oecd european countries rose to tonnes in january from in december and in january latest international lead and zinc study group ilzsg figures show other figures were jan dec jan refined production refined deliveries mine output metal content reuter
crude	economic spotlight saudi arabia reshapes economy higher world oil prices coupled with a new realism ushered in by austerity could lift saudi arabia s economy after five years of falling revenue and growing budget deficits bankers and diplomats said the months ahead will prove critical as the government attempts a balancing act between defending higher oil prices and fostering recovery through a bigger role for the private sector economists said oil earnings could recover this year to about billion dlrs and nominal gross domestic product could grow by about three pct the first rise since but the economists said this will be possible only if the organisation of petroleum exporting countries opec succeeds in defending world oil prices and if saudi arabia is not forced to curtail output for too long saudi arabia is now keeping production down to defend opec s newly established dlr a barrel benchmark price oil minister hisham nazer told reuters output is running at about three mln barrels per day bpd well down on saudi arabia s opec quota of mln set for the first half of king fahd has stamped his personal authority on opec s new found determination to defend prices in a move western diplomats believe underlines the kingdom s need to secure a stable source of income for its economy saudi arabia still the world s largest oil exporter is a hugely wealthy country but the past five years of declining revenue have taken their toll economists estimate gross domestic product fell pct last year and pct in oil revenue last year when prices briefly dipped below dlrs per barrel probably totalled no more than billion dlrs compared to a peak billion in austerity is still the watchword but saudi arabia will not be allowed to dip further into recession the saudis can afford to draw down reserves temporarily to offset the worst effects a diplomat said in the short term the kingdom can lessen the impact of lower oil revenues and a gaping budget deficit by drawing on foreign reserves still put at around billion dlrs but such a policy cannot be pursued indefinitely bankers and diplomats said it would amount to fiscal recklessness in the longer term it also increases the dominance of the public sector at a time when the government is publicly urging private enterprise to take over the lead role in the economy bankers and diplomats said the government is well aware of the risks attached to this policy but is determined to tough it out on the oil front even if that means a short term depletion of reserves the budget deficit is targetted at a huge billion riyals or pct of total outlay the budget explicitly recognises the need to draw down reserves while foreign borrowing has been ruled out commerce minister suleiman abdulaziz al salim told saudi businessmen this week the government had carefully considered the need to stimulate the economy when drawing up its budget plans late last year it therefore took the bold step of withdrawing more than billion riyals from its reserves and pumping it into the economy he said reserves were built up during the late s and early s when saudi arabia s breakneck pace of construction and tales of high spending became legendary the shrinking economy has wrought huge changes in the fabric of the kingdom s private sector where poor management had gone unpunished in the easy days of the oil boom modern techniques of cost control have been introduced markets expanded and outsized labour forces and inventories cut back the expatriate workforce has fallen sharply the number of new bankruptcies appears to be declining but saudi banks hit hard by non performing loans to the corporate sector have become highly selective in extending new credit government moves to encourage lending and investigate company complaints about late public sector contract payments could boost confidence but recession has slowed the nation s industrialisation program and discouraged foreign investment private wealth is still very high and banks report more and more cash being placed on deposit as saudi arabia attempts to shift the weight of economic development from the public to the private sector one of the biggest tasks will be to convince businessmen to channel personal savings into industrial projects within the kingdom and refrain from the temptation to invest abroad reuter
sugar	ec sugar tender seen as concession to producers the rebate granted at yesterday s ec sugar tender represents some concession to producers complaints that they are losing money on exports outside the bloc ec commission officials said the maximum rebate of european currency units ecus per kilos was ecus below what producers say is needed to obtain the equivalent price to that offered for sales into intervention the rebate at last week s tender was ecus per kilos short of the level producers said was needed the officials said the officials said the commission is not negotiating with producers who have offered a total of tonnes of sugar for sale into intervention in an apparent attempt to persuade it to offer higher rebates they said the french and german producers involved are now unable to withdraw this offer before april when the sugar will officially enter intervention stores payment for it is due five weeks later and it will be open to them to withdraw their offers at any time between april and the official payment date when the commission officially takes ownership of the sugar the officials said the officials said if the commission has to buy the sugar it is determined to immediately resell it a move which would drive down market prices further they expressed some hope that the operators would not eventually go through with their plan for intervention sales we think they realise they have gone too far one official said reuter
earn	john fairfax ltd ffxa s first half weeks ended dec net shr cents vs int div cents vs pre tax mln dlrs vs mln net mln vs mln turnover mln vs mln other income mln vs mln shrs mln vs mln note div pay may reg april net is after tax mln dlrs vs mln interest mln vs mln depreciation mln vs mln and minorities vs but before net extraordinary profit rpt mln dlrs vs nil reuter
earn	britoil plc pre tax profit mln stg vs mln
earn	fairfax says higher tax hits first half earnings media group john fairfax ltd ffxa s said that its flat first half net profit partly reflected the impact of changes in the australian tax system fairfax earlier reported net earnings edged up pct to mln dlrs in the weeks ended december from mln a year earlier although pre tax profit rose pct to mln from mln net would have risen pct but for the increase in company tax to pct from and the imposition of the tax on fringe benefits paid by employers and not the recipients the company said in a statement fairfax also pointed to the cyclical downturn in revenue growth in the television industry as another reason for the flat first half earnings it said it considered the result satisfactory in view of these factors fairfax said its flagship dailies the sydney morning herald and the melbourne age boosted advertising volume as did the australian financial review and posted extremely satisfactory performances magazines also performed strongly but an pct rise in television costs outweighed a pct rise in revenue it said fairfax said a fall in net interest also contributed to net earnings because group borrowings were reduced following the receipt of a mln dlr capital dividend from australian associated press pty ltd aap after the sale of aap s b shares in reuters holdings plc rtrs l this accounted for the mln dlr extraordinary profit fairfax said it is too early to predict results for the full year increased borrowings after the recent mln dlr acquisition of the hsv seven television station in melbourne will hit earnings but networking with the channel sevens in sydney and brisbane will produce some offsetting cost savings reuter
earn	britoil plc btol l yr shr p vs p final div p making p vs p pre tax profit mln stg vs mln net profit mln vs mln turnover mln stg vs billion extraordinary debit mln vs nil operating profit mln stg vs mln exceptional debit on rationalisation programme mln vs nil petroleum revenue taxes mln vs mln u k corporation tax and overseas tax mln vs mln note the net effect of accounting changes in was to reduce after tax profits by mln stg retained earnings for prior years were increased by mln extraordinary debit of mln stg related to the decision to seek a buyer for the company s u s assets reuter
jobs	embargoed for release at gmt thurs march uk feb adjusted unemployment fell total mln or pct official
income	uk unit wage labour costs rose pct in three months ending jan official
income	uk average earnings rose pct in january underlying rise pct official
money-supply	u k february adjusted sterling m rises pct m down to one pct official
earn	legal and general group plc year shr p vs p div p making p an increase of pct pretax profit mln stg vs mln net after tax mln stg vs mln pretax profit mln stg vs mln consists of long term business mln stg vs mln u s long term business mln vs mln fund management mln vs mln short term business mln vs loss mln associate companies mln vs mln shareholders other income and outgoings mln debit vs mln credit exceptional long term business profit mln vs nil reuter
money-supply	feb sterling bank lending up billion stg after rise in jan official
jobs	uk feb adjusted unemployment fell total mln or pct official
trade	japan to ask chip makers to slash output further the ministry of international trade and industry will ask japanese computer microchip makers to further slash output in the second quarter in an effort to save its semiconductor pact with the united states miti officials said the united states has accused japan of reneging on the semiconductor pact by failing to stop the flow of cut price japanese chips to asian markets washington has threatened to take retaliatory action after april the pact agreed last year calls on japan to stop selling cut price chips in world markets and to increase its imports of american chips to reduce some of its huge trade surplus miti anxious to salvage the bilateral agreement has been pressing chip makers to limit production in the hope that will boost domestic chip prices and reduce the incentive to export last month the ministry asked japanese chip makers to reduce first quarter output by pct to meet that request they had to slash production by pct over the final six weeks of the first quarter if that reduced production level were maintained through to the end of june second quarter output would come in pct below that of the first three months of the year miti officials who declined to be identified said the ministry has not yet decided on the extent of the second quarter cutback one said that japanese chip makers are losing ground in asia to south korean and u s competition just as markets there are picking up miti has been criticized privately by some japanese semiconductor makers for what they see as heavy handed attempts to ensure the success of the japan u s chip pact reuter
money-supply	u k clearing bank lending rises billion stg clearing bank sterling lending to the u k private sector in february is estimated to have risen by an underlying seasonally adjusted billion stg after a billion stg rise in january the banking information service said the unadjusted rise was billion stg compared with an mln stg increase in january the banking information service said the adjusted rise of billion stg was well above the recent monthly average of about billion stg of the increase mln stg was accounted for by personal lending which the banking information service said was taken up entirely by lending for home purchases lending for consumption fell around mln stg while about mln stg of credit card debt was repaid during the month lending to the manufacturing industry was up mln stg and to leasing companies by mln stg the banking information service said february fell within the governmemnt tax season so much of the lending was probably the result of industry s need to pay its tax bills deposits by the private sector rose an unadjusted billion stg in february and by a seasonally adjusted billion stg deposits from the public sector rose mln stg in february while deposits from overseas residents rose by mln reuter
jobs	u k unemployment falls in february unemployment in the u k fell a provisional seasonally adjusted in february to total mln or pct of the workforce the employment department said in january seasonally adjusted unemployment fell by a revised to pct it said initially the january position was reported as flat the unadjusted jobless total including school leavers fell to mln or pct from mln pct in january february was the seventh successive month that seasonally adjusted unemployment registered a fall it was at a peak of pct last summer lord young the employment minister said there appeared little doubt the monthly fall which has been running at about will continue a department spokesman said the sharp fall in february reflected some compensation for the flat figure in january and continued the downward trend seen in the past six months he said the february fall was spread throughout the country and among men and women reuter
money-supply	sterling m up pct in february m down the main measure of u k broad money sterling m grew a provisional seasonally adjusted pct in february after a rise of pct in january the bank of england said the narrow measure m fell a provisional adjusted to one pct after a pct drop in january the bank said unadjusted annual growth in sterling m was to pct in the months to february against pct in january while m rose four to pct after a pct rise in january seasonally adjusted sterling bank lending grew billion stg after a january rise of billion of the unadjusted counterparts to sterling m bank lending to the private sector expanded billion stg after a billion rise in january the bank said the public sector borrowing requirement psbr contracted by mln stg after a contraction of billion stg in january funding debt sales to the non bank private sector and external flows to the public sector rose by mln stg after a billion stg rise in january of this central government debt sales to the public sector were expansionary by mln stg after a billion expansion in january the bank said other unadjusted counterparts to sterling m expanded by mln stg in february after an expansion of billion stg in january the bank said unadjusted figures showed a rise in sterling m by to two pct in february after a drop of pct in january on the same basis the figures showed a drop of about pct in mo in february after a sharp pct fall in january the bank said it would publish full final figures on march the bank said non bank private sector holdings of public sector debt fell by about mln stg in february while external flows to the public sector were about mln stg combined with a net psbr repayment of about mln stg the public sector contribution to the growth in sterling m was therefore about flat the bank said it said seasonally adjusted bank lending at about billion stg in february compared with an average of about billion stg a month over the preceding six months reuter
income	u k earnings rise pct in year to january u k average earnings rose a seasonally adjusted pct in the year to end january after a pct rise in the year to december the department of employment said the underlying rise was pct after pct in december the january index base was set at a provisional seasonally adjusted down from in december the underlying rise adjusted for factors such as back pay and timing variations had been steady at pct from october to october unit wage costs in u k manufacturing industry rose pct in the three months to end january on a year on year basis after a pct rise in the three months to end december the department of employment said in january the unit wage rise in manufacturing industries was pct unchanged from the december rise the department said the decline in the underlying rate of rise in earnings reflected the reduced significance of bonus payments in january compared with december the actual increase reflected teacher pay settlements and industrial action in the transport and communications sectors in january reuter
money-fx	u k money market shortage forecast revised down the bank of england said it revised down its estimate of the deficit in the system today to mln stg from mln reuter
gold	some south african miners return to work some black workers returned to work after staging one day strikes at two mines on monday the national union of mineworkers and the companies that own the mines said about miners resumed work at the grootvlei gold mine east of johannesburg after protesting the transfer of colleagues to other jobs at the same mine owners general mining union corp ltd genm j said the union said about mineworkers at a new coal facility owned by anglo american corp of south africa ltd angl j also returned to their jobs on tuesday the workers at anglo s vaal colliery south of johannesburg had struck to protest the alleged refusal of officials of the south african homeland of transkei to allow miners to attend a funeral in the homeland a union spokesman said reuter
acq	nippon life seeking tie with u s securities house nippon life insurance co is pursing a possible link with an american securities house to expand its overseas investment portfolio a company spokesman said but he declined to comment on rumours the company would take a pct stake in shearson lehman brothers an investment banking unit of american express co axp he said the firm started to sound out several u s investment banks on capital participation about months ago and was narrowing the number of prospects but he did not say if it had set its sights on one firm nippon life japan s largest life insurer also plans to set up a wholly owned investment unit nissei international america in new york next month and subsidiaries in canada singapore the cayman islands and jersey this year he said these moves are in line with its long term strategy to put more emphasis on overseas investment management as opportunities at home are declining while the company s assets are growing the company is especially attracted by the scale and depth of u s money and credit markets and wants to establish a firm foothold there the spokesman added reuter
money-fx	u k money market given mln stg assistance the bank of england said it provided the money market with mln stg in assistance this morning this compares with the bank s revised shortage forecast of around mln stg the central bank purchased bank bills outright at the new dealing rates established yesterday these comprised mln stg in band one at pct mln stg in band two at pct and two mln stg in band three at pct reuter
money-supply	philippines liquidity rises loan demand falls liquidity in the philippines rose in december while loan demand and short term lending rates fell the central bank said a bank official said m rose pct to a provisional billion pesos at the end of december from a month earlier for a year on year gain of pct she said short term bank lending rates fell to an annualised pct at the end of december from pct a month earlier and pct at the end of december poor loan demand was illustrated by a rise in commercial bank reserves the official said the bank official said commercial bank reserves were billion pesos at the end of december when reserves required were billion she said the surplus of mln pesos compared with a deficit of mln pesos a month earlier and a deficit of billion at the end of reflected political uncertainty in the last quarter of reserve money the total available to monetary authorities was a provisional billion pesos at the end of this was pct up from billion at the end of november and pct up from billion in december the bank official noted m which includes m money supply plus savings time deposits and deposit substitutes was billion pesos at the end of december m money supply rose a provisional pct to billion pesos at the end of december from billion a month earlier the year on year rise was pct up from billion at the end of december reuter
acq	sanwa bank acquires small stake in portuguese bank sanwa bank ltd anwa t has agreed to buy a two pct stake in oporto based banco portugues de investmento sarl bpi portugal s largest merchant bank a sanwa official said sanwa will purchase the shares from international finance corp a bpi shareholder and sister organisation of the world bank for mln yen he said the acquisition will be completed this month as both the japanese and portuguse governments are expected to give permission soon this is the first time a japanese bank has bought a stake in a portuguese bank sanwa plans to increase its stake in bpi to four pct the ceiling for foreign shareholders the official said the bank has also agreed with banco portugues do atlantico a state owned merchant bank in oporto to exchange information on customers and help accelerate japanese investment and technological transfers to portugal he said reuter
interest	bundesbank leaves credit policies unchanged the bundesbank left credit policies unchanged after today s regular meeting of its council a spokesman said in answer to enquiries the west german discount rate remains at pct and the lombard emergency financing rate at pct reuter
gnp	no french reflation sources close to balladur say there is no question of stimulating consumption or relying on a systematic budget deficit or other reflationary policies to boost the french economy sources close to finance minister edouard balladur said their comments followed remarks by prime minister jacques chirac s spokesman denis baudouin who said on monday ministers were agreed on the desirability of relaunching the economy this sparked speculation the government was preparing for a reflationary u turn but the finance ministry immediately ruled out any such move the sources today said the government s policy remained one of recovery or sound finances and greater efficiency they said that while billion of the billion franc revenues expected for from a sweeping privatisation program will go to providing public companies with fresh capital billion francs or two thirds will go toward paying off national debt any further privatisation revenue this year above the billion would be distributed between repayment of national internal debt and public companies in similar proportions they added the sources said it was absurd to talk of reflation when the country s internal debt expected to grow by pct this year from billion francs in was growing twice as fast as gross domestic product nominal gdp is expected to grow by roughly five pct this year from billion francs last year broadly in line with earlier forecasts real gdp will grow by up to pct the sources said that with france s economic targets for roughly in line with its main trading partners the government had no intention of pushing the economy to grow at an artificial pace out of step with neighbouring economies reuter
acq	american express says it s holding talks on sale of shearson stake to nippon life
acq	american express axp may sell shearson stake american express co said it and its shearson lehman brothers inc subsidiary have been holding talks on the possible equity investment in shearson lehman by nippon life insurance co of japan the company said the discussions have led to a general understanding by which nippon life would purchase a pct equity investment in shearson lehman for approximately mln dlrs and american express shearson lehman and nippon life would explore mutually advantageous nonexclusive business and investment opportunities the company said a definitive agreement on the matter is subject to a number of conditions including approval of the american express board and the japanese ministry of finance the company said its board is scheduled to meet march for its regular monthly sessions american express said it is continuing to evaluate various courses of action of strategic importance to shearson lehman in addition to the possible investment by nippon life it said the options range from expanding shearson s capacity to meet international competition to broadening further its access to capital the company also said all the courses of action under study reflect the continuing integral role of shearson lehman in american express worldwide financial services strategy reuter
acq	fi tek corp to make acquisition fi tek corp said it has signed a letter of intent to acquire voice systems and services inc for an undisclosed amount of stock it said on completion of the acquisition it would change its name to voice systems and services inc it said vboice systems has received a dlr contract to provide flp communications of dallas with voicemail systems through service bureaus located throughout the u s and has also contracted to provide voicemail systems and administration to m and s communications reuter
acq	first wisconsin fwb to make acquisition first wisconsin corp said it has agreed to acquire north shore bancorp inc of northbrook ill for dlrs in cash or slightly more than twice book value subject to approval by north shore shareholders and regulatory authorities the company said completion is expected in the third quarter reuter
bop	italy s february payments balance in surplus italy s overall balance of payments showed a surplus of billion lire in february compared with a deficit of billion in january provisional bank of italy figures show the february surplus compared with a deficit of billion lire in the same month for for the first two months of the balance of payments showed a surplus of billion lire against a deficit of billion in the same period the bank of italy said the cumulative balance for the first two months of does not match the total calculated on the individual monthly figures because of the provisional nature of certain data reuter
earn	belvedere corp blv th qtr loss oper shr loss cts vs loss cts oper net loss vs loss avg shrs vs year oper shr loss cts vs loss cts oper net loss vs loss avg shrs vs note net excludes realized investment gains of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
reserves	italian net reserves rise in february italy s net official reserves rose to billion lire in february from a previously reported billion in january the bank of italy said gold holdings at end february totalled billion lire unchanged on january convertible currencies totalled billion lire up from billion in january while european currency unit ecu holdings were billion lire against billion reuter
earn	carter hawley hale stores inc th qtr shr loss dlrs vs profit cts
acq	waste management says it is prepared to raise its bid for chemlawn to dlrs a share
earn	transamerica ta to have gain on unit sale transamerica corp said it expects to realize a gain of about mln dlrs on the previously announced sale of the group life and health operations of its transamerican occidental life insurance co subsidiary to provident life and accident co pacc but it said its transamerica life cos unit plans to change to a more conservative method of amortizing deferred policy acquisition costs resulting in a one time charge that will offset most of the gain from the sale transamerica said it has now signed a definitive agreement for the sale which will be structured as a reinsurance transaction involving about mln dlrs of reserve liabilities it said the mln dlr gain from the sale and about mln dlrs of statutory surplus that previously supported operations of the group being sold will be used to support transamerica life cos efforts to accelerate the growth of its remaining businesses it said closing is expected by may one subject to regulatory approvals reuter
earn	ameritrust amtr sets two for one stock split ameritrust corp said its board declared a two for one stock split and management intends to recommend to directors an increase in the quarterly dividend to at least cts per share presplit from the current cts the company said shareholders at the may annual meeting will be asked to approve an increase in authorized common shares to mln from mln as well as a limitation of directors liability and the establishment of a classified board the split is subject to approval of the increase in authorized common shares it said reuter
earn	carter hawley hale stores inc chh th qtr loss ended jan shr loss dlrs vs profit cts net loss mln vs profit mln sales billion vs billion avg shrs mln vs mln year shr loss dlrs vs profit cts net profit mln vs profit mln sales billion vs billion avg shrs mln vs mln notes share results after provision for preferred dividends per share profits from operations were dlrs vs cts in the quarter and dlrs vs dlrs in year on a fully diluted basis this was dlrs vs cts and dlrs vs dlrs respectively based on mln vs mln shares outstanding in quarter and mln vs mln in year results in both periods include pre tax losses pf mln dlr on sale of john wanamaker and mln dlrs related to recapitalization for a combined primary per share charge of dlrs in quarter and dlrs in year results also include an after tax charge mln dlrs equal to dlrs a share in quarter and dlrs in year for premium on early retirement of debt net in both periods includes pre tax loss of mln dlrs equal to cts a share on sale of holt renfrew results include lifo charge mln dlrs vs credit mln dlrs in quarter and credit mln dlrs vs credit mln dlrs in year reuter
earn	first american financial famr in special payout first american financial corp said its board declared a special dividend of cts per share and the regular ct quarterly dividend both payable april to holders of record march reuter
earn	caribou energy reverse split approved caribou energy inc said shareholders have approved a one for reverse split that will take effect by tomorrow and the company has changed its name to texas petroleum corp reuter
acq	national capital ncets to make sale national capital real estate trust said it has entered into a definitive agreement to sell its irvine commercial center in irvine calif to shuwa corp of california for mln dlrs it said the buyer has pl aced dlrs into an escrow account as a nonrefundable deposit the trust said existing debt secured by the property of about dlrs in due on completion of the transaction which is expected in early april reuter
earn	swissair reports lower profit and dividend swissair swsz z reported a pct drop in net profit to mln swiss francs and said that in line with its new flexible dividend policy it would cut its payout to francs per share from president robert staubli told a news conference that the first two months of this year gave hope that profit would at least equal last year s figure but said much depended on outside factors such as fuel prices and the exchange rate the fall was largely due to a mln franc loss on swissair s core flying business last year against a profit of mln francs the previous year he said the net profit figure was reached after receipt of some mln francs from plane sales compared with a mere mln francs in finance head martin juenger said he expected around mln francs from sales this year although said much depended on the speed with which it decided to sell its dc s gross profit for reached mln francs with mln francs subtracted for ordinary depreciation gross profits for the previous year had been mln francs with mln subtracted for depreciation including mln francs supplementary depreciation staubli said the result well below predictions made this time last year suffered considerably due to exchange rate fluctuations in particular the strength of the swiss franc while the negative effects on revenue of the sharp drop in the dollar were partially compensated for by cheaper fuel prices there was no such offset for the strength of the franc against other european currencies income and profit generated by services to these countries shrank by a very substantial margin he said exchange rate trends therefore hit us much more severely than most other airlines reuter
crude	canadian roxy in new alberta oil discovery canadian roxy petroleum ltd said a new oil discovery in the peerless lake area of north central alberta is capable of flowing at over barrels of oil a day from a lower zone and more than barrels a day from a separate upper zone canadian roxy has a pct interest in the five year royalty free well known as the canadian roxy et al trout a w m texaco canada inc holds pct mlc oil and gas ltd pct northstar energy corp pct and tricentrol oils ltd pct canadian roxy said drilling has started on a follow up exploratory well about one mile northwest of the discovery well the company said it holds a net acres in the vicinity of the discovery and a seismic program is underway to evaluate further drilling opportunities reuter
acq	waste management wmx to raise chemlawn chem bid waste management inc said it sent a letter to the chemlawn corp board saying it is prepared to increase its bid for chemlawn to dlrs a share from dlrs if chemlawn promptly negotiates and executes a simple two step merger agreement containing only essential covenants and conditions upon such an agreement waste management said it would amend its dlrs a share cash tender offer reuter
jobs	u s first time jobless claims fell in week new applications for unemployment insurance benefits fell to a seasonally adjusted in the week ended march from in the prior week the labor department said the number of people actually receiving benefits under regular state programs totaled in the week ended feb the latest period for which that figure was available that was up from the previous week reuter
cocoa	cocoa delegates optimistic on buffer stock rules hopes mounted for an agreement on cocoa buffer stock rules at an international cocoa organization icco council meeting which opened here today delegates said both producer and consumer icco members said after the opening session that prospects for an agreement on the cocoa market support mechanism were improving the chances are very good as of now of getting buffer stock rules by the end of next week ghanaian delegate and producer spokesman mama mohammed told journalists consumer spokesman peter baron called the tone of the negotiations optimistic and realistic the icco council failed to agree on buffer stock rules when a new international cocoa agreement came into force in january with deep differences of opinion precluding serious discussions on the matter at that time the existing buffer stock of about tonnes of cocoa was frozen with a funds balance of mln dlrs the icco made buffer stock rules negotiations a priority at this semi annual council meeting in order to stop the slide in world cocoa prices consumers and producers agreed yesterday on the principles as a basis for negotiations the council broke for lunch and reconvenes at hrs a working group which has been meeting since monday will tackle the buffer stock rules issue again at hrs when icco executive director kobena erbynn presents a fleshed out version of a draft proposal he prepared earlier this week delegates said mohammed said delegates will have a much clearer indication of prospects for an accord after details of the rules are elaborated by erbynn and after producers and consumers meet separately later today to examine the scheme the draft proposal included three principles a limit to non member cocoa comprising the buffer stock an offer system for buying buffer stock cocoa and price differentials to be paid for various cocoas making up the buffer stock delegates said during the morning council session the ivory coast delegation gave an open minded statement that it is willing to work out a buffer stock rules solution which could come into effect as soon as possible baron said ivorian agriculture minister denis bra kanon chairman of the icco council was now expected to arrive in london monday to attend the talks baron said vice chairman sir denis henry of grenada chaired the meeting in his place soviet and east german delegates did not attend the council session because of a conflicting international sugar organization meeting today but could arrive this afternoon delegates said reuter
earn	stuarts department stores stus th qtr net ended jan shr one ct vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln note full name stuarts department stores inc reuter
earn	iomega corp iomg expects qtr and year losses iomega corp announced it expected revenues for the first quarter of to be significantly lower than planned and that it anticipated a loss for the quarter in its annual report to be mailed to stockholders tomorrow the company will announce its first quarter loss will be in excess of mln dlrs primarily as a result of lower than anticipated revenues the company said it recored net income of dlrs or cts per share for its first quarter fiscal on revenues of mln the company said it lowered its revenue plan for the balance of and also expects to record a loss for the entire year iomega said the first quarter loss will place the company in default under certain covenants in its bank line of credit unless these covenants are modified the company is currently exploring alternatives for raising additional funds through a debt for equity financing reuter
earn	com corp coms rd qtr feb net shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln nine mths shr cts vs cts net vs sales mln vs mln avg shrs mln vs mln reuter
earn	porsche half year earnings called satisfactory dr ing h c f porsche ag pshg f said earnings in first half year were satisfactory despite burdens caused by the dollar s weakness against the mark and stagnating domestic demand in its semi annual shareholders report porsche said first half turnover fell six pct to billion marks from billion in the same period of however earnings were satisfactory it said without giving absolute figures domestic turnover fell pct to mln marks from mln foreign turnover dipped to billion marks from billion in the first half of last year although the export quota rose to pct from pct the car sector accounted for billion marks of turnover against billion the year earlier it said production dropped five pct to cars from manufacture of the and models rose six pct to from units but production of and models was cut by pct to units from and would be cut further the report said car sales fell four pct to units from in the comparable half year the report said u s demand continued for all models but demand fell in other markets domestic sales were pct down at units from while sales abroad rose five pct to from share of exports in sales rose to pct from pct investments were reduced to mln marks from mln earnings were hit by lower sales and by the lower value of the dollar and currencies in other important markets nevertheless sales and turnover would finish the july year at a high level porsche said reuter
earn	progressive bank inc psbk qtly div seven cts vs seven cts in prior qtr payable april record march reuter
earn	geriatric and medical centers inc gemc payout qtly div two cts vs two cts prior pay april record april three reuter
earn	convenient food mart inc cfmi th qtr net period ended dec shr cts vs cts net vs revs vs year shr cts vs cts net vs revs vs note period ended december share results adjusted for five for four stock split on april and pct stock dividend issued dec reuter
earn	medchem products inc mdch nd qtr feb net shr cts vs cts net vs sales vs st half shr cts vs cts net vs sales vs reuter
money-fx	u k money market given further mln stg help the bank of england said it gave the money market a further mln stg assistance in the afternoon session this takes the bank s total help so far today to mln stg and compares with its upwards revised estimate of the shortage in the system of around mln stg the central bank bought bank bills outright comprising mln stg in band one at pct and mln stg in band two at pct reuter
earn	pagurian corp ltd year net shr dlrs vs cts net mln vs mln revs mln vs mln note shares outstanding mln vs mln avg shrs not given company recently raised equity and voting interests in hees international corp to pct and pct respectively reuter
earn	unilever plc adjusts dividend unilever plc un as said a reduction in u k advance corporation tax act has prompted the company to adjust its final dividend to p per share from the originally declared p unilever s final dividend amounted p the adjustment stemmed from the dividend equalisation agreement between the british company and its dutch partner unilever nv act in respect of any dividend paid by unilever plc has to be treated as part of the dividend unilever nv final dividend remains guilders as declared with the results on march reuter
trade	jordan sudan sign mln dlr barter trade pact jordan and sudan signed a barter trade agreement under which they will exchange mln dlrs worth of goods a year sudanese officials said they said sudan will export corn sesame peanuts spices and cow hides while jordan will export cement tomato puree chemicals and pharmaceuticals reuter
gold	new market emerges in warrants for gold a new market has emerged in warrants to buy gold a vehicle which bankers say brings some of the play of commodity options into the field of securities over the past three weeks swiss offices of american banks have launched a total of four issues of warrants with varying conditions drawing on renewed inflationary worries and the recovery of the gold price last year and credit suisse and credit suisse first boston each issued swiss franc bonds with warrants for gold which have a similar character though they are aimed at a less professional market the market is still small taken together the four american led warrant issues raised only about mln swiss francs but banks believe the vehicle meets a need of investors and predicted a lively future andrew barrett of citicorp investment bank switzerland ag said the warrants give smaller investors a chance to have a long term investment in gold with limited risk citicorp in zurich launched the first of these warrants on february following it up with a second issue less than a week later the issuer in both cases was citibank na the idea found some quick copies goldman sachs in zurich organized and co led an issue for the swiss branch of banque indosuez on march and last night morgan guaranty switzerland ag did another for morgan guaranty trust co of new york the four issues now offer investors striking prices for gold ranging from the indosuez issue at dlrs an ounce the same price as the underlying commodity to a dlr level on the first one for citibank the premiums range from pct to pct and maturities from months to four years and three months in all cases longer than gold futures and options on u s markets the bankers traced the inspiration for the market back to the february report of u s consumer prices for january when a jump of pct raised again the threat of inflation many people are worried about inflation again said mats joensson of goldman sachs money supply in germany and the united states has grown very strongly in the last year and people want to take a ride on gold the gold market having seen strong gains in has languished just above dlrs an ounce over the past few weeks but the banks saw in warrants the vehicle for a more highly leveraged play where the downside risk was limited barrett said it was natural that the market developed in switzerland people here understand gold and they understand warrants he said citicorp switzerland pioneered warrants with a series of equity linked covered issues based on japanese company shares over the past two years and last autumn swiss banks launched covered warrants in swiss registered shares in a bid to give foreign investors a chance to play in a market otherwise closed to all but swiss citizens and to play it with higher leverage but after a quick flurry of issues that market dried up when swiss shares prices fell from their january peaks the issues are being marketed not on the basis of simple premiums but on implicit volatility models devised to provide scientific comparisons between titles in the options market martin bachem of morgan guaranty said his bank s issue was competitive despite its relatively high premium the issue for five ounces at dlrs was priced at swiss francs making a premium over the spot gold price of nearly pct using a black sholes options model he said the issue s long year maturity meant the warrants needed an implicit volatility of gold of only pct for the option to pay off which he claimed was lower than the other issues but barrett said the black sholes variant citicorp used pointed to a higher volatily for the morgan issue and emphasized that the models were at best an inexact science and each bank using its own model put the implicit volatility needed for its own issue at close to pct whatever the calculation the issues have received a warm welcome from investors joensson of goldman sachs said there was a lot of demand even among small investors who were buying or warrants apiece the most sophisticated ones wouldn t buy these because the premiums are too high he said reuter
acq	metro funding shareholders approve merger metro funding corp said its shareholders approved its merger into maxcom corp and its change of incorporation from nevada to delaware metro funding also said its subsidiary comet corp will be renamed maxcom usa the company also reported shareholders approved the authorization of shares of common stock to be set aside for an incentive stock option plan reuter
earn	blockbuster entertainment corp bbec year loss oper shr loss dlrs vs loss cts oper net loss vs loss revs vs note net excludes dlr gain from discontinued operations net includes tax credits of dlrs vs dlrs reuter
acq	telecom tele says sale closing delayed telecom plus international inc said the closing of the sale of its pct interest in tel plus communications inc to siemens ag has been delayed the company said it will be continuing its talks with siemens and based on current circumstances believes the transaction could close next week closing had been scheduled for march reuter
earn	the home depot inc hd th qtr feb one net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net mln vs revs billion vs mln reuter
crude	u s energy chief sees promise in oil tax change energy secretary john herrington said his proposed option to raise the oil depletion allowance to pct was probably the most economically promising way to spur domestic production the white house has said it would consider the option although it was generally opposed to any revisions in the new tax code herrington told a meeting of the mid continent oil and gas association that the higher depletion allowance on new oil and enhanced oil recovery would cost taxpayers about mln dlrs a year the option was one of many contained in a report on oil and the national security the energy department sent to the white house on tuesday herrington said of the increased depletion allowance option that is one that could significantly increase production at a very low cost to the american taxpayer he again rejected an oil import fee as far too costly to the overall u s economy reuter
income	u s personal income rose pct in february spending up pct
income	u s personal income rose pct in february u s personal income rose pct or billion dlrs in february to a seasonally adjusted annual rate of billion dlrs the commerce department said the increase followed a revised pct rise in personal income during january earlier the department estimated january personal income was unchanged the february incomes rise was the largest monthly increase since a pct rise in april the department said it attributed last month s rise to several factors including subsidy payments to farmers and government pay raises the department said personal consumption expenditures were up during february by pct or billion dlrs to billion dlrs after falling by billion dlrs or two pct in january purchases of durable goods were up billion dlrs last month after decreasing by billion dlrs in january with sales of motor vehicles accounting for most of the february increase and the january decline the department said purchases of nondurables rose billion dlrs in february after a mln dlr increase in january the commerce department said wage and salary incomes were up billion dlrs in february after an billion dlr rise in january manufacturing payrolls increased by billion dlrs last month after rising billion dlrs in february with the gains widespread through durable and nondurable industries the department said farmers incomes increased by billion dlrs in february after declining by billion dlrs in january both last month s increase and january s fall in farm incomes was because of government subsidy payments the department said personal tax and nontax payments fell billion dlrs in february following a billion dlrs january drop the declines were a result of the tax reform act of federal withheld income taxes were up in february from a month earlier but that was offset by declines in federal nonwithheld taxes and lower state and local income taxes disposable personal income in february after taxes was up pct or billion dlrs to billion dlrs after rising billion dlrs in january the personal savings rate eased to pct in february from four pct in january the department said reuter
money-fx	u k money market given mln stg late assistance the bank of england said it provided the money market with late assistance of around mln stg this brings the bank s total help today to some mln stg and compares with its forecast of a shortage in the sytem of around mln stg reuter
earn	deutsche babcock sees higher profits deutsche babcock ag dbcg f expects profits to rise in the current financial year ending september although the earnings level is still unsatisfactory managing board chairman helmut wiehn said he told a news conference that business during the year had weakened somewhat but was still generally positive sales during the first five months to february was billion marks pct down from the same period however he expected turnover for the year to be approximately unchanged from the previous year s billion marks when current orders from major projects are booked wiehn said incoming orders in the first five months to end february totalled billion marks compared with billion for the same period in they included a pct increase in domestic orders to billion marks orders in hand for the five months were pct higher at billion marks wiehn added that babcock was still aiming for a three pct yield on turnover in the year to september group profits totalled mln marks on sales of billion against the previous year s mln on billion marks parent company turnover was unchanged at mln marks wiehn said babcock s liquidity had clearly improved in the current business year with financial reserves in the first five months rising by mln marks to mln after increasing by mln marks to mln in he said pre tax earnings per share for according to the dvfa method were marks from marks and earnings after tax rose to marks from the company earlier said dividend will be unchanged at three marks for ordinary shares and marks for preference shares reuter
coffee	drought may reduce zimbabwe coffee output growers zimbabwe s projected coffee output of tonnes for could be reduced by drought growers said the main coffee growing areas in eastern zimbabwe have received little rain since april and the coffee growers association has begun a survey to assess the effects of the drought a spokesman said zimbabwe exported tonnes of coffee in mainly to west germany britain japan the netherlands switzerland and the united states reuter
earn	pillsbury co rd qtr shr cts vs cts
earn	control resource crix sees lower earnings control resource industries inc said the company estimates earnings to be between and dlrs or to cts per share compared with dlrs or cts per share during the company said preliminary estimates of revenues is mln dlrs compared with for the estimated results are based on shares outstanding compared to shares outstanding for r steven lutterbach chairman said net income for was adversely affected primarily due to lower operating margins at the company s western environmental subsidiary and to an increase in bad debt reserves western environmental was acquired in march lutterbach explained the company has taken steps to improve financial and accounting controls primarily at western which were not adequate at the time of acquisition he noted the final results for the fourth quarter will depend on the allocation of increased costs between the second and fourth quarters lutterbach said it is possible second quarter results will be restated though final net income for the year will remain in the estimated range he added preliminary indications for first quarter revenues were favorable reuter
acq	mediq med in american medical ami unit buy mediq inc said its mediq diagnostic imaging partners i lp has signed a letter of intent to acquire substantially all the assets of american medical international inc s ami diagnostic services inc subsidiary for undisclosed terms the company said ami diagnostic operates seven magnetic resonance and mutli modality diagnostic imaging centers mediq diagnostic is a limited partnership of which mediq is general partner reuter
acq	cyclops cyl board restructured to include dixon cyclops corp said its board has been restructured under the terms of the company s merger agreement with dixons group plc following the british company s acquisition of pct of cyclops stock the company said its board is now composed of three cyclops executives chairman w h knoell president james f will and senior vice president william d dickey and three dixons executives vice chairman and financial director egon von greyerz corporate finance director gerald m n corbett and secretary jeoffrey budd reuter
acq	blockbuster entertainment bbec selling unit blockbuster entertainment corp said it will sell its investment in amtech corp to the company chairman david cook and president kenneth anderson the company said the sale is taking place because amtech is not compatible with blockbuster s main line of business will require substaintial additional funding to develop and market its product and is expected to sustain operating losses for the forseeable future the company said cook and anderson will form a new company with the sale called amtech holdings inc reuter
earn	manor care inc mnr rd qtr feb net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln note year net includes charge of dlrs or six cts a share for debt redemption reuter
earn	adtec inc jail rd qtr feb net oper shr cts vs cts oper net vs revs vs nine mths oper shr cts vs cts oper net vs revs vs note net excludes tax loss carryforwards dlrs vs dlrs in quarter and dlrs vs dlrs reuter
retail	canada january retail sales fall pct after december s pct gain official
ship	accord said in sight in brazil seamen s strike an accord is in sight in brazil s day old national seamen s strike which has seriously delayed exports a union official said the official speaking from strike headquarters in rio de janeiro said up to of brazil s seamen were still on strike he said the others had returned to work over the last week accepting pay offers of pct from four private companies and from the frota nacional de petroleiros fronape part of the state owned oil company petrobras the association grouping private shipowners syndarma has also offered pct but talks have so far been deadlocked over payment for overtime the union official said he believed this issue would be resolved shortly reuter
earn	pillsbury co psy rd qtr feb net shr cts vs cts net vs sales billion vs billion avg shrs mln vs mln nine mths shr dlrs vs dlrs net vs sales billion vs billion avg shrs mln vs mln note results include gain of mln dlrs or cts a share from sale of assets results include gain of mln dlrs or cts a share from sale of assets offset partly by a restructuring provision fiscal results restated to give effect to adoption of financial accounting standards relating to pension costs segment data for foods restated to include results of commodity marketing previously reported separately earnings restated for two for one stock split effective nov reuter
earn	jim walter corp nd qtr shr cts vs cts
coffee	colombia will not attend managua coffee meeting colombia will not attend a meeting of coffee producing countries scheduled for this weekend in nicaragua jorge cadenas manager of the national coffee growers federation said we prefer to wait until things are better prepared he told reuters he added the meeting could be postponed colombia brazil and the central american coffee producing countries were invited to the meeting in managua to analyze the market situation however he did not dismiss the idea of dialogue and negotiation in preparation for meetings of the international coffee organization gilberto arango president of colombia s exporters association speaking to reuters earlier this week ruled out a fresh colombian initiative on export quotas saying producers had now to show a common resolve which could emerge from continuous contacts the international coffee organization executive board is to meet in london between march and april reuter
nickel	soviet firm says talks on for philippine mine preliminary talks are on between two state owned philippine banks and soviet metal trading and equipment sales company tsvetmetpromexport on rescuing nonoc mining and industrial corp nmic which operates the philippines only nickel refinery a soviet official said g i valentchits deputy trade minister at the soviet embassy told reuters a report earlier this week that tsvetmetpromexport had asked the philippine government whether it could help rehabilitate or operate nmic was incorrect it is the other way round valentchits said he said the development bank of the philippines dbp and the philippine national bank pnb which own nmic had approached the soviet state owned firm in august last year we studied the question and asked the banks in which field and what area they can help in the project valentchits said he said there had been no reply yet from nmic and the talks were only just initial nmic president arthur aguilar and other company officials were not available for comment manila banking sources said the situation was serious at nmic set up by dbp and pnb in august after the two banks foreclosed on the assets of marinduque mining and industrial corp over a billion peso obligation the bankers said nmic itself has recently filed with the securities and exchange commission sec for placing the company under receivership and the suspension of its debt payments in order to protect it from threats of foreclosure business day newspaper said the latest credits extended to nmic include a mln dlr loan with chemical bank as the lead agent the newspaper said another mln dlr loan was lead managed by citicorp it said the government s privatisation program has listed nmic at a price of at least mln dlrs adding that foreign investors were wary of taking over the ailing nickel firm the bankers said nmic was currently burdened with debts of at least billion pesos and is facing civil lawsuits for foreclosures from major creditors the business bulletin newspaper said the firm had assets totalling billion pesos while dbp and pnb exposures with the firm were estimated at billion pesos nmic has not operated its plant in the southern philippines since march after workers struck demanding payment of salaries delayed because of the firm s financial difficulties the firm produced tonnes of nickel in the first two months of compared with tonnes in the same period in the mine s capacity is tonnes a month reuter
earn	jim walter corp jwc nd qtr feb net shr cts vs cts shr diluted cts vs cts net mln vs mln revs mln vs mln first half shr dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs mln revs billion vs billion avg shrs mln vs mln avg shrs diluted mln vs mln note net includes gains of dlrs or two cts a share in quarter and dlrs or four cts a share from reduced pension expense under new accounting procedures net in both periods also includes gain of mln dlrs or cts a share from sale of land in alabama reuter
retail	canada retail sales fall pct in january canada s retail sales seasonally adjusted fell pct in january after gaining pct in december statistics canada said retail sales fell to billion dlrs from billion dlrs in december unadjusted sales were pct higher than in january in january automobile sales fell pct department store sales slipped pct and variety stores sales plunged pct the declines were offset by a pct increase in grocery store sales and a pct gain in hardware sales reuter
acq	scan graphics to merge with public company scan graphics inc said it will be acquired by captive venture capital inc a public company in a stock transaction approved by shareholders of both companies as a result of the merger the former shareholders of scan graphics will become the majority shareholders of captive venture capital the name of the corporation will be changed to scan graphics inc and its borad of directors will be composed of individuals now on the scan graphics board under the terms of the deal capitive venture capital will issue mln shares of restricted convertible preferred stock convertible into mln shares of common stock in exchange for all outstanding stock of scan graphics upon completing the deal there will be common shares of capitive venture capital issued and outstanding of which shares will be held by the public in addition there are tradeable class a warrants and b warrants each of which entitles the holder to buy shares of common stock at dlrs and dlrs respectively a share scan graphics makes systems that allow users to convert graphic documents such as charts maps and engineering drawings into computer data that can be displayed edited and stored by computer currently captive venture capital stock is traded over the counter and will soon trade under the scan graphics name application for nasdaq listing is expected as soon as requirements are met reuter
earn	wisconsin power and light co wpl votes payout qtly div cts vs cts prior qtr pay may record april reuter
earn	goodmark foods inc gdmk nd qtr feb net shr cts vs cts net vs sales mln vs mln nine mths shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
trade	economic spotlight u s deficit with nics the u s trade deficit with taiwan and korea is expected to widen this year despite some economic and currency adjustments by the two newly industrialized countries economists said the surpluses that taiwan and korea ran with the u s in will get bigger this time next year the u s will be screaming at those countries about their exports said steve cerier of manufacturers hanover trust co taiwan is currently the third biggest exporter to the u s after japan and canada while korea is the seventh largest faced with heightened protectionist sentiment in congress the reagan administration has been stepping up the rhetoric against taiwan and korea urging those countries to allow their currencies to appreciate and lift impediments to free trade the thrust has shifted to those newly industrialized countries nics amid signs the dollar s steep drop against the currencies of japan and most ec nations previously the main focus of the u s drive to cut its trade gap is beginning to close the competiveness gap for american goods u s treasury secretary james baker said recently that he expects a reduction in japan s trade surplus this year but u s manufacturers still are losing markets on their own doorstep to taiwan and korea whose currencies have not risen as much as the yen and the mark as major beneficiaries of soft oil prices and with low labor costs taiwanese and korean exporters are well placed to take up the slack in the fashionable comment in washington was japan bashing now it s nic bashing said robert chandross of lloyds bank plc asia s four main nics hong kong south korea singapore and taiwan accounted for almost one fifth of the overall billion dlr u s merchandise trade deficit for the u s trade gap with taiwan rose to billion dlrs in from billion in while the bilateral trade deficit with south korea grew to billion from billion and preliminary u s data show that the growth trend is continuing the u s trade shortfall with taiwan was billion dlrs in january up pct from a year earlier the gap with korea was mln dlrs up pct from a year ago lately both nations have said they will take steps to defuse incipient trade tensions korea said it is choosing many of the items on which the u s wants it to cut import tariffs in order to deflect pressure for currency revaluation still south korean trade minister rha woong bae said last week that korea would maintain a trade surplus for three to five years as a way to cut its billion dlr foreign debt for its part taiwan said in january that it will cut tariffs on goods sometime in the second half of and try to diversify exports but vice economic minister wang chien shien said last month that he still does not expect taiwan s trade surplus with the u s will fall in the nics have made deep inroads into markets for textiles and electronic goods but korea is raising its profile in the area of big ticket manufactured goods notably cars korea expects its auto exports mostly for north america to balloon to units in from zero in the nics exports are almost all manufactured goods when their exports rise it hits the heart of the u s manufacturing base it cuts directly to us and to our customers said bob wendt manager for economic studies at bethlehem steel corp the u s takes pct of korea s computer products exports pct of its electrical appliances and pct of its telecommunications equipment a recent study by morgan guaranty trust co says taiwan and south korea are the most pressing trade issue for the u s while hong kong and singapore run trade surpluses with the u s these are offset by their deficits with other countries but taiwan and to a lesser extent south korea stand in marked contrast both of these nations have moved rapidly into large bilateral surplus with the u s and major overrall trade and current account surpluses the morgan study says morgan expects taiwan s overall trade surplus to grow to billion dlrs in from billion last year and korea s to increase to billion dlrs from billion concern about the nics is not confined to the u s a lot of korea and taiwan s exports to the u s have been at japan s expense said richard koss at general motors corp february s paris meeting of six major industrial powers exorted nics to lower trade barriers and revalue currencies but this two pronged approach has drawn little response from the two nations so far and in any case will only work with a sizeable lag economists say the u s has not said how much it thinks the taiwan s and korea s currencies should climb the taiwan dollar which is pegged to the u s dollar has risen about pct since september while the korean won has risen about five pct but in real terms the taiwan dollar has been flat against the u s unit and the won has lost seven pct economists say we ve not seen any lessening of competition from those countries that we can attribute to currency changes said bethlehem steel s wendt and so far u s pleas for taiwan and korea to use their hefty export earnings to import more have had little effect moreover it is uncertain how far u s protectionism will get given the administration s free trade stance it s hard to see that anything will be passed much before year end and then the question is will it have teeth one economist said reuter
acq	rank xerox xrx to sell south african unit xerox corp s u k unit rank xerox ltd said it agreed in principle to sell its south african company rank xerox south africa pty ltd to altron group s fintech unit terms of the deal were not disclosed altron said the acquisition was key to making fintech an office systems company the south african rank xerox unit sells copiers and duplicators throughout south africa and in namibia south west africa it has over employees all of whom will be retained by fintech when the deal closes rank xerox said reuter
earn	countrywide credit industries inc ccr th qtr feb end shr cts vs cts shr diluted cts vs cts net vs revs mln vs mln avg shrs mln vs mln shr dlrs vs cts shr diluted dlrs vs cts net mln vs revs mln vs mln note share adjusted for stock dividends declared through today reuter
earn	countrywide credit ccr sets higher dividend countrywide credit industries inc said its board declared an eight ct per share quarterly dividend up from seven cts last quarter and a two pct stock dividend the cash dividend is payable april to holders of record march and the stock dividend is payable april to holders of record march reuter
coffee	madagascar coffee production seen lower in madagascar s available coffee output is estimated at tonnes this year down from in due to a rundown of government agricultural services and the poor state of feeder roads in rural areas agriculture ministry sources said this is after accounting for the loss of some to tonnes due to the transport problems in the countryside they said the sources did not give an estimate for exports in but they noted that shipments declined to tonnes last year from in low yields from the country s ageing coffee plantations and prevalence of the fungal disease hemileia vastatrix also contributed to the poor performance the sources said they pointed out that pct of madagascar s coffee bushes were planted before the sources said madagascar was still a long way from reaching the production target of tonnes per year and the export target of tonnes outlined in the government s five year plan in order to reverse the decline in coffee production the government has decided to plant hectares with high yielding arabica and canephora varieties the sources said the planting programme will begin this year and is aimed at producing to kilos per hectare of beans with a low caffeine content the sources added that madagascar s plan to export roasted coffee has failed to take off due to packaging problems only tonnes of roasted coffee were exported last year reuter
earn	excel industries inc exc boosts dividend qtly div nine cts vs eight cts prior qtr pay april record april reuter
earn	baker fentress and co bkfr votes dividend qtly div cts vs cts prior qtr payable june record may reuter
acq	amcast acst completes sale of newman division amcast industrial corp said it completed the sale of its newman division to newman manufacturing inc a new company formed by newman s employees the sale price was not disclosed amcast said newman s kendallville indiana plant is one of the country s largest producers of gray iron castings for the automotive and commercial air conditioning and refrigeration industries it said the plant employs people amcast said it decided to sell the division to move out of the gray iron castings business reuter
grain	usda asks tight insect rules for grain shipments the u s agriculture department is proposing tighter federal standards setting allowable limits on insect infestations in grain shipments the changes in the standards would include the following establishing equal tolerances for the number of live insects in shipments of food grains feed grains and oilseeds revising the definition of infested to give equal value to all insects injurious to grain establishing lower levels of infestations in the infested level would be set at three or more live insects per representative sample about grams in two or more insects and in the final infestattion level would be set at one or more live insects per representative sample revising the definition of sample grade by adding a limit of live or dead insects per sample revising the definition of sample grade for wheat by adding a limit of insect damaged kernels per grams of wheat the department asked for public comments on the proposals by april reuter
earn	pillsbury psy hurt by restaurant operations pillsbury corp reporting lower earnings for the third quarter ended february said a strong performance by its foods group was offset by restaurants group declines excluding unusual items it said restaurants operating profit was down in the quarter pct from a year ago as sales rose four pct it said burger king usa and bennigan s reported higher operating profit but profits fell sharply at steak and ale which introduced a new menu pillsbury also reported lower profits at distron burger king s distribution arm and said increased investment spending on developing concepts quikwok bay street and key west grill hurt results it said foods operating profit excluding unusual items rose pct with international operations and domestic breads and baking products major contributors to improvement in the quarter a turnaround in grain merchandising was a major factor in profit improvement for the nine months pillsbury said pillsbury said corporate expense showed a mln dlr profit in the quarter reflecting a mln dlr gain on the sale of a joint interest in an australian food company and lower corporate expenses largely as a result of an early retirement program initiated a year ago earlier pillsbury reported fourth quarter earnings of mln dlrs or cts a share down from mln dlrs or cts a share a year ago sales advanced to billion dlrs from billion dlrs pillsbury said loss of investment tax credits under the federal tax reform act reduced per share earnings by nine cts in the quarter and cts in the nine months as a result of the act it said its effective income tax rate rose eight points to pct in the quarter and percentage points to pct for the nine months reuter
earn	agency rent a car inc agnc th qtr jan net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln note share adjusted for stock dividends reuter
earn	agency rent a car agnc sets stock dividend agency rent a car inc said its board declared a five pct stock dividend payable may to holders of record on may the company also said it plans to increase the size of its rental fleet in the year ending january by to pct and expand its rental office network reuter
iron-steel	ec ministers agree need for big steel closures european community ec industry ministers today declared there is a need for a massive round of closures of steel plants to bring capacity in the country bloc into reasonable balance with demand the ministers were meeting to discuss a plan for voluntary plant closures drawn up by the industry lobby group eurofer which it calculates would cost around jobs diplomats said that in their initial reactions to the scheme most ministers declared it was a useful basis for discussion but did not go nearly far enough eurofer says it has identified scope for the closure of plants which have an annual capacity of mln tonnes provided the companies concerned can be fully repaid by the ec or national governments for redundancy and other social costs but ec executive commission sources said industry commissioner karl heinz narjes told ministers today that mln tonnes of annual capacity was excess to requirements and should be closed by the end of he said the eurofer plan in particular fails to pinpoint the scope for closure in heavy hot rolled wide strip products typically produced in plants employing thousands of people the sources said no minister challenged narjes analysis that four or five hot rolled wide strip lines would have to close they said ministers agreed that the eurofer plan should be expanded and developed through meetings among the industry body the commission and representatives of member states however diplomats said it was clear from today s discussions that such meetings will be difficult they said member states are split on whether to reduce the scope of a quota production system which at present protects ec steelmakers from the full force of competition for pct of their products while talks on the closure plan proceed it was also clear that there will be tough talks on which ec member states should bear the brunt of the closures and on how much funding for help to those thrown out of work should come from community coffers german minister martin bangemann said his country s steel industry the largest in the ec should not suffer proportionately more than others german sources said but british diplomats said their minister giles shaw insists that the profitability of companies should be taken into account the state owned british steel corporation benefitting from massive recent write offs of its accumulated debts is currently one of the few ec steel companies in the black ministers were this afternoon trying to agree a joint statement on the eurofer plan and the situation in the industry reuter
gold	murgold resources mgdvf details assays murgold resources inc said assays received from feet of drifting on the number three vein at the chester township property south of timmins ontario indicate an average of ounce of gold per ton across an average width of five feet for the foot length the last working face assayed ounce of gold per ton across feet and the drift will be continued eastward from that point the company said reuter
earn	corrected federal paper board co fbo payout qtly div cts vs cts in prior qtr payable april record march company corrects amount of previous payment in march item to show there was no change reuter
acq	alcoa aa to sell american powdered metals aluminum co of america said it has signed a letter of intent to sell its american powdered metals co subsidiary to r w technology inc for undisclosed terms with completion expected in early may american powdered makes metal parts for various industries reuter
cpi	u k revises retail price index from february the u k government tomorrow will release the first of its retail price index rpi figures calculated on a revised group of components and rebased on january as previously announced the employment department said the index britain s measure of inflation is for february earlier data will not be revised as there are no equivalent figures including the new components a spokesman said previously the rpi base was january market forecasts centre on a pct monthly rise in february and a year on year rate about pct the government forecasts annual inflation will be pct at the end of reuter
earn	sand technology systems sndcf nd qtr net ended january shr nil vs nil net profit vs loss sales vs avg shrs vs six mths shr loss one ct vs loss one ct net loss vs loss sales mln vs mln avg shrs vs reuter
earn	ryan s family steak house ryan sets split ryan s family steak houses inc said its board declared a three for one stock split payable may to holders of record may the company said the split is subject to shareholder approval of an increase in authorized shares to mln from mln at the april annual meeting reuter
reserves	french official reserves billion francs at end feb vs billion end jan
earn	inertia dynamics trim to pay stock dividend inertia dynamics corp said it declared a pct stock dividend payable may to shareholders of record april reuter
earn	csp inc cspi nd qtr feb net shr one ct vs cts net vs sales vs st half shr eight cts vs cts net vs sales vs reuter
earn	publishers equipment corp pecn year net shr profit eight cts vs loss cts net profit vs loss revs mln vs mln backlog mln vs mln reuter
earn	cavalier homes inc cavh th qtr net shr cts vs cts net vs sales vs avg shrs vs year oper shr cts vs cts oper net vs sales mln vs mln avg shrs vs note year net excludes dlr tax credit reuter
earn	colonial commercial corp ccom th qtr net shr not given oper net profit vs loss revs vs year shr not given oper net profit vs loss revs vs note earnings from on benefit preferred shareholders until preferred shareholders equity equals or exceeds liquidating and mandatory redemption values reuter
ship	panama canal official confirms no toll rise panama canal toll charges will not rise in the year to end september despite last october s landslide which dumped mln cubic yards of debris into the waterway canal commission administrator dennis mcauliffe said he told a press conference that in confirming the commission s earlier announcement of unchanged tolls for he was not necessarily implying there would be a rise in the canal would probably make a five to six mln dlr loss in the current financial year but this could be carried over and met from next year s revenues this year s deficit resulted from the landslide which cost the canal about mln dlrs mcauliffe said this included eight to nine mln dlrs in immediate costs with the rest being spent on earth moving operations to prevent any further landslides he said the landslide was not caused by deforestation and he described as grossly exaggerated reports that there was any threat to the canal s water supply in the foreseeable future studies concerning the possibility of widening the gaillard cut would not be affected by the landslide he said adding that he expected the canal board to determine whether and when the canal needed widening by january at the latest reuter
acq	richardson rell to buy italian semiconductor firm richardson electronics ltd said it agreed to buy for undisclosed terms g e b giant electronics brand a florence italy based distributor of electron tubes and semiconductors reuter
money-fx	fed says it sets billion dlrs of customer repurchase agreements
earn	domtar sets two for one stock split to take effect may
earn	public service co of n h pnh omits dividend public service co of new hampshire said its board voted to omit the quarterly dividend which would have been paid on may the company said the omission is the thirteenth consecutive dividend omission reuter
earn	rexnord inc rex st qtr jan loss shr loss cts vs profit cts net loss vs profit sales mln vs mln note fiscal net loss includes a pretax charge of mln dlrs from restructuring and an after tax charge of about seven mln dlrs from debt prepayment premiums fiscal net profit includes a pretax gain of mln dlrs on the sale of some land an after tax loss mln dlrs from discontinued operations and an after tax gain of mln dlrs from a change in accounting all results restated to exclude five businesses divested as part of the company s restructuring program reuter
earn	carson crn cites impact of tax reform act carson pirie scott and co said the tax reform act of which repealed investment tax credits had a negative impact of cts a share on earnings for the year ended january earlier carson reported yearly per share earnings of dlrs down from dlrs a year ago average shares increased to mln from mln a year earlier sales gained to billion dlrs from billion dlrs carson said it was extremely optimistic about improved profit performance in it said in the first half of it hopes to reduce seasonal type losses sustained in the first and second quarters the company said that in early april its oak brook hills hotel and conference center in suburban chicago will open under its management provisions for startup expenses have been made it added reuter
earn	domtar plans two for one stock split domtar inc said it plans a two for one stock split to take effect may the company said shareholders will be asked to approve the split at the annual meeting on april domtar said its directors believe the split could favorably affect marketability of the shares and encourage wider distribution the shares have been trading recently in a range of dlrs domtar stock was previously split on a two for one basis in june reuter
acq	financial performance fpcc pursues expansion financial performance corp said it continued its rapid expansion with a signing of a partnership agreement with gold sierra financial advisors founded by former bank of america officers in capital markets it said the agreement under which it owns pct of the partnership enables it to move into the mergers and acquisitions business reuter
acq	fed approves amsouth aso affiliation amsouth corp said the federal reserve board approved the affiliation of first tuskaloosa corp with amsouth the approval was the final regulatory step in the affiliation process which began in august amsouth said under terms of the affiliation each first tuskaloosa shareholder will receive dlrs value of amsouth stock for each share held the total consideration is valued at mln dlrs reuter
reserves	french february official reserves rise french official reserves rose billion francs to billion francs at the end of february from billion at the end of january the finance ministry said it said in a statement the rise was mainly due to inflows of foreign currency through the exchange stabilisation fund which resulted in an increase of billion francs reserves of european currency units rose by mln francs to billion francs due to interest adjustments while gold reserves rose by two mln francs to billion francs
gnp	french institute pessimistic on growth french gross domestic product will grow by only pct in real terms this year compared with the government s forecast of two to pct growth the private institut des previsions economiques et financieres pour le developpement des entreprises ipecode said however it expects growth to recover next year to the level of two pct ipecode said demand and production would develop in parallel this year in contrast to last year when production was unable to keep pace with the strong rise in domestic demand unleashing higher import demand claims on the international monetary fund imf rose by mln francs to billion francs due to net withdrawals in francs by member nations and an increase in reserves of special drawing rights sdrs due mainly to the repayment of french debts its deficit with the european monetary cooperation fund fecom remained unchanged in february at billion francs french household consumption which rose by pct last year is likely to grow by just pct this year and pct in it added industrial investment is expected to rise by pct this year and pct in down from pct in inflation which was running at pct at the end of is likely to rise to pct at the end of this year ipecode said while the government has forecast pct however the institute said inflation would fall back to pct at the end of provided that real wage costs remain within the framework of productivity rises reuter
acq	independence bancorp inbc completes merger independence bancorp inc said it completed its merger with scranton penn based third national bank and trust co with assets of mln dlrs independence said its combined assets are now billion dlrs the company said that each share of third national common will be exchanged for shares of its common independence said the merger will be accounted for as a pooling of interests reuter
earn	riverside group inc rsgi th qtr shr cts vs cts net mln vs mln revs mln vs mln year shr cts vs dlrs net mln vs mln revs mln vs mln note net includes mln dlrs gain on disposal of unit includes operations of dependable insurance gruop inc reuter
earn	i t l industries ltd st qtr feb net oper shr loss two cts vs profit three cts oper net profit dlrs vs profit revs mln vs eight mln note dividends on preferred shares dlrs vs dlrs oper net excludes gains on tax loss carryforward of dlrs vs dlrs reuter
acq	corroon and black cbl completes acquisition carroon and black corp said it completed the acquisition of poggi harrison agency inc and risk control inc terms of the acquisitions were not disclosed separately carroon said it also completed the acquisition of rosskopf rapp and schmidt insurance agency based in el monte calif reuter
earn	tultex ttx increases dividend qtly div nine cts vs eight cts prior payable july one record june reuter
acq	benetton of italy sees expansion acquisitions benetton spa of italy expects to further diversify into financial services and is weighing possible acquisitions a benetton spokeswoman here said we are thinking of diversification outside of the retail line the spokeswoman said we are looking at financial services and other manfacturing companies however she said the company was not targeting the u s for its planned expansion but was looking at a number of different countries the company s shares are traded in the u s as american depository receipts which were issued through an offering by morgan stanley group inc ms earlier this month benetton is now holding talks with wall street firms about the possibility of receiving a quotation of its shares on the new york stock exchange there s absolutely no timetable it may not even happen the spokeswoman said she also denied reports that the company was considering an issue of convertible bonds with warrants in the u s we re not thinking of issuing bonds she said in line with its planned global expansion efforts benetton is also holding talks with the soviet union to explore the possibility of opening up to stores in the country but the spokeswoman pointed out that many companies are holding talks with the soviets we are in discussions and are looking forward to some response she said she added the company had no firm timetable on when a response might be received reuter
earn	tultex corp ttx st qtr feb shr cts vs cts net mln vs mln revs mln vs mln note reflects two for one stock split effective july reuter
earn	federated fin l savings fedf initial payout federated financial savings said it declared an initial quarterly dividend of cts a share april record april this is the first dividend paid by federated since its conversion to a stock company from a mutual on jan reuter
acq	rexnord rex sees may merger with banner bnr rexnord inc said it expects to merge with a wholly owned subsidiary of banner industries inc in early may late last month banner said it completed a tender offer for and held pct of rexnord s common shares reuter
earn	burke parsons bowlby corp sets regular payout qtrly div three cts vs three cts prior pay may record april reuter
acq	warburg begins tender offer for symbion symb symbion inc said warburg pincus capital co l p began a tender offer to purchase up to mln shares or about pct of symbion s shares at dlrs per share warburg already owns about pct of symbion symbion has shares outstanding the company makes artificial hearts symbion said its board and management are carefully reviewing the offer and on or before march will advise its shareholders on whether it accepts or rejects the offer if the tender offer is successful warburg wll own about pct of symbion reuter
earn	seagram co ltd year shr dlrs vs dlrs
earn	l air liquide airp pa year ended dec parent company net profit mln francs vs mln dividend francs vs same note company said the dividend would apply to shares issued under capital increases during this means a pct rise in total dividend payments to mln francs on results from mln the previous year reuter
acq	solar systems ssdn inkey of spain set pact solar systems by sundance inc said it agreed to buy a pct interest in a company that will sell condoms produced by inkey sa of spain it said a spermicide used in inkey s condoms contains an ingredient that may help prevent the sexual transmission of aids the ingredient was cited in an article in the west german publication aids forschung but it said the article was about the ingredient and did not mention the spermicide or the condoms made by inkey the company also said it is changing its name to eurocapital corp shortly solar systems said it was buying the pct stake in a u s based europharmaceutical co inkey and an affiliate own the remaining shares of the company which was set up to distribute condoms and vaginal products that are made or are being developed by inkey the agreement calls for a two mln dlr payment to inkey for the distributorship the first dlr payment is due days after the products are approved by the food and drug administration it said europharmaceutical plans to soon file with the fda to market the condom but expects the approval process to be a lengthy one the company said the active ingredient in the spermicide is currently used in the u s in antiseptic applications unrelated to condoms as far as it knows the ingredient has not been tested in a spermicide inkey s condoms will be sold in the u s under the brand name carlton the exclusive distribution contract for the products runs for three years and is renewable for one year periods the company said it said the condoms are currently sold in spain but have not gone on sale in other european countries it said europharmaceutical currently does not have the resources to make the payments under the distribution agreement or fund the studies necessary to obtain marketing approval from the fda the company also said europharmaceutical is in talks to acquire either one or more publicly held companies with little or no assets in the event an acquisition goes through solar systems interest in europharmaceutical would be diluted below its current pct reuter
earn	modulaire industries modx th qtr loss shr loss cts vs profit cts net loss vs profit revs mln vs mln year shr profit cts vs profit dlrs net profit vs profit revs mln vs mln avg shrs vs note per share date adjusted to reflect pct stock dividend of march reuter
alum	kentucky smelters get relief on higher rates owners of two aluminum smelters in kentucky received temporary relief from higher electric rates after a decision tuesday by state regulators denying a rate hike to big rivers electric corp of henderson ky but the owners of the smelters national southwire aluminum co and alcan aluminium ltd al said further viability of the operations would depend in part upon how the rate case is eventually settled we re hoping for no rate increases but we can t say for sure it s still possible we ll have to close the smelter a national southwire spokesman said he said there were other variables to consider in any decision whether to close or continue the smelter located in hawesville about miles west of louisville national southwire is owned by national intergroup inc nii which holds about pct and southwire co which holds the rest the spokesman said a spokesman for montreal based alcan said the decision is pages long and is in legal ese so it certainly will be a long time before we can make a decision about what it means for the sebree smelter in henderson about miles west of louisville but we re delighted that big rivers electric was denied the requested rate increase a spokesman for the utility a cooperative that generates and wholesales electricity to four distributors said the requested increase was mln dlrs a year over rates the kentucky public service commission in denying the increase asked the utility to meet with creditors which include manufacturers hanover corp mhc and irving bank corp v and the smelters to renegotiate a rate plan the utility spokesman said the commission suggested that big rivers electric work out a flexible rate schedule with the smelters that would index their electric costs to the price of aluminum he said we have always been amenable to try as far as we can to assure that the two aluminum smelters remain viable he said no meetings are scheduled and none have been planned between the utility its creditors and the aluminum plant owners the commission has set a hearing on the rate issue for july reuter
earn	seagram co ltd vo year jan net shr dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs mln sales billion vs billion avg shrs mln vs mln note u s funds net includes equity in earnings of du pont co dd of mln dlrs vs mln dlrs and dividend income from du pont shares of mln dlrs vs mln dlrs latest year net includes pretax charge mln dlrs from sale of wine operations and reorganization of spirits operations in u s and related reduction in tax expense of mln dlrs reuter
earn	air products and chemicals inc apd in payout qtly div cts vs cts prior pay may record april three reuter
earn	j p stevens and co stn in payout qtly div cts vs cts prior pay april record april three reuter
earn	tie telecommunications canada ltd th qtr net oper shr one ct vs six cts oper net vs revs mln vs mln year oper shr cts vs cts oper net vs revs mln vs mln note previous oper net excludes dlrs of extraordinary expenses for qtr and dlr gain for year tie communications inc tie holds pct interest reuter
earn	peoples savings bank pebw raises quarterly qtly div cts vs cts prior pay april record april one reuter
earn	dep corp depc nd qtr jan net shr three cts vs cts net vs sales mln vs six mths shr cts vs cts net vs sales mln vs mln reuter
earn	federal signal corp fss regular dividend qtly div cts vs cts previously pay june two record may reuter
earn	state street boston corp stbk sets quarterly qtly div cts vs cts prior pay april record april one reuter
earn	marsh and mclennan cos inc mmc sets quarterly qtly div cts vs cts prior pay may record april six reuter
earn	john wiley and sons inc willb sets quarterly qtly div class a cts vs cts qtly div class b cts vs cts pay april record april three reuter
crude	api says u s crude oil ouput off from year ago the american petroleum institute said that u s crude oil production in february declined pct from year ago levels to about mln barrels a day in its monthly report on u s oil supplies and stocks api said that domestic demand for petroleum products as measured by products supplied continued to rise reaching mln barrels a day in the month up pct from february api noted the drop in crude oil output coupled with a drop in natural gas liquids production which was off pct from february levels represented a decline in u s production of more than one mln barrels a day api said the decline in domestic production and the rise in demand brought petroleum imports to about six mln barrels a day in february a pct increase from last year s level so far this year api said growth in domestic demand which was up pct from last year s year to date level has slowed in comparison to the accelerated growth in the last half of it said crude oil production for the first two months of was off pct from the comparable year ago period while crude imports were up pct reuter
acq	prime medical pmsi says merger talks end prime medical services inc said merger talks with national hmo corp nhmo have been terminated prime gave no reason for the termination of the talks with national hmo reuter
earn	first federal savings bank of montana ffsm div qtly div seven cts vs seven cts prior payable april record april three reuter
earn	ccr video corp st half feb net shr profit cts vs loss one ct net profit vs loss sales vs note current year net includes dlr gain from debt extinguishment reuter
rubber	new rubber pact to be formally adopted tomorrow a new international natural rubber agreement inra will be formally adopted tomorrow chairman of the negotiating conference manaspas xuto of thailand said the successful negotiation of the new agreement represents a significant step forward in international economic cooperation he told a news conference the new inra is to replace the current one which expires in october delegates at the renegotiation conference held under the auspices of the u n conference on trade and development unctad reached agreement over the central elements of a new accord last weekend xuto said the new inra retains the reference price of malaysian singapore cents per kilo and indicative prices set in the present pact price levels will continue to be expressed in the joint malaysian singapore currency he added the new agreement also maintains the basic structure of price ranges the may sell and may buy points at plus and minus pct of the reference price as well as the must sell and must buy zones at plus and minus pct of it xuto said the new pact maintains the same objectives that were set in the present accord the most important of these are to stabilise prices and to achieve a balanced growth between demand and supply he said the buffer stock remains the sole instrument of market intervention for price stabilisation and its maximum capacity is unchanged at tonnes xuto added at this month s session which was the fourth attempt in two years to negotiate a new inra the main issue to be resolved concerned the mechanism for adjusting the reference price it was agreed to conduct reviews of the reference price every months instead of the current month intervals the extent of the adjustment was also modified under the present agreement if the daily market indicator price has been above the upper intervention may sell price currently malaysian singapore cents or below the lower intervention price may buy price cents at present for six months the reference price is then revised by five pct or whatever amount the international natural rubber council decides under the new pact the adjustment under these circumstances will be five pct unless the council decides on a higher adjustment similarly when buffer stock purchases or sales amount to tonnes there would be an automatic adjustment of three pct under the new accord unless the council decides on a higher percentage throughout the talks which began on march producers had strongly opposed a consumer proposal to lower the reference price and the lower indicative price or floor price of cents in the present pact if the buffer stock currently tonnes reached tonnes the proposal initiated by the u s was withdrawn last friday setting the stage for compromise at the weekend since then negotiators have worked on the finer details of the new pact on the question of conditions for entry into force of the new inra xuto said it was tentatively agreed that governments accounting for pct of world exports and pct of world imports approved or ratified the new agreement before it became operational the present agreement had a figure of pct reuter
acq	investment group has moore handley mhco stake a group of new york investment companies told the securities and exchange commission they have acquired shares of moore handley inc or pct of the total outstanding common stock the firms robert h barker and co j m r barker foundation quaker hill associates l p upland associates l p and james m barker trust said they bought the stock for two mln dlrs soley for investment purposes but the group said it might buy more moore handley shares reuter
sugar	ec may offer intervention sugar to local market sugar which ec producers plan to sell into intervention may be offered by the european commission for sale within the community broker c czarnikow says in its latest sugar review the commission will propose to offer the sugar at a very nominal premium of european currency unit ecu to the intervention price with detrimental consequences for producers returns czarnikow says the move is seen as an attempt to persuade the producers to take back the surrendered sugar the commission may also take other steps to dissuade producers from their chosen course such as removing the time limit on storage contracts which presently means that intervention stocks have to be removed by the end of september czarnikow says there is also the possibility of production quotas being reduced if the commission decided to offer the sugar to traders for export the restitutions would have to be higher than those at recent export tenders czarnikow notes to match the difference between the ec price and the world market price the extra costs might be as much as ecus per tonne it says the producers might have to repay these costs through production levies and the proposed special elimination levy czarnikow says but it would be several months before any costs could be recovered under ec rules the primary cause of the plan to sell tonnes of sugar into intervention in france is dissatisfaction with the ec export program as the restitution has increasingly failed to bridge the gap between the ec price and the world market price czarnikow notes the french move is thus seen as a form of protest designed to force the commission s hand in west germany tonnes have been tendered for intervention but czarnikow says the motive here is to ensure that the price is paid for sugar that was produced in in addition to a two pct cut in the intervention price west german producers face a further price reduction in july with a probable revaluation of the green mark even if the immediate crisis is resolved the problem is not expected to disappear permanently it has appeared to traders for some years that the ec s export policy is insufficiently responsive to changing patterns of demand it says the weekly tenders should respond to fluctuating demand by increasing or reducing the tonnage awarded czarnikow says suggesting that the commission might also take steps to cut down the amount of unnecessary bureaucracy surrounding the export tender system reuter
interest	german banks see low interest rates continuing the association of german cooperative banks said in a financial survey that domestic interest rates would continue to remain low for the time being it said the bundesbank could hold them down despite strong foreign influence and it saw no interest straining factors in the economy that could affect the long term capital market the inflation rate of one pct also gave no occasion for higher nominal interest rates but a probable rise in inflation late this year could give very slight grounds for a rise in nominal rates at year s end and next year it said the association said generally low interest rates prospects of lower taxes a stable dollar rate and expected strong domestic demand led it to believe that the investment climate would remain friendly and the economy would continue its slow but very sure growth the bundesbank had managed successfully to keep interest rates down on the short term money market although its policies had exerted little effect on the long term capital market which was so important for investment financing and thus for the course of the economy it said in view of the limits to the possibilities monetary policy had in influencing the longer term capital market the association saw little sense in wanting to boost the economy through a short term and expansionist monetary policy on the other hand it also saw no reason for sticking dogmatically to the money supply target for the whole of the association said time would show to what extent speculative foreign money and short term invested domestic money would distort money supply developments the bundesbank could hold down money market rates with the highly effective instrument of sale and repurchase transactions it said reuter
cocoa	icco to examine buffer stock details tomorrow the international cocoa council icco adjourned for the day after a detailed proposal on buffer stock rules was distributed and executive committee officials were elected delegates said producers ec consumers and all consumers are scheduled to hold separate meetings tomorrow to review the proposal written by icco executive director kobena erbynn they said the buffer stock working group is to meet again on rules monday morning and the full council is to reconvene tuesday delegates said heinz hofer of switzerland was elected executive committee chairman and mette mogstad of norway vice chairman they added reuter
money-fx	fed s johnson urges stronger allied growth federal reserve board vice chairman manuel johnson said that the u s s main industrial partners should expand their domestic growth in a speech to a women s group here johnson said there is room for stronger domestic growth in those countries strong enough to absorb growth in u s export markets johnson also said there was a better alignment of exchange rates now and the paris agreement to stabilize currencies has brought western nations a long way towards establishing that goal johnson said the fed supports this pattern of exchange rates and we ll see if it leads to a convergence in trade quite possibly it can be achieved johnson said the paris agreement achieved a better alignment of exchange rates in exchange for stimulus by the major surplus countries he said this was a major improvement and a step in the right direction and added u s allies look very strongly to a u s budget deficit cut there will always be a potential risk of breakdown in international cooperation without a budget deficit cut reuter
cpi	fed s johnson sees inflation controlled federal reserve board vice chairman manuel johnson said inflationary pressures are under control and noted wage and price pressures are very moderate johnson told a women s group that the u s was not seeing the kind of cost pressures of the past he said the trade imbalance was a serious trouble spot and strong protectionist pressures if translated into policies could ultimately lead to higher inflation and a high interest rate policy by the fed reuter
acq	greyhound g buys general motors gm bus unit greyhound corp said it has signed a definitive agreement to buy general motors corp s u s transit bus and parts business for an undisclosed sum the agreement tentatively set in january includes production tooling design and equipment for urban transit buses inventories and trademark identification the agreement also incudes the right to buy gm s canadian transit bus and parts business contingent on a satisfactory labor agreement greyhound said it will relocate the production facilities currently in pontiac michigan to an undetermined location reuter
earn	excel bancorp xcel sets initial dividend excel bancorp inc said its board declared an initial dividend of cts per share payable april to holders of record on april six reuter
lumber	champion cha to expand alberta mill champion international corp based in stamford conn said it will expand its mill in hinton alberta at a cost of about mln canadian dlrs the expansion will double the facility s pulping operation to short tons per year the mill produces softwood kraft pulp which is sold to other champion facilities and on the open market champion said it estimates the project will be completed by the end of reuter
acq	mark iv says it does not plan baird batm buy mark iv industries inc iv which has said it is mulling a bid to seek control of baird corp said it has no present plans to acquire more than pct of the company s total outstanding common stock in a filing with the securities and exchange commission mark iv said its top officials told baird executives at a march meeting that while mark iv may buy more baird common stock it presently intends to hold it to the pct limit mark iv which first disclosed its stake and interest in baird on march has reported it holds baird common shares or pct of the total outstanding mark iv said it also agreed at the meeting that if it decides to seek control of baird it would be through a negotiated merger or business combination or through a tender offer in which baird would have at least hours notice baird in turn agreed not to take any defensive measures without giving mark iv at least hours notice it said baird also confirmed that a takeover defense plan it already has which is triggered by the accumulation of more than pct of its stock would not be triggered by a tender offer mark iv said both parties also agreed to adjourn pending litigation they have against one another it added reuter
earn	harris teeter properties inc htp sets payout qtly div cts vs cts prior pay may eight record april reuter
interest	canada day t bills average pct making bank rate pct
earn	dresser industries di sees return to profit dresser industries inc said it expects the joint ventures it has entered into and a gradual improvement in the energy market to allow it to regain profitability before the end of the current year dresser earned dlrs for the year ended october after a mln dlr gain from a change in accounting and pension plan curtailment and a mln dlr writedown of oilfield assets reuter
iron-steel	ec ministers announce plan for steel closures european community ec industry ministers agreed on a plan for voluntary steel plant closures drawn up by industry lobby group eurofer and calculated to lead to the loss of about jobs the ministers resolved that the proposed closures which should bring production capacity more in line with weak demand remain considerably below the surplus in capacity they asked the ec executive commission to consult with eurofer major steel companies and with governments to pinpoint scope for further capacity reductions beyond the annual mln tonnes identified by eurofer the commission will draw up a new system of steel production quotas to protect vulnerable ec firms from the full rigors of open competition commission sources said any new system would cover only heavy products representing about pct of the market instead of pct under the present system ministers hope to approve a closure program when they meet again in brussels on june the sources said industry commissioner karl heinz narjes told ministers capacity was mln tonnes in excess of requirements and that this excess ought to be eliminated by the end of reuter
earn	nynex increases qtrly div to cts from cts end of body
earn	burnup and sims inc bsim rd qtr jan net shr profit five cts vs loss cts net profit vs loss revs mln vs mln avg shrs mln vs mln nine mths shr profit cts vs loss cts net profit vs loss revs mln vs mln avg shrs mln vs note current year net both periods includes dlr gain from sale of property reuter
earn	aaron brothers art marts inc aarn th qtr net qtr ended jan shr cts vs cts net vs revs mln vs mln year shr cts vs eight cts net vs revs mln vs mln reuter
earn	quaker state ksf arranges mln dlr credit quaker state oil refining corp said it signed a mln dlr revolving credit and term loan agreement with a group of six banks for which mellon bank n a is agent the four year arrangement has an additional four year term loan amortization agreement quaker said quaker said the credit line will be used to finance expansion plans quaker s total capital spending program for is expected to exceed mln dlrs it said in the company s capital spending totaled mln dlrs quaker also said costs of new store openings and new product introductions will depress earnings in the first half for the first half of quaker reported net income of mln dlrs on sales of mln dlrs in the first two months quaker opened about new stores it said it expects to add minit lube fast lubrication service centers in at a cost of mln dlrs the company said it is optimistic it will recover in the second half and report higher earnings for full year fiscal the company reported net income of mln dlrs on sales of mln dlrs for reuter
acq	great gami to buy standard srd units assets great american management and investment inc said its pct owned subsidiary agreed to buy certain assets of two subsidiaries of standard oil co for mln dlrs and the assumption of certain liabilities great american industrial group inc agreed to acquire all the u s and united kingdom assets of pfaudler co and the stock of certain brazilian mexican and west german subsidiaries of kennecott mining corp it said pfaudler and kennecott are subsidiaries of standard oil reuter
earn	kms industries inc kmsi year net oper shr three cts vs three cts oper net vs revs mln vs mln avg shrs vs note earnings exclude gains from utilization of tax loss caryforwards of dlrs or three cts a share vs dlrs or three cts a share reuter
earn	wickes cos inc th qtr shr loss two cts vs profit cts
earn	to fitness tfit in distribution deal to fitness inc said it has been named exclusive florida distributor for the hardpack version of the frozen dessert tofutti by tofutti brands inc tof replacing pillsbury co s psy haagen dazs reuter
acq	first financial ffmc bids for comdata cdn first financial management corp said it has offered to acquire comdata network inc for dlrs per share in cash and stock or a total of about mln dlrs the company said for each comdata share it would exchange half a first data share and enough cash to bring the total value up to dlrs per share provided that the market price of first financial stock were not less than dlrs per share it said the cash payment would be based on the average market price of first financial during a period shortly before closing first financial said it would not pursue the offer if comdata s board rejected it comdata has already agreed to be acquired by a partnership for either dlrs a share in cash or at least dlrs in cash and uniuts of securities the partnership that made the first offer for comdata was welsh carson anderson and stowe comdata had previously entered into an agreement which collapsed for a repurchase of six mln shares at dlrs each and for the sale of one mln shares by a director to mason best co mason best already owns comdata shares a group led by rosewood financial inc has also disclosed ownership of pct of comdata s mln shares outstanding and said it might seek to increase its interest to over pct the company said comdata shareholder approval would also be required for its proposal reuter
acq	pop radio popx gets rite aid rad pop radio corp said it has signed a seven year agreement to provide rite aid corp with in store customized disc jocky hosted radio programs resulting in an increase of more than pct in the total number of stores pop now has under contract value was not disclosed reuter
earn	alliance financial corp alfl dividend set qtly div cts vs cts previously pay april record march reuter
earn	nynex nyn increases qtrly cash dividend nynex corp said it is raising its quarterly dividend to cts from cts payable may to shareholders of record march the company said this was the third consecutive year it has raised its quarterly cash dividend it added it had a two for one stock split in may reuter
acq	vulcan vul withdraws jones vining jnsv bid vulcan corp said it was discontinuing its efforts to negotiate a purchase of the common stock of jones and vining inc on february vulcan a cincinnati maker of shoe lasts and other products offered five dlrs a share for all of jones and vining common subject to certain conditions vulcan said it is dropping the proposal because it believes subsequent actions by jones and vining are hostile and vulcan is only interested in a friendly transaction jones and vining makes shoe lasts and shoe components it has about mln shares outstanding reuter
acq	tempo tpo to sell cable systems to eagle tempo enterprises inc said it signed a letter of intent to sell seven cable television systems representing about subscribers to eagle cable terms of the acquisition were not disclosed reuter
acq	erbamont erb acquires antibioticos s a erbamont n v said its major shareholder montedison spa which owns pct of its common and farmitalia carlo erba its pct owned subsidiary have acquired antibioticos s a and related subsidiaries terms of the acquisition were not disclosed reuter
crude	uk cross field prt relief favours smaller fields the cross field allowance relief on petroleum revenue tax prt announced by u k chancellor of the exchequer nigel lawson this week will favour smaller non prt paying fields according to stockbrokers wood mackenzie and co the cross field allowance offsets up to pct of qualifying spending on a new oil field against prt liability of other fields it is restricted to new offshore developments outside the southern basin and yet to gain annex b approval a report by the stockbrokers said that on a new field not paying prt due to its small size the relief would directly benefit in prt saving on an existing field the cross field allowance will mainly benefit participators in those fields which have no prt liability the report said adding that the timing of development of such fields may be advanced the government would in effect be subsidising these developments at pct of capital expenditure before corporation tax the report said on fields likely to pay prt in the future the benefit is of timing although liabilities on other existing fields will be reduced immediately liabilities on larger new fields will rise in the future due to the loss of offsets it said in a study on probable fields the report said that when the rates of return are examined the rise for a prt paying field such as miller the largest undeveloped oil field in the u k north sea is from to pct while the rise for a small non prt paying field such as kittiwake is to pct the report added that in fields which pay prt there will be a cost in being able to have this early relief not only will these costs be unavailable for offset against the field s future profits but uplift of some pct on these costs will be lost thus a saving of prt of when field development starts will have to be matched by a rise in prt of at a later time reuter
orange	raise in brazil fcoj export prices not confirmed there is no confirmation that brazil s major processors of frozen concentrated orange juice fcoj will raise export prices of the product to dlrs per tonne from april a spokesman for the brazilian association of citrus juice industries abrassuco said asked to comment on a report from new york that cutrale and citrosuco had sent telexes to customers informing of the price raise jose carlos goncalves said abrassuco was not aware of it all we know is that cacex has increased the dollar amount to translate fob price to ex dock new york price to dlrs from dlrs goncalves said citrosuco and cutrale officials were not available for comment reuter
earn	alden electronics adnea sets lower dividend alden electronics inc said its board declared an annual dividend of cts per share on class a and b common stock down from cts last year due to an expected drop in earnings for the year ended march the dividend is payable april to holders of record on april alden earned dlrs last year reuter
earn	wickes cos inc wix th qtr loss shr loss two cts vs profit cts net loss vs profit sales billion vs mln avg shrs mln vs mln year shr profit cts vs profit cts net profit vs profit sales billion vs billion avg shrs mln vs mln note current qtr and year figures include gains on securities sales of mln dlrs and mln dlrs respectively prior qtr and year figures include gain on securities sales of mln dlrs current qtr and year figures include extraordinary loss of mn dlrs and gain of mln dlrs respectively prior qtr and year figures include operating loss carryforward gains of mln dlrs and mln dlrs respectively prior qtr and year figures include gains from discontinued operations of mln dlrs and mln dlrs respectively reuter
acq	azure ventures to buy advertising unit azure ventures ltd said it signed a letter of intent to acquire john paul richards and associates inc the company said if the merger is approved by shareholders of both companies the shareholders of john paul richards would become majority shareholders owning pct of the common stock of the new public company reuter
earn	scott scot declares first payout scott and stringfellow financial inc said it declared its first quarterly dividend of three cents per share payable april to shareholders of record april one reuter
earn	texas commerce tcb sees improvement in texas commerce bancshares inc said that relatively stable oil prices and the bank s planned merger with chemical new york corp chl would help earnings increase from last year s profits of mln dlrs texas commerce chairman ben love in an interview with reuters did not elaborate on how much the bank expected earnings to increase we would anticipate that this year would be an improvement over last because we are stronger love said referring to texas commerce s pending billion dlr merger with chemical the merger which may be finalized as early as may will lower texas commerce s cost of funding by an estimated to basis points love said the texas commerce chemical merger is the only acquisition by a major out of state bank since texas lawmakers approved interstate banking effective january hard hit by loan losses in energy and real estate in texas struggling economy the only major texas banks able to report profits in were texas commerce and republicbank which earned mln dlrs allied bancshares inc albn lost mln dlrs mcorp m lost mln dlrs interfirst lost mln dlrs and first city bancorporation fbt which is actively seeking a merger or other form of new capital lost mln dlrs love said texas commerce had turned the corner on its energy loan portfolio problems but added that the bank s nonperforming real estate loans may increase during i think the tidal wave in energy has passed over us he said the fact that the real estate market is still moving away suggests there could be some continuing growth of nonperforming loans in about pct of texas commerce s net loan losses related to real estate lending and pct was due to energy loan losses that compares to when only pct of the bank s losses were in real estate and energy accounted for pct more than half of texas commerce s nonperforming loans which totaled mln dlrs at yearend up from mln dlrs the year before were in real estate love said he believed the real estate loan problems for texas commerce and other major state banks would peak by the third or fourth quarter of absorption of empty office buildings in houston which has a current vacancy rate of about pct will be a gradual process that could take up to four years he said i think we may be beginning to stabilize this economy oil at dlrs a barrel brings much more confidence than dlrs a barrel he said texas commerce will retain its name as a separate subsidiary of chemical and plans to aggressively expand its holdings throughout texas offering additional products to build up its consumer banking business love said we are resuming what we did best for years an offensive position he said in january texas commerce acquired a failed bank in montgomery county adjacent to the houston metropolitan area and earlier this month opened a new bank in san antonio texas commerce plans to add more banks in san antonio and in the dallas fort worth area where it currently has only member banks he said one day after the texas commerce acquisition was announced in december interfirst corp ifc and republicbank corp rpt both headquartered in dallas agreed to merge in a deal valued at mln dlrs the combination of former archrivals republicbank and interfirst giving the two banks a virtual lock on the dallas banking market has not changed texas commerce s expansion plans for the state s second largest city love said we think we can try to get a little part of their roost he said the chemical partnership will also give texas commerce an edge in developing new consumer products he said we have always been a wholesale bank but we have more than one million customers all over the state chemical will show us how to take advantage of enhancing our consumer products he said referring to expansion of such existing products as credit cards and investment banking reuter
coffee	csce puts additional margin on july coffee an additional margin of dlrs will be required on all july delivery coffee c contracts as of the opening of trade monday march the coffee sugar and cocoa exchange csce said the march contract ends trading this week making may and july the two spot or unlimited contract months next week members will then have to obtain a minimum dlrs for net long or net short positions in the may and july contracts including a original margin plus the additional dlr spot charge reuter
acq	odyssey filmpartners odyy drops merger talks odyssey filmpartners ltd said is terminated discussions to acquire united color labs pursuant to a jan letter of intent for it to buy the company for stock and cash reuter
earn	brown transport btci sees record net brown transport co said it expects to report record results with revenues increasing to mln dlrs and earnings per share between dlrs and dlrs brown reported net income of dlrs per share or mln dlrs on revenues of mln dlrs last week the company declared an initial quarterly dividend of four cts the company said it will begin paying a regular quarterly dividend in the second quarter but the board has not yet determined the exact amount reuter
earn	bombay cury bases growth on location costs bombay palace restaurants inc with its emphasis on location and low food costs expects its sales to increase pct to about mln dlrs from about mln dlrs in according to president sant s chatwal chatwal told members of the dallas financial community at a lunchtime briefing we go for prime locations everywhere and make sure our leases are very favorable as previously announced the company expects to report earnings of about dlrs or to cts a share on revenues of mln dlrs chatwal said the final figures would be released in about two days reuter
earn	ameritrust amtr proposes for stock split ameritrust corp said its board proposed a two for one split of its common subject to stockholder approval at its may annumal meeting the company also said it intends to recommend an increase in its annual regular dividend to at least two dlrs per share before the split beginning with the may dividend the current annual payout is dlr per share ameritrust currently has about mln shares outstanding with mln authorized shares it said shareholders will be asked to approve an increase in authorized common to mln shares ameritrust also said it will submit for shareholder approval an amendment to the company s charter regarding liability and indemnification of directors and a recommendation to create a classified board ameritrust s total year end assets were over billion dlrs reuter
earn	first federal of michigan ffom dividend hike qtly div cts vs cts previously pay may record april reuter
acq	united jersey banks ujb to merge two banks united jersey banks said it plans to merge two of its southern new jersey member banks into one mln dlr organization it said united jersey bank fidelity bank based in pennsauken will be merged into united jersey bank south in order to improve customer service and maximize efficiency throughout the southern new jersey markets raymond silverstein currently chairman of the board of united jersey bank fidelity will be chairman of the merged bank the company said reuter
earn	heldor industries hldr st qtr loss qtr ends jan shr loss cts vs loss cts net loss vs revs vs note qtr includes tax gain for insurance claims qtr also includes non recurring expense for discontinued operations and consolidation of four distribution service centers reuter
acq	talking point american express axp american express co s plan to sell a stake in its shearson lehman brothers is believed to be a prelude to a public offering of shares in the brokerage unit analysts said american express earlier said it has a general understanding with nippon life insurance co of japan to sell a pct interest in shearson for mln dlrs the statement triggered a rise in other brokerage stocks as investors speculated on the possibility of more investment in the u s brokerage industry by japanese concerns the stocks of brokerage firms also climbed in response to the relatively high value nippon put on its stake in the u s firm analysts said the mln dlrs for pct represents a price of times book value perrin long of lipper analytical said the brokerage stocks depressed somewhat by the dark cloud of the u s insider trading scandal closed out february at a market value of times book value american express was trading today at off for the last several weeks the stock has been strong on rumors of a spinoff of part of shearson analysts said american express and its shearson unit will benefit from the doors nippon life can open to the increasingly important tokyo financial markets i think this in all honesty is a preliminary step said long what you will see probably in the future is american express selling an additional pct in the public market and have a public vehicle for shearson long said normally investors do not make a major capital commitment into an illiquid situation he said of nippon some analysts previously speculated a pct stake in shearson might be sold to the public they said the firm like other investment banks needs capital to expand globally american express has said the total employees of shearson will expand by pct in internationally however that number is substantially lower than growth last year a company spokesman said american express officials would not comment beyond a statement made this morning that statement however did not close off the possibility of a public offering or other option for shearson david anthony a smith barney analyst said it is possible shearson would be partially sold to the public but he believes the firm will digest the nippon investment first i think they ll figure out what they re going to do with the money they have he said joan goodman an analyst with pershing and co also said american express could determine to sell shares to the public in its statement the financial services giant said it is continuing to study various plans for shearson in addition to the investment by nippon american express said options under study range from expanding shearson s capacity to meet international competition to broadening its access to capital american express also said the options reflect the continuing integral role of shearson in american express worldwide financial services strategy shearson follows goldman sachs and co in finding a japanese partner goldman last year sold a pct stake to sumitomo bank in exchange for a mln dlr capital infusion analysts speculated there will be more such matches those u s brokers companies have the expertise they don t have the money there s just not enough internal capital growth said wertheim analyst james hanbury who follows other u s brokerage companies hanbury said some japanese companies flush with cash are interested in the expertise of american brokers those japanese companies have the capital and our companies have the capital needs and the growth opportunities to use the money that s a nice marriage he said morgan stanley and co ms rose to first boston corp fbc was up one to e f hutton group efh rose to and painewebber group pwj climbed to merrill lynch and co recommended today by a painewebber analyst rose to reuter
money-fx	italian panel urges exchange liberalization liberalization of italy s foreign exchange controls should be gradual but also reasonably rapid a report issued by a study committee nominated by the italian treasury ministry said the report looking at the country s financial development prospects said italy s large public sector deficit and growing public debt were among the considerations that made a gradual liberalization preferable the report also favoured retention of the lira s six pct oscillation band with the european monetary system ems during the liberalization process in order to lessen short term domestic interest rate fluctuations which could result from portfolio adjustments the lira s fluctuation margin is currently significantly higher than that allowed for other ems currencies italy has over recent months announced a series of deregulation moves in response to a european community directive aimed at creating a genuine common market in goods services and finance by reuter
earn	pension insurance group pgai th qtr net shr profit two cts vs profit two cts net profit vs profit revs vs mths shr profit four cts vs loss two cts net profit vs loss revs vs note full name of company is pension insurance group of america inc reuter
earn	sea containers ltd scr th qtr loss shr loss dlrs vs loss cts net loss mln vs loss revs mln vs mln mths shr loss dlrs vs profit dlrs net loss mln vs profit mln revs mln vs mln avg shrs vs reuter
coffee	latin coffee producers seek ico price support this weekend s meeting of latin american coffee producers here will call for the international coffee organisation ico to start talks aimed at firming prices nicaraguan foreign trade minister alejandro martinez cuenca said he said those countries which had confirmed their presence were brazil mexico guatemala el salvador costa rica and panama colombia had been invited but he did not know if it would attend martinez cuenca told reporters central america alone had lost some mln dlrs through the weakness of world coffee prices partially caused by lack of an ico quota agreement reuter
acq	ambassador financial afgi unit to buy builder ambassador financial group inc said its ambassador real estate equities corp agreed to buy heritage quality construction co inc ambassador said its unit would purchase pct of heritage s stock for an initial payment of approximately dlrs and subsequent payments in cash over a five year period equal to pct of the net after tax profit of heritage if the acquisition is consummated ambassador said it agreed to contribute dlrs to the existing capital of heritage reuter
nat-gas	transco partnership txp gas reserves rise transco exploration partners ltd said participation in new discoveries increased its proved gas reserves to billion cubic feet in up from billion cubic feet in the previous year proved reserves of liquids remained about the same at mln barrels the company said in the annual just released by transco energy co e the majority owner of the transco exploration partnership transco said that anticipated oil and gas prices during would continue to exert pressure on the profitability of most energy companies the transco pipeline system reached permanent take or pay settlements on about half its committed gas deliverability and interim agreements for another pct of its deliverability the annual report said the company said it paid a total of about mln dlrs to producers through februry one out of its mln dlr reserve to settle the take or pay disputes transco said its gas pipeline delivered more than trillion cubic feet last year and its marketing affiliate sold an average of billion cubic feet of gas per day the company s exploration partnership received an average price of dlrs per mln cubic feet for gas sales during down from dlrs in sales of oil and condensate averaged dlrs per barrel last year down from dlrs per barrel in reuter
earn	royal gold and silver corp st qtr net ended january shr profit two cts vs loss one ct net profit vs loss sales vs nil note includes gain of dlrs from sale reuter
earn	jp stevens and co inc stn sets payout qtrly div cts vs cts prior pay april record april reuter
money-supply	n y business loans fall mln dlrs in march week fed says
money-supply	u s commercial paper rises billion dlrs in march week fed says
money-supply	new york business loans drop mln dlrs commercial and industrial loans on the books of the major new york banks excluding acceptances fell mln dlrs to billion in the week ended march the federal reserve bank of new york said including acceptances loans fell mln dlrs to billion commercial paper outstanding nationally increased billion dlrs to billion national business loan data are scheduled to be released on friday reuter
earn	quebec caisse earns three billion dlrs in caisse de depot et placement du quebec the government agency which manages the province s pension funds said its investment portfolio earned a net profit of almost three billion canadian dlrs in an increase of mln dlrs over the agency said in its annual statement that it had assets with a total book value of billion dlrs or a market value of billion dlrs at the end of these holdings had a rate of return of pct in the year which was below the caisse s average return of pct in the past four years and pct in the past eight years the caisse said foreign equity investments represented pct of total assets while u s government securities accounted for another pct of the overall portfolio the agency s holding of u s government securities yielded a return of pct for the year significantly more than either the pct earned on the total bond portfolio or the pct for all funds under management these high liquidity securities which are held on a temporary basis and for purposes of strategy and the protection of the overall bond portfolio have been efficient the agency said of the u s securities the agency said it has billion dlrs invested in canadian private sector businesses after channeling mln dlrs of new funds into this area in the caisse said it acquired mln of new government of quebec bonds and mln dlrs of new securities from other quebec government issuers during the year reuter
money-supply	u s m money supply rises mln dlrs in march week fed says
money-supply	u s bank discount borrowings average mln dlrs a day in march week fed says
earn	asea group aseay sees flat earnings asea group the diversified industrial concern based in vasteras sweden said it expects earnings after financial income and expense to be flat compared with when it earned billion swedish crowns or mln dlrs a company spokesman said results were boosted significantly by the booking of two large orders for nuclear power plants this gain he said will be balanced in by a return to profitability by asea s power transmission segment which had a loss of mln crowns or mln dlrs last year currency conversions were made at crowns to the dlr the spokesman said the company has built up a strong backlog of orders that will contribute to earnings in and beyond at yearend asea s order backlog stood at billion crowns or billion dlrs up from billion or billion dlrs at the end of asea has operations in power generation and transmission transportation equipment pollution control and robotics total sales in were billion crowns or billion dlrs reuter
money-supply	u s bank discount borrowings mln dlrs u s bank discount window borrowings less extended credits averaged mln dlrs in the week to wednesday march the federal reserve said total borrowings in the week rose mln dlrs to mln dlrs with extended credits up three mln dlrs at mln dlrs the week was the first half of a two week statement period net borrowing in the prior week averaged mln dlrs commenting on the two week statement period that ended on march the fed estimated that banks had daily average net free reserves of mln dlrs rather than the mln dlrs first reported a fed spokesman told a press briefing that there were no large single day net misses in the fed s reserve projections in the first week of the latest bank statement period none of the large money center banks borrowed from the discount window during the week and all of the wednesday borrowing was made by the smallest banks for the week as a whole the borrowing was split roughly evenly between the large regionals and the small banks natural float ranged from a low of near zero on thursday for which the fed spokesman could give no particular reason to a high of nearly mln dlrs on tuesday the tuesday peak included about mln dlrs of transportation float in mid and south atlantic states noting that the weather was basically good for march the spokesman said that transportation float averaged under mln dlrs a day for the full week float related as ofs were a negative mln dlrs on wenesday due to a number of unrelated cash letter error corrections in five districts as ofs peaked at just over mln dlrs on tuesday reuter
earn	butler national corp butl rd qtr jan shr profit nil vs loss one ct net profit vs loss revs vs nine mths shr profit three cts vs profit five cts net profit vs profit revs vs reuter
acq	fcs fcsi receives merger proposal fcs laboratories said its investment banker butcher and singer inc received a preliminary merger proposal from another company in the healthcare field fcs said that if various aspects of the proposal are better defined its board may consider it fcs said merger negotiations with this other company have been continuing since late august reuter
money-supply	u s m money supply rises mln dlrs u s m money supply rose mln dlrs to a seasonally adjusted billion dlrs in the march week the federal reserve said the previous week s m level was revised to billion dlrs from billion while the four week moving average of m rose to billion dlrs from billion economists polled by reuters said that m would be anywhere from unchanged to up five billion dlrs the average forecast called for a billion dlr increase reuter
earn	art s way manufacturing co artw rd qtr net shr profit cts vs loss cts net profit vs loss sales vs nine mths shr profit dlrs vs loss cts net profit vs loss sales mln vs note fiscal net profit includes tax credits of dlrs in the quarter and dlrs in the nine months periods end february and respectively art s way manufacturing co inc is full name of company reuter
earn	pse inc pow th qtr shr loss cts vs profit cts net loss mln vs profit revs mln vs mln year shr loss cts vs profit five cts net loss mln vs profit revs mln vs mln reuter
earn	wardair international ltd year net shr dlrs vs dlrs net vs revs mln vs mln note current net includes gain of dlrs a share on disposal of assets m w ward holds pct voting interest reuter
earn	sea containers scr expects better first qtr sea containers ltd predicted its first quarter fiscal net earnings would improve by mln dlrs over the same period a year ago the company said got off on a much better footing than fiscal from which the company recorded a loss of mln dlrs or dlrs per share on revenues of mln dlrs james sherwood president of the company said he expects to record a loss of approximately mln dlrs for the first quarter compared to losses of approximately mln dlrs for first quarter fiscal the company emphasized the first quarter is a traditionally slow period for the ferry industry which is part of sea containers business sherwoood said the company s losses were largely attributable to non recurring events and provisions he cited the default of container leasees and ship charterers costing the company approximately mln dlrs he also cited a mln dlr cost as a result of a closing two of its subsidiary s ferry services and a mln dlr provision to cover losses on the sale of container assets and severance pay costs reuter
earn	first interstate i estimates brazil risks first interstate bancorp said its pre tax income could be reduced by about mln dlrs if it decides to reclassify its mln dlrs in medium to long term loans to brazil as nonperforming but the company stressed in a filing with the securities and exchange commission that it believes it is too soon to reclassify the debt despite brazil s feb suspension of direct interest payments on medium and long term loans the corporation believes that it is premature to make a decsion to classify such medium and long term debt as nonperforming at this time first interstate said but first interstate said that if brazil s suspension of interest payments continues it may have to reclassify its loans as nonperforming and place them on non accrual meaning that interest previously accrued but not paid would be deducted from net income and interest would no longer be accrued besides its medium and long term debt first interstate said it also has mln dlrs in short term loans or trade lines in brazil as of dec nonperforming brazilian outstandings were about mln dlrs it said reuter
earn	american home shield corp ahsc th qtr net shr profit cts vs profit cts net profit vs profit revs mln vs mln mths shr profit cts vs loss one cts net profit vs profit revs mln vs mln note revenues figure shows contract revenue not gross contracts written fourth quarter and full year includes extraordinary gain of dlrs and dlrs respectively from tax loss carryforwards per share figures come after preferred dividend requirements reuter
retail	major home appliance shipments up in february shipments of major home appliances in february rose pct to mln up from mln a year ago reported the association of home appliance manufacturers it said year to date total major appliance shipments rose pct to mln from mln a year earlier it said strong shipment gains in four of the five appliance categories resulted in the unprecedented monthly levels with records set for shipments of refrigerators automatic washers disposers dryers and dishwashers reuter
earn	triangle home products inc thp th qtr loss shr loss cts vs loss cts net loss vs loss sales vs year shr loss cts vs loss five cts net loss vs loss sales mln vs mln reuter
pet-chem	reichhold rci raises some materials prices reichhold chemicals inc said its emulsion polymers division increased by nine cts per dry pound the prices of all styrene butadiene and polystyrene latexes effective may it said the increase is in addition to recently announced increases and applies to carpet paper nonwovens textiles adhesives and other specialty end uses reuter
acq	tri star trsp buys cineplex theater tri star pictures inc said it agreed to acquire the roosevelt field century theatre from canada s cineplex odeon corp s rko century warner theatres inc for mln dlrs the recently refurbished and expanded theater is located in garden city n y reuter
earn	frank b hall and co inc fbh th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln year oper shr loss cts vs profit cts oper net profit vs profit revs mln vs mln note excludes discontinued operations loss of dlrs a share vs dlrs a share in the quarter and loss dlrs a share vs loss dlrs in the full year fourth quarter includes reserve of nine mln dlrs for operations company plans to sell per share figures come after preferred dividend requirements reuter
earn	weisfield s inc weis th qtr net shr dlrs vs dlrs net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln reuter
earn	norris oil co noil dec year loss shr loss dlrs vs loss cts net loss vs loss revs vs avg shrs vs note current year loss includes mln dlr writedown of oil and gas properties under full cost accounting method reuter
acq	dorsey dsy completes sale of unit dorsey corp said it completed the sale of substantially all its dorsey trailers inc subsidiary assets to trailer acquisition corp whose stockholders include a former dorsey vice president and several executives of the dorsey trailers management team terms of the acquisition were not disclosed reuter
earn	napco international npco th qtr oper net oper shr cts vs dlrs oper net vs revs vs year oper shr cts vs dlrs oper net vs revs vs note operating net for the quarter and year excludes a loss on the disposal of certain businesses of mln dlrs and a loss from discontinued operations of dlrs in the quarter and dlrs in the year operating net for the quarter and year includes a pretax gain of nine mln dlrs from the sale of two divisions and a loss from discontinued operations of mn dlrs in the quarter and mln dlrs in the year napco international inc is full name of company reuter
earn	national bancorp inc nibca year end loss oper shr loss dlr oper loss dlrs note prior year results are not available as company completed its public offering in april reuter
earn	bachelor lake gold mines inc year loss shr loss seven cts vs loss cts net loss vs loss revs mln vs mln reuter
acq	soros lifts king world kwp stake to pct new york investor george soros and an investment fund he controls said they raised their stake in king world productions inc to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission soros said his group bought a net king world common shares between jan and march at prices ranging fropm to dlrs a share reuter
acq	cineplex odeon buying coke ko cinema unit cineplex odeon corp said it agreed in principle to acquire the walter reade organization inc new york cinema chain from coca cola co s entertainment holdings inc unit for mln u s dlrs cineplex said the purchase price consisted of mln dlrs cash and cineplex common shares the transaction is subject to fulfilment of certain unspecified conditions and regulatory and board approvals walter reade operates screens in eight manhattan locations reuter
earn	summit resources ltd year net shr not given net vs revs mln vs mln reuter
earn	goulds pumps inc guld sets regular payout qtly div cts vs cts prior pay april record april three reuter
acq	henkel to increase stake in clorox clx clorox co said henkel kgaa of dusseldorf west germany agreed to increase its holdings in clorox to pct from the current level of pct henkel which also holds a subordinated note convertible into another pct of the company s stock intends to acquire the additional shares in the open market over an extended period of time clorox said it also said that for the foreseeable future henkel does not intend to increase its participation in clorox above the pct level reuter
earn	sigma mines quebec ltd th qtr net shr cts vs five cts net vs revs vs year shr cts vs cts net vs revs mln vs mln reuter
trade	ec official faults u s trade bill sir roy denman head of the ec delegation in washington said pending u s trade legislation is a misguided attempt to deal with the nation s trade deficit and will spark retaliation if passed in its present form to think that you can deal with a trade deficit by legislation is a mistake he told the foreign trade association here denman told reporters that possible retaliation which he warned of in a letter to house ways and means committee chairman dan rostenkowski would not necessarily be on a product for product basis retaliation does not have to be matched product to product denman said he said in the case of textiles import restrictions however retaliation would be against u s textile exports certainly if restrictions were imposed on european exports of textiles to the u s the community would be likely to retaliate with restrictions on u s textile exports to europe denman said he also took exception to u s proposals to require countries with large current account surpluses with the u s to cut those surpluses or face special tariffs this would conflict with international obligations throw a large wrench into the current round of trade negotiations and could easily boomerang he warned of the tariff proposals denman also took exception to u s efforts to seek reciprocity in specific trade sectors forcing reciprocity in one sector by imposing barriers would simply lead to retaliation from the other party he said adding that overall reciprocity can only be achieved by trading off disadvantages in one sector for advantages in another reuter
earn	frank b hall fbh earnings report qualified frank b hall and co inc said its independent accountants will issue a qualified report on its financial statements the company said the opinion is the result of ongoing litigation over its discontinued operations earlier it said it lost mln dlrs in the fourth quarter against a loss of mln dlrs a year ago before discontinued operations it also said it decided to sell its claims adjusting and admininistrative operations and its automobile dealer insurance unit creating a reserve of about nine mln dlrs in the fourth quarter for the sale the company said it will vigorously defend the litigation arising from the discontinued units it also said it will concentrate on its direct brokerage and service business reuter
acq	intermark imi seeks majority pier pir stake intermark inc which together with one of its subsidiaries already holds a pct stake in pier imports inc told the securities and exchange commission it plans to acquire a majority of the company s voting stock intermark said it already holds pier common shares or pct and its pier holdings inc holds shares or pct intermark said it also has shares of pier preferred stock or pct of the outstanding while pier holdings has shares or pct reuter
earn	electro scientific esio rd qtr feb loss shr loss cts vs nil net loss vs profit sales mln vs mln nine mths shr loss cts vs profit cts net loss vs profit sales mln vs mln electro scientific industries reuter
acq	josten s jos to sell unit to careercom crcm josten s corp said it agreed to sell its proprietary school business to careercom corp for mln dlrs in cash and about mln careercom common shares upon completion of the proposed transaction josten s will own pct of careercom s stock which it intends to hold for investment purposes it said proprietary school sales totaled about mln dlrs and accounted for less than pct of josten s total revenue it added reuter
earn	nrm energy co nrm sets regular payout qtly cash distribution five cts vs five cts prior pay april record march reuter
earn	motel lp six sets cash distribution qtly cash distribution cts vs cts prior pay may record march note prior quarter dividend was an initial payout based on operations for a partial fourth quarter in reuter
acq	group has pct of atlantic research atrc a group led by halcyon investments a new york securities and risk arbitrage partnership said it has acquired shares of atlantic research corp or pct of the total outstanding common stock in a filing with the securities and exchange commission the halcyon group said it bought the stake for mln dlrs for no specific purpose the group said it has no plans to seek control of atlantic research which has been sought by clabir corp clg but said it may buy more stock or sell some or all of what it has reuter
earn	ultrasystems inc uls th qtr net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln note current year figures include mln dlr writedown of costs and investments associated with ethanol refinery project reuter
acq	tag group to cut valero energy vlo stake an investor group told the securities and exchange commission it plans to cut its stake in valero energy corp to shares or pct of the total outstanding from shares or pct the group led by tag group s a of luxembourg said it filed with the sec on feb a notice that it proposes to sell shares of valero energy common stock reuter
earn	western tele communications wtlca th qtr net oper shr cts vs cts oper net vs revs mln vs year oper shr dlrs vs dlrs oper net mln vs mln revs mln vs mln note oper net excludes loss from discontinued operations of dlrs vs gain of dlrs for qtr and gain of dlrs vs gain of dlrs for year note full name is western tele communications inc reuter
crude	ecuador gets loan to help repair oil pipeline the andean development corp caf said today it is lending mln dlrs to ecuador to help repair miles of oil pipeline destroyed by an earthquake earlier this month the loan was signed here today in the offices of the caracas based caf by the corporation s president galo montano perez and ecuadorean ambassador antonio parra gil the loan had originally been intended to finance an expansion of the pipeline but following the earthquake the ecuadorean government asked for the terms to be changed so as to permit their use in reconstruction ecuador expects oil production to be suspended for four months as a result of the damage and has asked venezuela to help by supplying barrels per day while the pipeline is repaired the opec member has a production quota of bpd but has asked the organization to allow it to produce bpd once the repairs are completed so as to compensate the loss reuter
acq	harmon hrmn to buy recycling firm for cash harmon industries inc said it signed a letter of intent to acquire for about mln dlrs a majority of the stock of snp inc a portland oregon based company which has patents to reprocess used railroad ties into new ties for resale reuter
earn	santa fe energy partners lp sfp qtly payout qtly cash distribution cts vs cts prior pay may record march reuter
ship	u s says no signal being sent by ship movements a u s navy battle group led by the u s aircraft carrier kitty hawk is in the northern arabian sea amid renewed concern about the safety of shipping off the coast of iran u s officials said today but pentagon spokesman fred hoffmann said that reports the naval strike force was in the region did not mean the united states was sending a new warning to iran against escalating attacks on shipping in the persian gulf nothing like that has happened he said no signal is being sent he said that the kitty hawk is operating in an area where it usually does it s normal it s in the waters where it s supposed to be it s been there for over a month the kitty hawk and its force of warplanes is the mainstay of the u s indian ocean battle group which patrols a vast area extending from the indian subcontinent through the arabian sea with the kitty hawk and its group in the arabian sea to the south and the u s mideast task force in the persian gulf to the north the united states has warships on either end of the strategic straits of hormuz the pentagon as is its custom declined to confirm the exact whereabouts of the ships or what they were up to state department officials cited concern about the safety of ships passing through the straits on the vital oil supply run to the gulf iran has conducted repeated attacks on shipping in the gulf and u s officials have said that teheran has recently equipped itself with powerful chinese and italian made anti ship missiles posing a greater threat reuter
sugar	costa rica sells sugar to soviet union costa rica has agreed to sell more than tonnes of sugar this year to the soviet union a spokesman for local producers said miguel alfaro president of the agricultural league of the sugar cane industry said the sale follows a recent pct cut in costa rica s quota for sugar exports to the u s alfaro said up to tonnes of sugar could be exported to the soviet union this year under the deal which is similar to one the soviets made recently with the dominican republic a soviet ship will load tonnes at the pacific port of punta morales monday alfaro said and a second ship will take an additional tonnes two days later alfaro and other industry sources declined to disclose the price at which the sugar was sold reuter
acq	bayou international buys stake in solomecs bayou international ltd said it purchased one third of the outstanding stock of solmecs corp n v a netherlands antilles corporation for dlrs bayou said it will also receive two seats on solmecs board bayou ltd is pct owned by australia wide industries ltd solmecs develops technology relating to energy conversion reuter
earn	micropro international corp mpro th qtr net quarter ended feb shr four cts vs seven cts net vs revs vs year shr four cts vs cts net vs revs mln vs mln reuter
earn	explosive fabricators inc st qtr jan net net vs revs vs reuter
sugar	new chief elected for world sugar organisation dominican alfredo ricart will take over as executive director of the international sugar organization iso in mid april iso officer in charge constantin politoff said previous iso chief william miller retired at end february last year ricart told reuters his first aim is put the house in order by having a new administrative sugar pact with improved allocations of voting rights and financial contributions once this is done time can be dedicated to working towards a new international sugar agreement isa with economic clauses he said ricart currently the dominican republic s ambassador to austria the netherlands and the un in geneva said he will visit the four major exporters australia brazil cuba and the european community to talk to governments and producers and find out about problems that are preventing these countries finding common ground for a new sugar pact reuter
sugar	international sugar pact to be renegotiated the international sugar agreement isa will be renegotiated international sugar organization iso officer in charge constantin politoff told reuters after a special session of the pact s council a decision on how to renegotiate will be taken at the iso six monthly session in may the alternatives are between an autumn london conference for another pact without economic clauses but a different voting and budgetary structure or a geneva based conference next year for a new pact with economic clauses he said but delegates said the latter would only be considered if the world s four major exporters australia brazil cuba and the european community can resolve differences over how prices can best be supported and how to share the world today s special session was called because the u s earlier indicated it would only be able to pay pct of its share of the iso budget at today s council session politoff said the u s would try and find a way to pay the balance of about stg later this year currently about three quarters of this year s iso stg budget has not been paid but delegates said the u s caused controversy as it said it might not pay its full contribution in the last year of the current pact the soviet union has called for changes to the way the iso budget is shared out currently it is halved between importers and exporters and the soviet union has a pct share of the importer half the soviets want a new sugar pact to have only a single category of members who would all share the costs pro rata to their share of world sugar trade the iso executive committee next meets on april with the next full council session in the week of may there are importing and exporting members of the iso reuter
earn	laser lser sees impact from suit on earnings laser corp said that costs associated with its defense of two shareholder lawsuits could result in a net loss for although laser expects to post earnings from operations for the year a spokesman said they might be wiped out by legal costs depending on the length of litigation in addition the company said it will ask shareholders to approve proposals to merge the company into its main subsidiary reincorporate in delaware and change the company s name reuter
earn	pension insurance group pgai th qtr shr profit two cts vs profit two cts net profit vs revs mln vs mln year shr profit four cts vs loss two cts net profit vs loss revs mln vs mln note net includes realized investment gains of dlrs in year th qtr and year includes realized investment gains of and dlr respectively reuter
earn	transamerica corp ta quarterly dividend qtly div cts vs cts pay april record april reuter
earn	southern california edison co sce qtly div qtly div cts vs cts pay april record april reuter
earn	comprehensive care corp cmph quarterly div qtly div nine cts vs nine cts pay may record may reuter
earn	great western savings bank gwsb quarterly div qtly div cts vs cts pay april record april reuter
trade	senate wants japan semiconducter pact enforced the u s senate has unanimously called for president reagan immediately to force japan to live up to a pledge to stop dumping its microchips and open its markets to u s chipmakers the senate voted to to urge reagan to impose penalties on japanese high technology products containing semiconductors in retaliation for what it sees as japan s violations of the semiconductor pact while the measure does not bind reagan to any action senate leaders said its adoption would warn japan stiffer legislation would be considered if the violations continue we want to send a message to japan to let it know how the senate feels about this matter senate democratic leader robert byrd told the senate senate finance committee chairman lloyd bentsen told the senate the measure was not aimed at retaliation but at correcting japan s unfair trade practices a key house trade lawmaker representative richard gephardt also announced he would seek to force japan and other countries with huge trade surpluses to slash their surplus by pct a year for three years reuter
crude	reagan says u s must do more to lessen reliance on foreign oil
crude	reagan says u s needs to lessen oil imports president reagan said the united states must do more to lessen its reliance on imported oil president reagan said during a nationally televised news conference that the rising u s reliance on foreign oil is a problem that the administration is studying we have to study this more reagan said this is why we increased the strategic petroleum reserve but we have to do more he said reagan said his administration has already proposed deregulating natural gas and eliminating the windfall profits tax on crude oil production however he complained that congress had not yet approved those measures the department of energy earlier this week released a report that warned of rising u s reliance on foreign oil imports at a time when domestic production is declining it suggested options for the administration to consider but made no specific recommendations reuter
trade	taiwan s export orders fall in february export orders for taiwanese products fell pct to billion u s dlrs in february from billion in january but rose nearly pct from billion a year earlier an economic ministry official said he attributed the fall to the rising taiwan dollar february orders for electric and electronic goods were mln u s dlrs up from mln in january and mln in february garment orders were mln dlrs against mln and mln while footwear orders were mln compared with mln and mln reuter
tin	bolivian miners call general strike about miners employed by the state corporation comibol declared a general strike as from midnight gmt to press for higher salaries a statement by the federation for bolivian mine workers said it said the strike was called to defend the nationalised mining industry the miners were willing to negotiate with the government of president victor paz estenssoro but only if it showed an intention to meet the strikers demands the government said the strike was designed to cause it embarrassment during the four day visit of west german president richard von weizsaecker which starts on friday the miners statement said police had violently evicted comibol office workers in the city of oruro after they began a hunger strike yesterday the government has sacked about miners from its deficit ridden corporation since the collapse in the international price of tin the lay offs represent about two thirds of the original workforce reuter
ship	chinese port underused despite congestion nearby the chinese port of ningbo is working well below capacity despite being only miles from shanghai which is seriously congested a port official said jiang feng xiang said the port the deepest in china handled mln tonnes of cargo last year up from mln in but well below its potential capacity of mln tonnes shanghai handled mln tonnes of cargo in jiang said ningbo is under utilised because of its inadequate facilities including a single track rail line linking it to hangzhou where it joins the national network ningbo handles crude oil exports and transhipments of coal from north to south china and imports include fertiliser and soda ash and iron ore from brazil and australia the docks can handle ships of up to tonnes and oil tankers of up to tonnes can load and unload in the harbour most of ningbo s port infrastructure has been built since official publications show a container berth and two timber and three general cargo berths will be added during the current five year plan jiang said the rail line to hangzhou will be double tracked by by maybe we will overtake shanghai he added reuter
acq	krung thai bank to take over sayam bank the state owned krung thai bank ltd will start taking over state owned sayam bank ltd and complete the process in a year finance minister suthee singhasaneh told a press conference he said the takeover decision was made this week to stem the current heavy losses of sayam and to avoid competition between the two state owned institutions the minister said some of the existing sayam bank branches will be merged with their krung thai counterparts while others will continue operating but under krung thai s name sayam bank has existed since august when the finance ministry took over and re named the asia trust bank ltd sayam president waree havanonda told reporters last month her bank posted a loss of more than mln baht in at the end of the bank with billion baht of assets was ranked th among thailand s local commercial banks waree said sayam bank was trying to recall about six to seven billion baht of loans extended by its previous private management and was taking legal action to collect another four to five billion baht of doubtful debts krung thai is thailand s third largest bank reuter
earn	komatsu ltd komt t year group shr yen vs net billion vs billion pretax billion vs billion operating billion vs billion sales billion vs billion note company forecast for current year is group net billion on sales of billion reuter
earn	kirin brewery co ltd knbw t year to january parent shr yen vs div yen vs net billion vs billion current billion vs billion operating billion vs billion sales billion vs billion outstanding shrs mln vs mln note dividend included two yen bonus dividend to mark th anniversary company forecast for current year is parent shr yen div yen net billion current billion and sales billion reuter
acq	rainbow and equiticorp place ultramar stake new zealand investment companies rainbow corp ltd and equiticorp holdings ltd have placed the majority of their joint shareholding in oil and gas conglomerate ultramar plc umar l at prices up to stg per share the companies said in a statement the companies said they had bought their pct stake in ultramar for a total of mln n z dlrs through a joint venture company formed for that purpose in october they said the joint venture made a profit of mln n z dlrs on the deal but they did say how many shares they had sold no further details of the sale were available reuter
copper	philippine copper smelter faces shipment delays copper shipments are likely to be delayed because of power problems at philippine associated smelting and refining corp pasar the country s only smelter a company official said asked to confirm reports by new york copper trade sources about pasar s shipment problems marketing manager deogracias madrid told reuters they are partly correct there could be a probable delay madrid declined to give more details or production and export figures saying the information could lead to speculation pasar s smelter is in the central province of leyte the new york trade sources said if pasar s shipments were delayed customers might have to turn to the london metal exchange for supply we have a commitment to our customers and i would not like to comment on that madrid said a spokeswoman for the chamber of mines said philippine copper production amounted to tonnes in down slightly from tonnes in she said production in the first two months of totalled tonnes compared with tonnes in the same period reuter
money-supply	german m rose billion marks in february to billion bundesbank
money-supply	german m rises billion marks in february west german m money supply rose a seasonally adjusted billion marks in february to billion the bundesbank said the rise compares with a revised billion mark increase in january and a billion rise in february reuter
iron-steel	non communist steel output continues to fall steel output in the major non communist producing countries fell sharply in february continuing a long running trend international iron and steel institute figures showed production in the countries which report their figures to it was pct below the february level at mln tonnes output in the united states fell pct to mln tonnes that in japan pct to mln and that in the european community pct to mln the figures continue to indicate a switch away from these traditional major producing countries to the more advanced developing countries brazilian february output rose pct from year earlier levels to mln tonnes and that in south korea was up pct at mln tonnes the countries covered by the figures account for about pct of world non communist steel production the institute said reuter
acq	guinness starts court action against saunders guinness plc guin l said it has started court proceedings against former chairman and chief executive ernest saunders and non executive director thomas ward for recovery of mln stg the money was paid to ward via marketing and acquisition consultants ltd in jersey guinness said earlier it would propose a resolution at the annual meeting in may to remove saunders and ward as directors of the company earlier this month lawyers for ward told a jersey court that ward saw the payment as his reward for services in last year s takeover battle for distillers co plc guinness has said that both men breached their fiduciary duty in authorising the payment saunders resigned from his executive positions at guinness in january in the aftermath of a government enquiry into share dealings during the battle for distillers but retained his position on the board no spokesman for guinness was immediately available for comment on the statement reuter
interest	abbey national said it cutting u k mortgage rate by pct to pct
lumber	tropical forest death could spark new debt crisis the death of the world s tropical rain forests could trigger a new debt crisis and social and biological disasters scientists and ecologists involved with the international tropical timber organisation itto said at stake is the ability of developing nations including brazil mexico and the philippines to service their debts and the loss of trade worth hundreds of billions of dollars in important sectors such as agriculture and pharmaceuticals they said the experts gathering ahead of an itto meeting of consumers and producers near tokyo next week said the problem is already acute the philippines offers a textbook case of the economic dangers for many third world nations the loss of the forest is not just a loss of resources said delfin ganapin a philippine government consultant on environmental impact in the s we had mln hectares of commercial forest now we have one mln we have only around years of profitable logging left with a billion dlr debt the loss of logging foreign exchange earnings is serious he said about mln philippine people depend on upland areas that are now denuded and farmers cannot grow crops government security advisers say that as a direct result the most likely source of revolution in the philippines is in the upland areas said ganapin replanting is uneconomic and replanted tropical hardwoods have less than a pct chance of survival there is no known way to reproduce the wood or the millions of species within no replanting programme has been successful said almy hafild from the indonesian network for forest conservation ganapin said three billion dlrs would be needed in the next two years alone to save five mln hectares of critically denuded land in the philippines the experts say that without a major initiative from the development banks the vicious circle will continue with countries cutting more forest to help service short term debts at the cost of long term insolvency yet timber a five billion dlr a year industry is not necessarily the most direct economic product of the forests and nations must be educated in how best to farm them said peter kramer world wildlife fund wwf conservation director there is a four billion dlr annual global trade in the end products of rattan and brazil nuts earn brazil mln dlrs a year he said u s pharmacologist norman farnsworth has calculated that pct of all u s prescriptions owe their active ingredients to higher plants growing in the forests deforestation would wipe out the chance of further discoveries and force major corporations to research develop and produce man made substitutes at a cost which scientists say is incalculable by the year only developing nations will still be exporting timber from currently and their export earnings will drop from a peak of billion dlrs to less than two billion a world bank and u n sponsored survey said of the billion dlrs advanced by the world bank inter american african and asian development banks in only mln dlrs went to forestry projects it said wwf statistics show half of the world s tropical forests have vanished since the s of mln hectares remaining up to mln are destroyed each year by destructive logging practises and by local farmers reuter
money-fx	bank of finland will announce new measures the bank of finland called a news conference at gmt to announce new measures for the development of the system of monetary control a spokesman for the bank declined to give further details banking sources said they expected the bank to announce it will actively take part in the interbank market and buy and sell certificates of deposit the state treasury issues government paper with a maturity of up to one year the central bank has so far not issued its own paper the sources said reuter
sugar	japan slightly reduces sugar consumption estimate the agriculture ministry said it revised its april june sugar consumption estimate down to tonnes on a refined basis from estimated at the end of december it said the estimate for domestically produced sugar supply for the same period was revised to tonnes from the earlier estimate of tonnes while imports were revised to tonnes from the earlier tonnes it did not revise its sugar consumption estimate of mln tonnes for the sugar year ending september the ministry said the estimate for the year s supply of domestically produced sugar was revised to tonnes from the earlier estimate of the estimate for imports was revised to mln tonnes from an earlier mln tonnes reuter
acq	german veba placement said likely early next week the placement of the german federal government s pct stake in utility veba ag vebg f would probably take place early next week banking sources said share dealers said speculation had arisen in the early pre bourse market that the veba announcement could come as early as today but one banking source though confirming that most of the details had been worked out said the chances of an announcement today were about nil he had no price details the mln shares on offer are expected to bring a cash call in germany for well over two billion marks the share was around marks today after a drop to yesterday reuter
alum	feb daily ave unwrought aluminium output tonnes up tonnes ipai
earn	standard bank unable to make earnings forecast standard bank investment corp ltd sprj j chairman henri de villiers said he could not predict profits for the bank this year because of south africa s continuing political unrest de villiers also warned in the annual report that failing prompt and decisive political action south africa faces a future of violent deadlock between different racial and political groupings he said south africa s future economic prospects are clouded by political and social issues and in the absence of evidence that these are being positively addressed i am unable to offer an earnings forecast for standard bank pct owned by standard chartered plc stch l london previously reported that net income rose by pct to mln rand the bank said its bad debt losses should begin to decline this year although it may take some time before they return to accepted industry norms the annual report showed that the bank s charge for bad and doubtful debts rose in to mln rand from mln rand in the prior year the bank said net income of its standard bank of south africa subsidiary declined pct in to mln rand in a difficult banking environment caused mainly by low credit demand reuter
alum	non communist february aluminium output up ipai non communist daily average unwrought aluminium production in february was tonnes up tonnes from a downwardly revised tonnes in january and compared with tonnes in february provisional figures from the international primary aluminium institute ipai show total production in february days was tonnes compared with a downwardly revised mln in january days and in february the regional breakdown of unwrought aluminium production was as follows in thousands of tonnes the ipai said feb jan feb africa north america latin america east asia south asia europe oceania reuter
cpi	u k feb retail prices up pct base revised year on year rise pct official
gnp	uk average gdp rises preliminary pct in up pct in th qtr official
gnp	u k average gdp rises pct in britain s gross domestic product gdp on the average basis of output expenditure and income rose by pct in after a pct increase a year earlier central statistical office cso preliminary figures show in the fourth quarter gdp rose pct over the previous quarter and was up pct on the same quarter the average estimate index seasonally adjusted and based was set at in the fourth quarter of against in the previous quarter and in the final quarter of the cso said the average gdp estimate index for as a whole was up pct from for on the output measure gdp rose an upward revised seasonally adjusted pct in the fourth quarter of to on the output index from in the previous quarter giving a pct rise over the fourth quarter the cso figures show on income based gdp the index in the fourth quarter rose by pct from the third quarter and was up pct on the year ago quarter the indices stood at and respectively expenditure based gdp rose pct in the fourth quarter of from the third quarter and was up pct from the same quarter the cso set the expenditure index at from in the third quarter of and in the final quarter the year on year rise for expenditure gdp was pct with the expenditure index for the whole of set at against a year earlier for income gdp the year on year rise was pct against against three pct a year earlier the ouptut gdp measure rose pct year on year down from pct in the government usually considers the output measure the most reliable way of measuring short term gdp changes it is based on output data for production industry and partial information for the rest of the economy the government had forecast that average measure gdp would rise pct in calendar after pct in the budget unveiled on tuesday foresaw gdp growth in of three pct the gdp deflator based on expenditure at market prices rose pct in the fourth quarter from the third to give a pct rise over fourth quarter year on year the deflator rose pct reuter
cpi	u k retail prices rise pct in february the retail price index rpi britain s measure of inflation rose pct in february on a revised basis to give a year on year rise of pct the employment department said in january the index rose pct for a pct year on year rise on both the previous base and the new index the february rpi was set at base january in february the rpi rose pct giving a pct year on year increase on the old basis the inflation data compares with market forecasts for a rise of pct in february and a yearly rise of about four pct economists said the employment department said the rise in the index between january and february was mainly the result of higher prices for petrol fresh vegetables cars and car maintenance reuter
wpi	danish wholesale prices fall pct in february denmark s wholesale price index fell pct in february giving a year on year fall of pct the national statistics office said the index base stood at in february a fall of one point compared to january against in february reuter
cpi	canada consumer price index rose pct in february statistics canada said
cpi	canada february consumer prices up pct the canadian consumer price index rose pct in february to base compared with a pct rise in january and a pct rise in february last year statistics canada said the february year one year rise was pct compared with a pct rise in january r reuter
tin	bolivian miners call general strike about miners employed by the state corporation comibol declared a general strike as from midnight gmt to press for higher salaries a statement by the federation for bolivian mine workers said it said the strike was called to defend the nationalised mining industry the miners were willing to negotiate with the government of president victor paz estenssoro but only if it showed an intention to meet the strikers demands the government said the strike was designed to cause it embarrassment during the four day visit of west german president richard von weizsaecker which starts on friday the miners statement said police had violently evicted comibol office workers in the city of oruro after they began a hunger strike yesterday the government has sacked about miners from its deficit ridden corporation since the collapse in the international price of tin the lay offs represent about two thirds of the original workforce reuter
acq	klm expands talks with british and commonwealth klm royal dutch airways klm as said it agreed to take full control of a partially owned dutch based parcel delivery service and will offer a minority stake in it to british and commonwealth shipping plc bcom l klm seeking to strengthen its market position in the fast growing door to door delivery market said it agreed with dutch retailer vendex international venn as to take over vendex s pct in their jointly owned courier xp system vof ownership of xp will now be brought into the talks started by klm last week with british and commonwealth for a one third stake in the latter s iml air services group ltd courier when announcing the negotiations with british and commonwealth last week klm said buying a minority stake in iml could involve a convertible loan issue a klm spokeswoman said the dutch flag carrier would now offer a minority stake in xp to british and commonwealth in the negotiations on iml but declined to elaborate on financial aspects of the talks she said klm would like the two courier services to cooperate in future and did not exclude a future merger between them to combine iml s strong world wide network with xp s mainly european activities xp system is based in the southern dutch airport of maastricht and has an annual turnover of mln guilders klm which is also negotiating with british and commonwealth for a pct stake in the latter s regional airline air u k ltd says door to door delivery courier services are seeing substantially faster growth than traditional cargo activities reuter
acq	rainbow says brierley upsetting progressive merger rainbow corp ltd said brierley investments ltd bil is trying to disrupt rainbow s planned merger with progressive enterprises ltd rainbow chairman allan hawkins said in a statement in our opinion bil have deliberately tried to create anomalies in the market prices of rainbow and progressive shares since the merger was announced the merger announced in february involves the formation of a new company astral pacific corp ltd which rainbow and progressive shareholders will enter into on a one for one share basis both boards have approved the merger bil has said it was the mystery bidder behind a recent stand in the market for three mln progressive shares we simply regard progressive enterprises shares to be worth approximately twice as much as rainbow shares and do not think the merger as proposed is soundly based bil chief executive paul collins said in an interview in the weekly national business review newspaper published today collins was not immediately available to respond directly to hawkins statement hawkins said the merger has been assessed by independent consultants and declared fair in all respects with benefits to all shareholders we are not going to stand by while other parties distort the picture for their own strategic purposes and distract the market away from the real benefits of the merger he said in our opinion bil s actions are clearly not designed to be in the long term interests of either progressive or rainbow shareholders hawkins said reuter
trade	taiwan plans mission to close trade gap with u s taiwan s leading industrial organisation said it will send its first buying mission to the u s later this year in an effort to reduce the country s trade surplus with washington a spokesman for the chinese national federation of industries told reuters the mission was part of a broader plan to switch large purchases to the u s from japan the federation groups all of taiwan s major industrial associations last year its members purchased about billion u s dlrs worth of industrial products from japan and about billion from the u s the spokesman said federation members were now discussing the volume of business they could transfer to america he said they had drawn up a list of about industrial products they would be shopping for in the u s during the buying mission in september but he could give no figure on how much would be spent a board of foreign trade official told reuters the government would send two buying missions to america between june and july this year and might send others later taiwan s trade surplus with the u s rose to a record billion dlrs last year from billion in reuter
alum	correction non communist february aluminium in today s london item non communist february aluminium output up ipai please read in first paragraph and throughout daily average primary aluminium production correcting from average unwrought aluminium production reuter
acq	newman hawker discuss electric motor merger newman industries plc said it was discussing the possible merger of its electric motor operations with hawker siddeley group plc s hsid l brook crompton parkinson motors ltd unit newman has electric motor operations in the u k and australia the company gave no further details but said a further statement would be made shortly newman shares eased one penny on the announcement to p while hawker was unchanged at p three pence higher on last night s close reuter
acq	akzo buys rhone poulenc household units dutch chemical group akzo n v akzo as said it agreed to take over household product subsidiaries of french group rhone poulenc rhon pa for an undisclosed sum under the agreement akzo will acquire the household product activities of the lyons based rhodic and remalard based buhler fontaine units of rhone poulenc together these activities account for over mln french francs in annual sales and employ akzo said akzo will integrate the firms to be partially joined with its own french activities in its consumer products division reuter
acq	swiss banker wants bond ratings share disclosure a top swiss banker called for an obligatory continuous rating for all swiss franc bonds and said he believed anyone buying more than five pct of a company should be made to declare their share in comments at a news conference of vontobel holding ag chairman hans vontobel said he believed it was up to the banks own self regulating bodies such as the swiss admissions board to take such action before governmental bodies stepped in a decline in the average quality of borrowers on the swiss franc market and a debate on the use of registered shares to prevent takeovers have made both major issues among bankers vontobel noted that many borrowers already came to the market with ratings from the major u s agencies which were readily available to professionals through specialised information systems we should make this classification obligatory and publish it in places that are easily accessible to lay people he said the quick changing nature of the financial market meant these ratings should also be continually updated he said vontobel also noted that recent years had seen companies worried about takeovers increasingly issuing registered shares and participation certificates rather than bearer shares however both types of issue had a drawback he said the recent attempt by jacobs suchard ag jacz z to take over hero conserven lenzburg herz z had shown the limits of a pledge by the banks not to sell registered shares to someone who was not eligible according to the company s statutes excessive issue of participation certificates which do not carry voting rights would also be contrary to the principle of greater democracy in the new share law before parliament people buying for example more than five pct of a company s shares should be made to declare their purchase he said reuter
ipi	italian january industrial output falls pct italian industrial production fell pct in january compared with the same month last year the national statistics institute istat said the rise follows a year on year increase in december of pct istat s industrial production index base not seasonally adjusted registered compared with in january istat said there were working days in january the same as december but one fewer than january last year istat said the year on year fall reflected poorer performances in the footwear clothing textiles chemicals and metals industries it said office machinery and data sectors wood and furniture precision mechanics oil and electricity showed improved activity calculations based on istat figures showed industrial production rose pct in january on a month on month basis after falling pct in december over november reuter
earn	berliner bank suffers losses on stuttgart loans berliner bank ag has suffered losses of between and mln marks through credits granted by its stuttgart branch by officials there exceeding their powers a bank spokesman said in answer to queries the spokesman declined to say exactly how large the losses were berliner bank has suspended the three managers of its stuttgart branch and is continuing an investigation into the case in which state prosecutors are also participating the fact that powers had been exceeded emerged in a routine check at the branch the city of west berlin owns pct of berliner bank and the rest is held by small shareholders reuter
crude	reagan says u s needs to lessen oil imports president reagan said the united states must do more to lessen its reliance on imported oil president reagan said during a nationally televised news conference that the rising u s reliance on foreign oil is a problem that the administration is studying we have to study this more reagan said this is why we increased the strategic petroleum reserve but we have to do more he said reagan said his administration has already proposed deregulating natural gas and eliminating the windfall profits tax on crude oil production however he complained that congress had not yet approved those measures the department of energy earlier this week released a report that warned of rising u s reliance on foreign oil imports at a time when domestic production is declining it suggested options for the administration to consider but made no specific recommendations reuter
crude	trico tro gets chinese contract trico industries inc said it has received a six mln dlr contract to supply hydraulic lift equipment for heavy crude oil production for the chinese ministry of petroleum industry the company said the equipment is for use in the laiohe oilfield miles northeast of peking and will equip a well program reuter
earn	micron technology inc dram nd qtr march five shr loss cts vs loss cts net loss mln vs loss revs mln vs avg shrs mln vs mln st half shr loss cts vs loss dlrs net loss mln vs mln revs mln vs mln avg shrs mln vs mln reuter
earn	biosearch medical products inc bpmi th qtr shr loss seven cts vs loss cts net loss vs loss sales vs year shr loss cts vs loss cts net loss vs loss sales mln vs mln reuter
earn	moore financial group inc mfgi sets payout qtly div cts vs cts prior pay april record april three reuter
ipi	dutch january industrial production rises pct industrial production rose pct on a seasonally adjusted basis in january compared with december while rising pct from january last year central bureau of statistics figures show in december industrial production fell by pct from november while rising pct compared with december the industrial production index base stood at in january compared with a downward revised in december which was initially put at in january last year the index stood at and in december at reuter
trade	senate wants japan semiconducter pact enforced the u s senate has unanimously called for president reagan immediately to force japan to live up to a pledge to stop dumping its microchips and open its markets to u s chipmakers the senate voted to to urge reagan to impose penalties on japanese high technology products containing semiconductors in retaliation for what it sees as japan s violations of the semiconductor pact while the measure does not bind reagan to any action senate leaders said its adoption would warn japan stiffer legislation would be considered if the violations continue we want to send a message to japan to let it know how the senate feels about this matter senate democratic leader robert byrd told the senate senate finance committee chairman lloyd bentsen told the senate the measure was not aimed at retaliation but at correcting japan s unfair trade practices a key house trade lawmaker representative richard gephardt also announced he would seek to force japan and other countries with huge trade surpluses to slash their surplus by pct a year for three years reuter
acq	fleet flt could face connecticut divestiture fleet financial group said it might have to sell its first connecticut corp subsidiary as a result of its proposed billion dlr acquisition of norstar bancorp nor under connecticut banking law new england based bank holding companies such as fleet are not allowed to operate connecticut banks if they merge with companies from outside the region norstar is based in albany n y first connecticut has assets of about two billion dlrs fleet has total assets of about billion dlrs fleet said it will seek to have the connecticut law amended to allow it to retain first connecticut which is based in hartford fleet s acquisition of norstar is now expected to be completed around july when a change in laws in fleet s home state of rhode island allowing interstate banking outside new england will go into effect reuter
gold	geodome goedf to start mine construction geodome resources ltd said following receipt of a feasibility study from raytheon co s rtn stearns catalytic unit it will proceed with construction and pre production stripping at its sunbeam mine in custer county idaho as quickly as possible the company said the study found proven ore reserves of short tons grading ounce of gold per ton it said the mine will operate at a rate of tons of ore per year with higher grade ore being mined in the first three years for a rapid payback of capital costs the company said the feasibility study calls for gold production averaging ounces a year for the life of the mine and ounces a year over the first three years with ounces of silver per year being produced over the miune life capital costs would be mln dlrs with all new equipment and to one mln dlrs less with used equipment it said it said the mine would be operated by a contract miner but the associated mill by geodome geodome said a new ore zone discovered last summer is not included in reserve calculations it said eight of the nine holes drilled there have an average grade of ounce of gold and ounces of silver per ton also excluded are reserves of tons of low grade material that could be milled profitably at dlrs a ton for gold the feasibility study used a dlr gold price geodome said operating costs of the mine will average dlr per ounce of gold for the mine life and dlrs for the first three years in constant dollars reuter
earn	m d c asset investors mir in initial payout m d c asset investors inc which recently went public said its board declared an initial quarterly dividend of cts per share payable april to holders of record april one reuter
trade	japan says oecd study on subsidies still ongoing japanese agriculture ministry officials said a study of agriculture subsidies by the organisation for economic cooperation and development oecd is still under way and will be completed sometime next month the officials said the study has been inaccurate so far and they said japan would comment on the final results a reuter report from washington yesterday said the study has found that japan has the highest agriculture subsidies in the world and that dairy farmers benefit more than any other commodity producers from subsidies the study has not been officially released due to objections from some countries japan has withdrawn its objection and decided to accept the release of the study the agriculture ministry officials said oecd directors are expected to approve the release at a meeting in mid may one agriculture ministry source said the study so far was based on the years japanese subsidies have dropped sharply since then partly because of tight budgetary policy and foreign currency factors have also changed he said the study is unfair and unacceptable because it does not take account of various differences in farming conditions in each country such as geography the source said he said it is highly likely that the final study will show japan has the highest farm subsidies in the world this would increase foreign pressure to open japan s farm market further but this would have little impact on japan s agriculture policy he said without giving further details a main purpose of the study is to clarify export subsidies by major exporting nations like the united states and the european community but japan is a major importer he said reuter
earn	corrected micropro international corp mpro net nd qtr shr four cts vs seven cts net vs revs vs mln st half shr four cts vs cts net vs revs mln vs mln note period ended february company corrects period in march item reuter
acq	c o m b cmco to acquire rest of cable value c o m b co said its board has approved a proposal to acquire the pct of cable value network held by its cable television industry partners in exchange for warrants for c o m b common the company which already owns the other pct of cvn said it plans to change its name to cvn c o m b said the proposal calls for its cable partners to receive about eight mln five year warrants in exchange for their pct interest in cvn and commit to a long term affiliation agreement to carry cvn programming c o m b said the proposed warrants would carry an exercise price of dlrs a share it said the warrants originally offered to cable partners will continue to vest on the pre agreed schedule the company now has about mln shares outstanding c o m b said the transaction is subject to the parties entering into an agreement which would be subject to approval by its shareholders and regulatory agencies reuter
earn	home savings durham hsld sets stock dividend home savings and loan association inc of durham n c said its board declared a pct stock dividend payable april to holders of record april three reuter
acq	twa in legal stipulation not to pursue the acquisition of usair
interest	top discount rate at u k bill tender falls to pct
crude	canada northwest to sell preferred shares canada northwest energy ltd said it reached agreement in principle to sell one mln preferred shares by way of private placement to raise mln dlrs for oil and gas exploration the pct cumulative redeemable convertible series d preferred shares will be flow through shares entitling holders to tax deductions not claimed by the company the shares will be convertible anytime after issue into common shares at an equivalent conversion price of dlrs a share after one year they will be redeemable at any time by the company at dlrs a share plus accrued dividends reuter
acq	ohio edison sells pct of nuclear interest for mln dlrs
ship	high winds keep vessels trapped in baltic ice strong south easterly winds were keeping many vessels trapped in the ice off the finnish and swedish coasts in one of the worst icy periods in the baltic for many years the finnish board of navigation said in finland and sweden up to vessels were reported to be stuck in the ice and even the largest of the assisting icebreakers were having difficulties in breaking through to the stranded ships coastguard officials said however icy conditions in the southern baltic at the soviet oil ports of ventspils and klaipeda had eased they said weather officials in neighbouring sweden said the icy conditions in the baltic were the worst for years with ships fighting a losing battle to keep moving in the coastal stretches of the gulf of bothnia which divides finland and sweden the ice is up to one metre thick with drifts and currents packing it into almost impenetrable walls three metres high swedish coastguard officials said weather forecasts say winds may ease during the weekend but a further drop in temperature could bring shipping to a standstill the officials said reuter
trade	ec and comecon ends talks with progress the european community ec and soviet led comecon ended talks here having made progress on setting up formal trade relations but no breakthrough because of comecon s refusal to recognise west berlin as part of the ec delegates said negotiators were trying to reach agreement on the draft of a joint declaration setting up official relations after years of mutual non recognition john maslen head of the ec delegation told reuters as he emerged from the final session we made some progress but we have called for another meeting officials who asked not to be named said the comecon team had refused to accept a clause in the draft declaration which would recognise west berlin as part of the nation ec under the treaty of rome all contracts and agreements signed by the community must contain this territorial clause stipulating west berlin is an integral part of the ec an ec negotiator taking part in the three day talks said we wanted the territorial clause in but comecon said no a joint statement issued after the talks said progress was made towards clarifying positions but another meeting would be necessary to complete the work any decision in principle to set up relations would require approval by the community s council of ministers and by the executive committee of comecon zdzislaw kuroski deputy director of comecon who heads the east bloc delegation told reuters ahead of today s session we have narrowed our differences on a range of questions but not on all questions asked whether comecon would accept ec insistence that any joint declaration stipulate west berlin as part of the community he replied this question is not contained in the draft which our side presented west german diplomats said they would insist on including the clause on west berlin in any ec comecon agreement the talks followed an earlier round between the two trading blocs here last september and the first ever direct talks between the ec and the soviet union on establishing diplomatic relations in january the ec trades with individual comecon member states despite non recognition of comecon last year the ec had a five billion dlr trade deficit with east european states about half the deficit of the previous year due to a drop in the price of soviet oil imported by the ec reuter
acq	ohio edison oec sells pct of nuclear interest ohio edison co said it has completed the sale and leaseback of pct of its pct interest in unit one of the perry nuclear power plant receiving mln dlrs for the interest the utility said the share of its interest in the megawatt generating plant was sold to a group of institutional investors which leased it back to the company for a period of about years at a negotiated lease payment rate ohio edison said the proceeds will be used to finance the rest of its construction program and repay bank loans incurred for the retirement of high interest long term debt ohio edison did not detail the lease payments but it said the payments will reduce the amount of revenue the company will need to cover our investment in perry which translates into savings for our customers the utility said it projects the financing could reduce the amount of annual revenue needed by about mln dlrs it plans on filing a rate application with the public utilities commission of ohio to recover the perry costs later this year it said the sale and leaseback was attractive to the investors because they could take quicker advantage of tax benefits than the utility could reuter
earn	stanley interiors sthf says results reduced stanley interiors corp said its first quarter shipments and operating income were lower than expected due to snowstorms in january and february that forced the closing of some of its manufacturing facilities for up to six days stanley said however that any reduction in first quarter operating income will be offset by reduced interest expense and that first quarter net income will be about flat with first quarter net income of cts a share or dlrs stanely also said the first quarter s sales losses would be made up by shipments in the second quarter reuter
acq	twa twa in court settlement with usair u trans world airlines inc said it reached an agreement yesterday in federal court with usair group inc that prevents twa from buying additional shares of usair under the agreement twa which holds about pct of usair stock will not buy more usair shares before april and will not do so after that date without giving days notice to usair twa also agreed that it would not knowingly and willingly interfere with the consummation of the merger between usair and piedmont aviation inc pie twa said the court agreement confirms previous announcements by the company in filings with the securities and exchange commission that it does not presently intend to seek control of usair or to acquire additional common stock as a result of the agreement the court removed a previous temporary restraining order against twa the company said twa and usair have also agreed that all litigation between them in pittsburgh and delaware will be stayed until april twa said the agreement does not prevent it from commenting to regulatory agencies on the usair piedmont merger in a separate statement usair said the agreement also included a provision that all usair shares currently owned by twa and its chairman carl icahn will be voted through a voting trust in proportion to the votes of other shares not controlled by twa or icahn reuter
earn	cri insured mortgage investments lp crm payout mthly div cts vs cts prior pay may record march reuter
acq	american motors amo board meeting on takeover american motors corp s board of directors is meeting this morning in new york to consider chrysler corp s c billion dlr takeover offer an american motors spokesman said the spokesman reiterated statements made earlier in the week that the regularly scheduled meeting was being held the spokesman would not comment on recurring speculation that the board might receive a higher offer from chrysler analysts have said the fact that american motors stock has remained above the four dlrs a share chrysler offer could lead the larger company to raise its bid the american motors spokesman said he had not seen any indication that a higher offer would be received from chrysler although he added i don t know what the conversation is in the meeting he repeated statements made earlier in the week by the automaker that today s meeting will probably not result in a final decision on the chrysler bid the board first apprised the proposal on the th of march i suspect there will be several more meetings after this the spokesman said the meeting is expected to go through early afternoon reuter
money-fx	treasury s baker supports fed monetary policy treasury secretary james baker said in a newspaper interview that he supports the current course of federal reserve board monetary policy the course of fed policy is quite adequate as far as we are concerned baker said in an interview with the new york times in the interview baker declined to comment about the recent paris accord among the six leading industrialized democracies when he was asked why the u s agreed to stabilize the dollar at current levels when the trade deficit hit a record level last year baker said in the newspaper interview that it was a subject i prefer not to talk about he said that if he explained why the u s agreed to help maintain the dollar at current levels i would of necessity end up getting into some of the private agreements that support such and agreement on the dollar baker was optimistic about brazil which has stopped interest payments on much of its outstanding debt with foreign commercial banks they are after all paying on time all the debt service and principal on their official debts having just rescheduled with the paris club baker said in the newspaper interview baker said that brazilian repreentatives had explained they intented to pay their commercial bank debts in full but needed time reuter
acq	universal resources uvr to vote on merger universal resources corp said it is holding a special shareholders meeting this morning to vote on the previously proposed merger between it and questar corp str universal whose stock was delayed this morning on the american stock exchange said it will release a statement later in the day on the vote reuter
gas	sonex research sonx custom auto uses more gas sonex research inc said its modified british ford escort passed the european emissions test but reported the engine consumed pct more fuel than the stock engine sonex said its engine is not equipped with a catalytic converter and does not use exhaust gas recirculation or an emission air pump it said the company expected to realize a reduced fuel economy but is working on improving fuel consumption the company said after it installs the new fuel system it will retest the automobile in a separate announcement the company said it received confirmation from the european patent office that sonex successfully defended its beta european patent from a competitor reuter
acq	louisiana pacific lpx buys oregon sawmill louisiana pacific corp has agreed to pay dlrs for the bankrupt harris pine sawmill in pendleton ore the mill s bankruptcy trustee said louisiana pacific refused to indicate whether it would repoen the lumber mill which was closed after the sawmill owned by the seventh day adventist church filed a bankruptcy petition in portland federal court in december the trustee said the company outbid wtd industries inc for the lumber mill harvested logs and contracts to harvest timber in the national forest it outbidhell bankruptcy trustee said reuter
earn	international pagurian has five month profit international pagurian corp ltd said it had net profit of mln dlrs or three cts a share for the period august to december based on mln shares outstanding revenues for the full year ended december were mln dlrs and net assets at year end were mln dlrs the company did not disclose earnings for the period before august or prior year results a company spokesman said prior results were not comparable due to its august issue of mln common shares reuter
money-supply	s african m money growth slows in january south african year on year broadly defined m money supply growth slowed to pct in january from pct in december reserve bank figures show m fell to billion rand in january from billion in december while preliminary february figures show m at billion rand for a year on year rise of pct m showed a rise of pct for january at billion rand after pct in december m pct at billion after pct and m a pct at billion rand after pct reuter
earn	compuscan inc cscn rd qtr feb net shr loss eight cts vs loss cts net loss vs loss revs vs nine mths shr loss cts vs loss cts net loss vs revs vs mln reuter
acq	first federal ffbn merging into bankeast benh first federal bank fsb said it has entered into a letter of intent to merge into bankeast corp for dlrs per first federal share in bankeast common stock first federal said subject to certain adjustments including first federal s earnings prior to the close of the deal each share of its common stock shall not be converted into less than shares or more than shares of bankeast common first federal said the proposed move is also subject to execution of a definitive agreement regulatory approval and the approval of first federal shareholders reuter
acq	illinois tool works itw sells two divisions illinois tool works inc said it completed the sale of its drill and end mill division pine bluff arkansas and eclipse counterbore division detroit to newly formed eclipse industrial pruducts inc based in st louis terms were not disclosed all employees at both locations will be retained it added reuter
earn	national patent development corp npd in payout qtly div cts vs cts prior pay may one record april one reuter
earn	thompson medical co inc tm sets quarterly qtly div cts vs cts prior pay april record march reuter
crude	gulf canada goc asserts no damage from spill gulf canada corp said a discharge of material at its amauligak drilling site in the beaufort sea caused no danger to the environment yesterday the federal department of energy charged gulf canada with eight counts of illegal dumping for discharging powdered cement and drilling mud between september and last year the charges carry a maximum dlr fine on each count gulf said the government s charges relate to discharging materials without a permit not to environmental damage resulting from the action gulf said it voluntarily informed appropriate government officials when the material was discharged the company also said none of the material was discharged within miles of the closest shoreline it added that one of the materials cited barite is a naturally occurring mineral routinely discharged into the sea during drilling operations reuter
earn	metallgesellschaft ag metg f year to september domestic group net profit mln marks vs mln parent net profit mln vs mln dividend six marks vs same parent payment to disclosed reserves mln vs mln reuter
earn	pubco pubo declares dividend right pubco corp said its board declared a dividend distribution of one common stock purchase right on each outstanding share of pubco s common stock it said each right will entitle shareholders to buy one share of common stock at an exercise price of three dlrs the rights will be exercisable only if a person or group acquires pct or more of pubco s common stock or announces a tender which would result in ownership by a person or group of pct or more of the common stock the company said pubco said it will be entitled to redeem the rights at cts per right at any time before a pct position has been acquired and afterward in certain circumstances it said the exercise price will be substantially reduced in the event of an acquisition of pct or more of common stock if pubco is acquired in a merger or other transaction each right will entitle its holder to purchase at the right s then current exercise price a number of the acquiring company s common shares having a market value at that time of twice the right s exercise price the company said the dividend distribution will be made march payable to shareholders of record on that date the rights will expire ten years later on march the company said pubco said the rights are not being distributed in response to any specific effort to change control of pubco and the board is not aware of any such effort reuter
earn	tech data tecd sets three for two split tech data corp said its board declared a three for two stock split payable april to holders of record april reuter
acq	vertex vetx to buy computer transceiver stake vertex industries inc and computer transceiver systems inc jointly announced an agreement for vertex to acquire a pct interest in computer after it completes a proposed reorganization computer has been in reorganization proceedings under chapter since september the companies said the agreement would allow computer s unsecured creditors and debenture holders to receive new stock in exchange for exsiting debt and for shareholders to receive one new share of computer s stock for each four shares previously held the companies said the united states bankruptcy court for the southern district of new york has given preliminary approval for the proposal which is subject to formal approval by computer s creditors and the court under the agreement vertex also said it would supply computer with dlrs of operating funds and arrange renegotiation of its secured bank debt among other things reuter
earn	rent a center rent votes for split rent a center inc said its directors approved a three for two stock split payable april record april reuter
earn	usacafes usf sets higher dividend usacafes lp said its board declared a quarterly dividend of cts per unit its first since converting to a limited partnership the company as usacafes inc had paid a quarterly dividend of nine cts per share it said the restructuring as a partnership has substantially increased the cash available for distribution to unitholders as it had predicted reuter
acq	cooper canada said it received takeover offers cooper canada ltd said it has received takeover offers from a number of companies the company also said that discussions are continuing but no definitive arrangements have been made it gave no further details reuter
earn	freeport mcmoran oil and gas fmr payout rises mthly div cts vs cts prior pay april record march reuter
acq	illinois regional illr mulls affiliation illinois regional bancorp said it is evaluating whether to affiliate with a larger bank holding company or continue to remain independent the mln dlr asset bank holding company said that in view of recent investor interest in suburban chicago banks it retained merrill lynch capital markets to advise it on its alternatives last year illinois regional had discussions with milwaukee based marine corp mcrp but no agreement was reached a company spokesman said reuter
earn	sheldahl shel votes three for two stock split sheldahl inc said its directors approved a three for two stock split payable april record april reuter
earn	russ togs inc rts sets quarterly qtly div cts vs cts prior pay april record april one reuter
money-fx	bank of finland to trade in banks certificates the bank of finland said it has started dealings in banks certificates of deposits cds with immediate effect and that it was prepared to issue its own paper to stimulate operations on the domestic money market bank of finland governor rolf kullberg told a news conference the bank will also limit credits on the call money market from march by introducing a maximum credit amount and a penalty rate if banks exceed this ceiling the recent introduction of three month money and these new regulations are decreasing the role of the call money market and the discount rate as monetary instruments kullberg said bankers welcomed the central bank measures saying these were needed to accelerate the domestic money market the bank of finland had never before been allowed to issue its own cds they said the central bank for the first time has an instrument with which it really can influence the price of money in this country one banker said under the new rules banks are limited to call money credits to a maximum of pct of the total of their equity capital and cash reserves a penalty rate of interest of pct is now introduced if the limit is exceeded director sixten korkman at the bank of finland s monetary department said he expected the bank to pursue an active policy on the interbank market as an issuer of own cds we are free to do it so maybe on monday we will issue the first just to see how the system functions overall i think we will issue at least a few times a week korkman told reuters he said the bank was likely to aim at cds with a three month maturity at first as the market was best developed for paper of that maturity the bank of finland introduced last december three month credits and deposits at rates determined by the central bank and the commercial banks as a shift away from the traditional overnight call money market liquidity on the call credit market has fallen from around nine billion markka in early december to mln last week while three month credits have risen to three to four billion on the interbank market there has been an increasing trade in banks cds estimated to be some eight billion markka in addition commercial paper accounts for around five billion markka and treasury bills two billion reuter
acq	carteret savings cbc completes sale of branches carteret savings bank said it has completed the previously announced sale of six virginia branches to charter federal savings and loan association chfd carteret said it has opened a retail banking office in vienna va as the next step in its move to build a strong presence in the washington d c baltimore md area carteret said the new bank has two offices outside baltimore which were acquired last june when carteret merged with admiral builders savings and loan association the company said it plans to open a retail banking office in downtown washington this summer plus several more offices in baltimore county and others in fairfax county va carteret said it may open more loan offices in virginia and maryland reuter
earn	mcdonald s mcd up on reaffirmed recommendation the stock of mcdonald s corp rose sharply this morning after analyst daniel lee of drexel burnham lambert inc reiterated his recommendation of the stock traders said mcdonald s an operator of fast food restaurants rose to comparable store sales are up pct in vs lee said and the stock is trading below the market multiple he said not many companies have a consistent pct annual earnings growth rate return on equity above pct but trade at less than the market multiple analyst lee said the introduction of a new line of salads this spring at about the time we are all trying to squeeze into bathing suits should boost sales he also noted that the average mcdonald s does about mln dlrs in revenues a year that compares with mln dlrs a year for the average burger king and dlrs a year for the average wendy s since it cost about the same to build a single store for any one of these chains he said mcdonald s can well justify their expansion lee expects mcdonald s to earn dlrs a share in and dlrs in last year it earned dlrs a share reuter
earn	icn pharmaceutical inc icn st qtr feb net oper shr cts vs four cts oper net vs sales mln vs mln note oper data does not include extraordinary gains of dlrs or cts per shr in current quarter and dlrs or eight cts per shr in year ago quarter from sales of certain marketable securities reuter
earn	american federal colorado afsl halves payout american federal savings and loan association of colorado said its board cut the quarterly dividend to cts per share from cts the dividend is payable april to holders of record march the company said earnings will continue under pressure this year due to the weakness of the colorado economy and a high level of nonearning assets reuter
earn	texas utilities co txu mths feb net shr dlrs vs dlrs net mln vs mln revs billion vs billion avg shrs mln vs mln reuter
earn	guardian trustco inc th qtr net shr cts vs nine cts net vs revs not given year shr dlrs vs cts net vs revs mln vs mln note shr after preferred dividends reuter
acq	enviropact viro to make acquisition enviropact inc said it has signed a letter of intent to acquire willms trucking co inc for about mln dlrs with completion expected in days in the year ended september willms had revenues of about mln dlrs it transports hazardous waste sand and gravel reuter
earn	virateck inc vira st qtr feb oper loss oper shr loss cts vs profit cts oper loss vs profit revs vs note oper data does not include year ago extraordinary gain of dlrs or nine cts per shr reuter
earn	parkway co pkwy sets quarterly qtly div cts vs cts prior pay may record may four reuter
acq	italy sets rules for company holdings in banks companies will henceforth be able to own stakes in banks but these should not constitute a dominant holding an italian government committee ruled the interministerial committee on credit and savings headed by treasury minister giovanni goria said its decision reflected the need to safeguard the principle of separation between banks and non financial concerns it did not quantify what might constitute a dominant holding the committee also set conditions for the allocation of credits by banks to companies or individuals holding stakes in them and stipulates conditions under which the bank of italy could exercise its powers of control in the case of stakes held by banks in companies or other banks under the ruling credits given by banks or their subsidiaries to groups or individuals holding five pct or more of the bank s capital must not exceed defined limits the value of credits given cannot exceed either one fifth of the combined capital and reserves of the bank itself or two fifths of the value of the stake owned in the bank by the group or individual concerned exceptions to these conditions include credits to concerns in which the bank itself has a stake and to branches of foreign banks credits made by foreign companies or banks to subsidiaries which have their legal base in italy will also be excluded from the conditions the bank of italy will request banks to insert rules in their statutes to ensure that companies or individuals holding five pct or more of the bank s capital are not given privileged treatment with regard to credit allocation and terms with regard to bank holdings in companies the bank of italy can exercise supervisory controls when information on a bank s consolidated activities show single shareholdings in a company or another bank of pct or more owned directly or indirectly such controls can also be exercised even if the stake held is below pct if it can be considered a controlling interest the controls will not be exercised in cases where the value of the bank s stake in a concern is below the lesser of two predefined limits these limits are set at billion lire or two pct of the total assets of the parent company of the shareholding bank reuter
earn	parisian inc pasn th qtr jan net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr dlrs vs dlrs net vs sales mln vs mln avg shrs vs reuter
earn	spi pharmaceuticals inc spip st qtr oper net qtr ended feb oper shr cts vs cts oper net vs revs mln vs mln note oper data does not include year ago extraordinary gain of dlrs or eight cts per shr reuter
earn	guardian trustco sees modest outlook guardian trustco inc earlier reporting a pct increase in full year earnings per share said the outlook for is more modest the company said it has started a number of long term growth projects which have a payback period exceeding one year guardian trustco did not give a specific earnings forecast the company earlier reported net profit rose to dlrs or dlrs a share from year earlier dlrs or cts a share reuter
acq	cogeco buys fm station plans share issue cogeco inc said it agreed to acquire pct of quebec city radio station cjmf fm and will issue subordinated voting shares of the company to cover a portion of the purchase price it said the purchase price and other terms of the transaction have not been disclosed the transaction is subject to approval of the canadian radio television and telecommunications commission reuter
earn	nestle net billion swiss francs vs billion div unchanged francs
earn	texas industries inc txi rd qtr feb net shr loss cts vs profit one ct net loss vs profit sales mln vs mln nine mths shr loss cts vs profit dlrs net loss vs profit mln sales mln vs mln note current year net includes tax credits of dlrs in quarter and dlrs in nine mths reuter
earn	sunshine mining co th qtr shr loss cts vs loss cts
ipi	correction rome italian january production in story headlined italian january industrial output falls pct in second paragraph please read the fall follows changing rise to fall reuter
earn	graco inc ggg votes quarterly dividend qtly div cts vs cts prior qtr pay may record april reuter
acq	audio video ava sues over cyclops cyl bid audio video affiliates inc said it has filed suit against dixons group plc cyclops corp alleghany corp y and others in connection with dixons recently completed tender offer in which it raised its ownership of cyclops to pct the company said the suit filed in u s district court for the southern district of ohio seeks a temporary restraining order and preliminary injunction requiring dixons for business days to permit any cyclops shareholder who previously tendered and now wishes to withdraw to do so the company said the order and injunction would also prohibit dixons from exercising a lockup option granted it by cyclops and prohibit dixons for business days from attempting to exercise any control over cyclops audio video said the suit also requests the court to order cyclops to immediately provide to all potential bidders for cyclops all information given to dixons audio video and citicorp cci have been tendering for all cyclops shares in a competing offer at dlrs per share but said it could raise its bid to dlrs under certain circumstances dixons offered dlrs in its tender in february alleghany agreed to buy cyclops steel and nonresidential construction business for mln dlrs in cash and the assumption of liabilities reuter
acq	dixons says sec moving on cyclops cyl tender dixons group plc said the securities and exchange commission has authorized but not commenced the filing of an action against it concerning its waiver of a condition in its tender offer for cyclops corp dixons has offered to buy about pct of cyclops shares the sec action deals with a waiver by dixons of a condition in the tender offer which was made without an appropriate extension of the offer dixons said dixons also said it is currently discussing the matter with the sec the sec has a standing policy of never confirming or denying investigations or upcoming legal action reuter
earn	sunshine mining co ssc th qtr loss shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln avg shrs mln vs mln year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln avg shrs mln vs mln note per share results after preferred dividend requirements of mln dlrs vs mln dlrs in quarter and mln dlrs vs mln dlrs in year th qtr loss includes accruals writedowns and non recurring charges aggregating mln dlrs including costs anticipated in for the reopening of the sunshine mine and a writedown of the capitalized costs at the sixteen to one mine by mln dlrs year loss includes charges totaling mln dlrs reuter
earn	scat hovercraft inc scat year loss shr loss not given net loss sales note company incorporated in june fourth quarter loss dlrs reuter
earn	nestle sa nesz z year div swiss francs per share and francs per participation certificate unchanged net billion vs billion shr vs turnover billion vs billion addition to reserves mln vs mln reuter
earn	southeast banking corp stb sets quarterly qtly div cts vs cts prior pay april record march reuter
earn	balance computer corp rd qtr jan loss shr loss one ct vs profit five cts net loss vs profit rev vs nine months shr profit one ct vs profit five cts net profit vs profit rev vs note the company was delisted from the nasdaq in november third qtr net includes extraordinary credit of dlrs or four cts a share reuter
earn	recommendation reiterated on wang labs wanb analyst thomas mccrann of merrill lynch said he reiterated a buy recommendation of wang laboratories inc noting that a successful cost cutting campaign could reduce the earnings loss expected for the third quarter ending in march wang was the most actively traded stock on the american stock exchange rising to mccrann said that wang is a little bit ahead of where they were expected to be in their cost reductions and as a result the odds have increased that the loss for the quarter will be less than had been expected mccrann said he expects wang to report break even earnings per share or only a small loss per share for the third quarter he said for the year however the company should report a loss of about cts a share compared with earnings of about cts a share a year ago reuter
acq	japan britain disagree on telecom merger cable and wireless plc cawl l is resisting attempts to merge two japan based telecommunications firms in the hope that overseas political pressure will force a change in those plans a company executive said cable and wireless which holds a pct stake in one of the two japanese firms is opposed to plans to reduce its share to three pct in the merged firm director of corporate strategy jonathan solomon told reporters that plan put forward by a senior member of the powerful business organization keidanren with the tacit backing of the post and telecommunications ministry has caused a storm of protest from abroad that japan is seeking to exclude foreign firms from a meaningful position in the market pacific telesis group pac n of the united states also holds a pct stake in one of the newly formed consortia international digital communications inc idc solomon said that both british prime minister margaret thatcher and u s secretary of state george schultz have written to the japanese government about the planned merger a key u s senate committee commerce secretary malcolm baldrige and trade representative clayton yeutter have also expressed opposition to the merger he said the post and telecomunications ministry reiterated again that it sees no need for two competitors to kokusai denshin denwa co ltd which holds a monopoly on international calls from japan the ministry has also suggested that foreign shareholders not hold managerial positions in the new firm in an attempt to hammer out an agreement solomon today met fumio watanabe the senior keidanren officer trying to arrange the merger but the two sides remained deadlocked at stake is c and w s mln dlr project to lay fibre optic cables between japan and alaska to form part of its global network c and w wants to start right away on the project such as application and other procedures said watanabe who is also chairman of tokio marine and fire insurance inc the japanese side is saying that the decision on such a plan should be left with the new firm after the merger these decisions on the merger were made in consideration of japan s economic conditions and legal systems i told him we are not a colony or something said watanabe reuter
earn	winthrop insured mortgage ii wmi sets payout qtly div cts vs cts prior pay april record march note winthrop insured mortgage investors ii reuter
money-supply	german money supply growth slows in february west germany s money supply growth slowed in february after january s sharp rise but the trend is still definitely upward the bundesbank said in a statement growth in the traditionally broad m aggregate was only moderate in february while cash in circulation deposits with statutory withdrawal notice and sight deposits grew sharply short term time deposits fell after expanding unusually strongly in january in the six months to february m which excludes holdings of german non banks abroad grew at a seasonally adjusted annual rate of pct after in the six months to january compared with february m rose pct in the six months to february m which excludes time deposits with statutory withdrawal notice rose at a seasonally adjusted annual rate of pct and m which consists of cash and sight deposits rose seven pct international transactions of non banks again led to a significant inflow of funds the bundesbank said net claims of commercial banks and the bundesbank against foreigners refecting these foreign payments increased by billion marks in february little changed from january s rise but in contrast to january the dampening effect of the inflow on domestic credit demand outweighed the expansionary effect on money growth the bundesbank said outstanding bank credits to companies and private individuals remained virtually unchanged in february a sharp drop in short term company credits which reflected the foreign funds inflow was balanced by a moderate rise in long term credits and a sharp rise in credits for securities at the end of february total bank credits to the private sector were pct above the february level the effect of public authority cash movements on the money supply was slightly expansive the bundesbank said although banks acquired large amounts of public authority paper public authorities drew down book credits at commercial banks and the bundesbank capital formation strengthened in february and slowed money supply growth to a larger extent than in january a total of billion marks in long term funds was placed with banks after billion the previous month reuter
earn	entex energy development ltd eed sets payout qtly div cts vs cts prior pay may record march reuter
trade	ec says u s broke trade rules in akzo dupont row the european community commission has charged the united states with breaking international trade rules by excluding dutch made fibres from the u s market and said it would take the issue to the world trade body gatt in the latest of a series of trade disputes with washington the executive authority alleged that a section of the u s tariff act was incompatible with the gatt general agreement on tariffs and trade because it discriminated against imported products in favour of domestically produced goods the commission said it would ask geneva based gatt to rule on whether the section in question which officials said had proved a barrier to many ec exporters conformed to its rules commission officials did not rule out retaliatory measures if after a gatt decision against it washington failed to bring the disputed section into line with international rules the executive s decision to go to gatt follows a complaint to it by the dutch company akzo akzo as whose aramid synthetic fibres have been banned from the u s market because of charges by the u s firm dupont that the fibres violate the american company s patents akzo alleged that the ban imposed by the u s international trade commission itc was discriminatory and incompatible with gatt provisions the dispute centres on the fact that section of the u s tariff act gives the itc jurisdiction over imported products the ec commission charged that ec producers did not have the same possibilities for defending themselves before the itc as they would have in a normal u s court consequently the procedure followed is less favourable than that which takes places in normal courts of law for goods produced in the united states it said in a statement reuter
acq	u s agency to allow u s air to buy pct of piedmont pending final okay of merger
earn	final test inc fnlt th qtr loss shr loss six cts vs loss cts net loss vs loss sales vs year shr profit six cts vs loss dlrs net profit vs loss sales vs reuter
earn	michigan national corp mnco votes dividend qtly div cts vs cts prior qtr pay april record april reuter
earn	autoclave engineers inc aclv qtly dividend qtly div four cts vs four cts prior pay april record march reuter
acq	waste management amends chemlawn offer raising it to dlrs a share from dlrs
acq	american motors said directors took no action on chrysler proposal postpones annual meeting
acq	waste management wmx hikes chemlawn chem bid waste management inc said it amended its offer to buy the outstanding shares of chemlawn corp to dlrs a share on thursday the company said it was prepared to bid dlrs a share up from its original dlrs a share offer as a result of the price increase made through waste management s wholly owned subsidiary wmx acquisition corp the offer has been extended and the withdrawal rights will not expire at midnight edt april two unless further extended waste management also said it amended its offer to provide that the tender offer price will not be reduced by chemlawn s cts a share dividend payable to holders of record april reuter
earn	entex energy development ltd eed year loss unit loss dlrs vs loss dlrs net loss mln vs mln revs mln vs mln avg units vs note net includes writedown of oil and gas properties of ln dlrs vs mln dlrs and writedown of geothermal property of mln dlrs vs mln dlrs reuter
acq	u s says usair u may buy pct of piedmont the department of transportation said it will allow usair group to acquire up to pct of piedmont aviation pie voting stocks pending final approval of the proposed merger of the two airlines the agency said the stock would have to be held in a voting trust controlled by an independent trustee an agency spokesman said that if usair which has proposed to buy all of piedmont shares controls more than pct of the firm s outstanding stock it will have one week to sell those excess shares usair asked the department of transporation earlier this month to approve a voting trust an agency spokesman said this is a device that airlines use to get majority control of a company it is trying to acquire while their application before the government is pending approval the spokesman said the firm had asked the transporation agency permission to buy all of piedmont s voting stock the but agency decided to give approval for pct of shares the spokesman said agency action on the proposed merger application could take as long as six months reuter
acq	affiliated publications to buy billboard publications for mln dlrs
acq	amc amo takes no action on chrysler c bid american motors corp said its directors reviewed a chrysler corp merger proposal but took no action on it the company said its directors met in new york today at a regularly scheduled meeting the board s review is continuing with the company s independent legal and financial advisers american motors said in a statement issued from new york american motors board voted to postpone its annual shareholders meeting scheduled for april in southfield michigan the next regularly scheduled meeting of american motors board will be april although it is expected that directors will meet again prior to that date according to the statement early last week chrysler said it agreed to buy the pct interest owned by regie nationale des usines renault in american motors and acquire the balance of american motors in a transaction valued at billion dlrs later that week amc said it had retained financial and legal advisers and expected to meet periodiocally over the next several weeks to consider the proposal reuter
earn	nestle seeking authorisation for certificate issue nestle sa nesz z said it would seek shareholder approval to issue participation certificates up to pct of share capital instead of the current limit of pct it said it wanted this authorisation in view of future certificate issues nestle s nominal capital amounts to mln swiss francs nestle reported net profits of billion francs for up pct from while turnover fell pct to billion as the swiss franc strengthened against other currencies the parent company s net profit rose to mln francs from mln in and the company planned an unchanged dividend of francs per share and francs per certificate after placing mln francs in reserves against mln last year the payout represented pct of group net profit against pct last year nestle said it had also invited fritz leutwiler former president of the swiss national bank and currently chairman of bbc ag brown boveri und cie bbcz z to join the nestle board reuter
trade	gatt to debate u s charges of airbus subsidies the u s will pursue its complaint that european governments unfairly subsidise the airbus industrie aircraft consortium in proceedings at the gatt civil aircraft committee a gatt spokesman said today the u s presented its case for the first time to the aircraft committee of the general agreement on tariffs and trade gatt during a special two day session ending today gatt rules cover some pct of world commerce the member committee agreed to open debate on the u s complaint starting with informal consultations and then holding a special session in july trade officials said the tension has eased the permanent trade ambassador of the member european community tran van thinh told reporters the u s has decided to go through proper channels u s trade officials again made clear their anger over what they call unfair government support for airbus voiced during a visit to european capitals in february in a letter calling for the special committee meeting washington charged france west germany the u k spain and the ec commission with unfair practices on behalf of airbus the u s charges that the europeans are violating rules laid down in the agreement on trade in civil aircraft washington presented its reading of rules on inducement to purchase aircraft and support for development of airlines during the special session and asked the committee to confirm its view official sources in the delegations said the u s views would be considered during the informal consultations but the europeans would also be free to bring up any complaints against american civil aircraft practices some delegates said the u s position appeared to give such broad interpretation to the rules as to suggest that the civil aircraft accord needed re negotiating all these matters would be considered during the informal meetings reuter
earn	monfort of colorado inc nd qtr shr dlrs vs dlrs
money-supply	canadian money supply m falls billion dlrs in week bank of canada said
lead	no force majeure on lead from capper pass u k smelter capper pass denied rumours that the company had declared or was about to declare force majeure on lead deliveries this followed trader talk on the london metal exchange lme after broker bids were made at increased premiums for capper pass brand material traders said some slight production problems seem to exist but are unlikely to have any impact on the market lead values on the lme today were unchanged around stg per tonne for three months delivery after thin business in a one stg range reuter
acq	affiliated publications afp to buy billboard affiliated publications inc said it agreed to acquire all the outstanding stock of billboard publications inc for mln dlrs in cash from a shareholder group led by boston ventures limited partnership affiliated which owns the company that publishes the boston globe said the acquisition will give it a strong position in the growing market for specialty magazines under a separate agreement affiliated said that certain members of billboard s management plan to buy up to pct of the equity in billboard following affiliated s acquisition of the company billboard publishes eight specialty magazines including billboard magazine and annual directories it also publishes and distributes speciality books under four imprints and operates two book clubs affiliated is the parent company of globe newspaper co publisher of the boston globe it also has interests in cellular telephone and paging services providers reuter
acq	firm has allegheny int l ag preferred stake spear leeds and kellogg a new york brokerage partnership said it has acquired shares of allegheny international inc s dlr convertible preferred stock or pct of the total outstanding in a filing with the securities and exchange commission spear leeds said it bought the stake for mln dlrs as part of its normal trading activities reuter
acq	wtd industries wtdi sawmill offer rejected wtd industries inc said its offer to buy the bankrupt harris pine sawmill in pendleton oregon was rejected by the bankruptcy court trustee the company said the bid was rjected in favor of a higher offer reuter
acq	celina celna shareholders approve sale celina financial corp said shareholders at a special meeting approved a transaction in which the company transferred its interest in three insurance companies to a wholly owned subsidiary which then sold the three companies to an affiliated subsidiary it said the company s interests in west virginia fire and casualty co congregation insurance co and national term life insurance co had been transferred to first national indemnity co which sold the three to celina mutual for cash an office building and related real estate reuter
acq	group has pct of unicorp american uac two affiliated new york investment firms and an investment advisor told the securities and exchange commission they have acquired shares of unicorp american corp or pct of the total outstanding the group which includes mutual shares corp said it bought the stake for mln dlrs for investment purposes and has no intention of seeking control of unicorp american reuter
money-supply	canadian money supply falls in week canadian narrowly defined money supply m fell billion dlrs to billion dlrs in week ended march bank of canada said m a which is m plus daily interest chequable and non personal deposits fell billion dlrs to billion dlrs and m which is m a plus other notice and personal fixed term deposit fell billion dlrs to billion dlrs m which is non personal fixed term deposits and foreign currency deposits of residents booked at chartered banks in canada fell billion dlrs to billion dlrs reuter
acq	revlon buys germaine monteil cosmetics from beecham group for undisclosed terms
acq	revlon rev buys beecham s comsmetics unit revlon group inc said it bought germaine monteil s cosmetics business in the u s from the beecham group plc terms of the sale were not disclosed the sale includes the rights to germaine monteil in north and south america and in the far east as well as the worldwide rights to the diane von furstenberg cosmetics and fragrances lines and the u s distribution rights to lancaster beauty products meanwhile in london a statement from beecham said the business was sold to revlon for mln dlrs in cash and a royalty payment reuter
earn	monfort of colorado inc mnft nd qtr net qtr ended feb shr dlrs vs dlrs net vs revs mln vs mln six mths shr dlrs vs dlrs net mln vs mln revs mln vs mln reuter
gold	geodome resources goedf to proceed with mine geodome resources ltd said based on a feasibility study of its sunbeam mine it will proceed with contruction and pre production stripping as rapidly as possible the company said eight of nine holes drilled on the new ore zone have an average grade of ounces of gold per ton and ounces of silver per ton the deposit is to yards from the newly designed sunbeam pits has large tonnage and will be drilled off this summer the company said the study said ore reserves including dillution were tons at ounces of gold per ton at a cut off grade of ounces per ton and stripping ratio of to one it said gold production will average ounces per year for the mine life and ounces of silver per year it said gold production in the first three years should average ounces per year operating costs are expected to average dlrs per ounce of gold for the mine life and dlrs per ounce in the first three years reuter
acq	mark iv corrects agreement with baird batm mark iv industries inc iv which has said it may consider a bid to seek control of baird corp said baird has not agreed to hold off on any defensive measures without giving mark iv at least hours notice in a filing with the securities and exchange commission mark iv corrected a statement it made yesterday in another sec filing in which it listed several agreements reached with baird including that baird would not take any anti takeover steps without providing at least hours notice mark iv said it was later told by baird that baird had given no such assurance reuter
acq	generale de banque heller buy factoring unit generale de banque sa genb br and heller overseas corp of chicago have each taken pct stakes in factoring company sa belgo factors generale de banque said in a statement it gave no financial details of the transaction sa belgo factors turnover in was billion belgian francs reuter
earn	oshawa group ltd th qtr net shr cts vs cts net mln vs mln revs mln vs mln year shr dlrs vs dlrs net mln vs mln revs billion vs billion avg shrs vs reuter
earn	pan am corp th qtr loss mln dlrs vs profit mln dlrs
earn	virco manufacturing corp vir th qtr net qtr ended jan shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln note figures include losses from discontinued operations in qtr of dlrs vs dlrs a year earlier and for the year of dlrs vs dlrs a year ago reuter
acq	cooper cbe asks ftc to end acquisition limits cooper industries inc asked the federal trade commission to vacate a order that requires the company to get ftc approval before making certain acquisitions the ftc said the order was issued as part of a settlement of ftc charges that cooper s merger with gardner denver co would lessen competion and increase concentration in the gas compressor and industrial air tool industries the ftc said the order requires that until cooper must get ftc approval before acquiring companies in the natural gas compressor or hand held industrial pneumatic tool businesses reuter
earn	thompson medical co inc tm declares qtly div qtly div cts vs cts prior pay april record march reuter
earn	new england electric system nes two months net ended february shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln mths ended feb shr dlrs vs dlrs net mln vs mln revs billion vs billion avg shrs mln vs mln reuter
earn	dillard dept stores inc dds declares qtly div qtly div three cts vs three cts prior pay may record march reuter
earn	pan am corp pn th qtr loss shr loss dlrs vs profit dlrs net loss mln dlrs vs profit mln revs mln vs mln mths shr loss dlrs vs profit cts net loss mln vs profit mln revs billion vs billion note net includes special charges of mln dlrs vs special gain of mln dlrs for the qtr and year reuter
acq	ftc eases allied signal ald unit restrictions the federal trade commission said it eased a requirement that allied signal inc s allied corp subsidiary get prior ftc approval before making certain acquisitions in the high purity acid market the ftc said it ended the prior approval requirement because allied no longer has businesses covered by the order other restrictions still apply it said the restrcitions stem from a order by the ftc settling charges that allied s acquisition of fisher scientific co reduced competition in three high purity acid markets reuter
earn	san juan basin royalty sjt hikes distribution cash distribution cts vs cts prior pay april record march note company s full name is san juan basin royalty trust reuter
earn	shl systemhouse inc shkif nd qtr feb net shr cts vs nine cts net vs revs mln vs mln st half shr cts vs cts net mln vs revs mln vs mln note share adjusted for two for one stock split approved in december net includes tax credits of dlrs vs dlrs in quarter and dlrs vs dlrs in half backlog mln dlrs vs mln dlrs at start of fiscal year and mln dlrs at the end of the first quarter reuter
earn	photronic labs inc plab st qtr jan net shr cts vs seven cts net vs sales vs reuter
earn	permian basin royalty pbt hikes distribution cash distribution cts vs cts pay april record march note trust s full name is permian basin royalty trust reuter
acq	universal resources uvr holders approve merger universal resources corp said its shareholders approved the merger of the company with questar corp str separately universal said it will redeem its pct debentures due december on april at pct of face amount plus accrued interest universal said it will operate as a wholly owned unit of questar under its current name under terms of the merger which took effective today universal said its shareholders will receive three dlrs a share in cash it said its stock will no longer trade on the amex reuter
earn	endotronics endo halted pending news release endotronics inc halted at on nasdaq pending release of a news report on monday said it was expecting substantial losses for the quarter ending march and the fiscal year ending sept the company had cited a dispute over payment by yamaha inc one of its japanese distributors over payment of a promissory note for dlrs in overdue accounts reuter
earn	texas instruments inc txn sets quarterly qtly div cts vs cts prior pay april record march reuter
earn	southeast banking corp stb declares qtly div qtly div cts vs cts prior pay april record march reuter
acq	armstrong world ack unit buys plant armstrong world industries inc said its gilliam furniture affiliate has purchased a square foot building in troutman n c for undisclosed terms it said the new plant is expected to be in operation before year end and and will more than double gilliam s production capacity for upholstered furniture reuter
earn	hudson s bay co year oper shr profit cts vs loss dlrs
earn	cook united inc expects loss of mln dlrs for fiscal
rubber	u n conference formally adopts new international natural rubber agreement chairman
earn	york financial corp yfed declares qtly div qtly div cts vs cts prior pay may five record april reuter
acq	cook united inc in talks to sell stake to private investors
earn	combined int l pma raises payout votes split combined international corp said its board voted to increase the quarterly dividend pct to cts a share from cts payable may record may it said directors also approved a two for one stock split subject to approval by shareholders of a proposed capital stock amendment at the annual meeting in april the record and pay dates would be announced later it said reuter
acq	american cablesystems acn to buy cable system american cablesystems corp said it agreed in principal to buy a cable television system in los angeles county from heritage communications inc hci for mln dlrs the company said the system being purchased serves about subscribers in the towns of compton south el monte hawaiian gardens and the communities of willowbrook athens firestone florence and east compton it said the acquisition will bring to seven the number of cable systems it owns manages or has agreed to buy in the los angeles area reuter
earn	york financial yfed splits stock york financial corp parent company of york federal savings and loan association said its board of directors declared a five for four stock split in the form of a pct stock dividend the company said it will distribute the split on may to shareholders of record april reuter
acq	chemlawn chem has no comment on new offer chemlawn corp said it had no comment on a sweetened offer from waste management inc wmx waste management amended its dlr per share tender offer raising it to dlrs per share chemlawn had rejected waste management s earlier dlr per share offer saying it was an undervalued bid chemlawn earlier told its shareholders not to tender to waste management chemlawn rose to in over the counter trading reuter
earn	esso saf essf pa year ended dec net profit mln francs vs mln net dividend francs vs francs operating loss mln francs vs billion note the company which is the french subsidiary of exxon corp xon n said its net profit result included the reintegration of billion francs of provisions for exchange fluctuations reuter
earn	pan am s pn main unit to report smaller loss pan am corp said its largest division the atlantic will report a first quarter loss that will be substantially lower than that reported a year ago in the st qtr pan am reported a net loss of mln dlrs which included foreign exchange losses of mln the company did not say how much the atlantic division lost pan am also said it is encouraged by passenger traffic results so far this year as well as booking trends in january and february the airline said total systemwide revenue passenger miles were up five pct and pct respectively over the same months last year it also said that based on current trends its largest division should report vastly improved second quarter traffic compared to last year which resulted in a load factor of pct for the second quarter of pan am also said its principal subsidiary pan american world airways had a net loss of mln dlrs compared with a profit of mln dlrs in which included a gain of mln dlrs for the sale of its pacific division it said the airline s operating loss for the year was mln dlrs compared with a operating profit of mln dlrs in reuter
earn	endotronics endo target of investigation endotronics inc said it is the target of a formal private investigation by the securities and exchange commission as well as the federal bureau of investigation the company also said its independent accounts peat marwick mitchell and co served notice that its report on endotronics financial statements as of sept and for the year then ended should no longer be relied upon endotronics said the notice from its accountants stated we cannot satisfy ourselves as to the true facts of the situation to a degree necessary to continue to be associated with such consolidated financial statements endotronics recently reported that it was reviewing the need to establish a reserve for all or a portion of approximately dlrs in overdue accounts receivable and to assess the impact if any on prior period financial statements in light of a dispute with one of its japanese distributors over payment of the overdue accounts endotronics said it was providing documentation to the securities and exchange commission in connection with that agency s investigation it also said michael gruenberg resigned from the company s board of directors reuter
rubber	un conference formally adopts new rubber pact a new international natural rubber agreement inra was formally adopted by a united nations conference today the new accord is due to replace the current one which expires in october conference chairman manaspas xuto of thailand said the formal adoption represented a historic moment the latest round of talks which began march represented the fourth attempt to negotiate a new inra in nearly two years xuto described the negotiations as by no means easy and we often faced problems the new pact is due to enter into force provisionally when ratified by countries accounting for pct of world net exports and pct of net imports the new inra will enter into force definitively when governments accounting for at least pct of net exports and pct of net imports have ratified it it will be open for signature from may to december this year it is expected that provisional entry into force will take at least to months from now delegates said during the hiatus between the two agreements buffer stock operations will be suspended but the international natural rubber council will remain in place xuto told the conference both the agreement and its successor were aimed at meeting the needs of producers and consumers of natural rubber over the long term both had interest in stabilising prices and supplies xuto added he also praised the spirit of give and take that prevailed throughout this session ahmed farouk of malaysia speaking on behalf of producers said the conclusion of the new pact showed that the mutuality of interests between producers and consumers is now as valid as it was when negotiations of the first agreement began in the s farouk said the ability to manage inventories on the basis of predictable stable prices is a vital consideration for multinational tire companies whether or not consuming countries as a whole claimed to be no longer so seriously concerned about security of the rubber supply he said producers considered that the agreement had served the purpose for which it was created farouk urged consuming countries to promote early accession to the new pact to avoid an undue gap between the old and the new gerard guillonneau of france speaking for consumers agreed that the agreement had worked relatively well but as economic conditions had changed he said consumers had been led to make proposals for improving its functioning he added that the adoption of the new agreement attests to the importance of rubber and confidence in the rubber industry reuter
earn	advanced institutional aims cuts workforce advanced institutional management software inc said it has cut its workforce to from and closed its atlanta office to cut expenses and improve profitability the company said it is also in the process of reducing its office space in four of its six offices nationwide advanced also said it has named executive vice president steven b sheppard chief operating officer the company said president and chief executive officer morris moliver had been chief operating officer as well reuter
earn	sun state savings sssl sees higher earings sun state savings and loan expects to report an earnings increase this year over chairman edward janos told shareholders at the company s annual meeting in a statement janos said core earnings are expected to average mln dlrs per quarter or six mln dlrs for the year while sales of real estate joint ventures will add another five mln during the year in sun state reported earnings of dlrs or dlrs per share reuter
earn	att t chairman says dividend will not be cut american telephone and telegraph co does not plan to reduce its regular quarterly dividend of cts a share on its common stock said james e olson chairman it has been the intent to set the dividend at a level so that it could be sustained through the ups and downs of the business cycle olson told a meeting of securities analysts we see no reason to change that policy he said although att will maintain its current dividend olson said the company wants to decrease the percentage of earnings paid in dividends by increasing earnings industry analysts had speculated that att might cut its common dividend especially after the company posted a fourth quarter net loss of billion dlrs and earned only five cts a share for the full year the loss included a one time restructuring charge of billion dlrs olson said he expects att s cash flow to remain strong despite the poor earnings reuter
tin	major tin centers paralysed bolivia union says a strike by miners employed by the state corporation comibol has paralysed tin production in the major centers of huanuni corocoro siglo catavi and colquiri the conflicts secretary of the bolivian miners federation cristobal aranibar told reuters the strike began at midnight to press demands for higher wages and more funds for the nationalised mining industry the miners federation left the door open to negotiations with the government but only if the authorities show their intention to find solution to our demands aranibar said the government of president victor paz estenssoro faced with mounting social unrest against its economic policies has said the miners strike was part of a campaign to discredit it during the visit of west german president richard von weizsaecker who arrives today for a four day official visit the government froze salaries as part of its efforts to pull bolivia out of a deep economic crisis according to central bank forecasts inflation will reach an annual pct rate versus up to pct in in addition to the miners strike about railway factory workers of the bolivian labour organization cob began a second day of a hunger strike in the country s main cities to press for substantial wage increases a union leader said reuter
earn	echlin inc nd qtr shr cts vs cts
earn	allied lyons sees hiram walker profits rising allied lyons plc sees rising profits from pct owned liquor producer hiram walker gooderham and worts in the current fiscal year ending in early march chairman derrick holden brown said in a speech prepared for delivery to toronto analysts we anticipate that hiram walker profits will be well above those of the plateau years he said referring to the four years up to in other words we will have regained the position and improved on it holden brown said allied lyons won control of hiram walker gooderham last year in a battle against gulf canada corp which finally got a pct stake after an out of court settlement hiram walker resources ltd the previous owner reported liquor profits of mln canadian dlrs in the fiscal year ending sept mln dlrs in mln in mln in and mln in holden brown said allied lyons financial results for the fiscal year just ended march seven would include three months of hiram walker gooderham profits but he did not provide actual figures he said hiram walker gooderham s profit improvement in the current year will come from a previously announced reorganization put into effect march and a close partnership with allied lyons existing allied vintners division reuter
earn	echlin inc ech nd qtr feb net shr cts vs cts net vs rev mln vs mln six months shr cts vs cts net vs rev mln vs mln reuter
earn	american can sees higher st qtr yr net
earn	hudson s bay co th qtr net ended january oper shr profit dlrs vs profit dlrs oper net profit mln vs profit mln revs billion vs billion year oper shr profit cts vs loss dlrs oper net profit mln vs loss revs billion vs billion note excludes writeoff of mln dlrs primarily due to investment in dome petroleum ltd dmp reuter
earn	gendis inc th qtr jan net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln reuter
earn	biflyx nd qtr dec net shr nil vs nil net profit vs loss revs vs six mths shr nil vs nil net profit vs loss revs vs reuter
coffee	ibc president leaves for producer meeting ibc jorio dauster president of the brazilian coffee institute ibc left brazil early today to attend a weekend meeting of latin american coffee producers in managua an ibc official said carlos brasil an adviser to the ibc president said dauster had left rio de janeiro for managua early this morning there were rumours on the london coffee market earlier today that dauster would not attend the meeting reuter
acq	mountain view acquires maratech communications mountain view investment corp phoenix ariz said it acquired maratech communications cos inc under terms of the transaction the present directors of mountain view have resigned and have elected directors of maratech as new directors of mountain view it said a combined shareholders meeting will soon be held to vote on the acquisition reuter
earn	american can ac sees higher year net american can co chairman gerald tsai said the company will record higher earnings in the first quarter and for the full year addressing analysts tsai said first quarter results have been extremely encouraging and results for all of will show significant improvement over american can earned mln dlrs or dlrs per share adjusted for a two for one stock split in in the first quarter the company reported net income of mln dlrs including one time gains from sale of assets or dlrs per share before the stock adjustment in the first quarter american can will record a one time gain of cts per share from the sale of shares in its musicland group subsidiary the gain is slightly higher than the expected gain the company predicted in february because additional shares of the unit were sold in response to a question tsai said american can s investment in jefferies and co is very small we treat it as just another passive investment he said according to press reports american can owns pct of jefferies and is its largest single shareholder yesterday boyd jefferies chairman and founder of the brokerage firm bearing his name resigned from the firm and said he would plead guilty to two felony charges for breaking securities laws responding to another question tsai said aids related claims were a small portion of claims made with american can s insurance subsidiaries in reuter
earn	central banking system inc csys qtly dividend qtly div ten cts vs ten cts pay april record april reuter
acq	charter crellin crtr to acquire sebro plastics charter crellin inc said it signed a letter of intent to acquire all outstanding shares of sebro plastics inc s capital stock charter crellin a molded plastic product maker said sebro is a precision molder of engineered specialty plastic products for the automotive industry the company said the deal is subject to the execution of a definitive purchase agreement reuter
acq	new york state electric nge ends acquisition new york state electric and gas corp said it has terminated its effort to acquire corning natural gas corp it cited as reasons the uncertain regulatory climate in new york state and the depresed price of new york state electric stock which has been caused by the delay in the nine mile point unit two nuclear plant the company had said in december that it had been interested in acquiring corning natural gas reuter
acq	black hawk mining can t explain stock rise black hawk mining inc said it knows of no major activities to account for the recent rise in the company s stock price the shares rose cts to cts on the toronto stock exchange yesterday the company added that its application for its proposed acquisition of platinova resources ltd and financings are still before the listing committee of the stock exchange reuter
acq	senator wants stronger air merger regulation the chairman of the senate antitrust subcommittee said the transportation department was allowing too many airline mergers and proposed its authority be transfered to the justice department the transportation department s antitrust enforcement has been disastrous permitting rampant merger mania ohio democrat howard metzenbaum said in a statement the nine largest airlines now control per cent of the market that s bad for competition and bad for the consumer he said metzenbaum said he introduced a bill to transfer antitrust authority over airline mergers to the justice department in hopes it would more restrictive than the transportation department reuter
earn	gpu gpu sees tmi fuel problems resolved general public utilities corp said the water clarity problem delaying the removal of fuel from the damaged unit two of the three mile island nuclear power plant appears to have been resolved the company said the slower than expected removal of the fuel which has been primarily due to the water clarity problems is now expected to extend fuel removal into a spokesman said the company had previously expected this to be completed by the end of and has not estimated how far into the process will extend it still expects to complete the entire clean up by the end of he added gpu said its auditors coopers and lybrand again qualified its opinion of gpu s financial statements adding the recovery of tmi decommissioning costs to the unresolved issues leading to the qualified opinion gpu said its operating subsidiaries will seek to recover the costs of decommissioning tmi in future rate proceedings as in past years the qualified opinion continues to list other uncertainties associated with the accident which damaged tmi the recovery of cleanup costs and any payments for damages that might exceed available insurance proceeds reuter
earn	echlin ech expects continued profit growth echlin inc said it expects further earnings increases for the second half of fiscal ending in august due to unit sales growth and improved operations as expected market conditions have improved so that demand for automotive replacement parts is gradually and steadily expanding echlin president frederick mancheski said earlier echlin reported first half fiscal ended feb earnings of mln dlrs or cts a share up from mln or cts a share in the prior year s first half also echlin said it had second quarter net income of mln dlrs or cts per share compared with net income of mln dlrs or cts a share in fiscal s second quarter reuter
earn	att t cost cutting efforts on target american telephone and telegraph co chairman james e olson said he is very pleased with the company s efforts so far to cut costs he told a meeting of securities analysts that although the company is not yet at point in its cost cutting drive to improve profit margins it is on the right track olson said att s cash flow was very strong in the first two months of the year better than budgeted while olson does not know if the company s earnings and revenues will improve by yearend he said att is moving in the proper direction for att s earnings dropped to mln dlrs or five cts a share on revenues of billion dlrs from billion dlrs or dlrs a share on revenues of billion dlrs in during att took billion dlrs in charges from expenses related to reducing its work force by reuter
trade	japan opens home market to u s fish japan has agreed to drop barriers to american caught herring and pollock opening the way for shipments that could reach mln dlrs annually u s trade representative clayton yeutter announced yeutter said the accord was reached after extensive bilateral negotiations that ended earlier today in tokyo he said the commerce department estimated u s shipments of processed pollock products and herring should rise to mln dlrs this year and to more than mln dlrs annually in later years there was no immediate assessment of the value of current u s shipments but officials said the pact would lift quotas to the point that americans would be able to ship nearly all the pollock and herring ordered by japanese firms at the same time yeutter said washington was temporarily suspending a complaint with the general agreement on tariffs and trade gatt that japan was unfairly curbing imports of the two fish he said the complaint would be reviewed later this year after an assessment to see if japan lived up to the agreement reuter
acq	first financial ffmc acquires tel a data first financial management corp said it acquired the data processing contracts and certain related assets of tel a data l p for about mln dlrs cash plus the assumption of certain liabilities of about mln dlrs tel a data serves about bank and thrift institutions through a processing center in lombard illinois first financial offers data processing services to over financial institutions through data processing centers reuter
earn	mcm corp mcmc sets quarterly qtly div six cts vs six cts prior pay april record march reuter
earn	thackeray corp thk year loss oper shr loss cts vs loss cts oper net profit vs profit sales mln vs mln avg shrs vs reuter
earn	allied lyons sees substantial second half growth allied lyons plc will report substantial growth in the second half of fiscal ended march chairman derrick holden brown said in answer to reporters queries you will certainly see substantial growth in allied lyons in the second half holden brown said following a presentation to toronto securities analysts holden brown declined to say whether second half growth in profit before taxes would exceed the pct rise reported in the first half allied lyons had first half profit of mln stg up from mln stg in the prior year allied lyons will also have a full year extraordinary cost of slightly more than seven mln stg for defence costs associated with elders ixl ltd s failed take over bid for the company holden brown also said but that cost will be more than offset by an extraordinary gain of about mln stg on allied lyons sale of its pct interest in australian brewers castlemaine toohey he said so with australians you win some and you lose some but hopefully you win them all in the end holden brown said asked if he thought allied lyons is vulnerable to other take over attempts holden brown replied no i don t we must never be complacent and we must always be very watchful but i think we would be very expensive he said holden brown said allied lyons share price to corporate earnings ratio is now comparable with other leading companies in the food and beverage industry that was not the case two years ago if the australians had come a little bit earlier they might have had more luck i think holden brown said holden brown said allied lyons move to acquire hiram walker gooderham and worts ltd in march during elders take over bid for the company was pct a growth action we knew when we did it that it could be misconstrued and that people almost inevitably would say the acquisition was defensive but it never was holden brown told reporters asked by securities analysts if allied lyons plans a share issue in canada after acquiring a pct interest in hiram walker holden brown responded plan might be too strong a word but i must say i do feel the need for allied lyons to be better known in canada reuter
orange	u s frozen orange juice stocks march gallons vs year ago
earn	dryclean usa year net shr cts vs cts net vs revs mln vs mln reuter
acq	commercial credit ccc unit sells division commercial credit co said its american health and life insurance co sold its ordinary life insurance business to american national insurance co anat american national will assume the business no later than august commercial credit said the sale is part of a restructuring program begun by commercial credit s subsidiary in late the company said reuter
acq	delta says court order will not delay merger delta air lines dal said a court order requiring western air lines wal to arbitrate with two of its unions will not delay the april merger between the two airlines the order which was issued by the ninth circuit court of appeals requires western to discuss with its two unions whether western s labor contracts will be binding for delta delta said nevertheless the court order could cause significant personnel problems including the possible delay of wage increases delta had planned to give the western personnel on april ronald allen delta s president said delta said it feels the court has erred and should reconsider the order reuter
acq	integrated generics ign may sell pct of unit integrated generics inc said it is discussing with an unnamed pharmaceutical distributor the sale of pct of its a n d a development corp subsidiary for dlrs integrated said its subsidiary biopharmaceutics is negotiating with the same unnamed distributor to sell it five prescription drugs the company said it can release no other details at this time reuter
reserves	mexico s reserves reach eight billion dlrs additional capital inflows of billion dlrs so far this year have boosted mexico s reserves to about eight billion dlrs director of public credit angel gurria told reporters money has been coming back to mexico because of improved investor confidence and because a tight monetray policy has forced credit starved industries to repatriate capital inflows totalled a billion dlrs in fourth quarter gurria said mexico is not accumulating reserves for the sake of it he said its new loans will increase the pool of funds available for badly needed investment once the first tranche of its new six billion dlr loan is drawn down in the second quarter mexico will still only have enough reserves to pay for imports and debt service for four or five months gurria noted nevertheless gurria said mexico does not expect to draw on the commercial banks billion dlr investment support contingency facility that money will be available until april if mexico s export receipts and the price of oil fall below certain levels but mexico failed to qualify for the first two drawings totalling mln dlrs and gurria said today we expect we ll never have to use it gurria said mexico will know by june whether it can draw on the second contingency facility included in the bank financing package a mln dlr growth co financing loan with the world bank finance minister gustavo petricioli said he had signed yesterday a mln dlr loan with the world bank to support the development of exports of manufactured goods he also said the first mln dlr tranche of a one billion dlr loan from the japanese government to support steel oil and export promotion will be disbursed at the end of the month mexico is also due to make the third drawing from its international monetary fund standby credit in the next few days based on a successful review of end economic results petricioli said mexico is in the final stages of discussions which will determine quantitative economic targets for which will allow it to continue to draw from the imf for the rest of petricioli reported that mexico has so far concluded eight bilateral accords with government creditors within the paris club sixteen governments signed the paris club umbrella agreement last september which restructured billion dlrs of official debt and petricioli said he hopes to finalize pacts with the remaining eight countries in the next few weeks in keeping with the spirit of the september agreement he said all countries from the organization of economic cooperation and development have continued to provide export credit facilities for mexico despite the debt restructuring reuter
earn	navistar nav up on higher earnings opinion navistar international corp s stock rose after brokerage house sanford c bernstein and co raised its earnings estimate of the company based on expectations of better truck orders and truck tonnage traders said navistar led the active list with a gain of to on volume of mln shares traders familiar with the opinion said that david eisenberg director of sanford c bernstein and co s institutional strategy committee raised his earnings estimates to cts a share for the current fiscal year ending in october he expects navistar to earn dlrs a share next year in the company lost cts a share eisenberg was unavailable for comment reuter
acq	icn pharmaceuticals icn seeking acquisition icn pharmaceuticals inc has about mln dlrs in cash and another billion dlrs in available credit which it intends to use to buy a pharmaceutical company chairman milan panic said at the company s annual meeting he said an acquisition could take place in the next months the company has nearly two billion dlrs available for acquisition today panic said adding we are investigating a number of companies one company being studied could possibly be acquired on a friendly basis he said panic also said he intends to seek board approval today to repurchase up to three mln icn common shares discussing the possibility of an acquisition panic said the such a purchase is necessary because icn s current marketing capability would not be sufficient to support distribution of the company s products given icn s expectations for market growth worldwide icn s principal product is ribavirin also known as virazole the drug is marketed in a number of countries and described as a broad based anti viral the company has said its possible applications include treatment of some types of hepatitis herpes influenza childhood diseases and hemorrhagic fevers icn has been the focus of consirable investor attention in recent months because of virazole which has undergone clinical trials as a possible treatment of some aids related diseases panic said today he would not discuss the drug with regard to aids until the food and drug administration completes its review of data submitted by the company he said an investigation of the drug being conducted by a house subcommittee is continuing the subcommittee and the fda have acknowledged they are conducting separate investigations to determine whether or not icn witheld data from the fda on adverse reactions to the drug virazole is approved for marketing in the u s in aerosol form as a treatment for an infection that strikes infants called respiratory syncytial virus reuter
earn	justin industries inc jstn sets dividend qtly div cts vs cts prior pay april record march reuter
earn	scholastic inc schl rd qtr feb net shr dlrs vs cts net vs rev mln vs mln nine months shr dlrs vs cts net vs rev mln vs mln note qtr net includes extraordinary gain of mln dlrs versus dlrs for fiscal s third quarter and a non recurring pre tax gain of dlrs reuter
earn	kleinwort benson kba unit sets first dividend kleinwort benson international investment ltd s subsidiary kleinwort benson australian income fund a closed end management investment company declared its first quarterly dividend of cts payable april to shareholders of record april reuter
money-fx	g finance officials discuss debt currencies deputy finance ministers from the group of leading western industrialised countries met here to discuss the world debt crisis trade imbalances and currency stability today following last month s paris monetary accord sources close to the talks said the officials met at the offices of the international monetary fund imf to discuss broad aspects of world monetary policy in preparation for the imf s interim committee meeting in washington in april the talks were the first high level international review of the monetary situation since the accord last month reached by the u s west germany france britain japan and canada to stabilise world currency markets at around present levels following the pct slide in the dollar since mid other countries represented at today s talks were italy which refused to attend last month s meeting on the grounds that it was being excluded from the real discussions the netherlands belgium and switzerland many of the officials had met earlier today and yesterday within the framework of the organisation for economic cooperation and development oecd to review the slow progress being made in cutting the record billion dlr u s trade deficit and persuading west germany and japan to open their economies to more foreign imports reuter
earn	vernitron corp vrn th qtr and year loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln mths oper shr loss cts vs profit cts oper net loss vs profit revs mln vs mln note qtr and prior qtr excludes loss discontinued operations and respectively year and prior excludes loss discontinued operations and respectively qtr and year excludes tax loss and loss respectively qtr and year prior excludes tax gain and respectively reuter
earn	goody products inc good year end oper net oper shr vs cts oper net vs revs mln vs mln note and oper net excludes a loss of dlrs and a profit of dlrs respectively for discontinued operations earnings per shr are restated to reflect for stock split effective july one reuter
earn	vms mortgage investors l p vmlpz montly div dist nine cts vs nine cts prior payable may record april one reuter
earn	peps boys manny moe and jack pby set payout qtly div cts vs cts prior pay april record april one reuter
earn	vms mortgage investors vmtgz raises payout vms mortgage investors lp ii said it raised its first quarter cash dividend to cts from cts the prior quarter payable may to shareholders of record april one reuter
ship	freight insurance proposed for ccc sales usda the u s agriculture department is proposing to permit coverage of freight cost and marine and war risk insurance for sales of all agricultural commodities sold on credit terms under the commodity credit corporation s ccc credit guarantee programs the proposal only applies to commodities that are sold by exporters on a cost and freight c and f or cost insurance and freight cif basis since these costs would be included in the exporter s sale price to the foreign buyer it said under current programs freight costs can be covered only for export sales of u s breeding animals it asked for comments on the proposal by april reuter
livestock	ccc accepts export bonus for cattle to egypt the u s commodity credit corporation ccc has accepted a bid for an export bonus to cover a sale of head of dairy cattle to egypt the u s agriculture department said the department said the cattle are for delivery may june and the bonus awarded was dlrs per head the bonus was made to first interstate trading co and will be paid to the exporter in the form of commodities from ccc stocks the department said an additional head of dairy cattle are still available to egypt under the export enhancement program initiative announced september it said reuter
acq	clark equipment ckl buys mln shares clark equipment co said it has purchased shares of its common stock from an investor group led by arthur m goldberg for dlrs a share it said the purchase reduces the number of shares of clark common stock to be purchased under its stock repurchase plan announced march at the time the company said it would buy back mln shares or pct of the outstanding stock clark equipment also said the investor group agreed to enter into a standstill agreement which prohibits members of the group from purchasing shares of voting securities of clark for years reuter
acq	yankee cos ynk unit to sell asssets yankee cos inc s eskey inc esk subsidiary said it reached an agreement in principle to sell its eskey s yale e key inc subsidiary to a new concern formed by key s management and a private investor for about mln dlrs as part of sale eskey said the buyers will assume the mln dlrs of publicly held eskey pct debentures due it said the debentures will continue to be converted into yankee preferred the remainder of the price will be a one mln dlr note to eskey yankee said the sale will result in a loss of mln dlrs reuter
acq	wendy s wen declnes comment on market rumors wendy s international inc declined to comment on vague rumors by traders that it might be a takeover target wendy s is currently trading up one at on turnover of more than mln shares a wendy s spokesman said it was corporate policy not to comment on market rumors he further declined to attribute active trading in wendy s stock to a published report which stated wall street professionals believe that wendy s was possibly being studied by coca cola co ko with view to a possible acquisition reuter
acq	goody good to sell unit to union camp ucc goody products inc said it entered into an agreement to sell its j and p b myers packaging business to union camp corp to focus on its consumer products and automated distribution system businesses terms of the agreement were not disclosed reuter
acq	champion parts creb asks declaratory judgment champion parts rebuilders inc said it asked the federal district court in chicago for a declaratory judgment upholding its recent mln dlr sale of common shares and warrants to echlin inc ech champion said in hearings thursday morning before the federal judge on its lawsuit charging federal securities law violations against cormier corp odilon cormier morris navon and other defendants the cormier navon defendants indicated they would challenge the transaction champion s suit claims that various champion investors alligned themselves with cormier and navon who failed to disclose properly under federal laws that they were acting in concert and they intended to spin off parts of the company and sell the balance within two years once they got control reuter
acq	cyacq raises offer for cyclops to dlrs share from dlrs
earn	great country bank gcbk rd qtr net qtr ends feb shr cts vs n a net vs nine mths shr dlrs vs n a net vs assets mln vs mln deposits mln vs mln loans mln vs mln note earnings per share data not presented for as great country bank converted from a mutual to a capital stock savings bank on jan such information is misleading and inappropriate the company said reuter
money-supply	u s business loans fall mln dlrs in march week fed says
gas	ec agrees reduction of diesel exhaust emissions the european community ec agreed tough new rules to cut diesel exhaust emissions from trucks and buses in an attempt to reduce air pollution threatening vast stretches of the region s forests diplomats said ec environment ministers meeting here agreed member states would have to reduce by pct over the next few years the emission of nitrogen oxide widely seen as the main source of acid rain endangering forests and lakes the reduction would be compulsory for heavy vehicles with tougher standards imposed for new models from april and for all new vehicles from october the ec s executive commission says the emission level of nitrogen oxide was expected to drop to mln tonnes a year from three mln tonnes within the nation community if all heavy vehicles applied to the new standards there are an estimated nine mln lorries and buses in use in the ec according to commission figures the ministers also gave west germany a go ahead to move towards a ban on the sale of leaded regular petrol after bonn requested permission to do so to encourage the use of low pollution cars diplomats said west germany will still need ministers final approval for such a plan diplomats said this was expected when ec environment ministers meet next on may but the ministers added that the go ahead for west germany did not mean there would automatically follow a community wide ban on the sale of regular leaded petrol bonn intends to keep leaded premium petrol pumps diplomats said they added that of the mln cars in the ec only mln now ran on regular leaded petrol and these would risk no damage if they switched over to premium leaded petrol under ec law ministers have to give member states special permission if they wish to be exempt from community competition laws this would be the case if west germany were to implement a ban on the sale of leaded regular petrol reuter
earn	marcus mrcs votes pct stock dividend marcus corp said its board voted a pct stock dividend to be distributed may record april it said the dividend applies equally to holders of its common stock and class b common reuter
earn	vms mortgage vmtgz cash distribution rises vms mortgage investors l p ii said it declared a first quarter cash distribution of cts a depositary unit up five pct from the prior quarter it said the distribution will be payable may record january reuter
acq	audio video ava sweetens bid for cyclops cyl an investment group led by audio video affiliates inc said it raised its tender offer to acquire cyclops corp to dlrs a share from dlrs a share the group cyacq acquisition corp also said it extended the offer until april three from march the group said it added several conditions to its offer including receipt of all non public information about cyclops that was provided to dixons group plc in connection with dixon s competing tender offer for cyclops cyacq s sweetened offer totaling about mln dlrs tops dixon s offer of dlrs a share or about mln dlrs on wednesday dixon said it had bought pct of cyclops mln shares outstanding boosting its stake in the company to pct earlier today however the securities and exchange commisssion ordered dixons to extended its tender offer until march cyacq said it hopes cyclops shareholders will withdraw previously tendered shares from dixons tender offer to take advantage of cyacq s higher offer the sec s order came after cyacq filed suit to block dixons from taking control of cyclops and to force an extension of dixons tender offer a cyclops spokeswoman said the company had no immediate comment on the sweetened bid from cyacq cyacq said its new offer is also subject to cyclops rescinding any agreements with dixons under which the u k based firm would receive break up fees or expenses from cyclops or could buy cyclops common stock from the pittsburgh based company reuter
earn	emerald homes ehp sets initial distribution emerald homes l p said its general partners declared an initial ct per unit distribution payable may to unitholders of record march emerald made its initial public offering february reuter
money-supply	u s business loans fall mln dlrs business loans on the books of major u s banks excluding acceptances fell mln dlrs to billion dlrs in the week ended march the federal reserve board said the fed said that business loans including acceptances declined mln dlrs to billion dlrs reuter
acq	jefferies makes market in cyclops cyl jefferies and co said it is making a market in the stock of cyclops corp at to cyclops received a sweetened offer of dlrs per share from cyacq acquisition corp led by audio video affiliates inc ava reuter
acq	bei beih acquires ivey rowton and associates bei holdings ltd said it acquired ivey rowton and associates a nashville tenn based bank marketing firm terms were not disclosed reuter
gold	lac minerals lac to close lake shore mine lac minerals ltd said it will suspend underground mining and exploration at its lake shore mine at kirkland lake ontario on april pending results of a surface exploration drilling program lac said it does not expect the decision to affect earnings but employees will be affected the company said it has completed mining the crown pillar which has produced ounces of gold since in the mine produced ounces lac said it will continue surface drilling in to determine if further underground exploration work is warranted reuter
earn	southern home savings bank shsb year net shr dlrs vs dlrs net vs reuter
earn	binks mfg co bin regular dividend set qtly div cts vs cts previously pay april record march reuter
earn	west co inc wst sets regulary payout phoenixville pa march qtrly div cts vs cts prior pay may record april reuter
acq	firm sells entire allegheny int l ag stake southeastern asset management inc and its two controlling shareholders said they sold their entire pct stake in allegheny international inc in a filing with the securities and exchange commission southeastern a memphis tenn investment advisor said it sold the entire share stake between march and at prices ranging from to dlrs each reuter
acq	japanese firm has pct of sheldaul shel sumitomo bakelite co ltd a japanese company told the securities and exchange commission it has acquired shares of sheldahl inc or pct of the total outstanding common stock sumitomo bakelite said it bought the stock for mln dlrs for investment purposes under an between sumitomo bakelite and sheldahl as long as its stake is more than five pct sumitomo said it has preemptive rights for days following notice of issuance of new sheldahl common stock as long as its stake is over pct it said it is entitled to sheldahl board representation reuter
earn	commonwealth edison co cwe months net period ended feb shr dlrs vs dlrs net vs revs billion vs billion avg shrs vs note per share earnings reflect payment of preferred dividend requirements reuter
acq	john hancock units dump stake in price pr subsidiaries of john hancock mutual life insurance co told the securities and exchange commission they sold their entire pct stake in price communications corp back to the company the hancock subsidiaries said they sold their entire share stake in price communications to the company for dlrs a share on feb reuter
earn	niagara mohawk nmk to cut costs niagara mohawk corp said it is cautiously optimistic about results improvements for and said it is studying measures to cut operating costs these measures include freezing management salaries abolishing vacant positions and reducing overtime a spokesman said the company had no current plans to lay off workers the company declined to say how much the cost savings would amount to a five year forecast is expected to be issued in early summer a spokesperson said the company said it has redeemed about mln dlrs in high cost debt during and hopes to redeem more debt this year for niagara mohawk s earnings per share fell to dlrs from dlrs in the company said earnings reduced primarily as a result of a reduction early in in earnings return on equity allowed by the n y state public service commission niagara said it is concerned about the continued lowering of authorized return and has reinforced petitions to grant a fair return on equity reuter
earn	gantos inc gtos th qtr jan net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln avg shrs vs note fiscal year ended feb reuter
acq	chemlawn corp echolab inc sign definitive merger agreement
earn	oe inc th qtr net shr cts vs cts net mln vs mln revs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln reuter
earn	vms mortgage lp vmlpz monthly cash payout vms mortgage l p said it declared a regular monthly cash distribution of nine cts a depositary unit for the month of march payable may record april one reuter
acq	chemlawn chem ecolab econ in merger pact chemlawn corp and ecolab inc said they signed a definitive merger agreement under which ecolab will buy all outstanding chemlawn common stock for dlrs a share in cash for a total of about mln dlrs under terms of the agreement chemlawn said it rescinded its previously announced rights dividend plan chemlawn previously rejected a dlr a share offer from waste management inc wmx yesterday the oak brook ill based waste disposal company said it was prepared to offer dlrs a share or about mln dlrs for chemlawn a lawn care company chemlawn had said last week that it was negotiating with other possible suitors which it did not identify a chemlawn spokesman said further details on the merger would be issued later ecolab is a maker of commercial laundry detergent based in st paul minn for its first six months ended december the company earned mln dlrs or cts a share on sales of mln dlrs officials at waste management could not be reached for immediate comment reuter
earn	lilco revises net to include mln dlr loss provision
earn	falcon cable fal sets initial distribution falcon cable systems co said its set an initial quarterly cash distribution of cts per unit payable may to unitholders of record march the partnership made its initial public offering in december falcon said it expects to pay cash distributions to limited partners at an annual rate of dlrs per unit through december reuter
crude	bids awarded for elk hills crude oil the u s department of energy said it has awarded bids for about barrels per day bpd of crude oil from the elk hills naval petroleum reserve in california the contract period runs from april one through july one the doe said successful bidders the amount of crude oil and the price per bbl according to the doe are as follows texaco inc s tx texaco trading and transport bpd at dlrs and bpd at dlrs beacon oil co bpd at dlrs and bpd at dlrs golden west refining bpd at dlrs successful bidders the amount of oil and price per bbl according to the doe continue as follows chevron s chv chevron usa inc bpd at dlrs and bpd at dlrs chevron international oil co bpd at dlrs and bpd at dlrs newhall refining co bpd at dlrs caljet inc bpd at dlrs casey co bpd at dlrs also cryssen refining inc bpd at dlrs edgington oil co bpd at dlrs sound refining inc bpd at dlrs atlantic richfield co arc bpd at dlrs successful bidders the amount of crude oil and the price per bbl according to the doe continue as follows orkin inc bpd at dlrs lunday thagard co bpd at dlrs golden eagle refining bpd at dlrs macmillan ring free oil co bpd at dlrs bpd at dlrs and bpd at dlrs mock resources bpd at dlrs petro diamond bpd at dlrs reuter
earn	montgomery street income mts monthly dividend mthly div cts vs cts pay april record april reuter
earn	sullivan mines inc year loss oper shr loss cts vs profit four cts oper loss vs profit revs mln vs mln note shr and net exclude extraordinary gain of dlrs or four cts share shr and net exclude extraordinary gain of dlrs or two cts share reuter
acq	investment firm has pct of cyclops cyl halcyon investments a new york risk arbitrage and securities dealing partnership told the securities and exchange commission it has acquired shares of cyclops corp or pct of the total outstanding halcyon said it bought the stake for mln dlrs as part of its ordinary risk arbitrage and securities trading business other than that the firm said there was no specific purpose in its purchases halcyon said it might buy more stock or sell some or all of its current stake it said it bought the bulk of its stake between feb and march reuter
acq	chrysler s c credit canada placed on creditwatch canadian bond rating service said it placed chrysler credit canada ltd a subsidiary of chrysler corp c on creditwatch until all financial details concerning the proposed acquisition of american motors corp amo are finalized the creditwatch affects chrysler credit canada s short term notes guaranteed notes debentures and the recently completed mln dlr eurobond issue due april canadian bond rating service said that based on facts currently available on the proposed transaction it does not anticipate the necessity of a downgrade canadian bond rating service said chrysler credit canada short term notes are now rated a high and guaranteed notes and debentures are rated b plus plus high reuter
earn	lilco lil revises net to include loss long island lighting co said it revised its preliminary net income to include a mln dlrs after tax provision for its investment in the jamesport nuclear units due to the provision it said its revised net income was mln dlrs or dlrs per share after deducting for preferred stock dividend requirements which were not paid in either or it had earlier reported income of mln dlrs or dlrs per share lilco also said its board authorized contracts for its corporate officers calling for payment of one year s salary and continuation of insurance and retirement benefits if the company changes hands and these officers lose their jobs lilco said none of these contracts will result in additional costs to its customers lilco said the downward revision in its earnings is a reserve established to reflect a settlement agreement with the staff of new york state s public service commission respecting the utility s spending on a nuclear power station planned for but never built at jamestown n y the company declined to detail the settlement explaining the settlement has not been approved by the commission lilco was seeking to include costs totaling mln dlrs for the abandoned nuclear power plant project in its rate base a spokeswoman said reuter
acq	rogers rog adopts rights plan rogers corp said its board approved a shareholder rights plan designed to protect its shareholders in the event of an attempted hostile takeover rogers said the plan is not being adopted in response to any specific takeover attempt under the plan shareholders may buy one share of common stock at dlrs for each share held the rights will be exercisable only if a person or group acquires pct or more of rogers shares or announces an offer for pct or more the dividend distribution will be made march to holders or record on that date reuter
earn	eastgroup properties egp dividend jackson miss may qtly div cts vs cts prior payable april record april note company paid cts special dividend along with prior quarter s dividend reuter
earn	sunbelt nursery group inc sbn nd qtr feb shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln six months shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln reuter
earn	marcom telecommunications mrcm nd qtr jan oper shr loss five cts vs loss six cts oper net loss vs loss revs vs avg shrs vs six mths oper shr loss seven cts vs loss cts oper net loss vs loss net vs avg shrs vs note current year nd qtr and six mths excludes a loss dlrs for discontinued operations prior year nd qtr and six mths excludes a loss of dlrs and dlrs for discontinued operations full name of company is marcom telecommunications inc reuter
earn	eastpark realty trust ert qtly div qlty div cts vs cts prior payable april record april reuter
trade	canada s clark sees trade as most urgent problem trade is the most urgent problem facing u s canadian relations because of a pressing need to reach a new bilateral pact within the coming months joe clark canadian secretary of state for external affairs said negotiators for the two countries have been meeting for more than a year in an effort to work out an agreement the most urgent problem now is the trade question because that has to be decided within the next months clark told the commonwealth club of california we have a fast track authority from your congress for approval or rejection of whatever the negotiators achieve clark said that as a practical matter an initial agreement must be reached by late september or early october he listed environmental questions particularly acid rain and defense as the second and third most important bilateral issues facing ottawa and washington on wednesday president reagan announced that he will seek billion dlrs from congress to address the acid rain problem some interpreted the move as a goodwill gesture in advance of his annual meeting on april in ottawa with prime minister brian mulroney in a question and answer session with the public affairs group clark said that the two countries must find better mechanisms for resolving their trade disputes this rash of countervailing actions where we acted on corn and you acted on soft wood and we both said they were quasijudicial the dispute resolution mechanisims in place now are not working adequately in either of our interests he said ottawa also is seeking to change some of washington s rules on government procurement that penalize canadian businesses he said there are a number of canadian companies that in order to secure substantial contracts in the united states have had to move their head offices out of our country into your country because you have national procurement requirements he said in turn he added the united states would like to change some of the procurement requirements that exist at the provincial government level in canada clark declined to forecast the outcome of the discussions what will come out of it remains for the negotiators in the first instance to propose and then governments and congresses will have judge he said in his prepared remarks clark said that the united states has tended to take canada for granted although it exports to its northern neighbor more than twice what it exports to japan yet you bought almost per cent more from japan last year than you bought from canada he said reuter reuter
earn	essex corp esex year end loss oper shr loss cts vs profit cts oper net loss vs profit revs mln vs mln note and oper net excludes a loss of dlrs or cts per share and a loss of dlrs or cts per share for discontinued operations reuter
earn	sulpetro ltd year oct loss shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note shr results after deducting preferred share dividends of mln dlrs in both periods current loss includes a mln dlr writedown of oil and gas properties a mln dlr writeoff of deferred charges a mln dlr loss on disposal of u k properties a mln dlr equity loss from affiliate sulbath exploration ltd and a mln dlr loss on other investments reuter
earn	stanwood corp snw th qtr jan shr loss dlrs vs profit one cts net loss mln vs profit dlrs revs mln vs mln year shr loss cts vs profit cts net loss vs profit revs mln vs mln note th qtr includes loss of for termination of licensing agreement and loss of dlr for termination of womens wear operation reuter
earn	sulpetro loss due to writedowns asset disposals sulpetro ltd said its fiscal year net loss of mln dlrs or dlrs per share was due to several factors the largest of which was a writedown of mln dlrs of oil and gas properties sulpetro also recorded a writeoff of deferred charges amounting to mln dlrs a loss of mln dlrs on the disposal of all properties in the united kingdom and an equity loss of mln dlrs from affiliate sulbath exploration ltd there was also a loss on other investments of mln dlrs and a loss on operations of mln dlrs after interest depletion depreciation and income tax recoveries in the fiscal year ended october sulpetro had a net loss of mln dlrs or dlrs per share the company also said its non recourse project financing for the irish lindergh heavy oil field remains in default due to continuing low oil prices reuter
acq	american express axp to discuss shearson deal american express co s board of directors monday will discuss the company s arrangement to sell pct of shearson lehman brothers inc to nippon life insurance co a company spokesman said the spokesman would not say whether the board is planning to vote on the understanding between american express and nippon life the shearson stake is to be sold for mln dlrs american express has said the spokesman also would not comment on speculation that the board was to discuss a sale of securities to the public monday s board meeting is a regular monthly meeting the plan to sell part of shearson to nippon life must be approved by the american express board and japan s ministry of finance earlier american express and shearson said they were subpoenaed by the securities and exchange commission american express said it was subpoenaed for documents pertaining to securities transactions of american express and fireman s fund shearson was subpoenaed for documents related to transactions with jefferies and co and others the american express spokesman said he could not comment on whether any officials of the firm were subpoenaed reuter
trade	u s senators say sanctions likely on microchips the united states will likely impose sanctions soon on imports of japanese microchips senators said today after a private meeting with commerce secretary malcolm baldrige although the senators said baldrige told them no decision would be taken until a final determination is made on whether japanese microchips were dumped in the united states they said they were virtually sure japan would face penalties president reagan s trade policy advisory group of which baldrige is a member will meet on the issue wednesday i am confident we will see action taken sen john mccain an arizona republican told reporters i am expecting sanctions at least and even more than sanctions sen pete domenici a new mexico republican said the senators several congressmen and u s semiconductor industry representatives met with baldrige and state department officials to discuss japan s alleged violations of a september agreement to stop dumping its microchips in the united states and other countries they recommended japanese firms be penalized through tariffs or import duties over the next six to months for continuing to dump microchips the violations were worth mln dls to the japanese semiconductor industry they said asked if baldrige intended to recommend sanctions sen pete wilson told reporters the clear import of what he said is that there will be japan can t just say they will comply we think sanctions must be applied for past violations of the agreement the california republican said the semiconductor industry produces microprocessor chips which are used in high technology products ranging from radios to defence missile guidance systems sen james mcclure an idaho republican said baldrige told them the administration had not made a final determination that japanese companies had dumped semiconductor microchips below the cost of production in the united states or other countries but mcclure said senators told him there is no doubt dumping is going on based on evidence such as invoices of purchases of the japanese products the two countries signed a pact last september in which japan agreed to stop selling its microchips in the united states and other countries below production costs and to allow the u s semiconductor industry access to the japanese market in return the united states waived its right to impose import duties on the japanese microchips japanese officials have said they have lived up to the pact and have asked japanese chip makers to further slash output to save the pact japan has frequently been the target of congressional discouragement over last year s record billion dlr trade deficit tokyo had a billion dlr surplus with the united states last year and had large surpluses with other countries the senate yesterday unanimously passed a resolution calling for action against japan for violations of the pact since september the resolution will be introduced in the house next week by rep bob matsui a california democrat reuter
earn	multi media sees year end loss multi media barter ltd said it expects to report a net loss of dlrs or cts a share for the year ended december compared to a loss of or cts a share in the prior year the fourth quarter resulted in a net loss of or four cts compared to a loss of or six cts a shares last year it said it is currently in the process of restructuring by reducing expenses and streamlining operations and has cut expenses from dlrs to less than dlrs a month reuter
earn	national hmo corp nhmo nd qtr jan shr loss nine cts vs profit nine cts net loss vs profit revs mln vs mln six months net loss vs profit revs mln vs mln note net loss includes writeoff of deferred start up costs totaling dlrs reuter
earn	minorco mnrcy half year dec shr cts vs cts net mln vs mln note net includes one mln dlr extraordinary gain and net icludes four mln dlrs extraordinary loss reuter
earn	minorco mnrcy sees improved second half minorco said it expects net earnings to be substantially stronger than the mln dlrs reported for the first half in reporting that first half results declined from mln dlrs minorco said the contributions from its pct investment in december in adobe resources corp was negative as a result of low oil and gas prices reuter
earn	minorco mnrcy sees improved second half minorco said it expects net earnings to be substantially stronger than the mln dlrs reported for the first half in reporting that first half results declined from mln dlrs minorco said the contributions from its pct investment in december in adobe resources corp was negative as a result of low oil and gas prices reuter
tin	economic spotlight bolivia bolivia once latin america s most delinquent debtor is preparing for a second international monetary fund agreement after an economic stabilisation program has effectively slowed inflation and reduced public spending a fund spokesman said an imf team would visit la paz shortly to discuss terms of the new agreement he said the imf had disbursed mln dlrs here and mln dlrs are pending under the one year agreement that ends this month the accord provided for a stand by loan a compensatory financing facility and a structural adjustment facility the spokesman said that if the agreement is renewed bolivia can expect a further mln dlr stand by loan over the next months bolivia s agreement with the imf its first since opened the door to rescheduling negotiations with the paris club and argentina and brazil which hold billion dlrs of bolivia s billion dlr foreign debt central bank president javier nogales told reuters the negotiations with the paris club which have yet to be finalised had been extremely successful nogales said the paris club had agreed to reschedule bolivia s debt over years with five to six years grace and had waived all interest payments until the end of bilateral discussions on interest rates continue he said nogales said bolivia was expecting some mln dlrs in disbursements this year from lender countries and international agencies including the world bank and the inter american development bank although diplomatic and banking sources put the figure at closer to mln dlrs nogales said bolivia s net international reserves are around mln dlrs up from one mln dlrs when president ictor paz estenssoro took office in august nogales said the capital flow on bolivia s debt servicing versus new credits had changed from a net outflow of mln dlrs in to a net inflow of mln dlrs in bolivia s return from the financial wilderness follows paz estenssoro s economic stabilisation program he inherited inflation of pct a year state enterprises that were losing hundreds of mlns of dlrs and a currency that traded on the black market at up to times its official rate paz estenssoro froze public sector wages set a market related rate for the peso introduced tax reforms and laid off thousands of workers in state corporations inflation has been running at pct a year for the past six months according to the central bank and the government expects the economy to grow three pct this year after a pct contraction over the last six years the government is also proposing a novel solution to its debt to commercial banks some mln dlrs on which interest has not been paid since march nogales said that over the next few months bolivia would make a one time offer to buy back all its commercial debt at the price it trades on the international secondary market cents on the dlr he said bolivia s commercial bank steering committee agreed at a meeting in new york to consider the proposal but it is still unclear what proportion of the country s creditor banks will take up the offer one foreign banker speculated that bolivia might be able to buy back up to pct of its commercial debt paper under the deal mostly from small banks who have written off their loans to the country but he said the larger creditors were more interested in a scheme of debt equity swaps similar to that which has operated in chile for the past two years the bolivian government has yet to draw up proposals for debt equity swaps but the banker said it was planning to privatise more than state companies and these could serve as a basis for such a scheme foreign bankers said this type of proposal might prove attractive to bolivia in the long run especially as the government realises that it will have to attract a large amount of new capital in order to grow planning minister gonzalo sanchez de lozada told reuters that bolivia was hoping for five to six billion dlrs in new investment over the next to years the government realises that in order to remain viable bolivia will need to develop new exports the price of tin which accounted for some pct of bolivia s exports in has collapsed on the world markets and gas the country s major revenue earner is in abundant supply in the region reuter
earn	neoax inc noax th qtr shr loss cts vs loss six cts net loss mln vs loss revs mln vs mln year shr profit cts vs profit cts net profit mln vs mln revs mln vs mln note th qtr and year net reflects dividend requirements of mln dlrs and mln dlrs and charges of dlrs and mln dlrs respectively which is not accruable or payable because of pre reorganization tax loss carryforwards th qtr and year net reflects dividend requirement of mln dlrs and mln dlrs respectively and charges of dlrs and mln dlrs respectively which is not accruable or payable because of pre organization tax loss carryforwards reuter
rubber	main features of new rubber pact the new international natural rubber agreement inra like the pact will use a buffer stock as the sole instrument for market intervention excluding export quotas or production controls the new inra was adopted yesterday at a session held under the auspices of the united nations conference on trade and development unctad in many respects the main features in the new pact resemble those contained in the present one the reference price currently malaysian singapore cts per kilo will be maintained unless between now and october when the inra expires the average of the daily market indicator price remains above the upper intervention may sell price cts or below the lower intervention may buy price cts for six months if this happened but delegates said it was unlikely considering that the present indicator price averages cts the price would be revised under the current accord by five pct or by whatever amount the international natural rubber council decides the new reference price would then be taken over for the new agreement under the same circumstances in the new pact the reference price would be automatically revised by five pct unless the council decides on a higher percentage similarly if buffer stock purchases or sales amounting to tonnes have been made since the last revision the reference price will be lowered or raised by three pct unless the council decides on a higher percentage another change introduced in the new inra is that price reviews will be held at month intervals instead of those changes are intended to make the reference price more responsive to market trends as in the present accord the may buy and may sell levels are set at plus or minus pct of the reference price and the must buy and must sell levels at pct of it the lower and upper indicative prices floor and ceiling prices will remain fixed at and cents unless the council decides to revise them at reviews held every months during the negotiations consumers abandoned a proposal that the floor price be adjusted downward if the buffer stock currently tonnes rose to tonnes the maximum size of the buffer stock in the new pact is the same as under the present one tonnes with provision for an additional contingency buffer stock of tonnes under the new accord the contingency buffer stock will be brought in at cts to defend the floor price at last friday s session ahmed farouk speaking for producers said producing nations considered that the pact had served the purpose for which it had been created gerard guillonneau of france who spoke for consumers agreed that the current agreement had worked relatively well asked about the chances of success of the new inra delegates noted that for nearly its whole life the accord had maintained the average price above the must buy level they said the agreement until now did not appear to have encouraged excessive production of rubber in addition provisions for borrowing to finance the buffer stock have now been eliminated ruling out speculation it is a sort of middle of the road agreement one delegate said the new pact will be open for signature at u n headquarters in new york from may to december this year to become operational it will require ratification by countries accounting for pct of world exports and pct of world imports delegates estimate that this will take to months from now during the hiatus between the two agreements the international natural rubber council will remain in place the pact will enter into force definitively when governments accounting for pct of world exports and pct of world imports have ratified it reuter
ipi	taiwan industrial output falls currency blamed taiwan s industrial production index fell largely as the result of the rising taiwan dollar by pct to base in february from a revised in january the economy ministry said it was the second consecutive monthly fall after dropping nine pct in january but it was still pct up on february following a very extended rise last year the january figure was revised from a preliminary a ministry official attributed the decline to falling production of non metal products textiles and transportation equipment and less mining and house construction the official said the decline was also caused by falling exports in february due to the climb of the taiwan dollar which has made taiwanese products more expensive he expected the decline to continue in the next few months because of further appreciation of the local dollar against the u s currency the taiwan dollar advanced more than pct against the u s dollar since september it closed at to the u s dollar today and is expected to rise to about to the dollar by the end of this year foreign bankers and economists said reuter
money-fx	no zimbabwe dollar devaluation central bank zimbabwe s reserve bank the nation s central bank has denied the zimbabwe dollar would be devalued bank governor kombo moyana told the herald daily newspaper unfortunate and completely unfounded speculation that a depreciation of the zimbabwe dollar was about to occur had aggravated a serious foreign exchange shortage during february and the early part of march this speculation caused importers to bring forward their payments and exporters to delay as long as possible the inward remittance of export receipts resulting in a significant slowdown in net foreign exchange inflows he added reuter
gold	former gold firm executives arrested in japan the public prosecutors and police here arrested five former senior executives of a bankrupt gold deposit business group for defrauding about clients of about billion yen for gold bars which were never delivered police said the case involving the toyota shoji company was highlighted when its year old chairman kazuo nagano was stabbed to death here in public view in june television crews which had been waiting outside nagano s home filmed two men smashing their way into the home and later emerging with a bloodstained bayonet the company established here in undertook to hold gold on deposit for investors it grew into a nationwide business operation with branch offices and employees at its peak in early toyota shoji s business group collected an estimated billion yen from about clients many of them pensioners and housewives before the firm went bankrupt in july according to lawyers of them some clients cla imed they could get back neither gold or money suffering an aggregate loss of billion yen local press reports said police said the five arrested on charge of fraud today included hiroshi ishikawa former toyota shoji president and a sixth former executive was placed on a wanted list they were suspected of having collaborated with the late nagano in swindling about billion yen from about people in osaka and n earby kobe during a six month period just before the firm s bankruptcy they said to day s arre st came a fter narly two years of joint investigation by the public prosecutors and police who had questioned about of the firm s former employees police sou rces said reuter
crude	world bank likely to urge changes on jakarta world bank president barber conable is expected to press indonesia the third world s sixth largest debtor to maintain the momentum of economic policy changes to tackle the slump in its oil revenues western diplomats said conable who flew to indonesia yesterday from tokyo will meet with president suharto and senior economic ministers he said on arrival that the economy of south east asia s largest nation was being managed well but the slump in world oil prices called for major policy adjustments today the world bank chief will visit bank funded projects in the eastern section of java indonesia s most populous island he will see suharto on tuesday after a day of detailed discussions with ministers tomorrow indonesia the only asian member of opec has been severely hit by last year s crash in oil prices which cut its oil and gas revenues in half japan s state export import bank last month agreed to provide around mln dlrs in untied credits to help indonesia pay for its share of world bank development projects indonesia a country of mln people has responded to the oil slump by cutting spending devaluing its currency by pct and trying to boost exports while using foreign loans to bridge its deficit diplomats said that conable was expected to press suharto and leading economic ministers to maintain the pace of policy change particularly in dismantling indonesia s high cost protected economy oil prices the debt crisis the world recession all call for major policy adjustments and external support conable said in his arrival statement but with indonesia facing parliamentary elections next month he is likely to avoid anything which would imply that the bank is demanding specific changes we believe there has been wise leadership here and the economy is being very well managed conable told reporters at jakarta airport indonesia has official and private overseas debts totalling billion dlrs according to the bank which makes it the third world s sixth biggest debtor it has received billion dlrs from the world bank since conable did not spell out what further changes he would like to see last month the bank endorsed economic changes already introduced by indonesia but implied it wanted more giving a mln dlr loan in balance of payments support the bank said it will monitor progress on implementation of the government s trade reform measures and supported its determination to promote efficiency and longer term growth indonesia has introduced a series of measures since last may to boost non oil exports liberalise trade and encourage outside investment suharto has also ordered a government committee to look into which of indonesia s state run companies could be sold but in a report last month the u s embassy said the government appeared divided over how far to take its reforms western analysts say that in particular the government is unsure how far to go with dismantling indonesia s high cost monopolies which control core areas of the economy central bank governor arifin siregar said this week that indonesia faced very limited economic choices it could not spend its way out of trouble because this would increase the balance of payments deficit and domestic inflation he said the main objective was to raise exports outside the oil and natural gas sector indonesia s current account deficit is projected by the government to fall to billion dlrs in the coming financial year which starts on april from an estimated billion in reuter
money-fx	nigeria changes auction rules to defend the naira nigeria s central bank has changed the rules governing its foreign exchange auctions in what analysts see as a means of defending the naira currency which has depreciated steadily the bank said in a statement that from april banks bidding for foreign exchange would have to pay at the rate they offered and not as presently at the rate of the lowest successful bid made at the auction this should discourage banks from bidding high to ensure that they were successful while paying the lower marginal rate analysts said it should act as a brake because banks will know that if they bid high they will have to pay what they offered a western diplomat commented the naira has depreciated against the dollar by pct since the auctions known as the second tier foreign exchange market sfem began last september at last week s session the nigerian currency was fixed at to the dollar the third fall in a row they were clearly worried and this is the logical way of trying to stop the trend the diplomat said the central bank also announced the auctions would be fortnightly not weekly beginning on april it was not immediately clear whether next thursday s scheduled session would still take place nor if the bank was planning to double the mln dlrs which are normally on offer at each auction demand for foreign exchange has consistently outstripped supply encouraging banks to bid high and thus further weakening the naira if the normal weekly allocation is not doubled at the fortnightly session high demand could undermine the objective of the new system analysts said although bidding banks will now pay what they offered the official exchange rate for the naira applying to business transactions will continue to be the marginal rate the lowest successful bid sfem is a central part of nigeria s structural adjustment program which is considered to be the most ambitious economic recovery plan in black africa the program involves setting a realistic exchange rate for the naira which was over valued for many years liberalising imports boosting agriculture removing subsidies and reducing inefficient government participation in the economy the world bank has played a prominent part in designing this dramatic blue print and in selling it to an often sceptical public which fears inflation and lower living standards ishrat husain the world bank s representative in nigeria said yesterday he was satisfied both with the adjustment program as a whole and the foreign exchange auctions so far so good he told a meeting of bankers in lagos adding that only members of nigeria s import dependent elite would suffer hardship while the common man would benefit fears that the program would encourage inflation were incorrect he said bumper harvests had reduced rural inflation and urban prices had already reflected the naira s black market value before the currency was allowed to find its true level last september reuter
trade	next world trade negotiations must succeed nz ministers from more than nations were told by new zealand that the next international negotiations on liberalising trade would be the last this century and the cost of failure could not be measured trade minister mike moore told his colleagues at a welcoming ceremony before two days of talks here that great progress had been made in preparing for the negotiations which must not be sidetracked we live in troubled and dangerous times for the world trading system he said we have seen that the failure of the world trading system has caused great depression and conflict in the past our failure to maintain the momentum will be at great cost to us all moore said he added the cost of failure is beyond calculation it is our last hope and best opportunity this century we will not get another chance before the year the ministers are in new zealand to review world trade since the uruguay round talks last sepember the meeting is also part of preparations for a full scale conference of the general agreement on tariffs and trade gatt in venice in june the uruguay meeting is considered by most countries to have been particularly successful with northern hemisphere countries managing to have service industries such as banking and insurance included in the next full round the southerners goal of including agricultural and tropical products also was met the meeting at this north island tourist resort is described by participants as informal and no declaration is expected moore said one aim was to instil a sense of political urgency to avert potential economic tragedy another was to seek ways of popularising freer trade to people who felt the pain of readjustment but could not see the benefits as well as preventing bush fires of confrontation while we proceed with orderly negotiations the meeting is being attended by overseas delegations including representatives of gatt and the economic community the delegates include u s trade representative clayton yeutter american sources say he is ready to state that the best way to reverse protectionist sentiment in the united states is to implement four key uruguay proposals an end to agricultural subsidies inclusion of trade in services and investments in gatt regulations tightening of restrictions on pirating of so called intellectual property such as trademarks patents and copyrights new rules to resolve trade disputes among gatt s member states earlier new zealand sources had said french foreign trade minister michel noir had pulled out of the informal gatt talks for domestic political reasons cabinet chief bernard prauge will lead the french delegation reuter
acq	australian offer for san miguel shares diversified investment company ariadne australia ltd has offered billion pesos for mln shares in the philippine brewing firm san miguel a manila newspaper reported the sunday times quoted a letter sent yesterday to president corazon aquino from ariadne s chairman new zealander bruce judge that he was offering cash equivalent to five pct of the nation s yearly budget to buy the shares from the government the presidential office and ariadne representatives in manila were not available for comment on the report the shares are the entire block seized by the government from the united coconut planters bank ucpb on suspicion that the real owner was eduardo cojuangco the former chairman of san miguel and ucpb and a close associate of deposed president ferdinand marcos the mln shares consist of mln class a stock and mln class b shares government officials have said earlier that the more valuable class a shares would not be sold to foreigners the offer values each share at pesos the price at which the philippine social security system suggested it might buy eight mln class a shares last week judge s offer of billion pesos is about five pct of the philippines yearly budget ariadne s philippine agent domingo panganiban was quoted as telling reporters yesterday mr judge s objective in this investment is to make his corporation s management expertise available to san miguel so that the company s assets can be fully utilised san miguel the country s largest brewer is also one of the major manufacturers of grocery lines panganiban is quoted as saying that san miguel could tap food and liquor distribution lines in australia britain the u s new zealand and hong kong through barwon farmlands ltd a listed australian firm in which it has pct equity ariadne with about one billion dlrs in assets and turnover of about two billion has interests also in mining real estate and agricultural products reuter
veg-oil	indonesia protests against ec vegetable oil duty indonesia has protested to the european community ec about its plan to raise import duties on vegetable oils which will affect the country s palm oil exports to the ec trade minister rachmat saleh said indonesia both individually and together with other members of the association of south east asian nations asean has protested against the ec plan to increase duties on vegetable oil imports he told indonesian reporters we very much regret the community s plan he added he did not say in what form the indonesian protest was made indonesia is a major palm oil producer according to central bank figures indonesia exported tonnes of crude palm oil to ec countries in calendar and tonnes in the first months of complete figures are not yet available finance minister radius prawiro said recently that the increase in ec duties would add a new burden to asean countries at a time when they were trying to strengthen their economies in the face of lower commodity prices reuter
earn	alitalia spa azpi mi calendar provisional net profit billion lire vs billion turnover billion vs billion note official results for alitalia italy s national airline which is controlled by the state industrial holding company istituto per la ricostruzione industriale iri are expected to be announced at an annual shareholders meeting in april reuter
pet-chem	raimond expects ec gulf problems will be solved french foreign minister jean bernard raimond predicted in a published interview a successful end to negotiations to admit gulf petrochemical exports into the european community ec negotiations have been under way between the community and the six nation gulf cooperation council gcc for three years raimond due here tomorrow from oman for his first official visit to the united arab emirates uae told the semi official daily al ittihad he was confident a solution would soon be reached i am confident that problems between the two big partners the gcc and the ec will find a solution i will work to reach that solution he said in the interview conducted in paris an ec decision to impose tariffs on gulf petrochemical exports over a set quota has strained trade relations between the two sides gcc members saudi arabia kuwait bahrain qatar the uae and oman are threatening to impose heavy customs duties on european exports to the gulf if no solution is reached raimond said negotiations between the two groups took a long time because there were countries involved but added time is now ripe and all circumstances are appropriate for making crucial progress referring to the iran iraq war he said efforts should continue to find a solution despite prevailing difficulties he said france was continuing negotiations with iran some problems were solved as a result of the contacts while others remained unresolved he gave no details but said france wishes to have normal relations with iran reuter
crude	explosion at bp oil refinery in scotland an explosion followed by a fire ripped through a british petroleum bp oil refinery killing one man a bp spokesman said the fire was confined to one plant at the acre refinery at grangemouth miles west of edinburgh the cause and extent of the damage had yet to be determined two people were killed in a previous explosion and fire at the plant on march that incident is still being investigated the spokesman said reuter
acq	australian plans philippine branch for takeover the australia based ariadne australia ltd plans to set up a branch in the philippines to fulfill a prerequisite for the takeover of the philippine brewing firm san miguel corp a hong kong newspaper said the hong kong economic journal quoted a spokesman of australian stock broker jacksons ltd as saying that barwon farmlands ltd a listed australian firm of which ariadne owns a pct stake is planning a branch in the philippines he added jacksons is arranging an offer by barwon to pay a total billion pesos in cash for mln san miguel shares barwon is offering pesos each for mln class a san miguel shares and mln class b stock but the jacksons spokesman noted that the more valuable a stock would only be sold to filipinos or companies registered in the philippines he said barwon has approached the philippine government which seized the block of shares from the united coconut planters bank which is believed to be linked with the country s deposed president ferdinand marcos he added he expects a deal to be concluded between barwon and the philippine government in days as it is the only offer in cash the newspaper reported hong kong economic journal also noted stock market rumours that neptunia corp a hong kong registered company which controlled by san miguel s president andres soriano is the other party keen on the block of san miguel shares the philippine s commission on good government ruled last may against a move of neptunia to acquire mln san miguel shares controlled by the brewery firm s former chairman eduardo cojuangco who is also chairman of united coconut commissioner ramon diaz said at the time the government would not allow a subsidiary to buy into a parent firm adding san miguel could have offered the shares to other parties the manila newspaper sunday times published a letter sent yesterday to president corazon aquino from ariadne s chairman new zealander bruce judge that he was offering cash equivalent to five pct of the nation s yearly budget to buy the shares from the government judge s offer of billion pesos is about five pct of the philippines yearly budget ariadne s philippine agent domingo panganiban was quoted as telling reporters yesterday spokesmen of ariadne jacksons and neptunia were not available for comment nor any officials of the philippines san miguel brewery ltd a hong kong listed company which is pct held by neptunia on behalf of san miguel corp closed cents higher at h k dlrs on friday reuter
earn	alitalia reports higher net profits italy s national airline alitalia spa azpi mi reporting a pct rise in provisional net profit said it carried seven pct more passengers on domestic routes last year but pct fewer passengers on flights from north america and canada alitalia said the drop in north american traffic had been due to a general fall in the numbers of american tourists visiting europe caused by fears of terrorism the airline reported provisional net profit rose to billion lire from billion in a spokesman said alitalia was hoping for an increase in traffic with the u s in it planned to increase the number of flights from italy to new york to per week to reinstate flights to boston and to re open the direct rome milan los angeles service the spokesman announced that from march alitalia would be starting a new weekly service to shanghai for its summer programme it would be adding extra flights to european destinations an increase of pct reuter
earn	rafidain bank s jordan branch raises capital the jordan branch of iraq s rafidain bank said it will raise paid up capital to comply with the country s minimum requirement of five mln dinars by drawing on profits from its operations in the country jordan s government asked banks in early to comply with the new capital requirement raised from three mln dinars by the start of rafidain s area manager adnan abdul karim al azzawi told reuters the branch had now registered its capital at the higher level but did not say how long it would take to pay it in the bank s balance shows paid up capital of mln dinars banks in jordan have generally complied with the higher capital requirement except chase manhattan which decided instead to close its operation banking sources said local banks floated shares to raise extra capital while the branches of foreign banks brought in additional cash banking sources said it appeared that jordan had made an exception in rafidain s case allowing it longer to comply they said the gesture refelcted close political ties between jordan and iraq as well as baghdad s financial difficulties the jordan branch saw pre tax profit rise pct in to dinars on assets of mln dinars reuter
money-fx	u s credit market outlook mini refunding a hefty slice of new u s treasury supply is not the most welcome prospect for a slumbering credit market but at least this week s offerings should provide it with some focus economists said banks and mutual funds have cash that should be put to work so the auctions should breathe some life into the market said economists at merrill lynch capital markets inc the treasury will place a billion dlr package of two year four year and seven year notes on the sales block this week the mini refunding which will raise billion dlrs in new cash comprises billion dlrs of two year notes for auction on tuesday billion dlrs of four year notes on wednesday and billion dlrs of seven year notes on thursday the market also faces the regular weekly three and six month bill auction today amounting to billion dlrs the mini refunding does not come at a particularly auspicious time for the market bond prices have been drifting sideways in a narrow range against the backdrop of a cloudy u s economic outlook diminished chances of a change in federal reserve board policy and a stable dollar moreover the bond market s inertia has compared unfavourably with the rash of activity taking place in high yield markets overseas like the u k as well as in u s equities but according to the merrill lynch economists there are signs the pall hanging over the u s bond market is lifting a bit customer activity has been light but all on the buy side and there is a marked absence of selling they said in a weekly report philip braverman of irving trust securities inc believes banks will snap up the two and four year issues at this week s sales the banks are in need of investments that provide earnings though the yield spread to the cost of carrying these maturities has been wider it is still positive he said in a weekly market review but economists agreed not even the auctions will generate enough impetus for a major move this will only come once the overseas markets have had their run based on last week s events there is little to indicate that the appetite for yield has begun to wane said economists at salomon brothers inc indeed talk persisted last week that japanese investors are planning to re weight their portfolios in favour of the higher yielding markets at the start of japan s new fiscal year on april and while traditionally the japanese have not been big buyers of the shorter dated issues on offer at this week s u s auctions such reports undermine market confidence even actions by the british australian and canadian monetary authorities to curb the rise of their currencies should also enhance the attractiveness of their respective bond markets the salomon brothers economists said meanwhile ecomomic releases are unlikely to enliven the u s market unless they deviate widely from expectations economists said this week s economic calendar begins on tuesday with february durable goods orders economists expect a rebound from january s depressed levels peter greenbaum of smith barney harris upham and co said several areas including transport equipment should have bounced back but a decline in military capital goods will cap total new orders he forecasts a rise of two pct after january s pct slump some other economists foresee a gain as large as five pct friday s consumer price report for february is expected to show an increase of about pct after a pct january gain economists said energy prices the driving force behind the january rise rose more moderately last month while food prices declined meanwhile economists warned that the federal funds rate will be subject to volatility in the weeks ahead due to the approach of quarter end and the mid april tax date some economists expect the fed to execute a bill pass this week because its adding requirement increases sharply in the new statement period beginning on thursday fed funds traded at pct late friday and are expected to open near that level reuter
trade	gatt success will take pressure n z minister long term pressure by trade ministers is necessary if the current uruguay round of talks on the general agreement on trade and tariffs gatt is to succeed new zealand s overseas trade minister mike moore said moore told the opening meeting of trade ministers from nations gathered for informal talks on the gatt that ministers need opportunities to keep in touch and to consider how the political problems inherent in an exercise like this one can be faced and resolved moore said the taupo meeting is one of a series of such international gatherings which includes the oecd ministerial meeting in may and the g meeting in venice in june enabling ministers to maintain contact world trade conditions are getting better not worse he said he said new zealand is moving rapidly and of our own initiative in the direction of liberalisation and i warn you we shall be looking for partners reuter
interest	japan long term prime seen cut to record low soon japan s long term banks will soon cut their prime rate now at a record low pct by or percentage point in response to falling secondary market yields on their five year debentures long term bankers said the long term prime rate is customarily set percentage point above the coupon on five year bank debentures issued by the long term banks every month the latest bank debentures at pct have met strong end investor demand on the prospect of further declines in yen interest rates dealers said the current pct prime rate has been in effect since february reuter
coffee	coffee conference ends with call to continue talks a meeting of eight latin american coffee producers ended with a call for continued talks aimed at arriving at an agreement to stabilize international prices a statement delivered by the conference s president nicaragua s external trade minister alejandro martinez cuenca said the object of future meetings would be to seek negotiations leading to basic export quotas the meeting was attended by representatives from brazil mexico guatemala el salvador honduras costa rica and nicaragua a panamanian representative attended the meeting as an observer representatives at the meeting said efforts would continue to be made to reach a regional consensus on export quotas which could be presented to the international coffee organization in opening the meeting nicaraguan president daniel ortega said the lack of an accord on export quotas was behind falling coffee prices which he said have caused billions of dollars in losses to countries in the region jorio dauster president of the brazilian coffee institute said his government is committed to working towards an producers accord in order to bring about higher prices reuter
trade	yeutter sees u s japan verging on trade conflict the united states and japan are on the brink of serious conflict on trade especially over semiconductors japanese unwillingness for public bodies to buy u s super computers and barriers to u s firms seeking to participate in the eight billion dlr kansai airport project u s trade representative clayton yeutter said he was talking to reporters yesterday on the eve of a two day meeting of trade ministers which will review progress made by committees set up after the uruguay meeting last september launched a new round of gatt general agreement on tariffs and trade talks european community ec commissioner willy de clercq meanwhile told reporters conflict between the world s three major trading and economic powers the ec the u s and japan set a poor example for other members of gatt australian trade minister john dawkins told the reporters bilateral retaliation at the enormous expense of the rest of the world was no way to solve trade disputes new zealand trade minister mike moore told his colleagues great progress had been made in preparing for the current round of gatt negotiations which must not be sidetracked the ministers have said they want to maintain the momentum towards fresh negotiations or avert serious trade conflicts yeutter said the problem with international trade talks was that they tended to get bogged down for years countries don t get very serious about negotiating until the end of the day which is maybe five or six years in the future he also said he did not consider the new u s congress as protectionist as it was months ago that s a very healthy development he added if you asked me about that a year or months ago i would have said that it was terribly protectionist members of congress that is the contemplative members of congress have begun to realise protectionism is not the answer to the billion dlr trade deficit yeutter said they ve also begun to realise that you cannot legislate solutions to a billion dollar trade deficit so they are more realistic and in my judgement more responsible on that issue than they were or months ago he added whether that will be reflected in the legislation that eventually emerges is another matter reuter
nat-gas	new cooper basin gas pool discovery reported delhi petroleum pty ltd said a second gas flow has been recorded in the epsilon formation of the toolachee block on pel five and six signifying a new pool discovery the kerna four appraisal well flowed gas at cubic meters a day with four kiloliters of condensate through a mm surface choke over an interval of to meters dst in the epsilon formation was earlier reported as flowing gas at cm day delhi said in a statement the well is two km south south east of kerna km south east of the dullingari field and km east of moomba delhi said the remaining objective of the well is the patchawarra formation other interest holders in the kerna four well are santos ltd stos s pct delhi vamgas ltd south australian oil and gas corp pty ltd pct reuter
ship	iran says it intends no threat to gulf shipping iran said reports that it intended to threaten shipping in the gulf were baseless and warned the u s and other countries not to interfere in the region tehran radio monitored by the bbc quoted a foreign ministry spokesman as saying any attempt at interference would be met by a strong response from iran and other moslems in the world u s defence secretary caspar weinberger in remarks apparently unrelated to the broadcast said the u s would do whatever was necessary to keep shipping lanes open in the face of new iranian anti ship missiles in the gulf the u s state department said two days ago tehran had been told of u s concern that iranian anti ship missiles posed a threat to the free flow of oil from the gulf u s officials have said iran has new chinese made anti ship silkworm missiles which pose a greater threat to merchant ships than missiles used before the iranian spokesman said the reports that iran intended to attack ships were misleading propaganda he said iraq s president saddam hussein was the main cause of tension in the gulf and said iran would continue to use all its legitimate means to stem the cause of tension weinberger said in a television interview in the u s we are fully prepared to do what s necessary to keep the shipping going and keep the freedom of navigation available in that very vital waterway we aren t going into any disclosures or discussions of what might happen but we are certainly very sympathetic to and listening carefully to any suggestions for our assistance in keeping navigation free in that area he said weinberger said u s warship movements in the gulf area were not unusual a u s navy battle group led by the aircraft carrier kitty hawk is currently in the northern arabian sea the iranian spokesman was quoted by tehran radio as saying the u s was trying to build up its military presence in the region reuter
iron-steel	german steel subsidies cannot continue minister economics minister martin bangemann said the state could not continue to pour money into west germany s ailing steel and coal industries because the subsidies endangered other parts of the economy the situation is completely absurd from an economic point of view bangemann told the newspaper die welt in an interview released ahead of publication tomorrow we are subsidising the production of mineral coal and steel to an enormous extent and at the same time putting a huge burden on all other branches of industry and making them uncompetitive he said bangemann said the steel and coal industries were no longer capable of being competitive continued state subsidies would not save them but would only prolong their lives artifically for a few years he said that is why i have refused to continue subsidising them in the way that we have done in the past he said several steel firms have announced plans to reduce their workforces citing weak prices and lower exports due to the strength of the mark and tough foreign competition bangemann said everything possible would be done to find new jobs for the workers affected by the cuts reuter
acq	dart group flexible on supermarkets sgl bid dart group corp said it told supermarkets general corp sgl it was flexible on the price it would pay to acquire the company dart has said it would offer dlrs cash for each sgl share if the sgl board recommended the offer to shareholders sgl has termed the billion dlr offer unsolicited in a letter to sgl dated march dart also said it was denied confidential information on sgl that would be given to other potential bidders sgl officials could not be reached for comment dart said it was advised that a selling brochure for the sale of sgl had been distributed to about potential buyers but not itself these purchasers would also be given access to sgl s books and records and the opportunity to talk with key employees we suspect that one or more of the are leveraged buyout firms said a source close to dart analysts have said sgl management may be considering a leveraged buyout dart said it remains interested in acquiring sgl on a friendly basis and reiterated its willingness to negotiate all the terms of its offer dart said sgl representatives said the company has not received any other offer it said it requested the confidential information to better understand sgl but was denied this because it refused to sign an agreement prohibiting it from making a bid for sgl without sgl s approval the agreement would also have limited its ability to buy sgl shares dart said it considered those conditions unreasonable in the interest of trying to negotiate a friendly transaction it said dart has just under five pct of sgl shares dart said it requested the information before its meeting with sgl representatives but held the meetings in the hope representatives would reach an agreement it said it indicated it was flexible on price but was told there were certain issues important to sgl management and while they were not conditions to the deal dart was expected to take them into account in putting together its package it said the issues include an immediate payment of mln dlrs to sgl chairman leonard lieberman executive vice president james dougherty and financial officer murray levine dart said this payment was intended for the three officers severance agreements although there was an implication that lieberman and dougherty would be leaving the company of their own volition dart said under their present agreements none of these officers have any right to such accelerated payments also dart said lieberman dougherty and levine are to be paid mln dlrs to pay their taxes it also said top management s incentive shares were to be accelerated and paid for at a cost of six mln dlrs although there are restrictions on the shares unless waived by the company s compensation committee dart said it was to fund up to five mln dlrs for top management s supplemental retirement plan dart said another issue was to agree to future severance obligations and future salary guarantees for top management estimated at more than mln dlrs in excess of obligations under the company s present policy dart said despite such management payments it agreed to discuss all aspects of its offer and in fact did try to negotiate a transaction at the march meeting with sgl supermarkets general owns the path mark supermarket chain and rickels home centres dart also released a copy of a lawsuit that was being filed by an sgl shareholder seeking to stop sgl from taking such actions as paying greenmail or enacting a poison pill defence the suit also sought to have directors carry out their fiduciary duty greenmail is the payment at a premium for shares held by an unwanted suitor and a poison pill is typically the issue of securities to shareholders which make a takeover more expensive reuter
crude	australia said to rely too much on oil taxes the government s over reliance on revenue from crude oil is adversely affecting australia s economic performance australian petroleum exploration association apea chairman dennis benbow said over one third of australia s indirect tax income is derived from oil at a time of falling domestic output and weak crude prices he told the apea annual conference here this dependence on oil generated revenue distorts the country s economic performance directly by acting as a disincentive to new exploration and indirectly by affecting trading competitiveness through high energy costs he said australia s medium term liquid fuel self sufficiency position is posing a major economic threat yet the government s response has been to load new tax burdens on the oil industry benbow said domestic oil output from existing fields is expected to fall to barrels per day bpd in fiscal from bpd in reflecting mainly the decline of the bass strait fields he said bass strait reserves are now two thirds depleted with the three largest fields pct depleted he said by bass strait output is expected to be just over half the level assuming a number of so far undeveloped fields are brought on stream and enhanced recovery from existing fields goes ahead benbow said government projections of output from as yet undiscovered fields range from to bpd he said australian liquid fuel demand is forecast to rise to bpd in from in implying a crude oil gap of between and bpd in five years time he said at present world oil prices and the current value of the australian dollar annual oil imports in would cost between billion and billion dlrs benbow said despite intensive exploration in the early s the addition to reserves has been inadequate he said for example the mln barrels discovered in the five years represent about two years consumption he said he called on the government to review its tax policies to restore incentive to exploration reuter
cpi	minister predicts one pct inflation for singapore singapore will have an inflation rate of one pct in up from a negative pct in trade and industry minister lee hsien loong told parliament he said the drop in the inflation rate the first fall in a decade was due largely to lower world prices for oil and oil related items but lee said the negative inflation rate is unlikely to be repeated this year because of projected higher prices for primary commodities and oil reuter
earn	woolworths ltd reports mln dlr net profit yr end feb vs mln
acq	bell resources says it buys mln bhp shares taking holding to pct
earn	woolworths ltd wlwa s yr ended feb shr cents vs final div nil vs cents making six for year vs pre tax profit mln dlrs vs mln net mln vs mln turnover billion vs billion other income mln vs mln shrs mln vs mln note net is after tax credit mln vs tax paid mln depreciation mln vs mln interest mln vs mln and minorities vs mln but before extraordinary net profit mln vs loss mln reuter
acq	bell resources boosts stake in bhp bell resources ltd said it has executed an underwriting agreement with equiticorp tasman ltd to acquire mln ordinary shares in the broken hill pty co ltd brkn s for mln dlrs bell said in a statement that it now holds pct of bhp s billion shares reuter
acq	ariadne unit confirms bid for san miguel ariadne group unit barwon farmlands ltd confirmed it offered billion pesos in cash for the mln shares of philippine brewing company san miguel corp the australia based barwon pct owned by new zealander bruce judge s ariadne group said in a statement released in hong kong that a formal offer had been made to the philippines government which holds the shares it said it was confident the offer will be reviewed favourably newspapers in manila and hong kong reported at the weekend that an offer had been made barwon said it was represented by australian stockbroker jacksons ltd which forwarded a formal offer to philippine president corazon aquino of pesos for each of the mln a and b shares of san miguel the philippine government seized the shares which represent a pct stake in the brewery firm from the united coconut planters bank alleged by the government to be linked with the country s deposed president ferdinand marcos the barwon statement said a deal is expected to be concluded between barwon and the philippines government in days barwon also said it made recommendations to the government on how it could purchase the class a shares which can only be held by a philippine national or a firm which is at least pct held by a member of the country it did not elaborate the hong kong economical journal quoted a spokesman of jacksons as saying barwon plans to set up a branch in the philippines to meet the criteria san miguel brewery ltd a locally listed firm pct held by san miguel s neptunia corp affiliate was last traded at h k dlrs against dlrs on friday reuter
crude	exxon official urges planning for next oil surge world governments should prepare for an inevitable significant increase in the price of oil as non middle east supplies diminish exxon corp xon director and senior vice president donald mcivor said policymakers must also face up to the reality that the bulk of world oil reserves lies in the middle east he said in a speech prepared for delivery to the australian petroleum exploration association apea annual conference it appears ever more likely that new discoveries elsewhere will not change this fact he said mcivor said of the world s oil fields contain about pct of all oil ever discovered only of these super giant fields lie outside the middle east and only five of the have been discovered in the last years three of them in the middle east he said he also said that since the world has been consuming to billion barrels a year while making discoveries at the rate of only to billion barrels a year more than half of remaining proved reserves are in the middle east he said mcivor said it was important to continue to search for oil outside the middle east because each addition contributes to a diversity of supply desirable for global political and economic stability it is important to enhance the likelihood of home country discoveries with measures such as non discriminatory and stable taxation and minimum regulation together with opening up of acreage for exploration he said increasing reliance on the middle east will also boost the incentive to use natural gas and synthetic sources of petroleum he added reuter
crude	australian oil tax cut seen boosting output a percentage point reduction in the australian government s maximum crude oil levy on old oil would stabilize bass straits oil output resources analyst ian story said here a reduction to pct from pct would enable bass strait output to be maintained at the current rate of barrels per day bpd for the next year rather than falling to bpd in he told the australian petroleum exploration association annual conference story is an analyst with and a director of sydney stockbroker meares and philips ltd windfall profits taxes on bass strait crude are no longer appropriate in the current economic climate story said the maximum pct levy on old oil that discovered before september is now forcing the broken hill pty co ltd brkn s exxon corp xon partnership to shut in production accelerating the decline in output and reducing government revenue he said he said the producer return per barrel at a price of australian dlrs a barrel would rise to dlrs from dlrs if the levy was cut to pct the economics at an pct levy are simply not attractive at oil prices below dlrs story said cutting the maximum levy rate to pct would create higher levels of self sufficiency increase government revenue boost exports and provide incentives for exploration and development he said the government is currently reviewing the oil tax structure reuter
interest	german bond yields seen falling in near term west german bond yields could decline over the next few months if recent efforts to stabilize exchange rates as seen in last month s paris pact extend to keeping down european interest rates banking economists said but in the longer term domestic yields could rise under agreements to stimulate west germany s economy they said the paris agreement has so far successfully stabilized currencies with the threat of central bank intervention economists said economists speculated that g countries may try to bolster the pact by uncoupling u s and west german interest rates further when they meet for the imf interim committee in april the recent round of monetary accommodation by the bundesbank and the bank of japan and the firming of the federal funds rate are significant they mark an uncoupling of movements in u s and foreign interest rates salomon bros inc said in a recent study it said narrowing of international interest rate spreads was a major factor in the dollar s fall these spreads will have to be widened if the dollar is to be stabilized west german bundesbank president karl otto poehl encouraged the u s not to cut interest rates in january when the bundesbank cut its own rates by half a point to avoid weakening the dollar west german economists see room for further cuts in leading west german rates if the dollar resumes its decline it s not a taboo peter pietsch spokesman for commerzbank ag said but most economists see room for a cut in west german rates only in the first half of the year as re emerging inflation will limit room for manoeuvre later in the year the bundesbank s average yield of public paper is already nearing last year s low last week yields fell to around pct not far from the low of pct posted in mid april economists said the trend may cause domestic investors to shift some funds from short to longer term paper such a move would tend to flatten the yield curve between short and long term rates which has become more pronounced since the bundesbank lowered its discount rate it might also facilitate a further cut in leading rates as the shift out of savings accounts into securities would slow growth of the bundesbank s central bank money stock aggregate but conflicting with this trend are plans to increase west german tax cuts part of the paris currency pact designed to meet u s demands for faster west german growth this move may force interest rates up by creating a revenue vacuum which must be filled by higher government borrowing this may not occur if private sector demand for credit remains weak but demand could emerge if rates begin rising economists said it appeared the government had already stepped up borrowing this year to accomodate revenue loss from other sources including tax losses resulting from weaker than expected economic growth and higher than expected spending josef koerner chief economist of the west german ifo institut said in a newspaper interview he expected tax revenue to be some billion marks below estimates by the west german government in november any tax shortfall in itself is unlikely to push yields up but coupled with other factors such as waning foreign speculative buying of mark bonds on the dollar s decline long term yields may to have to rise economists said public authority borrowing in may also rise owing to increases in the second phase of bonn s tax reform package the west german government is raising its total tax cuts in by billion marks to billion west german chancellor helmut kohl said last week increased borrowing to finance the tax reform is acceptable finance minister gerhard stoltenberg said last thursday he was looking for other ways to finance the reform such as raising indirect taxes but few economists believe the government will be able to go through with its tax measures without increasing net borrowing the bundesbank said in its february report that it was wrong to believe that the first stage of the tax reform in could be managed without increasing deficits the bundesbank said west german public authorities borrowed a large billion marks in credit markets in the final quarter compared with billion in fourth quarter the federal government took up nearly billion marks of the fourth quarter figures and also drew on two billion marks of bundesbank advances at the end of the year when it had not required such a credit in the quarter reuter
trade	philippines posts mln dlr january trade deficit the philippines posted a trade deficit of mln dlrs in january compared with deficits of mln in january and mln in december government figures show the national census and statistics office ncso said imports of mln dlrs in january were up from mln in january and mln dlrs in december while exports of mln were up on the mln in january but lower than december s mln the country s medium term development plan targets a pct average annual growth in exports and a pct growth in imports the ncso said reuter
trade	japan says it trying to expand domestic demand japan has assured a meeting of trade ministers it is making every effort to expand domestic demand and restructure its economy japanese trade representative tsomu hata told an informal general agreement on tariffs and trade gatt meeting that in addition to demand boosting measures adopted last september a comprehensive economic program will be prepared after the budget is approved hata speaking at the first session of the two day meeting said agriculture is no exception to the goal of restructuring the economy but did not elaborate hata said protectionist pressures in the international economy are as strong as ever reflecting financial deficits payment imbalances and serious unemployment in many countries despite great potential developing economies are still confronted by grave difficulties particularly debt he added the basis for the talks is the gatt ministerial declaration last september in punta del este uruguay and the subsequent trade negotiating plan agreed in geneva it is essential that we first reaffirm here our commitment to implementing that plan as scheduled hata said hata added it is not constructive to speed up negotiations in some areas at the expense of others in order to rebuild the free trade system it is important for each participant to have domestic policies that will serve this end as part of its contribution japan plans in april to fundamentally improve its generalised system of preferences for industrial and mining products to make japan s domestic market more open to developing countries he said reuter
interest	bundesbank sets day securities repurchase tender at fixed pct
trade	australian minister says agriculture gatt priority australian trade minister john dawkins said if the general agreement on tariffs and trade gatt does not give high priority to agricultural trade reform it will be neglecting the area of greatest crisis in a statement to the informal gatt trade ministers conference here he said agriculture is a problem which involves all countries and seriously affects the debt servicing abilities of a number of developing countries he said major countries should be showing leadership on this problem we will be giving close attention to the processes in the oecd organisation of economic cooperation and development and elsewhere leading to the venice economic summit where we will be looking to the participants to adopt a strong commitment to agricultural trade reform dawkins said the venice summit is scheduled for june he said australia s interests in the uruguay round the eighth under the gatt are wide ranging dawkins said he sees the round as providing a timely opportunity to secure further meaningful trade liberalisation in all sectors and to restore confidence in the multilateral system dawkins said initial meetings of the negotiating groups established in geneva after the gatt declaration last september in punta del este uruguay have made a reasonable start but it is vital that trade ministers maintain the pressure on these processes we must see that the commitments made at punta del este on standstill and rollback are carried into practice the standstill and rollback of protection offers the global trading system a chance to hold and wind back protection during the negotiations which are expected to last up to four years he said reuter
earn	booker plc bokl l year shr p vs p div p vs p making p vs p turnover billion stg vs billion pretax profit mln vs mln tax mln vs mln interest paid mln vs mln minority interests mln debit vs same extraordinary items mln profit vs mln loss pretax profit includes agribusiness mln vs mln health products mln vs mln wholesale food distribution mln vs mln retail food distribution mln vs mln u k mln vs mln u s mln vs mln reuter
crude	bp grangemouth refinery shut hydrocracker damaged the entire british petroleum co plc refinery at grangemouth in scotland has been shut down following the explosion and fire that severely damaged the hydrocracker at the site a refinery spokesman said he said the rest of the bpd refinery including the bpd catalytic cracker was undamaged the whole refinery was closed pending enquiries but a decision when to reopen the main units will be taken in the next couple of days he said but there was extensive damage to the central part of the bpd hydrocracker which upgrades heavy oil products to gasoline and it will be out of operation for some months the spokesman said bp will not suffer supply shortages as a result of the explosion as it will be able to bring in product from other sources bp has a bpd refinery in rotterdam a bpd unit at ingolstadt west germany a bpd plant at lavera in france and a smaller swedish plant he said the explosion and fire in which one worker was killed occurred when the hydrocracker was not in operation the refinery as a whole had been operating at about half of its capacity since the end of january while an extensive overhaul was carried out on the north side of the complex where the hydrocracker is sited he said this work was scheduled to be completed by mid april but this is now being assessed following the hydrocracker accident two people were killed in an explosion and fire in a flare line at the grangemouth refinery on march but the spokesman said this incident was some yards from the latest accident reuter
earn	australia s woolworths looks to improved profits woolworths ltd wlwa s said policy management and financial changes initiated during the business year should cause profits to reach more acceptable levels in end february net profit reported earlier fell pct in the year ended february results for the first month of the new year were encouraging after a period of uncertain consumer confidence and difficult trading conditions it said in a statement the big w discount store division and new south wales supermarkets produced very disappointing results it added woolworths earlier reported a fall in net profit to mln from mln on sales of billion against billion capital spending for the year was mln dlrs against mln for the previous year with new stores opened but total sales were below target woolworths said the company provided mln dlrs against operating profit for the year to cover mark downs on stock extraordinary items included a mln dlr profit on the sale of properties and investments less a mln provision for reorganising the big w chain woolworths is unrelated to the u s group f w woolworth z n it has been the subject of takeover speculation since industrial equity ltd acquired a pct stake last year new zealand s diversified investment group rainbow corp ltd bought safeway stores inc s sa pct holding in woolworths for mln dlrs late last year safeway put its stake up for tender just in time to take advantage of changes in u s tax laws effective from the end of december informed sources said woolworths shares closed on australian stock exchanges today at dlrs down five cents from friday reuter
earn	booker says starts well booker plc bokl l said had started well and the group had the resources to invest in its growth business both organically and by acquisition it was commenting on figures for which showed pretax profits rising to mln from mln previously profits from the u s accounted for pct of the total the results were broadly in line with analysts forecasts and the company s shares firmed in morning trading to p from p at friday s close the group ended the year with a cash surplus higher at mln stg compared to mln previously after capital expenditure which rose to mln from mln in a statement the company said the u k agribusiness group reported excellent profits growth while health products profits rose to mln from mln reuter
crude	iraq reports raids iran s nowruz oil field iraq said its warplanes launched two bombing raids on iran s offshore nowruz oilfield in the northern gulf today a military spokesman quoted by the official iraqi news agency said platforms at the field were reduced to rubble he said attacks on the field miles northwest of iran s kharg island oil terminal were carried out at gmt he said today s raids fall within iraq s policy to deprive iranian rulers of oil revenue used to serve their aggressive aims iraqi planes yesterday raided the nearby ardeshir oil field resuming attacks on iranian targets after a month long lull reuter
earn	zambia copper investments ltd johannesburg march halfyear ended december shr net u s cents vs loss pre tax dlrs vs net earnings vs loss mln foreign tax gain vs extraordinary items nil vs loss mln period reuter
gnp	balladur sees only two pct french growth in french growth will probably be about two pct the same as last year due to an international environment that is less favourable than expected finance minister edouard balladur was quoted as saying treasury director daniel lebegue said last month that gross domestic product is expected to grow by between two and pct this year against an original target of pct although in line with the latest organisation for economic cooperation and development oecd estimate of pct growth the forecast will be balanced by growth in investments and exports balladur said in an interview with the daily les echos last month balladur said french gdp had grown by just two pct last year compared with an initial target of pct and pct growth in he told les echos he aims to reduce the budget deficit to billion francs from this year s figure of billion and compared with a billion deficit in he has already announced his intention of cutting the deficit to billion francs in reuter
sugar	beghin say sees solution to ec sugar dispute a settlement could soon be reached in the dispute between european sugar producers and the european community over ec export licencing policies jean marc vernes president of french sugar producer beghin say which is leading the protest told journalists today our contacts with the ec authorities over the past few days indicate that we are moving towards a solution he said adding that if this happened the producers would withdraw the tonnes of sugar they have offered into intervention vernes said that the protest involving tonnes of sugar from french producers alone was prompted by the ec s policy since mid of offering export rebates which failed to give producers an equivalent price to that they would obtain by offering sugar into ec intervention at last week s tender the ec commission made an apparent concession by offering a maximum rebate only european currency units ecus per kilos below the level producers say is needed compared with the previous week s rebate which was ecus below the necessary level vernes would not say what form any compromise between the producers and the ec would take but he reaffirmed the long term desire of producers to export to the world market providing they were not losing money by doing so producers can withdraw their intervention offer after april when the sugar will officially enter intervention stores or at any time over the following five weeks before the official payment date the ec has threatened to put the sugar back on the internal market if the producers refuse to withdraw their offers reuter
earn	dresdner declines comment on scrip share report a dresdner bank ag drsd f spokesman said the bank had no comment on newspaper reports that shareholders would be offered free subscription shares dresdner shares surged to open marks higher at before climbing further other bank stocks also rose strongly and dealers cited speculation already in the market that deutsche bank ag dbkg f would make a similar move such scrip issues if they occurred would mark the first time german banks had ever issued free shares the varying reports said dresdner shareholders may be offered one free share for every or already held reuter
lei	u k longer cyclical indicator rises in february the u k longer leading cyclical indicator rose in february by pct after january s pct rise figures from the central statistical office show the indicator base which shows trends in the economy months ahead was put at in february compared with in january and in february the shorter leading indicator signalling trends six months ahead was put at for january the latest month for which data were available after december s this compared with in january the coincident indicator designed to signal current turning points in the economy was put at in january down from in december and in january the lagging index which the cso says shows a turning point in the economy about a year after it happens was at in january down from in december and a year earlier the office said leading indicators still do not show a consistent picture of the likely future developments of the business cycle in britain it said the strong rise in the longer leading index between december and february was due mainly to rises in share prices reuter
ipi	french january industrial production fell pct official
interest	japan long term prime seen cut to record low soon japan s long term banks will soon cut their prime rate now at a record low pct by or percentage point in response to falling secondary market yields on their five year debentures long term bankers said the long term prime rate is customarily set percentage point above the coupon on five year bank debentures issued by the long term banks every month the latest bank debentures at pct have met strong end investor demand on the prospect of further declines in yen interest rates dealers said the current pct prime rate has been in effect since february reuter
trade	yeutter sees u s japan verging on trade conflict the united states and japan are on the brink of serious conflict on trade especially over semiconductors japanese unwillingness for public bodies to buy u s super computers and barriers to u s firms seeking to participate in the eight billion dlr kansai airport project u s trade representative clayton yeutter said he was talking to reporters yesterday on the eve of a two day meeting of trade ministers which will review progress made by committees set up after the uruguay meeting last september launched a new round of gatt general agreement on tariffs and trade talks european community ec commissioner willy de clercq meanwhile told reporters conflict between the world s three major trading and economic powers the ec the u s and japan set a poor example for other members of gatt australian trade minister john dawkins told the reporters bilateral retaliation at the enormous expense of the rest of the world was no way to solve trade disputes new zealand trade minister mike moore told his colleagues great progress had been made in preparing for the current round of gatt negotiations which must not be sidetracked the ministers have said they want to maintain the momentum towards fresh negotiations or avert serious trade conflicts yeutter said the problem with international trade talks was that they tended to get bogged down for years countries don t get very serious about negotiating until the end of the day which is maybe five or six years in the future he also said he did not consider the new u s congress as protectionist as it was months ago that s a very healthy development he added if you asked me about that a year or months ago i would have said that it was terribly protectionist members of congress that is the contemplative members of congress have begun to realise protectionism is not the answer to the billion dlr trade deficit yeutter said they ve also begun to realise that you cannot legislate solutions to a billion dollar trade deficit so they are more realistic and in my judgement more responsible on that issue than they were or months ago he added whether that will be reflected in the legislation that eventually emerges is another matter reuter
ipi	french industrial production falls in january french industrial production fell a seasonally adjusted pct in january after revised unchanged output in december the national statistics institute insee said the figure which excludes construction and public works put the january index base at after in december january output was pct down on january insee which from january changed its base year to from originally had december output down pct on november using the old base year insee said production in january was affected by rail strikes and severely cold weather it said output of gas and electricity was very high but activity slowed on construction sites in quarries and in certain base industries reuter
coffee	good demand for colombians on bremen market the bremen green coffee market attracted good buying interest for colombian coffee last week while brazils were almost neglected trade sources said buyers were awaiting the opening of brazil s export registrations for may shipment which could affect prices for similar qualities they said colombia opened export registrations and good business developed with both the fnc and private shippers prices were said to have been very attractive but details were not immediately available central americans were sought for spot and afloat in the robusta sector nearby material was rather scarce with turnover limited the sources said the following offers were in the market at the end of last week first or second hand sellers ideas for spot afloat or prompt shipment in dlrs per kilos fob equivalent unless stated previous week s prices in brackets brazil unwashed german quals colombia excelso salvador shg nicaragua shg same guatemala hb same costa rica shb kenya ab faq tanzania ab faq same zaire k unq sumatra robusta ek cif same reuter
ship	iranian tanker attacked over weekend lloyds the iranian steam tanker avaj tonnes dw was attacked and hit at hours on march lloyds shipping intelligence service reported one person was killed the tanker is owned by the national iranian tanker co reuter
trade	next world trade negotiations must succeed nz ministers from more than nations were told by new zealand that the next international negotiations on liberalising trade would be the last this century and the cost of failure could not be measured trade minister mike moore told his colleagues at a welcoming ceremony before two days of talks here that great progress had been made in preparing for the negotiations which must not be sidetracked we live in troubled and dangerous times for the world trading system he said we have seen that the failure of the world trading system has caused great depression and conflict in the past our failure to maintain the momentum will be at great cost to us all moore said the cost of failure is beyond calculation it is our last hope and best opportunity this century we will not get another chance before the year he added the ministers are in new zealand to review world trade since the uruguay round talks last september the talks are also part of preparations for a full scale june meeting of the general agreement on tariffs and trade gatt in venice the uruguay meeting is considered by most countries to have been particularly successful with northern hemisphere countries managing to have service industries such as banking and insurance included in the next full round the southerners goal of including agricultural and tropical products also was met the meeting at this north island tourist resort is described by participants as informal and no declaration is expected moore said one aim was to instil a sense of political urgency to avert potential economic tragedy another was to seek ways of popularising freer trade to people who felt the pain of readjustment but could not see the benefits as well as preventing bush fires of confrontation while we proceed with orderly negotiations the meeting is being attended by overseas delegations including representatives of gatt and the economic community the delegates include u s trade representative clayton yeutter american sources say he is ready to state that the best way to reverse protectionist sentiment in the united states is to implement four key uruguay proposals an end to agricultural subsidies inclusion of trade in services and investments in gatt regulations tightening of restrictions on pirating of so called intellectual property such as trademarks patents and copyrights new rules to resolve trade disputes among gatt s member states earlier new zealand sources had said french foreign trade minister michel noir had pulled out of the informal gatt talks for domestic political reasons cabinet chief bernard prauge will lead the french delegation reuter
money-fx	swiss sight deposits rise mln francs sight deposits of commercial banks at the swiss national bank rose mln swiss francs in the second days of march to billion the national bank said foreign exchange reserves fell mln francs to billion sight deposits are a major indicator of money market liquidity in switzerland reuter
acq	general partners in gencorp gy proxy fight general partners the group tendering for all gencorp inc shares at dlrs each said it has started soliciting proxies against gencorp s proposals to increase its number of authorized shares outstanding create a board with staggered election dates and eliminate cumulative voting the proposals are to be voted on at the march annual meeting general partners a partnership of privately held wagner and brown and afg industries inc afg made the disclosure in a newspaper advertisement the partnership has already filed suit in u s district court in columbus ohio seeking to block a vote on the proposals and to invalidate gencorp s defensive preferred share purchase rights general partners asked shareholders to either vote against the proposals or abstain from voting on them reuter
acq	usair u cuts piedmont pie shares sought usair group inc said it has amended its dlr per share tender offer for shares of piedmont aviation inc to reduce the maximum number it will accept to previously it had sought all shares in a newspaper advertisement usair said the offer and withdrawal rights have not been extended and will still expire april along with the new proration period on friday the u s department of transportation approved usair s acquisition of pct of piedmont if usair were to acquire more than pct in the tender it would be required to sell the excess within one week usair said receipt of the shares which is also the minimum amount it will accept would give it a total of about pct of piedmont shares currently outstanding and pct on a fully diluted basis the company said even if the purchase of the piedmont shares caused it to exceed the pct limit usair would waive the condition to the offer that the transportation department approve a voting trust agreement permitting usair to buy and hold shares under the offer pending review of usair s application to gain control of piedmont subject to the order not being rescinded or modified in an adverse way reuter
rubber	new rubber pact adopted at geneva conference producers and consumers representing most of world trade in natural rubber adopted a new international natural rubber agreement inra aimed at stabilizing world prices over the next five years negotiations for a new inra to succeed the present one which runs out next october began nearly two years ago agreement on the new five year pact which uses a buffer stock to keep prices stable by selling or buying rubber as rates rise or fall was reached at a two week session here under the auspices of the united nations conference on trade and development unctad reuter
crude	study says oil price fall spurs bankruptcies the sharp drop in world oil prices the past year triggered a pct increase in bankruptcies in the country s oil states according to a study released by the american petroleum institute api api said the dunn and bradstreet study found that business failures rose nationally by pct in over but in the oil patch of the southwest the increase was pct it said bankruptcies in texas were up pct oklahoma pct colorado pct and louisiana pct in alaska failures rose by per cent it said api also said that three of the states with the highest number of bank failures last year were large oil and gas producers texas oklahoma and kansas reuter
cpi	s african consumer price inflation rises slightly south african year on year consumer price inflation rose slightly to pct in february after falling sharply to pct in january from pct in december central statistics office figures show the monthly rise in the all items index base was pct to in february after a pct increase to in january a year ago the index stood at and year on year consumer price inflation at pct reuter
trade	finland february trade surplus at mln markka finland had a mln markka trade surplus in february following an mln markka surplus in january and a mln surplus in february customs board preliminary figures showed exports in february were billion markka and imports billion compared with exports of billion and imports of billion in january and exports of billion and imports of billion in february last year reuter
ship	n z ports reopen but further disruption likely new zealand ports reopened at hrs local time gmt march after being closed since march because of a strike over pay claims by watersiders a waterside federation spokesman said but industrial action by other port workers is likely to cause further disruption harbour workers union secretary ross wilson told reuters wilson said his members are holding stopwork meetings this morning to consider further stoppages over their pay claim the two disputes are not related harbour workers around the country went on strike for hours on march but wilson said any further action will occur on a port by port basis reuter
acq	microtel inc makes acquisition microtel inc said it has completed the acquisition of american teledata corp and its us dial subsidiary which provide long distance telephone service in northeast florida terms were not disclosed microtel s shareholders include norfolk southern corp nsc m a com inc mai centel corp cnt alltel corp at and e f hutton group inc efh reuter
earn	jamesway corp sets for stock split ups cash payout pct
earn	american variety international inc nine mths march end shr loss seven cts vs loss cts net loss vs profit revs vs reuter
acq	american variety acquisition pact terminated american variety international inc said its agreement to acquire first national entertainment corp has been terminated because first national was not able to fulfill terms of the agreement it said due to protracted negotiations with first national several american variety divisions were inoperative in american variety said it is reevaluating its record and tape library for possible conversion to compact discs reuter
earn	jamesway jmy sets split higher cash payout jamesway corp said its board declared a two for one stock split and increased the quarterly cash dividend by pct the company said the dividend on the pre split shares was increased to four cts from three cts it said both the split and the dividend are payable may to holders of record april adding the company will have about shares outstanding after the split reuter
acq	harper row hpr gets expressions of interest harper and row publishers inc said its special committee of independent directors has received expressions of interest from a considerable number of domestic and foreign firms with respect to restructuring or acquisition transactions with the company winthrop knowlton chairman of special committee said no determination has been made by the full board as to any transaction he said the special committee and kidder peabody and co inc intend to engage in discussions with interested parties in an effort to come to a conclusion in the near future formation of the special committee was announced early last week when harper and row said its board had taken no action on two pending acquisition proposals at that time directors also indefinately postponed a planned special shareholders vote on a restructuring proposal which would have created a class b common with votes a share and limited transferability the acquisition proposals had come from theodore l cross owner of about six pct of the company s stock who offered dlrs a share and harcourt brace jovanovich inc hbj which offered dlrs a share reuter
earn	humana inc nd qtr shr cts vs cts
acq	fruit loom ftl to sell unit for mln dlrs fruit of the loom inc said it agreed to sell its general battery corp subsidiary to exide corp for about mln dlrs in cash the proposed sale will complete fruit of the loom s previously announced plan to divest itself of unrelated businesses proceeds from the proposed transaction are more than the price projected in the company s recent initial public offering it said completion of the transaction is subject to a definitive agreement regulatory approvals financing and certain other conditions and is expected to close may one the company said reuter
acq	cityquest makes mln stg bid for wickes cityquest plc a newly formed company is making a recommended mln stg offer for builders merchants and diy do it yourself company wickes plc wickes said in a statement undertakings to accept what is effectively a management buyout have been accepted by holders of pct of the shares the statement said the offer was due to a decision by wickes international corp a member of the u s wickes companies wix a inc group which holds an pct stake to realise much of its investment the offer would enable wickes to become fully independent and once the bid succeeded all the wickes directors would become members of the cityquest board the offer will be of p cash for every wickes share wickes was last quoted at p compared with p at friday s close wickes shareholders will also have the option of taking one cityquest share or p in loan notes for every p of the cash consideration henry sweetbaum is chairman and chief executive of both cityquest and wickes and it was intended that cityquest s name would be changed to wickes in due course wickes came to the u k unlisted securities market in january with a capitalisation of about mln stg cityquest has a fully paid share capital of one mln stg s g warburg securities has organised commitments from a group of investors to subscribe for mln stg in shares and mln stg in subordinated convertible loan stock lead investor is investors in industry plc cityquest also has loan facilities of mln stg reuter
earn	humana inc hum nd qtr feb net shr cts vs cts net mln vs mln revs mln vs mln six mths shr cts vs dlrs net mln vs mln revs billion vs billion reuter
earn	winchell s donut wdh sets initial quarterly winchell s donut houses lp said it has declared an initial quarterly dividend of cts per unit on class a and class b limited partnership units payable may to holders of record march reuter
earn	triton group ltd trro th qtr jan net oper shr profit nil vs loss nil oper net profit vs loss sales mln vs mln avg shrs mln vs mln year oper shr profit six cts vs profit five cts oper net profit vs profit sales mln vs mln avg shrs mln vs mln note net excludes discontinued operations nil vs gain dlrs in quarter and loss dlrs vs gain dlrs in year net excludes tax loss carryforward dlrs vs reversal of tax credit dlrs in quarter and credits dlrs vs dlrs in year results include u s press inc from november three acquisition reuter
money-fx	nigeria changes auction rules to defend naira nigeria s central bank has changed the rules governing its foreign exchange auctions in what analysts see as a means of defending the naira currency which has depreciated steadily the bank said in a statement that from april banks bidding for foreign exchange would have to pay at the rate they offered and not as presently at the rate of the lowest successful bid made at the auction this should discourage banks from bidding high to ensure that they were successful while paying the lower marginal rate analysts said the central bank also announced the auctions would be fortnightly not weekly beginning on april reuter
earn	aar corp air rd qtr feb net shr cts vs cts net vs sales mln vs mln nine mths shr dlrs vs cts net vs sales mln vs mln avg shrs mln vs mln reuter
trade	gatt meeting hears plea for african debt relief debt among african countries will continue to grow and their economies will remain stifled unless developed countries lower their interest rates nigerian trade minister samaila mamman said today he told an informal meeting of the general agreement on tariffs and trade the widening gap between industrialized and developing countries and an unfair international economic system were major obstacles to growth in developing countries i wish to emphasize that the growth in the volume of the external indebtedness of african countries reflects the full effect of the deflationary monetary and trade policies of the developed market economy countries mamman said delegates from countries are attending the talks of the world trade body in the new zealand resort of taupo reuter
trade	japan says it trying to expand domestic demand japan has assured a meeting of trade ministers it is making every effort to expand domestic demand and restructure its economy japanese trade representative tsomu hata told an informal general agreement on tariffs and trade gatt meeting that in addition to demand boosting measures adopted last september a comprehensive economic program will be prepared after the budget is approved hata speaking at the first session of the two day meeting said agriculture is no exception to the goal of restructuring the economy but did not elaborate hata said protectionist pressures in the international economy are as strong as ever reflecting financial deficits payment imbalances and serious unemployment in many countries reuter
earn	supermarkets general corp th qtr cts vs cts
ship	west german ship sinks off west africa the west german registered motor vessel stefan e sank off the west african coast early today and one of its eight crew members was killed a spanish navy spokesman said he said the captain of the singapore registered tanker nord pacific reported in a radio message that he had picked up the remaining seven crewmen of the tonnes dw stefan e together with the body of the dead man reuter
trade	japan in last ditch effort to save chip pact japan has launched a last ditch effort to salvage its computer micro chip pact with the united states sending a letter to top american policy makers setting out its case and instructing its producers to cut output further we must make our utmost effort to ward off any catastrophe ministry of international trade and industry miti deputy director general masaji yamamoto told reporters if hasty action is taken in the united states it will create very serious problems the reagan administration s economic policy is expected to meet thursday to review japanese compliance with the bilateral agreement hammered out last year under the pact tokyo agreed to stop selling cut price chips in world markets and to increase its imports of american semiconductors washington has accused japan of reneging on the deal by selling low priced chips in asia and by failing to boost american imports and has threatened to take retaliatory action in an effort to save the agreement miti is asking japanese chip makers to limit production in the hope that will boost domestic demand and reduce the incentive to export yamamoto said that japan will slash output of kilobit dynamic random access and erasable programmable read only memory chips by pct in the second quarter this follows a cutback of more than pct in the first three months of the year he said the cutbacks were already drying up the supply of chips available for export through unregulated distributors in the so called grey market we have almost no grey market he said supply is diminishing to help ensure that the cutbacks are implemented miti called in the president of japan s largest semiconductor maker nec corp nipn t last week he said it is also issuing specific instructions on production to the japanese subsidiary of texas instruments inc trade and industry minister hajime tamura spelled out the steps japan was taking to salvage the pact and appealed for u s understanding in a letter to top american policy makers the letter was sent today to u s secretary of state george schultz treasury secretary james baker commerce secretary malcolm baldrige and u s trade representative clayton yeutter the four who make up the economic policy council are expected to consider evidence presented by u s chip maker micron technology inc dram o of cut price japanese sales in hong kong yamamoto admitted that oki electric industry co s hong kong subsidiary had sold chips at an inappropriate level but denied that it was dumping chips at rock bottom prices if the united states uses this as proof of dumping we will present our rebuttal he said the sales though were inappropriate in the light of miti s advice to semiconductor makers to sell chips at well above production costs to avoid any hint of dumping he said he also called the case strange but he stopped short of endorsing japanese newspaper accusations that oki had been trapped into making the sales he did say though that micron publicized the invoice documenting the sales on the same day they were made and that oki was unable to locate the person who had bought the chips when it tried to buy them back last week reuter
earn	american motors corp gets qualified audit on financial statements
earn	st clair paint and wallpaper corp year net shr cts vs cts net vs revs mln vs mln reuter
acq	alco standard asn completes acquisition delta business systems inc said it has completed a previously announced merger into alco standard corp delta said it expects sales of about mln dlrs for the year ending in april reuter
earn	american motors amo statement qualified american motors corp said its auditors qualified the company s financial report the report was qualified due to uncertainties surrounding the previously announced arbitration award against american motors former subsidiary am general corp the award is being contested the report was filed today with the securities and exchange commission along with a copy of chrysler corp s c proposal to take over american motors american motors said earlier than an arbitration award made to emerson electric co emr in february amounted to mln dlrs plus legal expenses american motors has challenged the award the automaker sold the am general unit to ltv corp qltv in the same year it was awarded a five year billion dlr procurement contract with the military ltv and am general last year sought protection under chapter the arbitration proceeding was called after emerson electric charged am general violated an agreement covering the development of certain components in the contract the components were for the military s high mobility multi purpose wheeled vehicle hmmwv american motors said in selling am general to ltv american motors agreed to indemnify ltv against losses incurred by ltv resulting from the emerson electric claims amc also said the award has not been confirmed by a court and faces additional legal challenges it said that because of the ltv and am general reorganizations the final amount of a confirmed award and the amount of any loss to ltv is uncertain reuter
acq	anacomp aac gets funds to buy datagraphix anacomp inc said it finalized the financing of its mln dlrs purchase of datagraphix inc from general dynamics corp gd the financing arranged by drexel burnham lambert consists of mln dlrs of bank financing the private placement of mln dlrs of senior subordinated notes and mln dlrs of convertible preferred stock it said datagraphix a manufacturer of microgrpahics equipment has been merged into anacomp and will be operated as a separate division anacomp said the division is expected to improve results for anacomp this year reuter
earn	supermarkets general corp sgl th qtr jan oper shr cts vs cts oper net mln vs mln sales billion vs billion avg shrs mln vs mln year oper shr dlrs vs dlrs oper net mln vs mln sales billion vs billion avg shrs mln vs mln notes sales are from continuing operations operating net excludes results from discontinued operations of nil vs profit dlrs or eight cts a share in quarter and loss dlrs or one cent a share vs profit dlrs or five cts a share in year latest year operating net also excludes loss of dlrs or four cts a share on disposal of discontinued department store segment share data adjusted to reflect two for one stock split paid to holders of record august operating net includes pre tax lifo credit dlrs vs credit mln dlrs in quarter and charge mln dlrs vs charge mln dlrs in year reuter
acq	energy factors efac to buy allied ald units energy factors inc said it has signed an agreement to acquire gwf power systems co and combustion power co inc from allied signal inc for undisclosed terms the two allied units operate and are developing cogeneration projects and small petroleum coke fueled power plants reuter
earn	ryland group inc ryl sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	h b fuller co full st qtr feb net shr cts vs cts net vs sales mln vs mln reuter
earn	cooper development co bugs st qtr jan net shr profit seven cts vs loss cts net profit vs loss sales mln vs mln avg shrs mln vs mln note current year net includes pretax gain on sale of product line of mln dlrs and charge dlrs posttax on expensing of a portion of unamorized debt issuance costs of unit current year results include technicon corp acquired in august reuter
earn	citizens growth citgs omits quarterly dividend citizens growth properties said it ommitted its regular quartelry dividend as a result of decreased earnings principally attributable to the default by a borrower of the trust s laargest mortgage loan the trust last paid cts on january the trust said it also reaffirmed a limited share repurchase program subject to available cash flow in light of the defaulted mortgage reuter
acq	patrick petroluem has definitive accord to buy bayou resources
earn	dynamic homes inc dyhm th qtr net shr profit cts vs loss cts net profit vs loss sales vs year shr loss cts vs loss cts net loss vs sales vs reuter
acq	safeguard scientific sfe unit buys subsidiary safeguard scientific inc said its subsidiary coherent communications systems corp purchased a telecommunications equipment business for an undisclosed amount of cash notes and coherent common stock safeguard said it bought the business unit from comsat telesystems inc a subsidiary of communications satellite corp cq reuter
earn	westworld community health wchi th qtr loss shr loss dlrs vs profit cts net loss vs profit revs mln vs mln year shr loss dlrs vs profit cts net loss vs profit revs mln vs mln avg shrs vs note current year results include charges related to closing or divestitures of facilities and other assets full name westworld community healthcare inc reuter
earn	kings road entertainment inc kren rd qtr net shr loss seven cts vs loss cts net loss vs revs vs avg shrs vs nine mths shr loss cts vs loss dlrs net loss vs loss revs vs mln avg shrs vs note prior year net includes tax credits of dlrs in quarter and dlrs in nine mths reuter
earn	paychex inc payx rd qtr feb net shr cts vs cts net vs revs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln note share adjusted for three for two stock split in june reuter
acq	ic inds icx to sell certain assets to mlx ic industries inc said its abex corp subsidiary agreed to sell its sintered friction materials business in italy to troy michigan based mlx corp for undisclosed terms completion of the proposed transaction is subject to approval by the italian government it said reuter
earn	reliable life insurance co rlifa year net shr dlrs vs dlrs net mln vs note net includes gain dlrs from chjange in accounting for pension plans and investment gaions of over three mln dlrs reuter
earn	raven industries inc rav th qtr jan net shr profit six cts vs loss nine cts net profit vs loss sales mln vs year shr profit dlrs vs profit dlrs net profit vs profit sales mln vs mln reuter
earn	hemodynamics inc hmdy year loss shr loss cts vs loss cts net loss vs loss sales vs reuter
acq	deloitte haskins sells gets stake in company deloitte haskins and sells an accounting and consulting firm said it bought a stake in holland systems corp a software and services company the company also said it set up a venture with holland systems to develop and market an integrated line of information management products and services it said products from the venture are expected to be introduced within the next year reuter
earn	moto photo inc moto th qtr net oper shr profit one ct vs loss six cts oper net profit vs loss revs vs avg shrs vs year oper shr loss cts vs loss cts oper net profit vs loss revs vs avg shrs vs note share after poreferred dividends current year net both periods excludes dlr tax loss carryforward reuter
money-fx	u s treasury s baker says currencies within ranges that better reflect fundamentals
sugar	greece seeking ec sugar next month at tender greece will hold a buying tender on april for reply by april for tonnes of white sugar from ec member countries for delivery in four equal tranches in may june july and august traders said reuter
zinc	zinc producers approach ec on voluntary closures a number of individual zinc producing companies have approached the european commission to sound out its reaction to a possible industry plan for a voluntary reduction of smelting capacity commission sources said the companies have been told that the commission could not judge whether a plan would be acceptable under european community ec competition rules until it had full details they said in the industry drew up a plan envisaging the loss of about tonnes of annual capacity or about pct of the total however the industry did not proceed with this plan as zinc market conditions improved in the sources noted they said the companies which approached the commission recently and which they did not name appeared to envisage a loss of productive capacity similar to that proposed in reuter
money-fx	currencies better reflect fundamentals baker treasury secertary james baker said currencies were now within ranges that better reflected economic fundamentals in a speech to the annual meeting of the inter american development bank he said excchange have moved into ranges that better reflect economic fundamentals he noted that in particular that dollar has fallen from its high point in early helping to moderate protectionist pressures in the u s reuter
earn	tonka tka sees lower fiscal first quarter net tonka corp said it expects results for its fiscal first quarter to end april four to decline from the record earnings of mln dlrs or cts a share and revenues of mln dlrs the toy manufacturer attributed its anticipated lower financial results to an an expected moderate decline in shipments of its pound puppies product line tonka also said it expects revenues and earnings to remain lower through the first half compared with record results of mln dlrs in revenues and mln dlrs in net earnings or dlrs a share the company said its level of shipments is good despite a conservative buying pattern on the part of retailers industry wide tonka s first quarter shipments will be down somewhat from record levels and gross profit margins will be down slightly from a year ago it said second half sales are expected to be stronger based on a return to a more traditional seasonal shipping pattern in which retailers order and stock conservatively early in the year and time large shipments for the second half it said tonka said that while the pace of order writing is trailing last year s bookings are very good for orders on several of its new product introductions for reuter
earn	child world inc cwld th qtr jan net shr dlrs vs dlrs net mln vs mln sales mln vs mln avg shrs mln vs mln year shr cts vs cts net mln vs sales mln vs mln avg shrs mln vs mln note latest year net cut on mln dlrs by investment tax credit loss reuter
earn	bayernverein expects unchanged dividend for bayerische vereinsbank ag bvmg f expects to pay an unchanged dividend of marks on earnings but profits will only barely reach last year s record levels management board spokesman maximilian hackl said he told the annual news conference that possible credit risks especially those associated with foreign nations had largely been covered risk provisions in were therefore unlikely to reach the same high level as in group bank net profit rose to mln marks in from mln the previous year and parent bank net profit increased to mln marks from mln hackl said that interest margins in the banking business had declined to pct last year from pct the previous year but in the mortgage sector the margins had increased slightly and stood around pct parent bank commission surplus in the securities business had risen almost pct to mln marks in expenses for personnel had increased pct to mln marks and others costs had increased pct to mln marks the parent bank s partial operating profit which excludes earnings from trading on its own account had climbed two pct to mln marks the parent bank s balance sheet total rose pct to billion marks at end compared with end hackl said it was boosted by a three billion mark rise in mortgage business and a billion mark increase in banking business the mortgage sector s share in total parent bank business volume rose to pct from hackl said that in january and february this year the bank s credit business had not livened up but despite the sharp downturn on german bourses profits from trading on own account had increased in the first two months compared with the same year ago period he gave no detailed figures reuter
earn	dynamic homes inc dyhm th qtr net shr nil vs loss two cts net profit vs loss revs vs mths shr loss cts vs loss cts net loss vs loss revs vs reuter
earn	canada lease financing ltd rd qtr dec net shr cts vs cts net vs revs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln reuter
earn	public service n c psnc raises payout public service co of north carolina inc said its board raised the quarterly dividend to cts per share from cts previously as adjusted for a two for one stock split that takes effect april the dividend is payable july one to holders of record june the company also said it plans to file soon for an offering of up to one mln new shares which would give it a total of about post split shares reuter
earn	wickes wix plans reverse split calls debt wickes cos inc said its board authorized a one for five reverse stock split and plans to call the company s its pct senior subordianted debentures due the company said it will seek shareholder approval of the reverse stock split at the annual shareholders meeting scheduled for june at january wickes had mln shares outstanding the company also said wickes also said it will call the debentures on dec assuming market conditions remain essentially the same reuter
cocoa	icco puts world cocoa surplus tonnes vs in delegates
acq	investor acquires pct of munford mfd a joint venture controlled by dallas investor bradbury dyer said it had acquired shares or pct of the common stock of munford inc in a filing with the securities and exchange commission the concern which comprises paragon associates and paragon associates ii said it bought the stake for dlrs and may buy more shares paragon said it bought the shares for investment purposes reuter
gold	bp bp unit to build gold extraction plant amselco minerals inc a unit of british petroleum co plc said it approved construction of a new plant with nerco minerals co to process carbon ore to recover microscopic gold reserves the plant to be located at the alligator ridge mine near ely nev will process tons a day of carbon bearing ore to recover ounces of gold over three years it said the plant will use a chemical process called leaching to extract the residual gold which could not otherwise be economically recovered operation of the plant to be jointly owned by amselco and nerco is set to start in october the alligator ridge mine is jointly owned by amselco and nerco a unit of nerco inc ner which is pct owned by pacificorp ppw a portland ore holding company the mine has produced about ounces of gold a year since using another leaching process a bp spokesman said the open pit oxide ore reserves of alligator ridge will be exhausted by august as expected when the work force will be reduced to about from the company said the employees remaining after that will operate the new plant it said reuter
earn	moto photo moto sees better st quarter moto photo inc president michael adler said he expects the company s first quarter earnings for fiscal to be better than the same quarter a year ago adler said however that the quarter would still be a loss primarily because it is the low season for the imaging business photo moto recored a net loss for the first quarter ending march of dlrs reuter
earn	canada southern petroleum ltd csw nd qtr loss qtr ends dec shr loss one ct vs profit two cts net loss vs profit revs vs six mths shr loss one ct vs profit four cts net loss vs profit revs vs reuter
earn	recoton corp rcot th qtr loss shr loss cts vs profit cts net loss vs profit revs vs year shr profit cts vs profit cts net profit vs profit revs mln vs mln note includes income tax credits of dlrs and mln dlrs in and respectively and dlrs in qtr current qtr after tax provision of dlrs reuter
earn	sanford corp sanf st qtr feb net shr cts vs cts net vs sales mln vs mln reuter
earn	canada southern petroleum ltd nd qtr loss period ended december shr loss one ct vs profit two cts net loss vs profit revs vs six mths shr loss one ct vs profit four cts net loss vs profit revs vs reuter
earn	hosposable products inc hosp th qtr net shr cts vs eight cts net vs sales vs avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
iron-steel	bangemann denies newspaper interview on subsidies the west german economics minister today denied giving a newspaper interview which quoted him as saying the state could not continue to pour money into the country s ailing steel and coal industries economics ministry spokesman dieter vogel said in a statement bangemann had contacted him from new zealand where he is attending a general agreement on trade and tariffs gatt ministerial meeting to deny giving the interview to the conservative daily die welt the paper quoted bangemann as saying that continued subsidies would endanger other parts of the german economy by making them uncompetitive vogel said bangemann had pledged that everything possible would be done to minimize the effects of reduced coal and steel production on the workforces and regions concerned die welt said the interview with bangemann had taken place at a meeting of his free democratic party fdp in darmstadt last friday adding that it had a tape recording of his comments which it would publish tomorrow reuter
interest	fed says it sets billion dlrs of customer repurchase agreements
interest	fed adds reserves via customer repurchases the federal reserve entered the u s government securities market to arrange billion dlrs of customer repurchase agreements a fed spokesman said dealers said federal funds were trading at pct when the fed began its temporary and indirect supply of reserves to the banking system reuter
gnp	swedish gnp rose less than expected figures show sweden s gross national product rose pct last year against pct in mainly due to a lower than forecast growth in exports and a sharp fall in total investments the central bureau of statistics reported private consumption rose pct during against pct in whereas the finance ministry had expected an increase of only pct total investments fell pct against a rise of pct in the finance ministry had forecast a rise of pct in exports rose pct last year against pct in but the finance ministry had predicted a growth of pct reuter
earn	mcdonald s mcd up on reaffirmed recommendation mcdonald s corp rose sharply today after receiving a second recommendation in as many sessions traders said today analyst richard simon of goldman sachs and co reaffirmed his recommendation of the stock and put it on his focus list traders familiar with the recommendation said simon was unavailable for comment the stock jumped to on friday analyst daniel lee of drexel burnham lambert inc reiterated a recommendation of the stock focusing on increased comparable store sales and consistent annual earnings growth friday the stock closed points higher wendy s another operator of fast food restaurants rose one to in active trading vague rumors that wendy s is a takeover candidate continued to circulate wall street traders said reuter
earn	allied products corp adp year net shr dlrs vs dlrs net vs sales mln vs mln avg shrs mln vs mln note net includes tax credits of mln dlrs or dlrs a share reuter
acq	american television atcma buys time tl unit american television and communications corp said it has completed the acquisition of manhattan cable television inc from time inc for about class b common shares american television was spun off from time in august the company said following this transaction time now owns pct of american television reuter
acq	dwg dwg completes sale of unit dwg corp said it has completed the previously announced sale of its texsun corp subsidiary to texsun corp subsidiary to sundor brands inc for mln dlrs and the assumption of liabilities it said proceeds have been placed in escrow pending the outcome of talks with lenders reuter
acq	allied asu selling michigan units allied supermarkets inc said it entered into a definitive agreement to sell its michigan operations for about mln dlrs in cash and debt plus assumption of substantially all of allied s liabilities other than senior subordinated debentures it said the operations will be sold to meadowdale foods inc a corporation formed by members of its existing management including chairman david page and president lon makanoff the transaction is conditioned on allied s pending merger with the vons cos inc reuter
acq	klm says it is not seeking air atlanta stake klm royal dutch airlines klm as is discussing marketing cooperation with u s regional carrier air atlanta inc but it is not seeking to take a stake in the airline a klm spokesman said we re not considering taking either a majority or minority stake in air atlanta but we are thinking of providing them with a loan the spokesman told reuters in a comment on a wall street journal report saying debt laden air atlanta could sell as much as pct of its stock to the dutch airline klm last week denied a dutch press report saying it was discussing a takeover of air atlanta the klm spokesman said air atlanta s regional route network centred on atlanta ga could serve as a feeder to klm s international network which includes direct flights between atlanta and amsterdam klm and air atlanta had been talking for some time he said but declined to elaborate further on the talks or give details of the loan to air atlanta reuter
acq	gencorp sues general partners gencorp inc said it filed suit against the unsolicited dlr a share tender offer of wagner and brown and afg industries gencorp said it is seeking an injunction against the offer because it is violates federal securities laws and margin regulations gencorp also said its board is carefully studying the offer and will make a decision on whether or not shareholders should accept or reject it by march reuter
ipi	irish industrial production index up pct ireland s industrial production index stood at in december a year on year rise of pct the central statistics bureau reported in november the index base stood at showing a rise of pct on a year on year basis reuter
earn	new brunswick scientific co inc nbsc th qtr shr cts vs six cts net vs revs mln vs mln year shr cts vs cts net mln vs revs mln vs mln reuter
earn	intelligent business ibcc st qtr jan shr three cts vs nil net vs revs vs note full name is intelligent business communications corp reuter
acq	principal neo tech sells unit principal neo tech inc said it completed the sale of its subsidiary neo tech inc to seismic holdings inc and energy holdings inc of denver colo as part of the price principal neo tech received notes and preferred shares of energy holdings however terms were not disclosed reuter
acq	charter federal jefferson savings agree to merge
acq	phh phh buys two design firms phh group inc said it acquired two design firms for undisclosed terms in the two firms neville lewis associates of new york and walker associates inc of l a produced mln dlrs in total fees reuter
acq	charter federal chfd jefferson to merge charter federal savings and loan association of bristol va said it has agreed to acquire jefferson savings and loan association of warrenton va under terms of the transaction which would result in a billion dlr thrift institution stockholders of jefferson will get dlrs per share half in cash and half in shares of charter the resulting association will operate under the name of charter and will be based in bristol the transaction is valued at about mln dlrs a jefferson spokesman said charter said the merger is subject to approval of the federal home loan bank board jefferson reported a mln dlrs loss and assets of mln dlrs for the year ended september for the year ended june charter reported net income of mln dlrs assets totaled about mln dlrs as of december reuter
grain	trade proposes new ec grain intervention rules the european community ec cereals trade lobby organisation coceral said it has written to ec farm commissioner frans andriessen to propose a new system for sales into intervention which it claims could save the ec budget money it proposes that applications for intervention be made through a certificate valid for execution three months later if during the three months the trader found a market elsewhere he could buy back the certificate on payment of a one pct premium coceral argues that this would restore the original function of intervention as a safety net and would end the present situation in which produce is often sold into intervention as a precaution reuter
earn	lowe s cos inc low qtly div qtly div cts vs cts prior payable april record april reuter
acq	coca cola spokesman said rumors coke seeking takeover of wendy s are not correct
earn	computer devices inc th qtr shr loss one cnt vs profit one cnt net loss vs profit revs vs mln year shr profit seven cts vs profit nine cts net profit vs profit revs mln vs mln note th qtr and year includes gain of dlrs and dlrs respectivley year includes gain of dlrs from tax loss carryforwards reuter
earn	ducommon inc dco th qtr loss oper shr loss dlrs vs loss dlrs oper net loss vs loss sales mln vs mln year oper shr loss dlrs vs loss cts oper net loss vs loss sales mln vs mln note prior qtr and year figures exclude losses from discontinued operations of dlrs and dlrs respectively and respective losses on sale of discontinued operations of mln dlrs and mln dlrs reuter
earn	mem com inc mem th qtr net oper shr cts vs cts oper net vs revs mln vs mln mths oper shr dlrs vs cts oper net vs revs mln vs mln note qtr excludes gain dlrs for discontinued operations of lebanon packaging year and year prior excludes loss dlrs and gain dlrs respectively for discontinued operations on lebanon sale reuter
acq	coca cola ko says rumors incorrect a coca cola co spokesman said rumors the company is interested in acquiring wendy s international wen are not true those rumors are not correct said carlton curtis an assistant vice president at coke we have stated many times that coca cola co has no interest in an acquisition in the food service industry and thereby becoming a competitor to our food service customers wendy s stock has been flying high on the rumors for two days today wendy s hit a high of before dropping back to up in heavy trading reuter
earn	sweet victory inc svic year shr loss dlrs vs loss cts net loss mln vs loss mln revs dlrs vs dlrs reuter
interest	standard federal sfb offers zero point loan standard federal bank said it introduced a zero point fixed rate mortgage loan the loan program offers borrowers home mortgage financing with no discount fees charged standard said that fees charged will include an application fee commitment fee and out of pocket expenses such as title work survey recording fees and private mortgage insurance reuter
crude	iraq oil minister qassem ahmed taqi replaced iraqi news agency reports
crude	iraqi oil minister replaced official iraq s oil minister qassem ahmed taqi has been moved to the heavy industries ministry the official iraqi news agcny ina said tonight it quoted a presidential decree appointing oil ministry undersecretary isam abdul rahim al chalaby as the new oil minister the ministers of industry and communication and transport had both been relieved of their posts the news agency said no immediate explanation was given for the changes al chalaby is the head of the iraqi national oil company ina said the decree signed by president saddam hussein relieved the minister of heavy industries subhi yassin khadeir of his post and appointed him a presidential adviser his ministry was formerly known as the industry and mineral resources ministry the minister of communications and transport abdel jabbar abdel rahim al asadi was also relieved of his post and replaced by a member of the ruling baath party regional command mohammed hamza al zubeidi al zubedei is also a presidential adviser all three ministers involved in the reshuffle had spent more than four years in their posts reuter
acq	allegheny ai sued over proposed buyout allegheny international inc said it and first boston inc s fbc sunter holdings corp subsidiary have been named as defendants in a class action filed in the court of common pleas for allegheny county pa which seeks an injunction against allegheny s proposed merger into sunter the company said its board and some former directors and first boston were also named as defendants it said it and sunter intend to vigorously oppose the action allegheny said the class action suit alleges the price to be paid in the transaction is grossly unfair the company said the suit s allegations are similar to those contained in an earlier federal court suit reuter
earn	astrocom corp acom th qtr net shr one ct vs five cts net vs revs vs year shr eight cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	juno lighting inc juno st qtr feb net shr cts vs cts net vs sales mln vs reuter
tin	tin pact special session this week routine a further special session of the international tin council itc held here tomorrow march will give member countries an update on the latest debate over the hundreds of millions of sterling lost when its buffer stock price support scheme failed in october delegates said but the itc quarterly session scheduled for april will be important as the council will by then be wanting to decide on whether the current pact should be extended beyond june or just allowed to expire delegates said a two year extension is possible reuter
tin	tin council winding up verdict appealed amalgamated metal trading amt today lodged an appeal against the ruling which prevented its petition to wind up the international tin council itc the verdict was given by mr justice millett on january when amt led an effort by itc creditors to recover sums claimed by banks and london metal exchange brokers as a result of the collapse of the itc s buffer stock operations in october amt had until march to lodge its appeal the grounds for the appeal are that the judge erred on three points when giving his verdict michael arnold head of the broker creditors group tinco realisations told reuters the judge ruled that the u k court had no jurisdiction to wind up the tin council that the itc was not an association within the meaning of the companies act and that the winding up petition was not a proceeding in respect of an arbitration award amt will contest all three points the u k companies act allows the possibility of the winding up of what it defines as an association and amt will argue that the tin council falls within this definition arnold said the itc has immunity except for the enforcement of an arbitration award and thus it is important for amt that the court accepts that the winding up petition represents a move to enforce an arbitration ruling the court originally decided that the winding up petition went wider than the enforcement of such a debt an amt spokesman said the appeal is unlikely to be heard for several months but a case brought by fellow itc creditor maclaine watson is to be heard on april this is a move by the metal broker to have a receiver appointed over the itc s assets since similar arguments will be used in this case it is possible that any appeal in the maclaine watson case could be consolidated with amt s appeal arnold said other itc creditors have brought direct actions against the council s member states and an application by the governments to strike out the first of these brought by j h rayner mincing lane ltd is to be heard on may shearson lehman brothers action against the lme s tin ring out in march is also scheduled to be heard in the near future the hearing date has now been put back slightly to june reuter
lumber	timber realization trx to sell remaining acres timber realization co said it has agreed to sell its remaining acres of timberland property in mississippi for about mln dlrs in cash timber realization a limited partnership formed to dispose of timberlands and related properties transferred to it by the masonite corp said that when this sale is completed the partnership will have received about mln dlrs in cash and notes from the sale of its properties since december the partnership said it will terminate before august prior to that date the partnership said it expects to form a liquidating trust to provide for unresolved claims and liablities timber realization said the amount retained in that trust will depend on its experience in resolving open items up to the termination date but it added it expects to retain a substantial amount in the trust the partnership said it anticipates making a cash distribution of an as yet undetermined amount to unitholders at or before the liquidation trust s funding date reuter
earn	pioneer systems inc pae year nov loss oper shr loss five cts vs loss dlrs oper net loss vs loss sales mln vs mln note net excludes losses from discontinued fabric finishing operations of dlrs vs dlrs reuter
earn	american shared hospital services amsh year period ended december shr profit cts vs loss cts net profit vs loss revs vs reuter
earn	geo a hormel and co hrl qtly div cts vs cts previously pay may record april reuter
tin	bolivia s top union leader joins miners fast bolivia s top union leader today joined a hunger strike by state employed miners and workers to press for higher wages he said juan lechin oquendo the veteran secretary general of the bolivian labour organization cob told reporters i am joining the fast to abide with our call for a hunger strike lechin became one of cob leaders to join a hunger strike to protest against the austerity programme of the government of president victor paz estenssoro the striking leader began his fast as leaders of miners employed by the state corporation comibol were due to star negotiations on ways to solve their conflict over pay about miners and workers entered today their fourth day of fast in union offices and roman catholic churches to press for a substantial hike in bolivia s minimum monthly wage which is bolivianos about dlrs cob leader walter degadillo said i will take part in the miners negotiations because that does not force me to suspend my fast lechin told reporters the comibol miners strike entered its fifth day to press for higher wages and more funds for the mining nationalised industry about miners or two thirds of the working force have been laid off through the government s decision to streamline the deficit ridden state corporation following a collapse in the international tin price the government faced with mounting social unrest against its economic policies has called the miners strike and fasts part of a campaign aimed at discrediting it during the visit of west german president richard von weizsaecker who began a four day visit last friday i regret not being able to attend an invitation by president weizsaecker to a dinner tonight because i am on a hunger strike lechin told reporters i also have to orga nise the strike weizsaecker is hosting a dinner tonight for paz estenssoro and had invited both lechin and victor lopez the miners federation top leader although lopez has not joined the fast union sources said its unlikely he would attend the dinner reuter
acq	two u s bancorp usbc units merge u s bancorp s pacific state bank of lincoln city said it plans to merge with u s bancorp s u s national bank of oregon under the pact pacific state will become part of the u s bank branch system the company said the merger is expected to be completed after mid year following regulatory approval all local staff and management will remain the same it said reuter
acq	mts acquisition has negligible number of caesars world shares
acq	wolverine www to sell two subsidiaries wolverine world wide inc said it signed a letter of intent to sell to an investment group two subsidiaries kaepa inc an athletic footwear maker and its international marketing arm kara international inc terms were not disclosed wolverine said the action continues the restructuring operation begun last july to make the company more competitive and profitable wolverine said it will concentrate its effort in the athletic footwear market in its brooks footwear division wolverine said it expects favorable results in the second half as a result of its restructuring in it said restructuring helped improve its financial capabilities the company reported a mln dlr loss or dlrs a share in due largely to a mln dlr restructuring charge and a mln dlr inventory evaluation readjustment taken in the second quarter since that time it has sold two small retail operations closed and consolidated five domestic footwear factories and closed about retail locations reuter
acq	pacificare phsy in talks to acquire hmo pacificare health systems inc said it is in negotiations to acquire capital health care a member health maintenance organization servicing salem and corvallis ore the company said it will not disclose terms or other details of the acquisition until negotiations are completed reuter
acq	mts acquisition had talks with pratt hotel southmark on caesars world purchase
earn	initials plus iinc sees sharp sales increase initials plus said it expects sales in the year ending january to exceed mln dlrs the company had sales last year of dlrs initials said it expects to turn profitable some time in and sees sales of mln dlrs annually by the end of the company said it now has over personal retailers marketing its products and expects to have more than by the end of reuter
acq	sosnoff has small number of caesars caw shares martin t sosnoff said his mts acquisition corp to date has received only a negligible number of caesars world inc shares in response to its dlr per share tender offer for all shares sosnoff also said he has held preliminary talks with pratt hotel corp prat and southmark corp sm on forming a joint venture to enter into talks to acquire caesars in a friendly transaction in which sosnoff would have a pct interest and pratt and southmark the remainder sosnoff said the talks with pratt and southmark are not being actively pursued at the presentand may or may not be continued in the future he said there could be no assurance that a joint venture would be formed or that caesars would agreed to talks several preliminary contacts with representatives of caesars have not resulted in any indication that it wishes to enter into such negotiations sosnoff said he said based on talks with staff members of gaming authorities there can be no assurance that the necessary regulatory review of its bid for caesars world can be completed by the original april three expiration date sosnoff said it has extended the tender until may the bid remains subject to regulatory approvals and the arrangement of financing pratt which owns the sands hotel and casino in atlantic city n j where caesars operates the boardwalk regency hotel and casino recently waged an apparently unsuccessful campaign to acquire control of resorts international inc rta against new york developer donald trump southmark owns about pct of pratt hotel caesars world s boasrd has urged rejection of the offer on the grounds that it is inadequate and has said it would investigate alternative transactions sosnoff currently owns about pct of caesars world reuter
acq	talking point wendy s international wen takeover speculation buoyed wendy s international inc s stock even after coca cola co took the fizz out of market rumors by denying it was an interested suitor wendy s retreated from an earlier high of and lost a point when coca cola ko said the rumors were untrue however wendy s remained up at on volume of more than three mln shares several analysts were skeptical of the rumors yet they said they could not conclude a takeover of the fast food restaurant chain was impossible wendy s declined comment on takeover rumors of all kinds yet a wendy s spokesman said the company was aware of a business week article which named coke as a potential suitor and which market sources said helped ignite the rumor mill market sources mentioned anheuser busch inc bud and pepsico inc pep as alternatives to coke as acquirers neither of those companies would comment nor would the wendy s official it doesn t happen every day every week every month but its not unusual for us to be linked with those companies said denny lynch wendy s vice president of communications however lynch would not comment specifically on the current market rumors even before coke denied the rumors analysts had been skeptical of a takeover since atlanta based coke has stated it views fast food chains as customers and does not want to become a competitor to them i can t put another name on it said kidder peabody analyst jay freedman as vaguer rumors continued to hold up wendy s stock it very well could be someone s interested but freedman said he doesn t believe now is the right time for wendy s to be sold they re obviously having operational difficulties i ve always believed at the right price wendy s would consider an offer but i can t believe this is the right price at the right time freedman said if a transaction takes place the buyer s going to control the situation freedman said i just don t think there s anything going on i don t think it s worth much more than where it is said joseph doyle of smith barney analysts said wendy s has suffered largely from the burger wars between itself mcdonald s corp mcd and pillsbury co s psy burger king chain wendy s the third largest fast food hamburger chain in the u s lost about pct in same store sales last year analysts said wendy s also fumbled when it introduced a high priced breakfast which it has since withdrawn analysts said some analysts said the company should be bringing in new products but it is too soon to predict a significant turnaround there are analysts however who believe wendy s may be vulnerable to a takeover james murren of c j lawrence said wendy s could be worth to dlrs on a break up basis he said the company has improved its debt to equity ratio and wendy s owns a high percent of its own restaurants pct of they also have some attractive leaseholds on their restaurants murren said murren said that despite the downturn in sales last year wendy s real sales store for store turned upwards in the fourth quarter that was about the first time in seven quarters he said caroline levy of e f hutton also believes something could be going on with wendy s my gut feeling is something s going to happen i don t know what she said she estimated a takeover price would be at least dlrs per share one analyst speculated that coke became the rumored suitor because wendy s decided to sell coke at its fountains instead of pepsi wendy s is currently embroiled in litigation brought by pepsi which holds a contract with the company analysts said pepsi s soda is still sold in the wendy s restaurants reuter
earn	patient technology inc pti year loss shr loss cts vs loss cts net loss vs loss revs vs year oper shr loss cts vs loss dlrs oper net loss vs loss revs mln vs mln avg shrs vs note year net excludes losses from discontinued operations of dlrs vs dlrs reuter
earn	gemini technology inc gmtif year loss shr loss cts net loss revs note net includes dlr write off tied to discontinuation of emulator board production co s st fl yr of operation reuter
earn	societe generale reports higher profits france s societe generale sgen pa bank which will be sold to the private sector in the second half of this year reported increased profits for last year societe generale one of the three largest state owned banking groups said in a statement that its parent company profit for totalled mln francs up pct on s mln profit this was in line with earlier forecasts of profit of between and mln francs the bank s parent company gross operating profits were up pct at billion francs against billion in the increase in the bank s gross operating profits was mostly due to a rise in french franc deposits and personal loans as well as the development of its financial activities societe generale said parent company net banking earnings last year were also up at billion francs compared with billion in while operating costs totalled billion francs against billion the previous year societe generale president marc vienot said in december he expected group consolidated profits to rise to between billion and billion francs from billion in reuter
retail	french household consumption falls in february french household consumption of industrial goods fell pct seasonally adjusted to billion francs last month from billion in january the national statistics institute insee said this brought consumption back down to the december level it added insee said that the fall was due to a sharp decline in purchases of clothing which were high in january due to the cold weather the decline was partly compensated by a small rise in purchases of durable goods reuter
gnp	french economic council pessimistic on growth france s economic and social council ces an advisory body comprising industrialists trade unionists and representatives of other sectors of the french economy said the country s annual growth may not reach two pct in french gross domestic product risks not reaching the two pct growth registered last year the council said in a report on first quarter economic activity without giving any specific forecasts finance minister edouard balladur was quoted today as saying that french growth will probably be about two pct balladur said in an interview with the financial daily les echos that the country s economic growth will probably be about the same as last year due to a less favourable international environment ces president philippe neeser said one of the major fears for the french economy this year was a resurge in inflation disinflation was an absolute priority neeser told journalists adding that a failure to do this would be extremely serious as if would be very difficult to reverse for many years reuter
earn	uniforce temporary unfr sets split uniforce temporary personnel inc said it declared a three for two stock split payable may to stockholders of record april reuter
earn	manhattan national corp mlc th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln mths oper shr loss six cts vs loss cts oper net loss vs loss revs mln vs mln note qtrs and prior exclude net realized investment gains of dlrs and dlrs respectively and years and prior exclude realized investment gains of dlrs and dlrs respectively reuter
earn	kiddie products inc kidd year net shr dlrs vs dlrs net vs revs mln vs mln reuter
acq	bellsouth bls completes purchase for shares bellsouth corp said it completed its previously announced agreement to acquire dataserv inc for an exchange of shares bellsouth said under the nov agreement it exchanged one of its common shares for every dataserv common shares the exchange reflects the feb three for two bellsouth stock split the company said reuter
acq	rexham rxh gets takeover offer rexham corp a maker of packaging materials and machinery said it received an unsolicited offer of dlrs a share from nortek inc ntk nortek a providence r i textile manufacturer has disclosed it holds rexham shares or about pct of the outstanding the company said rexham said it does not welcome the proposal but added its board will study the offer and respond in due course nortek has proposed paying half cash and half nortek convertible preferred stock for rexham which has about mln shares outstanding the cash portion would include the amount previously paid for the rexham stake and the terms of the convertible preferred stock would be negotiated the company said rexham said it received the takeover offer in a letter from nortek reuter
earn	banca d america e d italia year net profits for year ended december billion lire vs billion deposits from clients billion lire vs billion loans to clients billion lire vs billion note the bank sold by bankamerica corp bk n last december to west germany s deutsche bank ag dbkg f said the sharp fall in net profit reflected various factors including higher set asides for risk coverage and a high tax burden reuter
crude	energy analyst proposes u s oil tariff energy analyst edward krapels said the united states should consider an oil tariff to keep u s dependence on imports below pct on the supply side the argument in favor of a contingent variable import tariff is most persuasive krapels president of energy security analysis inc said in a statement at a house energy and power subcommittee hearing an optimal tariff would be one implemented only if the international price of crude oil falls below say dlrs a barrel on the demand side the obvious policy is an excise tax on transportation fuels krapels said but william johnson of the jofree corp disagreed with the oil tariff proposal saying congress should remove price controls on natural gas repeal the windfall profits tax on oil companies allow exports of alaskan oil and provide tax incentives for u s oil production or at the least preserve exisiting tax incentives for drilling he also urging filling the strategic petroleum reserve at a faster rate richard adkerson of arthur andersen and co told the subcommittee oil imports were expected to increase because funds for exploration and development of domestic oil sources cannot now be economically justified due to low oil prices reuter
earn	security capital scc suspends dividends security capital corp said it has suspended quarterly cash dividend payments indefinitely the company also said its board has withdrawn authroization for the company to buy its stock on the open market its previous dividend payment was five cts on february security capital said this action was taken in response to its continuing operating losses primarily at benjamin franklin savings association a houston based subsidiary reuter
earn	auditors lift qualification on brunswick bc auditors of brunswick corp lifted a four year qualification on the company s financial statements vice president finance frederick florjancic told securities analysts here the financial results for the diversified leisure and defense aerospace company had been qualifed by arthur andersen and co since the qualification related to certain tax liabilities amounting to mln dlrs associated with a medical division sold by brunswick in he said reuter
earn	alc communications corp alcc loss shr loss vs loss net loss vs loss rev mln vs mln note net includes loss of mln dlrs for restructuring charges reuter
earn	lesco inc lsco st qtr feb loss shr loss cts vs profit three cts net loss vs profit revs mln vs mln reuter
earn	seismic enterprises inc seis th qtr loss shr loss eight cts vs profit cts net loss vs profit revs vs year shr loss five cts vs profit cts net loss vs profit revs vs avg shrs vs reuter
earn	alc alcc anticipates st qtr profit alc communications corp said that because of strong traffic growth and cost reductions it anticipates reporting a profit for the first quarter of versus a loss of mln dlrs or cts a share for the first quarter of earlier the company reported a net after tax loss for of mln dlrs or dlrs a share compared with a loss of mln dlrs or dlrs a share in reuter
earn	varlen corp vrln declares qtly dividend qtly div cts vs cts prior pay april record april reuter
earn	analysis and technology inc aati hikes payout annual div cts vs cts prior pay april record march reuter
crude	iraq replaces oil minister in big govt shuffle iraqi president saddam hussein carried out his first major government shakeup in five years tonight naming a new oil minister in shuffling three posts one minister was dropped in the shuffle announced in a presidential decree it gave no reason for the changes in the government of the arab baath socialist party which has ruled iraq since a revolution in the decree named the head of the iraqi national oil company inoc isam abdul rahim al chalaby to take over as oil minister replacing qassem ahmed taqi taqi appointed oil minister in the last significant government reorganization in was moved to be minister of heavy industries reuter
acq	caesars caw has no comment on mts talks caesars world inc declined immediate comment on news that martin sosnoff s mts acquisition corp has held preliminary talks with two companies on the possibility of forming a joint venture to pursue the acquisition of caesars earlier today mts said it held talks with pratt hotel corp prat and southmark corp sm on forming a venture to acquire caesars mts also reported that it received a negligible number of caesars world shares in response to its dlr per share tender offer earlier this month caesars world rejected the sosnoff takeover bid and said it is considering alternatives that include a restructuring or sale of the company to another party reuter
acq	dixons says citicorp to withdraw cyclops offer dixons group plc said it received a letter on march from citicorp capital investors ltd part of the cyacq investor group making a rival bid for cyclops corp cyl proposing to drop the group s offer if dixons would sell cyclops industrial businesses to citicorp cyacq s main equity investor appears ready to pull out and deal directly with us for merely part of the company said dixons it raises questions as to the strength of their consortium and the purpose of their offer dixons also said a u s federal court had refused a request by counsel for cyacq audio video affiliates inc ava and a shareholder plaintiff to prevent dixons from completing its tender offer for cyclops it also said the court refused to require cyclops to provide cyacq with confidential information previously provided to dixons on friday cyacq corp an investor group led by audio video affiliates and citicorp raised their offer for cyclops to dlrs per share from dlrs per share if certain conditions were satisfied last week dixons said it won out over rival bidders for cyclops after getting pct of cyclop s oustanding with a dlr or mln dlr tender offer that expired march on friday dixons agreed to reopen its tender offer until march wednesday dixons today called cyacq s higher dlr a share offer for cyclops highly conditional reuter
earn	primark corp pmk regular dividend qtly div cts vs cts in prior qtr payable mary record april reuter
earn	saxon oil development partners sax in payout qtly div two cts vs two cts prior pay may record march note full name saxon oil development partners lp reuter
earn	ibm ibm rebound seen by bernstein analyst international business machines corp hit by a two year earnings slump should begin a come back by the end of and post strong growth in analyst rick martin of sanford c bernstein co inc said there will be increasing momentum in earnings albeit not until later this year martin said at a technology conference sponsored by the investment firm martin said the coming rebound reflects new product introductions in the mid range area rather than any drastic improvement in economic growth or u s capital spending ibm whose stock hit a week low of dlrs in mid january has come back lately ibm was trading up at dlrs analysts computer industry executives and the company itself have highlighted the external economic factors hampering ibm s growth but martin said the product cycle was key to understanding the rise and fall of ibm and other computer companies and pointed to digital equipment corp dec to support his view by replacing the product line earnings have soared he said of dec s line of vax computers in contrast to dec ibm faultered with an incompatible mid range product line a new computer code named fort knox was supposed to tie together a number of ibm s mid range systems but the product never got off the ground he said instead aspects of the computer were integrated into the ibm machine introduced last year and other aspects should be unwrapped by martin said the major story will be a rebound in its mid range business he said sales of ibm s mid range computers fell about pct in but the new products will lead to pct growth in mid range computers this year and pct growth in high end computers primarily the sierra line are coming to the end of their product life cycle although growing pct in the midst of ibm s sharply lower year growth will drop to pct in and pct in he said by overall revenue growth should rise to about pct against pct growth in and pct in martin said last year ibm earned billion dlrs on revenues of billion dlrs investors asked what this all meant to dec whose earnings and stock have been propelled by a strong slew of product introductions in the mid range area in response martin said he did not view ibm as a threat to dec nor dec as a threat to ibm because both companies were catering largely to existing customer bases rather than stealing market share from one another reuter
acq	citicorp cci seeks cyclops cyl steel unit citicorp capital investors ltd a unit of citicorp said it wants to buy cyclops corp s steel assets from dixons group plc and is willing to pay mln dlrs nearly mln dlrs more than had been offered for the assets by alleghany corp the disclosure of the citicorp unit s interest in cyclops industrial group came in disclosure documents filed by dixons group with the securities and exchange commission alleghany s msl industries inc unit had agreed to buy the steel assets from dixons group for mln dlrs dixons group has tendered for all outstanding cyclops shares at dlrs a share in cash the citicorp unit said its higher offer came to about three dlrs more for each cyclops share outstanding as a condition of its offer it said dixons would have to increase the cash price it was to pay for each cyclops share to dlrs in cash dixons on friday extended the expiration time of its tender offer until midnight est march reuter
earn	brunswick bc sees higher first quarter brunswick corp expects first quarter sales to be up dramatically and profits to do well chairman and president jack reichert said after a securities analysts meeting he declined to be more specific in the first quarter brunswick reported earnings of mln dlrs or cts a share on sales of mln dlrs reichart noted that results of its two newly acquired boat manufacturing companies will be included in the company s first quarter report brunswick expects its recreation centers to benefit from increased attention to the sport of bowling resulting from acceptance in the summer olympics of bowling as an exhibition sport and as a medal sport in the pan american games he said he said field testing of a new bowling concept involving electronic features is being readied for test marketing this summer and if successful could materially benefit operations brunswick is currently test marketing in california a health club facility adjoining a bowling center he said turning to its defense operations reichert said he expects the division to receive significant contracts in the near future at year end brunswick s defense contract backlog stood at mln dlrs frederick florjancic vice president finance told analysts brunswick was disappointed two credit rating services recently downgraded the company s debt which stood at about mln dlrs at year end we are confident we can service our debt and bring it down in the very near term based on strong cash flow from brunswick s expanded boat operations florjancic said shareholders at the company s april annual shareholders meeting will be asked to approve an increase in the authorized common shares outstanding to mln from mln shares a company spokesman said reuter
acq	mark iv iv unit to begin conrac cax tender mark iv industries inc said it plans to begin a tender offer at dlrs a share for all outstanding shares of conrac corp cax a stamford conn maker of control instruments and telecommunications products mark iv said it owns about shares or about pct of conrac s outstanding shares the offer to be made through mark iv acquisition corp a wholly owned subsidiary will not be conditioned on any minimum number of shares being tendered the company said the tender offer will be conditioned upon among other things the completion of financing arrangements the terms and conditions of the offer will be described in documents to be filed with the securities and exchange commission and mailed to conrac shareholders as soon as possible bear stearns and co is expected to act as dealer manager for the offer it said a conrac spokesman declined comment conrac has about mln shares outstanding its shares closed off at as about shares changed hands mark iv is a williamsville n y maker of pastic products and industrial control equipment reuter
earn	weatherford wii suspends preferred payouts weatherford international said it suspended indefinitely payment of its regular quarterly dividend of cts per share on its convertible exchangeable cumulative preferred stock weatherford said this will be the sixth non payment of the dividend on the stock it said payment would have been on april weatherford also said the holders of the preferred stock will have the right to elect two additional directors to the board of directors reuter
acq	mhi group mh affiliated with cemetary offer mhi group inc said it is affiliated with several investors who have entered into a letter of intent providing for the purchase of star of david memorial gardens and cemetery the company said those investors will under certain circumstances cede their rights under the letter of intent and any definitive agreement to purchase the fort lauderdale fla funeral home and cemetery business to mhi reuter
acq	harcourt hbj disappointed with harper hpr harcourt brace jovanovich inc said it is disappointed that no negotiations with harper and row publishers inc are underway harcourt made a dlrs a share unsolicited bid on march on march harcourt said three of its officers met with harper s financial advisor but has had no discussions since then harcourt said it does not plan to increase its bid harcourt s bid was preceded by an earlier dlrs a share bid by theodore cross harper had no response to harcourt s announcement earlier today harper said a recently appointed special committee of independent directors had received expressions of interest from several domestic and foreign firms with respect to restructuring or acquisition transactions harper said no determination had been made as to any transaction and that its special committee is continuing in talks with interested parties in an effort to come to a conclusion in the near future reuter
earn	club med inc cmi st qtr jan net shr cts vs cts net vs revs mln vs mln reuter
earn	driver harris co drh th qtr net shr profit cts vs loss dlrs net profit vs loss revs mln vs mln avg shr and mths shr profit cts vs loss dlrs net profit vs loss revs mln vs mln avg shrs vs note net loss yr and qtr includes a charge of or cts per share for expenses related to restructuring of company s domestic alloy business reuter
earn	cooper development bugs restates results cooper development co said it revised results for the year ended october to a loss of mln dlrs or dlrs per share down from the previously reported loss of mln dlrs or cts per share the restatement was made because of change in the method of accounting for a combination of several company controlled concerns that resulted in a mln dlr charge cooper development said last august cooper development combined its cooper biomedical inc unit and its cooper laboratories subsidiary with technicon instruments corp a company acquired from revlon inc rev a cooper spokesman said the spokesman said the transaction was accounted for as an acquisition but the securities and exchange commission took issue with the accounting method and said it should be accounted for as a reorganization of entities under common control this treatment requires that the costs associated with the transaction be expanded rather than capitalized as an intangible asset the company said it also said that since the charged required an expensing of previously accrued liabilities the company will experience no resulting material change it its cash flow reuter
earn	ambrit inc abi th qtr jan net shr cts vs nil net vs revs mln vs year shr cts vs nil net vs revs mln vs mln note per share amounts are after payment of preferred stock dividends reuter
earn	atlantis international ltd year loss shr loss cts vs profit six cts net loss vs profit revs vs note net includes mln dlr writedown of oil and gas properties reuter
earn	american express declared a two for one stock split
earn	american express raises qtly dividend to cts from cts
acq	american express board approved nippon life purchase of shearson interest
earn	united illuminating co uil two months feb shr dlr vs dlr net mln vs mln oper revs mln vs mln mths shr dlrs vs dlrs net mln vs mln oper revs mln vs mln note periods do not reflect the terms of earnings stipulation agreement among the company and various departments submitted for approval on march reuter
earn	data card datc sees lower yearend results data card corp said it does not expect to meet its earnings and revenue targets for the fiscal year ending march earlier the company said it expected earnings per share from continuing operations to be to cts a share now it sees that figure at cts a share or about mln dlrs data card said it expects revenues for the year in the range of mln to mln dlrs down from a previous estimate of mln to mln dlrs it said integration of addressograph farrington inc a private company acquired on aug is proving more difficult than expected the company reported revenues of mln dlrs and net income of mln dlrs in fiscal ended march reuter
acq	du pont dd ups stake in perceptive systems du pont co has increased its equity stake in perceptive systems inc to pct from pct perceptive systems said perceptive systems a venture capital firm based in houston makes digital imaging equipment reuter
acq	quaker oats oat sells vernell s fine candies quaker oats co said keystone partners inc has purchased vernell s fine candies inc previously an indirect subsidiary of quaker the price was not disclosed it said vernell s based in bellevue wash had annual sales exceeding mln dlrs vernell s was acquired by quaker in its acquisition of golden grain macaroni co in august reuter
earn	lincoln savings lnsb sets first payout lincoln savings bank said its board declared an initial dividend of cts per share payable april to shareholders of record april reuter
acq	graphic industries grph ends buyout talks graphics industries inc said it terminated negotiations for the acquisition of holladay tyler printing corp rockville md the companies on march announced that they had signed an agreement in principle for the acquisition no reason was given termination of the negotiations reuter
earn	united uil pact may lower noncash income united illuminating co said that if the department of utility controls approves an earnings stipulation agreement submitted march it will reduce through accounting procedures its noncash earnings by mln dlrs or dlr per share for the two month period ended february it said the amount of the reduction would amount to cts per share earlier it reported net income for the two month period of mln dlrs of dlr a share united said the approval would lead it to an equity return level comparable with the electric utility industry average reuter
crude	hughes u s rig count rises to u s drilling activity rose last week with the number of working rotary rigs up by to against working rigs one year ago hughes tool co said the improvement was the first increase this year in the weekly rig count which had dropped steadily since early january when a total of rotary rigs were working among individual states texas and oklahoma reported the biggest gains in drilling last week with increases of and respectively california and louisiana were each up by three and wyoming gained two additional working rigs hughes tool said it counted a total of rigs drilling on land rigs active offshore and drilling in inland waters in canada the rig count was up by two to against one year ago reuter
trade	amstutz says farm trade accord possible in u s agriculture undersecretary daniel amstutz said it is possible to reach a global agreement to scale back agricultural supports in calendar speaking to a senate agriculture appropriations committee hearing amstutz said i think we can reach agreement in calendar amstutz said the u s places a high priority on the uruguay round of global trade talks his comments followed a statement by secretary of state george shultz last week urging agriculture be the highest priority item during the upcoming summit of western heads of state in venice italy reuter
earn	campbell red lake mines ltd crk qtly div qtly div canadian cts vs canadian cts prior pay may record april reuter
earn	stokely usa inc stky regular dividend set qtly div three cts vs three cts previously pay april record april one reuter
acq	cooper says offer must include class a shares cooper canada ltd said it told those who have expressed interest in acquiring control of the company that it would entertain no offer unless it were made to holders both of class a non voting shares and voting common reuter
earn	kings road entertainment kren rd qtr loss qtr ended jan shr loss seven cts vs loss cts net loss vs loss revs vs nine mths shr loss cts vs loss dlrs net loss vs loss revs vs mln reuter
earn	sterivet labs stvtf sets stock split sterivet laboratories ltd said it authorized a three for one split of its common stock the company said the stock split is subject to approval by its shareholders at its upcoming annual meeting reuter
money-fx	chicago futures leader says markets can adapt foreign currency futures markets would not be harmed if the leading industrial countries agreed to restrict currency movements to within a narrow band said leo melamed chairman of the chicago mercantile exchange s cme executive committee the target zone would not affect our market i think at all a pct range in the deutsche mark gives us a healthy market melamed told reuters in an interview we were willing to live in the old smithsonian era with a four pct shift he said referring to permitted currency fluctuations in the early s one thing you can adjust is to make each contract a larger value as chairman of the cme in melamed was instrumental in the development of currency futures which now are crucial to the chicago exchange melamed said capital flows which he estimated can approach billion dlrs a day would overwhelm efforts by governments to control currency fluctuations they can do it for a day in terms of intervention an hour a week maybe but not over a period of time so it s unrealistic and it doesn t work and it s unnecessary the cme s top policymaker also said a decision by the exchange to advance the quarterly settlement time of its stock index futures contract to the morning from the afternoon would help eliminate dramatic price gyrations in futures and equity markets on so called triple witching day we think that the settlement in the morning will have a salutary effect so that over a longer period of time i think this issue triple witching will go away because of the change in the structure as of next june when the move is scheduled to go into effect he said melamed said proposed changes in floor practices by traders of the popular standard and poor s stock index future would address complaints of trading abuses and stimulate trading two weeks ago the cme board of directors proposed barring brokers on the top step of the pit from trading for their own account the board also proposed requiring brokers engaged in dual trading elsewhere in the pit to record personal trades to the nearest minute and curbing trading between broker groups the changes will in time have an extremely positive effect on the marketplace that s going to prove very very instrumental in increasing volume over time he said predicting the increase would come within a year melamed also chairman of dellsher investment co inc said the cme last week withdrew a proposal to put a point limit on the s and p index s daily price movement when the commodity futures trading commission told the exchange it could not be a temporary program the cme also received many negative comments many more than we anticipated melamed conceded many futures commission merchants predicted sell orders would accelerate in the event the price approached the bottom limit reuter
earn	tcby enterprises inc tcby st qtr feb net shr eight cts vs five cts net vs sales vs avg shrs vs note per share amounts adjusted for three for two stock splits in april and july reuter
acq	hecla hl buys stake in greens creek venture hecla mining co said it agreed to buy a pct stake in the greens creek joint venture from amselco minerals inc a unit of british petroleum plc s bp bp north america inc unit the greens creek venture is engaged in final project engineering of a gold silver lead zinc ore body on admiralty island about miles southwest of juneau alaska hecla said it estimates its total investment in the project including its share of production costs will be about mln dlrs reuter
earn	sprint optimistic despite losses us sprint the telephone venture of gte corp gte and united telecommunications inc ut set up last june is optimistic despite expecting to report a net loss of about mln dlrs this year david m holland president of us sprint s dallas based southwest division told reuters in an interview that he did not know what it would report for the first quarter but agreed that for the year the company should have about the same results as last year when it lost about mln dlrs he noted the company was slated to spend billion dlrs over two plus years to set up its network holland added that sprint was still paying almost mln dlrs a year to american telephone and telegraph co t in order to lease its lines he said miles of its mile fiber optic telephone line are now in the ground and miles are operable by the end of the year he said pct of the company s subscribers will be carried on its fiber optic lines instead of leased att lines compared with pct by the end of the second quarter fiber optic lines which send digital light impulses along microscopic glass lines is quicker more accurate and more economical than traditional copper cables a fiber optic line the diameter of a dime can carry the same amount of information as a copper cable feet in diameter by the end of the year we will have the capacity to carry pct of all u s long distance phone calls holland said he said att currently controls about pct of the u s long distance market with mci communications corp mcic about to pct and sprint five to seven pct holland said sprint s rates which were pct lower than att when it did not pay to gain access to local telephone exchanges were now about to pct lower now that all the companies have equal access he said the company was cutting back its advertising by about pct this year at the same time he said sprint had increased its total number of customers to four mln from two mln from july to last january we ve captured the fiber high ground shown the importance of it he said concerning the deregulation of att holland said he believed att should be given some flexibility but should be regulated on pricing plans they re so dominant in the market place he said adding that att should be deregulated when there is true competition in the marketplace it takes time to prove ourselves and a lot of money he said adding maybe two to four years out it s hard to say holland said he was not concerned about talk that sprint s two owners might be squabbling or that corporate raiders such as the belzberg family in canada might be putting pressure on them to sell off their loss making sprint holdings they are two excellent partners who have stated time and time again their support of us sprint he said adding that he was amazed at industry talk that the two companies might be arguing there s no evidence of that he said he said sprint s progress in such areas as revenues number of customers and construction was on track even ahead in many areas looking beyond the united states holland said sprint currently had direct access to countries and aimed to be in pct of the free world nations by we want to be in every country that att serves he said he said sprint currently does not have access to mexico but was working on it he noted negotiations between mexico and gte sprint the forerunner of us sprint had been broken off by the september earthquake which had devastated the nation s telephone network reuter
acq	avalon avl stake sold by deltec avalon corp said that deltec panamerica sa has arranged to sell its pct stake in avalon and that deltec s three representatives on avalon s board had resigned an avalon spokeswoman declined to indentify the buyer of deltec s stake or give terms of the sale in addition avalon said three other directors resigned it said benjamin w macdonald a director of tmoc resources ltd the principal holder of avalon stock and hardwick simmons a vice chairman of shearson lehman bros inc were then named to the board reuter
acq	quaker oats oat sells unit to keystone the quaker oats co said it sold its vernell s fine candies inc unit to privately held keystone partners inc for an undisclosed price the company said vernells had sales of around mln dlrs in the year ended in august quaker oats acquired vernells in august when it purchased golden grain macaroni co reuter
earn	clabir corp clg th qtr jan net shr profit cts vs loss two cts net profit vs loss revs mln vs avg shrs mln vs year shr profit two cts vs loss cts net profit vs loss revs mln vs mln avg shrs vs reuter
money-fx	u k profitted from autumn intervention lawson britain has reaped profits by using a stronger pound to buy back dollars used by the government last autumn to support sterling during a currency crisis chancellor of the exchequer nigel lawson said he said in a parliamentary debate i can now tell the house of commons that the dollars that were sold from the reserves in september and october have subsequently all been repurchased at a profit of some tens of millions of pounds hindsight had proved him right to resist market pressures then for a two percentage point interest rate rise he said the increase in base rates was instead limited then to one point during a debate on the british budget which lawson unveiled last week he said that during the period of foreign exchange market turbulence which followed the somewhat inconclusive group of five and group of seven meetings at the end of september i authorised the bank of england to intervene unusually heavily in order to buy breathing space that would enable me to confine the interest rate rise to one pct rather than the two pct the market was then pressing for he said that that one percentage point increase effected in october had been reversed by this month s two half point cuts in banks base lending rates they are now at pct treasury figures show that the underlying change in british reserves seen as a guide to possible bank of england intervention on foreign exchange markets suggest that the authorities sold around billion dlrs during september and october government sources said reuter
earn	bay financial corp bay rd qtr feb shr loss dlrs vs profit two cts net loss mln vs profit revs mln vs mln nine months shr loss dlrs vs loss two cts net loss mln vs loss revs mln vs mln note includes gain on disposition of investments of dlrs in rd qtr and dlrs in nine months respectively includes gain on disposition of investments of five dlrs in nd qtr and dlrs in nine months reuter
earn	corrected manhattan national mlc th qtr loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln mths oper shr profit six cts vs loss cts oper net profit vs loss revs mln vs mln company corrects to show profit rather than a loss for current mths oper shr and oper net reuter
earn	ambrit inc abi th qtr jan net shr cts vs nil net vs revs mln vs year shr cts vs nil net vs revs mln vs mln note current year results includes revs of mln dlrs from chocolate co inc which was acquired in march note shr results after preferred dividend payments of dlrs for current qtr and dlrs for current year net includes gains from sale of investment in sheraton securities international of dlrs vs dlrs for qtr and dlrs vs dlrs for year net also includes extraordinary loss from early retirement of debt of dlrs for year ago mths reuter
earn	communications corp of america nd qtr dec shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln six months shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln reuter
ipi	cbi survey points to surge in u k output british manufacturers expect output to grow rapidly in the four coming months a confederation of british industry cbi survey shows the cbi s monthly trends survey for march shows that pct of the polled u k firms expect to raise output in the next four months only nine pct expect output to fall while pct said production would likely remain unchanged the cbi said the positive balance between firms expecting production to rise and those forecasting a fall at pct was the highest such figure recorded since in the cbi s february survey pct of companies expected a rise in output while pct forecast production would remain at present levels and eight pct expected production to drop the survey also showed that pct of the polled companies consider current order books to be above normal while pct view them as normal and only pct regard them as below normal this was the highest positive balance since the question was first asked more than years ago the cbi said in february the figures were pct pct and pct respectively companies also rated their export possibilities higher of all polled companies pct rated their export order books to be above normal and pct described them as normal while only pct believed export orders were below normal levels in february pct thought their export books were below normal and pct believed them to be about normal at pct the proportion of companies rating their export books above normal was unchanged between february and march on prices the survey showed that pct of companies expect average prices at which domestic orders are booked will remain unchanged in the coming four months up from pct in february from pct in february only pct of firms now expect prices to rise before july six pct forecast prices will fall against four pct a month earlier commenting on the survey cbi economic situation committee chairman david wigglesworth said sterling s more competitive level against many european currencies had improved exports but interest rates are still much higher than in our competitor countries and british manufacturers will still have to work hard to win new business both in overseas markets and in the substitution of british made goods for imports here at home he said reuter
money-fx	tokyo bank of japan buys small amount of dollars dealers said
money-fx	miyazawa says time has come for major nations to act on exchange rates
money-fx	major nations must act on currencies miyazawa finance minister kiichi miyazawa said the time has come for major industrialised nations to take action on exchange rates in line with their agreement last month in paris in paris britain canada france japan the u s and west germany agreed to coooperate to hold currency rates around their then current levels miyazawa would not say what specific measures major nations would take but told reporters the measures had been discussed in paris the dollar fell to a record low against the yen this morning piercing the yen barrier reuter
trade	yeutter sees gatt consensus on farm trade reform u s trade representative clayton yeutter said trade ministers meeting here have reached a general consensus on agricultural trade reform under the latest uruguay round of the general agreement on tariffs and trade gatt yeutter gave no precise details of the understanding but told journalists the consensus covers the principles involved in agricultural trade reform and what needs to be done to improve the global situation in agriculture delegates from countries are meeting informally to discuss progress made since the latest gatt round was launched in punta del este uruguay last september yeutter said at least people seem to be going down the same road but how that translates ultimately into negotiations is another matter entirely there seems to be an understanding of the need to deal with the problem quickly and a more common understanding of how we are going to get from here to there yeutter said however the hard work is still to come with a couple of years of tough negotiations ahead he said it is ludicrous for the nations of the world to plough immense amounts of financial resources into the production of items that nobody wants to buy he said he said the long term answer is to switch some of the financial resources now committed to agriculture to other more productive areas this would help agriculture because some its inefficient non productive segments would stop operating he said individual segments in many countries may lose in the process but it should result in a more rational system of world wide production within or years he said it is important that the agriculture negotiations reach a relatively early conclusion because the u s is spending billion dlrs a year and the european community probably more than that which is an ineffective use of financial resources he said asked about the prospect of a priority for agriculture in the negotiations he said one has to be politically realistic if there is any chance of getting it agricultural trade reform done in two to three years it s going to have to be as part of a larger package reuter
earn	swire seen reporting pct rise in profit swire pacific ltd swpc hkg is likely to show a more than pct rise in operating profits when it reports results tomorrow reflecting gains in its aviation and property businesses share analysts said analysts polled by reuters estimated after tax profits from operations will be between billion and billion dlrs compared with billion in they also said swire will have an extraordinary gain of about billion dlrs from the flotation of its cathay pacific airways ltd caph hkg unit last may swire had an extraordinary gain of mln dlrs in share analysts said swire will set a cent final dividend for its a shares making a total of cents after cents adjusted for a two for one bonus issue in aviation and properties together account for pct of the company s net asset value and about pct of its net profits analysts said the company s aviation division consists of its majority stake in cathay pacific airways ltd and its pct interest in hongkong aircraft engineering co ltd which is also pct owned by cathay cathay last week reported profits climbed to billion dlrs from mln in partly because of lower fuel costs and greater traffic swire s share of cathay which stood at pct before the flotation fell to pct at the end of last year and has since slipped to pct hongkong aircraft reported this month its net profits rose pct to mln dlrs tony measor an analyst at hong leong securities ltd estimates swire s profits will be billion dlrs much depends on properties said measor and they did a lot better in the second half of the year estimates of profits from the firm s wholly owned swire properties ltd unit range widely from mln dlrs to mln compared with mln dlrs in swire properties recorded an interim profit of mln dlrs for the first half of well below mln dlrs for the same period but analysts said that was due mainly to the low level of completion of new residential flats the firm s properties consist mainly of the taikoo shing residential development and two luxury housing projects hoare govett asia ltd said the completion of flats in taikoo shing will have yielded profits of mln dlrs in second half during the year property prices continued to rise as more people bought real estate benefiting from low interest rates analysts said at the end of last year flats in taikoo shing were selling at dlrs per square foot up by about pct from a year ago said frederick tsang of mansion house securities f e ltd swire is developing a large commercial and hotel complex in the central business district of hong kong but it will not provide income until the first stage is completed next year the company also sold three properties and a part interest in a proposed hotel development which should result in extraordinary gains of mln dlrs in according to james capel far east ltd swire s trading and manufacturing operations are expected to earn mln dlrs up pct from but its shipping and offshore services are likely to post a small loss of about mln dlrs because of depressed market conditions reuter
crude	australian minister sees targeted oil tax strategy australia s crude oil tax strategy is probably best tackled in terms of a targeted rather than broadly based approach federal resources and energy minister gareth evans told a meeting here he told the australian petroleum exploration association apea annual conference there was a prospect of developing a package that would recognise the government s economic priorities while also meeting some of the industry s concerns evans was referring to a nearly completed government review of oil taxation evans said there were plenty of examples where targeted approaches to oil industry taxation had produced good results in recent years these include the reduction in the top marginal crude excise rate on old bass strait oil found before september to pct from pct and the waiver of excise on onshore oil announced last september he said the industry through the apea has been calling for the elimination of secondary taxation on oil in order to boost incentives for prospecting against a background of weak prices and australia s relatively low exploration levels while nobody wants to add further unnecessary complexity to an already complex taxation regime i am inclined to favour these kinds of tailored approaches ahead of sweeping changes which leave government revenue much reduced and may still leave a lot of uncertainty as to what individual companies are going to do in major areas evans said he said the government did not intend to change its resource rent taxation rrt legislation now before parliament in response to industry calls to allow all exploration expenditure in a given area to be deductible as previously reported rrt is a tax of pct limited to highly prospective offshore areas based on profits after a certain rate of return has been achieved for individual projects apea has said it is not a true profit based tax because exploration deductibility is limited to successful projects evans said the decision not to change rrt was based more than anything on the government s desire to ensure the certainty and stability of the new regime adding that major investments have already been planned on the existing ground rules reuter
trade	gatt round may stop growing trade problems u s a successful new gatt general agreement on tariffs and trade round is needed to halt growing bilateral trade problems between major trading partners u s trade representative clayton yeutter said yeutter in new zealand for informal gatt ministerial talks told reuters bilateral trade disputes are increasing because the multilateral system is inefficient that is really a strong rationale why we need a new gatt round he said the very existence of all these bilateral irritants clearly emphasises the need to develop multilateral solutions to some of these problems the eighth gatt round of negotiations was launched at punta del este in uruguay in september agriculture and services were included in the negotiations for the first time the growing debt burden of latin american and african nations will also provide impetus for the gatt round to succeed he said clearly those countries need to develop their export endeavours and they need open markets for that to happen and that s the basic objective of the new gatt round he said but he said the gatt round is a long term endeavour it will not give any short term relief for debt ridden countries but it will make a difference in to years it s a worthwhile activity from their standpoint because these debts are not going to go away in the next year or two he said they ought to be very strongly supported in the gatt round as a mechanism for relieving their debt burdens or making possible debt amortisation in the future he said reuter
trade	nakasone intervenes in microchip dispute with u s prime minister yasuhiro nakasone intervened to try to resolve japan s escalating dispute with the u s over semiconductor trade government officials said at today s cabinet meeting nakasone told trade and industry minister hajime tamura to redouble his efforts to calm u s anger over what it sees as japan s unfair trade practices in semiconductors nakasone intervened only two days before a scheduled meeting of the reagan administration s economic policy council to consider whether japan is reneging on its microchip pact with the u s that pact agreed last year after months of negotiations calls on japan to stop selling cut price chips in world markets and to raise its imports of u s semiconductors senior u s officials have accused tokyo of failing to live up to the accord and have threatened retaliatory action yesterday tamura s ministry of international trade and industry miti launched a last ditch attempt to salvage the pact by writing letters to u s policy makers setting out japan s case and telling japanese chip makers to cut output in his letter the contents of which were released today tamura said a miti survey carried out at the beginning of march showed japanese producers were not selling at cut rate prices in asian markets in a separate letter sent to senior u s officials miti vice minister for international affairs makoto kuroda suggested the two countries could conduct a joint investigation into allegations of japanese chip dumping in such markets reuter
rubber	northeast eastern thailand face severe drought thirteen provinces mainly in northeast and eastern thailand have been suffering a worse than average drought since mid february and the dry spell is expected to last until early may deputy interior minister santi chaiviratana said santi told reporters the government is launching a drought relief operation mainly involving the use of water trucks to send water to affected farming areas he did not say what crops have been damaged in northeast thailand but said large durian orchards in eastern chanthaburi province have suffered heavy losses the minister said the affected areas include eight provinces in the northeast two in eastern thailand and three rubber growing provinces in the south near the malaysian border reuter
money-fx	sumita says bank of japan will intervene if necessary
crude	world bank chief pledges support to indonesia world bank president barber conable pledged the bank s support to help indonesia adjust to lower world oil prices but said further deregulation of its protected economy was needed speaking to reporters after talks with president suharto he said he expected jakarta to do more to liberalise the economy and deregulate trade policy indonesia hurt by the fall in oil prices last year which cut the value of its crude exports in half is the third world s sixth largest debtor it has received billion dlrs from the world bank in the past years conable said the world bank which granted indonesia a mln dlr loan last month to help its balance of payments was prepared to back jakarta in taking the right steps to adjust to lower oil and primary commodity prices we are prepared to support those steps which we believe are consistent with the development of the indonesian economy he said he said jakarta s willingness to move quickly after last year s collapse in oil price saved indonesia from some of the difficulties now faced by other countries indonesia devalued its currency by pct against the dollar in september to avoid a balance of payments crisis and has announced a series of measures since may intended to stimulate exports encourage foreign investment and revitalise the economy however key monopolies in areas like steel and plastics and high tariff barriers remain in place conable arrived in indonesia on saturday and has since met indonesian cabinet ministers to review the country s borrowing needs and the impact of falling oil prices on the country reuter
money-fx	sumita says bank will intervene if necessary bank of japan governor satoshi sumita said in a statement the central bank will intervene in foreign exchange markets to stabilise exchange rates if necessary in close cooperation with other major industrial nations sumita said the bank will take adequate measures including market intervention if necessary in line with the february paris agreement by six major industrial nations canada britain france japan the u s and west germany agreed to cooperate in stabilising exchange rates around current levels sumita s statement was issued after the dollar slipped below yen to hit a record low of it is inevitable that exchange rates fluctuate under the system of floating rates sumita said the fact the dollar plunged below yen does not mean anything significant under the floating system he said the six nations agreed in paris exchange rates prevailing then were broadly consistent with underlying economic fundamentals and further substantial rate shifts could damage growth and adjustment prospects in their countries the paris statement said reuter
trade	yeutter says u s japan trade difficulties remain u s trade representative clayton yeutter said he was unsure whether some of the trade issues straining u s japanese relations would be resolved before the two countries open trade talks in late april we are having high level discussions on them the issues within the united states the relationship on some of those is very strained between us japan at the moment and we need to relieve those strains at the earliest possible date he said i am not sure we can wait until late april he added yeutter is in new zealand for a two day informal meeting of trade ministers who are reviewing the uruguay round of the general agreement on trade and tariffs gatt he said he will meet the japanese delegation over the next few days but declined to discuss methods of relieving the strain between the two countries yeutter said earlier the three most contentious trade issues were semiconductors japanese government unwillingness to allow public entities to buy u s super computers and the barring of u s firms from the eight billion u s dlr kansai airport project near osaka the japanese delegation to the gatt talks said in a statement yesterday they are making major efforts to dismantle trade barriers in their country i am convinced that they are attempting to move their policies in the right direction the question is how far and how fast yeutter said reuter
earn	p and o pretax profit mln stg vs mln
crude	kuwait says opec mln bpd below ceiling kuwaiti oil minister sheikh ali al khalifa al sabah said opec was producing well below its oil output ceiling and this would help prices move higher according to a kuwaiti newspaper interview the al rai al aam newspaper quoted him as saying opec was pumping mln barrels per day bpd less than its mln bpd ceiling while consumers were drawing down their petroleum stocks at a rate of mln bpd as long as opec maintains its output curbs demand for its oil will rise in april and may sheikh ali said adding that kuwait was strongly committed to its opec quota reuter
earn	peninsular and oriental year earnings per one stg of deferred stock p vs div p making vs turnover billion stg vs billion pretax profit mln vs mln tax mln vs mln note company s full name is peninsular and oriental steam navigation co plc porl l net operating costs billion stg vs billion share of profits of associates mln vs mln operating profit mln vs mln investment income mln vs mln net interest payable mln vs mln employee profit sharing mln vs mln minority interests mln debit vs mln debit extraordinary items mln credit vs mln credit group operating profit includes service industries mln vs mln passenger shipping mln vs mln housebuilding construction development mln vs mln container and bulk shipping mln vs mln p and o australia mln vs mln banking nil vs mln investment property income mln vs mln reuter
earn	woolworth holdings pretax profit mln stg vs mln year to end january
grain	china says possible good harvest despite drought china s summer grain harvest may be good despite a serious drought because the state council cabinet has spent one billion yuan on irrigation and other anti drought work a hong kong newspaper said wen hui bao said the drought which has affected shanxi hebei henan and shandong the most has eased with march rains in south china and march snowfall in the north and as some new irrigation projects have come into use if the drought does not worsen there is hope for a bumper harvest it quoted experts of the ministry of electric power as saying they gave no figures the summer grain harvest was a record mln tonnes up from mln in out of a total grain harvest of mln the target is mln reuter
earn	woolworth holdings plc wluk l yr to end january shr p vs shr fully diluted p vs div p vs making vs turnover billion stg vs billion pretax profit mln vs mln tax mln vs mln retail profit b and q mln vs mln comet mln vs mln woolworth mln vs mln other mln loss vs loss property income mln vs mln net interest payable mln vs mln extraordinary debit mln vs mln reuter
acq	tmoc tells shareholders not to accept santos bid tmoc resources ltd told shareholders not to accept santos ltd s stos s dlr a share takeover bid pending advice from macquarie hill samuel corporate services its corporate advisor it said in a statement the santos bid was below the underlying value of the shares as assessed by macquarie hill samuel at between dlrs and tmoc formerly the moonie oil co ltd said the valuation was made in response to an earlier and still current bid of dlrs a share by elders resources ltd elders resources holds pct of tmoc s mln shares tmoc said it did not know elders resources response to the bid or that of its other major shareholder the australian gas light co the latter has a pct stake in tmoc avalon corp of the u s has a pct stake in tmoc through an option agreement santos which is pct owned by elders resources yesterday said its bid valued tmoc at mln dlrs tmoc said today this was not a premium over the share price before the bid and that tmoc had traded at up to dlrs a share in the last two weeks tmoc said in the statement that the bid was unsolicited and that santos had only a pct stake despite paying up to four dlrs a share on market tmoc has oil and gas interests and pipelines which complement the operations of santos the major cooper basin oil and gas producer tmoc shares today closed five cents up at dlrs on turnover of shares while santos due to release its profit result today rose eight cents to dlrs on volume of shares reuter
earn	santos ltd stos s year end dec net profit dlrs vs mln
acq	williams holdings says it bidding mln stg for norcros ordinary shares
acq	williams holdings bids mln stg for norcros industrial holding company williams holdings plc said it was bidding mln stg for the ordinary shares of building products and packaging group norcros plc the offer would be made on the basis of new williams shares for every in norcros or p a share norcros shares firmed to p at gmt from a close last night of p a statement by williams said it was confident of the merits of the proposed merger and it had therefore taken care to propose from the outset the right terms including a full cash alternative the offer will include a partial convertible alternative under which shareholders would receive up to a total of mln new second convertible shares in williams instead of their ordinary share allocations the offer for norcros preferential shares offers one williams preferential share for each one of norcros for a value of p each and a total of mln stg last week williams reported that pretax profits for rose to mln stg from mln speculation about a bid for norcros had been circulating in the market for several months dealers said initially it centred on bunzl plc which once held a pct stake then switched to williams when it began accumulating shares earlier this year williams suggested holding talks with norcros on a possible merger but was rebuffed by norcros which replied that any benefits that could be achieved could also result from normal trading in the six months to end september norcros reported a rise in pretax profits to mln stg from mln on turnover that lifted to mln from mln williams holdings began expanding from when it had a market capitalisation of around one mln stg a series of acquisitions in the next four years has pushed its capitalisation up to around mln the convertible offer would be on the basis of four williams convertibles for every norcros share worth p a share the cash alternative would offer the equivalent of p a share the announcement of the bid pushed williams share price down to p from last night s close at p williams said it held a total shares in norcros or pct while an associate held a further mln or pct there was no immediate response from norcros reuter
earn	santos ltd stos s year ending dec shr cents vs final div deferred vs cents full year pre tax mln vs mln net mln vs mln turnover mln vs mln other income mln vs mln shrs vs same note final div deferred for tax advantage until after july but not expected to be less than nine cents interim seven net after tax mln vs mln depreciation and amortisation mln vs mln interest mln vs mln minorities nil vs loss but before extraordinary loss mln vs loss mln reuter
crude	australian oil industry to continue tax campaign the council of the australian petroleum exploration association apea said it will press on with its campaign for major improvements to australia s petroleum taxation structure the council said in a statement the industry was bitterly disappointed by the australian government s position on taxation as presented in a speech by resources and energy minister gareth evans to the apea conference as earlier reported evans said he was inclined to target any tax changes rather than take a broad based approach to secondary taxation of petroleum apea had expected the government to make positive responses to detailed industry submissions seeking the removal of existing secondary tax disincentives to exploration and development the council said it said it plans to reply in detail to issues raised by evans but its immediate concern was the decision to proceed with the current resource rental tax rrt legislation evans told the conference the government did not plan to accept industry pleas for changes in the legislation to allow deductibility of unsuccessful exploration expenditure the government s unwillingness to allow the deduction of unsuccessful exploration expenditure within the whole offshore area in which rrt applies negates any claim that the tax is profit based the apea council said the government missed a major opportunity to persuade oil exploration companies that it had realistic answers to the industry s concerns despite its recognition of the industry s problems the council said the industry has called for the end of all discriminatory secondary taxation of petroleum citing them as major disincentives at a time of low oil prices reuter
trade	german february import prices fall import prices in west germany fell pct in february from january to stand pct below their level in february the federal statistics office said in january the import price index base was unchanged compared with december but pct lower against january february export prices same base as import prices were unchanged compared with january and pct lower than in february in january export prices fell pct against december to stand pct lower than in january reuter
acq	nippon life shearson tie up seen setting trend nippon life insurance co s mln dlr purchase of a pct stake in shearson lehman brothers inc brokerage unit is a shrewd move that other japanese insurers are likely to follow securities analysts said the investment in one of wall street s top brokerage houses is likely to pay off in dollars and international market position they said it s part of a trend towards growing capital participation by japanese insurance firms in foreign financial institutions said simon smithson an analyst with kleinwort benson international inc in tokyo the investment in shearson lehman a growing firm described by some analysts as the top u s retail brokerage will give nippon life a ringside seat and possibly lower commissions on wall street where it invests an increasing percentage of its assets of billion dlrs they said nippon life staff will also acquire expertise in business sectors which have not yet opened up in japan they added the agreement between the two companies calls for a joint venture in london focussing on investment advisory asset management market research and consulting on financing nippon life is japan s largest insurance company and the world s biggest institutional investor analysts said the japanese finance ministry is expected to approve the deal in april making nippon life the first japanese life insurance firm to take a stake in a u s financial firm the limit on foreign assets as a proportion of japanese insurers assets was increased to pct from pct last year since then they have stepped up purchases of foreign stocks and sought to deepen their understandng of foreign markets and instruments last year a sumitomo life insurance co official was appointed to e f hutton group inc unit e f hutton and co s board and sumitomo bank ltd spent mln dlrs to become a limited partner in goldman sachs and co smithson said japanese banks started buying smaller and problem plagued banks in but now japanese are going for blue chip organisations he said it s a reflection of what has happened in manufacturing industries said brian waterhouse at james capel and co with a historically high yen and historically low interest rates there s an increasing disincentive to invest in japan competition in fund management has grown along with greater japanese savings the typical salaried employee has mln yen in savings reflecting an annual average savings rate of to pct he said to stay competitive fund managers must invest overseas and gain experience with financial instruments which are likely to spread to japan with further deregulation the high regulatory environment has delayed life insurance firms diversification now there s a growing number of new products in an environment of increasing competition for performance on fund management smithson said reuter
money-fx	u k money market deficit forecast at mln stg the bank of england said it forecast a shortage of around mln stg in the money market today among the main factors affecting liquidity bills maturing in official hands and the take up of treasury bills will drain some mln stg while bankers balances below target will take out around mln stg partly offsetting these outflows a fall in note circulation and exchequer transactions will add some mln stg and mln stg to the system respectively reuter
earn	p and o plans warrant issue to mark anniversary peninsular and oriental steam navigation co plc porl l p and o said it plans a free warrant issue on the basis of warrants for every stg nominal of deferred stock already held to mark the th anniversary of the company each warrant will give the right to subscribe for one stg nominal of deferred stock at p during a specified period in the five years starting in p and o deferred shares were last quoted at p down p since yesterday after the company reported pre tax profit of mln stg against mln for p and o said produced an acceptable level of growth though ground has to be made up in one or two areas the company has a strong balance sheet and considerable flexibility for it added p and o will concentrate on expanding in its established market sectors commenting on the recent ferry disaster in the north sea off zeebrugge the statement said the precise cause is unknown the company has instituted an immediate investigation and both the british and belgian governments are conducting inquiries the stricken ferry the herald of free enterprise belongs to townsend thoresen which became part of p and o in january p and o is considering listing its shares in japan and other important overseas financial centres the statement added reuter
trade	canada outlines gatt agricultural reform plan canadian trade minister pat carney said that agricultural policies should not hurt world international trade and should therefore become more price responsive over time she told delegates at the informal meeting of trade ministers that this was one of five principles canada wanted adopted in reforming agriculture in the general agreement on tariffs and trade gatt secondly support for agriculture should avoid production incentives and thirdly countries should freeze and seek to reduce government aid measures that distorted world prices carney said carney said the fourth principle was that countries should not introduce new import barriers not mandated by existing legislation and the fifth was that these basic principles must be implemented collectively carney later told reuters the canadian guidelines are basically compatible with the seven point australian proposals announced in davos switzerland in january european trade sources said the conference welcomed the canadian initiative but some delegates and not only the european community voiced reservations about some of the principles carney said there was a lot of political will among the ministers here to complete the uruguay round of gatt in under four years and that there is also a realisation that it has to be done in a balanced way the consensus view was to proceed as fast as we can on a broad front and see what areas emerge where we can get early conclusion she said however the meeting did not identify what those areas are carney said she said canada u s bilateral trade negotiations which must be concluded at least in draft form by october are progressing well reuter
money-supply	taiwan issues more certificates of deposits the central bank said it issued billion dlrs worth of certificates of deposit cds today after issuing billion of similar cds yesterday bringing the total value of cd issues in to billion the new cds with maturities of six months one year and two years carry interest rates ranging from pct to pct a bank official told reuters the issues are designed to help curb the growth of m b money supply which is expanding as a result of large foreign exchange reserves the reserves hit a record billion u s dlrs yesterday reuter
trade	philippine trade secretary pleased with gatt talks philippine secretary of trade and industry jose concepcion who two days ago expressed doubts about agreements produced at international conferences said he was pleased with the latest gathering here concepcion told reuters in an interview that the informal general agreement on tariffs and trade gatt meeting gave ministers from more than nations the chance to examine issues with which gatt did not have the political will to deal also the role of the developing countries has been emphasised in this particular meeting somehow it has been the perception of developing countries that gatt is a club of rich countries he added in an interview with reuters in fact many of the issues that have been tabled for discussion in the uruguay round of trade negotiations will be of more benefit to the developed countries he said concepcion said at the start of the taupo meeting that the uruguay round was meant to be a shining act of faith in the world trade system concepcion said the philippines would address the issues of trade in tropical fruit and the improvement of gatt machinery to make it more responsive he said tropical fruit came from developing countries but faced non tariff barriers quantitative restrictions or very high duties in other nations concepcion named japan and south korea as examples he said he would go to wellington for talks with new zealand which had a surplus in trade with the philippines to encourage it to switch imports from other countries he noted that new zealand bought its bananas from ecuador reuter
rubber	drought hits thai rubber and fruit growers a drought that began seven weeks ago is hurting orchards and rubber plantations in thailand and officials said it could last until may the government is trucking water into parched farms in parts of northeastern eastern and southern provinces but not enough to satisfy farmers according to press reports there has been no official estimate of damage officials of thailand s rain making institute said its airplanes could help little because few clouds were forming for them to seed with rain making chemicals thailand has a rainy season that normally starts in may and lasts to october reuter
money-fx	miyazawa says u s likely to intervene finance minister kiichi miyazawa told parliament s lower house finance committee that the u s is expected to intervene in the foreign exchange market to stabilise exchange rates political sources said asked if the u s federal reserve board agreed in paris last month to intervene to stabilise exchange rates miyazawa said yes the sources said miyazawa was also quoted as saying that he is sceptical about the effectiveness of currency reference ranges even if major nations agree on such an idea as it is extremely difficult to set such ranges reuter
earn	british aerospace pretax profit mln stg vs mln
earn	british aerospace plc bael l year shr p vs p div p making p a pct increase on turnover billion stg vs billion pretax profit mln vs mln tax mln vs mln note comparisons restated trading profit mln vs mln launching costs mln vs mln share of profit of related companies mln vs mln net interest receivable mln vs mln payable extraordinary debit mln vs nil trading profit includes civil aircraft mln loss vs mln loss military aircraft and support services mln vs mln guided weapon and electronic systems mln vs mln space and communications mln vs mln loss company funded research and development mln loss vs mln reorganisation costs nil vs mln loss launch costs include bae mln vs mln airbus mln vs mln bae mln vs mln atp mln vs mln reuter
sugar	german feb sugar stocks up in year down in month west german sugar stocks rose to mln tonnes white value at the end of february from mln at the same time a year earlier the sugar industry association wvz said however stocks were well below the mln held at the end of january sugar exports between october and february rose to tonnes from in the same period of sales to non european community countries rose to tonnes from while sales within the ec fell sharply to tonnes from imports in october february fell to tonnes from in the same months a year earlier the sugar industry association said human sugar consumption in october february rose to tonnes from in the year ago period reuter
grain	portuguese grain agency ban to remain ec sources a ban by a portuguese court on the state buying agency epac taking part in cereals import tenders open to private traders will remain unless it is reversed in portugal or challenged in the european court of justice european commission sources said they denied a statement yesterday by portuguese agriculture minister alvaro barreto that the commission had accepted that epac should be eligible saying it had taken no view in the matter under the terms of portugal s accession to the european community a grain import monopoly held by epac is being reduced by pct annually until all imports are liberalised in lisbon s civil court decided in a preliminary ruling earlier this month that epac should not be allowed to take part as it had done in the past in tenders for the liberalised share of annual grain imports reuter
money-fx	sumita says bank will intervene if necessary bank of japan governor satoshi sumita said in a statement the central bank will intervene in foreign exchange markets to stabilise exchange rates if necessary in close cooperation with other major industrial nations sumita said the bank will take adequate measures including market intervention if necessary in line with the february paris agreement by six major industrial nations canada britain france japan the u s and west germany agreed to cooperate in stabilising exchange rates around current levels sumita s statement was issued after the dollar slipped below yen to hit a record low of it is inevitable that exchange rates fluctuate under the system of floating rates sumita said the fact the dollar plunged below yen does not mean anything significant under the floating system he said the six nations agreed in paris exchange rates prevailing then were broadly consistent with underlying economic fundamentals and further substantial rate shifts could damage growth and adjustment prospects in their countries the paris statement said reuter
ipi	cbi survey points to surge in u k output british manufacturers expect output to grow rapidly in the four coming months a confederation of british industry cbi survey shows the cbi s monthly trends survey for march shows that pct of the polled u k firms expect to raise output in the next four months only nine pct expect output to fall while pct said production would likely remain unchanged the cbi said the positive balance between firms expecting production to rise and those forecasting a fall at pct was the highest such figure recorded since in the cbi s february survey pct of companies expected a rise in output while pct forecast production would remain at present levels and eight pct expected production to drop the survey also showed that pct of the polled companies consider current order books to be above normal while pct view them as normal and only pct regard them as below normal this was the highest positive balance since the question was first asked more than years ago the cbi said in february the figures were pct pct and pct respectively companies also rated their export possibilities higher of all polled companies pct rated their export order books to be above normal and pct described them as normal while only pct believed export orders were below normal levels in february pct thought their export books were below normal and pct believed them to be about normal at pct the proportion of companies rating their export books above normal was unchanged between february and march on prices the survey showed that pct of companies expect average prices at which domestic orders are booked will remain unchanged in the coming four months up from pct in february reuter
trade	yeutter sees gatt consensus on farm trade reform u s trade representative clayton yeutter said trade ministers meeting here have reached a general consensus on agricultural trade reform under the latest uruguay round of the general agreement on tariffs and trade gatt yeutter gave no precise details of the understanding but told journalists the consensus covers the principles involved in agricultural trade reform and what needs to be done to improve the global situation in agriculture delegates from countries are meeting informally to discuss progress made since the latest gatt round was launched in punta del este uruguay last september yeutter said at least people seem to be going down the same road but how that translates ultimately into negotiations is another matter entirely there seems to be an understanding of the need to deal with the problem quickly and a more common understanding of how we are going to get from here to there yeutter said however the hard work is still to come with a couple of years of tough negotiations ahead he said it is ludicrous for the nations of the world to plough immense amounts of financial resources into the production of items that nobody wants to buy he said he said the long term answer is to switch some of the financial resources now committed to agriculture to other more productive areas this would help agriculture because some its inefficient non productive segments would stop operating he said individual segments in many countries may lose in the process but it should result in a more rational system of world wide production within or years he said it is important that the agriculture negotiations reach a relatively early conclusion because the u s is spending billion dlrs a year and the european community probably more than that which is an ineffective use of financial resources he said asked about the prospect of a priority for agriculture in the negotiations he said one has to be politically realistic if there is any chance of getting it agricultural trade reform done in two to three years it s going to have to be as part of a larger package reuter
trade	nakasone intervenes in microchip dispute prime minister yasuhiro nakasone intervened to try to resolve japan s escalating dispute with the u s over semiconductor trade government officials said at today s cabinet meeting nakasone told trade and industry minister hajime tamura to redouble his efforts to calm u s anger over what it sees as japan s unfair trade practices in semiconductors nakasone intervened only two days before a scheduled meeting of the reagan administration s economic policy council to consider whether japan is reneging on its microchip pact with the u s that pact agreed last year after months of negotiations calls on japan to stop selling cut price chips in world markets and to raise its imports of u s semiconductors senior u s officials have accused tokyo of failing to live up to the accord and have threatened retaliatory action yesterday tamura s ministry of international trade and industry miti launched a last ditch attempt to salvage the pact by writing letters to u s policy makers setting out japan s case and telling japanese chip makers to cut output in his letter the contents of which were released today tamura said a miti survey carried out at the beginning of march showed japanese producers were not selling at cut rate prices in asian markets in a separate letter sent to senior u s officials miti vice minister for international affairs makoto kuroda suggested the two countries could conduct a joint investigation into allegations of japanese chip dumping in such markets reuter
earn	prudential corp pretax profit mln stg vs mln
acq	nippon life shearson tie up seen setting trend nippon life insurance co s mln dlr purchase of a pct stake in shearson lehman brothers inc brokerage unit is a shrewd move that other japanese insurers are likely to follow securities analysts said the investment in one of wall street s top brokerage houses is likely to pay off in dollars and international market position they said it s part of a trend towards growing capital participation by japanese insurance firms in foreign financial institutions said simon smithson an analyst with kleinwort benson international inc in tokyo the investment in shearson lehman a growing firm described by some analysts as the top u s retail brokerage will give nippon life a ringside seat and possibly lower commissions on wall street where it invests an increasing percentage of its assets of billion dlrs they said nippon life staff will also acquire expertise in business sectors which have not yet opened up in japan they added the agreement between the two companies calls for a joint venture in london focussing on investment advisory asset management market research and consulting on financing nippon life is japan s largest insurance company and the world s biggest institutional investor analysts said the japanese finance ministry is expected to approve the deal in april making nippon life the first japanese life insurance firm to take a stake in a u s financial firm the limit on foreign assets as a proportion of japanese insurers assets was increased to pct from pct last year since then they have stepped up purchases of foreign stocks and sought to deepen their understandng of foreign markets and instruments last year a sumitomo life insurance co official was appointed to e f hutton group inc unit e f hutton and co s board and sumitomo bank ltd spent mln dlrs to become a limited partner in goldman sachs and co smithson said japanese banks started buying smaller and problem plagued banks in but now japanese are going for blue chip organisations he said it s a reflection of what has happened in manufacturing industries said brian waterhouse at james capel and co with a historically high yen and historically low interest rates there s an increasing disincentive to invest in japan competition in fund management has grown along with greater japanese savings the typical salaried employee has mln yen in savings reflecting an annual average savings rate of to pct he said to stay competitive fund managers must invest overseas and gain experience with financial instruments which are likely to spread to japan with further deregulation the high regulatory environment has delayed life insurance firms diversification now there s a growing number of new products in an environment of increasing competition for performance on fund management smithson said reuter
trade	canada outlines gatt agricultural reform plan canadian trade minister pat carney said that agricultural policies should not hurt world international trade and should therefore become more price responsive over time she told delegates at the informal meeting of trade ministers that this was one of five principles canada wanted adopted in reforming agriculture in the general agreement on tariffs and trade gatt secondly support for agriculture should avoid production incentives and thirdly countries should freeze and seek to reduce government aid measures that distorted world prices carney said carney said the fourth principle was that countries should not introduce new import barriers not mandated by existing legislation and the fifth was that these basic principles must be implemented collectively carney later told reuters the canadian guidelines are basically compatible with the seven point australian proposals announced in davos switzerland in january european trade sources said the conference welcomed the canadian initiative but some delegates and not only the european community voiced reservations about some of the principles carney said there was a lot of political will among the ministers here to complete the uruguay round of gatt in under four years and that there is also a realisation that it has to be done in a balanced way the consensus view was to proceed as fast as we can on a broad front and see what areas emerge where we can get early conclusion she said however the meeting did not identify what those areas are carney said she said canada u s bilateral trade negotiations which must be concluded at least in draft form by october are progressing well reuter
earn	prudential corp plc prul l year shr p vs p adjusted div p making p vs p adjusted pretax profit mln vs mln tax and minorities mln vs mln profit attributable mln vs mln pretax profit includes long term business mln vs mln general insurance business underwriting loss mln vs mln investment income mln vs mln trading loss mln vs mln investment management u k mln vs mln shareholders other income mln vs mln pretax profit by division includes u k individual division mln vs mln u k group pensions mln vs mln international mln vs mln mercantile and general mln vs mln prudential portfolio managers mln vs mln prudential property services mln loss vs nil reuter
money-fx	major nations must act on currencies miyazawa finance minister kiichi miyazawa said the time has come for major industrialised nations to take action on exchange rates in line with their agreement last month in paris in paris britain canada france japan the u s and west germany agreed to coooperate to hold currency rates around their then current levels miyazawa would not say what specific measures major nations would take but told reporters the measures had been discussed in paris the dollar fell to a record low against the yen this morning piercing the yen barrier asked if major nations were now negotiating on what measures to take miyazawa said they were not as measures had already been agreed in paris reuter
crude	kuwait says opec mln bpd below ceiling kuwaiti oil minister sheikh ali al khalifa al sabah said opec was producing well below its oil output ceiling and this would help prices move higher according to a kuwaiti newspaper interview the al rai al aam newspaper quoted him as saying opec was pumping mln barrels per day bpd less than its mln bpd ceiling while consumers were drawing down their petroleum stocks at a rate of mln bpd as long as opec maintains its output curbs demand for its oil will rise in april and may sheikh ali said adding that kuwait was strongly committed to its opec quota reuter
interest	bundesbank allocates billion marks in day repurchase pact at pct
money-fx	miyazawa says u s likely to intervene finance minister kiichi miyazawa told parliament s lower house finance committee that the u s is expected to intervene in the foreign exchange market to stabilise exchange rates political sources said asked if the u s federal reserve board agreed in paris last month to intervene to stabilise exchange rates miyazawa said yes the sources said miyazawa was also quoted as saying that he is sceptical about the effectiveness of currency reference ranges even if major nations agree on such an idea as it is extremely difficult to set such ranges reuter
trade	yeutter says u s japan trade difficulties remain u s trade representative clayton yeutter said he was unsure whether some of the trade issues straining u s japanese relations would be resolved before the two countries open trade talks in late april we are having high level discussions on them the issues within the united states the relationship on some of those is very strained between us japan at the moment and we need to relieve those strains at the earliest possible date he said i am not sure we can wait until late april he added yeutter is in new zealand for a two day informal meeting of trade ministers who are reviewing the uruguay round of the general agreement on trade and tariffs gatt he said he will meet the japanese delegation over the next few days but declined to discuss methods of relieving the strain between the two countries yeutter said earlier the three most contentious trade issues were semiconductors japanese government unwillingness to allow public entities to buy u s super computers and the barring of u s firms from the eight billion u s dlr kansai airport project near osaka the japanese delegation to the gatt talks said in a statement yesterday they are making major efforts to dismantle trade barriers in their country i am convinced that they are attempting to move their policies in the right direction the question is how far and how fast yeutter said reuter
interest	bundesbank allocates billion marks in tender the bundesbank accepted bids for billion marks at today s tender for a day securities repurchase pact at a rate of pct a central bank spokesman said banks which bid for a total billion marks liquidity will be credited with the funds allocated tomorrow and must buy back securities pledged on april the allocation was in line with market expectations the bundesbank would provide more than the billion marks draining from this week as an earlier facility expires call money fell to pct ahead of the allocation from pct yesterday dealers said the excess allocation compensates for public funds leaving the system which the bundesbank added last week via government owned banks however major tax payments by banks on behalf of customers drew to a close this week lessening the need for liquidity the call money declines surprised some dealers who speculated it was because the bundesbank disbursed further government funds today however most said this had not occurred banks were well stocked with liquidity having billion marks in minimum reserves at the bundesbank on friday up from billion on thursday average daily reserves over the first days of the month fell to billion from billion for all of march banks would be required to hold net daily average reserves of billion marks dealers said reuter
money-fx	u k money market given mln stg assistance the bank of england said it had provided the money market with mln stg assistance in the morning session this compares with the bank s forecast of a mln stg shortage in the system today the central bank bought bills outright in band two at pct comprising mln stg bank bills and mln stg local authority bills reuter
jobs	french employers chief sees hope for growth the deadline for abolishing economic barriers within the european community should help french economic growth and create jobs president of the french employers federation cnpf francois perigot said having a market at our disposal which is as homogeneous and accessible as that of europe is an incredible piece of luck he told le figaro in an interview he said that the majority of french business leaders were enthusiastic about the abolition of barriers and saw it as an opportunity rather than a danger for their companies it can permit us to return to a growth rate which is much better than we could achieve in isolation we know that we have to reestablish growth at three pct a year to solve the enormous problems confronting us and i am referring mainly to unemployment perigot added finance minister edouard balladur said yesterday that french growth would be just two pct this year the same as last year and compared with the government s original pct target reuter
sugar	soviet sugar imports higher in oct nov soviet sugar imports in october and november were significantly higher than in the same period of the year before according to figures received by the international sugar organization imports in october totalled tonnes compared with tonnes in the same month of while november imports were up to tonnes from for the first months of soviet imports totalled mln tonnes against mln in the same period of the october import figure consisted entirely of whites from cuba while the november total was made up of tonnes cuban whites and tonnes whites from thailand of the imports in the january november period those from cuba were up to mln tonnes from mln and from thailand to tonnes from soviet exports also increased in the january november export total of compares with tonnes in the first months of exports in october were down from a year earlier while november exports were up from to tonnes reuter
sugar	west german sugar output rises west german sugar production last year rose tonnes to an estimated mln tonnes the agricultural ministry said it said the increase was exclusively due to higher beet sugar content which went up to pct from pct in last year s beet deliveries totalled mln tonnes down tonnes from the previous year the ministry estimates west germany s sugar self sufficiency during the current agricultural year july june unchanged at pct reuter
acq	norcros rejects mln stg bid from williams norcros plc ncro l the building products and packaging group said its board had no hesitation in unanimously rejecting this morning s mln stg bid from williams holdings plc the industrial holding firm the company said williams p per share offer was unsolicited and unwelcome and significantly undervalues norcros by gmt norcros shares were quoted at p up from p at yesterday s close williams was p higher at the norcros board s detailed views will be sent to shareholders when the formal offer document has been issued by williams reuter
grain	no proof of more chernobyl grain damage diplomats western agricultural attaches in moscow said they had no evidence to substantiate rumours that last april s chernobyl nuclear disaster had a worse effect on soviet grain than first reported current soviet interest in chartering ships to carry grain from the u s helped prompt the rumours on world markets but the diplomats said they had seen no reports in the state press and heard no comments from officials to substantiate them the official media was initially slow in reporting the accident but under kremlin leader mikhail gorbachev s campaign for openness gradually gave more and more details land around the nuclear plant was contaminated to varying degrees some is now being used to grow industrial crops instead of grain reuter
ship	iran said to test fire silkworm missile in hormuz iran has test fired its newly acquired silkworm anti shipping missile in the strait of hormuz and has set up at least two land based launching sites in the area a british naval source in the gulf said the source who declined to be identified said iran had fired the chinese made missile at a hulk off its southern gulf naval port of bandar abbas and scored a hit these missiles pack a fairly big punch he told reuters there is no doubt they could be used to target shipping across the strait of hormuz tension in the gulf has risen since u s officials last week broke the news that iran had acquired the silkworm missiles the u s has said it will not allow iran to use the missiles to choke off oil shipments and has offered its warships to escort kuwaiti tankers past the missile batteries but tehran denied last sunday it intended to threaten gulf shipping and warned the u s any interference in the region would meet a strong response the british naval source said the silkworms were in place at at least two sites around the strait of hormuz but would not give the exact location reuter
acq	merrill lynch mer in talks on canada purchases merrill lynch and co inc is holding talks on acquiring canadian brokerage firms a company spokesman told reuters he said one of the firms with which merrill lynch is negotiating is burns fry corp of toronto which has already received an offer from security pacific corp s spc pct owned hoare govett ltd london based brokerage unit the hoare govett bid is valued at about mln u s dlrs the spokesman said the talks are the result of a change in ontario securities laws that takes effect june currently companies outside the canadian securities industry are prohibited from owning more than pct of a canadian broker on june foreign brokers will be allowed to own up to pct of canadian brokers and the percentage will rise to pct a year later reuter
acq	mark iv iv starts bid for conrac cax mark iv industries inc said it has started the dlr per share tender offer for all shares of conrac corp that it announced yesterday afternoon in a newspaper advertisement the company said the offer and withdrawal rights expire april unless extended the offer is not conditioned on receipt of any minimum number of shares but is conditioned on the arrangement of financing mark iv already owns about pct of conrac s mln shares outstanding reuter
acq	ecolab ecl starts bid for chemlawn chem ecolab inc said it has started its previously announced tender offer for all shares of chemlawn corp at dlrs each in a newspaper advertisement the company said the offer and withdrawal rights expire april unless extended the chemlawn board has approved the tender and a merger at the same price that is to follow ecolab said the offer is conditioned on receipt of at least shares chemlawn now has about mln shares outstanding ecolab said chemlawn has granted it a conditional option to buy all authorized but unissued and unreseved chemlawn shares at dlrs each the option is exercisable in the event that another party were to acquire pct or more of chemlawn by means other than a tender offer for all shares at a higher price than ecolab is offering the company said if the merger agreement is terminated under certain circumstasnces it will be entitled to receive mln dlrs in damages from chemlawn ecolab said officers and directors of chemlawn have granted it options to acquire an aggregate of chemlawn shares or about pct for the tender price again unless a higher tender were to be made by another party waste management inc wmx had originally made a hostile tender offer of dlrs per share for chemlawn which chemlawn rejected as inadequate on friday waste management said it would raise its bid to dlrs per share reuter
trade	taiwan proposes further tariff cuts taiwan said it plans another round of tariff cuts possibly within a month to try to narrow its trade surplus with the u s vice finance minister ronald ho said a high level economic committee recommended tariff cuts on products requested by washington including apples chocolates and fruit juice ho said the cuts may come into effect by the end of next month taiwan s trade surplus with the u s widened in the first two months of this year to billion dlrs from billion dlrs in the same period last year reuter
ship	iran said to test fire silkworm missile in hormuz iran has test fired its newly acquired silkworm anti shipping missile in the strait of hormuz and has set up at least two land based launching sites in the area a british naval source in the gulf said the source who declined to be identified said iran had fired the chinese made missile at a hulk off its southern gulf naval port of bandar abbas and scored a hit these missiles pack a fairly big punch he told reuters there is no doubt they could be used to target shipping across the strait of hormuz reuter
trade	taiwan proposes further tariff cuts taiwan said it plans another round of tariff cuts possibly within a month to try to narrow its trade surplus with the u s vice finance minister ronald ho said a high level economic committee recommended tariff cuts on products requested by washington including apples chocolates and fruit juice ho said the cuts may come into effect by the end of next month taiwan s trade surplus with the u s widened in the first two months of this year to billion dlrs from billion dlrs in the same period last year reuter
retail	u s feb durable goods orders rose pct nondefense durables rose pct
earn	standard chartered plc stch l year shr p vs p div p vs p making p vs p pretax profit mln stg vs mln tax mln vs mln operating income billion vs mln operating expenses mln vs mln trading profit before charge for bad and doubtful debts mln stg vs mln charge for bad and doubtful debts mln vs mln share of profits of associates mln vs mln minority interests mln debit vs mln debit extraordinary items mln debit vs mln credit operating income includes interest income billion vs billion interest expenses billion vs billion other operating income mln vs mln operating expenses include staff mln vs mln premises and equipment mln vs mln others mln vs mln pretax profit includes north america mln vs mln asia pacific mln vs mln middle east and south asia mln vs mln tropical africa mln vs mln u k mln vs mln south africa mln vs mln reuter
acq	kdi kdi to buy triangle microwave trmw kdi corp said it has agreed in principle to acquire triangle microwave inc for dlrs plus a contingent payment for each triangle share it said holders of the contingent payment units will be entitled to receive annual payments to the extent that the predepreciation gross profits of triangle microwave in each of the years through exceed threshholds ranging from eight mln dlrs in to mln dlrs in the company said holders of triangle microwave options and warrants will be entitled to receive the difference between dlrs and their exercise price plus contingent payments kdi said completion of the transaction is subject to governmental approvals and the approval of triangle microwave shareholders and the transaction is valued at over mln dlrs it said shareholders of triangle microwave controlling about pct of the company s stock have agreed to vote in favor of the deal and to give kdi an option to buy their shares under certain components triangle microwave makes microwave components kdi a diversified company produces electronic components technical products and swimming pool equipment reuter
livestock	storm brings heavy snows to u s plains the national weather service said a powerful winter storm centered over north central oklahoma was spreading snow from western and central kansas across much of nebraska to southern and eastern south dakota rain was reported across parts of minnesota iowa eastern kansas missouri and eastern oklahoma with showers and a few thundershowers extending from arkansas through the lower mississippi valley to alabama and northwest florida strong winds of to mph with some stronger gusts were reported across much of the plains causing considerable blowingand drifting snow a blizzard warning continued this morning across most of western kansas a winter storm warning was issued this morning over central and northeast nebraska weather advisories were posted for this morning over central kansas and central and southeast sections of south dakota where two to five inches of snow could accumulate locally heavy rains accompanied the storm over portions of the central plains flash flood watches were issued for this morning across the eastern half of kansas a flood warning continues today for eastern nebraska widespread lowland and small stream flooding is expected to continue over most of eastern nebraska through wednesday due to cold damp and windy conditions livestock advisories were posted this morning across central and southeast portions of south dakota as the storm moves north across the central plains winter storm watches were issued over south central south dakota late tonight and wednesday over west central minnesota elsewhere a travelers advisory remains in effect this morning over northeast new mexico and the oklahoma and tecas panhandle for blowing snow and slick roadways and across the mountains and deserts of southern california for strong gusty winds of to mph gale warnings were issued for today along the central california coast mostly clear skies extended from the great lakes and ohio valley through the central appalachians to the central atlantic coast and new england reuter
retail	u s feb durable goods rose pct new orders for durable goods received by u s manufacturers rose billion dlrs or pct in february to billion dlrs the commerce department said excluding defense orders rose pct compared with a revised january decline of pct in january durable goods fell a revised pct instead of the previously reported pct durables excluding defense were reported originally as having fallen pct in january the commerce department on monday revised orders statistics for to to reflect more current inventory valuation methods and the february orders statistics are consistent with the revisions officials said the february order increase was led by transportation equipment up pct after an pct decline in january orders for defense capital goods rose pct to billion dlrs following a pct decline in january non defense capital goods orders fell pct in february to billion dlrs after falling pct in january the department said electrical machinery orders rose in february by pct to billion dlrs after falling pct in january primary metals orders were up pct to billion dlrs after a pct decline in january the department said new orders for non electrical machinery were up in february by pct to billion dlrs after a three pct orders decline in january reuter
earn	woolworth u k says growth prospects exciting woolworth holdings plc wluk l which earlier announced a pre tax profits rise of pct over said its prospects for growth were very exciting the profit figure of mln stg exceeded a forecast by some pct made during the hostile bid by dixons group plc dxns l last year and the company said the results were a major step towards the aim of making woolworth the most profitable retailing group in the u k it aimed to produce growth from all its businesses and look for opportunities to acquire specialist retail businesses earlier this month the group said that tentative merger talks with the high street pharmacist underwoods plc had been called off and recently announced a mln stg recommended offer for charlie browns car part centres plc the b and q do it yourself centres raised sales by pct and retail profit by pct with its pretax contribution of mln making it the largest single component the company said that the improvement had been achieved by substantial organic growth in existing stores as well as by the opening of a further new outlets and enhanced margins in other sectors the comet electrical chain raised retail profits by pct to mln stg while the woolworth chain reported a pct improvement to mln the company said its property operations would increase substantially following the start of a joint venture deal with developers rosehaugh plc the defence costs against the billion stg bid from dixons resulted in a mln stg extraordinary charge the results were mln stg up on most analysts forecasts as a result the group s shares rose strongly peaking at p from last night s p before easing to p at gmt reuter
earn	national semiconductor corp nsm rd qtr loss march eight shr loss cts vs loss cts net loss mln vs loss mln sales mln vs mln avg shrs mln vs mln nine mths shr loss cts vs loss one dlr net loss mln vs loss mln sales billion vs billion avg shrs mln vs mln note twelve and week periods prior year results restated for change in method of recognizing revenue on distributor shipments quarter net loss originally reported as mln dlrs or cts shr on sales of mln dlrs and nine mth loss as mln dlrs or dlrs shr on sales of billion dlrs prior nine mths net includes mln dlr gain from cumulative effect of accounting change prior year net includes extraordinary credits of dlrs in quarter and dlrs in nine mths current year net both periods includes mln dlr pretax charge from previously announced restructuring of datachecker systems and semiconductor group manufacturing operations reuter
acq	comdata network agrees to higher offer from welsh carson anderson
money-fx	sumita says bank will intervene if necessary bank of japan governor satoshi sumita said in a statement the central bank will intervene in foreign exchange markets to stabilise exchange rates if necessary in close cooperation with other major industrial nations sumita said the bank will take adequate measures including market intervention if necessary in line with the february paris agreement by six major industrial nations canada britain france japan the u s and west germany agreed to cooperate in stabilising exchange rates around current levels sumita s statement was issued after the dollar slipped below yen to hit a record low of it is inevitable that exchange rates fluctuate under the system of floating rates sumita said the fact the dollar plunged below yen does not mean anything significant under the floating system he said the six nations agreed in paris exchange rates prevailing then were broadly consistent with underlying economic fundamentals and further substantial rate shifts could damage growth and adjustment prospects in their countries the paris statement said reuter
acq	comdata cdn accepts new welsh carson bid comdata network inc said it has entered into a definitive agreement to merge into a company formed by welsh carson anderson and stowe iv for either dlrs in cash or dlrs in cash and a unit of securities per comdata share the company said each unit of securities would consist of common shares in the new company and three dlrs principal amount of the new company s pct subordinated debentures due it said the dlr cash alternative is an improvement over the dlr per share price contemplated under an agreement in principle with welsh carson announced on march five comdata said the cash and securities alternaitcve is subject to welsh carson affiliated investors owning at least pct of the stock of the new company the company said investment bankers drexel burnham lambert inc and alex brown and sons inc absb found the proposal to be fair from a financial point of view it said the transaction is subject to approval by its shareholders and to welsh carson obtaining up to mln dlrs in debt financing comdata said it may terminate the agreement if financing is not arranged by april three on thursday first financial management corp ffmc offered to acquire comdata for dlrs per share in stock and cash subject to approval by the comdata board under the first financial proposal comdata holders would receive no more than four dlrs per share in cash and could receive all stock comdata had originally planned a recapitalization under which it would have repurchased up to six mln common shares at dlrs each reuter
potato	ireland put on colorado beetle alert the irish agriculture department issued a colorado beetle alert today after three of the beetles were found in a box of parsley imported from france officials said a colony of the black and amber coloured beetles can destroy a potato field in a day the females lay up to eggs each some of the boxes in the parsley consignment had already been distributed to markets and the department called on all shopkeepers and the catering trade to be on the alert reuter
earn	transnational industries trsl sees loss transnational industries inc said due to continuing manufacturing difficulties at its alloytek inc jet engine component subsidiary it expects to report a net loss of about dlrs or cts per share for the fourth quarter ended january it said revenues for the period were about mln dlrs about even with those of a year earlier for the full fiscal year the company said it earned about dlrs or cts per share down from dlrs or cts per share a year before the company said an unexpectedly large volume of customer inquiries at its spitz inc simulation products subsidiary has caused higher than expected business development outlays the company said it expects significant contract awards to spitz later this year it said it has started implementing a plan to progressively reduce manufacturing costs at alloytek over the next several quarters the company said it may move alloytek s plant from grandville mich to a lower labor cost area the company said it discovered the extent of the alloytek problems during a year end review of subcontracts and related work in progress for production of jet engine components for general electric co ge it said it will release annual results around april reuter
acq	great western gwf sells insurance unit great western financial corp said it agreed to sell its john alden life insurance co and its affiliated operations for mln dlrs to a newly formed company onwed by the john alden management group general electric credit corp delivered a commitment letter arranged by the gecc capital markets group inc for the financing great western said the pre tax gain on the sale will be approximately mln dlrs and after tax gain will be approximately mln reuter
earn	sterivet stvtf sets three for one share split sterivet laboratories ltd said the board authorized a three for one split of its outstanding common shares subject shareholder approval at the annual meeting reuter
earn	campbell red lake crk sets quarterly dividend qtly div cts vs cts prior pay may record april note canadian funds reuter
trade	gatt round may stop growing trade problems u s a successful new gatt general agreement on tariffs and trade round is needed to halt growing bilateral trade problems between major trading partners u s trade representative clayton yeutter said yeutter in new zealand for informal gatt ministerial talks told reuters bilateral trade disputes are increasing because the multilateral system is inefficient that is really a strong rationale why we need a new gatt round he said the very existence of all these bilateral irritants clearly emphasises the need to develop multilateral solutions to some of these problems the eighth gatt round of negotiations was launched at punta del este in uruguay in september agriculture and services were included in the negotiations for the first time the growing debt burden of latin american and african nations will also provide impetus for the gatt round to succeed he said clearly those countries need to develop their export endeavours and they need open markets for that to happen and that s the basic objective of the new gatt round but he said the gatt round is a long term endeavour it will not give any short term relief for debt ridden countries but it will make a difference in to years it s a worthwhile activity from their standpoint because these debts are not going to go away in the next year or two he said they ought to be very strongly supported in the gatt round as a mechanism for relieving their debt burdens or making possible debt amortisation in the future he said reuter
cpi	belgian march consumer prices rise belgian consumer prices rose pct in march from february to stand pct above the level in march the economic affairs ministry said in a statement it said the consumer price index base rose to points from in february and in march year on year inflation stood at pct in february and at pct in march reuter
money-fx	u k money market given further mln stg help the bank of england said it provided the money market with assistance of mln stg in the afternoon session this takes the bank s total help so far today to mln stg and compares with its estimate of a mln stg shortage the central bank bought outright mln stg in bank bills in band two at pct reuter
acq	princeville pvdc gets letter of credit qintex ltd of brisbane said westpac banking corp of australia has issued a commitment letter to provide princeville development corp with the letter of credit required under qintex s proposed acquisition of princeville the letter of credit would ensure payment of princeville s contingent subordinated notes to be distributed to shareholders of record on the day immediately following completion of qintex s tender for princeville share it said issuance of the letter of credit is still subject to conditions including appropriate documentation but the letter is expected to be issued around april three qintex said as a result it has extended its tender offer for princeville shares until april three it said through yesterday it had received shares under the offer reuter
earn	advanced computer techniques actp year net shr cts vs cts net vs revs mln vs mln reuter
earn	news corp nws unit corrects dividend rate news corp ltd s fox television stations inc subsidiary said it will pay an accrued dividend of dlrs per share not the dlrs it reported earlier in connection with the april redemption of shares of increasing rate exchangeable guaranteed preferred stock for dlrs per share plus accrued dividends reuter
earn	mcrae industries mri a increases payout mccrae industries inc said it raised its preferred dividend on its class a common stock to cts per share from cts per share it said the dividend was payable april to shareholders of record april reuter
acq	columbia first cffs takes over bank columbia first federal savings and loan association said it has acquired the insured deposits of first federal of maryland based in hagerstown from the federal savings and loan insurance corp and reopend first federal s six former offices as columbia first branches the federal home loan bank board had closed first federal on march because it was insolvent first federal had assets of mln dlrs reuter
earn	charming shoppes inc chrs raises quarterly qtly div three cts vs cts prior pay april record april six reuter
earn	angelica corp agl th qtr jan net shr cts vs cts net vs sales mln vs mln year shr dlrs vs dlrs net vs sales mln vs mln note fiscal year based on weeks compared wqith weeks a year earlier reuter
earn	gull inc gll rd qtr feb nt shr cts vs cts net vs sales mln vs mln avg shrs vs nine mths shr cts vs cts net vs sales mln vs mln note prior nine mths net includes gain dlrs from insurance payment reuter
earn	ameriana savings bank asbi th qtr net shr not given net vs year shr not given net vs note company went public in february net includes pretax loan loss recovery dlrs vs provision dlrs in quarter and provisions dlrs vs dlrs in year reuter
earn	griffin technology inc grif th qtr net ended jan shr loss one ct vs loss eight cts net loss vs loss revs vs year shr profit cts vs profit four cts net profit vs profit revs mln vs reuter
earn	petrie stores corp pst th qtr jan net shr cts vs cts shr diluted cts vs cts net mln vs revs mln vs mln avg shrs mln vs mln avg shrs diluted mln vs mln year shr dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs mln revs billion vs billion avg shrs mln vs mln avg shrs diluted mln vs mln reuter
trade	indonesia urged to deregulate its economy world bank president barber conable linked increased borrowing by indonesia the third world s sixth largest debtor to fresh measures to deregulate trade and dismantle protectionist barriers we would like to see the indonesian government continue the adjustment process to move towards increased deregulation of the economy conable told a press conference at the end of a three day visit to jakarta conable directly linked further bank help for indonesia s hard pressed balance of payments to further measures by the government to reduce protectionism and increase efficiency the world bank last month granted indonesia a mln dlr trade adjustment loan he said further loans would depend on the economic policies indonesia adopted but he said that in meetings with both president suharto and leading indonesian ministers he had not called for specific policy changes the initiative will have to rest with the indonesian government we are not here to dictate to them he stated indonesia the only asian member of opec has been badly hit by last year s slump in oil prices which cut its revenues from crude exports in half conable had what he termed a frank meeting this morning with suharto he voiced support for measures already taken including september s pct devaluation of the rupiah and efforts to deregulate imports and stimulate exports the government can rely on the support of the world bank in a continuing program of adjustment to the economic realities of today s world he said the bank has loaned indonesia billion dlrs over the past years lending is now about one billion a year the world bank would probably like to see further dismantling of tarrif barriers and measures to reduce indonesia s protected monopolies in areas like steel plastics and cement western bankers and diplomats said the government has already said it will announce further deregulation measures but has given no timetable it is also considering selling off loss making state companies conable said the bank would try to help indonesia find funds to cover its share of development projects which otherwise would have to be scrapped or postponed japan s ex im bank announced a mln dlr untied credit last month reuter
acq	argyll sells subsidiary s assets for mln stg food and drink retailer argyll group plc ayll l said it has agreed to sell its u k subsidiary george morton ltd to seagram united kingdom ltd for about mln stg in cash the consideration for morton s fixed assets stocks debtors and goodwill is payable on completion of the sale the disposal will bring argyll an extraordinary credit of some mln stg argyll added the agreements also depend on an indication from the u k office of fair trading by june that the sale will not be referred to the monopolies commission argyll shares were up p to firming before the announcement reuter
earn	vallen corp valn rd qtr feb net shr cts vs cts net vs sales mln vs mln nine mths oper shr cts vs cts oper net vs sales mln vs mln note current nine mths net excludes dlr gain from termination of pension plan reuter
crude	shell to declare norway s draugen field commercial a s norske shell royal dutch shell group s rd as norwegian subsidiary said it has nearly concluded a billion crown development scheme for norway s draugen oil field and will declare the field commercial in the near future pending government approval of the scheme the field could come on stream in making it norway s northermost field development and the first such project on the haltenbanken tract off central norway work on the project could begin as early as january a shell spokesman said shell has not released projected output levels for the field where water depth is meters the spokesman said the field s partners have agreed to develop draugen with a meter single leg concrete gravity base platform the scheme also proposes using remote subsea production wells to tap the field s reservoir estimated to contain mln barrels of oil and an offshore buoy loading system to transport oil from the field by ship partners on draugen are shell the operator with a pct stake british petroleum co plc bp l unit bp petroleum development norway ltd pct and state owned den norske stats oljeselskap a s stat ol statoil pct reuter
acq	bond corp has no comment on allied speculation bond corp holdings ltd bona s of australia said it had no comment on an article in a london evening newspaper speculating on its plans for a bid approach to u k ddrinks and food giant allied lyons plc alld l tony oates bond corp s executive director for finance and administration said the company does not comment on market rumors or press conjecture he added in all instances of this kind problems are likely to arise whatever is said allied s shares were p up at p which values the company at around billion stg london stock market analysts specializing in brewery shares viewed a bid from bond which they said has assets of around two billion stg as highly unlikely they added that rumours of a possible bid for allied have surfaced from time to time in the press and the london equity market ever since last year s thwarted approach from elders ixl ltd elxa s of australia reuter
gold	s africa gold mining industry had record year the gold mining industry had another exceptional year in with tonnage milled revenues and profits reaching high levels the chamber of mines said nearly mln tons of ore was milled three pct higher than the prior year while revenues rose pct to billion rand and profits increased pct to billion rand the chamber reported the profit rise was achieved despite substantial cost increases and a pct rise in capital expenditures to billion rand it said the chamber said that a comparatively buoyant gold price allowed mines to continue the practise of mining lower grade ores which has characterised recent years it said the industry now mines to an average grade of grams per ton compared with grams per ton in gold output for the year declined five pct to tons compared with the previous year s tons reuter
acq	claremont tells sec it seeks pct champion products stake two board seats
money-fx	u k money market given mln stg late assistance the bank of england said it provided the money market with late help of about mln stg this takes the bank s total help today to some mln stg and compares with its forecast of a mln stg shortage reuter
earn	volvo group company proposes two for five issue ab catena in which ab volvo volv st has a pct stake said it was proposing a two for five stock issue that will raise the company s equity capital to mln crowns from mln catena reported profits after financial income and costs up to only mln crowns from mln in despite an increase in sales to billion crowns from billion in the company said that its performance was best reflected by earnings after writeoffs which rose to mln from mln in catena s increase in sales was mainly due to the takeover of safveans ab in february which changed the business profile of catena it had principally operated as a volvo dealer with the safveans acquisition it is now mainly a trading and industrial company in december catena sold its share in the stockbroking firm jacobson och ponsbach fondkommission ab this yielded a profit of mln crowns and was reflected in catena s pre tax earnings which rose to mln crowns from mln in reuter
crude	u s energy secretary optimistic on incentives u s department of energy secretary john herrington said he was optimistic about the chances of providing a more generous depletion allowance for oil and gas producers but added that the plan faces strong opposition from some members of the reagan administration herrington speaking to houston oil executives at a breakfast meeting said administration debate over his plan for a pct annual depletion allowance was heavy and strong largely because of some fears that the u s oil industry could eventually become as dependent on federal subsidies as the agriculture industry herrington s proposed tax incentives for the oil industry were issued last week after the department of energy released a comprehensive report finding u s national security could be jeopardized by rising oil imports in response to a question from mitchell energy and development corp mnd chairman george mitchell herrington said the report did not definitively rule out an oil import tarrif we intend to keep that debate open herrington said however following his speech herrington told reuters that the new report shows an oil import fee is not economical herrington said for example a dlr per barrel tariff on oil imports would cause the nation s gross national product to drop by as much as billion dlrs herrington also said he believed president reagan who requested the comprehensive national security study was committed to some action to help the ailing u s oil industry i m quite confident he understands the problems and is prepared to do something about it herrington said reuter
earn	commercial metals co cmc nd qtr feb net shr cts vs cts net vs revs mln vs mln avg shrs vs st half shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	geo a hormel hrl votes two for one split geo a hormel and co said its directors voted a two for one split payable june one record april reuter
acq	claremont to boost champion products ch stake claremont group ltd a new york investment banking firm said it intends to boost its current pct stake in champion products inc to as much as pct of the total outstanding common stock claremont added that it asked champion to put two representatives on its nine member board of directors claremont previously disclosed in december that it had agreed to act in concert with walsh greenwood and co an affiliated investment firm to acquire champion products claremont said it made net purchases of champion products shares between jan and march in a march letter to champion chairman john tanis claremont and walsh representatives stephen walsh and john cirigliano said they were pleased with the company s performance but wanted to take an active management role we believe that champion products has just begun to evolve into the market leader it will eventually become they said as significant shareholders with mutual interests with the company we would like to actively participate in this process claremont s intentions and the letter were made public in a filing with the federal securities and exchange commission reuter
earn	shell u k ltd year sales proceeds billion stg vs billion duty and value added tax billion vs billion net proceeds billion vs billion net profit mln vs mln average capital employed billion vs billion capital and exploration expenditure mln vs mln cash surplus mln vs mln note company is wholly owned subsidiary of royal dutch shell group rd as reuter
acq	cyclops cyl says dixons agreements binding cyclops corp said that as it has already stated its agreements with dixons group plc are binding and dixons will not rescind or waive any provisions of the agreements the company said its agreement to merge into dixons does not permit it to provide nonpublic information to cyacq which is making a competing offer for cyclops that had been provided to dixons it said other provisions dixons will not waive include its rights to recover breakup fees or expenses from cyclops or buy cyclops common shares from cyclops cyclops noted that dixons waiver of rights to breakup fees or the purchase of common stock directly from cyclops and the provision of nonpublic information to cyacq are conditions to cyacq s increased dlr per share offer to acquire cyclops shares dixons is tendering for cyclops shares at dlrs a share yesterday citicorp cci with audio video affiliates inc ava an owner of cyacq said it had offered to acquire from dixons after the merger of cyclops into dixons cyclops industrial businesses for mln dlrs more than alleghany corp y is currently scheduled to pay for them citicorp said yesterday that its proposal would allow dixons to raise its tender price to dlrs per share citicorp said if dixons accepted the proposal cyacq would terminate its competing offer for cyclops reuter
acq	j m resources inc in merger agreement j m resources inc said it has acquired a pct interest in dei acquisition corp from interfirst venture corp sam b myers neomar resources inc and richard l morgan all of dallas for warrants to acquire mln shares of j m stock and three mln dlrs of notes the warrants are exercisable at par value currently cts per share until march the company said if the warrants were exercised in full they would represent a pct interest in j m common stock it said amounts due under the notes are payable soleley from proceeds of the sale of securities by j m and non oil and natural gas revenues of dei j m said dei provides specialty insulation installation and asbestos removal services j m said all of its directors except jack e manning jr have resigned and myers and morgan were named to the board it said manning has resigned as president in favor of myers and will service as vice president in charge of oil and natural gas operations reuter
acq	astrotech aix director buys company stock astrotech international corp said its director s kent rockwell who controls rockwell venture capital inc will buy pct of the company s cumulative preferred stock it said will buy up to shares of astrotech s dlrs cumulative preferred stock it said the shares are owned by w f rockwell jr chairman and chief executive officer of astrotech and s kent rockwell s father reuter
earn	american cyanamid acy changes record date american cyanamid co said subject to approval by its board it has changed the record date for the quarterly dividend it will pay on june to may from may to coincide with the record date for a two for one stock split that was declared at the same time the dividend on a post split basis is cts per share reuter
earn	pneumatic scale co pnu sets quarterly qtly div cts vs cts prior pay may record april reuter
earn	curtice burns foods inc cbi raises payout qtly div cts vs cts prior pay april record april reuter
earn	hydraulic thc splits for hikes dividend the hydraulic co said its board approved a three for two stock split of its common stock and increased its quarterly cash dividend it said the stock split will occur through a pct stock distribution on hydraulic s common stock payable april to stockholders of record on april the quarterly cash dividend payable april to stockholders of record on april is to be paid on hydraulic s pre split shares that are currently outstanding the company said the dividend will be cts per share up from cts per share it will represent a quarterly common stock cash dividend of cts per share on the share that will be outstanding after the stock split the company said reuter
earn	hughes supply inc hug th qtr net shr cts vs cts shr diluted dlrs vs dlrs net vs sales mln vs mln year shr dlrs vs dlrs shr diluted dlrs vs dlrs net vs sales mln vs mln reuter
earn	preway inc prew th qtr loss shr loss cts vs loss dlrs net loss vs loss sales mln vs mln avg shrs mln vs mln year shr loss dlrs vs loss dlrs net loss vs loss sales mln vs mln avg shrs mln vs mln reuter
money-fx	sudan rejects imf demand for devaluation sudan has rejected a demand by the international monetary fund for a currency devaluation because such a move would have a negative impact on its economy the official sudan news agency suna reported finance minister beshir omer quoted by suna said his government also rejected an imf demand to lift state subsidies on basic consumer goods suna monitored by the british broadcasting corporation said omer made the remarks after a meeting in khartoum yesterday with imf envoy abdel shakour shaalan sudan burdened by a foreign debt of billion dlrs is some mln dlrs in arrears to the imf which declared it ineligible for fresh loans in february last year in february sudan announced a pct devaluation of its pound against the dollar adjusting the official exchange rate to pounds to the u s currency since then it has resisted pressure from main creditors for more currency adjustments arguing that past devaluations had failed to boost exports but raised local consumer prices sudan also has an incentive rate of four pounds to the dollar for foreign visitors and remittances by expatriate workers dealers in khartoum s thriving black market said the dollar was sold at pounds today with stringent import regulations and the government increasingly short of foreign currency black market dollars are used to finance smuggled imports from neighbouring countries mainly egypt kenya ethiopia and zaire western diplomats in khartoum say the meetings between imf and sudanese government officials do not amount to formal talks but rather an effort by the imf to monitor sudan s economic performance the diplomats said sudan hoped a planned four year economic recovery program would be acceptable to the imf as a serious attempt to tackle the country s economic troubles and persuade its gulf arab creditors to pay the imf arrears this they said could provide sudan with a clean bill of health from the imf that it could take to western government creditors grouped informally in the so called paris club to reschedule debt payments twenty three pct of sudan s total foreign debt is owed to members of the paris club the diplomats said sudan s finance minister said last month the country s imf representative had told him the fund s executive board was very pleased with the mln dlrs arrears we have paid in the past couple of months the representative omer said said imf managing director michel camdessus said he would ask saudi arabia to which sudan owes about billion dlrs to help khartoum to pay more sudan has an annual debt liability of nearly mln dlrs but set aside only some mln dlrs to service debts in the fiscal year ending next june reuter
earn	southern national corp snat sets stock split southern national corp said its board declared a three for two stock split payable to shareholders of record on may a company spokeswoman said the payable date for the split has not yet been fixed but would be shortly after the record date reuter
earn	national semiconductor nsm cites improved results national semiconductor corp said improved results at its semiconductor group helped reduce losses in the third quarter and nine months in the quarter ended march the group had a modest sales increase and major improvement in operating performance compared to the year ago quarter the company said but results softened from the prior quarter because of low bookings last fall for third quarter shipment and holiday shutdowns it said the semiconductor maker cut net losses to mln dlrs or cts a share from mln dlrs or cts in the quarter losses in the nine months were reduced to mln dlrs or cts from mln dlrs or one dlr sales grew pct in the quarter to mln dlrs and pct in the nine months to billion dlrs bookings recovered in the latter part of the third quarter the company said despite the improvement in order rates and operating results year to year pricing continues to be aggressive for many products it said nevertheless it expects the semiconductor business will continue to improve this year the information systems group will continue strong sales growth based on recent order trends and new product introductions it said reuter
interest	fed may add reserves economists say the federal reserve may intervene in the government securities market to add reserves today some economists said although others felt that the fed was likely to refrain from any action those who believed the fed will intervene said it would probably add temporary reserves indirectly via to two billion dlrs of customer repurchase agreements but others noted the fed s current add need is not large they also expected the federal funds rate to edge lower fed funds which averaged pct on monday opened at pct and remained at that level in early trading reuter
earn	berliner bank outlines losses berliner bank ag has suffered losses of between mln and mln marks on credits extended by its stuttgart branch by bank officials who exceeded their powers a bank spokesman said the spokesman replying to queries about press reports said he could not rule out the possibility that the final loss figure may be slightly above this range late last week the bank said only that the losses from the credits in stuttgart would be in the double digit millions reuter
earn	hughes supply inc hug sets quarterly qtly div cts vs cts prior pay may record may reuter
earn	kleinert s inc klrt st qtr ends feb net shr cts vs cts net vs revs vs avg shrs vs note qtrs include tax gain of vs prior qtr ended march reuter
earn	microdyme corp mcdy st qtr feb one loss shr loss nine cts vs profit two cts net loss vs profit revs vs reuter
acq	calny inc rejects pepsico inc acquisition offer
acq	dixons plans to let cyclops cyl offer expire dixons group plc said it does not plan to extend the expiration date of its tender offer for any and all common shares of cyclops corp beyond tonight dixons said it would accept shares validly tendered and not withdrawn by midnight tonight dixons which is offering dlrs a share for cyclops said last week it had about pct of cyclops common shares its offer originally was scheduled to expire march but was extended for one week yesterday citicorp cci with audio video affiliates inc ava an owner of cyacq said it had offered to acquire from dixons after the merger of cyclops into dixons cyclops industrial businesses for mln dlrs more than alleghany corp y is currently scheduled to pay for them citicorp said yesterday that its proposal would allow dixons to raise its tender price to dlrs per share citicorp said if dixons accepted the proposal cyacq would terminate its competing dlr offer for cyclops citicorp had suggested yesterday that dixons extend its tender until march in connection with the price increase reuter
earn	international clinical laboratories inc iclb shr nine cts vs seven cts net vs revs mln vs mln st half shr cts vs cts net vs revs mln vs mln note current half net includes charge dlrs from reversal of investment tax credits reuter
reserves	norwegian central bank reserves fall in january norway s central bank reserves totalled billion crowns in january against billion in december and billion in january the central bank said in its monthly balance sheet foreign exchange reserves totalled billion crowns compared with billion in december and billion crowns a year ago gold reserves totalled mln crowns unchanged from the previous month and the year ago figure central bank special drawing right holdings were billion crowns compared with billion in december and billion a year ago reuter
acq	gnb joins in leveraged buyout of french unit gnb inc said it joined with the management of the french company compagnie francaise d electro chimie to purchase the company for an undisclosed amount the french company which produces lead acid batteries had sales in of mln dlrs gnb said reuter
crude	oil tax break ridiculed by u s house taxwriter a house taxwriter said energy secretary james herrington s outrageous plan to restore an old tax break for oil companies was both bad tax and energy policy rep pete stark a california democrat and senior house ways and means committee member said herrington s plan for a pct depletion allowance which in effect is a special pct tax deduction would cost seven billion dlrs a year he must have missed the last two years of federal tax reform by sleeping as soundly as rip van winkle stark said he said in a statement the oil industry already pays an effective lower rate of u s tax on investment pct versus aggregate corporate tax on all investment of pct according to a recent congressional research service study reuter
acq	calny clny rejects pepsico acquisition offer calny inc said its board rejected as inadequate the unsolicited offer by pepsico inc pep subsidiary taco bell corp for all calny s outstanding common stock at dlrs cash per share taco bell recently acquired pct of calny s outstanding stock calny said calny said it retained oppenheimer and co inc to consider various financial and strategic alternatives available to the company reuter
earn	k mart corp raises dividend pct votes three for two stock split
money-fx	fed governor supports commodity price guide robert heller a member of the board of governors of the federal reserve system said commodity prices could form a useful guide for setting domestic and international monetary policy speaking to the conservative heritage foundation heller said a broadly based commodity price index may be worth exploring as a guide to monetary policy in times of rising commodity prices monetary policy might be tightened and in times of falling commodity prices monetary policy might be eased he said commodities are also standardized to avoid measurement problems and occur at the beginning of production so as to give early warning signs of wholesale and retail changes there is no need to react to every small fluctuation in commodity prices or to do so on a daily basis heller said in a prepared text but if commodity prices exhibit a broad trend a policy action might be considered he said heller said using a broad based commodity price index as an indicator for monetary policy would also contribute to stabilized currency exchange rates commodity prices are generally uniform worldwide and prices for them are more consistent than for other types of goods he said he said other beneficial effects would be to stabilize export commodity prices for developing countries by using a commodity basket as a guidepost for monetary policy reuter
earn	k mart km raises payout votes split k mart corp said its board approved a pct increase in the quarterly dividend and declared a three for two stock split the company raised its dividend to cts a presplit share up from the previous cts a share after the split the new quarterly dividend rate is equivalent to cts a share it is payable june eight record may it said the additional shares will be distributed june five record may reuter
acq	southmark sm sells national heritage stake national heritage inc a unit of southmark corp said it began an initial public offering of two mln shares of common stock at a price of dlrs a share all the shares are being offered by national heritage which will trade under symbol nher on nasdaq through lead underwriter drexel burnham lambert inc proceeds will be used to increase working capital complete renovations at leased facilities and repay certain debts to southmark after the offer southmark will retain about pct of the mln outstanding common shares of national heritage which operates long term nursing care facilities reuter
cocoa	ghana cocoa purchases still ahead of last year the ghana cocoa board said it purchased tonnes of cocoa in the rd week ended march of the main crop season compared with tonnes the previous week and tonnes in the rd week ended march of the season cumulative purchases so far this season stand at tonnes ahead of the tonnes purchased by the rd week of last season the board said reuter
acq	owens illinois oi acquisition completed oii holdings corp a concern formed by kohlberg kravis roberts and co said it completed its previously announced acquisition of owens illinois inc under terms of the february agreement oii paid dlrs per common share and dlrs per dlrs convertible preferred share oii said each common share still outstanding at the time of the merger has been converted into the right to receive dlrs per share and all preference shares not converted will be redeemd on april at a redemption price of dlrs per preference share plus accrued and unpaid dividends oii said it has assumed owen s pct sinking fund debentures due june pct sinking fund debentures due november and pct debentures due april oii said the new york stock exchange said the securities will be delisted as a result of the merger oii said it is anticipated that the securities will be traded in the over the counter market the surviving company will be known as owen illinois inc it said reuter
acq	chrysler lamborghini still in joint venture talks joint venture talks that could lead to chrysler corp c taking a stake in italian car maker automobili lamborghini spa are continuing a lamborghini spokesman said he told reuters the two companies are discussing a number of topics ranging from a joint venture in the production area to chrysler becoming a shareholding partner in the italian firm the spokesman declined to comment on whether chrysler was interested in acquiring control of lamborghini or if the two sides were close to an accord he said the two companies are discussing the possibility of jointly developing a sports car aimed primarily at the u s market the spokesman said chrysler officials in detroit had already visited lamborghini s production plant in bologna and another visit may be scheduled lamborghini which is controlled by the mimran group of switzerland broke even last year on sales of billion lire he said chrysler also holds a pct interest in italian sports car producer alfieri maserati spa reuter
gold	belgium details pricing plan for ecu gold coin the european currency unit gold coins which go on sale tomorrow in belgium will be priced at a premium of seven pct to the value of the gold they contain a finance ministry spokesman said the price will be calculated daily based on the daily gold fixing in london belgium is minting an initial gold coins to celebrate the th anniversary of the european community s founding treaty of rome but final production is expected to be around each gram coin will contain grams of fine metal two mln silver coins face value five ecus will be sold at francs each reuter
earn	data architects inc drch st qtr feb net shr cts vs cts net vs revs vs reuter
earn	passport travel inc ppti st qtr feb net shr two cts vs nil net vs sales vs reuter
earn	hi shear industries inc hsi rd qtr feb net oper shr cts vs cts oper net vs revs mln vs mln nine mths oper shr cts vs cts oper net vs revs mln vs mln note prior year net excludes tax credits of dlrs in quarter and dlrs in nine mths prior nine mths net includes gain from sale of real estate of dlrs reuter
earn	prudential records best results in six years prudential corporation plc which earlier announced a pct rise in pre tax profits said it had recorded its best general insurance result for six years but had not reached satisfactory levels of profit in other areas group chief executive brian corby told a news conference that despite returning to trading profits the international division and the mercantile and general division had not reached satisfactory levels but he said he welcomed mercantile and general trading profits in and was optimistic about both that and the international division the acquisition of the u s life company jackson national had a small effect in but its full effect would be felt in the results corby said the group also intended to expand the number of its estate agency firms bought last year and hoped they will comprise between and pct of total company profits in the future we hope they will be very profitable very shortly we are looking for profits from the estate agencies themselves as well as the insurance products associated with them corby said prudential s pre tax profits rose from s mln stg to mln stg in reuter
earn	crs sirrine da to take write off crs sirrine inc said it plans a major restructuring of its balance sheet that will include a write off of between mln and mln dlrs most of which would be intangible goodwill from the company s past acquisitions the company said the remainder of its write off would include a one time expense for future costs related to early retirement programs office consolidations and an increase in the general reserve for adjustments and contingencies bruce wilkinson president of the company said the charges to the company s third quarter earnings for the period ending march would significantly impact third quarter results but would not affect the company s cash position we expect to have the biggest operating backlog in the company s history by june the end of our fiscal year wilkinson said we believe the action being proposed will begin to contribute to improved earnings in the fourth quarter of our fiscal and throughout fiscal the company which is one of the nation s largest construction firms also said termination of its defined benefit retirement plan would produce a pre tax benefit of about mln dlrs due to overfunding of the plan in its second quarter ended dec crss had net earnings of dlrs on revenues of mln dlrs reuter
earn	flowers industries inc flo rd qtr march march end shr cts vs cts net vs sales mln vs mln nine mths shr cts vs cts net ln vs mln sales mln vs mln note twelve and week periods reuter
earn	flowers industries flo sees lower year net flowers industries inc said it expects lower earnings for the current year due to operating losses incurred by recent acquisitions and possible nonrecurring losses resulting from its restructuring efforts for the year ended june flowers earned mln dlrs today it reported nine month earnings of mln dlrs down from mln dlrs a year before flowers said it expects fiscal however to show the best growth in profits in its history due to the growing profitability of ongoing businesses cost control efforts higher productvitiy and lower taxes flowers said losses suffered in its west texas operations and in five plants acquired at the start of the third quarter from cfs staley continental and wolf baking co severely hurt results it said the cfs and wolf plants are expected to be contributing to profit by the end of the fiscal year and it is seeking to bring the west texas operations to acceptable levels of profitability by the end of the fourth quarter as well reuter
earn	technitrol inc tnl th qtr shr cts vs cts net mln vs revs mln vs mln year shr dlrs vs dlrs net mln vs mln revs mln vs mln reuter
alum	alcan ups aluminium ingot and billet prices alcan aluminium ltd in montreal said it increased yesterday its prices for unalloyed ingot and extrusion billet by two cents a lb effective with shipments beginning may the new price for unalloyed ingot is cents a lb while the new price for extrusion billet is cents a lb we feel very confident about raising our prices because we see demand over supply as being sustainable for some time said ian rugeroni alcan s president of metal sales and recycling u s a rugeroni said sheet and can bookings for alcan aluminium were up at a time when the company s total mln tonne north american smelter system had less than a week s supply we re short and we re buying he said rugeroni added that alcan expects the international primary aluminum institute to report a drop in total non socialist stocks in february and march he estimated supply in the latter month will have fallen to tonnes based in part on current low inventories of aluminium in japan and on the london metal exchange reuter
earn	general nutrition inc gnc th qtr net qtr ends jan shr profit eight cts vs loss cts net profit vs loss revs mln vs mln mths shr profit cts vs loss cts net profit vs loss mln revs mln vs mln note includes provision for store closings of foreign operations of for qtr and for qtr prior includes provision for store closing costs and unproductive inventory of for qtr and mln for qtr prior reuter
acq	cp air pacific western airlines set new name pacific western airlines corp said the airline resulting from the previously announced merger of its pacific western airlines ltd unit and canadian pacific air lines ltd would be named canadian airlines international ltd effective april pacific western said the two airlines services and schedules would also be integrated on april it previously appointed management for the new airline the new airline canada s second largest will have planes flying to destinations in countries pacific western recently acquired canadian pacific airlines for mln dlrs from canadian pacific ltd cp reuter
earn	plenum publishing corp plen th qtr net shr cts vs cts net vs gross income mln vs mln year shr dlrs vs dlrs net mln vs mln gross income mln vs mln note share adjusted for five for two stock split effective yesterday net includes gains on sale of securities pretax of dlrs vs dlrs in quarter dlrs vs dlrs in year reuter
earn	honeybee inc hbe th qtr net oper shr cts vs five cts oper net vs sales vs year oper shr cts vs cts oper net vs sales mln vs mln note net excludes discontinued operations nil vs gain dlrs in quarter and losses dlrs vs dlrs in year year net excludes dlr provision for loss on disposal of discontinued operations reuter
earn	scientific measurement systems inc scms net nd qtr jan shr loss three cts vs loss seven cts net loss vs loss revs vs avg shrs mln vs st half shr loss six cts vs loss cts net loss vs loss revs vs avg shrs mln vs reuter
grain	ec member states cool on cereal plans european community ec member states have generally given a cool initial reaction to proposals by the european commission for cereal price changes and related measures in the coming season ec diplomats said they said that in meetings of the ec special committee on agriculture representatives of most member states had said the changes taken together would have too harsh an impact on farmers incomes only britain and the netherlands had shown willingness to accept the commission s overall package they said as well as cuts of over two pct in common prices for most cereals the commission proposes a limitation of intervention to the february to march period and reduced monthly increments in intervention prices ec farm ministers will have a first discussion of the proposals at a meeting beginning next monday reuter
earn	public service co of colorado psr in payout qtly div cts vs cts prior pay may one record april reuter
earn	corrected manhattan national corp mlc th oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln mths oper shr loss six cts vs loss cts oper net loss vs loss revs mln vs mln note in item moved march company corrects its error to show loss for current mths and qtr not profit reuter
coffee	colombia coffee revenue sharply down in jan feb colombia s coffee export revenue dropped mln dlrs to mln dlrs for the first two months of the year against mln dlrs in the similar period of central bank preliminary figures show experts attributed the fall to lower world market prices following the failure to re introduce international coffee export quotas but they said colombia could compensate the drop with higher exports in calendar coffee export revenue for was billion dlrs according to the bank jorge cardenas manager of the national coffee growers federation last week estimated the recent drop of cents a lb in coffee prices would mean a net loss revenue of mln dlrs for colombia but he stressed that colombia with stockpiles of mln kg bags had the capacity to export more and would use a recently introduced more flexible marketing policy to do so reuter
earn	ste francaise des petroles bp pbpf pa year net result breakeven no profit or loss vs breakeven operating loss mln francs vs mln net turnover billion francs vs billion sales of petroleum products mln tonnes vs mln note company said in a statement results were affected by the sharp fall in crude oil prices net result included an extraordinary recovery of mln francs from provisions for currency fluctuations and mln francs in depreciation of fixed assets company is a subsidiary of the british petroleum co plc bp l reuter
acq	olivetti does not exclude stake in sgs thomson ing c olivetti ec spa oliv m does not exclude the possibility of investing in a semiconductor venture currently under discussion between italy s stet societa finanziaria telefonica p a and france s thomson csf tcsf pa an olivetti spokesman said he said that if olivetti were approached by the two partners involved and the financial conditions of any proposal were considered interesting the company did not exclude the possibility of investing in the venture however olivetti had made no decision on any such investment and did not have at its disposal information to evaluate such a move stet and thomson said last thursday they were negotiating an accord involving their respective subsidiaries sgs microelettronica spa and thomson semiconducteurs in the civil semiconductor field they said the accord once concluded would be put for approval to the french and italian authorities the olivetti spokesman was responding to a reuters query about italian press reports today saying that olivetti might participate in the venture with a two pct stake reuter
earn	enserch corp ens sets quarterly qtly div cts vs cts prior pay june one record may reuter
acq	nestle to acquire nabisco canada businesses swiss based nestle s a s nestle enterprises ltd unit said it signed a letter of intent to acquire nabisco brands ltd s club melrose dickson and chase and sanborn businesses for undisclosed terms nestle said the final agreement subject to required approvals would be signed shortly the businesses involved in the deal provide products to hotels restaurants and other parts of the food and beverage industry nabisco is pct owned by rjr nabisco inc rjr reuter
trade	fed s heller says he wants to see stronger japanese demand for american goods
earn	metropolitan financial corp mfc votes payout qtly div cts vs cts prior qtr pay april record april reuter
crude	goodyear gt unit to start up pipeline goodyear tire and rubber co said the all american pipeline of its celeron corp subsidiary will start line fill activities on march as it begins operating the company said about five mln barrels of oil will be required to pack the completed segment of the line which runs miles from near santa barbara calif to existing pipeline connections in west texas construction has also staqrted this week on a mile inch diameter gathering line to deliver to barrels a day of oil from the san joaquin valley in california the inch main underground line can transport over barrels daily reuter
earn	microsize inc msiz nd qtr ends feb net shr profit one cent vs loss cts net profit vs loss revs vs six mths shr profit one cent vs loss four cts net profit vs loss revs vs reuter
acq	paul s place inc control changes paul s place inc said chairman president and treasurer paul d lambert has sold mln common shares to other board members advisory board members alan h marcove and gerald m marcove and an unaffiliated purchaser it did not name terms were not disclosed the company said alan marvoce has been named to replace lambert as chairman and chief executive officer and michael t fuller has been named president fuller was formerly president of mr steak inc reuter
acq	cyacq amends cyclops offer conditions says citicorp expands financing
acq	gordon jewelry gor completes sale of unit gordon jewelry corp said it has completed the previously announced sale of the assets of its catalog showroom stores to privately held carlisle capital corp for an undisclosed amount of cash and notes in excess of book value reuter
earn	tajon ranch co trc th qtr net shr five cts vs nine cts net vs revs vs year shr ten cts vs cts net vs revs mln vs mln reuter
earn	centerior energy corp cx sets quarterly qtly div cts vs cts prior pay may record april reuter
earn	suffield financial corp sfcp raises quarterly qtly div five cts vs three cts prior pay april record march reuter
acq	cyacq cuts conditions on cyclops cyl bid cyacq corp an investor group bidding for cyclops corp said it amended its outstanding dlrs a share tender offer for cyclops to eliminate two conditions and modify a third one the group which includes audio video affiliates inc and a unit of citicorp cci said it also obtained additional financing commitments including an increased commitment from citicorp capital investors ltd the conditions that were eliminated are cyacq s request for non public information about cyclops that was previously provided to dixons group plc and cyacq s being satisified that the information provides an adequate basis for cyclop s published financial projections cyclops has agreed to be acquired dixons group which has a dlrs a share tender offer for cyclops outstanding dixons said earlier it would allow the offer to expire tonight the condition that was modified which required cyacq to be satisfied that break up fees or other obligations to dixons were rescinded or ineffective now says cyclops shall not have paid any such fees or expenses to dixons prior to the consummation of cyacq s offer cyacq s amended offer expires midnight new york time on april three unless extended manufacturers hanover trust co and cit group business credit inc increased its tender offer commitment to mln dlrs from mln dlrs and its merger commitment to mln dlrs from mln dlrs additionally the citicorp unit and audio video have increased their commitments to cyacq to mln dlrs of the new total mln dlrs has been committed by citicorp cyacq said it estimates that it needs mln dlrs to buy all cyclops shares that may be tendered and pay related fees and expenses it said it is seeking to arrange the balance of about mln dlrs necessary to complete the offer all previously announced conditions regarding the lending group led by manufacturers hanover remain in effect except that the loans are subject to the concurrent receipt by cyacq of equity contributions and other financing of not less than mln dlrs for the tender offer facility and mln dlrs for the merger facility cyacq also said the citicorp unit had received no indications of interest in an alternative offer it had made from dixons cyclops or alleghany corp y which has agreed to acquire cyclops industrial group from dixons under the alternative offer the citicorp unit with cyacq s approval proposed to acquire the industrial group from dixons reuter
tin	tin pact extension likely itc delegates an extension of the sixth international tin agreement ita for one or two years beyond june is increasingly likely international tin council itc delegates said following a special council session today a formal decision will be taken at the quarterly council session on april when decisions are needed on the budget and activities for the year beginning july one they stated delegates said most countries now favour a continued legal itc presence to answer the still unresolved legal disputes over the outstanding debts of its buffer stock with court hearings likely to continue well after the june expiry of the pact the itc was informally told of the appeal made yesterday by amalgamated metal trading ltd amt against the january court ruling against it in the legal bid it led on behalf of itc creditor brokers to have the itc wound up in january the judge ruled that the u k court had no jurisdiction to wind up the tin council the itc was not an association within the meaning of the u k companies act and the winding up petition was not a proceeding in respect in respect of an arbitration award amt is appealing on all points and has said it is important for the court to accept that a winding up petition is a move to enforce an arbitration ruling reuter
earn	sigma research onc sigr nd qtr dec loss shr loss cts vs profit one ct net loss vs profit revs vs six mths shr loss cts vs profit two cts net loss vs profit revs vs note year ago net includes gain from tax carryforwards of dlrs in quarter and dlrs in year reuter
earn	kodak ek to cut polyester fiber operations eastman kodak co said it will reduce capacity and employment levels in two polyester fiber operations of its eastman chemicals division a company spokesman said the company will take some writeoff in connection with the action in the first quarter and there will probably be a further carryover writeoff in the second quarter the writeoffs will cover the costs of plants and equipment involved as well as expenses connected with the staff cuts kodak said the division will discontinue production of polyester partially oriented filament yarn or poy at its carolina eastman co plant in columbia s c and will idle mln pounds of older polyester staple fiber production capacity mostly in columbia the company said about jobs will be affected in columbia most of which are now performed by contract workers and about jobs at its tennessee eastman co plant in kingsport tenn kodak said part of the staff reduction will be achieved through an enhanced voluntary separation and retirement plan for employees of carolina eastman eastman chemical products inc and other kodak units in kingsport except holsten defense corp most of the workforce reduction is expected to be completed by april kodak said depressed prices and poor financial performance have led to the decision it said about mln pounds of poy production will be shut down as a result of its exit from the business all kodak poy production has been at carolina eastman since last year the company said annual capacity for production of kodel polyester staple fiber will be reduced to mln pounds from mln due to lesser demand it said it will proceed with a previous decision to phase in a new mln pound staple fiber plant at carolina eastman carolina eastman employs about and the kingsport units affected about the company spokesman later said the charges will be insignificant and will have no impact on earnings estimates reuter
grain	illinois co op futures dissolution vote set the shareholders of illinois cooperative futures co the futures trading arm of many midwest farm cooperatives for more than years will vote wednesday on its possible dissolution the directors of the company called a special meeting and recommended its dissolution last month citing falling volume and increasing costs sources close to the organization told reuters the pullout of growmark inc which holds more than pct of the capital stock led to the call for dissolution the possible demise of the cooperative has set clearing houses scrambling for the trading business of the regional and local cooperatives that comprise its membership ironically it was growmark at that time a regional farm cooperative with major river terminal elevators that founded illinois cooperative futures on december but growmark became affiliated last year with archer daniels midland of decatur ill and markets its grain through a joint subsidiary of the two companies adm growmark with that relationship growmark no longer needs to trade futures through the cooperative said tom mulligan president of the co op membership in the company which mulligan termed a cooperative of cooperatives has declined from in a notable loss was agriindustries of iowa which became affiliated with cargill inc illinois co op s other members include such regional cooperatives as indiana grain based in indianapolis goldkist of atlanta ga midstates in toledo ohio farmland industries in kansas city mo farmers commodities des moines and harvest states in minneapolis some observors said the demise of illinois cooperative futures co is a serious blow to the cooperative system instead of banding together the individual cooperatives are forced to go their own ways said the floor manager of one cash house at the chicago board of trade such a move would destroy the cohesiveness that gives farm cooperatives an advantage in the market at a time that a few major commercial companies are growing dominant he said don hanes vice president for communications with the national council of farm cooperatives said cooperatives exist today down from five years ago the period we ve gone through in the past five years has been quite a crunch he said there s been a lot of consolidation in the marketing co ops one problem he said is the co ops sell the grain to the major commercials for export rather than exporting it themselves losing potential profits but exporting grain requires heavy investments and the multi million dollar loss posted six years ago by farmers export co a co op set up to export grains served to make folks gun shy hanes said mulligan said he believes the dissolution if it is approved is a result of change in the futures industry rather than a change in u s agricultural economics a grain dealer at one member co op said the futures arm was a convenience something that saved us a little bit of money its dissolution will force us to change our way of doing business we re sorry to see the co op go by the wayside he said but there are lot of people out there to do business with there are plenty of capable firms steven w cavanaugh vice president for grain marketing with indiana grain said he would prefer to trade futures through a chicago based cooperative in terms of clearing our business as a unit as opposed to individuals there would be economic savings he said but added the times change and with changing times come different opinions of what businesses ought to be around cavanaugh said the possible demise of the futures arm had nothing to do with its profitability i would guarantee you that this company is not in trouble it is a sound healthy organization in the year ended february the illinois cooperative reported income of mln dlrs and members equity or net worth of mln dlrs the annual report for the most recent year has not been filed under the cooperative system income from operations is returned as patronage refunds to the members income and refunds in the past five years have been declining in the year ended february the co op reported income of mln dlrs and patronage refunds of mln dlrs patronage refunds in the year ended february totalled mln dlrs you re dealing with substantially lower volume mulligan said lower volume translates into higher costs according to the company s annual report growmark owns pct of the preferred shares and four pct of the common shares of illinois cooperative futures co mulligan declined to speculate on how much of the capital growmark is entitled to he said he could not determine the figure unless the shareholders decide in favor of dissolution equity is distributed according to each member s trading volume and as a result changes from year to year however mulligan said the company could continue to meet minimum capital requirements to trade futures even if growmark pulled out reuter
acq	conrac cax soars following mark iv iv bid heavy buying by speculators boosted conrac corp to higher than a dlr per share cash tender offer announced by mark iv industries inc iv it s a case of chemlawn euphoria said one arbitrageur referring to a recent hostile tender that began at dlrs per share and ended when chemlawn corp chem found a white knight willing to bid dlrs for conrac the arbitrageur said dlrs per share seemed like an appropriate price another said it s too early to project the outcome the market is speaking for itself and saying the dlr offer is inadequate the second arbitrageur said but he added it was hard to make a case for conrac being worth much more than the dlrs where the shares traded today he noted the stock recently sold in the high teens and there could be a downward risk of dlrs or more if conrac is able to thwart mark iv conrac urged shareholders to take no action while its board studies the offer and confers with advisers conrac said it would make a recommendation by april a third arbitrageur noted mark iv had been involved in several takeovers previously and has proven itself to be a determined bidder they re not beginners he said another said conrac might have trouble if it tried to find another buyer it s a hodge podge of non related businesses he said there is only a small universe of people who would want to own the company as it s presently structured conrac is involved in video displays computer software aircraft instruments telephone answering machines welding equipment and other products i m telling retail clients to sell and leave the rest for those who can take the risk said rudolph hokanson analyst at milwaukee co he called the dlr offer by mark iv fair value but on the low side i don t think management was looking for a buyer in any way before this offer he said hokanson said conrac has conservative finances and has developed a reputation for quality products that serve niche markets he said management has done a good job of turning around the telephone answering machine business reuter
acq	laser photonics lazr sells common shares laser photonics inc said it sold shares of its common stock to investors for one mln dlrs under a previously announced agreement in connection with the investment the company said it will restructure its board there will be eight members three of whom were designated by the new investors the company said the group of investors include affiliates of radix organization inc the company said richard gluch jr resigned from the board joining the board were leonard lichter pierre schoenheimer and roger kirk the investors designates the company added other members of the board are chairman don friedkin president and chief executive officer mark fukuhara and jay watnick ira goldstein thurman sasser and michael clinger reuter
earn	crowley milner and co com th qtr jan net shr dlrs vs dlrs net vs sales mln vs mln year shr dlrs vs dlrs net vs sales mln vs mln qtly div cts vs cts previously pay april record april reuter
acq	conrac cax urges no action on bid conrac corp said it is asking shareholders to take no action on the dlr per share tender offer for all its shares launched this morning by mark iv industries inc iv the company said its board will study the offer with financial and legal advisors and make a recommendation to shareholders by april reuter
gold	d or val mines ltd finds high grade order d or val mines ltd said a recent drill hole from the surfrace has intersected high grade ore in a downdip extension of the discovery vein in its d or val mine in northern quebec the company said feet of the hole graded ounce per short ton of gold including a foot section grading ounces it said the zone is just below the projection of the seventh level of the mine about feet below the surface and feet west of the shaft d or val said this find and other recent ones will make substantial contributions to the mine s ore reserves and grade reuter
interest	fed buys mln dlrs of bills for customer the federal reserve purchased about mln dlrs of u s treasury bills for a customer a spokeswoman said she said that the fed bought bills maturing in june and july and on august and september for regular delivery tomorrow dealers said that federal funds were trading at pct when the fed announced the operation reuter
earn	penn traffic co pnf th qtr jan net shr cts vs cts net vs revs mln vs mln year shr dlr vs dlr net vs revs mln vs mln note first three quarters of have been restated to reflect adoption in th qtr of new pension accounting procedure which increased net income in first three qtrs dlrs or five cts per share procedure increased fourth qtr income dlrs or two cts per share reuter
cocoa	cocoa buffer stock accord closer delegates say the international cocoa organization icco moved closer to an agreement on buffer stock rules with many delegates saying they expect to reach an accord by friday everyone is convinced the buffer stock rules should be in place by friday so the buffer stock can be put into operation monday a consumer delegate said the atmosphere is excellent other delegates said the buffer stock might not be operational by monday but could be in place by around april if the rules are agreed by friday a detailed package on how the buffer stock manager will buy and sell cocoa was presented to a buffer stock working group this afternoon a big step toward a very interesting stage of negotiations delegates said the package based on negotiating principles informally agreed by delegates has been forged bit by bit during fortnight long meetings by icco executive director kobena erbynn and a small group of other delegates producers the european community ec and consumers are scheduled to consider the paper separately and then jointly tomorrow under the proposal the buffer stock manager would buy cocoa from origins or the second hand market on an offer system he would alert the market via news agencies as to when he wanted to buy cocoa and include shipment details and tonnage desired delegates said the manager would buy cocoa on a competitive basis rather than choosing the cheapest cocoa as before giving preference to icco member country exporters standard price differentials would be fixed for each origin similar to golf handicaps to determine the relative competitiveness of offers of various cocoas from different origins they said the differentials could be reviewed at the request of a member country or recommendation of the buffer stock manager the delegates said revision would be decided by a majority vote of the icco council buffer stock purchases from non icco member countries would not be allowed to exceed pct of the total buffer stock they said the purchases would be limited to tonnes of cocoa per day and tonnes per week and could be bought in nearby intermediate and forward positions they added one of the underlying ideas of the rules package is transparency meaning virtually all the buffer stock manager s market activities will be public and he will have as little discretion as possible delegates said after the tin market collapse in when the international tin council buffer stock ran out of funds cocoa delegates are anxious to install safeguards in the cocoa market mechanism they said earnest debate on the buffer stock proposal is expected to begin late tomorrow as delegations feel the pressure of the approaching friday deadline when the icco meeting is due to adjourn delegates said the icco failed to agree buffer stock rules in january when the new international cocoa agreement came into force the existing buffer stock of tonnes of cocoa was frozen in place with its bank balance of mln dlrs both untouchable until rules are agreed though the current semi annual council meeting is not the last chance for delegates to cement buffer stock rules producers are keen to get the wheels of the market stabilizing mechanism turning to stem the decline in world prices delegates said reuter
acq	financial corp fin not holding buyout talks financial corp of america said it is not holding discussions with anyone regarding a buyout of the company but a spokeswoman pointed out that financial corp has said publicly for nearly two years that in the company s view a merger would be one method of increasing the company s capital if an opportunity arises for us to strengthen our capital position quickly we would be very open to it the spokeswoman said financial corp would need over one billion dlrs to bring its regulatory net worth up to federal savings and loan insurance corp requirements the spokeswoman said in addition she said that the federal home loan bank board in a letter dated january stated that through march it will continue to support the company s efforts to restructure its balance sheet maintain profitable operations and augment net worth reuter
earn	american network inc anwi dec year net shr profit cts vs loss dlrs net profit vs loss revs mln vs mln avg shrs vs note current year net includes nine mln dlr net gain from settlement of litigation reuter
earn	signet banking corp regular dividend qtly div cts vs cts prior payable april record april three reuter
earn	mott s super markets inc msm th qtr jan shr loss cts vs loss dlrs net loss vs loss mln revs mln vs mln year shr loss cts vs loss dlr net loss mln vs loss mln revs mln vs mnln reuter
earn	alexander s alx nd qtr feb shr cts vs cts net mln vs mln six months shr cts vs cts net mln vs mln note six months includes dlr charge six months includes net gain reuter
earn	northeast utilities nu year shr dlrs vs dlr net mln vs mln revs billion vs billion reuter
acq	mobex completes grant industries gtx tender mobex corp a private building product concern said as of late yesterday it had accepted about mln shares or pct of grant industries inc under a tender offer the dlrs a share cash offer expired at est yesterday mobex said its mobex acquisition corp unit accepted shares of grant common or about pct of the shares presently outstanding at the tender price reuter
earn	leucadia national corp luk th qtr net shr dlrs vs cts shr diluted dlrs vs cts net mln vs avg shrs mln vs mln year shr dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs mln avg shrs mln vs mln note earnings per share reflect the two for one split effective january per share amounts are calculated after preferred stock dividends loss continuing operations for the qtr includes gains of sale of investments in enron corp of mln dlrs and associated companies of less writedowns of investments in national intergroup inc of mln and brae corp of mln reuter
acq	telecom tele completes sale telecom plus international inc said it completed the sale of its pct interest in tel plus communications inc to siemens information systems inc for about mln dlrs telecom received mln dlrs at closing with the balance to be paid in installments siemen said it will dispute various matters in the financial statement issues and other matters it said reuter
cocoa	haiti czechoslovakia join cocoa organization haiti and czechoslovakia have joined the international cocoa organization icco bringing membership in the united nations charter body to importing countries and exporters icco officials said haiti has provisionally applied to the icco as an exporting member and accounts for pct of world cocoa exports they said czechoslovakia joined as an importer reuter
earn	integrated resources inc ire th qtr net oper primary shr dlr vs dlrs oper diluted shr cts vs dlrs oper net mln vs mln revs mln vs mln avg shrs primary vs avg shrs diluted mln vs mln year oper shr dlr vs dlrs oper net mln vs mln revs mln vs mln avg shrs vs note oper net excludes mln dlrs for discontinued operations th qtr excludes a loss of dlrs and dlrs respectively for discontinued operations oper net excludes a mln dlr or dlr per shr loss from early extinquishment of notes and oper per share amounts are reported after paying mln dlrs and mln dlrs respectively for preferred stock dividends and th qtr per share amounts are reported after paying dlrs and dlrs respectively for preferred stock dividends s discontinued operations are restated reuter
earn	wean united inc wid th qtr shr loss one dlr vs profit seven cts net loss mln vs profit revs mln vs mln year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note earnings reflect preferred dividend requirements year includes one time gain of mln dlrs reuter
trade	u s house panel eases soviet export controls the u s house foreign affairs committee voted to ease restrictions on exports that are now kept from shipment to soviet bloc countries but are no longer a threat to u s national security the democratic controlled committee said the administration s export control policies which restrict shipment of thousands of products contributed to last year s record billion dlr u s trade deficit the committee said the legislation will cut government red tape and make it easier for u s companies to compete with foreign producers since many of the goods are readily available from other countries rep don bonker chairman of the international economic policy subcommittee said the unnecessary restrictions had cost the u s billion dlrs in exports a year this is congress number one opportunity to attack the trade deficit in a positive way by exporting more the washington democrat said the legislation would order the commerce department to lift controls on pct of goods on the restricted export list over the next three years unless other countries agree to comparable controls most of these are of the least sophisticated type of technology such as medical instruments it would also give the commerce department primary authority to decide which exports will be permitted and limit the defense department to an advisory role in reviewing requests to export highly sensitive technology reuter
money-fx	baldrige says changes needed in exchange rates of currencies pegged to dollar
earn	charter co th qtr net profit mln dlrs vs loss mln dlrs
earn	alexander s alx nd qtr ends feb net shr cts vs cts shr diluted cts vs cts net vs revs mln vs mln six mths shr cts vs cts shr diluted cts vs cts net vs revs mln vs mln note includes a change in accounting for investment tax credit of or cts per share in six mths prior first qtr includes non recurring charge of for company s abandoning of its plan to convert to a limited partnership reuter
acq	stanadyne stna united technologies end talks stanadyne inc said it terminated discussions about its proposed purchase of united technologies corp s diesel systems utx unit the reason was not disclosed reuter
interest	citicorp cci rules out credit card price war american express co s axp recent launch of a new optima credit card with relatively low interest rates and fees will increase competition with bank credit card issuers but will not lead to a pricing war a senior citicorp offical said over the next two to three years a very interesting marketing battle will be fought competition will not be on price but on product features pei yuan chia head of the u s card products group told a banking analysts meeting citicorp is the leading u s bank credit card issuer with some mln accounts and an pct market share chia said that citicorp would focus its credit card marketing efforts on acceptance noting that visa and mastercard currently enjoy a two to one advantage over american express in terms of worldwide acceptance he also doubted the popularity of american express plan to link interest charges on the new optima card to the bank prime lending rate the consumer likes to have a fixed rate instrument he said richard braddock head of the whole individual banking division added that when there is increased competition it is not the big people who get crunched but the small ones reuter
earn	new process co noz sets qtly payout new process co said it declared a quarterly dividend of cts the regular dividend it pays during the first three quarters of the year the dividend is payable may to shareholders of record april last year new process paid an annual dividend of dlrs by paying cts a share in each of the first three quarters and a fourth quarter dividend of cts reuter
earn	petroleum equipment tools co ptco th qtr shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln year shr loss dlrs vs loss cts net loss mln vs loss mln revs mln vs mln reuter
acq	sundor group buys dwg dwg unit s assets sundor group inc said it purchased dwg corp s texun inc s line of regional juice products the purchase terms were not disclosed the company said reuter
earn	quick and reilly group bqr th qtr feb shr cts vs cts net mln vs mln revs mln vs mln year shr dlrs vs dlr net mln vs mln revs mln vs mln reuter
acq	hayes albion hay completes going private deal hayes albion corp said its shareholders approved a plan to merge with and become a wholly onwed subsidiary of privately held harvard industries inc st louis based harvard industries a manufacturer and distributor of automobile supplies held pct of hayes following completion of a dlrs a share cash tender offer in december under the merger agreement remaining shareholders of hayes a jackson mich based maker of auto supplies will receive dlrs cash for their shares trading in hayes common will cease at the close of business today the company said reuter
earn	charter co qchr th qtr oper loss oper shr loss one ct vs loss four cts oper net loss vs profit revs mln vs mln avg shrs mln vs mln year oper shr profit cts vs profit cts oper profit vs profit mln revs billion vs billion avg shrs mln vs mln note th qtr and year oper net excludes a gain of mln dlrs and mln dlrs or cts per share respectively for discontinued operations th qtr and year oper net excludes a gain of mln dlrs or dlr per share and mln dlrs or dlrs per share respectively mainly for settlement of dioxin related claims in reorganization proceedings th qtr and year oper net excludes a loss of mln dlrs or dlrs per share and a loss of mln dlrs or dlrs per share respectively for discontinued operations th qtr and year oper net excludes a gain of mln dlrs or dlr per share and mln dlrs or dlrs per share for settlement of claims and utilization of tax loss carryforward year oper net also excludes a loss of seven mln dlrs for change in inventory evaluation method reuter
earn	numerex corp nmrx nd qtr jan loss shr loss seven cts vs profit five cts net loss vs profit sales vs six mths shr loss five cts vs profit nine cts net loss vs profit sales vs reuter
acq	eastman kodak co to sell holdings in icn pharmaceuticals and viratek inc
interest	treasury balances at fed rose on march treasury balances at the federal reserve rose on march to billion dlrs from billion dlrs on the previous business day the treasury said in its latest budget statement balances in tax and loan note accounts fell to billion dlrs from billion dlrs on the same respective days the treasury s operating cash balance totaled billion dlrs on march compared with billion dlrs on march reuter
iron-steel	usx x uss unit raises prices usx corp s uss subsidiary said that effective with shipments beginning july prices for all leaded grades and series grades of hot rolled bar and semi finished products from its lorain ohio facility will be increased by dlrs a ton over the prices in effect june it said the increase is being made to reflect current market conditions reuter
trade	unionist urges retaliation against japan william bywater president of the international union of electronic workers called on president reagan to retaliate against japan for unfair practices in semiconductor trade he said in a statement a crash program was needed in the semiconductor industry to prevent the united states from becoming one of the world s industrial lightweights bywater s remarks came as the white house economic policy council prepared for a thursday meeting to decide what sanctions if any should be taken against japan for alleged violations of a u s japanese semiconductors agreement the pact agreed to last july called for tokyo to end selling semiconductors at below cost and to open its home market to u s goods in return washington agreed to forego antidumping duties on japanese semiconductors but u s officials have said that while japan has stopped dumping in the u s market it has not ended third country dumping nor has it opened its market to u s semiconductors japan yesterday in an effort to ward off u s action ordered a cutback in semiconductors production as a way to force prices up and end the dumping bywater in his statement said he backed a defense science board task force proposal to set up a consortium to develop new electronic products and manufacturing processes and make the u s industory more competitive but he added the industry could not wait for legislation to pass and that action was required now to help the depressed electronic industry bywater said i urge the reagan administration to take full and severe action immediately against japan by invoking the retaliatory steps that are permitted under u s law and gatt general agreement on tariffs and trade reuter
acq	midivest acquires assets of business aviation midivest inc said it acquired all the assets of business aviation inc of sioux falls s d for an undisclosed amount of stock midivest said it expects to sell to of the renovated beechcraft planes next year it said management will also lease these airborne intensive care units to hospitals and government subdivisions through metropolitan leasing a wholly owned subsidiary of midivest reuter
acq	eastman kodak ek to sell holdings eastman kodak co said it plans to sell its pct holding in icn pharmaceuticals icn and part of its nine pct holdings in viratek vira it said the purpose of the investments had been to lay the groundwork for the creation of its nucleic acid research institute since that has been achieved there is no longer any reason to maintain the equity positions kodak said kodak holds sahres of icn currently trading at about and of viratek trading at reuter
acq	firm reduces sceptre resources srl holdings montreal based noverco inc told the securities and exchange commission it reduced its stake in sceptre resources ltd to shares or pct of the total outstanding noverco said it sold off shares to reduce the investment of noverco in sceptre additional common shares of sceptre may be sold or purchased by noverco depending upon market conditions noverco said reuter
earn	acklands ltd st qtr feb net shr three cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	bull and bear group a bnbga cuts fund payouts bull and bear group a said it lowered its monthly dividends on three of its funds it said it lowered its tax free income fund bltfx to cts from cts its u s government guaranteed securities fund bbusx to cts from cts and its high yield fund bulhx to cts from cts all dividends are payable march to shareholders of record march the company said reuter
crude	caltex to raise bahrain oil product prices caltex petroleum corp said it will raise posted prices for naphtha and several grades of residual fuel in bahrain effective march caltex a joint venture of chevron corp chv and texaco inc tx said its naphtha posting is up four cts a gallon to cts it said it is raising its marine diesel oil posting by cts a barrel to dlrs a barrel light medium and heavy fuel oil postings are up dlrs a barrel the company said this will bring the light fuel oil price to dlrs medium to dlrs and heavy to dlrs the company said reuter
pet-chem	charter co qchr to complete reorganization charter co the huge petrochemical concern in bankruptcy proceedings stemming from hundreds of dioxin related claims said it and all of its subsidiaries except the independent petrochemical corp will complete their reorganization on march it said that on that date it will deposit with an escrow agent mln dlrs in cash mln dlrs in notes and mln shares of its common for distribution company officials were not immediately available for comment as previously reported charter settled dioxin related claims for about individuals and the state of missouri resolving claims against it and all subsidiaries except independent petrochemical charter said some of the settlements remain subject to appeals and final court approvals and resolve claims against charter and its subsidiaries except independent petrochemical it said about individual claims against it and certain of its units remain pending as disputed claims in bankruptcy court it said about of these claims have been filed since confirmation of the joint plan of reorganization charter said its two creditors an equity committee in its bankruptcy proceedings and american financial corp which will own pct of its common after the reorganization have waived the requirement that charter resolve all dioxin related claims against it prior to completing its reorganization that requirement excludes claims against independent petrochemical charter also said a plan for liquidation of independent has been approved by the bankruptcy court and will be completed after march earlier charter reported net income for the year of mln dlrs which included a gain of mln dlrs for discontinued operations and mln dlrs for the settlement of claims in its reorganization proceedings in it reported earnings of dlrs which included a loss of mln dlrs for discontinued operations and mln dlrs for extraordinary items for the fourth quarter it reported earnings of mln dlrs including a gain of mln dlrs for discontinued operations and mln dlrs mainly for claims settlements in the year ago period charter reported a loss of mln dlrs reuter
acq	nashua nsh to purchase private disc maker nashua corp said it signed a letter of intent to purchase lin data corp a private manufacturer of high capacity rigid discs for storage of computer data under the terms of the letter nashua said it will acquire all classes of lin stock for mln dlrs in addition it said it will loan lin dlrs to support its operations the closing of the sale is set for the second quarter of the company said reuter
earn	altron inc alrn th qtr jan shr loss cts vs loss five cts net loss mln vs loss revs mln vs mln year shr loss dlrs vs profit cts net loss mln vs profit mln revs mln vs mln note net loss includes loss mln dlrs for nonrecurring reserve for closing costs of facility writeoffs and sales of real estate reuter
earn	vermont financial services vfsc sets payout vermont financial services corp said its board approved a regular cts per share cash dividend payable april to shareholders of record march reuter
acq	resorts international gets buyout proposal from ksz co inc
earn	great atlantic and pacific tea co inc gap div qtly div cts vs cts prior payable may one record april reuter
acq	gartner group gart acquires comtec program gartner group inc said it acquired sole ownership of the comtec market research program gartner said its wholly owned subsidiary purchased the interests of its former partners for an aggregate price of plus a percentage of net sales proceeds on future sales of certain products prior to the acquisition gartner group owned one third in the comtec partnership it said reuter
acq	resorts int l rt a receives takeover offer resorts international inc said it received a proposal from ksz co inc under which holders of resorts class b stock would receive dlrs a share in cash and one share of common stock in a new company to be formed through the takeover under the offer resorts said holders of its class a shares would receive dlrs a share in cash and three shares of common stock in the new company resorts said the offer from ksz calls for a merger of resorts with ri acquisition co inc a newly formed delaware corporation resorts said that prior to the merger ri acquisition would be capitalized with about mln dlrs of debt and about mln dlrs of equity it said mln dlrs of the equity would be in the form of special preferred stock the ksz offer resorts said indicates that ksz has a commitment from m davies cos to buy all of the special preferred stock resorts said the offer will expire at est on march it said it asked its investment advisor bear stearns and co to advise its board on the offer earlier this month the estate of james m crosby and certian members of his family agreed to sell their class b shares to new york real estate tycoon donald trump for dlrs a share the estate and family members hold pct of the class b shares outstanding trump also agreed to pay dlrs a share for the remaining class b shares outstanding resorts also has about shares of outstanding class a stock these shares carry one one hundredth the voting power of the class b shares trump s offer beat out a rival bid of dlrs a share made by pratt hotel corp prat resorts said that under the proposal made by ksz existing class a and class b shareholders would control about pct of the outstanding common of the new company formed to acquire resorts resorts said the new company upon completion of the merger would hold the mln dlrs of debt and that the special preferred stock would immediately be converted into exchangeable participating preferred of the new company this preferred resorts said would pay a dividend based on the net cash flows from the new company s paradise island operations a resorts spokesman said the ksz offer was made in a two page letter and that resorts could not comment on it because it did not contain enough information resorts has asked bear sterns to obtain complete data he said the spokesman said resorts is not familiar with ksz but that it believes the company is controlled by marvin davis the denver oilman calls to davis were referred to lee solters who handles public relations for davis solters said to be travelling was not immediately available for comment donald trump was also unavailable for comment as was a spokesman for the crosby estate reuter
earn	citicorp cci sees doubling in retail bank net citicorp expects net income in its individual banking sector to top one billion dlrs by compared with mln dlrs in said richard braddock head of citicorp s individual banking division we can double our earnings over the next five to seven years he told a banking analysts meeting adding that this forecast may be on the conservative side he said that bank card operations and the new york branch system would continue to turn in hefty profits but also picked out other developing areas such as u s mortgage and international consumer as major potential earners braddock and his sector heads made the following more specific predictions cost of funds and net credit loss levels in the u s bankcard unit will taper off in coming years from s relatively inflated levels customer net revenue in the mortgage banking area will rise to mln dlrs in from mln in the international consumer business will show pct compound annual growth in earnings between and private banking earnings will hit mln dlrs in and top mln dlrs in reuter
earn	wd co wdfc nd qtr feb net shr cts vs cts net vs sales mln vs mln six mths shr cts vs cts net vs sales mln vs mln reuter
trade	brazil computer market to remain closed minister brazilian science and technology minister renato archer said brazil will keep its computer market closed to foreign goods in order to give its own infant industry time to develop every country establishes laws to protect its interests the united states closed their borders at a certain stage to some foreign goods and therefore protected its industrial development now it is time for brazil to do likewise archer said at the opening of a national software conference after several meetings brazil and the u s have made no major progress in their computer row which they have been trying to resolve for the past months the reagan administration has objected to brazil protecting its computer industry from imports reuter
earn	northern indiana public svc ni again omits div northern indiana public service company said it again omitted its quarterly common stock dividend which would have been payable in may nipsco said it has not paid a qtly dividend since december following an adverse decision by the indiana supreme court denying amortization of about mln dlrs nipsco invested in its bailly n project reuter
earn	borman s inc brf declares qtly dividend qtly div five cts vs five cts prior pay june record may reuter
acq	kirschner kmdc completes purchase kirschner medical corp said it completed the acquisition of minnesota mining and manufacturing s mmm orthopedic metal implant line division the acquisition price is mln dlrs in cash a six mln dlr three year note and shares of kirschner common stock the division had sales of mln dlrs in reuter
acq	maryland national mdnt sees new name maryland national corp the parent of maryland national bank which earlier this month merged with american security bank said its shareholders will vote on a new name for the regional bank holding company at its april annual meeting it said mnc financial inc is the proposed new name for the parent company the banks merged on march and have combined assets of about billion dlrs maryland said the new name only will be used for the parent and it does not plan to change the names of maryland national bank american security bank or non bank affiliates reuter
crude	venezuela to annouce partner for coal venture petroleos de venezuela s a will announce within two weeks the name of a foreign consortium it has chosen to help exploit the coal deposits at guasare in western zulia state pdvsa president juan chacin guzman said chacin told reporters the foreign partner will provide capital as well as technical and marketing expertise to the carbozulia project which the state oil company will manage pdvsa officials said that among those who bid for the partnership is a consortium between agip carbone a subsidiary of italy s ente nazionale idrocarburi eni and atlantic richfield arc of the united states minister of energy and mines arturo hernandez grisanti said discussions are currently taking place to finalize the terms of the contract with the foreign partner pdvsa vice president pablo reimpell said last week the first shipment of coal from the carbozulia project should be made during the final quarter of and would measure between metric tons plans call for production to eventually reach mt annually reimpell said the original investment in the project will be approximately billion bolivars reuter
earn	gottschalks inc got th qtr net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
acq	borg warner says it discussed possible takeover with irwin jacobs
acq	cyclops corp says cyacq s amended offer restates original conditions
sugar	u s sugar quota may be eased congressman says the united states may soon ease its sugar import quota of one mln short tons by bringing forward to the third quarter some shipments scheduled for the fourth quarter of jerry huckaby a leading congressman representing sugar growers told reuters in an interview huckaby a louisiana democrat and chairman of the house subcommittee which deals with the sugar program indicated the easing of the quota might be a way to calm the concern about the impact of the severe cut in u s sugar imports this year with imports coming down from mln last year to one mln there is legitimate concern about the impacts on caribbean countries and the philippines huckaby said by bringing forward to the third quarter some imports the quota would effectively be eased by about tons huckaby said by simply bringing forward to the third quarter of the year sugar imports scheduled for the september to december period we could get away without having to increase the quota he noted that some in the sugar industry believe an increase in the quota is justified earlier this month representatives of u s cane sugar refiners met with u s agriculture department officials to request a quota increase of at least tons the refiners said the increase is needed because the quota is so restrictive there could be some spot shortages of sugar in the u s later this year a refiner spokesman said however the official slaid the usda replied only that it would consider the request following the refiners request representatives of the florida sugarcane producers met with usda to express opposition to any quota expansion industry sources said the statement by huckaby who as a representative from a sugar growing district in louisiana is a leading architect of the current sugar program indicates at least some grower officials are concerned enough to support an easing of the import quota industry officials said any final decision on easing the quota must be made by the reagan administration s interagency sugar policy group asked about possible quota changes a usda official said as far as i know changing the quota volume or the quota year is not under active consideration reuter
earn	california microwave cmic takes rd qtr charge california microwave inc said it will take non recurring charges of mln dlrs to pre tax earnings in the third quarter ended march the company said earnings from operations in the second half ending june excluding the charges are expected to be in the break even range in the second half of net earnings were dlrs or cts per share the company said the charges relate to its telecommunications products area and three other areas california microwave previously estimated the write downs in the six to eight mln dlr range it said it will add to that a reserve for investment losses in argo communications corp also to be included in the write down are charges against its advances to an arizona based communications electronics firm the company has an option to acquire it said in addition accruals are being made for costs associated with the company s reduction in its sunnyvale work force california microwave said the write downs should have a nominal cash impact as the company already has paid for the assets being written down reuter
earn	crs sirrine plans major restructuring write off of up mln dlrs
earn	h f ahmanson and co ahm qtly dividend shr cts vs cts prior qtr pay june one record may reuter
acq	borg warner bor tells of talks with jacobs borg warner corp said it has had discussions with irwin jacobs on his interest in the possibility of minstar inc mnst a jacobs controlled company being given access to certain non public information about borg warner in late february an investor group headed by jacobs offered dlrs a share or billion dlrs to take over borg warner borg warner said it advised jacobs that before its board would give minstar access to company records minstar would have to provide satisfactory evidence that sufficient financing was committed to carry out whatever transaction was proposed a borg warner spokesperson said the discussions with jacobs and other minstar officials focused on terms and conditions under which the company would consider granting minstar access to the information it was seeking the borg warner spokesperson said the company has not been able to reach an agreement with minstar and borg warner has not granted minstar access to any records there can be no assurance that there will be further discussions with jacobs or that any agreement will be reached the company added reuter
trade	canada vows to fight u s potash action external affairs minister joe clark today vowed to do everything possible to fight the u s action against canadian potash exports but also warned against raising the alarm too early in the dispute in the latest flashpoint in canadian u s trade relations the u s international trade commission ruled unanimously monday that canadian potash shipments valued at million u s dlrs last year were injuring the u s industry we certainly intend to do everything we can to insure that canadian interests are well protected clark told the house of commons in the daily question period but he said the opposition parties should be careful not to raise false alarms too early the case now goes before the u s commerce department s trade division to determine if a duty should be imposed potash producers from new mexico claiming unfair government subsidies are seeking a pct tariff on canada s shipments canada the world s largest potash producer exported mln metric tonnes of potash last year with nearly a third going to the u s most of the potash used in the production of fertilizer comes from provincially owned mines in saskatchewan in the commons liberal member lloyd axworthy branded the ruling as just another trade harrassment from the u s and criticized clark s assurances the country s interests would be protected we received exactly the same kind of assurances in the softwood lumber case that was totally fumbled and bumbled axworthy said canada s progressive conservative government agreed to impose a pct duty on its softwood lumber exports earlier this year to end a long and bitter bilateral trade dispute with the u s axworthy urged the government to present canada s case to world trade authorities under the general agreement on tariffs and trade but clark maintained the potash dispute was another example of why canada needs to find a new way to settle bilateral irritants in the free trade negotiations under way with the u s what we are seeking to do is put in place a better system clark said meanwhile saskatchewan trade minister bob andrew expressed confidence canada would win its case claiming the problem stems from low international commodity prices and not government subsidies the reality of the problem and the injury is caused worldwide he said it s caused by a downturn in the commodity price for fertilizer whether it s potash fertilizer nitrogen fertilizer or whatever reuter
acq	rb industries rbi completes store sales rb industries inc said it completed the sale of its w and j sloane division to laurence crink jr and a group of investors the definitive agreement provides for a closing on april the division consists of four w and j sloane furniture store in los angeles and orange counties rb industries also said it recently secured a five year pct secured mln dlr loan on its irvine property from a major institution proceeds will be used to retire existing bank debt for working capital and to retire a portion of its outstanding pct debentures reuter
acq	gencorp gy takeover group cancels hearing the investor group seeking to acquire gencorp inc said it agreed to cancel a court hearing after gencorp withdrew three proposals that if approved would have made it more costly and difficult to acquire the akron ohio based company earlier today gencorp said it will not ask shareholders to approve an increase in the number of its outstanding shares the election of a staggered board of directors and the elimination of cumulative voting however the group said it will continue to try to block gencorp s poison pill provision the group a partnership of afg industries inc afg and wagner and brown was to go to court on march to block gencorp for having the three proposals voted on by shareholders at its annual meeting gencorp said it withdrew the proposals so that it could focus its attention on the takeover offer the takeover partnership said it has asked to meet with gencorp to negotiate a repeal of the company s poison pill plan reuter
acq	gencorp gy fixes rights separation date gencorp inc said that because it is continuing to evaluate general acquisition inc s tender offer it has fixed april subject to further extension as the date the rights to purchase preferred shares will trade separately from the common stock as a result of the tender offer this extension of the expiration date is conditioned on no person acquiring beneficial ownership of pct or more of gencorp s common stock prior to april it said gencorp said it could distribute the rights certificates to shareholders to days after the march acquisition offer was made however rather than leaving the expiration date in a range the board decided to set april as the day it will distribute the preferred share purchase rights reuter
acq	american international aig sells african unit american international group inc said it sold its south african subsidiary american international insurance co ltd to johannesburg insurance holdings ltd a holding company owned by a consortium of shareholders led by rand merchant bank terms were not disclosed and company officials were unavailable for comment with the conclusion of the sale american international has entirely divested itself of its holdings in south africa reuter
earn	oxford industries inc oxm rd qtr feb shr cts vs cts net mln vs mln revs mln vs mln nine months shr cts vs cts net mln vs mln revs mln vs mln reuter
earn	digigraphic systems corp th qtr oper loss oper shr loss one ct vs loss seven cts oper net loss vs loss revs vs avg shrs vs year oper shr loss cts vs loss dlrs oper net loss vs loss revs vs avg shrs vs note earnings exclude losses from discontinued operations of dlrs or three cts a share vs dlrs or two cts a share in the quarter and losses of dlrs or cts a share vs dlrs or seven cts a share for the year year earnings exclude gain from early extinguishment of debt of dlrs or dlrs a share reuter
acq	bayou byou in definitie merger agreement bayou resources inc said it reached an definite agreement to be acquired by patrick petroleum co through a stock and cash transaction valued at six dlrs per bayou share bayou also reported net loss of three cts or dlrs for the fourth quarter compared with a net income of dlrs or one cts a year revenues fell to dlrs from dlrs a year ago for the year bayou reported a net loss of cts or dlrs compared to a net income of cts or dlrs revenues fell to mln dlrs from mln dlrs reuter
nat-gas	transcontinental tgp files new offer transcontinental gas pipe line corp said that it is not willing to accept the federal energy regulatory commission s conditioned approval of its proposed offer of settlement dated may transco said it filed a revised settlement proposal which would permit it to become an open access transporter while restructuring gas sales services the new offer includes a gas supply inventory charge to customers who fail to buy pct of their annual contract quantities and pct of their summer contract quantities reuter
earn	computer identics corp cidn th qtr shr loss cts vs loss cts net loss mln vs loss revs mln vs mln year shr loss cts vs loss cts net loss mln vs loss revs mln vs mln note includes restructuring charges of mln dlrs and loss of foreign affiliates of mln dlrs includes loss from foreign affiliates of dlrs reuter
acq	fleet to acquire assets of mark iv iv unit fleet aerospace corp said it agreed in principle to acquire the assets and operations of the engineered magnetics division of gulton industries inc a unit of mark iv industries inc terms were undisclosed los angeles based engineered magnetics designs and produces custom power conversion systems mainly for use in the defense and aerospace industries its revenues for the year ended february totaled about mln canadian dlrs reuter
earn	mikron instrument co mikr st qtr jan shr three cts vs four cts net vs revs vs reuter
gold	golden north has encouraging drill results golden north resource corp said said surface and underground drilling on the canty project and mascot fraction at its nickel plate mountain property in british columbia returned encouraging gold assays it said one canty hole encountered several mineralized intervals including feet grading ounce gold a short ton from to feet and feet grading ounce gold ton from feet to feet a mascot fraction hole returned assays including ounce gold ton over seven feet between and feet it said reuter
money-supply	austn feb annual m money supply rises pct the annual growth of australia s m money supply rose by pct in the year ended february compared with january s pct the reserve bank said this was down from pct in february last year in february m rose by pct compared with in january and a february rise of pct more
acq	ps group psg usair u move up deadline ps group inc said it and usair group agreed to move up the completion date of usair s acquisition of pacific southwest airlines to april from september originally if the acquisition does not take place by april either party may terminate the agreement the company said the deadline has been moved up because the department of transportation and ps group shareholders have already approved the transaction the company said a teamsters union agreement to certain labor contract conditions remains to be resolved under the pact reuter
acq	mergers public offers seen among car dealers automobile dealerships have become large multi store operations and the largest sell more than billion dlrs a year worth of vehicles a year around the auto industry there is talk of mergers and buyouts among dealerships and there are rumors that the largest are considering offering shares to the public analysts say retail car sales are at a point of transition there s not much that s off the table in terms of creative thinking about ways to sell cars says david cole analyst with the university of michigan s transportation research institute the retail car market is much more freeform now than it was in the year things began to change says detroit analyst arvid jauppi of arvid jauppi and associates thirty years ago in the situation was different dealerships sold one kind of car a chevy or a ford or a studebaker the average dealer had employees and sold dlrs worth of vehicles according to the national automobile dealers association that year a tiny car from overseas germany s volkswagen beatle began to gain popularity the bug caused a rebellion among dealers who demanded greater freedom from restrictions placed on them by the major american automakers says jauppi one of the most visible changes in retail car sales has been in the size of dealerships auto analysts say last year the average dealership had mln dlrs in sales a fold increase from and employed workers i had one of these guys tell me he makes six seven mln dlrs a year and didn t know what to do with all his money says cole there s a whole lot more rich guys who sell cars than that make cars he says with the increase in size large dealers have been buying up other dealerships and auto analysts see few signs the trend will let up donald keithley vice president dealer services for j d power a california based market research firm says that by people will own dealerships compared to principal owners today many dealers are experimenting with owning several franchises some of which might compete against each other it used to be a chevrolet dealer was a chevrolet dealer now a chevrolet dealer might handle several lines jauppi says as dealers get bigger industry officials are talking about the possibility that some of them might become publicly owned or open international operations offering shares to the public is an option large dealers are obviously thinking of very seriously says cole although some say the franchise system might get in the way of a public offering jauppi says there are few obstacles to trading in car dealer shares dealers are large enough now to go public the only thing the manufacturer cares about is that the dealer sells those cars it could happen any time jauppi says if you look at the whole merger mania and look at the scale some of these dealers it s going to be very hard to resist taking them public said another analyst and jauppi says that dealerships can be expected to become international we re going to have international dealers dealer networks that are worldwide he says u s dealers will be attracted particularly to europe where the market will expand faster than the u s he says it s not totally off the wall says cole reuter
earn	comprehensive care corp cmph rd qtr net qtr ended feb shr cts vs cts net vs revs mln vs mln nine mths shr cts vs cts net vs mln revs mln vs mln reuter
earn	vestar inc vstr year loss shr loss cts vs loss dlrs net loss vs loss revs vs note th qtr data not given reuter
earn	sterling bancorp year net shr dlrs vs cts net ca assets mln vs mln note th qtr data not given reuter
earn	first new hampshire banks inc div qtly div cts vs cts prior payable may one record april reuter
earn	house of fabrics hf quarterly dividend qtly div cts vs cts pay july record june reuter
sugar	japan s sugar cane output seen falling an agriculture ministry survey has estimated the nation s crop sugar cane output at mln tonnes down from mln a year earlier ministry officials said the decline was due to bad weather and a reduction in the land under sugar cane this season which totals hectares down from in they said harvesting stretches from december to april japan s final output will be announced at the beginning of june they said reuter
earn	weeks petroleum ltd wpma mel calendar shr cents vs final div nil vs same making nil vs same pre tax profit mln dlrs vs mln net mln vs mln turnover mln vs mln other income mln vs mln shrs mln vs same note net is after tax mln vs mln interest mln vs mln depreciation mln vs mln and minorities nil vs same other income mln from sale of investments mln interest mln mln and dividends mln nil co is pct owned by bell resources ltd note all figures in u s dollars as the company is registered in bermuda reuter
money-fx	current exchange rates almost within levels agreed by major nations sumita
money-fx	sumita says major nations cooperated to stabilise currencies
reserves	thailand s foreign reserves fall in february thailand s foreign reserves of gold special drawing rights and convertible currencies fell to billion dlrs at end february from billion the previous month but were above the billion held at the same time last year the bank of thailand said it said the reserves were equal to about five months worth of imports reuter
money-fx	exchange rates almost within g levels sumita bank of japan governor satoshi sumita said that current exchange rates are almost within the levels agreed to by six major nations last month in paris asked whether a dollar yen rate of or reflected economic fundamentals he said current rates almost reflect fundamentals sumita told reporters major nations have cooperated to bring about currency stability in line with the paris agreement which stipulated that they would closely cooperate to that end he repeated the central bank will intervene if necessary adding he did not think a dollar free fall was likely but sumita said he could not say exactly what currency levels would be considered in line with underlying economic fundamentals in paris on february britain canada france japan the u s and west germany agreed to cooperate to hold currencies around their then current levels sumita said he could not find any specific reasons behind the fall of the dollar to a record low against the yen yesterday but he said the market rushed to sell dollars as it nervously reacted to statements abroad and to developments surrounding trade tensions u s treasury secretary james baker said over the weekend that the paris pact did not encompass fixed tragets for the dollar u s trade representative clayton yeutter called u s japan relations on certain key trade issues very strained the market reacted nervously because the dollar has been moving narrowly against the yen since mid january sumita said he added he does not expect the yen dollar exchange rate to remain unstable because the market is concerned about a sharp rise of the yen the bank of japan will keep a close watch on exchange rates in line with the paris accord he added reuter
trade	n z trade surplus mln dlrs in february preliminary trade figures for february show an excess of exports over imports of mln n z dlrs a statistics department statement said this compares with a mln dlr deficit revised from mln in january and a mln dlr deficit in february exports rose to mln dlrs from mln revised from in january and in february imports dropped to an estimated mln dlrs from revised from in january and in february the deficit for the eight months to the end of february was mln dlrs as against billion dlrs in the same period a year ago reuter
interest	sumita says bank of japan has no intention of lowering its discount rate
earn	jardine matheson profits seen up sharply in a strong performance by its retail businesses and affiliates will enable jardine matheson holdings ltd jard hkg to report on friday a big leap in net profit in stock analysts said they told reuters they expect the firm to show earnings of between mln and mln h k dlrs last year against mln in the analysts also said they expect jardine matheson to pay a total dividend of to cents a share against cents a share in james capel far east ltd estimates jardine matheson s profits at mln dlrs and attributes most of the income to retail sales analysts said the group s eleven retail stores and its franchises among them canon cameras christian dior luxury goods and mercedes benz cars produced a strong cash flow alan hargreaves of hoare govett asia ltd also put jardine matheson s net profits at mln dlrs and said he estimates pre tax earnings from retail operations at about mln dlrs against mln in but hargreaves said jardine matheson s earnings from its pct stake in hong kong land co ltd hkld hkg will fall to about mln dlrs from mln dlrs in the reduced contribution reflects the spin off from hong kong land of dairy farm international ltd last september jardine gained a direct holding of pct of dairy farm as a result of the spin off analysts said jardine will book revenues from its dairy farm stake for the final months of the year as part of its retail business which will increase its overall retail income figures analysts said jardine matheson will also enjoy sharply increased revenues from financial services mainly its pct share of jardine fleming holdings ltd jardine fleming yesterday reported record profits for of mln dlrs against mln in analysts said jardine matheson made net interest payments of about mln dlrs last year slightly below the mln dlrs of while the company s term debt remained at about the level of billion dlrs but jardine was also subject to increased taxes of mln dlrs last year against mln in they said jardine matheson is undergoing a series of reorganisations that will in effect turn it into a holding company for its diverse interests it previously announced a plan to sell its stakes in both hong kong land and dairy farm to newly created jardine strategic holdings ltd in which it has a pct interest a company statement issued last month said the firm will use the proceeds to repay all debt leaving it with an additional mln dlrs in cash on hand though jardine matheson will be deprived of a direct stake in the high yield hong kong land and dairy farm units it is likely to develop its own business analysts said the future of the stock will depend on the firm s ability to creatively structure some new acquisitions said hargreaves of hoare govett he noted the firm has suggested financial services as a key sector and he said it may add some insurance firms to its existing business reuter
earn	china s first joint venture bank reports profit china s first joint venture bank xiamen international bank xib reported a group net profit of about mln hong kong dlrs in the bank s first full year of operation general manager liu shuxun declined to give a profit forecast saying targets were under study assistant general manager wang hongshan said the group s outstanding loans at end totalled mln hong kong dlrs up from mln at end deposits and interbank borrowings rose to mln dlrs from mln he told reuters liu said most of the group s profit came from the parent company rather than its two wholly owned subsidiaries xiamen international finance co ltd in hong kong and luso international bank ltd in macao the joint venture bank began operating in september but did not officially open until march liu said the share in the joint venture of the foreign partner hong kong listed panin holdings ltd had been cut last year to pct from pct this was done because foreign banks felt the xib s reputation would be improved if the three chinese partners collectively held a majority stake he said liu said news reports about problems concerning panin were unfounded but he did not elaborate panin holdings reported a loss of mln hong kong dlrs in after a net profit of dlrs in the chinese partners are industrial and commercial bank of china fujian branch whose share rose to pct from fujian investment and enterprise corporation pct and xiamen construction and development corporation pct one foreign banker said xiamen international bank faced the same problems as foreign bank branches in trying to compete on unequal terms with state owned banks the foreign banking market in xiamen is thin and almost saturated he added officials of the joint venture bank said they benefitted from contacts made through its three chinese partners but the foreign banker who asked not to be named said it faced internal competition from the industrial and commercial bank apart from xiamen international bank and the international agricultural development bank planned by the world bank and the state owned agricultural bank of china xiamen has eight foreign bank branches or representative offices mostly of hong kong or overseas chinese banks reuter
iron-steel	two japanese steelmakers to cut capital spending nippon steel corp nstc tok said it will cut its capital spending by pct to billion yen in the year starting april from a year earlier due to the postponement of furnace improvements nisshin steel co ltd said it will spend billion yen in for rationalisation and facility improvements down from billion a year earlier after completion of large construction projects in but capital spending by nippon kokan k k nkkt tok to improve and increase its production facilities will rise to billion yen from billion the company said reuter
acq	nissan affiliate to acquire u s autoparts maker kokusan kinzoku kogyo co ltd kkk a japanese autoparts maker owned pct by nissan motor co ltd nsan t has exchanged a memorandum to acquire over pct of u s autoparts firm master cast co to avoid losses on u s sales caused by the yen s rise against the dollar a kkk spokesman said the final agreement should be signed this year when kkk forms the new company alfa k technology he said the new firm should supply all the u s major car makers including ford motor co f general motor corp gm and chrysler corp c he said reuter
acq	brussels ferruzzi says it will pay mln dlrs to cpc international for european mills
crude	madagascar extends amoco oil exploration agreement madagascar extended its oil exploration agreement with the u s firm amoco corp an for months to allow for further studies of the morondava basin on the southwest coast a government statement said it said the existing five year agreement due to expire this july was extended until the end of to allow for additional geological and geophysical studies amoco has so far laid km of seismic lines and sunk five exploration wells in the morondava basin it may drill a further three wells before the end of the extended exploration period the statement said madagascar has signed oil exploration agreements with four foreign oil companies since but despite promising indications of large reserves no commercial production plans have yet been announced the foreign firms amoco occidental petroleum corp oxy mobil corp mob and a unit of ente nazionale idrocarburi are working in partnership with the national military office for strategic industries omnis roland ratsimandresy the director general of omnis said at a ceremenony to sign the extension of the amoco agreement that his department would intensify oil exploration with its existing partners and would soon offer a new round of exploration licences reuter
acq	ferruzzi deal with cpc worth mln dlrs the ferruzzi group s holding company agricola finanziara spa will pay mln dlrs for the european corn wet milling business of cpc international inc under the agreement reached in principle between the two companies a statement by ferruzzi released by its brussels office said when cpc announced the agreement yesterday in new york it said only that the price would be in excess of mln dlrs ferruzzi said the deal is subject to agreement on several clauses of the contract and needs government authorisations it said the deal would involve starch factories employing about people in eight european community countries plus facilities and commercial operations in other ec states the factories have a capacity to produce the equivalent of mln tonnes of starch in starch and by products a year or about one third of ec production from about mln tonnes of cereals ferruzzi said the acquisition of these assets would extend its presence in the european agro industrial industry both geographically and in terms of products it said it is already the principal ec producer of sugar and of soya oil and cake and the major cereal trader it noted that ec output of isoglucose is subject to maximum quotas of which cpc currently holds a pct share and said it foresaw an increase in other industrial uses of starch in the future notably in the production of ethanol for fuel raul gardini president of the ferruzzi group said the present management of the cpc milling business will be asked to remain in their posts reuter
earn	swire pacific ltd swpc hkg year shr a h k cents vs adjusted shr b cents vs final div a cents vs making vs adjusted final div b cents vs making vs net billion dlrs vs billion turnover billion vs billion note net profits excluded extraordinary gains of billion dlrs vs mln the non recurrent earnings mainly derived from the firm s sale of a pct stake in cathay pacific airways ltd caph hkg in april note earnings per share and dividends have been adjusted for the firm s two for one bonus issue made in april note bonus issue one for five for both a and b shares against two for one note dividends payable june books close april to note net asset value per a share dlrs vs and per b share dlrs vs reuter
earn	bat industries pretax profit billion stg vs billion
earn	bat industries plc bti l year shr p vs p div p vs p making p vs p turnover billion stg vs billion operating profit billion vs billion pretax profit billion vs billion tax mln vs mln note the company said shareholders would be given the option of receiving dividend in cash ordinary shares or combination of the two operating profit includes commercial activities billion vs mln financial services mln vs mln share of associated companies mln vs mln investment income mln vs mln interest paid mln vs mln minorities mln vs mln extraordinary credit mln vs mln debit transfer to revaluation reserve mln vs mln profit attributable mln vs mln required inflation retention mln vs mln trading profit billion vs billion trading profit includes tobacco mln vs mln retailing mln vs mln paper mln vs mln financial services mln vs mln reuter
earn	swire plans bonus issue on higher profits swire pacific ltd swpc hkg said it plans for a one for five bonus issue for both its a and b shares following an earlier report of a pct jump in net profits to billion h k dlrs the company also announced final dividends of cents per a share and cents per b share against and cents a year ago it recorded extraordinary gains of billion dlrs which mainly derived from the sale in april of a pct stake in cathay pacific airways ltd caph hkg in line with the floatation of the airline reuter
sugar	sri lankan government to stop importing sugar the food department will no longer import sugar from april senior officials of the food and cooperatives ministry and the department told reuters they said the decision was taken after the sugar importers association asked that the sugar trade be further liberalised the food department will cease trading in sugar and will no longer hold a buffer stock a senior official said he said the government has finalised an agreement with e d f man sugar ltd under which e d f man will hold a buffer stock on the government s behalf of tonnes against the tonne buffer stock usually held by the department officials said the size of the buffer stock has been reduced because the private sector will hold its own stocks the agreement with e d f man includes details such as trigger pricing mechanisms they said four months ago the department allowed the private sector to import sugar without government clearance the department and the private sector each imported around tonnes of sugar last year when national consumption was tonnes an importers association official said that even if the department no longer imports sugar we would not necessarily buy more this is because the association would still have to compete with the cooperatives wholesale establishment cwe he said the cwe is a semi government body and the official said arrangements are being made for state cooperatives and holders of food subsidy stamps to draw their sugar from it starting april ministry officials said the cwe can either import sugar or buy it from a local bonded warehousing scheme run by e d f for the past two years reuter
cpi	danish february consumer prices fall pct consumer prices fell pct in february after a rise of pct in january and no change in february the national statistics office said the index base fell to in february from in january against in february giving a year on year increase of pct reuter
trade	belgolux trade swings into january deficit the belgo luxembourg economic union recorded a provisional trade deficit of billion francs in january after a december surplus of billion francs revised upwards from a provisional surplus of billion the national statistics office said in january the union recorded a deficit of billion francs january imports fell to a provisional billion francs from billion in december and billion a year earlier but exports were also lower at billion francs against billion and billion respectively reuter
acq	guinness seeks u k injunction against saunders guinness plc guin l will seek an injunction in the u k high court today to freeze the assets of former chairman ernest saunders in its attempts to recover mln stg paid to a jersey company as part of the company s takeover battle for distillers co plc a spokesman said he said the court move aimed to freeze saunders assets up to the value of the sum it wanted to recover it was uncertain whether the court would reach any decision on the request today guinness said last week it planned to take legal action to recover the funds paid to non executive director thomas ward via the jersey company lawyers representing ward have said he saw the funds as his reward for services performed during the takeover of distillers guinness is also planning a resolution at the annual meeting in may to remove both saunders and ward from the company s board reuter
earn	basf u s profit turnover boosted by acquisitions basf ag basf f said net profit of its u s operating company basf corp rose last calendar year to mln dlrs from mln in turnover rose by by more than one billion dlrs to billion the parent company said in a statement the rise however partly reflected the inclusion of the first full business year of three acquisitions made in excluding these basf corp turnover rose four pct from acquisitions were the high performance connecting materials operations of celanese corp inmont corp bought from united technologies and american enka bought from akzo nv akzo as basf said it expected a u s investment of mln dlrs in part of a five year programme totalling one billion u s projects completed in included the second acrylic acid plant in freeport texas a technical centre in southfield michigan in which paint lines from automotive plants can be refitted and the new agricultural research centre in research triangle park in durham north carolina basf said that work this year had begun in geismar louisiana on plants for production of special amines and polytetrahydrofuran as well as for expansion of capacity for producing tetrahydrofuran reuter
earn	bicc plc bicc l year shr p vs p final div p making p vs p pre tax profit mln stg vs mln attributable profit mln vs mln turnover billion stg vs billion more
money-supply	taiwan money supply rises pct in year taiwan s m b money supply rose a seasonally adjusted pct in the year to end february after rising pct in the year to january a central bank spokesman said month on month m b fell pct from january unadjusted february m b was billion dlrs against billion in january and billion in february money supply grew faster in january because the central bank issued more currency for bonus payments made to workers at the lunar new year which fell on january this year banking sources said reuter
earn	nippon steel to reduce dividend nippon steel corp nstc t plans to reduce its dividend to three yen in the year ending march from the five yen of a company spokesman said the company estimated parent company current losses at billion yen in including a gain of billion yen from the sale of securities this compares with a billion yen profit a year earlier sales in are seen at billion yen down from billion a year ago poor business prospects were attributed to the yen s rise and slow world steel demand nippon is expected to report parent company results in late may total crude steel production is estimated at mln tonnes down from mln a year earlier crude steel production is likely to be below output but forecasts for profits and sales in the year starting april are unavailable yet he said reuter
earn	bat sees strong performance from all sectors a strong performance from all bat industries plc s bti l major sectors enabled the group s pretax profits to pass the one billion stg level for the third year running chairman patrick sheehy said in a statement the group earlier reported a pct rise in profits to billion which sheehy said was achieved without any help from exchange rate fluctuations or acquisitions good results were achieved by its argos and saks fifth avenue in retailing and by wiggins teape and appleton in paper tobacco accounted for about pct of profit with a four pct gain to mln stg and a two pct increase in world volume the results were largely in line with analysts expectations and bat shares firmed by two pence to p at gmt bat said the u s brown and williamson unit held most of its gains and increased profit pct in dollar terms financial services saw profits double to mln with both eagle star and allied dunbar achieving further growth allied dunbar reported a pct rise in life annual premiums to mln stg bat said it increased new business by pct in the last nine months after a relatively slow first quarter its permanent health insurance was now the market leader and its unit trust group was now the second largest in the u k eagle star general premiums rose pct to billion its life activities also grew pct with better underwriting results in the second half cash flow was strong and the gross debt to equity ratio dropped to pct from pct the net ratio at pct left the group strongly placed to pursue its further development profits from paper and pulp grew pct to mln stg nearly three times the level with wiggins teape s sales rising pct to pass one billion stg bat said in it had sold batus stores in the u s for mln dlrs and sold grovewood securities for mln stg reuter
trade	taiwan sees its investment in u s rising sharply taiwanese investment in the u s is expected to nearly double to mln u s dlrs in calendar and rise to mln dlrs a year by a five year forecast by the economic ministry showed taiwanese investment in the u s last year totalled mln dlrs the ministry document said the investment was mainly in electronics trading food and service industries lee ming yi deputy director of the ministry s industrial development and investment centre said the forecast rise is due to planned government incentives and growing willingness among taiwanese to invest abroad lee told reuters the incentives to be introduced in may or june include bank loans and a reduction in capitalisation requirements for businesses seeking to invest in the u s to mln taiwan dlrs from mln he said the moves to encourage investment in the u s are part of taiwan s efforts to cut its trade surplus with washington which rose to a record billion u s dlrs in from s billion taiwanese manufacturers can create jobs for americans and avoid import quotas if they set up plants in the u s he added reuter
earn	babcock international plc babk l year div p making an increase of pct shr p vs p adjusted pretax profit mln stg vs mln net mln vs mln interest payable mln vs mln share of associated co s mln vs mln turnover billion stg vs billion reuter
earn	delta group dltl l year to jan shr net basis p vs p shr nil basis p vs p div p making p vs p pretax profit mln stg vs mln net after tax mln vs mln outside shareholders interests mln vs mln extraordinary debit vs mln turnover mln vs mln profit breakdown by activity electrical equipment mln stg vs mln engineering mln vs mln industrial services mln vs mln corporate finance vs mln making total pre tax profit mln vs mln reuter
gold	placer pacific says big bell gold study expanding placer pacific ltd said it will undertake a full feasibility study of western australia s big bell gold prospect results of an economic evaluation of the find in which placer has an option with australian consolidated minerals ltd acm to earn a pct interest were encouraging enough to warrant a full study placer said in a statement big bell in the murchison goldfield km north east of perth was founded in between and it yielded tonnes of gold and tonnes of silver while milling about tonnes of ore a month placer has said the prospect has an estimated mln tonnes of ore with a three gram per tonne concentration accessible by open pit mining and a further mln tonnes with a gram a tonne concentration between and meters underground it said it was obliged to produce the feasibility study no later than december this year by which time it would have spent three mln dlrs on big bell if the results are positive and a commitment to develop made then construction would take about months placer said reuter
earn	babcock expects further progress in babcock international plc babk l said in a statement accompanying final results for showing pretax profits up to mln stg from mln in that overall further progress is expected in the predicted slowdown of the u s automobile industry is affecting the north american group although the improved performance in the fata european group during is expected to continue into this year in the u k overall profitability will improve when the central electricity generating board s ordering programme for both nuclear and fossil fired fuels starts reuter
trade	china to tighten import control cut export costs china should tighten imports of ordinary goods and restrict or even forbid import of goods which can be made domestically premier zhao ziyang said he told the national people s congress china s parliament that the country s foreign exchange is limited and must be used where it is most needed we should expand production of import substitutes and increase their proportion he said on exports china should increase its proportion of manufactured goods especially textiles light industrial goods electronics and machinery he said zhao said china should lower the cost of exports and control the export of goods that incur too much loss in china had a trade deficit of billion dlrs down from a record billion in zhao said china should work to provide a more favourable investment environment for foreign businessmen it should use foreign funds for production and construction with stress on firms making goods for export or import substitutes china should also earn more foreign exchange from tourists and contracted labour abroad he added reuter
gnp	singapore gdp to grow six pct in first quarter singapore s gross domestic product will grow six pct in the first quarter and five pct in the second quarter this year with further growth expected in the second half trade and industry minister lee hsien loong told parliament the figures compared with pct contraction and pct growth respectively for the first and second quarters of the estimates were based on a tentative leading indicator incorporating new business orders company inventories and share prices used by his ministry lee said without giving further details of the new indicator singapore s economy grew pct last year after shrinking pct in the government has forecast growth rate of three to four pct for reuter
meal-feed	british compound feed production detailed feed compounds balancers and concentrates produced in britain in the five weeks ended january totalled tonnes against tonnes produced in the same period ministry of agriculture figures show however cattle calf feed output the largest single component was pct down at tonnes against tonnes pig feed was tonnes versus and poultry feed compared with other smaller components included in the total all showed increases reuter
earn	kloeckner und co s profit falls about pct kloeckner co kgaa the international trading group said its domestic group net profit fell by around pct against adding that the profit resulted largely from a writing back of reserves the company which gave no profit figures posted a domestic group net profit of mln marks in it said the profit was made possible through a mln mark write back of reserves that had been created to cover possible price rises these reserves were no longer necessary because of recent declines in raw material prices kloeckner attributed the profit decline to the fall in prices as well as the lower value of the dollar it said it would pay an unchanged dividend on its ordinary share capital which is entirely in private hands and held largely by family foundations kloeckner s nominal mark profit participation certificates issued in october will pay a likely yield of around pct holders of the certificates are entitled to a quarter of the payment or around marks the company added reuter
rubber	mixed asian reaction to new rubber pact governments of major asian producing countries have welcomed the conclusion of a new international natural rubber agreement inra but growers and traders are unhappy with the development according to views polled by reuter correspondents officials in malaysia indonesia and thailand which produce the bulk of the world s rubber said they expected the new pact to continue to stabilise prices and help their rubber industries remain viable in the long term but traders and growers said they were against the new pact because its buffer stock mechanism was likely to interefere with free market forces and prevent sharp rubber price rises the new inra to replace the current one which expires on october was formally adopted by most of the world s producers and consumers in geneva last friday it will be open for signature at the u n headquarters in new york from may to december this year and will enter into force provisionally when ratified by countries accounting for pct of world rubber exports and pct of world imports malaysian primary industries minister lim keng yaik said the formal adoption of a new pact had dispelled fears of liquidation of some tonnes of inra buffer stock rubber and a possible depression of prices he expressed confidence that the new inra would continue to keep prices stable by selling or buying rubber as prices rose or fell through its buffer stock system malaysia was also happy that in the new inra financing of purchases for the normal buffer stock of tonnes and a contingency buffer stock of tonnes would be done through direct cash contributions from members he said under the existing pact members can borrow from banks to finance inra s buffer stock purchases this has been viewed with concern by some members who fear the inra may become indebted and ultimately face collapse like the international tin agreement this will ensure the buffer stock operation is carried out without any financial encumbrance lim said malaysia the world s largest producer was seeking cabinet approval to join the new inra and hoped other producers and consumers would also become members he said officials in jakarta said the new pact would bring benefit to indonesia s rubber industry s by stabilising prices it was unlikely to collapse like the tin agreement because its new financial provisions had been tightened they said thai officials told reuters they were optimistic the new pact was viable because it strictly limited the extent of debt the inra buffer stock manager might commit to his market operations malaysian growers however said they preferred a free rubber market because an inra had a tendency to keep prices at levels that were only acceptable to consumers with the inra s ability to keep prices at a certain stable level consumers are assured of rubber at almost a fixed price while producers may never see sharp price rises a malaysian rubber producers council source told reuters producers also wanted a free rubber market without the overhang of a tonne inra buffer stock which had psychologically prevented price rises he said state plantation officials in sri lanka said prices had been depressed since inra s inception and the creation of a buffer stock and they seemed unlikely to rise sri lanka should not be a member of the inra because it was expensive to maintain a buffer stock they added traders in the region meanwhile said prices might be pressured by the new pact in the long term as its potential to stabilise prices and buffer stock capacity would spur producers to produce more most malaysian and singapore traders said the new pact s conclusion had little impact on prices and it was unlikely to allow sharp price fluctuations in future the tonnes in the inra buffer stock must be liquidated and a free market returned a malaysian trader said japanese traders said the new pact had a chance for success as most world producers and consumers had adopted it but they questioned the ability of some financially strapped producers to finance buffer stock operations reuter
pet-chem	ciba geigy phillips petroleum in joint venture ciba geigy ag cigz z said it would establish a joint venture with phillips petroleum co in europe to manufacture a high performance engineering thermoplastic initially the swiss chemicals firm will manufacture polyphenylene sulfide compounds using resins from phillips the two firms will later set up a joint venture to produce the polyphenylene resins and compounds which will be marketed independently under their respective trademarks a ciba geigy spokesman declined to say how much the venture would cost polyphenylene sulfide is widely used in the electronic automotive and petroleum fields reuter
iron-steel	krupp to build south korean steel plant fried krupp gmbh said its krupp industrietechnik gmbh subsidiary has won a mln marks joint order with samsung shipbuilding and heavy industries co ltd of seoul for a steel works in pohang south korea it said the order awarded by the pohang iron and steel co ltd involves a works due to go on stream in producing tonnes of non corrosive quality steels annually the consortium partners will supply the plant supervise its construction and advise on product processing with krupp providing a tonne capacity arc furnace and a converter for steel refining the west german company will supply ladles vehicles electrical and exhaust cooling apparatus and dust filters it will also fit out the plant s laboratory among other things krupp said it will provide know how for all production phases and train the korean workforce it said samsung will take care of the korean part of the engineering and electrical work the water treatment and other mechanical equipment according to krupp basic engineering extruded ingots from the plant will be converted to sheet in an existing hot rolling mill the sheet will be processed in facilities which are to be erected krupp said reuter
earn	swire expects continued growth this year swire pacific ltd swpc hkg expects continued growth in all divisions this year though it sees problems in the marine sector chairman michael miles said he told reporters has started well for cathay pacific airways which looks forward to another good year swire properties expects further good results both from properties under development for sale and from its investment property portfolio he did not give any specific projections for earnings the company earlier reported pct higher net profits at billion h k dlrs from a year ago swire also had an extraordinary profit of billion dlrs mainly from the sale of a pct interest in cathay pacific airways ltd caph hkg miles said the company will use the money to develop its business primarily in hong kong swire s stake in cathay was first reduced to pct from pct when cathay was publicly floated and then cut to pct when cathay issued new shares amounting to pct of the enlarged capital to the state owned china international trust and investment corp cathay last week reported its profits rose to billion dlrs from mln a year ago miles said despite last year s rapid expansion in cathay s flights and fleet load factor is still holding up at pct he said cathay s growth last year was the result of a marginal increase in the revenue load factor coupled with savings in fuel costs at present fuel prices are stable and will remain stable for the rest of this year he said though there might be a bit of increase later this year miles said swire is not abandoning its offshore oil service operations even though the marine sector is generally depressed obviously the marine industry is not getting any better he said the real estate market remained strong and swire last year revalued its property portfolio up mln dlrs compared with an increase of mln dlrs the previous year miles said he expects the property market to remain firm but said the firm has no available land for a major housing project such as its taikoo shing development on hong kong island now near completion he said the company s pct unit hongkong united dockyard ltd is negotiating with the government for the development of an existing petroleum storage depot into a major housing estate but it s not as big as taikoo shing he said reuter
sugar	uncertainty surrounds ec sugar tender result trade considerable uncertainty surrounds the outcome of today s ec white sugar tender traders here said noting it remains overshadowed by european operator threats to move over tonnes of sugar into intervention they said that due to the dispute between the commission and producers over the issue it is not clear whether the commission will authorise any exports at all or grant licences on a large tonnage the subsidy is seen being set above ecus per kilos although traders are reluctant to predict a precise level after prices fell yesterday earlier traders in paris said they expected the commission to award licences for around tonnes of white sugar with a maximum export rebate of to ecus last week the commission granted licences to end august on tonnes of whites at a maximum rebate of reuter
crude	abu dhabi to reopen gulf oilfield hit in raid abu dhabi s offshore abu al bukhoosh oilfield in the gulf shut since an aerial attack last november will reopen when new anti aircraft defences are ready and this could be in the next two months oil industry sources said they said the abu dhabi government and compagnie francaise des petroles total tpn pa whose total abu al bukhoosh subsidiary owns pct of the field have agreed on the reopening but that a date has not been definitely fixed unidentified planes hit the field miles off abu dhabi last november the raid killed eight workers and destroyed the main living quarters and a bridge linking a wellhead to the main production platform western diplomats in the region say iran was responsible but tehran has blamed its gulf war enemy iraq abu al bukhoosh was producing barrels per day bpd at the time of the attack but the sources said it would resume at a maximum of half that level because of reduced staff and the fact only four of five wellheads were now operable the sources said only personnel can be housed in remaining accomodations the sources said facilities being installed to protect the field include aircraft detection equipment anti aircraft missiles housing for military personnel and helicopter landing pads the sources said abu dhabi is the largest oil producer in the united arab emirates accounting for about bpd of its total mln bpd production the sources said they also said iran was working to reopen its sassan field part of the same reservoir as abu al bukhoosh and located only a few miles away sassan was heavily damaged by an iraqi air raid only days before abu al bukhoosh was attacked reuter
acq	rainbow lifts progressive stake to pct rainbow corp ltd said it has lifted its stake in supermarket group progressive enterprises ltd to pct from pct it said in a statement it has bought an extra mln shares at prices ranging from n z dlrs to progressive is currently the subject of both a proposed merger with rainbow and a full takeover bid from brierley investments ltd bil the bil bid launched on monday is at dlrs a share the rainbow merger involves shareholders in both rainbow and progressive being issued shares in a new company astral pacific corp ltd on a one for one basis rainbow chief executive craig heatley said in our opinion bil s actions over the last few days have been undertaken for their own strategic purposes which conflict with the desire of both companies to merge their interests bil has said it is against the merger because it sees progressive shares as being worth twice as as much as rainbow s progressive traded today at rainbow at and bil at at the end of morning trading on the new zealand stock exchange reuter
money-fx	u k money market forecast revised to show surplus the bank of england said it had revised its forecast of the liquidity position in the money market today to a surplus of mln stg after it estimated a flat position earlier this morning reuter
money-fx	bank of england does not operate in money market the bank of england said it had not operated in the money market during the morning session earlier the bank revised its forecast of the liquidity position in the system today to a surplus of mln stg from its original estimate of a flat position reuter
money-fx	exchange rates almost within g levels sumita bank of japan governor satoshi sumita said that current exchange rates are almost within the levels agreed to by six major nations last month in paris asked whether a dollar yen rate of or reflected economic fundamentals he said current rates almost reflect fundamentals sumita told reporters major nations have cooperated to bring about currency stability in line with the paris agreement which stipulated that they would closely cooperate to that end he repeated the central bank will intervene if necessary adding he did not think a dollar free fall was likely but sumita said he could not say exactly what currency levels would be considered in line with underlying economic fundamentals in paris on february britain canada france japan the u s and west germany agreed to cooperate to hold currencies around their then current levels sumita said he could not find any specific reasons behind the fall of the dollar to a record low against the yen yesterday but he said the market rushed to sell dollars as it nervously reacted to statements abroad and to developments surrounding trade tensions u s treasury secretary james baker said over the weekend that the paris pact did not encompass fixed tragets for the dollar u s trade representative clayton yeutter called u s japan relations on certain key trade issues very strained the market reacted nervously because the dollar has been moving narrowly against the yen since mid january sumita said he added he does not expect the yen dollar exchange rate to remain unstable because the market is concerned about a sharp rise of the yen the bank of japan will keep a close watch on exchange rates in line with the paris accord he added reuter
earn	bicc seeks accelerated earnings growth london march bicc plc bicc l which earlier announced a pct rise in pre tax profits said it was determined to achieve higher levels of performance quality and service to accelerate its improvement in earnings bicc said in a statement that sales in bicc cables were down on due to a sharp drop in demand for cable in the oil and chemical industries after the oil price drop but profits in balfour beatty were substantially improved profits increased in bicc technologies and in bicc international in local currency terms while associated british cables had another excellent year the company said bicc shares were last quoted at p up from p at yesterday s close in buoyant response to results which were ahead of market expectations dealers said bicc pre tax profits rose to mln stg in from mln in with turnover rising from billion stg in to billion stg in reuter
earn	ocean transport and trading plc ottl l year shr net basis p vs p div p making p vs p pretax profit mln stg vs mln net after tax mln vs mln minority interest vs mln extraordinary debit mln vs mln turnover mln vs mln note the company said the sale of the minority holding in ocl in has transformed the balance sheet and enables it to accelerate development reuter
acq	dart group raises supermarkets general sgl bid dart group corp said it has raised its offer to acquire supermarkets general corp to dlrs in cash and three dlrs in exchangeable preferred stock per supermarkets general share from dlrs per share in cash the company said it would also be willing to negotiate a plan with the supermarkets general board under which supermarkets general shareholders would have a common stock interest in the combined company it said it remains willing to negotiate all terms of the proposed acquisition the original bid was worth about billion dlrs dart said the preferred stock in the new bid would be exchangeable for a new class of supermarkets general debt securities that would be developed by dart and supermarkets the new proposal would be subject to approval by the supermarkets general board it said the new bid was contained in a letter to the supermarkets general board in woodbridge n j supermarkets general responding to a previous letter to its board by dart said your conduct indicates to us that no transaction involving trust and confidence can be entered into with you your propaganda and missstatements will not panic our board dart in its previous letter had alleged that supermarkets general executives were seeking millions of dollar in severance and tax payments from dart reuter
earn	olson industries inc olsn th qtr net oper shr cts vs dlrs oper net vs sales mln vs mln year oper shr dlrs vs cts oper net vs sales mln vs mln avg shrs vs note net excludes tax credits of dlrs in quarter and dlrs in year net excludes discontinued operations gain dlrs vs loss dlrs in quarter and gain dlrs vs loss dlrs in year reuter
earn	olson olsn to have loss from egg unit sale olson industries inc said it is in final negotiations on the sale of its remaining egg operations and expects the sale to generate a charge of about two mln dlrs against net income the company said however that the sale will generate substantial cash flow to pay off bank debt and improve working capital eliminate unmanageable effects on profits of the price instability of the egg business and allow it to concentrate on its plastics packaging business reuter
acq	e d and f man to buy into hong kong firm the u k based commodity house e d and f man ltd and singapore s yeo hiap seng ltd jointly announced that man will buy a substantial stake in yeo s pct held unit yeo hiap seng enterprises ltd man will develop the locally listed soft drinks manufacturer into a securities and commodities brokerage arm and will rename the firm man pacific holdings ltd reuter
earn	oracle corp orcl rd qtr feb net shr cts vs eight cts net vs revs mln vs mln avg shrs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln note share adjusted for two for one stock split current year net includes capitalized software costs of dlrs in quarter and dlrs in nine mths reuter
earn	enterra corp en th qtr loss shr loss dlrs vs loss cts net loss mln vs loss revs mln vs mln year shr loss dlrs vs loss cts net loss mln vs loss revs mln vs mln note net both periods includes mln dlr weritedown of assets of services segment and southeast asian joint venture reuter
earn	johnstown consolidated realty trust jct net th qtr shr cts vs eight cts net vs one mln year shr cts vs dlrs net vs mln note net includes loan loss provisions of cts shr vs cts in quarter and cts shr vs cts in year reuter
acq	duriron duri completes valtek valt purchase duriron co inc said it has completed the acquisition of valtek inc for dlrs per share following valtek shareholder approval yesterday reuter
earn	washington federal savings wfsl quarterly div qtly div cts vs cts pay april record april note year ago adjusted to reflect march three for two stock split washington federal savings and loans association reuter
earn	rowley scher rsch to have loss for year rowley scher reprographics inc said it expects to report an operating loss and a loss from the sale of its mid south repro subsidiary for the year ending march last year the company reported earnings of dlrs rowley scher did not disclose details of the sale of mid south repro it said the sale has eliminated an unprofitable operation the company also said it will open two new reprographic centers in the washington baltimore area within the next three weeks brining the total there to and a new downtown boston location in the same time period brining the number in the boston area to four reuter
acq	dixons said it got and accepted only pct of cyclops shares in tender
acq	dixons gets only pct of cyclops cyl in bid dixons group plc said only about shares of cyclops corp common stock or pct on a fully diluted basis were tendered and not withdrawn under its bid for all shares that expired yesterday but the companmy has still decided to accept all shares validly tendered the company said it now has about pct ownership of cyclops on a fully diluted basis and expects to proceeds toward completion of its proposed acquisition of cyclops last week before extending its cyclops offer for one week at the request of the securities and exchange commission dixons had reported that pct of cyclops stock had been tendered in response to its dlrs per share offer which expired at est yesterday yesterday cayacq corp dropped certain conditions of its dlrs a share offer for cyclops and firmed up the financing for the proposed transaction cayacq an investor group led by audio video affiliates inc and citicorp raised the value of its offer from dlrs per cyclops share on friday reuter
earn	kaufman and broad home corp kbh st qtr feb shr cts vs seven cts net vs revs mln vs mln avg shrs mln vs mln reuter
acq	renouf has pct of benequity bh units renouf corp international said it now owns pct of benequity holdings a california limited partnership renouf said it has accepted for payment all units of benequity holdings tendered in response to its dlrs per unit offer along with the units already held by renouf it now owns pct of the units outstanding reuter
crude	oil analyst sees papua new guinea as good prospect papua new guinea png provides the most exciting new prospect in the asia pacific region for oil production energy analyst fereidun fesharaki said here the recent successful find at iagifu is likely to put png on the list of major oil exporters by the early s he told the australian petroleum exploration association annual conference fesharaki leader of the energy program at the east west center in honolulu hawaii was speaking on the asia pacific petroleum outlook with domestic demand of around barrels per day bpd and prospects of production of over bpd by late png would become an ecuador level crude exporter fesharaki said the iagifu wells in the papuan basin have recorded the best oil flows in more than years of exploration in png the png government s geological survey in a paper distributed at the conference estimates iagifu reserves at about mln barrels png enjoys the most liberal tax regime in the region with no secondary taxes fesharaki said we expect a much larger oil search in papua new guinea and discovery of much larger volumes of oil similar in quality to light bass strait crude fesharaki said there are also large pockets of high quality condensates to be produced notably in the juha field near iagifu which is capable of producing to bpd he said but prices should be somewhat higher than the present levels to justify development of the juha field he said the png geological survey paper noted there are five large prospective but little explored sedimentary basins in png reuter
earn	usair group inc u sets quarterly qtly div three cts vs three cts prior pay april record april reuter
acq	mcfarland mcfe to buy petrominerals ptro mcfarland energy inc said its board and that of petrominerals corp have approved a definitive agreement for mcfarland to acquire petrominerals in an exchange of stock mcfarland said it would exchange one common share for each petrominerals shares mcfarland said former holders of petrominerals will have a pct interest in the combined company the merger is still subject to approval by shareholders of both companies reuter
acq	timminco acquires universal adhesives timminco ltd said it acquired universal adhesives inc of memphis for undisclosed terms in a move to expand timminco s operations into the united states the company said universal adhesives with five u s plants has annual sales of mln u s dlrs which will double timminco s presence in the north american adhesives market timminco said universal adhesives will complement the company s canadian based industrial adhesives division and is a key step in its long term goal for expansion in the specialty chemical field reuter
earn	paloma petroleum ltd year net shr cts vs cts net vs revs mln vs mln reuter
earn	american resource corp ltd year net shr five cts vs cts net vs revs not given note prior shr and net include mln u s dlr gain on sale of equity holdings results in u s funds reuter
acq	waste management ends tender offer for chemlawn
coffee	west german jan coffee imports down on year ago west german gross green coffee imports in january fell sharply to tonnes from in january last year figures from the federal statistics office show imports of decaffeinated unroasted coffee were tonnes against nil a year earlier reuter
earn	one valley bancorp ovwv raises quarterly qtly div cts vs cts prior pay april record march note one valley bancorp of west virginia inc reuter
earn	national data corp ndta rd qtr feb net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln nine mths shr cts vs cts net mln vs revs mln vs mln avg shrs mln vs mln reuter
earn	nvhomes nvh sets two for one split nvhomes lp said its board declared a two for one split of class a units payable to shareholders of record on april it said certificates will be distributed about two weeks after the record date reuter
earn	vanguard technologies international inc vti shr cts vs cts net vs revs mln vs year shr cts vs cts net vs revs mln vs mln reuter
earn	thomson mckinnon u s government fund dividend mthly div cts vs cts in prior month payable april six record marcxh reuter
earn	thomson mckinnon income fund dividend mthly div cts vs cts in prior month payable april six record marcxh reuter
earn	oakridge holdings inc nd qtr dec net shr cts vs four cts net vs sales vs six mths shr cts vs cts net vs sales vs note net includes a gain of cts a share from the sale of a funeral home and tax credits of cts net includes tax credits of one cent in the quarter and cts in the six months period reuter
earn	general computer corp gccc rd qtr feb net shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs mln vs avg shrs vs reuter
acq	brierley offer for progressive still valid brierley investments ltd bil said its offer of n z dlrs per share for supermarket group progressive enterprises ltd still stands although rainbow corp ltd said today it has pct of progressive bil said in a statement it will review events on a daily basis rainbow announced earlier that it had increased its stake in progressive to pct from pct through the purchase of mln shares at between and n z dlrs per share bil chief executive paul collins said all rainbow has done is to outlay a substantial amount of cash to purchase shares from parties who presumably were supportive of the merger rainbow has proposed a merger with progressive to form a new company astral pacific corp ltd under the merger shareholders in both progressive and rainbow will be issued shares in the new company on a one for one basis quite simply rainbow should now bid for the balance of progressive enterprises at n z dlrs per share collins said reuter
earn	avatar holdings inc avtr year net oper shr cts vs seven cts oper net vs revs mln vs mln note net excludes tax credits of dlrs vs dlrs reuter
crude	norway offers th licence round offshore blocks norway has offered new offshore blocks to foreign and domestic applicants in the first phase of the country s eleventh concession round government officials said company shares in each of the licences proposed by the oil and energy ministry are not final the ministry has given the companies days to accept or decline the proposed shares french companies ste nationale elf aquitaine elfp pa and total cie francaise des petroles tpn pa which were expected to receive operatorships following france s agreement last autumn to purchase gas from norway s troll field were not offered operatorships in this round industry sources said three eleventh round blocks were awarded in the haltenbanken exploration tract off central norway including the smoerbukk west field where den norske stats oljeselskap a s stat ol statoil was appointed operator statoil will share the licence with subsidiaries of u s oil companies tenneco inc tgt n and texas eastern corp tet n and the italian oil company agip spa s norwegian subsidiary e i du pont de nemours dd n subsidiary conoco norway inc was named operator on haltenbanken block and will share the licence with statoil norsk hydro a s nhy ol will operate nearby block with partners statoil norsk agip a s royal dutch shell group s rd as a s norske shell and deminex unit deminex norge a s statoil has been offered the operatorship on a new block in the relatively unexplored moere south exploration area south of haltenbanken with a s norske shell texas eastern and petroleo brasileiro sa petrobras also offered stakes in the block norwegian companies landed operatorships on all six blocks opened in the barents sea area off northern norway the blocks were awarded in three licenses each covering two blocks statoil will head exploration on blocks and sharing the licence with exxon corp s xon n norwegian subsidiary esso norge a s the british petroleum co plc s bp l bp petroleum development norway ltd shell norsk hydro and saga petroleum a s sagp ol blocks and were awarded to norsk hydro the operator statoil mobil corp s mob n mobil exploration norway petrofina sa s petb br norske fina a s and bp the third barents sea licence covering blocks and went to saga petroleum a s the operator statoil atlantic richfield co s arc n arco norge a s total marine norge a s and amerada hess corp ahc n the oil ministry withheld awards on four strategic blocks included in the eleventh round s second phase the ministry is accepting applications for phase two blocks until early april and the awards will likely be announced this summer officials said reuter
earn	perception technology pcep to take charge perception technology corp said it expects to take a charge of about dlrs or cts per share against earnings for the second quarter ended march due to the bankruptcy proceeding of customer t c of new york inc perception said it has outstanding lease receivables from t c of about dlrs it said the exact amnount of the charge will depend on the extent of recovery of the leased equipment involved and on arrangements that might be made with the bankruptcy court on the equipment reuter
acq	reuters to buy i p sharp of canada reuters holdings plc rtrs l said it had agreed in principle to buy i p sharp associates ltd of toronto for mln stg sharp is a time sharing network and database company specialising in finance economics energy and aviation it operates a global packet switching network and global limits systems for foreign exchange trading sharp shareholders will be offered cash shares or a mixture of the two in settlement the acquisition which is subject to canadian government approval would be through amalgamation into a specially created company reuters said it had been given options by a number of sharp shareholders covering pct of the common stock pending completion of a reuters review of the company sharp operates offices in countries in it reported revenue of mln canadian dlrs with a pretax loss of mln compared with a mln profit in however sharp said that internal accounts showed the company was in profit in the first two months of end net assets totalled mln dlrs a reuters statement said the acquisition would fit perfectly into its package for the banking and securities industries reuter
earn	horizon bank hrzb sets stock split horizon bank said its board declared a three for two stock split payable april to holders of record april seven reuter
acq	waste wmx ends offer for chemlawn chem waste management inc said its wholly owned subsidiary wmx acquisition corp ended its tender offer to buy shares of chemlawn corp at dlrs a share all shares tendered to waste management will be returned to shareholders as soon as practical it said earlier this week chemlawn agreed to accept a merger proposal at dlrs a share from ecolab inc in a transaction valued at about mln dlrs reuter
earn	ackerly communications inc year loss shr loss dlrs vs loss dlrs net loss mln vs loss revs mln vs mln avg shrs vs reuter
acq	united medical um to sell unit united medical corp said it has reached a definitive agreement to sell its hospital distribution unit to myriad group inc for undisclosed terms with closing expected in the next several weeks reuter
livestock	ccc accepts bonus bid on cattle for egypt usda the commodity credit corporation has accepted a bid for an export bonus to cover the sale of head of dairy cattle to egypt the u s agriculture department said the delivery period for the cattle is april june it said the bonus of dlrs per head was made to esmah nevada inc and will be paid in the form of commodities from the ccc inventory an additional head of dairy cattle are still available to egypt under the export enhancement program initiative announced september the department said reuter
crude	thatcher defends uk oil policy in saudi interview british prime minister margaret thatcher denied in an interview published in saudi arabia today that her government s oil policy contributed to weakness in world oil prices she said the government was determined not to intervene to influence production decisions by oil companies operating in the north sea we believe these must be a matter for the commercial judgment of the oil companies she told the arabic language daily al sharq al awsat in an interview coinciding with a visit to london by king fahd of saudi arabia thatcher said this policy had not contributed to the fall in oil prices as north sea production was now about the same as in when prices were close to dlrs a barrel british production was on a plateau and was unlikely to increase in the future she said we naturally share the concern of saudi arabia and other opec members about the harmful effects of oil market volatility for both producer and consumer countries thatcher said on our part we are careful to avoid any actions which might add to such volatility reuter
cpi	march prices fell in german state on year ago the cost of living in north rhine westphalia germany s most populous state fell pct in the month to mid march to stand pct lower than at the same time a year earlier the regional statistics office said prices had risen pct in the month to mid february but had fallen pct year on year the regional figures are considered a good guide to national inflation trends the federal statistics office is due to publish provisional national figures for march by the end of this month reuter
acq	crossland savings crld acquires western savings crossland savings fsb said it has acquired western savings and loand co with the assistance of the federal savings and loan insurance corp crossland said salt lake city based western has been combined with its two florida based thrift subsidiaries the parent company contributed mln dlrs in cash to the resulting billion dlr asset subsidiary which will operate under the name crossland savings fsb with headquarters in salt lake city crossland said western with assets of mln dlrs operated branch offices in the states of california oregon utah and washington to facilitate the acquisition crossland said western was converted from a mutual to a stock association in a voluntary supervisory conversion crossland and the fslic executived an assistance agreement indemnifying crossland from certain losses that could occur in connection with western s loan portfolio the company said james j heagerty chairman and chief executive officer of crossland savings fsla in bradenton fla will serve in that capacity for the new subsidiary resulting from the merger western s president christopher j sumner will be president of the combined unit crossland said reuter
money-fx	bank of england drains money market liquidity the bank of england said it drained liquidity from the money market when it sold mln stg of treasury bills due march at rates between and pct earlier the bank estimated a surplus of around mln stg in the system today reuter
earn	vicorp restaurants inc vres st qtr feb net shr profit dlrs vs loss cts net profit mln vs loss revs mln vs mln note current year net includes gain dlrs from the sale of its specialty restaurants unit charge dlrs from addition to insurance reserves dlr tax credit and dlr charge from debt repayment reuter
acq	commerzbank to acquire and float linotype commerzbank ag cbkg f said it will acquire linotype gmbh europe s largest manufacturer of type setting and printing communications technology from allied signal inc ald n and float off the shares in the company commerzbank declined to say how much it had paid for linotype linotype s group turnover in rose pct to more than mln marks the bank said the group s net return on capital was seven pct reuter
sugar	ec export licences for tonnes white sugar at rebate ecus french traders
sugar	u k intervention board details ec sugar sales a total tonnes of current series white sugar received export rebates of a maximum european currency units ecus per kilos at today s european community ec tender the u k intervention board said out of this traders in west germany received tonnes in the u k in denmark and in france tonnes it added earlier today london traders had expected the subsidy for the current season whites campaign for licences to end aug to be more than ecus per kilos but paris traders were more precise by forecasting a rebate level of to ecus london traders were also reluctant earlier to predict the likely tonnage to be authorised for export in view of the on going dispute between the commission and european producers over the threatened action by the producers to move over tonnes to intervention last week saw tonnes whites athuorised for export at a maximum rebate of ecus per kilos reuter
earn	pioneer standard electronics inc pios payout qtly div three cts vs three cts prior pay may one record april eight reuter
trade	house ways and means cmte finishes work on bill to toughen trade laws
earn	fabri centers fca th qtr ends jan net shr cts vs cts net vs revs mln vs mln mths shr cts vs cts net vs revs mln vs mln reuter
earn	tseng laboratories inc tsng th qtr net shr profit one ct vs loss nil net profit vs loss revs vs avg shrs mln vs mln year shr profit one ct vs profit one ct net profit vs profit revs vs avg shrs mln vs mln reuter
earn	park electrochemical corp pke sets payout qtly div three cts vs three cts prior pay may record april reuter
ship	brazil seamen say strike near end about half of brazil s seamen have returned to work after accords with companies and the national strike which began on february looks close to ending a union spokesman said the spokesman speaking from strike headquarters in rio de janeiro estimated that ships were strike bound the seamen have settled for pct pay increases with the individual companies but are still discussing the issue of overtime payments with the shipowners association syndarma reuter
trade	key u s house panel finishes major trade bill the house ways and means committee completed action on legislation to toughen u s trade laws chairman dan rostenkowski said the committee s consideration of one of the most controversial provisions a plan to force major trade surplus countries to cut their trade imbalance with the united states was deferred until the full house considers the trade bill its sponsor rep richard gephardt said gephardt a missouri democrat told reuters he was not certain the exact form his trade surplus reduction proposal would take last year the house approved his plan to force a pct surplus cutback each year for four years by countries such as japan the ways and means committess trade bill forces president reagan to retaliate against unfair trade practices that violate international trade agreements but it allows him to wave retaliatory tariffs or quotas if the action would hurt the u s economy the trade bill gives u s trade representative clayton yeutter more authority in trade negotiations and in decisions to grant domestic industries import relief it also gives him authority to decide whether foreign trade practices are unfair and violate u s trading rights these powers are currently held by president reagan the administration has strongly objected to this transfer of authority from reagan to yeutter the bill also extends u s authority to negotiate multilateral trade agreements the bill will be wrapped into other trade legislation and voted on in the house in april reuter
earn	russ togs inc rts th qtr jan net shr cts vs cts net vs sales mln vs mln year oper shr dlrs vs dlrs oper net mln vs mln sales mln vs mln note prior year net excludes loss dlrs from discontinued operations and loss on disposal of dlrs reuter
acq	thermo process tpsi acquisition terminated thermo process systems inc said its proposed acquisition of the surface combustion division of privately held midland ross corp has been terminated because mutually satisfactory terms could not be established reuter
alum	noranda raises primary aluminum prices noranda aluminum inc said it has increased its primary aluminum prices by two cents a lb effective with new orders as of march and all shipments beginning may the new price for unalloyed ingot will be cents a lb while the new price for extrusion billet will be cents a lb reuter
earn	utilicorp ucu sees higher first quarter utilicorp united corp said it expects to report first quarter earnings of about mln dlrs or about dlrs a share and revenues of about mln dlrs in the comparable quarter a year ago utilicorp earned mln dlrs or cts on revenues of mln dlrs there are mln shares outstanding this year up from the mln shares in utilicorp s president richard green told financial analysts here first quarter results include one month contribution of west virginia power which became a division on march green said in remarks prepared for delivery to analysts higher earnings for the period reflected reduced operating and maintenenace expenses and about mln dlrs in rate increases in iowa minnesota kansas and colorado he said however utilicorp s missouri public service division is experiencing the effect of a pct rate reduction authorized in september he noted of utilicorp s total revenues expected for the first quarter about mln dlrs will be derived from electric operations and about mln dlrs will come from gas operations he said operating income derived from electric operations in the first three months of is estimated to be eight mln dlrs while the contribution from gas operations will be about mln dlrs green said green told analysts that utilicorp received regulatory approval from various states and the federal energy regulatory commission to reincorporate in delaware effective april one utilicorp signed an agreement with cominco ltd of vancouver to extend the deadline to may for completion of the company s purchase of west kootenay power and light of british columbia due to a longer than expected regulatory approval process he said hearings were completed in february and a decision by the british columbia utilities commission on the mln dlrs purchase by utilicorp is pending he said reuter
earn	tseng tsng sees sales increase first qtr tseng laboratories inc said it expects first quarter sales to exceed total sales for the entire year and said it expects earnings for the quarter to grow at a faster rate than sales tseng posted total revenues for of and net income of or cts per share jack tseng president of the company attributed the high expectations to increased orders from major costomers as well as accelerated business from its growing reseller network tseng posted first quarter sales of and net income of the company said reuter
acq	stockholder systems ssiaa makes acquisition stockholder systems inc said it has agreed in principle to acquire privately held software concepts inc which provides software for check processing mortgage application processing and safe deposit box accounting for undisclosed terms software concepts had revenues of about dlrs for the year ended june reuter
earn	concept inc ccpt nd qtr feb net shr cts vs five cts net vs sales vs avg shrs vs st half shr cts vs cts net vs sales mln vs mln avg shrs vs note share adjusted for five for four split in february reuter
earn	life of indiana corp lifi th qtr loss shr loss two cts vs profit six cts net loss vs profit revs vs avg shrs vs year shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs vs note net includes tax credits of dlrs in quartger and dlrs in year reuter
earn	b f saul real estate investment bfs payout qtly div five cts vs five cts prior pay april record april note b f saul real estate investment trust reuter
earn	maytag myg sees capital spending up in maytag co said it expects capital spending in to increase to about mln dlrs from mln dlrs in maytag chairman and chief executive officer daniel krumm said the company plans a significant investment at its admiral refrigerator plant in galesburg ill as well as continued spending for product improvement and increased efficiency at other maytag facilities earlier the company reported net income of mln dlrs or per share versus net income of mln dlrs or dlrs a share in reuter
acq	travelers tic unit to buy realty divisions the travelers corp s travelers mortgage services said it signed a letter of intent to buy two subsidiaries of the privately held equitable life assurance society of the u s the company said it plans to acquire the equitable relocation management corp and the equitable realty network inc the company said the acquisitions will give it broader distribution of its corporate relocation service and mortgage programs reuter
earn	communications and cable inc ccab st qtr net oper shr seven cts vs loss nil oper net vs loss revs vs note net excludes gains from discontinued operations of dlrs vs dlrs current year net includes gain dlrs from sale of cellular telephone investment prior year figures restated for discontinued operations reuter
acq	dallas investor cuts stake in mcdermott mdr a group led by dallas investor harold simmons told the securities and exchange commission it had reduced its stake in mcdermott international inc by one pct to under five pct the group had said in a march filing announcing acquisition of pct of the firm s stock that it might consider seeking control of the company reuter
platinum	intn l platinum degussa in joint venture talks international platinum corp said it signed a letter of intent to enter into further negotiations on a joint venture exploration agreement with degussa a g of west germany regarding several north american platinum properties conclusion of the agreement is subject to completion of further detailed examination by degussa as well as board and regulatory approvals under terms of the letter of intent degussa would contribute substantially to a three year exploration budget of mln dlrs in return for a pct interest in the venture degussa s contribution to the exploration budget will be based on it matching international platinum s past exploration and acquisition costs estimated at about two mln dlrs and then contributing on a pro rata basis international platinum said degussa s contribution would provide a major portion of international platinum s exploration budget especially during the first and second year of the proposed joint venture the company said reuter
earn	westwood one inc wone st qwtr feb net shr cts vs eight cts net vs revs mln vs mln avg shrs vs reuter
ship	iran says has better weapons than silkworm iranian prime minister mir hossein mousavi said iran had more effective missiles at its disposal than the shore to sea missiles which had provoked u s concern tehran radio reported a u s state department spokesman said last week iran had acquired chinese made silkworm missiles which posed a greater threat to shipping in the gulf than the weapons previously used tehran radio monitored by the british broadcasting corp quoted mousavi as saying that tehran officially announced after its forces overran southern iraq s faw peninsula in february last year that it had shore to sea missiles the fact that the americans after so much delay are now thinking of expressing their concern with panic is because reagan needs this sensation now said mousavi speaking after a cabinet meeting in tehran we also announce today that these missiles are not the limit of our war capabilities in the gulf he added mousavi said the security of the gulf region had nothing to do with the u s but iran would resort to any action to defend the gulf even those actions which are not thought probable by westerners reuter
sugar	ec commission details sugar tender the european community commission confirmed it granted export licences for tonnes of current series white sugar at a maximum export rebate of european currency units ecus per kilos out of this traders in west germany received tonnes in the u k in denmark tonnes and in france tonnes reuter
earn	tricentrol to concentrate on proven reserves tricentrol plc tct l said it will concentrate most of its efforts this year on its proven oil and gas reserves in order to maximise benefits to shareholders in the mid to long term it said in a statement we are confident that substantial development funds will be available to tricentrol and that we will be able to minimise further disposal of our interests tricentrol wrote off mln stg on the reorganisation of its north american operations last year when oil prices plunged the group incurred a net loss of mln stg against a mln profit the previous year reuter
earn	brooklyn union gas co bu sets payout qtrly div cts vs cts prior pay may one record april reuter
ship	argentine port workers take industrial action argentine port workers began an indefinite protest against safety conditions at the port of buenos aires stopping work for one hour per shift a press spokesman said he said three port workers had died over the last month in accidents he said the decision to take action was made after a port worker died yesterday after being electrocuted reuter
acq	novamin says it received proposed takeover bid from breakwater
acq	novamin in proposed buyout by breawater bwrlf novamin inc said it received a proposed takeover offer from breakwater resources ltd involving a swap of one breakwater share for two novamin common shares it said the proposal also called for conversion of outstanding novamin warrants into breakwater common shares on the same basis provided the exercise price was paid by the warrant holders novamin a mineral exploration company said directors would meet next tuesday to deal with the proposal which it said was subject to approval by breakwater directors reuter
earn	lilly industrial coatings inc licia st qtr feb end shr cts vs cts net vs sales mln vs mln avg shrs vs note share adjusted for five pct stock dividend in august reuter
acq	commonwealty realty crtyz bay bay end talks commonwealth realty trust said preliminary merger talks with bay financial corp have been terminated due to a failure to agree on terms reuter
earn	met pro corp mpr th qtr ends jan net shr cts vs cts net vs revs vs mths shr cts vs cts net vs revs mln vs mln reuter
earn	central maine power co ctp sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	pep boys pby sets split raises quarterly manny moe and jack inc said its board declared a three for one stock split and raised the quarterly dividend to six cts presplit from cts both are payable july to holders of record july one and the the split is subject to shareholder approval at the may annual meeting of an increase in authorized common shares to mln from mln the company said reuter
earn	pep boys manny moe and jack inc pby th qtr jan end shr cts vs cts net vs sales mln vs mln year shr dlrs vs dlrs net mln vs mln sales mln vs mln note latest year net includes three cts shr gain from sale of assets reuter
earn	hovnanian enterprises hov earnings to rise hovnanian enterprises inc said the company s earnings for year would exceed the dlrs a share previously announced and could go as high as dlrs for fiscal year ended feb the company posted net earnings of mln dlrs or dlrs per share on revenues of mln dlrs for fiscal year these figures reflect two three for two stock splits in march and august at the annual drexel burnham lambert construction conference here hovnanian executive vice presidnt ara hovnanian said the company expects an earnings range of between dlrs and dlrs per share for fiscal total revenues for the year ending feb should be between mln and mln he said reuter
sugar	ny traders say turkey made large sugar purchase turkey bought an estimated tonnes of white sugar from three trade houses today for april to june shipment according to trade sources they said a large u k trade house sold tonnes a u s house traded tonnes and a swiss based dealer house tonnes price details were unclear but reports this morning suggested that turkey was offered sugar at prices ranging down to dlrs a tonne c and f basis reuter
earn	sunstar foods inc sunf nd qtr feb net shr cts vs not reported net vs sales mln vs mln six mths shr cts vs cts net vs sales mln vs mln note six months net includes a loss from discontinued operations equal to two cts a share net includes losses from discontinued operations of four cts in the quarter and six cts in the six months reuter
acq	hadson hads to acquire pct of seaxe seax hadson corp said it has signed a definitive agreement to acquire pct of the outstanding common stock of seaxe energy corp the company said it will buy the pct interest in seaxe from shareholders owning restricted or controlled shares for less than hadson common shares it said closing is subject to the approval of title assignments by the french government seaxe is involved in oil and natural gas exploration and development in the paris basin of france reuter
acq	reuters to buy i p sharp of canada reuters holdings plc rtrs l said it had agreed in principle to buy i p sharp associates ltd of toronto for mln stg sharp is a time sharing network and database company specialising in finance economics energy and aviation it operates a global packet switching network and global limits systems for foreign exchange trading sharp shareholders will be offered cash shares or a mixture of the two in settlement the acquisition which is subject to canadian government approval would be through amalgamation into a specially created company reuters said it had been given options by a number of sharp shareholders covering pct of the common stock pending completion of a reuters review of the company sharp operates offices in countries in it reported revenue of mln canadian dlrs with a pretax loss of mln compared with a mln profit in however sharp said that internal accounts showed the company was in profit in the first two months of end net assets totalled mln dlrs a reuters statement said the acquisition would fit perfectly into its package for the banking and securities industries reuter
earn	tcby enterprises tcby splits stock tcby enterprises inc said its board has approved a three for two split of its common stock with a distribution to be made on april to stockholders of record on april the split will increase the number of outstanding shares to over mln from about mln shares now the company said tcby enetrprises is a franchisor and operator of retail stores specializing in frozen yogurt related treats reuter
earn	raytheon co rtn sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	p h glatfelter co glp increases dividend p h glatfelter said its board increased its quarterly dividend on its common stock to cts per share from cts per share the prior quarter it said the dividend is payable may to shareholders of record april in addition the company said it authorized the repurchase of up to an additional one mln shares of its common stock on march the board had authorized the repurchase of up to two mln shares as adjusted for a two for one split effected in april the company said the company said shares may still be repurchased under the authorization it added any shares repurchased would be added to the treasury and will be available for future issuance the company said it has no present plans to issue any of the shares which may be repurchased the company said it presently has common shares outstanding reuter
earn	life of indiana corp lifi th qtr loss shr loss cts vs profit cts net loss vs profit year shr profit cts vs profit cts net profit vs profit reuter
acq	consolidated norex to acquire triweb resources consolidated norex resources ltd said it agreed to acquire all issued and outstanding shares of triweb resources ltd a privately held oil and gas company with land holdings and production base in alberta and saskatchewan the company said specific details relating to purchase price and other terms will be released on closing of the transaction expected by may reuter
sugar	thai sugar production continues high in feb thai sugar production continued at a high level in february latest figures received by the international sugar organization iso show the figures show stocks at end february of mln tonnes raw value against mln a year earlier analysts said this was a new peak for the date production in february was tonnes against in february and took the nov feb total for the current crop to mln tonnes production normally tails off sharply after march but in recent years production from march to the end of the crop has been over tonnes analysts said thailand s exports in february were tonnes and consumption last month the thai agriculture ministry said production was expected to fall to mln tonnes from mln in reuter
acq	reichhold chemicals inc exploring possible sale of european subsidiary
sugar	ny traders expect china to step up sugar buying trade house sources said china is expected to step up its sugar purchases following yesterday s steep drop in world sugar prices the consensus is that the chinese will buy between and tonnes of raw sugar china is short of foreign exchange and a drop in prices is usually taken as a buying opportunity by peking one trader said yesterday prices on the new york world sugar market plummeted by to cent on heavy liquidation by speculators disenchanted over the market s lack of rallying power speculation is that china will need the sugar for the may july period reuter
earn	ross stores inc rost th qtr jan loss shr loss dlrs vs profit cts net loss mln vs profit sales mln vs mln year shr loss dlrs vs profit cts net loss mln vs profit sales mln vs mln note latest year net both periods includes mln dlr provision for closing underperforming stores reuter
earn	navistar nav still expects higher net navistar international corp chairman donald lennox repeated that benefits from recapitalization are likely to boost future earnings for fiscal lennox told the annual meeting that future quarterly and full year earnings from ongoing operations should be significantly above results in his remarks lennox said management has no plans to recommend reinstatement of the company s common stock dividend in the foreseeable future he said the outlook for the medium duty truck market continues to point to little or no change but recent order receipts indicate a firmer tone in the heavy duty truck segment which could result in a five to eight pct increase in industry shipments for the full year he said after restructuring under the holding company format the company s present truck and engine subsidiary will be known as navistar international transportation corp neil springer currently president and chief operating officer of navistar international was named chairman of the new subsidiary james cotting now vice chairman and chief financial officer was named to succeed lennox as chairman and chief executive officer of navistar international corp lennox will retire march shareholders at the meeting approved a change in the company s structure to a holding company format to be effective april reuter
earn	corrected lilly industrial coatings inc licia st qtr feb end shr cts vs cts net vs sales mln vs mln avg shrs vs note share adjusted for five pct stock dividend in august company corrects current year sales reuter
earn	bat shares undervalued say stock market analysts bat industries plc bti l results which were at the upper end of market expectations showed the company was in a strong position and that its shares were probably undervalued share analysts said bat shares were down at p in late afternoon trading after a previous p close they touched a high of p earlier on news of a pct rise in annual profits to billion pre tax stock market analysts said today s generally weak stock market plus unwinding of positions after heavy buying of bat shares in the run up to the results caused the fall in the share price in the current market people almost expect companies to beat expectations said one analyst adding that pretax profits of to billion stg had been forecast bat s figure of billion stg compared with a pretax profit of billion brokers noted that bat s shift away from its underperforming industries and the decreasing share of the tobacco portion of the group were seen as good signs bat chairman patrick sheehy told a news conference that the tobacco sector of the company had declined to pct from pct four years ago sheehy said he could see the tobacco portion of the company declining further as other sectors increased in importance he said bat was looking to expand in the area of financial services in particular in the u s sheehy also said the group had no sizeable acquisitions in sight in the near future analysts said bat s increasingly good performance in the u k insurance area was encouraging its declining debt to equity ratio of currently about pct also made it likely that bat would soon be looking to make major acquisitions they said reuter
acq	reichhold rci exploring sale of european unit reichhold chemicals inc said it is exploring the sale of its stake in its european subsidiary reichhold chemie ag reichhold chemie ag headquartered in rausen switzerland had sales in excess of mln dlrs last year it is pct owned by reichhold the rest is owned by german and swiss shareholders reichhold said it is seeking the sale to focus on its adhesives business reuter
acq	ual said donald trump was interested in ual stock as investment
earn	int l broadcasting ibca sets reverse split international broadcasting corp said shareholders at its annual meeting approved a one for reverse stock split the split will be effective after completion of filing requirements it said new certificates will be needed it added the media company said it currently has common shares issued and outstanding and upon completion of the reverse split will have shares outstanding reuter
earn	bi inc biac sets reverse split bi inc said it is implementing a one for reverse split to shareholders of record today it said any fractional shares will be redeemed for cash reducing its free trading stock in public hands to shares from mln and its total shares outstanding to from mln shareholders approved the reverse split in october reuter
trade	baldrige says japan must open its markets commerce secretary malcolm baldrige said the united states will not stand idly by and let japan dominate the world electronics market baldrige told the senate finance committee the united states would insist japan open its markets to u s products as the u s market is open to japanese products asked after his testimony if this meant the united states would close its markets to japan if they did not open theirs baldrige said i m not prepared to say that but it certainly would be one of the alternatives studied baldrige said in his testimony japan had a closed supercomputer market and a restricted telecommunications market i can only conclude that the common objective of the japanese government and industry is to dominate the world electronics market given the importance of this market to u s industry in general and our defense base in particular we cannot stand by idly he said he said it was these concerns about national security which led him to express reservations over the proposed acquisition of fairchild semiconductor by fujitsu of japan reuter
earn	basf corp year net net mln dlrs vs mln sales billion vs billion note wholly owned by basf ag of west germany reuter
earn	montana power co mtp votes quarterly dividend qtly div cts vs cts prior qtr pay april record april reuter
acq	ual ual said trump talked with ual chairman real estate magnate donald trump told ual inc chairman richard ferris that he was interested in ual stock as an investment according to a ual executive trump who was unavailable for comment is believed by market sources to have a sizeable position in ual which he began accumulating several weeks ago ual stock today was up three at in active trading they ferris and trump talked last week apparently trump said he was interested in it as an investment he didn t say how much stock he had he didn t say what he would or wouldn t do about it said ual senior vice president kurt stocker trump is believed to have close to five pct of ual s stock market sources said reuter
earn	team inc tmi rd qtr feb net shr profit five cts vs loss cts net profit vs loss revs mln vs mln nine mths shr profit six cts vs loss dlrs net profit vs loss revs mln vs mln reuter
earn	todd shipyards corp omits qtly common div sets preferred payout
earn	rsi corp rsic nd qtr feb net shr cts vs cts net vs revs mln vs mln st half shr cts vs cts net vs revs mln vs mln note share after stock splits net includes discontinued operations loss four cts shr vs nil in quarter and loss seven cts vs gain one ct in half reuter
earn	rcm technologies inc rcmt st qtr jan loss shr loss one ct vs loss one ct net loss vs loss revs vs reuter
earn	mcclain industries inc mccl st qtr dec net shr cts vs cts net vs sales vs note current year net includes gain from sale of sterling heights mich plant of dlrs another dlrs of gain from sale sale has been treated as deferred income reuter
acq	synalloy syo ends plans to sell unit synalloy corp said it has ended talks on the sale of its blackman uhler chemical division to intex products inc because agreement could not be reached the company said it does not intend to seek another buyer reuter
acq	c i l acquiring trimac s stake in tricil c i l inc said it would exercise its right to acquire trimac ltd s stake in their jointly owned tricil ltd for mln dlrs with closing expected may c i l added that the final price could be less however depending on an ontario court ruling resulting from a previously reported legal action launched by c i l mississauga ontario based tricil is a waste management company with operations in the u s and canada reuter
cpi	ec inflation starts to rise again in february inflation in the european community which fell to its lowest since the s between november and january started to take off again last month figures from the ec statistics office eurostat showed consumer prices were on average three pct higher than in february the office said this compared with a year on year rise of pct in january the lowest for years and was the highest figure since october prices rose in february by pct from january after rises of pct in january and of pct in each of the last three months of reuter
acq	pantera s pant to buy ten pizza restaurants pantera s corp said it agreed to buy ten pizza restaurants in southeastern colorado from creditors foreclosing on the facilities the purchase price includes mln dlrs in cash and company stock it said separately pantera s said it issued an area development agreement with a franchisee group for northeastern colorado including the denver area for the opening of about franchised pantera s pizza restaurants reuter
acq	allied signal inc to sell linotype group to commerzbank of west germany
earn	todd shipyards tod omits commmon dividend todd shipyards corp said it omitted payment of the quarterly dividend on its common stock and lowered the dividend on its series a preferred stock to cts from cts a share todd said the ct preferred dividend will be paid may one to shareholders of record april the company said it omitted the common dividend to cover both losses from a commercial ship conversion contract and increased reserves for previously announced discontinued shipyard operations in addition the company said its lenders agreed to temporarily reduce the net worth requirement of its revolving credit and term loan pact to mln dlrs from mln the reduction will hold through may it said todd said the reduction in the net worth requirement allowed for the payment of the preferred dividend and prevented it from violating covenants of its credit agreement the company said it is also negotiating with its lenders to extend the reduced net worth terms beyond may todd added that it has suffered financially because of the u s navy s unwillingness to release certain retentions under completed ship construction contracts and a general decrease in u s military spending reuter
earn	imo delaval imd sets initial dividend imo delaval said its board declared an initial quarterly dividend of cts per share payable april to holders of record on april reuter
earn	national computer systems inc nlcs th qtr net shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln year shr cts vs cts net vs revs mln vs mln avg shrs mln vs mln reuter
acq	allied signal ald to sell linotype unit allied signal inc said it agreed to sell its linotype group unit to commerzbank ag of west germany for an undisclosed amount allied signal said commerzbank is expected to offer shares of the unit to the public later this year the company said the agreement is subject to approval by the government and its shareholders the linotype unit based in eschborn west germany had revenues in of more than mln dlrs the company said the company said top management of linotype plan to remain with the unit which has operations in the united states west germany and the united kingdom allied signal announced in december that it planned to sell the linotype unit as well as six other businesses in its electronics and instrumentation segment linotype is a supplier of type and graphics composition systems reuter
earn	continental health affiliates inc cthl th qtr shr cts vs five cts net vs revs mln vs year shr cts vs cts net vs revs mln vs mln reuter
crude	canada sets oil industry aid package canada s federal government will provide a mln dlr oil industry aid package that includes cash incentives designed to cover one third of a company s oil and gas exploration and development costs energy minister marcel masse announced the aid program will inject about mln dlrs a year into the oil and gas industry and could lead to more than one billion dlrs in new investment masse told a news conference the program will affect drilling done anywhere in canada on or after april masse told reporters that the government s oil industry aid package is aimed at small and medium sized companies the aid package called the canadian exploration and development incentive program will restrict the total payments that any individual company can claim to mln dlrs a year masse said the program will probably generate new employment equivalent to people working for a year he said oil industry aid is needed because exploration and development spending dropped by at least pct since world oil prices fell during the first half of energy minister masse said the federal government decided to provide cash incentives so a large number of non tax paying companies mainly small canadian firms will receive the full value of the incentive such companies would not immediately benefit from tax benefits he said the federal government also wanted to deliver an aid program outside the tax system finance minister michael wilson is now reviewing canada s tax system and plans to announce tax reform proposals later this spring an important feature of the aid program is a decision to let companies issue flow through shares allowing investors to benefit from the subsidy rather than restricting benefits to only participating companies he said allowing flow through shares under the program will make it easier for companies to attract investors in exploration and development masse said he told reporters his department is still considering whether to allow partnerships and other entities to qualify for the subsidy reuter
cocoa	cocoa talks slow at crucial stage delegates international cocoa organization icco talks on buffer stock rules have slowed during a crucial phase of negotiations delegates said but they remained confident about prospects for reaching agreement by friday cocoa producers european community ec consumers and all consumers separately reviewed technical details of a buffer stock rules package distributed yesterday the buffer stock working group of consumers and producers was set to meet later today to debate the proposal jointly for the first time they said delegates said major sticking points were likely to be the amount of non member cocoa allowed to be bought for the buffer stock and the fixed price differentials at which different origin cocoas will be offered to the buffer stock manager producers would prefer that non member cocoa not be included in the buffer stock because if it is countries such as malaysia benefit from the cocoa agreement without joining it the delegates said reuter
gold	newmont gold ngc sees gold sales rising newmont gold corp expects gold sales in to rise about pct to ounces from s ounces the company said in its annual report newmont gold pct owned by newmont mining corp nem said it expects significant increases in gold sales in and as well reuter
acq	messidor to merge with triton beleggingen messidor ltd said it signed a letter of intent to acquire pct of the outstanding shares of triton beleggineng nederland b v a european investment portfolio management company if approved two mln shares of stock held by the messidor ltd officers and directors would be issued to triton shareholders triton will become a subsidiary of messidor it said if approved the president of triton hendrik bokma will be nominated as chairman of the combined company there are about mln messidor units issued to the public consisting of one share of common stock four class a common stock warrants four class b common stock warrants and four class c common stock warrants in addition there are four mln restricted shares outstanding messidor said the acquisition is expected to be completed by june three reuter
earn	encor energy corp inc yr net loss mln vs profit mln
earn	middle south msu to form new dividend policy middle south utilities inc is taking a conversative approach to formulating a new common stock dividend policy chairman edwin lupberger said he told securities analysts that when the company s common dividend is resumed the initial rate will appear conservative to you by industry standards and in relation msu s net income and cash flow our progress will determine how soon we can reinstate a dividend to our common stockholders he said the company last paid a common dividend of cts a share in july lupberger told the analysts that the company s primary objective is to create financial strength enough strength so that what happened to us and our stockholders over the past couple of years never happens again the company has faced regulatory challenges to rates proposed to cover the cost of its grand gulf nuclear plant he said middle south s net income is expected to post modest growth over the next three years in the company earned mln dlrs or dlrs a share on revenues of billion dlrs lupberger said a good portion of the improvement projected for the next three years comes from keeping the lid on operating and maintenance expenses reuter
acq	twa sold four mln shares of usair believed to institutions wall street sources
acq	investors increase stake in frost sullivan one of a pair of private investors in frost and sullivan inc told the securities and exchange commission he increased his stake in the firm by about two pct to pct he is theodore cross princeton n j editor of business and society review the other investor is mason slaine cos cob mass president of dealers digest inc he holds a pct stake cross told the sec he bought the new shares at between and dlrs reuter
ship	liberian ore carrier in collision in river elbe the liberian motor bulk carrier trave ore dwt loaded with ore and the dwt west german motor vessel christa collided late last night on the river elbe near buoy lloyds shipping intelligence said the trave ore proceeded by its own means to hamburg the christa was taken in tow with a damaged bow the liberian vessel was concluding a trip from seven islands to hamburg reuter
earn	hershey oil corp hso th qtr loss shr loss cts vs loss dlrs net loss vs loss revs vs year shr loss cts vs loss dlrs net loss vs loss revs vs reuter
earn	eg and g inc egg sets quarterly qtly div cts vs cts prior pay may eight record april reuter
earn	encor energy corp inc year loss shr not given net loss mln vs profit mln revs mln vs mln note net includes mln dlr asset writedown before mln dlr recovery of deferred taxes pct owned by dome petroleum ltd dmp reuter
ship	brazilian labour unrest spreads many banks shut brazil s labour unrest is spreading with many banks universities and government statistical offices on strike and more pay disputes looming bankworkers leaders said that a national strike launched yesterday to press for a pct immediate pay rise and monthly salary adjustments had the support of most of the workforce the strike today closed the stock exchanges of sao paulo and rio de janeiro for the government the one positive development on the labour front was the gradual return to work of the nation s seamen who began a national strike on february a union spokesman in rio de janeiro told reuters about half the seamen had returned to work after accords with companies and that the strike looked close to an end otherwise the labour scene looked bleak with the bank strike posing the most serious problems for brazil s crisis laden economy if this goes on for more than a few days it will have a serious effect because normal financial operations will grind to a halt said a western diplomat in sao paulo today brazil s university teachers in the federal universities launched a national strike with a broad political demand as well as a pay claim david fleischer head of the political science department in brasilia university told reuters the national association of higher education teachers wanted a full congressional inquiry into what had happened to government education funds he said the universities were strapped for cash and that the association suspected the junior partner in the coalition government the liberal front party pfl of using education funds for projects which had helped their candidates in elections the pfl holds the education ministry hardly any sectors of the economy are proving immune to the current labour unrest caused by the return of high inflation officially pegged at pct for january february other possible strikes looming include stoppages by oil industry workers and social security workers reuter
earn	asta group inc unit in loan purchase asta group inc said its pct owned liberty service corp affiliate has purchased about mln dlrs face value of credit card installment receivables from a major financial institution it did not name for a significant discount from face value it said the portfolio consists mostly of charged off loans the company also said it expects to realize a profit of about dlrs on its pct interest in the briarcliff manor condominium project in new york with about dlrs of the profit being reflected in the year ending september reuter
earn	arden international aiki th qtr dec net oper shr one ct vs two cts oper net vs revs vs year oper shr four cts vs nine cts oper net vs revs vs avg shrs vs note full name is arden international kitchens inc more
acq	twa twa sells position in usair u trans world airlines inc sold four mln shares it held in usair group inc wall street sources said the sources said the buyers are believed to be a group of institutions bear stearns handled the trade it crossed the four mln shares at off bear stearns would not comment on buyers or sellers usair and twa had no immediate comment usair later said it did not buy the stock a company spokesman would not comment further twa earlier this month reported holding slightly more than four mln shares or about pct of usair it had also proposed a takeover of usair which at the time was negotiating its proposed merger with piedmont aviation inc on march twa withdrew its bid saying it did not intend to seek control of usair group or to acquire more of its stock at the time twa also said in the filing with the securities and exchange commission that its chairman carl icahn is the target of an sec probe of alleged violations of securities laws in its filings with the sec twa said it paid mln dlrs for its usair stock with this out of the way if it indeed was bought by institutions it paves the way for better value for usair stock later said janney montgomery analyst louis marckesano of twa s sale of its stock technically as long as that block was overhanging the market you didn t know what was going to happen he said usair stock was trading at off on volume of mln shares twa stock rose one to reuter
earn	combustion engineering csp sees st qtr net off combustion engineering inc said it expects first quarter earnings to be to pct below the year ago mln dlrs mainly due to financing costs resulting from the january acquisition of accuray corp the company said it has filed for an offering of four mln common shares and mln dlrs of subordinated debentures due with proceeds to be used to refinance the short term bank debt incurred for the accuray acquisition to finance other costs of the transaction and for general corporate purposes combustion said shares will be sold in the u s and the remainder overseas combustion paid about mln dlrs for accuray a maker of computer based measurement and control systems used in pulp and paper mills the company said it expects to release first quarter results in the third week in april combustion said it expects further restructuring of core businesses particularly lummus crest this year through staff reductions downsizings and the consolidation of facilities combustion said the restructuring at lummus crest is expected to substantially reduce but not eliminate this year losses in the engineering and construction segment but it said improvement at lummus crest is expected to be approximately offset by a number of factors including a somewhat lower level of earnings in the power generation segment than in financing costs of the accuray acquisition costs associated with integrating accuray technology and operations and delays in waste to energy projects reuter
gold	newmont gold sees its sales rising pct newmont gold corp expects gold sales in to rise about pct to ounces from s ounces the company said in its annual report newmont gold pct owned by newmont mining corp said it expects significant increases in gold sales in and as well reuter
earn	arden international aiki larkville note period ended december earnings exclude losses from discontinued operations of dlrs or one ct a share vs dlrs or three cts a share for the year earnings exclude gains from tax loss carryforwards of dlrs or one ct a share vs dlrs or two cts a share in the quarter and dlrs or one ct a share vs dlrs or four cts a share for the year reuter
trade	treasury s baker says exchange rate changes will reduce trade deficit this year
acq	gateway sporting buys innovative dental gateway sporting goods co said it acquired all of the shares of stock of innovative dental services inc for an undisclosed amount of cash gateway said the acquired company has contracts with dentists in locations reuter
acq	cyclops corp reforms board after dixons group fails to get majority of cyclops stock
earn	pan atlantic re inc pnre th qtr net oper shr cts vs dlrs oper net vs year oper shr cts vs cts oper net vs note net excludes realized investment loss dlrs vs gain dlrs in quarter and gains dlrs vs dlrs in year year net excludes tax credit dlrs reuter
earn	quaker chemical corp qchm sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	middle south msu to consider dividend middle south utilities inc will not consider payment of a common stock dividend until there is another ruling on a mississippi supreme court order rolling back rates at the company s mississippi power and light co subsidiary chairman edwin lupberger said he told security analysts middle south was close to recommending resumption of the common stock dividend when the mississippi court ordered the rate rollback following the order he noted the unit cancelled a planned sale of preferred stock middle south has petitioned the court for a rehearing or a stay of the order while it is being appealed reuter
acq	belgium plans to outlaw insider trading a belgian finance ministry spokesman said new rules planned on insider trading would enable offenders to be fined and imprisoned for up to a year and be compelled to forfeit gains the new rules require parliamentary approval and government sources said it was unclear when they would come into force insider trading is currently not an offence in this country the cabinet approved a separate bill that analysts said includes provisions to make more difficult the build up of major new stakes in belgian companies the bill would make obligatory the declaration of major stakes in companies quoted on the bourse with own resources of more than mln francs the minister for economic affairs would need to be informed in advance of deals under which foreign interests planned to buy a new stake of more than ten pct of the voting shares in a large belgian company or to increase an existing stake to more than pct reuter
acq	owens corning fiberglas ocf sells foam unit owens corning fiberglas corp said it sold its controlling interest in its french foam insulation producing subsidiary to a lafarege corp laf subsidiary owens corning said it sold its interest in sentuc porxpan sa for an undisclosed price reuter
earn	u s shoe inc th qtr shr cts vs cts
trade	treasury s baker outlines trade bill criticisms treasury secretary james baker said that some of the trade bills proposed by congress conflict significantly with certain basic principles the reagan administration considers critical baker told a senate committee that the administration would resist such measures as a general import surcharge sector specific protection such as import quotas for individual products mandatory retaliation and limits on presidential discretion in negotiating more open markets abroad and other trade steps reuter
earn	u s shoe corp usr th qtr jan net shr cts vs cts net mln vs mln sales mln vs mln avg shrs mln vs mln year shr cts vs dlrs net mln vs mln sales billion vs billion avg shrs mln vs mln note current year net both periods includes gain five cts shr from sale of just for kids and giggletree mail order catalogs and charges of cts shr from writedowns of assets related to the closing of linens and domestics stores and leased departments and of leased shoe departments year net includes lifo inventory charges six cts shr vs two cts shr reuter
earn	vertex industries inc vetx nd qtr jan net oper shr loss three cts vs loss four cts oper loss vs loss revs vs six mths oper shr loss two cts vs loss two cts oper loss vs loss revs vs note current periods exclude net gain of dlrs from termination of retirement plan for salaried employees also excludes gain of dlrs from in current qtr and gain dlrs in six mths from benefit of tax loss carryforwards company went public in september reuter
acq	cyclops cyl says dixons appointees resign cyclops corp said the three members of its board appointed last week by dixons group plc had resigned and that it named three cyclops executives to replace them cyclops said the moves followed the announcement earlier today by dixons that it received only pct of cyclops outstanding common stock under an extended tender offer that expired yesterday dixons initially ended its dlr a share tender offer on march after receiving pct of cyclops shares however the securities and exchange commission last friday pressed dixons to reopen the offer because the u k based company had dropped a condition that at least pct of cyclops stock be tendered by the close of the offer dixons then extended the offer until yesterday and earlier today indicated that a substantial number of tendered cyclops shares had been withdrawn leaving it with only shares or just over pct of the roughly mln cyclops shares outstanding dixons said today that it purchased the tendered shares which when combined with the shares it already holds gives it a pct stake in cyclops cyclops said its reconstituted board includes the three newly named directors and five outside directors all of whom were on the board prior to dixons tender offer the three cyclops directors were replaced by dixons appointees on march under an agreement reached between the two companies reuter
crude	ecuador negotiates with nigeria for lending oil earthquake stricken ecuador is negotiating with nigeria to have the african country lend it barrels per day bpd of crude for export deputy energy minister fernando santos alvite told reuters he said ecuador was negotiating a shipments schedule and the terms of repaying the loan ecuador has suspended crude exports for about five months until it repairs a pipeline ruputured by a march five tremor santos alvite added ecuador is finalizing details for a program under which venezuela would temporarily lend the country bpd for export reuter
earn	northern states power co nsp votes quarterly qtly div cts vs cts prior qtr pay april record april reuter
earn	summit tax exempt bond fund sua sets payout qtrly div cts vs cts prior pay aug record april one reuter
trade	u s senate trade leader concerned about canada the chairman of the u s senate committee with jurisdiction over trade said he was concerned about a resolution on bilateral trade negotiations adopted by the canadian house of commons last week the resolution supports negotiation of a bilateral trading agreement with the united states while protecting canadian political sovereignty social programs agricultural marketing systems the auto industry and canada s cultural identity senate finance committee chairman lloyd bentsen said the resolution may jeopardize the viability of the proposed free trade agreement between the two countries which are each other s largest trading partners we need a truly free trade agreement which means both countries have to work toward a deal that is mutually beneficial and comprehensive a large agreement the texas democrat said in a statement i do not question canada s right to protect its political sovereignty or cultural identity however if these phrases mean the government of canada means to take important economic issues off the table in these negotiations i am deeply concerned he added bentsen said canada restricts trade different ways while the united states uses only six trade restriction methods he said if canada proposes an agreement where both countries get rid of six methods of trade restriction it would not be fair and might not win senate approval i am deeply concerned that when the president visits prime minister brian mulroney next month he will be presented with this kind of argument and i hope he makes it clear as i did when i was in canada that only a mutually beneficial agreement will be successful bentsen said reagan and mulroney are scheduled to meet april in ottawa bentsen urged mulroney to withdraw a proposal that would ban imports of independently produced films into canada by non canadians which the senator called a protectionist measure reuter
money-fx	baker says u s willing to cooperate to stabilize exchange rates
money-fx	baker says u s wants to stabilize exchange rates treasury secretary james baker said the united states and other nations were willing to cooperate to stabilize foreign exchange rates at the levels that existed at the time of an international agreement last month our position with respect to the dollar goes back to the paris agreement that the currencies were within ranges broadly consistent with underlying economic conditions baker told a senate committee baker continued we said further that we and others are willing to cooperate closely to foster stability in exchange rates around those levels he referred to a february agreement by six leading industrial nations to cooperate on monetary matters baker refused to answer a question whether japan and germany had done enough to stimulate their domestic economies for the united states to support the dollar i will not comment because the foreign exchange market reads more or less than is intended in my statements baker said baker said that the other signatories recognized that they must carry their share of the load of correcting external imbalances that have hindered the world s economy he cited news reports that germany would increase a proposed tax cut for by about five billion marks to stimulate domestic growth japan also agreed to consider stimulative measures after the japanese budget was made final baker said those nations were stimulating their economies in a manner consistent with gains against inflation reuter
acq	first federal delaware agreement extended first federal savings bank of delaware said its agreement to negotiate exclusively for its sale with oxford financial group has been extended until april from march the company said it is in the final stages of talks with oxford over the terms of the proposed acquisition under a nonbinding letter of intent signed in june oxford would pay dlrs per first federal share subject to first federal shareholder approval reuter
acq	edelman group in plan to buy morse shoe mrs a group led by new york investor asher edelman said morse shoe inc agreed to provide it confidential company information and that his group would make an offer to buy morse only in a friendly negotiated deal the group also said in a filing with the securities and exchange commission that its members would not without morse approval buy or offer to buy any company securities giving the group a pct or more stake in the company edelman and his group said his terms held until the earlier of days from march or the date on which morse announces a definite agreement for its sale at the same time the edelman group said it cut its stake in morse to pct from pct reuter
earn	john labatt sees good fourth quarter year john labatt ltd anticipates a good fourth quarter and a new peak in sales and earnings for the fiscal year ending april president peter widdrington told financial analysts he would not make any specific forecast but said he was optimistic for further growth in fiscal in the company s brewing and food products operations labatt s earnings rose to mln dlrs in the nine months ended january from year earlier mln dlrs revenue for the nine months rose to billion dlrs from billion dlrs widdrington said labatt s three year business plan now being updated targets total sales of about six billion dlrs including billion dlrs in the u s labatt canada s leading brewer has expanded in the u s food products industry by acquisitions widdrington said labatt s strategy for u s expansion stemmed partly from its strong market position in the canadian food and beverage industry the u s share of revenues for this year will be about pct rising to pct in fiscal he said reuter
acq	husky hyo sets meeting to approve merger husky oil ltd said the board called a special meeting for april for shareholders to vote on its previously announced agreement for hong kong based hutchison whampoa ltd and hongkong electric holdings ltd to acquire a pct interest in the company the acquisition requires two thirds approval by husky shareholders other than nova an alberta corp which owns a pct interest in husky if approved by shareholders the amalgamation will take effect april husky said following completion oil term holdings ltd a new company controlled by nova will hold a pct stake in husky hutchison and hongkong will indirectly hold pct victor t k li will own nine pct and canadian imperial bank of commerce will have a five pct interest husky said a special committee of five outside directors recommended the board approve the transaction after determining that the deal was in the best interests of husky and fair to shareholders husky previously announced shareholders will have the option to receive canadian dlrs cash for each common or dlrs cash and one common share of oil term investment ltd which will be controlled by nova through oil term holdings and own an insterest in husky u s shareholders will be restricted to the right to receive canadian dlrs cash per share which will be paid in u s funds the company said reuter
earn	washington gas light co wgl hikes payout qtly div cts vs cts prior pay may one record april reuter
earn	ferc decision could cut columbia gas cg net columbia gas system inc said a federal energy regulatory commission decision today on natural gas cost recovery could reduce its earnings by about dlrs a share the company said this could bring earnings for below columbia s stated goal of earning no less than its dlrs per share dividend it earned dlrs a share in it said management expects to recommend to the board that the dividend rate be maintained in columbia gas said the impact of the ferc decision may be offset by a one time accounting change rleated to future tax liabilities under the new federal tax laws the company recorded these liabilities based on older higher tax rates but an action being considered by the financial accounting standards board could result in a gain of about dlrs a share in it explained thus there is a good chance that we will attain our earnings goal although not in the way originally planned columbia gas said columbia gas said the ferc decision would limit the recovery of certain gas contract costs by columbia gas transmission corp the company s principal pipeline subsidiary it said the decision specifically excluded from a purchased gas adjustment filing by the pipeline costs related to amortizing payments made to producers to reform gas purchase contracts these were excluded on the grounds the subsidiary failed to sufficiently support cost recovery the company said its subsidiary is not precluded from making a new filing to provide sufficient support reuter
veg-oil	u s offers more credits for veg oil to n yemen the u s commodity credit corporation ccc has authorized an additional mln dlrs in credit guarantees to cover sales of u s vegetable oils to north yemen the u s agriculture department said the department also said at the request of the north yemen government five mln dlrs in credit guarantees previously earmarked for sales of wheat have been switched to cover sales of mixed poultry feed the actions increase the value of credit guarantees for vegetable oil for the current fiscal year to mln dlrs reduce the guarantee coverage for sales of wheat to eight mln dlrs and increase the coverage for sales of mixed poultry feed to mln dlrs all exports must be completed by september reuter
earn	puerto rican cement co prn sets payout qtly div five cts vs five cts prior pay may record april note company said up to pct of dividend payment may be withheld in accordance with puerto rico tax law reuter
iron-steel	canada may monitor steel shipments canada may begin monitoring steel flowing in and out of the country to determine if any steel is being illegally trans shipped to the u s senior government trade officials said the officials asking not to be identified said the government will investigate an industry contention that steel imported from countries such as south korea and taiwan is being diverted to the u s and ultimately exasperating concerns about the level of canadian exports south of the border but the senior officials asking not to be indentified said that despite intense pressure from the reagan administration ottawa was not considering any kind of formal limits on canadian shipments to the u s in a sense what i hope we are doing is buying some time said one official who claimed canadian companies were fair traders in the big american market if approved by the canadian cabinet the officials said a monitoring system will be established in the next three or four months i guess if we find trans shipment is a problem we would have to do something about it said a trade official canadian steel shipments to the u s have risen to pct of the u s market in recent months almost double the level just two years ago the increase in canadian shipments comes at a time of growing anger in the u s over rising steel imports from several countries in the face of a decline among domestic steel producers some u s lawmakers have proposed canada s share of the american market be limited to per cent the ontario government has urged ottawa to require foreign companies to obtain permits to import steel into the country currently import licences are required only for carbon or raw steel which makes up less than half the steel market canada exported two billion canadian dlrs worth of steel in while importing mln dlrs worth of the product in the same year reuter
earn	wesco financial corp wsc th qtr net shr cts vs dlrs net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln note current qtr figures include securities gain of mln dlrs or cts per share vs gain of mln dlrs or dlrs per share current year figures include security gain of mln dlrs or cts per share vs gain of mln dlrs or dlrs per share reuter
acq	helm h sells additional shares in bamberger helm resources inc said that pursuant to the exercise of an overallotment option by underwriters in bamberger polymers inc s initial public offering it has sold another bamberger shares and reduced its ownership in bamberger to pct from pct to date helm has sold bamberger s for mln dlrs bamberger has sold a total of shares and received net proceeds of about mln dlrs since the february offering reuter
earn	ampal american israel corp ais a year net shr cts vs cts net vs revs mln vs mln note includes extraordinary income of dlrs or three cts shr restated reuter
cocoa	cocoa council chairman seeks buffer compromise international cocoa organization icco council chairman denis bra kanon said he will attempt to reach a compromise on buffer stock rules for the international cocoa agreement bra kanon called for bilateral consultations among producers and consumers thursday morning to resolve outstanding differences on how much non member cocoa the buffer stock can purchase and differentials to be fixed for different origin cocoa consumer delegates told reporters bra kanon is expected to meet with about eight delegations individually in attempt to iron out remaining problems producers and consumers indicated support in principle for the draft buffer stock rules package formulated over the past week by a small working group consumer delegates said despite remaining differences delegates remained confident a buffer stock accord would be agreed to by friday when the council session ends but certain technical points need further clarification the delegates said certain consumers are concerned that differentials included in the draft buffer stock package are out of line with market realities consumer delegates said unless these are modified there are fears it would promote purchases of quality cocoas such as ghana origin which are normally required by manufacturers they said restrictions on buffer stock purchases of non member cocoa might lead to a supply overhang in malaysian cocoa which would depress prices they added reuter
earn	snc group expects higher earnings sales snc group inc expects earnings to rise to dlrs a share from cts a share last year with revenues climbing to about mln dlrs from last year s mln dlrs president alex taylor said before the annual meeting snc canada s second biggest engineering and construction group became the country s largest ammunition manufacturer last year with its mln dlr acquisition of canadian arsenals ltd from the canadian government the impact of that and several smaller deals will be felt fully in taylor said defense preoducts and other manufacturing operations will account for more than half snc s total revenues helping to counterbalance the more cyclical engineering and construction acivities taylor said last year snc earned mln dlrs including a small extraordinary gain in a total manufacturing activities will generate about mln dlrs in revenues and engineering and construction about mln dlrs he said adding that defense products operations should be a major contributor to earnings reuter
acq	mine safety mnes sells south africa unit mine safety appliances co said it will sell through its german subsidiary auergesellschaft its controlling interest in msa africa pty ltd of johannesburg south africa to boart international a wholly owned subsidiary of anglo american corp of south africa ltd angl the company said the terms of the sale were not disclosed the company will operate as boart msa pty ltd it said l n short jr president of the company said it sold the unit because of slumping profits due to south africa s economic decline reuter
earn	medar inc mdxr th qtr dec loss shr loss cts vs loss nine cts net loss vs loss sales mln vs two mln nine mths ended dec shr profit two cts vs loss four cts net profit vs loss sales mln vs mln avg shrs vs year ended march shr loss cts vs profit cts net loss vs profit sales mln vs mln avg shrs vs note medar changed end of fiscal year to december to be more in phase with business cycle of its major customers reuter
earn	medar mdxr changes fiscal year medar inc said it changed the end of its fiscal year to december from march the company in reporting its annual results said the change was made to bring its financial reporting in phase with the order cycle of its major customers medar earlier said it lost dlrs in its final quarter compared to a loss of dlrs in the same quarter reuter
acq	u s securities industry assn backs restraints on takeovers insider trading
earn	chemfix technologies inc cfix nd qtr net ended feb shr profit one ct vs loss four cts net profit vs loss revs vs six mths shr profit three cts vs loss eight cts net profit vs loss revs vs reuter
acq	allis chalmers ah sells swiss unit allis chalmers corp said it has sold its elex ag unit in zurich switzerland to private investors for an undisclosed amount the company said elex produces electrostatic precipitators used in air pollution control reuter
earn	florida employers insurance co flae year shr cts vs nine cts net vs note net includes loss of dlrs for extraordinary item reuter
jet	shell oil gets mln dlr contract shell oil co of houston has been awarded a mln dlr contract for jet fuel the defense logistics agency said reuter
earn	nike inc nike rd qtr feb net shr cts vs cts net vs mln revs mln vs mln nine mths shr cts vs dlrs net mln vs mln revs mln vs mln reuter
earn	zenith national insurance znat qtly dividend shr cts vs cts prior qtr pay may record april note full name zenith national insurance corp reuter
earn	redkin laboratories inc rdkn qtly dividend shr five cts vs five cts prior qtr pay april record april reuter
earn	coopervision inc eye qtly dividend shr cts vs cts prior qtr pay april record april reuter
acq	u s securities group backs insider restraints the securities industry association backed a variety of restraints on insider trading and hostile corporate takeovers and asked congress to define insider trading in law the industry trade association called on u s securities firms to take steps to protect sensitive corporate secrets to guard against illegal trading by employees the association also backed broad federal restrictions on a variety of tactics used in hostile corporate takeovers but it said investment banking firms should be allowed to continue to engage in both arbitrage and merger and acquisition activities so long as those functions were kept separate the sia in a report adopted yesterday by its board of directors backed a higher enforcement budget for the federal securities and exchange commission and called on u s stock exchanges to beef up their supervision of member brokerages the report said securities firms should be more rigorous in restricting sensitive information on a need to know basis it said firms should train their employees to understand the need for confidentiality of market sensitive information it said legislation to define insider trading should avoid expanding current law in a way that would impede the market it said an insider trading definition should exempt a securities firm from liability for law violations by its employees unless the firm had participated in or was aware of the wrongdoing in the mergers and acquisitions area the association advocated a ban on greenmail payments or poison pill takeover protection plans without prior shareholder approval it said a group or individual buying up a company s stock should be required to file a public disclosure statement before acquiring more than five pct of the company s shares under current law disclosure may be made as late as ten days after exceeding the five pct limit the association said all purchases exceeding pct of a company s voting stock shouls be made only through a tender offer open to all shareholders under current law there is no limit on open market purchases the group said the federal government should preempt state regulation of defensive takeover tactics the group said all tender offers should remain open for at least calendar days the current requirement is expressed in business days it said so called lockup devices in which securities are issued to a friendly investor to seal a takeover deal or fend off an unfriendly predator should be limited to pct of the target company s total common stock association president edward o brien said the group acted out of concern over the ad hoc restructuring of corporate america on wall street and investor fears about insider trading and fairness in the marketplace reuter
earn	pulitzer publishing co pltzc declares qtly div qtly div cts vs cts prior pay may record april reuter
earn	federal co fff sets regular payout qtly cts vs cts prior payable june record may reuter
earn	southwestern bell sbc sees earnings dilution southwestern bell corp said that its planned acquisitions of cellular telephone and paging systems including those of metromedia inc will result in some initial earnings dilution and an increase in debt ratio in a letter to shareholders in its annual report the regional bell company did not indicate the degree of earnings dilution it expects from the acquisitions which total some billion dlrs however the company said the rise in its debt ratio will be temporary and will leave its debt level within an acceptable range in its yearend financial statement southwestern bell listed a debt to equity ratio of pct down slightly from pct in in the company earned billion dlrs or dlrs a share compared with mln dlrs or dlrs a share in revenues dipped to billion dlrs from billion dlrs southwestern bell said it expects the new tax law to have a negative impact on its cash flow due mainly to the loss of investment tax credits by mid year however the company said a reduced corporate tax rate should have a positive impact on its net income and cash flow in addition the company said it is projecting a pct gain in customer telephone lines and a three to four pct increase in long distance calling volumes southwestern bell said capital expenditures will be lower that the billion dlrs spent in a year in which expenditures were held below budget reuter
acq	lear siegler holding corp plans to divest aerospace subsidiary
earn	varity corp year shr loss cts vs loss cts
earn	nordson ndsn sets for split nordson corp said its board declared a for stock split to be paid as a pct stock dividend on april to shareholders of record april as a result the number of shares outstanding will increase to mln from mln the maker of industrial equipment said reuter
trade	baldrige sees u s trade deficit starting to decline in feb or march data
trade	baldrige sees u s trade gap dropping soon commerce secretary malcolm baldrige said the u s trade deficit should start to decline soon possibly in the figures for february or march we could see the trade deficit start down in february or march baldrige said in an appearance before the senate governmental affairs committee he predicted the trade deficit which was billion dlrs in would decline by to billion dlrs in and in baldrige said he was making his prediction without having seen the february trade figures but he said that the volume of imports has dropped beginning with the fourth quarter of and will continue to drop in this quarter the eventual turnaround in the monthly trade figures will reflect the impact of the decline in the dollar baldrige said ealier treasury secretary james baker told the committee that the trade deficit had levelled off but baldrige said he was more optimistic adding i think we turned the corner in february reuter
ship	normal work resumes at new zealand ports normal work has resumed at new zealand ports as negotiations between harbour board workers and employers continue wellington harbour board workers union secretary ross wilson told reporters talks late yesterday ended with agreement to take unresolved issues before an industrial conciliator wilson said the only remaining issue is the length of the union award the dispute originally was about wage rates and the form of industry negotiations cook strait ferry sailings resumed after marlborough harbour board workers returned to work this morning ending their industrial action a day early the waterside workers federation which struck for most of last week and held more than one mln tonnes of shipping in ports meets on monday and tuesday in conciliation with the waterfront employers association union secretary sam jennings said we ve got two days of talks if it s not all cleaned up by then i don t know what will happen reuter
earn	varity corp vat th qtr jan loss shr loss cts vs loss one ct net loss vs profit revs mln vs mln year shr loss cts vs loss cts net loss vs profit revs billion vs billion note current yr loss includes reorganization charge of mln dlrs vs yr ago reorganization charge of mln dlrs shr after preferred divs u s dlrs reuter
earn	indiana federal ifsl th qtr net net vs year net vs note company s full name is indiana federal savings and loan association per share information not available bank went public on february reuter
acq	lear siegler holding to divest aerospace unit forstmann little and co said lear siegler holding corp plans to divest its aerospace group subsidiary comprised of the defense electronics group and the components group divestitures had been expected since lear siegler a diversified conglomerate was acquired last december in a billion dlr leveraged buyout by the wall street firm of forstmann little lear s aerospace group revenues for fiscal are expected to be about mln dlrs said forstmann the defense electronics group designs and manufactures weapons management systems flight control systems remotely piloted vehicles and reference and navigation systems mainly for military markets the defense group subsidiaries are astronics corp which is based in santa monica calif and employs people instrument and avionic systems corp based in grand rapids mich and employs people international corp based in stamford conn and employs people and development sciences corp based in ontario calif and employs people the components group manufactures pumps bearings and other industrial components as well as nuclear control drive rod mechanisms and valves the group s subsidiaries include power equipment corp based in cleveland which employs people energy products corp based in santa ana calif which employs people romek corp based in elyria ohio which employs people and transport dynamics in santa ana which employs people overall lear s aerospace group s eight subsidiaries employs people lear siegler said it plans to retain management services corp engaged in aircraft maintenance modification for various department of defense agencies morgan stanley and co will act as financial advsiors for the group s divestitures last month lear siegler said it planned to sell its smith and wesson handgun business starcraft recreational products ltd the peerless truck trailer operations and other units as part of its restructuring plans lear apparently will retain its piper aircraft unit reuter
acq	rubbermaid rbd completes acquisitions rubbermaid inc said it completed the previously announced acquisitions of viking brush ltd a canadian maker of brushes brooms and other cleaning aids and the little tikes manufacturing licensee in ireland terms were not disclosed the acquisition of the tikes licensee is part of the expansion of little tikes in the european toy market reuter
earn	crystal oil co cor th qtr loss oper shr loss cts vs loss cts oper net loss vs loss mln revs vs mln year oper shr loss dlrs vs loss dlrs oper net loss mln vs loss mln revs mln vs mln note oper net excludes losses from discontinued operations of dlrs vs dlrs for qtr and mln dlrs vs mln dlrs for year reuter
earn	chemfix technologies cfix nd qtr feb net shr profit one ct vs loss four cts net profit vs loss rev vs six months shr profit three cts vs loss eight cts net profit vs loss rev mln vs mln note company s full name is chemfix technologies inc reuter
earn	federal mogul corp fmo sets regular dividend qtly div cts vs cts prior pay june record may reuter
earn	iowa resources inc ior declares qtly dividend qtly div cts vs cts prior pay may record april reuter
housing	u s home resales up in february realtors say the national association of realtors said sales of previously owned homes rose six pct during february from january levels to a seasonally adjusted annual rate of mln units the realtors group said the sales rise was apparent across the country and reflected lower mortgage interest rates as well as more housing demand actual resales of homes during february totaled up pct from the january total of the association said reuter
earn	fiduciary trust co in five for one stock split fiduciary trust co international said its shareholders at the annual meeting approved a five for one stock split effective may to holders of record on april the company said the split would increase the number of authorized common shares from to shares issued in addition the company said it authorized another shares but would not issue them at this time the company also changed the stock s par value from dlrs a share to dlrs a share it explained it transferred dlrs from its undivided profits account to its capital account in order to raise the new par value from two dlrs under the five for one split to dlrs reuter
acq	modulaire modx buys boise homes property modulaire industries said it acquired the design library and manufacturing rights of privately owned boise homes for an undisclosed amount of cash boise homes sold commercial and residential prefabricated structures modulaire said reuter
earn	la quinta motor inns inc lqm rd qtr feb net shr profit cts vs loss nine cts net profit vs loss revs mln vs mln nine mths shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs mln vs mln note current net includes gain on sale of inns of dlrs for qtr and dlrs for nine mths reuter
acq	kansas city southern industries says it eager to purchase southern pacific railroad
trade	u s chipmakers urge sanctions against japan the semiconductor industry association urged the u s government to impose trade sanctions against japan for violating the u s japan semiconductor trade agreement in a letter to treasury secretary james baker the group said sanctions should be imposed against japanese chipmakers as of april and should continue until the united states is satisfied that there is full compliance with the agreement the group said action by japan to cut back on semiconductor exports is not what is required america s interests require that agreements be honored and that u s industries not bear the burden for the persistent unwillingness or inability of the government of japan to deliver on its commitments the trade group said the white house economic policy council is expected to discuss possible sanctions against japan at a meeting scheduled for thursday the trade group said japan has not lived up to the terms of the agreement last year which was aimed at ending japanese dumping of semiconductors and at opening japanese markets to foreign based manufacturers reuter
acq	fed approves chemical bank acquisition of texas commerce bancshares
acq	kansas city ksu ready to buy southern pacific kansas city southern industries inc said it is ready to promptly purchase the southern pacific transportation co from santa fe southern pacific corp sfx if the interstate commerce commission rejects sante fe s attempt to reopen the merger of southern and the atchison tokepa and santa fe railway in a filing with the icc late today the company outlined four conditions of its offer to acquire southern pacific among the conditions are that santa fe enter into an agreement to indemnify kansas city for any contigent liabilites of southern pacific existing as of the closing date and that the financial condition of southern remain largely unchanged from today onward we are willing even eager to make a fair market value offer in cash for the southern pacific said kansas city southern president and chief executive officer landon h rowland this offer disproves the constant derogation of the sourthern pacific by sfsp management best exemplified by sfsp chief executive john schmidt s comment in icc hearings that the southern pacific was bankrupt said rowland he said that merging southern with kansas city will achieve the benefits of an end to end merger while preseving the independece of the southern pacific versus its existing prime competitor santa fe kansas said that southern s management had estimated the value of the railroad in in the range of mln dlrs to billion dlrs it said that morgan stanley and co inc and salomon brothers inc hired in to advise southern and santa fe in their merger appraised southern as worth between mln dlrs and mln dlrs less than southern s own internal valuations kanasa city southern said it will make an offer for southern after its books records and properties are examined once that examination has been completed and even in the absence of a willingnes of sfsp to negotiate kcsi will make an offer in writing said the company kansas also said it argued in the icc filing that santa fe had not met the legal requirements justifying the commission s reconsideration of the proposed merger of santa fe and southern pacific two railroads that it said basically parallel each other throughout their routes icc voted four to one last summer to reject the merger as inherently anticompetitive kansas said santa fe in petitioning for reconsideration now argues that the trackage agreements with the union pacific the denver and rio grande western and other railroads adds to the value of the merger reuter
acq	gencorp gy bid could be raised group says an investor group said it might be willing to raise its dlr per share offer for gencorp but so far the company has turned down requests for a meeting we might be able to see some additional value if we could meet and get more financial data said joel reed speaking for the investor group reed told reuters that gencorp chairman a william reynolds was not interested in sitting down and talking with us at this time cyril wagner sought the meeting in a recent telephone conversation with reynolds reed said wagner and brown along with afg industries inc afg recently launched a surprise tender offer for gencorp the offer is worth billion dlrs reed said under the circumstances the dlr per share tender offer which expires april is a fair offer gencorp gained to today on the nyse reed outlined a plan to reshape gencorp in the event his group wins control he said aerospace soft drink bottling and entertainment units are potential divestiture candidates he said the tire business which the group wants to keep may be more viable if merged with another tire company one option would be to try to grow the tire business through combination or an acquisition reed said he said he believes such a merger could create a stronger force in the tire industry gary miller chief financial officer of afg said his company has a record of acquiring mature businesses and boosting productivity automation and incentives tied to profit sharing have been used with success he said in the case of gencorp s rko general broadcasting stations reed said the plan of the partners is to step into gencorp s shoes and proceed with plans to sell the stations the partners said if they succed in acquiring gencorp they intend to consummate sale of wor tv in new york to mca inc mca gencorp last year entered into an agreement to sell the station for mln dlrs the partners also said if they acquire gencorp they would also proceed with the proposed sale of khj tv in los angeles to walt disney co dis rko general would receive mln dlrs and fidelilty television which challenged the license would get about mln dlrs the partners also said the federal communications commission established an expedited schedule for receiving comments on their request for special temporary authorization of proposed trust arrangements while the fcc considers a formal application for transfer of the broadcast unit reed said he was pleased with the expedited schedule because it provides time for the agency to act on the request before the expiration of the tender offer he said it was the aim of the partners to move as quickly as possible to eliminate uncertainty surrounding the stations asked about criticism of the takeover attempt voiced by some municipal officials in akron ohio where gencorp is headquartered reed said the plan of the partners offers long term growth for ohio he noted that the aerospace business slated for divestiture under the partners plan is located in california our program is one that overall would provide the greatest long term growth for all segments he said reuter
acq	fed approves chemical new york chl merger chemical new york corp and texas bancshares inc tcb said the federal reserve board approved their proposed billion dlr merger the companies also said the securities and exchange commission declared effective as of march the registration statement covering the securities chemical will issue to texas bancshares shareholders as part of the merger the companies said they expect to complete the merger which will create a bank with billion dlrs of assets by the end of the second quarter the merger still requires shareholder approval reuter
earn	varity vat sees improved results after st qtr varity corp earlier reporting a full year loss against a prior year profit said improvement is expected in the balance of fiscal as new products fill the inventory pipeline cutbacks in operating costs are realized and its newly acquired dayton walther business is fully integrated however operating results are likely to remain under pressure in the first quarter ending april it said varity earlier reported a loss for fiscal ended january of mln u s dlrs compared to a year earlier profit of mln dlrs varity said continued deterioration in major markets a weakening u s dollar and unforeseen delays in launching major new lines of tractors contributed to the full year loss industry demand for farm machinery continued to erode during the latest fiscal year with worldwide industry retail sales of tractors sliding more than pct below last year s depressed levels the company said however varity increased its share of the global tractor market by more than one pct to pct it said the combined impact of costly sales incentives and foreign exchange adjustments on margins was substantial varity said reuter
acq	campbell resources cch ups meston lake stake campbell resources inc said it raised its voting stake in meston lake resources inc to about pct from pct through acquisition of another meston lake shares in its previously reported takeover bid campbell in its bid that expired march offered cts cash and legended campbell shares for each meston share the legended shares are not tradeable for one year it said the mln meston shares not tendered in the offer were held by about stockholders including quebec s la societe de developpement de la baie james with mln shares reuter
acq	metrobanc mtbc shareholders approve merger metrobanc a federal savings bank said its shareholders approved the previously announced merger with comerica inc cmca a bank holding company metrobanc said the merger is still subject to regulatory approval reuter
earn	plains resources inc plns year loss oper shr loss cts vs profit three cts oper net loss vs profit revs vs mln note year ago oper net excludes tax credit of dlrs reuter
earn	gv medical inc gvmi th qtr loss shr loss cts vs loss cts net loss vs loss rev vs nil avg shares vs year shr loss cts vs loss dlrs net loss vs loss rev vs nil avg shares vs reuter
coffee	ibc president not to attend ico executive board brazilian coffee institute ibc president jorio dauster said he will not attend the ico executive board meeting and was surprised to hear that a report of his absence had a slightly depressing effect on the new york coffee market today i have too much work to accomplish here in brazil at the moment besides the presence of the ibc president at an ico executive board meeting is not a tradition dauster said dauster said except in rare cases brazil has always sent its london based representative to ico board meetings ambassador lindenberg sette will attend the meeting he said reuter
trade	u s chipmakers urge sanctions against japan the semiconductor industry association urged the u s government to impose trade sanctions against japan for violating the u s japan semiconductor trade agreement in a letter to treasury secretary james baker the group said sanctions should be imposed against japanese chipmakers as of april and continue until the u s is satisfied there is full compliance with the agreement the group said action by japan to cut back on semiconductor exports is not what is required america s interests require that agreements be honored and that u s industries not bear the burden for the persistent unwillingness or inability of the government of japan to deliver on its commitments the trade group said the white house economic policy council is expected to discuss possible sanctions against japan at a meeting scheduled for thursday the trade group said japan has not lived up to the terms of the agreement last year which was aimed at ending japanese dumping of semiconductors and at opening japanese markets to foreign based manufacturers reuter
acq	clabir clg ambrit abi call off merger clabir corp and ambrit corp said they called off their plans for clabir to buy the pct voting interest in ambrit that it does not already own the companies said they agreed not to pursue the merger because several actions recently taken by ambrit would mean substantial delays in completing the deal they said they might revive merger plans at a later date or seek other ways for clabir to increase its holdings in ambrit reuter
acq	daily telegraph in deal with news international hollinger inc said pct owned the daily telegraph plc of london agreed to form a joint venture printing company in manchester england with news international plc financial terms were undisclosed it said the deal involved news international s acquisition of a pct stake in the telegraph s trafford park printing ltd subsidiary the joint company will continue to print northern editions of the telegraph and sunday telegraph with spare capacity used to print the sun and news of the world the arrangement will significantly cut telegraph costs hollinger said reuter
earn	friedman industries inc frd quarterly div qtly div seven cts vs seven cts prior pay june one record may four reuter
crude	latin oil producers to meet in caracas five regional oil producing nations will gather in caracas tommorrow for a two day meeting expected to center on ways to combat proposals for a u s tax on imported petroleum the venezuela s ministry of energy and mines said oil ministers from mexico trinidad and tobago ecuador and venezuela will be on hand for the fifth meeting of the informal group of latin american and caribbean petroleum exporters formed in it said colombia will also attend for the first time as an observer nation the ministry said energy and mines minister arturo hernandez grisanti said the conference has no set agenda but one entire session friday will be devoted to proposals for a tax on imported oil two of the group s members venezuela and mexico are second and third largest foreign suppliers of oil to the united states respectively following canada venezuela concerned about the effect such a tax would have on its exports undertook a diplomatic push to coordinate strategy against such measures in february canadian energy minister marcel masse was invited to caracas for talks with hernandez on proposals for an oil import tax reuter
interest	australian reserve bank cuts rediscount rate the reserve bank of australia this morning cut the rediscount rate from pct to pct the rediscount is the rate at which the bank buys back treasury notes market sources said the cut reflected the recent easing in market interest rates they also pointed to yesterday s treasury note tender where the mln dlrs of week notes went at an average yield of pct down from last week the mln dlrs of week notes went at an average from last week reuter
acq	genova gnva signs definitive merger agreement genova inc said it signed a definitive agreement for the previously announced merger with genova products inc under the agreement genova products will pay dlrs a share for the pct of genova s outstanding common shares it does not already own the company said it plans to complete the transaction which requires shareholder approval by the end of march reuter
earn	penobscot shoe co pso st qtr feb net shr cts vs six cts net vs revs vs note current qtr net includes a gain of dlrs mostly from the sale of securities and property reuter
coffee	dauster says no change in brazil s coffee policy brazil will not announce any changes to its coffee export policy brazilian coffee institute ibc president jorio dauster said he told reuters brazil was not planning to modify the position it held before the recent international coffee organisation meeting earlier this month talks in london to set new ico export quotas failed commenting on the outcome of a coffee producers meeting in managua last weekend dauster said that they discussed nothing involving the market in the meeting we agreed to work on behalf of the union of the producers in matters related to an international agreement dauster said the managua meeting was attended by representatives from brazil mexico guatemala el salvador honduras costa rica nicaragua and panama the latter represented at the meeting merely as an observer reuter
money-fx	exchange rate bill clears u s house panel the house banking committee adopted legislation to direct the u s treasury to begin negotiations aimed at seeking regular adjustment of exchange rates by countries such as taiwan and south korea whose currencies are pegged to the value of the u s dollar the measure was adopted as part of a wide ranging trade bill that will be considered by the full house in april before it moves onto the senate the bill s many provisions also set as a priority for the u s the negotiation of stable exchange rates and urge government intervention as necessary to offset fluctuations reuter
earn	consolidate capital trust ciots th qtr net shr cts vs nil net mln vs avg shrs vs year shr dlrs vs cts net mln vs avg shrs vs note net is after depreciation full name is consolidated captial income opportunity trust reuter
money-fx	treasury s baker says he stands by paris pact to foster stable currencies
money-fx	baker says he stands by paris currency agreement treasury secretary james baker said he stood by the paris agreement among leading industrial nations to foster exchange rate stability around current levels i would refer you to the paris agreement which was a recognition the currencies were within ranges broadly consistent with economic fundamentals baker told the cable news network in an interview we were quite satisfied with the agreement in paris otherwise we would not have been a party too it he said baker also noted the nations agreed in the accord to co operate to foster greater exchange rate stability around those levels he refused to comment directly on the current yen dollar rate but said flatly that foreign exchange markets recently tended to draw unwarranted inferences from what i say baker was quoted on british television over the weekend as saying he has no target for the u s currency a statement that triggered this week s renewed decline of the dollar i think the paris agreement represents evidence that international economic policy co ordination is alive and well baker said the treasury secretary stressed however it was very important for the main surplus countries to grow as fast as they could consistent with low inflation to resolve trade imbalances he added that federal reserve board chairman paul volcker has also been very outspoken in suggesting main trading partners grow as fast as they can baker noted that the j curve the delayed beneficial effect of a weakening of a currency on that country s trade balance takes to months to work its way through to the trade deficit and it is now months since the plaza agreement to lower the dollar s value he also said improvements in the trade deficit should come from other sources besides the exchange rate and pointed out the administration s package to improve u s competitiveness was now before congress reuter
trade	baker sees to billion dlr drop in trade gap treasury secretary james baker said he expected the u s trade deficit to fall by billion to billion dlrs in commenting on the deficit during an interview on cable news network baker said i think you re going to see a to billion dlr reduction this year the deficit was billion dlrs in baker noted that the benefits of a weaker currency take to months to affect the trade balance and said it is now months since the plaza agreement to lower the dollar s value reuter
money-fx	sumita says major nations will continue to cooperate to stabilize currencies
money-supply	n z money supply rises pct in january new zealand s broadly defined seasonally adjusted m money supply grew an estimated pct in january against a pct revised from rise in december and a pct rise in january it said unadjusted m increased to an estimated billion n z dlrs from revised from billion in december and billion in january year on year m rose pct in january from pct revised from in december and pct in january narrowly defined year on year m growth was pct in january against pct in december and pct a year earlier m grew to an estimated billion dlrs against billion in december and billion in january year on year private sector credit psc grew pct in january against pct revised from in december and pct in january psc grew to billion dlrs from billion in december and billion in january reuter
trade	ec links agricultural trade talks to other reform the european community ec considers talks on agricultural trade reform to be inseperable from talks on other trade reform in the present gatt round willy de clercq external relations commissioner of the ec said he told reporters here the ec would not bow to pressure to reach an early seperate agreement on agricultural trade he said the ec wanted to stick to the four year schedule agreed by members of the general agreement on tariffs and trade gatt in punta del este uruguay last year that included agricultural trade liberalisation for the first time in the lengthy program to re negotiate the gatt other trade issues being discussed in the current gatt round include reform of trade in merchandise and services de clercq is on his way to china after attending a two day conference for gatt trade ministers held in new zealand several of those ministers criticised the ec for what they saw as restrictive agricultural trade practices and called for urgent reforms u s trade representative clayton yeutter also said it was important agreement on agricultural trade reform was reached as early as possible but de clercq said the gatt program had been reached after long and hard negotiations and the ec did not want changes we just want to stick to the agreement which was reached and that was very clear that the new round would be one undertaking it is a global negotiation with no two tracks no fast track no slow track it has just one track the track and that s all de clercq said if you start selecting priorities your priority is not my priority we say that agriculture is urgent but it s not the only urgent thing he said he said the punte del este agreement had taken eight months to prepare and eight days of negotiations reuter
earn	linde turnover up in first two months of engineering group linde ag s ling f world group turnover rose to mln marks in the first two months of pct more than in the same period management board chairman hans meinhardt said but world group incoming orders fell pct to mln marks meinhardt told the annual news conference excluding exchange rate movements world group turnover rose pct and incoming orders increased pct linde expects satisfactory results and increased sales this year but meinhardt gave no detailed forecast domestic group net profit rose to mln marks from mln meinhardt said domestic group turnover rose pct to mln marks in the first two months against the same period last year but incoming orders fell pct to mln linde will ask shareholders at the annual meeting on may to raise authorised share capital by a maximum mln marks nominal for the issue of share warrant bonds with a maximum issue volume of mln marks linde s authorised share capital currently stands at a nominal mln marks meinhardt said the authorisation would give the company the necessary flexibility in case linde needed additional funds for acquisitions he declined to give further details while world group turnover rose pct to billion marks in incoming orders were barely changed at billion marks meinhardt said without the sharp appreciation of the mark against major trading partner currencies incoming orders would have been four pct above the prior year s level world group turnover in heavy plant construction rose pct to mln marks but incoming orders dropped pct to mln marks in the wake of the dollar and oil price plunge world sales for technical gases rose pct to billion marks and incoming orders gained pct to billion marks meinhardt said linde strengthened its market position in the refrigeration sector with particularly strong turnover and order gains in austria italy and norway world group sales in the sector fell pct to mln marks but incoming orders rose pct to mln marks the fork lift truck and hydraulic sector saw world group sales rising pct to billion marks and incoming orders gaining pct to billion marks domestic group turnover rose pct to billion marks and incoming orders increased pct to billion marks the company was producing at full capacity in reuter
earn	linde ag ling f year domestic group net profit mln marks vs mln turnover billion marks vs billion incoming orders billion marks vs billion order book at end december billion vs billion tax payments mln marks vs mln depreciation of fixed assets mln marks vs mln new investment in fixed assets mln vs mln dividend already announced marks vs dvfa earnings per share marks vs marks shareholders annual meeting may dividend date may world group turnover billion marks vs billion incoming orders billion marks vs billion new investment in fixed assets mln marks vs mln no world group profit figures given parent company net profits mln marks vs mln turnover billion marks vs billion reuter
trade	trade surplus cut would benefit japan sumita bank of japan governor satoshi sumita said it is in japan s national interest to make greater efforts to reduce its trade surplus he told business executives the most important issues for the world economy are the correction of international trade imbalances and a solution to the world debt problem to this end japan and the u s must make medium and long term efforts to alter economic structures which have expanded the trade gap between the two nations world economic growth and therefore an expansion of debtor countries export markets are needed to solve the debt issue he added reuter
money-fx	miyazawa says major nations acting on paris accord finance minister kiichi miyazawa said major nations are taking action to stabilise exchange rates in line with their agreement in paris last month government sources said miyazawa told an upper house session the six nations britain canada france japan the u s and west germany are abiding by the paris accord the six agreed to cooperate to stabilise exchange rates at around current levels miyazawa said he wishes to attend a meeting of seven major nations g expected just before the imf world bank interim committee meeting in washington starting on april the sources quoted miyazawa as saying japan is trying to prevent a further rise of the yen japan is taking the matter seriously he added asked if the six nations had agreed to stabilise the dollar at about yen the rate prevailing at the time of the paris talks miyazawa declined to give specific figures and said any mention of specific rates would create an unexpected situation reuter
earn	hoechst ag world group pretax profit billion marks vs billion
money-fx	bank of france launches money market intervention tender official
earn	hoechst ag hfag f year year ended december world group pretax profit billion marks vs billion turnover billion marks vs billion world group turnover comprised domestic sales billion vs billion foreign sales billion vs billion parent pretax profit billion marks vs billion turnover billion vs billion parent turnover comprised domestic sales billion vs billion foreign sales billion vs billion parent investment in fixed assets mln marks vs mln depreciation of fixed assets mln marks vs mln investment in new participations billion marks vs mln reuter
acq	bp says it will tender for remaining pct of standard oil at dlrs a share cash
acq	bp to offer billion dlrs for standard shares british petroleum co plc bp l said it intended to make a tender offer for the pct of standard oil co srd n it does not already own at dlrs a share cash for a total of billion if the offer is fully accepted the offer would be made through its bp north america inc unit and was intended to commence not later than april the offer would not be conditional on any minimum number of shares being tendered bp said in a statement the dlr a share price was based on its own valuation as well as those of its financial advisers it took into account reviews of both public and non public information standard closed in new york last night at dlrs down dlrs bp shares dropped on the announcement to p from p at last night s close about a third of the cash payable would be met from bp s own resources the remainder would come from new borrowings partly from banks under a four year committed revolving credit facility and partly from a a new u s dlr commercial paper programme the company said it was in the course of arranging these facilities bp chairman sir peter walters said that the group s investment in standard was its largest single asset full ownership would enable investment and operating decisions to be made without the limitations of a minority interest bp also believed the acquisition represented the optimum use of its financial resources it was confident oil prices were likely to remain within a range sufficient to justify the investment walters added that it also felt that due to management changes in standard could now operate successfully even in a lower oil price environment standard s net assets at end were billion dlrs and in the year it reported a loss of billion dlrs before tax and before an extraordinary item of mln dlrs analysts said that the move by bp had come as a surprise one noted that it was not immediately clear why the group should spend so much money buying a company it already controlled bp could also have bought up the remainder of standard shares considerably cheaper had it moved six months ago it was also unclear what effect the tender would have on the u k government s recent announcement that it intended to dispose of its remaining pct stake in bp sometime in the financial year analysts said analyst paul spedding of brokers kleinwort grieveson noted that any effect on the government sale of its stake in bp would depend on the reaction of the markets the deal would probably push bp s gearing up to around pct from pct currently he said however with the likelihood that oil prices would not repeat last year s rapid drop the prospects for standard returning to profitability this year and bp benefitting from its cash flow were good standard was a high cost oil producer the analysts noted spedding noted that it needed about dlrs a barrel to make money and at about dlrs a barrel revenue from production and its downstream activities would push it comfortably into surplus bp initially took a stake in standard following the discovery of oil in alaska s prudhoe bay in bp had inadequate distribution facilities in the u s while standard which was strong on marketing and refining was short on crude oil the analysts said that bp had promoted a major management reorganisation of standard in the past year the probability that much of the shake up at standard was now complete was one possible factor behind the timing of the tender offer spedding said bp s willingness to take hard decisions such as major balance sheet write offs and the sale of assets had been well received in the markets the lower costs that should now be possible especially after the rationalisation of the loss making minerals division should allow the benefits of an oil price recovery to come straight through to profits without being cut back by other sectors reuter
earn	hoechst raises profits on lower sales hoechst ag hfag f said in a statement it increased its pretax profits in despite a fall in turnover due to lower foreign sales the lower sales were due to the fall in the dollar and other currencies against the mark other factors were pressure on selling prices because of a sharp fall in the prices of crude oil and petrochemical raw materials and the sale of polystyrene business in the u s and netherlands world group pretax profit rose to billion marks in from billion in with sales falling to billion from billion within group turnover foreign sales fell to billion marks in from billion in a drop of pct the statement made no mention of net profit figures hoechst will announce its dividend proposal on april in the first quarter of this year sales were hit by the cold weather at the start of the year if the dollar continues at present low levels sales will again be below the previous year although in volume terms they are unchanged from hoechst said sales of paints and dyes fibres sheeting and information technology all rose in but plant construction sales fell hoechst attributed its good results to the performance of the parent company other units in west germany and to american hoechst corp improved earnings in the u s largely reflected the restructuring of styrene and polystyrene activities roussel uclaf rucf pa and most domestic non consolidated partners did not perform as well as in hoechst attributed the pct rise in parent company pretax profits to billion marks above all to a rise in earnings from interest and holdings in other companies and a fall in extraordinary costs the fall in raw material prices was not enough to compensate for the decline in turnover due to lower prices and currencies hoechst said the bulk of the billion marks investment in new projects up from mln marks in went on the capital increase of hoechst capital corp in connection with the acquisition of celanese corp celanese was merged with american hoechst in february to form hoechst celanese corp reuter
interest	danish overnight money market rate cut to pct from central bank
earn	bhp net seen around mln dlrs for nine months australia s largest company the broken hill pty co ltd brkn s bhp is expected to report a net profit of around mln to mln dlrs tomorrow for the first nine months ended february share analysts polled by reuters said this would be well below the mln dlrs earned in the first three quarters of in the full year ended may the group earned a record mln dlrs the analysts estimated that the group would report a third quarter net in the region of mln to mln dlrs against mln a year earlier and mln in the second quarter bhp s earnings in the first half ended november amounted to mln dlrs sharply down from mln a year earlier the analysts predicted that bhp will report an upturn in petroleum earnings compared with the first quarter reflecting some improvement in crude oil prices from the bass strait fields but these gains would be offset by lower mineral and steel earnings they said the mineral group has been hit by lower coal prices and shipments to japan while the steel division has been affected by industrial and production problems the analysts noted that the third quarter is normally bhp s lowest earning period owing to a number of seasonal factors and they predicted a sharp rise in fourth quarter net to around mln dlrs one key factor in the fourth quarter is expected to be a tax break of some mln dlrs for the investment allowance on capital expenditure in the steel division they said they said they saw bhp s full year earnings at around mln to mln dlrs they added that such a decline from would be no surprise noting bhp has said that it would be difficult to equal its record net profit reuter
acq	bp units seek five billion dlr revolving credit to support standard oil tender
alum	indian plant signs first alumina export contract an unnamed norwegian firm agreed to buy tonnes of alumina a year from a refinery in eastern orissa state due to start operations in the next months a commerce ministry official told reuters he said the state owned national aluminium co which owns the plant and the state owned mineral and metals trading corp signed its first long term export agreement with the company but gave no further details of the plant s tonnes annual capacity will be smelted into tonnes of aluminium and the remaining will be exported the official said reuter
earn	lucas industries plc lucs l halfyear ended jan shr p vs p interim div p vs same pre tax profit mln stg vs mln net profit before minorities mln vs mln turnover mln vs mln trading profit mln stg vs mln related companies profit mln vs mln interest payable mln vs mln reorganisation and redundancy costs mln vs mln tax mln vs mln minorities mln vs mln extraordinary charges mln vs mln reuter
acq	bp units seek five billion dlr revolving credit bp international and bp north america are seeking a five billion dlr four year syndicated credit facility in support of british petroleum co plc s tender offer for the pct of standard oil co it does not already own morgan guaranty trust co of new york said as arranger the facility to be guaranteed by british petroleum co plc bp l is probably the largest credit facility ever arranged in europe bond analysts said full terms will be announced either later today or tomorrow morning bp said earlier it planned a tender offer for the pct of standard it does not already own for dlrs a share cash the financing being arranged by morgan guaranty will take the form of a fully committed revolving credit as announced earlier bp also is arranging a u s commercial paper program in connection with the tender and part of the revolver will be used to support that program the exact size of the u s program has not been decided and the dealers have not yet been chosen the credit facility will also allow the borrower to issue cash advances with maturities of one three or six months through a tender panel which will be comprised of banks committed to the facility despite the unprecedented size of this euromarket facility morgan guaranty said that it was being syndicated only among bp s relationship banks as a result banks were being offered lead manager status at mln dlrs co lead management at mln and manager at mln although pricing on many credit facilities has become extremely fine in recent years because of the keen competition to win mandates morgan guaranty said banks would be compensated fairly since this is a special purpose facility which must be completed quickly with signing expected in about days reuter
earn	club mediterranee cmi pa year ended october parent company net profit mln francs vs mln dividend francs vs same including francs tax credit note company earlier reported consolidated net profit mln francs vs mln and consolidated attributable profit of mln vs mln reuter
money-fx	u k money market liquidity position expected flat the bank of england said it has forecast a flat position in the money market today among the main factors maturing assistance and take up of treasury bills will drain mln stg and a rise in note circulation mln stg but the outflow will be offset by mln stg exchequer transactions and bankers balances above target mln reuter
sugar	ec sugar tender seen as further concession the rebates granted at yesterday s ec sugar tender represent a further concession to producers complaints that they are losing money on exports outside the bloc trade sources said they said the maximum rebate of european currency units ecus per kilos was ecus below what producers claim is needed to obtain the equivalent price to that offered for sales into intervention the rebate at last week s tender was ecus short of the level producers thought necessary and that of the previous week was ecus below this level but the sources said producers who have offered a total of tonnes of sugar into intervention in an apparent attempt to persuade the commission to set higher maximum rebates have given no formal indication to the commission that they intend to withdraw these offers the french and german operators involved would be able to withdraw the offers up to five weeks after april when the sugar will officially enter intervention stores the five week period is the normal delay between sugar going into intervention and payment being made for it ec officials have said that if the commission has to buy the sugar it is determined immediately to resell it a move which could drive down market prices further reuter
bop	german feb current account surplus billion marks jan surplus billion official
trade	german february trade surplus billion marks jan surplus billion official
money-supply	taiwan s savings at record high taiwan has over one trillion taiwan dlrs in savings official statistics show figures released yesterday show all forms of savings by individuals and public and private firms including bank deposits certificates of deposits and bond s are running at about pct of gross national product gnp gnp rose by pct in to trillion dlrs taiwan s strict foreign exchange controls and lack of incentives to invest abroad mean its huge export earnings are mainly deposited in bank savings accounts earning below four pct interest each year reuter
acq	foreign firms hope to join japan telecom company one of two rival firms seeking to enter japan s international telecommunications market said it will offer a stake in the company to foreign firms president of international telecom japan inc itj nobuo ito decline to specify what share the firms would take but told reuters they would not participate in its management itj and international digital communications planning inc idc in which both cable and wireless plc cawl l and pacific telesis group pac n own pct stakes are set to merge into a new entity to compete against kokusai denshin denwa co ltd kdd the ministry of posts and telecommunications has urged the two rival firms to merge so kdd would have only a single competitor the ministry has also rejected foreign management japan s law limits foreign ownership of any new international telecommunications entrant to pct so c and w s and pacific s stakes could be three pct in the merged firm sources said those seeking to join are general electric co ge n ford motor co f n citibank na bankamerica corp bac nyse shearson lehman bros inc saloman brothers asia boeing computer service unisys corp uis n societe generale and deutsche bank ag dbkg fra the merger plan has been criticised for excluding foreign firms from a meaningful position in the market the u k s prime minister margaret thatcher u s secretary of state george shultz u s commerce secretary malcolm baldrige and u s trade representative clayton yeutter have all expressed such opposition japanese prime minister yasuhiro nakasone will draft a reply to the criticism following further discussion a posts and ministry official said reuter
earn	siemens sees sales near billion marks this year world group turnover of siemens ag sieg f should rise to or billion marks in the current year to september after a pct upturn in the first five months management board chairman karlheinz kaske said siemens reported world group turnover in of billion marks kaske told the annual shareholders meeting turnover rose to billion marks in the first five months of about pct above the same year ago period the rise was mainly due to payment in january for a west german nuclear power station which led to a jump in domestic sales of pct in the first five months turnover abroad showed a three pct increase kaske said without giving figures in the same period incoming orders rose five pct to billion marks against the same period for the year as a whole incoming orders should rise between one and two billion marks to around or billion apart from payments for the nuclear power station the communications and telecommunications sectors in particular should contribute to growth this year kaske said but it was not possible to make a profit forecast for because of uncertainty about the direction of the dollar kaske said siemens already reported that first quarter group net profit fell marginally to mln marks from mln in the same period in the previous year turnover in the first five months rose particularly strongly in the installations and automotive technology communications and telecommunications sectors but components and energy and automation showed a sharp decline kaske said domestic orders rose to billion marks in the first five months of this year or nine pct above their level in the same period boosted in particular by orders for the fully owned kraftwerk union ag subsidiary foreign orders grew one pct to billion marks an increase in orders through newly acquired subsidiaries abroad was balanced by the decline in the dollar while the installations and automotive technology sector showed a sharp rise in orders energy and automation and communications orders were below the level achieved in the same period of telecommunications orders remained at roughly the same level kaske said investments were expected to remain around six billion marks in after a pct increase the previous year research and development were likely to rise pct to billion marks or around pct of turnover reuter
earn	krupp has satisfactory results the fried krupp gmbh krpg d steel and engineering group said it had a satisfactory despite a provisional pct fall in total group sales to billion marks from billion the previous year third party turnover declined to billion from billion in while orders slipped to billion marks from billion it said in a preliminary statement despite these figures which reflected the dollar s weakness against the mark and oil and raw materials price falls it said was a satisfactory year the reason was the continued expansion of the machinery and plant sector which accounted for pct of total sales krupp added that some areas of the mechanical engineering business achieved notable growth rates and acquisitions had underpinned machinery and component activities an orders decline in the steel and in particular the trading and services sectors affected the group s total order figures however all business sectors contributed to the positive results achieved in krupp added without giving details domestic orders decreased by five pct to billion marks from the previous year and foreign orders fell pct to billion it said foreign business accounted for pct of orders against pct in orders received by the machinery and plant sector member companies which comprise the core area of the group rose by four mln marks last year to billion krupp said the group s orders in hand amounted to billion marks at end december from billion at the start of the year orders received by the steel sector last year decreased by three pct to billion marks from it said the steel market weakened increasingly over the year mainly because of exchange rate movements the deterioration in foreign trade and a downturn in a number of customer industries the difficult market for sections and flats of quality steel depressed order tonnages by around seven pct krupp said but special steel boosted by strong demand for stainless cold rolled flats grew by five pct in tonnage terms reuter
trade	no pessimism for german exporters ministry firms need not be pessimistic about export prospects even though foreign markets have become more difficult because of the mark s strength the economics ministry said the ministry s parliamentary state secretary ludolf georg von wartenberg told a business conference german exports could start rising again in real terms during reversing the lower export trend which emerged in mid but even if the turnaround did not occur there would be no need to worry about the economy as long as the weakness of exports did not affect currently good domestic demand von wartenberg said consumer demand remained quite good but noted there had been a cooling in the investment climate this is certainly a reason for heightened watchfulness but not for stimulative steps he said the best way for bonn to help its exporters is to work actively to promote free world trade he added von wartenberg said the economy still had good export opportunities price alone was not the only factor in international competitiveness he said adding german firms have a reputation for high quality standards prompt delivery times and good service von wartenberg said the government was in a difficult position on its trade figures it faced international pressure to reduce its trade surplus but west germans were worried about the effect of the mark s strength on the country s exporters reports about the trade surplus especially overseas tended to concentrate on nominal trade figures which rose to a record billion marks in he said but this rise was due entirely to the lower value of imports caused by the decline of both the dollar and oil prices german exports have in fact been falling in real terms for sometime he said reuter
money-fx	monetary authorities said to lose credibility the monetary authorities of the major industrialised countries lost their credibility this week as the dollar was sold off despite pleas from ministers and widespread central bank intervention dealers said the dollar s fall below yen which follows last month s paris currency stabilisation agreement by the u s japan west germany britain france and canada is a dramatic reversal of the success of the group of five g new york plaza meeting to weaken the dollar they said the g and the market agreed in that the dollar was overvalued but this time the market and the authorities are on different sides dealers said apparent confusion in the ranks of the g nations has encouraged the market to challenge the authorities despite concerted intervention by the central banks of the united states japan britain and west germany they said pleas by japanese finance minister kiichi miyazawa for action to stabilise the dollar were matched over the weekend by comments by u s treasury secretary james baker that there was no target zone for the dollar the dollar was sold anyway yesterday s comment by baker that he stood by the paris accord did nothing to reverse sentiment dealers said the intervention backed by remarks by fed chairman paul volcker and japanese central bank governor satoshi sumita which a few months ago would have brought the dollar fall to a halt has done little but slow the rate of its decline they noted the situation has again raised the question of whether intervention can succeed against the trend in today s huge currency markets dealers said the market s cool response to intervention reflected a basic oversupply of dollars this means that the current dollar selling is not of a sheer speculative nature but backed by real demand said koichi miyazaki deputy general manager at sanwa bank dealers said the dollar will remain weak despite the intervention and it is only a matter of time before some operators try to push it below yen the dollar closed in tokyo today at against new york s its record low was in tokyo last tuesday dealers said the dollar will gain only temporary support to rise above yen toward early april when the group of seven industrial nations meets to discuss currencies again the market expects the seven nations the paris six plus italy to try to agree on another way to stabilise currencies apart from intervention a chief dealer at a u s bank said dealers said they were unsure what other methods could be used and they are sceptical anyway about how long the paris accord nations particulary the u s will remain willing to prevent a further dollar fall given the continuing high u s trade deficit especially with japan further pressure from a protectionist u s congress for a lower dollar is also limiting washington s options they said the market now thinks the central bank action is to slow the dollar fall not to push it back over yen said tadahiko nashimoto manager at long term credit bank of japan another bearish factor for the dollar is expected large forward dollar sales from april to june for export bills falling due for japanese exporters from april to september the exporters had delayed in expectation of a further yen depreciation dealers said yesterday s request to trading houses by the ministry of international trade and industry to restrict dollar sales looks ineffective in light of this real demand they said the market is also anticipating active institutional dollar sales to hedge currency risks on bond holdings from the new business year starting april dealers said the market seems to have established a new dollar trading range between and yen one dealer said the dollar traded between and yen after the paris accord on february and yen was then considered the low end for the dollar against the yen he said some dealers now believe that if the dollar falls below yen it will pick up renewed downward momentum and slide to reuter
trade	uk feb trade deficit mln stg vs deficit mln in jan official
gnp	malaysian central bank sees higher growth gross domestic product gdp growth in is expected to grow by between and two pct up from one pct in the central bank said the forecast compares with the one pct gdp growth forecast made by the treasury last october bank negara also said in its annual report that gross national product gnp is expected to grow by to four pct after declining pct in it said that a turnaround in investor confidence since last november had been spurred by a moderate improvement in oil and commodity prices and a rise in manufacturing exports growth in is expected to come from the anticipated rise in export earnings if the industrialised countries sustain their average gnp growth at to three pct it added bank negara said its forecast assumes that crude oil will average dlrs a barrel rubber at cents a kilo palm oil at ringgit a tonne tin at ringgit a kilo and a rise of pct in manufacturing exports it said malaysia s international terms of trade will turn around to rise by two pct in after declining pct in and five pct in in income will be higher private consumer spending is likely to recover and expand the budget will remain under strict control the resource gap in the government s finances on current account will be bridged over the near term bank governor jaafar hussein said in the report the current account deficit is expected to narrow to billion ringgit in or pct of gnp from billion or pct of the gnp the previous year the bank forecasts the inflation rate will increase by pct after its pct rise in reuter
earn	lucas sees continued growth in second half lucas industries plc lucs l said its underlying performance would continue to improve in the second half but profits would be restrained by low activity in u k commercial vehicle and tractor markets as well as in north american electronics the company earlier reported a two mln stg rise in pretax profit to mln in the six months to end january the figure was some five mln below forecasts and lucas shares dropped sharply to p at gmt from last night s close of p it said it would continue with plans for all its activities to be internationally competitive and profitable costs of restructuring reorganisation employee training and retraining particularly in the uk automotive businesses together with high research and development spending would affect profits in the short term but lucas said it was exploiting growth opportunities in automotive markets especially in vehicle breaking and engine management systems recent acquisitions in north america had strengthened lucas aerospace and lucas industrial systems reuter
grain	iwc ups soviet grain import estimate three mln tonnes to mln official
trade	trade surplus cut would benefit japan sumita bank of japan governor satoshi sumita said it is in japan s national interest to make greater efforts to reduce its trade surplus he told business executives the most important issues for the world economy are the correction of international trade imbalances and a solution to the world debt problem to this end japan and the u s must make medium and long term efforts to alter economic structures which have expanded the trade gap between the two nations world economic growth and therefore an expansion of debtor countries export markets are needed to solve the debt issue he added reuter
acq	commission approves rainbow progressive merger the commerce commission has approved a proposed merger between progressive enterprises ltd and rainbow corp ltd rainbow said in a statement the merger involves the formation of a new company astral pacific corp ltd which will acquire all shares in both companies on a one for one share exchange basis rainbow earlier this week lifted its stake in progressive to pct from pct the statement said a new private company transcapital corp ltd fully owned by rainbow directors craig heatley gary lane and ken wikeley will purchase this stake for an undisclosed cash sum the commission has also approved transcapital acquiring up to pct of astral pacific rainbow said brierley investments ltd which has been a frequent critic of the merger launched a full bid for progressive at n z dlrs a share last monday reuter
money-fx	u k money market forecast revised to deficit the bank of england said it revised its estimate of today s money market shortfall to around mln stg from a flat position reuter
reserves	german net currency reserves rise west german net currency reserves rose by mln marks in the third week of march to billion following a fall of billion marks in the previous week the bundesbank said non currency reserves were unchanged at about billion marks bringing net monetary reserves to billion reuter
money-fx	currency exchange loss pushes malaysia s debt up an exchange loss of billion ringgit in pushed malaysia s outstanding external debt up to billion ringgit from s billion the central bank said in its annual report bank negara said although malaysia s net borrowing dropped in its external debt rose due to the pct appreciation of the basket of currencies against which the ringgit is pegged the basket comprises principally the u s dollar yen mark swiss franc french franc sterling guilder canadian and singapore dollars it added bank negara said growth in external debt which declined progressively from a peak of pct in to pct in rose by pct in malaysia s debt serving ratio of pct of its exports in is within the prudency limit of pct bank negara governor jaafar hussein told reporters reuter
trade	u s treasury s baker opposes tax increase u s treasury secretary james baker said that he opposes a federal tax increase to help reduce the budget deficit and favors spending cuts instead i don t think it s a tax increase is a very good idea and i m quite confident that president reagan doesn t think it s a very good idea baker said in an interview on cable news network s moneyline television program he said u s taxpayers are taxed at a rate of pct of gnp which is traditionally where it has been but the federal government is spending at a rate of pct of gnp baker said spending cuts are clearly the best way to cut budget deficits baker said he opposed a stock transactions tax proposed by house speaker jim wright d tex or other special taxes the stock transfer tax would be a particularly unfortunate approach to take the treasury secretary said he said the united states has some of the most efficient capital markets in the world and new taxes would impair efficiency on the international front baker said banks must do more lending to developing countries he was questioned about this after the standard and poor s corp downgrading today of the debt of six major money center bank holding companies largely because of their heavy developing nation loan exposure baker said that developing countries must adopt free market economic policies such as in the united states he said capital flows will be required to support the needed reforms in the economic systems of those countries the money must come either through equity or debt and baker said that developing nations investment regimes do not support enough equity investment so you ve got to have some debt there commenting on the u s trade deficit baker said i think you re going to see a to billion dlr reduction this year reuter
money-fx	treasury s baker says he stands by paris pact treasury secretary james baker said he stood by the paris agreement among leading industrial nations to foster exchange rate stability around current levels i would refer you to the paris agreement which was a recognition the currencies were within ranges broadly consistent with economic fundamentals baker told the cable news network in an interview we were quite satisfied with the agreement in paris otherwise we would not have been a party too it he said baker also noted the nations agreed in the accord to co operate to foster greater exchange rate stability around those levels he refused to comment directly on the current yen dollar rate but said flatly that foreign exchange markets recently tended to draw unwarranted inferences from what i say baker was quoted on british television over the weekend as saying he has no target for the u s currency a statement that triggered this week s renewed decline of the dollar i think the paris agreement represents evidence that international economic policy co ordination is alive and well baker said the treasury secretary stressed however it was very important for the main surplus countries to grow as fast as they could consistent with low inflation to resolve trade imbalances he added that federal reserve board chairman paul volcker has also been very outspoken in suggesting main trading partners grow as fast as they can reuter
gold	german analysts see gold rising in nd half the price of gold bullion is likely to rise in the second half of the year on increased private investor demand west german analysts said gold could rise as high as dlrs per ounce later this year said peter witte director of westdeutsche landesbank girozentrale s trading division after a presentation by the u s mint to promote its gold and silver eagle series coins a lot will depend on oil prices and developments on stock exchanges witte said adding he saw gold positioned for further rises once it breaks out above dlrs gold was fixed this morning in london at dlrs despite current strong interest in gold mine stocks many investors still want to buy physical gold witte said interest in gold mine stocks may also wane if stock exchange rallies under way in many countries start to waver hermann strohmeyer vice president of commerzbank ag s foreign exchange trading and treasury department said gold is poised to rise to to dlrs an ounce in the second half of this year the price is unlikely to fall much below or dlrs an ounce and probably will continue in a range between and dlrs in the first half of this year he said reuter
earn	first interstate i estimates loss on brazil first interstate bancorp chairman joseph pinola said the bank holding company would lose about mln dlrs per year after taxes if it had to put its medium and long term debt on non accrual status in an interview he said that could result in about a pct decline in annual earnings per share pinola said first interstate like other banks has not yet decided to put the loans which brazil stopped paying interest on last month on non accrual status none of us really wants to injure negotiations that might be going on he said first interstate reported to the securities and exchange commission last week that it has about mln dlrs in medium to long term loans to brazil it said on december its nonperformind brazilian outstanding debt totaled about mln dlrs first interstate also has about mln dlrs in short term loans or trade lines to brazil pinola said he believes the solution to the brazilian debt crisis will be more political than economic which he said he finds very disquieting and discomforting reuter
jobs	french unemployment rises to seasonally adjusted mln in february official
earn	mickelberry corp mbc th qtr net shr profit cts vs loss cts net profit vs loss revs mln vs mln avg shrs vs year shr profit cts vs loss cts net profit vs loss revs mln vs mln note quarter net includes dlr tax credit reuter
acq	mickelberry mbc completes sale of unit mickelberry corp said it has completed the previously announced sale of the pct of its c and w group subsidiary that it had retained to n w ayer inc for undisclosed terms ayer bought the other pct next year mickelberry said it will report a gain on the transaction reuter
earn	fluorocarbon co fcbn th qtr jan net shr cts vs cts net vs sales mln vs mln year shr cts vs dlrs net vs sales mln vs mln note prior year net includes gain dlrs from discontinued operations in year and loss in quarter and gain dlrs in year from disposal of discontinued reuter
jobs	french february unemployment hits record mln french unemployment rose to a record seasonally adjusted mln in february from mln in january and mln at the end of last year the labour ministry said the rise took the percentage of the workforce out of a job to pct last month from pct in january and pct at the end of in unadjusted terms unemployment fell by around last month to mln reuter
acq	philips electrical sells stake in unidare philips electrical ireland ltd has arranged the sale of the one mln ordinary shares it holds in its subsidiary unidare aluminium ltd unidare said the placing has been arranged through allied irish investment bank plc at an ex dividend price of irish pence per share reuter
earn	american medical international inc nd qtr shr profit cts vs loss cts
earn	american medical international inc ami net nd qtr shr profit cts vs loss cts net profit mln vs loss mln revs mln vs mln st half shr profit cts vs loss cts net profit mln vs loss mln revs billion vs billion avg shrs mln vs mln note period ended february prior year net both periods includes pretax asset writedowns of mln dlrs and additions to reserves of mln dlrs prior year net includes tax credits of mln dlrs in quarter and mln dlrs in half reuter
reserves	french reserves fall on debt repayment french reserves fell in the week ended march following repayment of the bulk of the debt contracted during january with the european monetary cooperation fund the bank of france said in its weekly statement the repayment of capital and interest on this loan taken out during the strong pressure on the franc which preceded the european monetary system ems realignment and the subsequent group of five meeting in paris took place on march it comprised the repayment of billion francs worth of european currency units ecus billion francs worth of foreign currency and billion francs worth of special drawing rights sdrs the bank said as a result foreign currency reserves fell to billion francs on march from billion on march while ecu reserves fell to billion francs from billion gold reserves remained stable at billion francs reuter
acq	foote mineral co in letter of intent to merge into rio tinto zinc
cpi	german march cost of living pct below year ago feb pct below official
earn	trizec corp ltd st qtr jan net shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln note company owns pct of bramalea ltd reuter
earn	boston edison co bse regular dividend qtly div cts vs cts in prior qtr payable may one record april reuter
cpi	german cost of living falls in march on year ago the cost of living in west germany was provisionally unchanged in march compared with february but fell pct against march the federal statistics office said in february the cost of living rose pct from january but fell pct compared with february the office said final figures for march will be released in about days reuter
acq	foote mineral fte to merge into rio tinto foote mineral co said it has signed a letter of intent to merge into rio tinto zinc corp plc for cash the company said at the time of the acquisition its assets will include only lithium and ferrosilicon operations foote which is pct owned by newmont mining corp nem has signed a letter of intent to sell its cambridge operations and said it is in talks on the sale of its manganese operations with several companies foote said newmont has informally indicated it would vote in favor of the rio tinto proposal foote said terms of the agreement including price for the proposed cash transaction have not been released because they are subject to a continuing due diligence investigation the company said a definitive merger agreement is expected to be negotiated within six weeks and shareholders are expected to vote on the deal at a meeting expected to be held in june or july reuter
jobs	u s first time jobless claims rose in week new applications for unemployment insurance benefits rose to a seasonally adjusted in the week ended march from in the prior week the labor department said the number of people actually receiving benefits under regular state programs totaled in the week ended march the latest period for which that figure was available that was up from the previous week reuter
earn	best products co inc th qtr shr dlrs vs cts
earn	best products co bes th qtr jan net shr profit dlrs vs profit cts net profit mln vs profit mln sales mln vs mln year shr loss cts vs profit eight cts net loss mln vs profit sales vs note current year net both periods includes prtax provisions for restructuring operations of dlrs in quarter and mln dlrs in year latest year net includes dlr tax credit and dlr posttax loss from debt extinguishment reuter
interest	bank of spain provides year record assistance funds the bank of spain provided billion pesetas in assistance funds which bankers said reflected fears of fresh increases in overnight rates the daily auction was the biggest of the year and comes after the previous record set last june of billion pesetas a spokesman for one of spain top five banks said higher overnight call money rates were expected in the short term in view of disappointing money supply figures for february the m money supply measured as liquid assets in public hands rose pct last month against pct in january and compared with this year s eight pct target money supply growth was pct last year the central bank on tuesday raised overnight rates by a quarter of a percentage point to pct on demand for billion pesetas rates stood at pct at the start of the year and have been increased to drain liquidity on rising demand for funds the policy is proving counter productive and rates will have to come down in the long term the bank spokesman said in reply to reuters enquiries he said higher rates were fuelling an influx of short term speculative capital from abroad at least mln dlrs of current excess liquidity in the system is convertible pesetas from west germany and other countries with much lower rates he said reuter
acq	ethyl corp ey units complete acquisiton ethyl corp said its subsidiaries completed the acquisiton of nelson research and development co nelr the merger was approved following completion on jan of a tender offer valued at approximately mln dlrs the company said it added that nelson based in irvine calif will be operated as a wholly owned subsidiary of ethyl nelson designs and develops new drugs ethyl said reuter
trade	british politicians urge japan trade sanctions one hundred members of britain s ruling conservative party have signed a motion calling for trade sanctions against japan to force tokyo to open its domestic market to british goods the government announced last week that japan had a billion dlr trade surplus with britain in the department of trade and industry said the government was drawing up contingency plans to force japan into opening up its domestic markets but a spokesman said such moves were very much a last resort ideas being considered included blocking japanese companies from trading in britain and revoking licenses of japanese operations in the london financial district reuter
acq	bp bp to hold new york press conference british petroleum co plc said it has scheduled a new york press conference for est gmt today at which senior management will discuss the company s proposed acquisition of the pct of standard oil co srd that it does not already own for dlrs per share the offer is worth about billion dlrs reuter
money-fx	u s treasury s mulford reaffirms g pact to foster currency stability around current levels
money-fx	treasury s mulford says g has no currency target zones ranges
gold	german analysts see gold firming later this year the price of gold bullion is likely to rise in the second half of the year on increased private investor demand west german analysts said gold could rise as high as dlrs per ounce later this year said peter witte director of westdeutsche landesbank girozentrale s trading division after a presentation by the u s mint to promote its gold and silver eagle series coins a lot will depend on oil prices and developments on stock exchanges witte said adding he saw gold positioned for further rises once it breaks out above dlrs gold was fixed this morning in london at dlrs despite current strong interest in gold mine stocks many investors still want to buy physical gold witte said interest in gold mine stocks may also wane if stock exchange rallies under way in many countries start to waver hermann strohmeyer vice president of commerzbank ag s foreign exchange trading and treasury department said gold is poised to rise to to dlrs an ounce in the second half of this year the price is unlikely to fall much below or dlrs an ounce and probably will continue in a range between and dlrs in the first half of this year he said reuter
money-fx	bank of france leaves money market intervention rate unchanged at pct official
acq	mco mco maxxam mxm holders approve merger mco holdings inc said its shareholders and those of maxxam group inc have approved the proposed merger of the two companies mco said one maxxam shareholder has filed an objection to the proposed settlement of shareholder actions related to the merger in the delaware court of chancery a hearing on the settlement proposal is scheduled for march the merger is subject to court approval of the settlement as well as to other conditions reuter
earn	price co pclb nd qtr march net shr cts vs cts net mln vs mln sales mln vs mln avg shrs mln vs mln st half shr cts vs cts net mln vs mln sales billion vs billion avg shrs mln vs mln note twelve and week periods reuter
earn	carolian systems sees lower fiscal profit carolian systems international inc said it anticipates profit for fiscal ending june will be lower than fiscal earnings of dlrs despite an expected revenue increase of pct to more than mln dlrs after an extraordinary expense associated with the december withdrawal of a planned common share offering we expect to be modestly profitable for the year but below the dlrs earned in fiscal the company said carolian previously reported fiscal six month profit of dlrs excluding an extraordinary loss of dlrs compared to earnings of dlrs in the prior year the company said it anticipated fiscal earnings to be lower due to withdrawal of its share offering computer equipment shipment delays and costs associated with sales staff expansion a strengthening canadian dollar against u s currency will also adversely affect revenues and earnings since pct of revenues are generated by sales outside canada said carolian a leading supplier of utility software for hewlett packard computer systems reuter
gold	u s gold eagle sales projected at mln ounces american eagle gold bullion coin sales are projected at mln troy ounces in their first year on the market well above the target of mln donna pope director of the u s mint told journalists world sales which began on october reached mln ounces in less than six months of sales this made it world market leader with a share of pct in pope said pope said that in volume terms nearly half of all gold eagle sales were within north america roughly pct were in europe and about eight pct in asia she said despite introduction of several new gold bullion coins on the market recently the mint is aiming to preserve the eagle s strong market share with extensive publicity the mint uses mainly newly mined u s gold for the coins as long as this is available at market prices the remaining gold is taken either from u s treasury stocks or from the open market pope said gold analysts said the eagle is facing competition here from the canadian maple leaf and also to a lesser extent from the south african krugerrand some estimated the maple leaf s west german market share at pct the figures may be distorted as many german investors buy gold bullion in switzerland or luxembourg to escape the pct value added tax imposed here including the tax the one ounce coins traded today at marks they said competition may also come from new gold coins including belgium s ecu which began sales today britain and australia also have plans to mint gold bullion coins the analysts said reuter
acq	neoax noax to sell novatronics for mln dlrs neoax inc said it has agreed to sell the assets and business of its novatronics division to veeco instruments inc vee for mln dlrs neoax said it expects a gain of about nine mln dlrs on the transaction which is expected to becomleted during the second quarter adding the gain will be sheltered by its tax loss carryforwards novatronics makes military specification power supplies and avionics components for various prime government defense contractors it had sales of mln dlrs reuter
earn	ponce federal bank fsb pfbs raises dividend qtly div nine cts vs cts in prior qtr payable april record march reuter
earn	foothill group fgi sees better first quarter don gevirtz chairman of the foothill group inc told reuters the company s first quarter results will be up sharply over last year s eight cents a share first quarter results will be dramatically better he said following a presentation to analysts he cited a sharp drop in non earning assets healthy asset growth and lower expenses he declined to predict specific results for the first quarter in the first quarter the commerical finance company earned dlrs or eight cts per share gevirtz also declined to predict full year results but said we expect an excellent year in foothill earned dlrs or cts per share analysts expect foothill to record earnings of cts to cts a share in during the presentation gevirtz said foothill has reduced to less than five pct the company s level of non performing assets which was as high as eight pct in previous years david hilton chief financial officer said the company s general and administrative expenses in will be reduced to about to pct of average assets from pct in the company had average assets of mln dlrs from continuing operations and mln dlrs from discontinued operations in according to its annual report reuter
acq	standard srd referring bp bp bid to group standard oil co said british petroleum co plc s proposed offer of dlrs a share for the pct of standard s stock not held by bp is being referred to a special committee of the company s board this committee which is composed of the independent non exective directors of the company was formed in april for the purpose of monitoring the relationship between standard oil and bp standard said the group will consider bp s offer in due course noting the committee has retained the first boston corp and cravath swaine and moore as advisers reuter
earn	anchor glass agls now sees higher st qtr net anchor glass container corp said first quarter net income is now expected to exceed the mln dlrs earned before extraordinary items in the year earlier quarter previously the company had said first quarter results would likely be lower than for the period due to production disruptions caused by the large number of production line changes scheduled during the first quarter its statement pointed out while the disruptive effects of the production line changes had occurred in line with expectations anchor glass said first quarter operating results were helped by lower than anticipated operating costs and improved margins on sales as a result of a more favorable product mix the company said its income performance for the full year remains very good it also said anchor hocking corp arh has converted the entire principal balance of its anchor glass convertible subordinated note to anchor glass common shares anchor glass said the conversion decreased its total debt and increased stockholders equity by about mln dlrs and increased common shares outstanding to it said the conversion will also reduce its annualized net interest expense by about mln dlrs or dlrs after taxes reuter
earn	macneal schwendler corp mns raises payout qtly div five cts vs cts prior pay june record may note prior payment adjusted for two for one stock split declared recently reuter
earn	viacom international inc via sets quarterly qtly div seven cts vs seven cts prior pay may eight record april reuter
money-fx	u k money market gets mln stg late help the bank of england said it provided about mln stg in late help to the money market bringing the total assistance today to mln stg this compares with the bank s revised estimate of a mln stg money market shortfall reuter
earn	phlcorp phx has breakeven results phlcorp inc said for november through december its first reporting period after emerging from reorganization proceedings it earned dlrs on revenues of mln dlrs excluding dlrs in gains on the sale of real estate and dlrs in tax credits the company is the successor to baldwin united corp reuter
acq	foote mineral to merge into rio tinto foote mineral co said it signed a letter of intent to merge into rio tinto zinc corp plc for cash foote pct owned by newmont mining corp said newmont has informally indicated it would vote in favor of the rio tinto proposal foote said terms of the agreement including price for the proposed cash transaction have not been released because they are subject to a continuing due diligence investigation the company said a definitive merger agreement is expected to be negotiated within six weeks and shareholders are expected to vote on the deal at a meeting expected to be held in june or july reuter
alum	aluminium scrap recovery and usage to rise aluminium scrap recovery and usage and output of secondary metal will continue to rise said shearson lehman brothers in a review of the secondary aluminium market which details cost and demand factors although primary smelting costs have declined generally in recent years the still substantial energy cost savings offered by secondary smelters will continue to make re melted material increasingly attractive it takes around kilowatt hours kwh of electricity to produce one tonne of primary aluminium compared with around kwh for one tonne of secondary metal shearson said on the demand side developments in automobiles and packaging bode well for secondary aluminium consumption automobile production although expected to fall this year is still on an upward trend and will continue to be so for the foreseeable future and in addition use of aluminium castings is gaining wider acceptance in the automobile industry particularly in the u s in packaging shearson does not expect aluminium to dominate the beverage can market in any of the other major economies to the extent it does in the u s but says there is evidence recycling is on the increase in other countries in addition to the cost savings involved technology advances now enable alloys of higher purity to be produced by the secondary aluminium industry shearson said there is not likely to be a problem of availability as the u s has a huge scrap reservoir and this is also true of several european countries albeit on a smaller scale reuter
acq	cross and trecker ctco buys automation unit cross and trecker said it agreed to acquire the alliance automation systems division of gleason corp gle for an undisclosed amount of cash it said the gleason division manufactures automated assembly and test systems used in the production of small to medium size components for a number of industries including automotive electronic and appliance alliance automation had sales of about mln dlrs and employs reuter
earn	salant corp slt st qtr feb net oper shr profit seven cts vs loss cts oper net profit vs loss sales mln vs mln note current year net excludes dlr tax credit company operating in chapter bankruptcy reuter
earn	healthmate inc hmte th qtr loss shr loss five cts vs loss six cts net loss vs loss revs mln vs mln avg shrs vs year shr loss cts vs loss cts net vs loss revs vs avg shrs vs reuter
earn	national banc of commerce co nbcc sets payout qtly div cts vs cts prior pay april eight record march reuter
earn	harsco corp hsc sets regular payout qtrly div cts vs cts pay may record april reuter
cocoa	madagascar cocoa production estimated higher madagascar s cocoa production is estimated pct higher this year at tonnes up from in agriculture ministry officials said this improvement reflects the government s efforts over the last seven years to extend existing cocoa plantations and plant new higher yielding varieties particularly at the northern tip of the island they said last year madagascar exported tonnes of high quality cocoa up from in the trade ministry said this year s exports are estimated at tonnes reuter
earn	computer associates ca sets two for one split computer associates international inc said its board has declared a two for one stock split payable may seven record april seven reuter
reserves	swiss net capital exports rise in increased activity by switzerland s banks pushed net capital exports to a provisional billion francs last year from billion in the national bank said in a pre publication copy of its annual report it also said the current account surplus of the swiss balance of payments reached a provisional billion francs last year from billion in the national bank s currency reserves rose by billion francs against a billion rise in however taking into accounts effects of the shift in exchange rates reserves actually fell in value by billion the banks net capital exports climbed to billion francs from billion in while capital exports by domestic non banks fell to billion from billion the national bank gave the following figures in brackets current account billion in made up of goods services factor income transfers capital account billion in made up of direct investment n a portfolio investment n a capital traffic of banks other capital traffic included n a traffic not included and statistical error n a change in currency reserves of the national bank interest income on foreign currency foreign currency transactions reuter
ship	st lawrence seaway opening still march the st lawrence seaway between lake ontario and montreal is still scheduled to open for the shipping season on march a seaway official said the great lakes could have been open for traffic earlier this month due to the mild winter but scheduled repairs to the welland canal joining lake erie with lake ontario will keep that section closed until the april opening she said one lock system in the four lock soo canal joining lake superior with huron was opened on the morning of march but only three commercial vessels have been locked through so far according to an u s army corps of engineers official the soo canal is currently only open for daylight vessel movement with hour movement allowed beginning march she added reuter
grain	dutch grain levy test case to start in april a large dutch animal feed compounder will begin formal legal proceedings early next month as a test case on the way the ec grain co responsibility levy is applied a spokesman for dutch grain and feed trade association het comite told reuters het comite has been co ordinating national actions against alleged distortions caused by currency factors in the levy and since december has lodged more than individual cases with the business appeal court in the hague the basic complaint is that the levy does not take account of currency cross rates of exchange and therefore compounders in countries with strong currencies may have to pay more in their own currency than is paid to them by producers in another country het comite has obtained a temporary agreement that companies can pay the amount they receive toward the levy rather than paying a full guilder amount to the dutch grain commodity board the spokesman said het comite will provide financial and legal backing to the test case in the business administration court in the hague oral proceedings are to begin on april the spokesman said het comite finally selected the company for the test case from among the lodged because the bill the firm received from the commodity board for payment of the levy contained significant currency distortions and involved grain from a wide variety of origins the name of the company is not being made public the administration court is not expected to make a final ruling on the case in the near future the het comite spokesman said it was very likely it would refer questions to the appeal court in luxembourg and as a result it could easily be another nine to months before the matter is finally resolved meanwhile the actions by dutch animal feed compounders are putting pressure on the commodity board to urge the dutch government to follow through on earlier statements and seek a complete review in brussels of the way in which the levy is collected the spokesman said het comite as a member of fefac the association of european animal feed manufacturers is also a party to actions protesting the whole levy in the luxembourg appeal court reuter
earn	z seven fund sees higher net z seven fund inc said it expects to earn six dlrs a share in up from dlrs a share in the company said the net earnings were up pct from dlrs in net asset value in rose pct to dlrs a share from a year earlier adjusted for a three for two stock split reuter
gas	spanish refiner plans gasoline additive plant spain s state refiner empresa nacional de petroleo s a emp plans to build its second unit for production of methyl tertiary butyl ether mtbe a gasoline additive replacing lead company sources said the coruna based plant with an annual capacity of tonnes and a tonnes per year facility that emp will start up in tarragona next year will make the state refiner spain s biggest producer of mtbe petroleos del norte s a petronor runs a tonne a year plant in bilbao and cia espanola de petroleos s a cepsa plans to put a similar unit onstream next year in algeciras reuter
earn	roy f weston inc wstna th qtr net shr cts vs cts net vs revs mln vs mln avg shrs vs shr cts vs cts net vs revs mln vs mln avg shrs vs note share adjusted for three for two stock split effecitive march weston said earnings for the firstg quarter will be about flat due to the recent substantial addition of management and technical staff and an expansion in the southeastern and northwestern u s the company said full year earnings and revenues are expected to be higher the company today reported earnings of dlrs up from dlrs in and revenues of mln dlrs up from mln dlrs weston earned dlrs in last year s first quarter reuter
gas	mobil mob to upgrade refinery unit mobil corp said it will spend over mln dlrs to upgrade a gasoline producing unit at its beaumont texas refinery it said the unit is a catalytic reformer which converts low octane components of gasoline into high octane components for use in super unleaded gasoline the company said the modernization will allow the unit to regenerate catalysts on a continuous basis without shutdown currently it must be shut twice a year the unit produces barrels of gasoline components a year construction will start late this year with completion set for mid reuter
acq	blockbuster bbec to acquire licensee blockbuster entertainment corp said it agreed to buy southern video a blockbuster licensee in san antonio blockbuster said it will issue shares of its common stock for all the net assets of southern video the company said after the acquisition is complete it intends to open additional blockbuster video superstores in the san antonio market reuter
acq	contel ctc to buy walker county telephone contel corp said it has agreed in principle to acquire walker county telephone co of lafayette ga for an undisclosed amount of common stock walker has customers in northeast georgia the company said the agreement is subject to approval by regulatory agencies both boards and walker shareholders reuter
money-fx	mulford says g wants stability treasury assistant secretary david mulford said the paris agreement among leading industrial nations is intended to produce reasonable stability in exchange markets over the next few months he told a senate banking subcommittee the group of five nations and canada agreed in paris to see if there can t be a period of reasonable stability instead of volatility to give time for the committments in paris to take place asked by sen phil gramm r tex whether u s intervention was not in fact overvaluing the dollar mulford replied that the administration judged that after economic adjustments current exchange rates reflect underlying economic fundamentals in particular the stability sought by the nations would allow west germany and japan to stimulate their economies domestically and the u s to cut its budget deficit mulford said in his testimony he stressed that a further sharp fall in the dollar would hurt the ability of germany and japan to boost growth mulford noted that half of west germany s economy was affected by international developments he also said increased japanese domestic growth would result in more u s exports to japan and would not necessarily lead to greater japanese capital flows to the u s as gramm asserted if japan reformed its domestic capital market commenting on the paris agreement mulford said i think exchange rates ought to be stabilized so germany s and japan s efforts can be carried out mulford rejected gramm s argument that faster domestic growth in germany and japan would result in an even lower dollar mulford said the administration wanted to achieve a pattern of higher growth overseas as a way of improving the u s trade deficit otherwise he said the trade deficit would be resolved either through a much lower dollar or a u s recession both alternatives he termed unacceptable and undesirable reuter
acq	thermo process tpsi completes acqusition thermo process systems inc said it completed its purchase of thermo process services inc a subsidiary of thermo electron corp tmo thermo process systems said it issued shares of its common stock to thermo electron in connection with the sale reuter
acq	siemens raises stake in telecom plus of u s siemens ag s sieg f fully owned subsidiary siemens informations systems inc has raised its stake in telecom plus communications inc by pct to pct a siemens spokesman said he added that telecom plus communications was the largest independent supplier of telephone exchange systems in the u s and had achieved a turnover of mln dlrs in the stake had been acquired from telecom plus international inc the spokesman declined to comment on u s newspaper reports that the purchase price of the remaining stake totalled mln dlrs reuter
earn	fruehauf posts mln dlr loss fruehauf corp which went private in december through a leveraged buyout said the predecessor company had a loss of mln dlrs compared to earnings of mln dlrs in sales of the predecessor company were billion dlrs compared to billion dlrs in including the sales by the operations which are divestiture candidates fruehauf said in connection with the buyout acquisition the predecessor company incurred about mln dlrs in expenses charged against operations in addition to the direct expenses fruehauf said operating results were adversely affected by an unquantifiable amount due to the disruption related to a proxy contest and attempted hostile takeover which started in early fruehauf said its board rescheduled the annual meeting to june from may to allow for completion and distribution of the results to shareholders reuter
acq	michigan general mgl to sell krestmark unit michigan general corp said it agreed to sell substantially all of the assets and certain liabilities of its krestmark subsidiaries to lcb holdings inc for mln dlrs cash sale of texas based krestmark a maker of doors door frames and other products will allow michigan general to concentrate on retailing through its diamond lumber and savannah wholesale units proceeds of the sale will be used to reduce debt the deal is subject to execution of a definitive agreement krestmark had revenues of about mln dlrs and operating losses of three mln dlrs in the company said it has been accounted for as a discontinued operation since last september dallas based lcb is a privately held maker of structural steel joists and rack and storage handling systems michigan general also said its diamond lumber homebuilding products retail unit closed nine unprofitable stores in the first quarter and reduced its headquarters staff by pct the nine closed stores which had pretax operating losses of mln dlrs in are being sold to provide cash for operations about mln dlrs of inventory from the stores is being transferred to other locations the company said reuter
acq	rabbit software rabt to merge with cti data rabbit software corp said it agreed in principle to merge with cti data inc a privately owned communications company according to terms cti holders and employees will receive shares of rabbit stock and royalties on sales of cti products cti will become a wholly owned subsidiary of rabbit the deal is subject to completion of a definitive merger agreement receipt of third party approvals and other conditions the company said reuter
earn	comstock group inc cstk th qtr loss shr loss cts vs loss cts net loss vs loss revs mln vs mln year shr loss dlr vs loss four cts net loss vs loss revs mln vs mln note th qtr and year net includes a loss of dlrs and a gain dlrs or cts per share for an extraordinary item reuter
veg-oil	u s senate hits ec oils tax vows retaliation the senate voted to condemn the proposed european common market tax on vegetable and marine fats and oils and said it would result in retaliation the non binding senate resolution a sense of senate sentiment was approved on a to vote the administration should communicate to the european community the message that the united states will view the establishment of such a tax as inconsistent with the european community s obligations under the general agreement on tariffs and trade that will result in the adoption of strong and immediate countermeasures the resolution stated the resolution said the european community commission has proposed establishing a consumption tax on vegetable and fish oils and fats in conjunction with the setting of farm prices for the ec marketing year the senate said the tax would amount to almost pct of the current price of soyoil and have a restrictive effect on u s exports of soybeans and vegetable oils to the ec it would be blatantly inconsistent with obligations of the ec under the general agreement on tariffs and trade gatt the resolution said and constitute another egregious attempt to impose ec agricultural costs on trading partners reuter
earn	healthmate inc says auditors intend to qualify its financial statements
earn	harsco corp hsc sets quarterly qtly div cts vs cts prior pay may record april reuter
earn	milastar corp mila rd qtr jan loss shr loss two cts vs loss four cts net loss vs loss sales vs nine mths shr loss seven cts vs loss three cts net loss vs loss sales vs note prior nine mths net includes dlr loss on sale of marketable securities prior quarter net includes dlr tax credit current year net includes provisions for loss on investment in preferred stock of dlrs in quarter and dlrs in nine mths reuter
earn	bank of boston expects st qtr earnings from cts to dlrs shr vs cts
earn	bank of boston bkb sees improved st quarter bank of boston corp expects first quarter earnings will range between cts and one dlr a share up from cts a share last year chairman william brown said he told shareholders the company has a mln dlr exposure in loans to brazil if that country defaults on its debt payments if a default does occur it would first quarter earnings by about five cts a share which would bring the bank s in the lower level of the estimated range he added brown noted the first quarter net included a cts gain from loan restructurings which will not appear this year brown said the bank s other nonperforming assets not including its brazilian exposure could rise to over mln dlrs at the end of this quarter compared with mln dlrs a year earlier and mln dlrs at the end of he said the increase includes all of its equadorian loans which he expects will be ultimately repaid after the company recovers from an earthquake earlier this year brown said the increase also includes some mexican and venezuelan loans as those nations are also facing credit problems brown said the bank of boston remains cautiously optimitic about the full year even if our brazilian exposure were to be on nonaccural all year in the bank earned dlrs a share or mln dlrs on net interest revenues of billion dlrs president ira stepanian told the shareholders s meeting the bank s total loans to argentina brazil and mexico totaled mln dlrs at the end of pct of its primary capital brazil loans total mln dlrs of which about two thirds are affected by its suspension of interest payments on its medium and long term foreign debt reuter
sugar	libya reportedly bought white sugar libya is reported to have recently bought two cargoes of white sugar from operators at around dlrs a tonne cost and freight traders said the shipment period required was not specified reuter
acq	usair gets approval to buy piedmont shares in tender
interest	fed expected to add reserves the federal reserve is expected to enter the u s government securities market to add reserves during its usual intervention period today economists said with federal funds trading at a steady pct most economists expect an indirect injection of temporary reserves via a medium sized round of customer repurchase agreements however some economists said the fed may arrange more aggressive system repurchase agreements economists would also not rule out an outright bill pass early this afternoon such action had been widely anticipated yesterday but failed to materialize reuter
earn	norcen sees improvement in earnings norcen energy resources ltd pct owned by hees international corp said earnings and cash flow will improve in even if oil and gas prices remain at levels the improvement will result from production increases lower taxes and royalties reduced financing costs and from operating efficiencies and downsizing put into place during the company said in the annual report norcen previously reported earnings excluding a mln dlr writeoff declined by pct to mln dlrs from mln dlrs in in norcen s cash flow fell pct to mln dlrs from mln dlrs in the prior year it said the sharp decline in oil prices during was the most significant factor for norcen s reduced performance while financial results are far from the previous year s record levels it is clear that norcen has withstood declining prices and remains financially and operationally strong norcen said it did not give a specific profit forecast the company said it is well positioned to capitalize on profitable opportunities in its core business areas and will continue to invest to increase revenue and asset values reuter
cocoa	cocoa council head to present buffer compromise international cocoa organization icco council chairman denis bra kanon will present a compromise proposal on buffer stock rules to producer and consumer delegates either later today or tomorrow morning delegates said bra kanon held private bilateral consultations with major producers and consumers this morning to resolve outstanding differences mostly on the issues of how much non member cocoa the buffer stock can purchase and price differentials for different varieties delegates were fairly confident the differences could be worked out in time to reach agreement tomorrow some consuming member nations including britain and belgium favour the buffer stock buying more than pct non member cocoa delegates have said the consumers argue that buying cheaper lower quality non member cocoas particularly malaysian will most effectively support prices because that low quality cocoa is currently pressuring the market producers meanwhile say non member cocoa should make up at most a very small percentage of the buffer they say malaysia should not be able to benefit from the icco unless it is a member and if the buffer stock bought malaysian cocoa malaysia would have no incentive to join delegates said as to differentials ghana apparently wanted a higher differential for its cocoa than is outlined in the most recent proposal so it would have a better chance of having its cocoa bought for the buffer stock producer delegates said some consumers wanted differentials to be adjusted in a way that would not promote buffer stock purchases of the more expensive cocoas such as ghanaian and brazilian they said other technical points need to be sorted out including limits on how much cocoa the buffer stock manager can buy in nearby intermediate and forward positions and the consequent effect on prices in the various deliveries delegates said reuter
acq	siemens rebutts u s criticism on cgct offer siemens ag sieg f rebutted u s criticism it is blocking american telephone and telegraph corp s t n at and t entry into french telecommunications firm compagnie generale constructions telephoniques cgct management board member hans baur told journalists that the acquisition of a joint pct stake in cgct by at and t and philips gloeilampenfabrieken nv pglo as had not been decided on two years ago as claimed by at and t the french government which owns cgct had asked siemens at the start of to submit an offer for the stake in cgct the result of the negotiations was still open baur said siemens had first made an offer last summer the handelsblatt newspaper today quoted at and t chairman james e olson as saying that siemens attempt to stop at and t and philips could lead to a resurgence of protectionism in the u s baur said he expected the french government to decide on the winning bid by the end of april cgct s share of the french switchboard market amounts to around pct the french government has limited cgct participation by foreign companies to pct and set a price of mln francs for the whole company bauer said the pct limitation would only apply to the initial stake he did not rule out a stake increase later but said siemens aim was to introduce its technology bauer said siemens and french telecommunications firm jeumont schneider sa submitted a joint offer at the start of march because of the pct limitation both companies will form a joint venture to take over the whole of cgct siemens will have a pct stake in the new company while jeumont schneider will own pct apart from investing mln francs for the modernisation of cgct a new research centre with was also being planned reuter
money-fx	mulford disappointed in newly industrialized nics efforts to strengthen currencies
earn	ford f nears gm gm in executive bonuses ford motor co neared general motors corp last year in executive bonuses while it topped the larger automaker in profit sharing payments to workers ford which outstripped gm in earnings last year said its incentive bonuses totaled mln dlrs slightly behind general motors mln general motors however did not make any profit sharing payments to its workers while ford made a profit sharing distribution of mln dlrs or dlrs per worker general motors which saw its earnings drop to billion dlrs from s billion said the profit was not sufficient to generate a payout under the profit sharing formula ford which earned billion dlrs in up from billion in said it recognizes employees efforts and fulfills its commitment to them in many ways including profit sharing reuter
earn	pier imports pir declares stock split pier imports inc said its board declared a three for two split of its common stock and its cents preferred stock and declared a regular quarterly dividend of two cents per share on the pre split shares of common stock outstanding pier also declared a pct annual dividend increase for the post split common shares the split will be effected in the form of a pct stock dividend on both classes the company said shareholder approval is required for an increase in authorized shares of common stock to mln from mln it said approval is also needed for an increase in authorized shares of preferred stock from one million to five million it said voting will be conducted at its annual shareholder meeting on june pier said there are currently million shares of common stock and shares of cts preferred stock outstanding the split shares will be distributed on june to shareholders of record may the two cts per share quarterly cash dividend will be payable may to shareholders of record may the increase in shares outstanding will broaden the base of stock ownership in the company and the dividend increase reflects the directors positive outlook for the future prospects of pier imports said clark johnson president and chief executive officer reuter
earn	lancer corp lacr th qtr net shr cts vs cts net vs revs vs avg shrs vs year shr cts vs dlrs net vs revs mln vs mln avg shrs vs note quarter net includes dlr charge from repal of investment tax credit reuter
earn	macneal schwendler corp mns th qtr jan net shr cts vs cts net vs revs vs year oper shr cts vs cts oper net vs revs mln vs mln note prior year net excludes dlr loss from discontinued operations and dlrs on disposal share adjusted for stock dividends reuter
earn	nichols institute lab st qtr feb net shr two cts vs one ct net vs revs mln vs reuter
earn	first medical devices corp fmdc year loss shr loss cts net loss sales note company in development stage reuter
earn	healthmate hmte expects qualified opinion healthmate inc said its auditors laventhol and horwath indicated they will issue a qualified opinion on the company s financial statements the company which went public in march earlier reported losses for the fourth quarter it said the auditor s statement known as a subject to opinion cautions that because of continuing operating losses and negative cash flow it must achieve profitable operations or acquire additional equity capital or other financing to continue in existence healthmate reported a loss for the year of dlrs or cts a share on revenues of mln dlrs a year ago it had a loss of dlrs or cts a share on revenues of dlrs it said the increased sales reflect initial shipments of its fluoroscan imaging systems low radiation x ray imaging devices that recently were classified by underwriters laboratories inc reuter
earn	healthmate inc hmte th qtr loss shr loss five cts vs loss six cts net loss vs loss revs vs avg shrs vs year shr loss cts vs loss cts net vs loss revs vs avg shrs vs reuter
acq	usair u cleared to buy piedmont pie shares usair group inc said the u s department of transportation has issued an order allowing it to purchase and hold in a voting trust the piedmont aviation inc shares usair is seeking in its current dlr per share tender offer the company said the new order supersedes an order issued by the department last friday that would have required usair to sell within one week of expiration of the tender any piedmont shares it held in excess of pct of the piedmont stock then outstanding the company said the piedmont shares together with the piedmont shares already owned by usair constitute about pct of piedmont s shares on a fully diluted basius but about pct of shares currently outstanding the shares are to be held in a voting trust pending the department s review of usair s application to obtain control of piedmont reuter
interest	fed sets two billion dlr customer repurchase fed says
earn	house of fabrics inc hf th qtr jan net shr cts vs cts net vs sales mln vs mln year shr cts vs cts net vs sales mln vs mln note prior year net both periods includes dlr charge from sale of craft showcase stores reuter
retail	german retailers expect good west german retailers expect another good year in even though they will not be able to repeat the sharp increase in turnover they enjoyed in the general association of the german retail trade hde said hde president wolfgang hinrichs said retailers would be satisfied with a real turnover increase of between pct to three pct in after last year s steep pct rise hinrichs said the turnover increase had brought the first hesitant signs of improvement in earnings in the west german retail sector reuter
money-fx	german wage round said to limit monetary options the bundesbank s options for west germany monetary policy are limited for the foreseeable future by the delicate stage of wage negotiations between unions and employers economists and money market dealers said call money fell in quite active trading today dropping to pct from pct yesterday and below the pct treasury bill rate as a difficult month end approached but dealers and economists said the bundesbank was unlikely to encourage lower rates in the foreseeable future largely for fear of upsetting the current wage round one money market dealer for a major foreign bank said i don t think the bundesbank wants rates to go up whatever happens but it also does not want them to fall above all it wants to wait to see how the unions wage round goes in west germany unions and employers prepare the ground for triennial wage negotiations based on detailed assessments of growth and inflation economists said ute geipel economist with citibank ag said if the bundesbank became more accommodating in monetary policy raising fears in some quarters of a return in inflation in the medium term unions would be obliged to curtail wage demands as a result the bundesbank was concerned to make no move that would interfere in the negotiating process geipel said in the current round the country s most powerful union the ig metall representing metalworkers and engineers is demanding a shortening of the working week to hours from the present and an accompanying five pct increase in wages the engineering employers association gesamtmetall is offering to bring in a hour week from july and give a two stage wage increase a pct rise from april this year and another pct from july the agreement forged by ig metall europe s largest union with mln members and the employers would set the benchmark for settlements in other industries such as the public sector banks and federal post office negotiations began in december and unions are hopeful they may conclude by early april ahead of the traditional holiday period in june though many economists said the unions current warning strikes and rhetoric were part of the negotiating strategy and would not lead to a repeat of s damaging seven week strikes others said unions would not compromise greatly on their positions and there could still be conflict this could extend the length of time in which the bundesbank would keep its activity low key economists said the money market head said the unions humiliation by the protracted financial problems of the neue heimat cooperative housing venture would contribute to union obstinacy the unions haven t forgotten that and they will put this squarely onto the account in the negotiations he said in addition the newly elected chairman of the ig metall union franz steinkuehler was more radical and determined than his predecessor hans meyer and may be set for a longer battle to achieve the best possible settlement for his membership more than engineering workers at firms mainly in south germany held warning strikes lasting up to two hours yesterday firms hit included zahnradfabrik passau gmbh and aerospace group messerschmitt boelkow blohm gmbh today employees from companies came out in warning strikes a statement from ig metall said money market dealers said that overnight call money rates would rise in the near future in any case and did not depend on a politically inhibited bundesbank about eight billion marks were coming into the market tomorrow from salary payments by the federal government as a result some banks fell back on the bundesbank s offer to mop up liquidity via the sale of three day treasury bills anticipating still lower rates before the month end but a pension payment date by banks on behalf of customers was due on monday other dealers noted if banks were short of liquidity until the bills matured on tuesday rates could soar perhaps to the pct lombard ceiling banks were well stocked up with funds having an average billion marks in bundesbank minimum reserves in the first days of march well above the billion requirement reuter
acq	foreign firms hope to join japan telecom company president nobuo ito of international telecom japan inc itj one of two rival firms seeking to enter japan s international telecommunications market said it will offer a stake in the company to foreign firms but he declined to specify what share the firms would take and told reuters they would not participate in its management itj and international digital communications planning inc idc in which both cable and wireless plc and pacific telesis group own pct stakes are set to merge into a new entity to compete against kokusai denshin denwa co ltd reuter
acq	siemens raises stake in telecom plus of u s siemens ag s sieg f fully owned subsidiary siemens informations systems inc has raised its stake in telecom plus communications inc by pct to pct a siemens spokesman said he added that telecom plus communications was the largest independent supplier of telephone exchange systems in the u s and had turnover of mln dlrs in the stake had been acquired from telecom plus international inc the spokesman declined to comment on u s newspaper reports that the purchase price totalled mln dlrs reuter
acq	first interstate seeks acquisition less than two months after first interstate bancorp withdrew its bold attempt to buy bankamerica corp chairman joseph pinola is still looking for a good buy but he is also looking at ways to avoid being bought in a wide ranging interview pinola said he s looking for ways to improve profitability and capital between now and so as to resist any potential look at us to maintain our independence if possible in federal regulatory changes will allow the major east coast banks to buy banks in california first interstate the fourth largest california bank and the nineth largest nationwide owns banks in western states and has franchise operations in four additional states bank industry sources say it is an attractive target for large u s or foreign banks looking to quickly move into the lucrative california market and the west coast region while declining specifics on his corporate strategy when asked if acquisitions will be part of the plan pinola replied that s undoubtedly a fair statement it would be almost naive not to think that pinola characterized his acquisition strategy as opportunistic he said he will look for banks in management trouble that he can get at a bargain then add management to restore profitability or for banks in states where first interstate already operates then cut costs by combining resources the exception he said would be texas where he said most of the banks are already well managed but might be purchased at a discount because of the depressed regional economy pinola declined comment on what circumstances might move him to rekindle his bid for bankamerica saying only we continue to monitor and look at a lot of things and a lot of people continue to monitor and look at us banking analysts however consider another first interstate bid at bankamerica a long shot not likely to happen any time soon pinola called his decision last month to withdraw his billion dlr bid at the nation s second largest bank a very very difficult decision with that decision made however he acknowledged first interstate may now have a difficult time keeping its number four position in the california banking community the competition in this state is tough he said noting citybank s recent purchase of financial service branches from sears roebuck company citybank is moving rapidly to move us down to fifth and wells fargo down to fourth he said outside california pinola acknowledged that security pacific corp with its recent acquisitions in arizona washington and oregon is quickly becoming a regional competitor in areas where first interstate has long dominated security is has been and continues to be a highly profitable and obviously well managed company he said he added however first interstate at the moment has the advantages of having owned and managed regional banks longer and has the recognition advantage of having given its regional banks a common name pinola said while its coastal state banks are in good financial condition first interstate continues to sustain serious loan losses in its rocky mountain states where energy real estate and agriculture dominate the economy asked if he thought loan losses in those areas had peaked he said i don t think it has bottomed out because i think most of the problems are real estate related and the real estate problems are going to be with us for several years pinola said another failing economic sector agriculture in the midwest has slowed expansion of first interstate s franchise operation first interstate has franchise banks that offer first interstate financial services in ten states while a year ago he was considering taking his franchise operation east of the mississippi river pinola said because most of the franchise banks are now in the west expansion into the midwest must come first calling the franchise system moderately profitable pinola said it is going to take a rejuvenation of the agriculture sector for us to commence franchising at the speed we were generating before the last year or two on the banking industry in general pinola said he thinks will be another bad year for loan losses with only banks with minimal holdings in real estate able to improve profits reuter
earn	house of fabrics hf sees results improving house of fabrics inc said it expects growth in earnings and revenues as the current fiscal year progresses it said it will open about super stores this year house of fabrics now operates stores the company today reported earnings for the year ended january of dlrs on sales of mln dlrs up from prior year earnings of dlrs on sales of mln dlrs the prior year earnings included a dlr charge for the disposition of craft showcase stores reuter
veg-oil	u s senate hits ec oils tax vows retaliation the senate voted to condemn the proposed european common market tax on vegetable and fish fats and oils and said it would result in retaliation the non binding senate resolution a sense of senate sentiment was approved on a to vote the administration should communciate to the european community the message that the united states will view the establishment of such a tax as inconsistent with the european community s obligations under the general agreement on tariffs and trade that will result in the adoption of strong and immediate countermeasures the resolution stated reuter
acq	kodak ek buys stake in biotechnology company eastman kodak co said it has reached an agreement to acquire new stock representing a pct interest in industrial biotechnology company genencor inc for undisclosed terms other genencor shareholders include staley continental inc sta corning glass works glw and genentech inc gene the company said it has been granted options to increase its equity stake during it said it has agreed to make a multiyear multimillion dollar commitment to genecor research products related to food additivies and pharmaceutical intermediates reuter
earn	avery avy st qtr feb net shr cts vs cts net mln vs mln sales mln vs mln reuter
interest	fed sets two billion dlr customer repurchase the federal reserve entered the u s government securities market to arrange two billion dlrs of customer repurchase agreements a spokeswoman for the new york fed said federal funds were trading at pct at the time of the indirect injection of temporary reserves reuter
earn	knight ridder inc krn sets quarterly qtly div cts vs cts prior pay april record april six reuter
earn	technitrol inc tnl sets quarterly qtly div cts vs cts prior pay april record april seven reuter
earn	nationwide cellular service inc ncel th qtr shr loss six cts vs loss cts net loss vs loss revs vs avg shrs vs one mln year shr loss cts vs loss cts net loss vs loss revs mln vs avg shrs vs one mln reuter
earn	a h a automotive technologies corp year net shr cts vs cts shr diluted cts vs cts net vs revs mln vs mln reuter
earn	rogers rog sees st qtr net up significantly rogers corp said first quarter earnings will be up significantly from earnings of dlrs or four cts share for the same quarter last year the company said it expects revenues for the first quarter to be somewhat higher than revenues of mln dlrs posted for the year ago quarter rogers said it reached an agreement for the sale of its molded switch circuit product line to a major supplier the sale terms of which were not disclosed will be completed early in the second quarter rogers said reuter
earn	island telephone share split approved island telephone co ltd said the previously announced two for one common share split was approved by shareholders at the annual meeting reuter
earn	questech inc qtec year net shr loss nil vs profit cts net loss vs profit revs mln vs mln year shr profit cts vs profit cts net profit vs profit revs mln vs mln note current year net includes charge against discontinued operations of dlrs reuter
veg-oil	most ec states said to be against oils fats tax a majority of european community ec member states are either against or have strong reservations over a tax on both imported and domestically produced oils and fats proposed by the european commission senior diplomats said they said a special committee of agricultural experts from ec member states had voiced strong objections over the measure during a meeting charged with preparing the ground for the annual ec farm price fixing which begins next monday they added that only france and italy had indicated they would support the commission proposal which would lead to a tax initially of ecus per tonne during the price round reuter
acq	gould gld completes sale of french battery unit gould inc said it has completed the sale of its french battery business compagnie francaise d electro chimie to a group of investors including the unit s employees and gnb inc of minnesota gould did not disclose terms of the deal gould said the move is part of its previously announced plan to divest assets unrelated to its computer and electronics businesses reuter
earn	shoe town inc shu year ended jan three shr cts vs cts net vs revs mln vs mln note and year net includes loss dlrs or eight cts a share and dlrs or one ct a share respectively for discontinued operations year ended december reuter
acq	first wisconsin fwb to buy minnesota bank first wisconsin corp said it plans to acquire shelard bancshares inc for about mln dlrs in cash its first acquisition of a minnesota based bank first wisconsin said shelard is the holding company for two banks with total assets of mln dlrs first wisconsin which had assets at yearend of billion dlrs said the shelard purchase price is about times the earnings of the bank it said the two shelard banks have a total of five offices in the minneapolis st paul area reuter
earn	american nursery products ansy rd qtr net period ended feb shr profit five cts vs profit four cts net profit vs profit sales vs nine mths shr loss cts vs loss cts net loss vs loss sales vs avg shrs vs note full name is american nursery products inc reuter
earn	discus corp disc th qtr loss shr loss six cts vs loss seven cts net loss vs loss rev mln vs mln year shr loss cts vs loss cts net loss vs loss rev mln vs mln reuter
earn	entertainment publications sees cts shr rd qtr loss on units disposal
earn	pay n pak stores inc pnp th qtr feb net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln reuter
gas	corrected mobil mob to upgrade refinery unit mobil corp said it will spend over mln dlrs to upgrade a gasoline producing unit at its beaumont texas refinery it said the unit is a catalytic reformer which converts low octane components of gasoline into high octane components for use in super unleaded gasoline the company said the modernization will allow the unit to regenerate catalysts on a continuous basis without shutdown currently it must be shut twice a year the unit produces barrels of gasoline components a day construction will start late this year with completion set for mid correcting unit s output to barrels day from barrels year reuter
earn	american nursery products ansy rd qtr net qtr ends feb shr profit five cts vs profit four cts net profit vs profit revs vs avg shrs mln vs mln nine mths shr loss cts vs loss cts net loss vs loss revs vs avg shrs mln vs mln note full name american nursery products inc reuter
earn	volvo result off slightly from ab volvo volv st said the weakening dollar caused the drop in its profits but company chief executive pehr gyllenhammar said was one of volvo s best years ever in its final report released earlier the company said the group s profits before allocations and taxes was billion crowns compared with s billion despite the fall gyllenhammar said sales of industrial products have never been higher and volvo cars and volvo trucks were both completely sold out at year end operating income was slightly higher than a year earlier he said the company s financial strength gave it exceptional opportunities to invest for the future although industrial sales were up the company s yearend report said total sales were billion crowns against s billion reuter
acq	meridian energy castone end letter of intent meridian energy inc and castone development corp a privately held company jointly announced that they have decided to terminate the letter of intent under which meridian would have acquired castone reuter
earn	goldfield corp gv th qtr net loss shr loss four cts vs loss five cts net loss vs loss revs vs year shr profit four cts vs loss cts net profit vs loss revs vs note excludes loss from discontinued operations of four cts per share in the quarter and loss cts in the year year excludes extraordinary gain of two cts a share reuter
money-fx	british french ministers discuss public spending french finance minister edouard balladur discussed the need to control public spending in talks here today with british chancellor of the exchequer nigel lawson a treasury spokesman said the spokesman said the ministers reviewed their economies and public spending domestic and european community wide he declined to comment on whether the subject of concerted action to shore up the dollar had arisen the u s currency dipped sharply earlier this week after a month of relative stability after an agreement by six major industrialised nations in paris on february to stabilise their currencies reuter
acq	fed s heller urges broad reform to aid banking federal reserve board governor robert heller said the banking system could be strengthened by permitting formation of financial services holding companies involved in areas like banking insurance real estate and securities in a speech prepared for delivery in new york to the bank and financial analysts association heller said i believe that increased diversification along geographic and product lines is the key to strengthening the american banking system he said he supported the idea of financial services holding companies advocated by the association of bank holding companies in which regulation of various bank thrift insurance investment securities and real estate subsidiaries would be handled on functional lines limits would be placed on the extension of credit by the bank to the associated institutions and all transactions would have to be on an arms length basis heller said measures would be necessary to avoid abuse of the banks special position by such holding companies or subsidiaries heller said he would require the holding company to serve as a source of strength to the bank by making a commitment to maintain the bank s capital in other words the bank would not be allowed to fail as long as the holding company has a positive net worth heller also said commercial enterprises should be permitted to own a financial services holding company again with the provision that capital would flow to the financial enterprise if necessary heller said the effects of these actions would be banks that are at least as strong as the corporations holding them in which customer deposits were assured while any incentive to loot the bank was removed such diversification would give access to national and international financial services to corporations across the united states heller said that would mean the steady decline of america s banks in the world financial league tables would be arrested by permitting them to become more competitive reuter
earn	federated department stores inc ups qtly div by pct sets for stock split
acq	gould gld sells french battery unit gould inc said it sold its french battery unit cie francaise d electro chimie to a group of investors including the unit s employees and gnb inc of minnesota terms of the sale were not disclosed the unit had sales of mln dlrs reuter
earn	advanced genetic sciences agsi year loss shr loss cts vs loss cts net loss vs loss revs vs note th qtr data not available reuter
earn	federated department fds raises qtly dividend federated department stores inc said it raised its quarterly common stock dividend to cts a share from cts an increase of pct the company said it also approved a two for one stock split in the form of a pct stock dividend at the same time federated said it will ask shareholders to approve an increase in the number of authorized shares to mln from mln federated said the dividend is payable on a pre split basis on april to shareholders of record april new shares from the stock split will be distributed may it said reuter
earn	danzar investment dnzr sets special dividend danzar investment group inc said it received mln shares of commonwealth capital ltd in settlement of a debt and that it will distribute the shares to its stockholders as a dividend danzar said the dividend will also include commonwealth shares it already holds the dividend of shares per danzar share held will be paid to shareholders of record april the company said reuter
acq	fidelity fnf unit acquires california concern fidelity national financial inc said its fidelity national title insurance co subsidiary acquired the operations of safeco title insurance co in the northern california counties of alameda contra costa and san mateo terms of the acquisition were not disclosed reuter
earn	home savings bank hmsb sets initial dividend qtly div nine cts pay april record april six reuter
cotton	final crop u s cotton ginnings final crop u s cotton ginnings totaled running bales vs bales at the end of the season and bales at end season the u s census bureau said the bureau said upland cotton ginnings from the final crop totaled bales vs bales in and bales in american pima ginnings from the final crop totaled bales vs bales in the crop and bales in the bureau said reuter
earn	american brands sees record first quarter results
acq	bp managing director says company does not plan to hike dlrs standard offer
acq	security spc users end merger talks security pacific corp and users inc a credit union data processing concern said they have mutually agreed to withdraw from further merger negotiations users said that since it signed a letter of intent to merge with security in november it has received a strong show of support for continuing the credit union ownership of the company with credit unions committing themselves to purchase additional users common users also said it is in the strongest financial position in its year history reuter
earn	entertainment publications epub sees loss entertainment publications inc said it expects an after tax loss of cts a share in its third quarter from the disposal of three units it closed the company said its board approved a plan to discontinue the operations of three subsidiaries which are primarily involved in direct mail marketing the discontinued units were not likely to meet the growth and profit goals of the company in the future entertainment publications said the three units lost dlrs or cts a share in the six months ended december reuter
earn	chris craft industries inc ccn regular payout chris craft industies inc said it declared a regular two pct stock dividend on both its common stock and class b common stock which is equal the two pct stock dividends the company paid for the prior quarter the dividends are payable on april to shareholders of record april six reuter
acq	dennison manufacturing dsn to sell paper unit dennison manufacturing co said it has signed a letter of intent to sell its dunn paper co subsidiary to james river corp jr for an undisclosed amount of cash resulting in a first quarter charge against earnings the company saiud the loss on the sale may be partly reduced by contingent payments over the next five years and will in the first quarter be more than offset by the gain from the previously announced sale of its hygeia sciences inc shares dunn had sales last year of about mln dlrs in richmond va james river said closing is expected by the end of april subject to approval by both boards and on the reaching of satisfactory labor agreements reuter
earn	old republic int l corp oldr hikes dividend qtly div cts vs cts prior pay june record june reuter
earn	carson pirie scott and co crn sets dividend qtly div cts vs cts prior pay june record may reuter
money-supply	money market mutual funds fall billion dlrs in latest week ici says
crude	bp bp offer raises expectations for oil values british petroleum plc s plan to pay billion dlrs for less than half of standard oil co has signalled higher values in the u s oil patch analysts said i think that bp s bid is a very strong affirmation and clear signal that they have confidence in the u s and they think the barrel of oil in the ground is going to go higher said sanford margoshes of shearson lehman brothers inc bp earlier today said its u s unit planned to tender at dlrs per share for the pct of standard it does not already own it s a billion dlr price that shows opec has won the war and oil prices are not going to crack said prescott ball and turben analyst bruce lazier behind that is a huge implication for the rest of the energy issues out there in the stock market particularly those that are acquisition targets lazier said one of those mentioned by lazier was usx corp an energy steel concern which had been courted by investor carl icahn and drew the attention of australian robert holmes a court last year rumors continue to swirl around its stock margoshes said he does not foresee major u s oil firms falling into takeover situations for several years with the exception of possibly amerada hess corp ahc he said most of the majors found partners in the last round of matchmaking which ended two years ago and others restructured to the point that they have become unattractive u s oil stocks rallied in response to the offer exxon corp xon rose to chevron corp chv jumped to and texaco tx climbed to unocal corp ucl rose while occidental petroleum corp oxy climbed to amoco corp an rose to standard oil s stock was up in heavy trading to earlier in the session it had been at a high of wall street has speculated british petroleum may boost its offer by several dlrs per share but the company maintained it would not raise the dlr bid british petroleum stock rose to analysts said the fact british petroleum made such a bid in the first place indicates that the british oil giant has changed its outlook for the oil industry analysts said last year british petroleum held one of the more bearish positions on oil prices they said the real price of oil would stay at dlrs a barrel for several years and i think they beat a hasty retreat from that point of view margoshes said they are more appropriately today looking more optimistically i believe they are looking at dlrs long term also in their heart of hearts they believe that will be exceeded margoshes said the u s benchmark crude west texas intermediate was trading today around dlrs per barrel analysts said british petroleum might have been able to buy up the rest of standard oil for about dlrs per share when oil prices were falling last year they said standard oil s brightest asset is its slightly more than pct ownership of the alaskan prudhoe bay oil field analysts also said the company has other interests in the alaskan north slope analysts said the standard investment is extremely attractive to bp because the u s is the largest oil market and has hard to replace reserves i think it just fits in with their long range plans to increase their position in the u s market dean witter analyst eugene nowak said analysts said it also raises bp s visibility ahead of the british government s announced disposal of pct of bp stock the u k government said it would dispose of the holding sometime in the year beginning april one after acquiring all of standard most of bp s reserves would be in the u s but only about six pct of its stock is held in the u s the only way they can sell all that stock is to move it into the united states no other market can handle all that stock said l f rothschild analyst rosario ilacqua in standard oil had net losses of mln dlrs on revenues of billion dlrs compared to a profit the year earlier of mln dlrs on revenues of billion dlrs reuter
earn	falcon cable systems fal th qtr loss shr loss dlrs vs loss cts net loss mln vs loss revs vs year shr loss dlrs vs loss seven cts net loss mln vs loss revs mln vs note net losses included extraordinary losses of in th qtr vs year ago and extraordinary losses for year of vs a year ago reuter
earn	home savings bank hmsb sets initial quarterly home savings bank said its board declared an initial quarterly dividend of nine cts per share payable april record april six reuter
acq	louisiana pacific lpx to sell sawmill louisiana pacific corp said it plans to sell its sawmill in lakeview oregon and acres of timberland to ostrander construction co the company said the transaciton shoould be finalized in early april terms were not disclosed reuter
acq	suburban bancorp subba merger approved suburban bancorp inc said it received approval from the federal reserve board to acquire valley national bank of aurora for an undisclosed price suburban said it has received shareholder tenders for pct of valley national s stock reuter
earn	universal holding corp uhco th qtr loss shr profit nil vs profit nine cts net profit vs profit revs vs year shr loss cts vs profit cts net loss vs profit revs mln vs note net includes capital gains of vs for qtr and vs for year current year net includes charge of from contract obligation to former chairman reuter
earn	freedom federal frfe to recognize gain freedom federal savings bank said it will recognize in its first quarter earnings a previously deferred mln dlr gain which resulted from the sale of an apartment complex in it said the recognition comes as a result of repayment of a loan which was granted when the complex was sold reuter
earn	commerce clearing house inc cclr hikes div qtly div cts vs cts prior pay april record april reuter
earn	quantech electronics corp qant rd qtr dec shr loss cts vs loss six cts net loss vs loss revs vs nine mths shr loss cts vs loss cts net loss vs loss revs mln vs mln note prior year net includes losses from discontinued operations of dlrs in quarter and dlrs in nine mths reuter
earn	quantech qant needs additional funds quantech electronics corp said it is investigating available means of raising additional funds needed to finance continuing operations but there is no assurance that it will succeed the company said it continues to experience negative cash flow today it reported a loss for the third quarter ended december of dlrs compared with a dlr loss a year before quantech said it has received waivers from marine midland banks inc mm through may on covenants in its loan agreement the company said marine midland has agreed to advance it an additional working capital loan that will be personally guaranteed by chairman henry ginsburg loans from marine midland are secured by substantially all company assets quantech also said bernard weinblatt has rsigned as president and a director and until a replacement is found ginsberg will act as chief executive and leonard n hecht formerly chief executive will act as chief operating officer reuter
earn	pda engineering pdas halts software shipments pda engineering said it has temporarily deferred shipmetns of its patran software for ibm computers due to a technical problem with the program the company said the deferral will reduce its thrid quarter revenues and earnings pda said it anticipates resuming shipments in the fourth quarter reuter
earn	p and f industries inc pfina th qtr net oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs year oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note net excludes tax credits of dlrs vs dlrs in quarter and dlrs vs dlrs in year share adjusted for one for five reverse split in october reuter
acq	fair lanes fair shareholders approve merger fair lanes inc said its shareholders approved the previously announced merger with maricorp inc a unit of northern pacific corp under terms of the merger fair lanes said each of its shares of common stock will be converted into the right to receive shares of btr realty inc which is owned by fair lines reuter
earn	allied research associates inc arai year net shr cts vs cts net vs sales mln vs mln note backlog as of february mln dlrs vs mln dlrs a year before reuter
coffee	cardenas sees no major decisions at ico meeting jorge cardenas manager of colombia s coffee growers federation said he did not believe any important decisions would emerge from an upcoming meeting of the international coffee organization ico the ico executive board is set to meet in london from march and could decide to call a special council session by the end of april to discuss export quotas it s going to be a routine meeting an update of what has been happening in the market but it s unlikely any major decisions are taken cardenas told journalists earlier this month talks in london to re introduce export quotas suspended in february ended in failure colombian finance minister cesar gaviria also talking to reporters at the end of the weekly national coffee committee meeting said the positions of brazil and of the united states were too far apart to allow a prompt agreement on quotas brazil s coffee chief jorio dauster said yesterday brazil would not change its coffee policies cardenas said the market situation was getting clearer because the trade knew the projected output and stockpile levels of producers he said according to ico statistics there was a shortfall of nine mln kg bags on the world market between october the start of the coffee year and february reuter
acq	cb and t cbtb to make acquisition cb and t bancshares inc said the board of carrolton state bank of carrolton ga has approved a merger into cb and t for an undisclosed amount of stock subject to approval by regulatory agencies and carrolton shareholders carrolton has mln dlrs in assets reuter
earn	american brands amb sees higher st qtr net american brands inc said it expects first quarter net earnings to exceed the record mln dlrs or dlrs a share it earned for the year ago quarter the company also said it believes sales in the first quarter will surpass record sales of billion dlrs last year the company said unit sales of american tobacco s lucky strike filter line rose pct last year which led to a gain for he lucky franchise american brands said it will introduce a new low priced brand of cigarettes called malibu the company s u k based gallaher ltd unit had a strong performance in and became the second largest contributor to operating earnings american brands said reuter
sugar	ny traders say soviets made large sugar purchase the soviet union bought almost tonnes of raw sugar from international trade houses last night with some of the sugar changing hands at discounts to the spot may world sugar contract according to trade sources they said japanese trade houses sold up to three cargoes of thai sugar for relatively nearby delivery british and european based trade houses sold the remaining six cargoes for shipment between april may july they said traders said this week s sharp fall in world sugar prices helped to provoke the soviet union into covering nearby needs yesterday spot may sugar closed at cents a pound reuter
earn	martin lawrence limited editions mlle year net shr cts vs six cts net vs revs mln vs note th qtr data not given reuter
earn	commonwealth energy system ces dividend qtly div cts vs cts in prior qtr payable may one record april reuter
earn	transworld trust twt sets initial pay date transworld liquidating trust said it will distribute proceeds from the sale of hilton international co to ual inc ual to its holders on april the deal is expected to close march the day trading ceases in the liquidating trust shares ual will pay mln dlrs cash shares of ual common stock and mln dlrs worth of ual debentures to transworld but it may substitute cash for the securities the initial distribution will include all the cash stock and debentures received in connection with the sale the company said the shares in the trust formerly represented shares of transworld corp common stock the company said the balance of cash in the trust will be used to satisfy all liabilities and obligations of the trust after satisfaction of the payments the company will make a second distribution around april it said reuter
earn	electro sensors inc else votes extra payout electro sensors inc said its board voted an extraordinary cash dividend on its common stock of cts a share payable may record april the company paid an extraordinary dividend of cts in may reuter
earn	u s home uh sees best first qtr since u s home corp said its first quarter ending march will be its most profitable first quarter since the company said in it recorded a profit of dlrs for its first quarter the three following first quarters resulted in losses of dlrs dlrs and dlrs respectively the company said u s home declined to put a specific figure on what its net earnings would be for the coming first quarter but said it would definitely record a profit in other news u s home said its shareholders approved an amendment to its company s certificate of incorporation relating to the liability of the company s directors reuter
earn	rockefeller center properties rcp ups payout rockefeller center properties inc said it raised its quarterly dividend to cts from cts a share the dividend is payable april to shareholders of record april reuter
earn	sandustry plastics inc spi th qtr net shr seven cts vs cts net vs revs vs mths shr cts vs cts net vs revs mln vs mln note year includes extraordinary gain of cts per share reuter
cocoa	cocoa chairman works towards buffer compromise international cocoa organization s icco council chairman denis bra kanon continued work towards a compromise plan on how the icco buffer stock should buy cocoa consumer delegates said consumer delegates said bra kanon had not formally presented the compromise plan to producers and consumers and it was unlikely he would do so before friday they said there was widespread confidence a result on the outstanding items could be reached by friday when the council session is due to end consumers said bra kanon completed bilateral consultations with several delegations today on the main sticking points in the draft buffer stock rules package they said certain delegations wanted further discussion on the amount of non member cocoa the buffer stock will be permitted to buy differentials for different origin cocoas and limits on buffer stock purchases of nearby and forward material the delegates said the buffer stock working group finalized the remaining buffer stock rules with only minor modifications to the original draft buffer stock package produced last week the delegates said the icco council is due to elect a new executive director when it reconvenes friday producer delegates said producers intend to present a single candidate for the post and this is most likely to be edouard kouame from ivory coast they said earlier the existing executive director kobena erbynn from ghana was expected to re nominated but he is now likely to withdraw the delegates said the executive committee is due to meet friday at gmt with the council unlikely to reconvene until late friday consumers said reuter
acq	first financial ffmc buys confidata first financial management corp said it acquired confidata corp a unit of north ridge bank paying dlrs in cash and pledging a guarantee on a dlr confidata note held by north ridge first financial which provides data processing services to community banks and other financial institutions said the acquisition will expand its customer base reuter
acq	combustion engineering csp unit in buyout combustion engineering inc said its c e environmental systems and services inc unit agreed in principle to acquire e c jordan and co a privately held firm based in portland me terms of the acquisition were mot disclosed combustion engineering said c e environmental which provides environmental sciences and management services had sales of about mln dlrs reuter
earn	pepco pom two mths feb net shr cts vs cts net mln vs mln revs mln vs mln mths shr dlrs vs dlrs net mln vs mln revs billion vs billion note full name potomac electric power co year includes extraordinary gain of mln or cts per share for the june sale of the company s virginia service territory to virginia power reuter
money-fx	volcker reaffirms g negotiating process washington march federal reserve board chairman paul volcker urged congress to allow the government to continue its flexible negotiations on exchange rates through procedures such as the recent paris meeting of industrialized countries in a letter to house banking committee chairman fernand st germain volcker said he opposed legislation to formalize international negotiations on exchange rates and to require treasury secretary james baker to disclose plans for currency intervention volcker s letter was written march in advance of the committee s march approval of the proposed legislation the fundamental policy objectives of the united states can best be implemented in a more flexible framework such as through the recent meeting in paris of finance ministers and central bank governors volcker said he recommended congress not lock the administration into formal procedures for international exchange rate negotiations to achieve specific exchange rate goals the achievement of a sustainable pattern of u s international transactions and more stability in exchange rates are ones with which i remain sympathetic he said the banking committee s bill directs the administration to to start negotiations to reach a competitive exchange rate for the u s dollar runs the risk of build up potentially destabilizing market expectations volcker said a requirement that baker disclose his intervention policy could reduce the usefulness of intervention as a tool to deal with exchange rate volatility volcker added baker has also opposed the legislation which will be wrapped into a major trade bill for consideration in the house in late april the senate will consider its version of the trade bill in may reuter
earn	decision industries dic sees st qtr loss decision industries corp said it expects to report an operating loss of cts a share for the first quarter ending march mainly due to lower profit margins and higher sales and marketing costs in the st quarter of last year when the company s quarter ended feb it earned dlrs or cts a share on revenues of mln dlrs decision also said it entered into an agreement to sell its international computerized telemarketing inc subsidiary to an investor group headed by the unit s senior management terms were not disclosed decision also said it consolidated its decision development corp subsidiary into decision data computer corp the unit which designs manufactures and sells its system x peripheral products it said this restructuring will adversely affect its first quarter earnings but it said it expects to realize a significant savings in operating expenses through the remainder of the year reuter
acq	lomak lomk strata strata in merger pact lomak petroleum inc and strata corp based in columbus ohio jointly said they entered into a merger agreement for strata to become a wholly owned subsidiary of lomak under the merger s terms strata shareholders will receive cts per share of strata common and warrants to buy about shares of lomak common at cts per share on or before december for each strata common share the merger is subject to approval by the companies boards and shareholders and agreement of certain strata creditors among other things said the companies reuter
strategic-metal	california micro camd grumman gq set pact california micro devices corp said it has signed an agreement with grumman corp s tachonics corp unit to develop and product gallium arsenide seminconductor chips under the pact california micro devices will design the chips and tachonics will manufacture them initial products to be developed will be gate arrays with to gate complexity and radiation hardening capabilities the company said reuter
money-supply	n y business loans fall mln dlrs in march week fed says
money-supply	u s commercial paper rises mln dlrs in march week fed says
money-supply	new york business loans fall mln dlrs commercial and industrial loans on the books of the major new york banks excluding acceptances fell mln dlrs to billion in the week ended march the federal reserve bank of new york said including acceptances loans fell mln dlrs to billion commercial paper outstanding nationally rose mln dlrs to billion national business loan data are scheduled to be released on friday reuter
interest	n y bank discount borrowings nil in week the eight major new york city banks did not borrow from the federal reserve in the week ended wednesday march a fed spokesman said it was the second half of a two week bank statement period that ended on wednesday the banks did not borrow in the first week of the period reuter
acq	americanture aaix buys american adventure americanture inc said it has purchased american adventure inc goaqc for cash the assumption of liabilities and the issuance of american adventure inc common and preferred stock to creditors shareholders and members the acquisition was pursuant of a chapter reorganization plan of american adventure the company said the transaction involved assets valued at more than mln dlrs reuter
earn	campbell soup co cpb sets quarterly dividend qtly div cts vs cts pay april record april reuter
earn	equitable resources inc eqt in regular payout qtly div cts vs cts prior pay june one record may eight note current dividend is equivalent to previous quarterly dividend of cts per share after giving effect to for stock split effective march reuter
earn	electrosound group inc esg rd qtr feb loss oper shr loss one cts vs loss five cts oper net loss vs loss revs vs avg shrs vs nine mths oper shr profit cts vs profit cts oper net profit vs profit revs mln vs mln avg shrs vs note oper excludes tax losses of vs for qtr and tax credits of vs for nine mths reuter
acq	viacom via sets record date for merger vote viacom international inc said it set april as the record date for shareholders entitled to vote at a special meeting to be held to vote on the proposed merger of arsenal acquiring corp a wholly owned subsidiary of arsenal holdings inc into viacom it said the date of the special meeting has not yet been determined reuter
earn	courier crrc sees second quarter loss courier corp said it expects to report a small loss for the second fiscal quarter against a profit of dlrs a year ago the company attributed the loss to competitive pressures which have cut gross margins in addition it said it is incurring significant expenses from management programs aimed at reducing costs and boosting productivity it said its murray printing co unit has undertaken a program of extended work hours and salary and job cuts which will save more than mln dlrs annually reuter
earn	continuing care associates conc th qtr net shr four cts vs two cts net vs revs vs mths shr six cts vs nine cts net vs revs vs note qtr and qtr prior includes tax gain and respectively and year and year prior includes tax gain and respectively reuter
money-supply	u s m money supply rises billion dlrs in march week fed says
money-supply	u s bank discount borrowings average mln dlrs a day in march week fed says
money-supply	u s bank net free reserves mln dlrs in two weeks to march fed says
earn	valley federal vfed splits stock two for one valley federal savings and loan association said its board declared a two for one stock split for its common stock the split will be effected in the form of a pct stock dividend to be issued april to stockholders of record march reuter
earn	atcor atco cuts dividend atcor inc said it cut its quarterly dividend to three cts per share from cts because of depressed earnings the dividend is payable april to holders of record april it said it will continue to review the dividend on a quarterly basis reuter
money-supply	u s m money supply rises billion dlr u s m money supply rose billion dlrs to a seasonally adjusted billion dlrs in the march week the federal reserve said the previous week s m level was revised to billion dlrs from billion while the four week moving average of m rose to billion dlrs from billion economists polled by reuters said that m would rise anywhere from mln dlrs to three billion dlrs the average forecast called for a billion dlr increase reuter
earn	terrano corp trno year dec oper net oper shr profit cts vs loss dlrs oper net profit vs loss revs mln vs avg shrs vs note earnings exclude extraordinary gain from forgiveness of debt through reorganization under chapter of dlrs or cts a share reuter
earn	atcor inc atco cut dividend qtly div three cts vs cts prior pay april record april reuter
money-fx	former herstatt dealer can be sued court rules the former chief currency dealer of herstatt bank which collapsed in on foreign exchange speculation in west germany s biggest banking crash can stand trial for damages a court ruled the court overturned a claim by danny dattel that a case for damages should not be allowed after such a long interval herstatt creditors are seeking mln marks from dattel whom they accuse of causing losses at the bank of over mln marks by manipulating forward foreign exchange contracts the crash of the private herstatt bank with losses of over one billion marks stunned west germany s business community and led to a tightening of banking regulations the losses were even greater than the mln marks announced recently by volkswagen as a result of fraud in currency transactions ivan herstatt managing director of the bank when it collapsed was sentenced to four and a half years in prison in but appealed six other people associated with the bank were jailed in but dattel was freed from prosecution after he produced medical evidence of paranoia caused by nazi persecution during his childhood which might have led him to take his own life reuter
crude	next few months crucial for oil hernandez energy and mines minister arturo hernandez grisanti today told a meeting of regional oil exporters the next few months will be critical to efforts to achieve price recovery and stabilize the market hernandez said while opec and non opec nations have already made some strides in their efforts to strengthen the market the danger of a reversal is always present march and the next two or three months will be a really critical period hernandez said he said we will be able to define a movement either towards market stability and price recovery or depending on the market a reversal earlier this week hernandez said venezuela s oil price has averaged just above dlrs a barrel for the year to date if opec achieves its stated goal of an dlrs a barrel average price he said venezuela s should move up to dlrs hernandez spoke today at the opening of the fifth ministerial meeting of the informal group of latin american and caribbean oil exporters formed in ministers from member states ecuador mexico trinidad tobago and venezuela are attending the two day conference while colombia is present for the first time as an observer hernandez defined the meeting as an informal exchange of ideas about the oil market however the members will also discuss ways to combat proposals for a tax on imported oil currently before the u s congress following the opening session the group of ministers met with president jaime lusinchi at miraflores the presidential palace the delegations to the conference are headed by hernandez of venezuela energy minister javier espinosa of ecuador energy minister kelvin ramnath of trinidad tobago jose luis alcudiai assistant energy secretary of mexico and energy minister guilermno perry rubio of colombia reuter
earn	howard b wolf inc hbw rd qtr feb net shr two cts vs three cts net vs revs vs nine mths shr five cts vs six cts net vs revs vs reuter
earn	burr brown bbrc sees lower st qtr earnings burr brown corp said its first quarter results will show profits significantly below the dlrs or cts per share earned in the first quarter last year the company said the profit decline will be the result of an increase in reserves for inventory valuation the increase will be to cover potential write downs of certain inventories or products used in compact disc stereo systems burr brown said the possible write down is being precipitated by a shift in market demand toward higher performance products reuter
crude	brazil oil output fell in february usage up brazilian crude oil and liquefied natural gas production fell to an average barrels per day in february from in the same month the state oil company petrobras said the drop was due to operating problems in the campos basin the country s main producing area where output was down to bpd from a petrobras statement said consumption of oil derivatives totalled mln bpd in february pct up on february last year but down from the record mln bpd used in october last year use of alcohol fuel in february was bpd pct above february reuter
earn	media general inc ups qtly div to cts shr from cts sets stock split
earn	corrected media general inc ups annual div to cts shr from cts sets stock split corrects to show raise in annual div not qtly
earn	central capital plans three for two stock split central capital corp said it planned a three for two split of its common and class a subordinate voting shares subject to shareholder approval at the april annual meeting it said the split would raise the amount of common shares to about mln from mln and subordinate voting shares to about mln from mln reuter
trade	white house unit decides on semiconductors the white house economic policy council made a recommendation to president reagan whether to retaliate against japan for alleged unfair practices in semiconductor trade u s officials said they would not disclose the council s recommendation but the officials said earlier it was likely the council would call for retaliation and urge that curbs be imposed on japanese exports to the united states the officials said it might be several days before reagan would act and his moves made public the senate last week unanimously called on reagan to impose penalities on japanese exports retaliation was also called for by the semiconductor industry and its chief trade union both hard hit by japanese semiconductor trade in a pact last summer japan summer agreed to stop dumping its semiconductors at less than cost in the united states and other nations and to open its own market to the u s products in return the united states agreed to hold up imposing anti dumping duties on japanese semiconductor shipments u s officials say that while japan has stopped dumping semiconductors on the american market they have continued to dump them in third countries and that the japanese market has remained all but closed to the u s semiconductors semiconductors on the american market they have continued to dump them in third countries and that the japanese market has remained all but closed to the u s semiconductors reuter
earn	northern indiana ni mths feb loss shr loss cts vs profit dlrs net loss vs profit revs billion vs billion avg shrs mln vs mln note net excludes charge of mln dlrs or dlrs a share from abandonment of bailly nuclear plant northern indiana public service co is full name of company reuter
acq	chavin raises stake in myers myr chicago real estate developer leonard chavin told the securities and exchange commission he had raised his stake in the l e meyers co group to pct from pct he also said an investment banker repesenting him met with myers officers telling them of his plans for a takeover and that he may solicit proxies for a seat on myers board chavin also said if he takes control of the firm it could result in delisting meyers from the new york stock exchange he told the sec that while he is trying to buy or acquire the firm he still may only hold the shares for an investment reuter
gold	canamax pacific trans ocean approve production canamax resources inc and pacific trans ocean resources ltd said they conditionally approved starting production at their jointly owned ketza river gold deposit in the yukon after a study recommended the move they said production was conditional on approval of a water license and arrangement of appropriate financing they estimated development costs for the mine and mill would total mln dlrs including three mln dlrs of working capital the feasibility study anticipated gold production of ounces a year at a cost of canadian dlrs a short ton they said canamax and pacific trans ocean said the project would yield a pct after tax real rate of return at a gold price of u s dlrs an ounce they said they would mine tonnes of proven and probable mineable reserves of oxide ore grading ounce gold ton at a yearly rate of tonnes for a mine life of years possible reserves of tonnes grading ounce gold ton at the break zone would extend mine life by a year with considerable potential for development of further oxide ore reserves at the deposit they said reuter
earn	campbell red lake mines ltd th qtr shr cts vs cts
gold	gold production to start at ketza river canamax resources inc and pacific trans ocean resources ltd said they conditionally approved starting production at their jointly owned ketza river gold deposit in the yukon after a study recommended the move they said production was conditional on approval of a water license and arrangement of appropriate financing they estimated development costs for the mine and mill would total mln dlrs including three mln dlrs of working capital the feasibility study anticipated gold production of ounces a year at a cost of canadian dlrs a short ton they said canamax and pacific trans ocean said the project would yield a pct after tax real rate of return at a gold price of u s dlrs an ounce they said they would mine tonnes of proven and probable mineable reserves of oxide ore grading ounce gold per ton at a yearly rate of tonnes for a mine life of years possible reserves of tonnes grading ounce gold per ton at the break zone would extend mine life by a year with considerable potential for development of further oxide ore reserves at the deposit they said reuter
acq	mcintyre mines mp completes unit sale mcintyre mines ltd said it completed the previously announced sale of all shares of wholly owned smoky river coal ltd and certain related assets to smoky river holdings ltd for a nominal cash consideration mcintyre did not specify the cash amount of the sale smoky river holdings is an alberta company controlled by michael henson former president and chief executive of mcintyre the company said mcintyre said it retained an unspecified royalty interest in smoky river coal based on net operating cash flows from the company s coal properties mcintyre also said it provided a three mln dlr last recourse letter of credit to the alberta government for smoky river coal s reclamation obligations the credit letter expires either when smoky river completes three mln dlrs of reclaiming activities or december which ever occurs first mcintyre said it also remains contingently liable for certain obligations now totalling about seven mln dlrs which will reduce over time as smoky river continues to operate mcintyre s principal asset continues to be its pct interest in falconbridge ltd falcf reuter
earn	media general meg a ups dividend sets split media general inc said it raised the annual dividend on its class a and class b common stock to cts a share from cts the company said it also declared a two for one stock split of both stock issues which is subject to shareholder approval of an increase in the number of authorized class a shares media general said the increased dividend is payable june to shareholders of record may the proposed stock split will be paid may in shares of class a shares the company said the company said it also approved an amendment to its articles of incorporation allowing class b shares to be coverted into class a shares at the option of the holder media general said the moves should broaden investor interest in its class a stock reuter
acq	investment group ups stake in scandinavia scf a multinational shareholder group told the securities and exchange commission it increased its stake in scandinavia fund inc to pct from pct the investors include ingemar rydin industritillbehor ab of sweden and vbi corp of the west indies reuter
earn	campbell red lake mines ltd crk th qtr net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln note net includes mln dlr extraordinary gain in th qtr and mln dlr fl yr extraordinary loss involving provision for decline in market value of marketable securities partly offset by gain from sale of stake in dome petroleum ltd dmp reuter
earn	corrected american variety international inc shr loss seven cts vs profit cts net loss vs profit revs vs corrects year ago per share to profit instead of loss in item that ran on march reuter
ipi	report says soviet economic plans too optimistic the soviet economy has grown at an increased rate under mikhail gorbachev s leadership but his goals may be too ambitious according to a report from u s intelligence agencies the report was prepared jointly by the central intelligence agency and the defense intelligence agency for the congressional joint economic committee which released it it said the soviet economy grew by pct in gorbachev s first full year in power twice the average rate of growth over the previous years gorbachev s policies to improve worker attitudes remove incompetent officials reduce corruption and alcoholism and modernize the country s industrial equipment accounted for some of the gains the report said although many of the specific policies gorbachev has adopted are not new the intensity gorbachev has brought to his efforts and his apparent commitment to finding long term solutions are attributes that his immediate predecessors lacked nonetheless gorbachev s program appears too ambitious on a number of counts the report said earlier this week two u s experts on the soviet union said gorbachev was likely to be ousted in three to four years if he continues his reform policies i don t think he can last four years marshall goldman of harvard university told a congressional hearing he s moving so fast he s stepping on so many toes a similar comment came from peter reddaway of the smithsonian institution s kennan institute for advanced russian studies the economic report said meeting targets for commodity output would require unrealistic gains in productivity and industrial output targets appear too high to allow time to install more advanced equipment none of gorbachev s proposals would change the system of economic incentives that has discouraged innovation and technological change the report added the first significant resistance to specific policies although not overall goals surfaced in in both the massive government and party bureaucracy particularly among enterprise managers who complained that they were being asked to carry out conflicting goals such as to raise quality standards and output targets simultaneously the report said the cia dia report predicted two to three pct growth in the soviet economy over the next several years it said the soviet union trailed the u s by seven to years in advanced manufacturing technologies such as computers and microprocessors reuter
earn	great american corp sees st qtr charge of mln dlrs against loan loss allowance
earn	great american gtam sees charge writedown great american corp said preliminary findings by regulatory examiners of its ambank subsidiary will result in a first quarter charge of mln dlrs and a writedown of mln dlrs the charge will be made against the allowance for possible loan losses and the writedown is of other real estate great american said the examiners were conducting a regular examination and a final report is not expected for several weeks management intends to include the charge and writedown in response to the preliminary findings great american said regulatory authorities are not requiring an adjustment of the previously reported financial results for great american for however great american has revised its previous estimates of provisions for possible losses and has added mln dlrs to the allowance account as of december it said it took the action since the charge offs will significantly deplete its allowance for possible loan losses and the economic environment does not show signs for significant improvement in the near future it said the additional provision increases the allowance to mln dlrs representing pct of the outstanding loan portfolio and pct of non performing loans at year end great american said its revised net loss for the fourth quarter is mln dlrs or dlrs per share compared to a net loss of mln dlrs or dlrs per share the year earlier reuter
earn	marathon national bank year net shr cts vs cts net vs assets mln vs mln loans mln vs mln deposits mln vs mln reuter
earn	macmillan bloedel mmblf stock split approved macmillan bloedel ltd said shareholders approved the company s previously reported proposed three for one stock split reuter
acq	ctc dealer to appeal canadian tire decision ctc dealer holdings ltd said it would appeal a previously reported ontario court ruling upholding an ontario securities commission decision to block ctc s bid for pct of canadian tire corp ltd common shares ctc a group of canadian tire dealers added that it also extended its tender offer to march and was seeking approval to extend its bid while the appeal court heard the case it said alfred and david billes two of canadian tire s controlling shareholders backed the appeal and would seek leave to appeal while third controlling shareholder martha billes supported the appeal but would not join an appeal motion reuter
earn	urs corp urs regular stock dividend qtly div five pct stock vs five pct stock pay april record april six reuter
earn	ducommun inc dco quarterly dividend qtly div five cts vs five cts pay april record april reuter
earn	tektronix inc tek quarterly dividend qtly div cts vs cts pay may record april note previous dividend restated to reflect january two for one stock split reuter
earn	mcm corp to delay yearend report mcm corp said it has been forced to delay the release of its fourth quarter and yearend results until it can determine the effects on its balance sheet of a possible increase in liabilities at a unit earlier this month the company s occidental fire and casualty co unit paid mln dlrs to a unit of mutual of omaha under a commutation agreement however mcm said it now believes it is possible that the unit s liabilities may exceed mln dlrs it said a finding on any possible increase should be completed by april reuter
earn	blasius industries inc blas rd qtr loss qtr ended feb oper shr loss one ct vs profit cts oper net profit vs profit revs mln vs mln avg shrs vs nine mths oper shr profit cts vs profit cts oper net profit vs profit revs mln vs mln avg shrs vs note oper excludes tax credits of and for year ago qtr and nine mths oper includes writeoff related to subordinated note exchange of for current qtr and nine mths reuter
earn	gainsco inc gain th qtr net shr nil vs four cts net vs revs vs avg shrs vs year shr cts vs cts net vs revs mln vs mln avg shrs vs note net includes realized gains on investments of vs for qtr and vs for year net also includes tax credit of for year ago mths reuter
trade	gatt warns u s on federal budget protectionism the united states emphasis on its foreign trade deficit is misplaced and the country s real problem lies in its large federal budget deficit the general agreeement on tariffs and trade gatt said by stressing its record trade deficit of billion dlrs last year the u s was fuelling protectionist pressure which threatens the world trading system it said in an annual report the fundamental problem the size of the u s federal budget deficit could be remedied only by cutting government spending or encouraging personal savings to finance the debt it said gatt also predicted world trade would grow by only pct in a full percentage point lower than in each of the previous two years gatt experts urged washington to resist protectionism and instead seek macroeconomic changes to reduce the current account payments deficit higher private savings lower investment and a smaller federal budget deficit raising u s trade barriers would result in little or no reduction in the current account deficit it would however increase inflation and reduce world trade it said the basic cause some combination of insufficient domestic savings and an excessive budget deficit would remain the report said gatt economists said trade expansion would slow this year because of slower growth forecasts in japan and some west european nations as they adjust production and workforces to a low dollar risk of higher u s inflation concerns over third world debt management and looming protectionism the report also said imbalances in the current accounts of japan west germany and the u s had increased in the most likely explanation was that exchange rate changes were not backed by changes in macroeconomic policies it added thus the prediction that these imbalances would be reduced as a result of the major realignment of exchange rates was not borne out last year the report said gatt warned there was a risk of a sizeable increase in the u s inflation rate under the combined impact of a rapidly expanding money supply and low dollar such a development could worsen the business climate by increasing uncertainty and pushing up interest rates which in turn would adversely affect world trade but the report noted a surprising rise in imports to the united states despite the dollar s depreciation which makes foreign products more expensive it suggested that resources idle in the u s both human and in underutilised factories were not geared to produce the goods and services sought from abroad world trade in manufactures grew by only three pct in about half of the rate of the previous year trade in agricultural goods expanded by just one pct continuing a stagnant pattern in that sector this decade gatt said developing countries exports declined significantly while their imports increased moderately although full statistics are not available yet gatt said the combined export earnings of major indebted nations were sharply lower and only five of them chile colombia philippines south korea and thailand had higher exports reuter
alum	oregon aluminum smelter increasing output northwest aluminum co said it will open a second pot line in mid may bringing the smelter here to pct of its production capacity northwest aluminum president brett wilcox who leased the year old smelter from martin marietta corp said production would increase from around tons a year at present to just over tons martin marietta closed and mothballed the smelter in northwest aluminum reopened it last december wilcox said a good aluminum market and several months of successful operation led to the decision to expand production reuter
cpi	japan february consumer prices unchanged pct january drop official
cpi	japan consumer prices unchanged in february japan s consumer price index base was unchanged at in february from a month earlier the government s management and coodination agency said the index showed a pct drop in january the february index was down one pct from a year earlier for the third consecutive year on year drop in january the index fell pct from a year earlier the first drop of over one pct since a pct drop in september in february petrol prices increased but winter clothing prices stayed low and vegetable prices fell the february year on year fall was due to lower vegetable fuel oil petrol electricity and gas prices and despite higher housing education footwear and clothing costs the unadjusted consumer price index for the tokyo area base in mid march rose pct from a month earlier to reflecting higher vegetable prices the index fell pct year on year the third consecutive yearly drop reflecting lower food and utility costs reuter
reserves	n z foreign reserves fall slightly in february new zealand s official foreign reserves fell slightly to billion n z dlrs in february from billion in january but were sharply above billion in february the reserve bank said in its weekly statistical release reuter
trade	white house panel said urging japan retaliation the white house economic policy council decided to recommend trade sanctions against japan for violations of the u s japanese semiconductor agreement industry sources said they would give no details noting that the white house had not commented on the decision the administration has been under pressure to retaliate there was no immediate announcement on the council s decision but u s officials said it was likely the senior policy group s move on curbs reflected growing american frustration over alleged unfair japanese trade practices u s officials said president reagan would probably act on the recommendations in a day or so after consulting with aides on the foreign policy implications of retaliation the officials said reagan might delay retaliation for a last try to persuade japan to abide by the agreement reached last july governing trade in semiconductors under a pact reached last july japan was to stop dumping semiconductors in world markets and to open its own market to u s made semiconductors in return the u s agreed to hold up imposing anti dumping duties on japanese semiconductor shipments the united states said that dumping has stopped in the u s market but has continued in third countries and that the japanese market remains closed the pressure on reagan to retaliate included a unanimous call by the senate last week to impose penalties on japanese high technology products containing semiconductors a call for retaliation also came from the semiconductor industry and from its chief trade union u s officials said the most likely move against japan would involve duties on semiconductor based goods such as televisions video cassette recorders and computers reuter
trade	nakasone to visit washington in late april prime minister yasuhiro nakasone will make an official week long visit to the united states from april and hold talks in washington with president reagan chief cabinet secretary masaharu gotoda told reporters government sources said nakasone would try to resolve growing bilateral trade friction and discuss the june venice summit of western industrial democracies foreign minister tadashi kuranari will accompany nakasone ministry officials said u s industry sources in washington said the white house economic policy council was recommending trade sanctions against japan for violating the two countries agreement on semiconductor trade under the pact japan pledged to stop dumping microchips in the u s and asia and open its domestic market to u s semiconductors reuter
earn	bp australia reports mln dlr year loss the british petroleum co of australia ltd reported a mln dlr net loss for against a mln dlr profit in after sales fell to billion dlrs from billion the british petroleum co plc bp l unit attributed the deficit to stock losses arising from the drop in crude prices in the first half when it made a mln dlr loss it said government compensation in the form of subsidies to refiners to partially cover stock losses together with improved crude prices in the second half enabled the group s oil business to make a modest pre tax profit bp australia said it had not recommended a dividend commenting on the year s performance the company said it suspended operations at the pct owned agnew nickel mine because of losses sustained from declining nickel prices the results also included an mln dlr extraordinary writedown on the value of the laid up oil exploration drillship regional endeavour bp australia said it had sold its stake in chemical maker csbp and farmers ltd yielding an extraordinary profit of mln dlrs and expected to finalise the sale of the pct owned kwinana nitrogen co in the first half of reuter
interest	anz bank says it will cut australian prime to pct from on march
earn	jardine matheson holdings ltd jard hkg year shr h k cents vs adjusted final div cents vs making vs net mln dlrs vs mln turnover billion vs billion note profits excluded extraordinary items mln dlrs vs losses mln dividend payable after general meeting on june books close april to may note bonus issue of four new b shares of par value cents each for every one share of par value two dlrs each books close august to reuter n
earn	bhp co ltd net profit mln dlrs first three qtrs vs mln
earn	jardine matheson holdings ltd jard hkg year shr h k cents vs adjusted final div cents vs making vs net mln dlrs vs mln turnover billion vs billion note profits excluded extraordinary items mln dlrs vs losses mln dividend payable after general meeting on june books close april to may note bonus issue of four new b shares of par value cents each for every one share of par value two dlrs each books close august to reuter
ipi	japan february industrial production rose pct pct january drop official
earn	the broken hill pty co ltd brkn s nine months first nine months ended feb shr cents vs net mln dlrs vs mln sales billion vs billion other income mln vs mln shrs billion vs billion final div cents vs same making vs same one for five bonus issue third qtr net mln dlrs vs mln third qtr sales billion vs billion note div pay may div and bonus reg may nine months net is after tax mln dlrs vs mln depreciation mln vs mln interest mln vs mln and minorities mln vs mln but before net extraordinary profit mln vs profit mln nine month divisional net earnings before minorities were petroleum mln dlrs vs mln minerals mln vs mln steel mln vs mln corporate items and investments profit mln vs loss mln reuter
ipi	japan industrial production rises in february japan s industrial production index base rose pct to a seasonally adjusted in february from the previous month the ministry of international trade and industry said output fell pct in january from a month earlier the preliminary unadjusted february index rose pct from a year earlier after a pct year on year rise in january the adjusted february producers shipment index base rose pct to from january when it fell pct from december the unadjusted shipment index rose pct from a year earlier after a pct year on year january gain the adjusted february index of producers finished goods base fell pct to from january when it fell pct from december the unadjusted index fell pct from a year earlier after a pct year on year drop in january a pct rise by the electronics industry on higher output of facsimile machines and video tape recorders was a major contributor to the rise in february industrial output though car production fell from january the official said industrial production is expected to rise pct in march on higher production by machinery steel and chemical makers but will drop pct in april on a downturn in the output of those industries he gave no further details reuter
gnp	south korea plans pct budget rise in south korea plans to increase the size of its budget in by to pct from this year s billion won economic planning board officials said the proposed boost is based on a government forecast that gross national product gnp will grow by more than pct and the gnp deflator by pct in against targets of pct and pct respectively this year they said details of the budget in which spending will match revenue have yet to be worked out the officials said the balanced budget in totalled billion won reuter
earn	jardine matheson plans four for one bonus issue jardine matheson holdings ltd jard hkg said it planned a bonus issue of four new b shares of h k cents each for every ordinary share of par value two dlrs a company statement said the firm expects to pay a total dividend of four cents per b share while the a share dividend will be maintained at last year s level of cents a share jardine matheson announced earlier a pct jump in net profits to mln dlrs from mln in shareholders funds increased to billion dlrs from billion in the statement said it quoted chairman simon keswick as saying jardine matheson achieved the good performance through satisfactory results in most sections especially hong kong land co ltd hkld hkg jardine fleming co ltd and its business in japan he said the group s stake of about pct in hong kong land which will be lowered to pct after the completion of a reorganisation is a long term investment and now stands at a level which causes us no financial strain or problems of asset imbalance keswick said the issue of new b shares will give the group the flexibility in the future to issue ordinary shares for expansion without jeopardising the shareholding stability which has been brought about through the group s recent restructuring he said the new issue is pending approval from both the firm s shareholders and warrant holders adding an appropriate adjustment will be made to the warrant exercise price the jardine group has nearly completed its reorganisation with jardine matheson transferring its control of hk land to the new unit jardine strategic holdings ltd jardine strategic will also hold majority stakes in the two companies spun off from hk land mandarin oriental international ltd and dairy farm international holdings ltd plus cross holdings with jardine matheson jardine matheson which had debts of about billion dlrs last year will become debt free after the restructuring a positive cash flow from operations and disposals continuing into has transformed our balance sheet keswick said he noted the firm last year sold interests in airfreight operations australian properties and trucking business and its remaining u s oil and gas activities jardine matheson decided to make a provision against its general trading business in the middle east in view of the continuing weakness of oil prices keswick said but he said the operations would be profitable in the longer term he said the firm s function has evolved into one primarily of strategy structure and financial and personnel policy he said jardine matheson will reduce the size of the board of directors but will simultaneously create a new pacific regional board he gave no further details of the change jardine matheson shares rose cents to dlrs at midday on the hong kong stock market in early trading it had fallen to dlrs because of rumours yesterday that the firm planned a rights issue reuter
earn	bhp sees strong fourth quarter but lower year net the broken hill pty co ltd brkn s said it expects a strong full year result helped by sigificant investment allowance credits in the fourth quarter but net will fall short of the record mln dlrs earned in ended may the group earlier reported its net earnings dropped to mln dlrs in the first three quarters ended february from mln a year earlier third quarter net fell to mln dlrs from mln a year earlier and mln in the second quarter ended november bhp said in a statement earnings in the first nine months were at the lower end of share analysts forecasts yesterday of a range of mln to mln dlrs bhp held its annual dividend unchanged at cents after declaring a steady final dividend of cents and announced a one for five bonus issue to shareholders registered may the bonus is being made from reserves which will not qualify for tax free distribution after the introduction of dividend imputation next july the bonus shares will not rank for the final dividend bhp said bhp said it should not be expected that the present rate of dividend will be maintained on the increased capital the level of future dividends will be influenced by the implications of the proposed dividend imputation legislation it said as previously reported dividends will become tax free in shareholders hands provided they are paid out of profits that have borne the full pct company tax rate bhp which confined comment to the third quarter said petroleum net earnings dropped to mln dlrs from mln a year earlier and steel profit to mln from mln bhp said the petroleum division earnings fall reflected generally lower oil prices and sales volumes from bass strait while the steel decline was due to a five pct fall in domestic sales and higher costs associated with the commissioning of new plant and some operational difficulties the rise in third quarter minerals net to mln dlrs from mln a year earlier largely reflected the increase in ownership of the mt newman iron ore project it said the mln dlr extraordinary gain all in the third term reflected a mln profit on the sale of blue circle southern cement ltd offset by a u s oil acreage writedown reuter
bop	japan feb current account surplus billion dlrs jan billion surplus
bop	japan february trade surplus billion dlrs january billion surplus
sugar	philippines to lobby u s for higher sugar quota the philippines will ask the u s agriculture department usda to increase its sugar import quota following market reports that taiwan will not be able to fulfil its quota sugar regulation administration sra chairman arsenim yulo said yulo told reuters the sra would also protest a usda move to award taiwan s shortfall to the dominican republic the dominican republic already has a larger sugar quota yulo said any taiwanese shortfall should be awarded to the philippines or at the least we should share a hike with the dominican republic the usda last december listed sugar import quota allocations for the dominican republic at short tons and for taiwan at short tons the philippines has said it was badly hit by a cut in its quota to short tons from in reuter
ship	united states lines lays off far east staff united states lines inc has laid off employees almost its entire far east staff its hong kong office general manager elliott burnside told reuters he also said calls by two of its container ships to busan south korea and kaohsiung taiwan had been cancelled he declined comment on local press reports that u s lines planned to suspend operations because of failure to restructure its billion u s dlr debt but said the firm would make an announcement later today u s lines filed for protection from its creditors under chapter eleven of the u s federal law last november the english language south china morning post said u s lines decided yesterday to sell its two remaining transpacific service fleets and assets and those of its u s south america operation it quoted a letter by company s chief executive charles hiltzheimer that said the ships and assets will be bought by rival u s shipping companies subject to approval by their boards u s lines far east operations comprise offices in hong kong singapore manila busan seoul tokyo yokohama kobe and osaka burnside said reuter
sugar	philippine sugar crop set at mln tonnes philippine sugar production in the crop year ending august has been set at mln tonnes up from a provisional mln tonnes this year sugar regulatory administration sra chairman arsenio yulo said yulo told reuters a survey during the current milling season which ends next month showed the estimate would almost certainly be met he said at least mln tonnes of the crop would be earmarked for domestic consumption yulo said about tonnes would be set aside for the u s sugar quota tonnes for strategic reserves and tonnes would be sold on the world market he said if the government approved a long standing sra recommendation to manufacture ethanol the project would take up another tonnes slightly raising the target the government for its own reasons has been delaying approval of the project but we expect it to come through by july yulo said ethanol could make up five pct of gasoline cutting the oil import bill by about mln pesos yulo said three major philippine distilleries were ready to start manufacturing ethanol if the project was approved the ethanol project would result in employment for about people sharply reducing those thrown out of work by depressed world sugar prices and a moribund domestic industry production quotas set for the first time in had been submitted to president corazon aquino i think the president would rather wait till the new congress convenes after the may elections he said but there is really no need for such quotas we are right now producing just slightly over our own consumption level the producers have never enjoyed such high prices yulo said adding sugar was currently selling locally for pesos per picul up from pesos last august yulo said prices were driven up because of speculation following the sra s bid to control production we are no longer concerned so much with the world market he said adding producers in the negros region had learned from their mistakes and diversified into corn and prawn farming and cloth production he said diversification into products other than ethanol was also possible within the sugar industry the brazilians long ago learnt their lessons yulo said they have sugar mills compared with our but they relocated many of them and diversified production we want to call this a sugarcane industry instead of the sugar industry he said sugarcane could be fed to pigs and livestock used for thatching roofs or used in room panelling when you cut sugarcane you don t even have to produce sugar he said yulo said the philippines was lobbying for a renewal of the international sugar agreement which expired in as a major sugar producer we are urging them to write a new agreement which would revive world prices yulo said if there is no agreement world prices will always be depressed particularly because the european community is subsidising its producers and dumping sugar on the markets he said current world prices holding steady at about cents per pound were uneconomical for the philippines where production costs ranged from to cents a pound if the price holds steady for a while at cents i expect the level to rise to about cents a pound by the end of this year he said yulo said economists forecast a bullish sugar market by with world consumption outstripping production he said sugar markets were holding up despite encroachments from artificial sweeteners and high fructose corn syrup but we are not happy with the reagan administration he said since we have been regular suppliers of sugar to the u s in when they restored the quota system they cut ours in half without any justification manila was keenly watching washington s moves to cut domestic support prices to cents a pound from cents the u s agriculture department last december slashed its month sugar import quota from the philippines to short tons from short tons in yulo said despite next year s increased production target some philippine mills were expected to shut down at least four of the mills were not working during the season he said we expect two or three more to follow suit during the next season reuter
acq	mitsubishi buys into danish dairy product firm mitsubishi corp mitt tok said it has taken a pct stake worth five mln krone in danish dairy farms ltd and will jointly market its produce from april the company was set up last year by three major danish livestock cooperative federations to expand markets for their dairy products a mitsubishi official said this is the first time a japanese trading house has traded non japanese dairy products in the world market he said he said mitsubishi expects the danish company s annual sales to be billion yen in its first year from april reuter
acq	japan acts to cool u s anger on telecoms dispute japan has sought to assure the u s it is not trying to keep foreign equity in a new japanese international telecommunications company below the legal limit of pct a post and telecommunications ministry official said in a letter sent yesterday postal minister shunjiro karasawa told u s commerce secretary malcolm baldrige that the ministry does not object to foreign participation by those u s firms that have expressed interest but it does oppose any foreign international telecommunications carrier having a management role he said the move appears to be an effort to dampen u s opposition to the planned merger of two rival firms seeking to compete with the current monopoly kokusai denwa denshin co ltd and to reduce the share held in any kdd rival by u k s cable and wireless plc cawl l industry analysts and diplomats said one of the rival firms international telecom japan inc itj has offered a stake in the company to eight u s firms including general electric co ge ford motor co f and citibank na cci and two european companies itj president nobuo ito said yesterday cable and wireless holds a pct share in a second potential kdd rival international digital communications planning inc along with c itoh and co merrill lynch and co inc mer and pacific telesis international inc pac both of the u s hold three and pct shares respectively the post and telecommunications ministry has urged the merger of the two firms because it says the market can only support a single kdd competitor it has also rejected management participation by an international common carrier such as cable and wireless arguing no international precedent for such a stake exists cable and wireless director of corporate strategy jonathan solomon yesterday again told ministry officials he opposes a merger proposal that would limit cable and wireless share to less than three pct and total foreign participation to about pct the ministry official said channeling the u s firms into a single merged competitor would most probably result in diluting cable and wireless share industry analysts said eventually the ministry will get what it wants one combined competitor bache securities japan ltd analyst darrell whitten said political leverage may get the total foreign share up to a certain amount but you won t find any one company with an extraordinarily large holding whitten said western diplomatic sources were more blunt they the ministry don t want to see cable and wireless with a reasonable share and they think of all sorts of strategies to reduce that share one said fumio watanabe a senior keidanren a leading business organization official who has been trying to arrange the merger will present a new outline of his proposal on thursday the ministry official said reuter
acq	associated newspapers has pct of northern star northern star holdings ltd said britain s associated newspapers holdings plc will hold pct of its enlarged issued capital after applying to acquire mln shares in its recently announced placement associated was one of the major investors participating in the previously reported placement of mln shares at dlrs each northern star said in a statement the northern new south wales regional group is emerging as a national media force in the wake of the industry restructuring sparked by the news corp ltd ncpa s takeover of the herald and weekly times ltd hwta s group associated now holds pct of northern star s current issued capital a company official said as previously reported northern star is raising mln dlrs through placements and a subsequent one for four rights issue at dlrs a share of the placements mln shares will go to a number of investors and mln to investment group westfield capital corp ltd which arranged northern star s purchase of news corp s television assets three newspapers and three radio stations for mln dlrs westfield will increase its stake in northern star to about pct from as a result reuter
ipi	belgian december industrial output falls industrial production excluding construction and adjusted for the number of working days fell pct in december from year earlier levels the national statistics office said it was also a sharp pct below the november level it said the office said the production index base stood at in december against an adjusted in november and in december reuter
iron-steel	two japanese steelmakers capital spending falls kawasaki steel corp kaws t said its parent company s capital spending in the year from april will fall to billion yen from billion in the current year and sumitomo metal industries ltd smit t said its capital spending will drop to billion yen from billion both companies said they do not plan to start new large construction projects linked to production increases in the coming year because of the yen s appreciation and slow world steel demand reuter
earn	avana defence document forecasts profits rise avana group plc defending itself against a bid from ranks hovis mcdougall plc rhml l rhm forecast a mln stg rise in profits in the year it said pretax profit should rise to mln stg in the year to april from mln previously and reach mln in it expects share earnings to rise to p from p and to p in and the dividend to be p net a pct increase the bid from rhm rejected by the food and bakery group is worth about mln stg rhm currently has a pct stake in purchases and acceptances reuter
money-fx	u k money market deficit forecast at mln stg the bank of england said it forecast a shortage of around mln stg in the money market today among the main factors affecting liquidity bills maturing in official hands will drain some mln stg while a rise in note circulation and bankers balances below target will take out around mln stg and mln stg respectively partly offsetting these outflows exchequer transactions will add some mln stg to the system today reuter
alum	japan aluminium output falls in february japanese aluminium output fell to tonnes in february from in january and a year earlier preliminary international trade and industry ministry figures show output fell sharply from a year ago as most aluminium firms stopped smelting in the past year due to cheap imports industry sources said sales and end month stocks in tonnes were feb jan feb sales stocks reuter
alum	japan aluminium imports rise in february japanese primary aluminium imports rose to tonnes in february from in january and a year earlier the japan aluminium federation said this brought total imports in ending march to mln tonnes against mln a year earlier the february total included tonnes from the u s against in january and a year ago from australia against and and from indonesia against and reuter
earn	mitsubishi motors australia makes mln dlr loss mitsubishi motors australia ltd mmal reported a mln dlr net loss in calendar from a mln dlr profit in on turnover of mln dlrs from mln mmal pct owned by mitsubishi motors corp mimt t and mitsubishi corp mitt t said a tight market meant it had failed to recover mln dlrs in costs sustained because of a weak australian dollar the company said its magna car dominated its market segment with sales of units against in total sales were down in addition export of components to japan increased with mln dlrs invested in to expand output of aluminium cylinder heads to per month from mmal said imported passenger car light commercial and heavy vehicle sales suffered while local manufacturing profitability was eroded by sales substantially below production capacity it said australian car sales fell to in from in although mmal said it lifted its market penetration to pct from pct no dividend was recommended reuter
tin	thai tin exports fall in february thailand exported tonnes of tin metal in february down from tonnes the previous month and tonnes a year ago the mineral resources department said it said major buyers last month were britain japan the netherlands west germany and the u s reuter
carcass	botswana bans zimbabwe meat products agency says botswana has stopped importing almost all meat products from zimbabwe after reports of a suspected outbreak of foot and mouth disease in the neighbouring country botswana s official news agency bopa announcing the ban last night quoted agriculture minister daniel kwelagobe as saying only sterilised and canned animal products would be allowed into the country with immediate effect he said zimbabwean veterinary officials had notified him that they suspected foot and mouth disease had broken out at insiza km northeast of bulawayo capital of the mainly cattle ranching southwestern province of matabeleland zimbabwean officials were not immediately available for comment the ban will affect products such as uncanned meat milk ham butter and bacon bopa reported botswana exports much of its high grade beef to the european community and augments its local supplies with meat imports from zimbabwe reuter
acq	alcan australia bids for alcan new zealand alcan australia ltd al s said it will make a mln n z dlr cash bid for all the issued shares of alcan new zealand ltd at n z dlrs each with a four for three share alternative both are pct owned by canada s alcan aluminium ltd al which will take the share swap option alcan australia deputy chairman jeremy davis said in a statement the remainder of alcan new zealand s totalled issued mln shares are broadly held while alcan australia s are primarily held by institutions alcan nz last traded at nz dlrs while alcan australia today ended four cents down at dlrs davis said the offer which is subject to approval by the new zealand overseas investment commission was a response to the integration of the two countries markets under the australia new zealand closer economic relations treaty alcan new zealand shareholders who accept the offer would also receive the final dividend of cents a share normally payable on may alcan australia would invite new zealand representation to its board and would apply to list its shares on the new zealand stock exchange davis said reuter
earn	essilor international essi pa year ended dec provisional consolidated net attributable profit mln francs vs mln investments mln vs mln dividend on ordinary shares francs vs francs dividend on priority shares francs vs francs reuter
earn	thyssen sees good profit despite steel losses thyssen ag thyh f said it expects to post a good profit in despite anticipated losses in its mass steel making operations this year managing board chairman dieter spethmann told the annual meeting the group was satisfied with profit developments in the first half of the financial year to september the group s other three divisions specialty steel capital goods and trading had made a profit so far in he added spethmann said income from associate companies had also been good in early in thyssen s world group profit fell to mln marks from mln in reflecting costs linked to its steel operations the company s dividend was an unchanged five marks a thyssen spokesman told reuters that planned job cuts at subsidiary thyssen stahl ag would be higher than announced earlier total job losses by were now expected to total up to against original projections of thyssen stahl employs some people reuter
trade	world bank chief urges more japanese investment world bank president barber conable called on japan to boost investment in developing nations for its own sake as well as that of the world economy japan has the means to make a major contribution to development in the third world he told about japanese businessmen and academics i would be pleased with additional support with pct of the world s total banking assets japan could do more to help assist indebted third world countries develop roads bridges and other infrastructure he said conable said additional commercial bank investment would also be to japan s advantage it would profit from rechannelling its huge trade surplus into third world economies notably those in south america china and india that are likely to expand faster than those in the developed world he said japan is now the second largest shareholder in the bank s concessionary lending affiliate the international development association ida it has also agreed recently to expand its contribution to another affiliate the international bank for reconstruction and development ibrd conable noted conable said the world bank was expanding its structural adjustment loans designed to encourage developing countries to open their economies more to free competition and trade adjustment loans could rise to pct of total world bank loans in the near future though maybe not this year conable told reuters after his speech such loans currently account for slightly over pct reuter
acq	henkel sells hamburg oil and fats subsidiary applied chemicals group henkel kgaa hnkg f said it is selling its hamburg vegetable oil and fats subsidiary noblee und thoerl gmbh to oelmuehle hamburg ag a company spokesman declined to give the purchase price noblee a supplier of specialised refined oils and fats to the food processing industry had turnover of mln marks last year a henkel statement said the divestment was part of the company s strategy of concentrating on its core businesses for oelmuehle the acquisition of noblee means access to new markets the statement added reuter
earn	elders resources ltd first half ended dec net shr cents vs int div cents vs nil net mln vs mln sales mln vs mln other income mln vs mln shrs mln vs mln note two for seven non renounceable rights issue of pct five year subordinated convertible redeemable unsecured notes at dlrs each each note is convertible into one share div pay may div and issue reg april net is after tax mln dlrs vs mln interest mln vs mln depreciation mln vs and minorities mln vs mln but before net extraordinary loss vs nil company is owned pct by elders ixl ltd elxa s reuter
trade	nakasone to visit washington in late april prime minister yasuhiro nakasone will make an official week long visit to the united states from april and hold talks in washington with president reagan chief cabinet secretary masaharu gotoda told reporters government sources said nakasone would try to resolve growing bilateral trade friction and discuss the june venice summit of western industrial democracies foreign minister tadashi kuranari will accompany nakasone ministry officials said u s industry sources in washington said the white house economic policy council was recommending trade sanctions against japan for violating the two countries agreement on semiconductor trade under the pact japan pledged to stop dumping microchips in the u s and asia and open its domestic market to u s semiconductors reuter
money-fx	bank of spain suspends assistance the bank of spain suspended its daily money market assistance obliging borrowers to take funds from the second window where on wednesday rates were raised to pct compared with pct for normal overnight funds money market sources said in view of high borrower demand the suspension was likely to remain in effect until april the start of the next day accounting period for reserve requirements the suspension comes after the bank yesterday gave billion pesetas assistance a record high for this year it said billion pesetas was provided at the second window reuter
trade	nakasone hard pressed to soothe u s anger on trade prime minister yasuhiro nakasone will visit washington next month in a bid to defuse mounting u s anger over japanese trade policies but western diplomats said they believed his chances of success were slim boxed in by powerful political pressure groups and widespread opposition to his tax reform plans nakasone will be hard pressed to come up with anything new to tell u s president ronald reagan and key u s congressmen they said news of the week long visit starting april coincided with news that japan recorded a billion dlr trade surplus last month more than pct higher than a year earlier it also came one day after the reagan administration s economic policy council decided to take retaliatory action against japan for its alleged failure to live up to a joint trade agreement on computer microchips nakasone wants to go armed with two separate packages one designed to pep up japan s sagging economy and imports in the short term the other to redirect the country in the medium term away from its over dependence on exports for growth but government officials said political infighting could rob both packages of much of their punch and might even prevent one from seeing the light of day nakasone has insisted that the government would not draw up a package of short term economic measures until after its budget passed parliament because he feared that would amount to a tacit admission that the budget was inadequate but his hopes for quick passage of the budget in time for his trip have been shattered by a parliamentary boycott by opposition parties protesting over the sales tax plan faced with the possibility that he might have to go to the u s virtually empty handed nakasone today ordered his ruling liberal democratic party ldp to come up with its own measures he can then tell reagan the ldp package will form the basis of the government s plans without losing face in parliament over the budget political analysts said officials working on the government s short term economic package said it would probably include interest rate cuts on loans by government corporations deregulation measures to pass on some of the benefits of the strong yen to consumers in the form of lower prices and accelerated public investment they said a record portion of state investment planned for the entire fiscal year will take place in the first half probably over pct diplomats said that was unlikely to be enough to satisfy reagan who is under pressure from the democrat controlled u s congress to take greater action to cut the huge american trade deficit to complement the short term measures nakasone is also likely to present reagan with details of japan s longer term economic plans a high ranking advisory body headed by former bank of japan governor haruo maekawa is expected to come up with a final report outlining concrete steps to redirect the economy days before nakasone is scheduled to leave for washington its recommendations are designed as a follow up to maekawa s report last year on economic restructuring and are likely to cover such potentially politically explosive areas as agricultural reform and land policy officials said while wanting to make the report as explicit and detailed as possible they said the political realities might force them to water down some of the committee s recommendations a subcommittee is considering what the japanese economy might look like in the medium to longer term after it undergoes massive restructuring officials said the subcommittee projects that the current account surplus will fall to less than two pct of japan s total output or gross national product around or last year the surplus which measures trade in goods and services amounted to over four pct of gnp the subcommittee also projects annual economic growth for japan of nearly four pct over that period and a very gradual appreciation of the yen to about to the dollar by around from now reuter
money-fx	u k money market given mln stg assistance the bank of england said it provided the money market with mln stg in assistance this morning this compares with the bank s estimate of the shortage in the system of mln stg earlier revised up from mln the central bank purchased bank bills outright comprising mln stg in band one at pct mln stg in band two at pct and two mln stg in band three at pct reuter
money-fx	bank of france again buying dollars sources say the bank of france intervened in the paris foreign exchange market this morning for the third successive day banking sources said like yesterday it bought dollars and sold yen in small amounts they said one dealer said it was seen in the market twice in early dealing buying five mln dlrs each time other dealers also reported small scale intervention to stabilise the dollar after aggressive selling overnight in tokyo where the bank of japan also intervened again the dollar steadied at around francs after easing in early trading to from an opening it closed yesterday at one major french bank said it bought mln dlrs for the central bank selling yen within a trading range of yen to the dollar compared with yesterday s rate at which intervention was carried out here the yen later firmed to around reuter
money-fx	bundesbank bought dollars against yen dealers say the bundesbank entered the open market in the late morning to buy dollars against yen in concert with the bank of france dealers said the bundesbank came into the market when the dollar was around yen just after it had fallen below to touch at gmt the move had little effect with the dollar still testing yen ahead of the official fixing dealers said the intervention was for fairly small amounts in contrast to the bundesbank s activity on wednesday when dealers reported it bought about mln dlrs the bundesbank had no comment reuter
acq	brierley bids dollars share for progressive brierley investments ltd bil launched a full takeover bid for the supermarket group progressive enterprises ltd at dlrs a share bil said in a statement the offer is conditional on minimum acceptances totalling mln shares just under pct of the mln progressive shares on issue progressive is currently involved in a proposed merger with rainbow corp ltd rainbow earlier this week raised its stake in progressive to pct bil opposes the rainbow merger and analysts say bil needs a pct stake in progressive to prevent it occurring the merger involves shareholders in progressive and rainbow both receiving shares in a new company astral pacific corp ltd on a one for one exchange basis the bil bid is higher than the dlrs bil said it would offer when it first announced on monday it would make a full bid for progressive and it follows much public debate between bil and rainbow bil chief executive paul collins said last week that he opposes the rainbow progressive merger because bil sees progressive shares as being worth twice as much as rainbow s bil has not disclosed how many progressive shares it holds rainbow has said the merger is soundly based chairman allan hawkins said last week that bil s actions were aimed only at dirsrupting the merger and were not in the interests of progressive shareholders both rainbow s and progressive s boards have approved the merger proposal it has also been approved by the commerce commission but bil s bid is still subject to the commission s scrutiny progressive shares ended at dlrs rainbow at and bil at at the close of new zealand stock exchange trading today reuter
sugar	sugar market sees good recent offtake reports the soviet union has lately extended its recent buying programme by taking five to eight raws cargoes from the free market at around points under new york may futures highlight recent worldwide demand for sugar for a variety of destinations traders said the soviet buying follows recent whites buying by india turkey and libya as well as possible raws offtake by china some to tonnes could have changed hands in current activity which is encouraging for a sugar trade which previously saw little worthwhile end buyer enquiry they added dealers said a large proportion of the sales to the soviet union in the past few days involved japanese operators selling thai origin sugar prices for nearby shipment thai sugars have tightened considerably recently due to good far eastern demand possibly for sales to the soviet union or to pre empt any large block enquiries by china they said thai prices for march may shipments have hardened to around points under may new york from larger discounts previously they added traders said the soviet union might be looking to buy more sugar in the near term possibly towards an overall requirement this year of around two mln tonnes it is probable that some mln tonnes have already been taken up they said turkey was reported this week to have bought around tonnes of whites while india had further whites purchases of two to three cargoes for mar apr at near dlrs a tonne cost and freight and could be seeking more libya was also a buyer this week taking two cargoes of whites which for an undisclosed shipment period were reported priced around dlrs a tonne cost and freight they added futures prices reacted upwards to the news of end buyer physicals offtake although much of the enquiry emerged recently when prices took an interim technical dip traders said pakistan is lined up shortly to buy tonnes of whites although traders said the tender originally scheduled for tomorrow might not take place until a week later egypt will be seeking tonnes of may arrival white sugar next week while greece has called an internal ec tender for tonnes of whites to be held in early april for arrival in four equal parts in may june july and august reuter
money-fx	bank of france buys dollars at paris fixing dealers
acq	union miniere takes stake in pancontinental union miniere sa said in a statement that it has acquired an eight pct interest in pancontinental mining ltd pana s for a sum equivalent to billion belgian francs pancontinental operates gold and coal mines in australia and natural gas and oil fields in canada union miniere said the location of its interest within the pancontinental group will be decided later it did not elaborate union miniere is a wholly owned subsidiary of societe generale de belgique belb br reuter
trade	india steps up countertrade deals to cut trade gap india is searching for non communist countertrade partners to help it cut its trade deficit and conserve foreign exchange wheat tobacco tea coffee jute engineering and electronic goods as well as minerals including iron ore are all on offer in return for crude oil petroleum products chemicals steel and machinery trade sources told reuters most of the impetus behind countertrade which began in comes from two state trading firms the state trading corp stc and the minerals and metals trading corp mmtc the two state trading corporations are free to use their buying power in respect to bulk commodities to promote indian exports a commerce ministry spokeswoman said adding that private firms are excluded from countertrading one trade source said india has targetted countries that depend on an indian domestic market recently opened to foreign imports however countertrade deals still make up only a small part of india s total trading and are likely to account for less than eight pct of the estimated billion dlrs in trade during the nine months ended december the sources said countertrade accounted for just five pct of india s billion dlrs in trade during fiscal ended march against almost nothing in official figures show however the figures exclude exchanges with the eastern bloc paid in non convertible indian rupees the sources said total trade with the soviet union involving swaps of agricultural produce and textiles for soviet arms and crude oil is estimated at billion dlrs in fiscal against three billion in indian countertrade which is being promoted mainly to help narrow the country s large trade deficit is still insignificant compared with agreements reached by indonesia venezuela and brazil the trade sources said the trade deficit which hit an estimated record billion dlrs in is expected to decline to billion in the current fiscal year but the push to include non communist countries in countertrade is also due to other factors including the slow growth of foreign reserves a tight debt repayment schedule shrinking aid and trade protectionism businessmen said one source said india is showing more dynamism in promoting countertrade deals than in the past when the deals were made discreetly because they break gatt rules as a member of the general agreement on tariffs and trade gatt india cannot officially support bartering the mmtc s recent countertrade deals include iron ore exports to yugoslavia for steel structures and rails mmtc s recent global tenders now include a clause that preference will be given to parties who accept payment in kind for goods and services sold to india a trade official said adding that the policy remains flexible we also take into account other factors such as prices at which the goods and services are offered to india the trade official said early this year the commerce ministry quietly told foreign companies interested in selling aircraft ships drilling rigs and railway equipment to india that they stood a better chance if they bought indian goods or services in return the trade sources said illustrating the point the official said a south korean firm recently agreed to sell a drilling platform worth mln dlrs to the state run oil and natural gas commission reuter
cpi	japan consumer prices unchanged in february japan s consumer price index base was unchanged at in february from a month earlier the government s management and coodination agency said the index showed a pct drop in january the february index was down one pct from a year earlier for the third consecutive year on year drop in january the index fell pct from a year earlier the first drop of over one pct since a pct drop in september reuter
earn	costco wholesale corp cost nd qtr feb net oper shr five cts vs six cts oper net vs revs mln vs mln avg shrs mn vs mln first half oper shr six cts vs five cts oper net vs revs mln vs mln avg shrs mln vs mln note operating net excludes gains of dlrs or three cts a share vs dlrs or two cts a share in quarter and dlrs or three cts a share vs dlrs or two cts a share in year from tax loss carryforward reuter
cpi	u s february consumer prices rose pct after pct rise in january
cpi	u s consumer prices rose pct in february u s consumer prices as measured by the consumer price index for all urban consumers cpi u rose a seasonally adjusted pct in february after a pct january gain the labor department said the cpi for urban wage earners and clerical workers cpi w rose to in february the department said prices for petroleum based energy rose sharply for a second consecutive month during february but by less than in january the department said energy prices rose pct last month after a pct rise in january accounting for one third of the overall cpi rise for the months ended in february the cpi rose an unadjusted pct transportation prices rose pct in february after a pct increase in january smaller price rises for motor fuels and declines in new car prices and finance charges were responsible for the moderation gasoline prices rose pct last month after increasing pct in january but were still pct below levels of a year ago the department said housing prices rose pct in february after a pct january increase largely due to a rise in fuel oil prices fuel oil prices were up pct in february after increasing pct in january but were still pct below price levels of february food prices rose pct last month after a pct january increase grocery store food prices were up pct the same as in january but meat poultry fish and eggs cost less for a third consecutive month the department said medical care rose pct in february to a level pct above one year ago because of higher costs for prescription and non prescription drugs and medical supplies the department said the index for apparel and upkeep rose pct in february after a pct increase in january the department said the introduction of higher priced spring merchandise particularly men s clothing was responsible for the advance prices for other goods and services rose pct in february following a pct increase in january tobacco prices up pct after a pct january increase accounted for pct of the index rise the department said reuter
earn	macmillan bloedel mmb stock split approved macmillan bloedel ltd said shareholders authorized a previously announced three for one stock split applicable to holders of record april nine the company said its stock will begin trading on a split basis on april subject to regulatory approvals reuter
ship	stormy weather to disrupt north sea shipping very stormy weather is likely in the north sea through saturday disrupting shipping in the region private forecaster accu weather inc said rain will accompany the strong winds that are expected over the north sea today into tonight saturday will also be very windy and cooler with frequent showers winds today will be southwest at to mph but will become west to northwest tonight and saturday at to mph waves will build to to feet today and tonight and continue saturday wind and waves will not diminish until late in the weekend reuter
earn	natioonal medical enterprises inc rd qtr oper shr cts vs cts
ship	liberian ship grounded in suez canal refloated a liberian motor bulk carrier the dw tonnes nikitas roussos which was grounded in the suez canal yesterday has been refloated and is now proceeding through the the canal lloyds shipping intelligence said reuter
earn	national medical enterprises inc nme rd qtr periods ended feb oper shr cts vs cts oper shr diluted cts vs cts oper net mln vs mln revs mln vs mln avg shrs mln vs mln nine mths oper shr dlrs vs dlrs oper shr diluted dlrs vs dlrs oper net mln vs mln revs billion vs billion avg shrs mln vs mln note year ago nine months operating net excludes loss of mln dlrs or two cts a share from discontinued operations reuter
ship	abidjan port activity rises the tonnage of goods passing through ivory coast s main port of abidjan rose pct last year according to the ivorian chamber of commerce its monthly report said mln tonnes of goods passed through the port last year compared with mln the year before exports fell to mln from mln tonnes while imports rose to mln from mln reuter
interest	top discount rate at u k bill tender rises to pct
earn	porsche expects improvement in u s sales sports carmaker dr ing h c f porsche ag pshg f said it expects to post a satisfactory profit in with domestic volume sales seen lower but u s sales anticipated higher managing board chairman peter schutz said domestic sales were expected to fall to in the year ending july from in u s sales should rise to more than from last year schutz made no specific profit or sales forecasts last month the company said it expected net profit to fall below mln marks this year from mln marks in for sales porsche expects its overall world volume this year to be above sales last year stood at schutz said his expectations of a satisfactory profit were based on a combination of price rises and cost cutting he added the expected drop in west german sales this year would be the result of the so called grey market for porsche cars he said when the dollar was strong against the mark many porsches had been bought locally in west germany for illegal export to the u s porsche has previously said domestic sales in the first half fell to from in the same period the fact that u s sales will account for a larger percentage of overall sales this year than before does not pose problems for profit the porsche board said in the last months it has raised u s prices by around pct without suffering any decline in sales at the same time porsche has hedged its dollar denominated business for the business year finance director heinz branitzki branitzki put porsche s hedging costs in at mln marks in a speech to the annual meeting schutz said third party orders placed with porsche s engineering research centre in weissach were rising and should top mln marks this year for the first time porsche s net profit dropped sharply to mln marks in from mln marks in reuter
acq	dixons group plc buys cyclops shares now owns pct
earn	tektronix inc rd qtr shr ctws vs cts
earn	american medical international inc ami payout qtly div cts vs cts in prior qtr payable may one record april reuter
cocoa	cocoa buffer stock compromise gaining acceptance a final compromise proposal on cocoa buffer stock rules presented by international cocoa organization icco council chairman denis bra kanon is swiftly gaining acceptance by consumer and producer members delegates said we are close nearer than ever to accepting it but we still have some work to do producer spokesman mama mohammed of ghana told reuters after a producers meeting european community ec delegates said ec consumers accepted the package in a morning meeting and predicted no problems in getting full consumer acceptance delegates on both sides are keen to come to some agreement today the last day of the fortnight long council meeting they said the compromise requires that buffer stock purchases from non icco member countries cannot exceed pct of total buffer stock purchases delegates said the non member cocoa issue has been among the most contentious in the rules negotiations the pct figure up five percentage points from earlier proposals represents a concession to consumers delegates said they have demanded a larger allowance for non member cocoa in the buffer stock than producers have wanted another problem area delegates said was the question of price differentials for different origins of cocoa bought into the buffer stock by which the buffer stock manager could fairly compare relative prices of different cocoas offered to him the compromise narrowed the range of differentials between the origins from what previous proposals had detailed a move some delegates described as just fiddling but the adjustments may prove significant enough to appease some countries that were not satisfied with the original proposed differentials assigned to them delegates said the compromise also stated buffer stock purchases on any day would be limited to pct each in nearby intermediate or forward positions delegates said if the compromise is accepted by the council most consumers and producers want buffer stock rules to take effect next week or as soon as practically possible the full council is scheduled to meet around gmt to discuss the compromise and could agree on it then if all parties are satisfied they said consumers are due to meet before the council reuter
acq	dixons boosts cyclops cyl ownership to pct dixons group plc said it bought about cyclops corp common shares boosting its holdings of the company s stock to about pct of those now outstanding and pct on a fully diluted basis dixons said the stock was purchased in a single block transaction at dlrs per share the company said it expects to proceed with a merger and has advised cyclops it intends to increas the per share amount to be paid in the merger to dlrs form dlrs for each of the about remaining cyclops shares outstanding on a fully diluted basis reuter
earn	tektronix inc tek rd qtr net qtr ends march shr cts vs cts net mln vs mln revs mln vs mln nine mths shr dlrs vs cts net mln vs mln revs billion vs billion note per share for yr and qtr prior restated to reflect two for one stock split in jan reuter
earn	westinghouse says it expects at least pct earnings shr growth through
acq	metropolitan financial mpc to acquire company metropolitan financial corp said it signed an agreement to acquire the stock of closely held rothschild financial corp st paul minn details of the purchase were withheld it said rothschild in originated mln dlrs of mortgage loans and its loan servicing portfolio stands at billion dlrs officials of both companies estimated their combined efforts could produce originations of mln dlrs and a loan servicing portfolio well over billion dlrs by yearend reuter
money-fx	u k money market given further mln stg help the bank of england said it gave the money market a further mln stg assistance in the afternoon session this takes the bank s total assistance so far today to mln stg and compares with its forecast shortage which it earlier revised up to mln stg from mln the central bank purchased bills in band one at pct comprising mln stg bank bills four mln stg local authority bills and one mln stg treasury bills it also bought mln stg bank bills and mln stg of treasury bills in band two at pct reuter
money-fx	austria does not intervene to support dollar the austrian national bank did not intervene on the foreign exchange markets today to support the dollar deputy banking department chief herbert danzinger told reuters he denied a suggestion by a dealer at one vienna bank that the national bank had sold marks to support the u s currency senior dealers at creditanstalt and girozentrale austria s two largest banks said they would have been aware of any national bank intervention any dollar purchases by the bank today were for purely day to day purposes they said reuter
acq	hanson trust han u s arm sells chemical unit hanson trust plc han said its u s subsidiary hanson industries sold pcr inc a specialty chemicals unit for mln dlrs in cash to chemical partners inc hanson industries said it acquired pcr inc in as part of its purchase of scm corp pcr inc posted an operating loss in of dlrs on sales of mln dlrs the company said reuter
acq	elders extends offer for carling o keefe ckb elders ixl ltd of australia said wholly owned ixl holdings canada inc extended its previously announced offer to acquire all outstanding shares of carling o keefe ltd to midnight april from march the dlr a share offer is being extended for elders to obtain canadian federal government approval for the acquisition of control of carling elders said its application to investment canada is still being processed under normal review procedures up to march shares or pct of carling s stock has been deposited under the offer elders said elders also said it arranged for a credit facility of up to mln dlrs shared equally between two canadian banks which would be available to acquire shares under the offer reuter
earn	standard bred pacers stbd yr loss shr loss cts vs loss seven cts net loss vs loss revs vs note full name of company is standard bred pacers and trotters inc reuter
acq	multivest mvst ends merger talks sets purchase multivest corp said it has ended talks on oryx capital corp s possible acqusition of multivest and is starting an offer of dlrs a share for all the oustanding shares of t b c industries inc multivest said its t b c tender offer is scheduled to expire april reuter
earn	mobile communications corp mccaa yr net shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln note net includes gain of mln dlrs from sale in dec of a pct interest in its cellular telephone operations to bellsouth corp net income also reflects non recurring charges of dlrs recorded in the fourth qtr primarily reflecting revaluation of assets full name of company is mobile communications corp of america reuter
earn	tokheim corp tok st qtr feb net shr cts vs cts net vs rev mln vs mln reuter
earn	spartech sptn sets reverse split debenture sale spartech corp said it plans a one for five reverse stock split and has filed a registration statement with the securities and exchange commission covering a planned mln dlr offering of convertible subordinated debentures due spartech said the debenture offering will be underwritten by kidder peabody and co the company said the split will be effective on stock of record april eight reuter
acq	restaurant associates ra a sets st qtr gain restaurant associates industries inc said it expects to record a pretax gain of mln dlrs in the first quarter from the sale and lease of real estate the company said it received a mln dlrs partial payment in connection with the sale of property in manhattan and an additional one mln dlrs for early termination of the lease for its headquarters which was relocated in february the outstanding balance of about mln dlrs on the sale of the property will be paid at closing scheduled for sept it said in the first quarter ended march restaurant associates reported net income of dlrs or seven cts a share on sales of mln dlrs reuter
acq	hudson s bay to sell wholesale unit hudson s bay co said it signed a letter of intent to sell its hudson s bay wholesale unit to a private investment group terms were not disclosed the company said normal paul a member of the private investment group will head hudson s bay wholesale management the unit s existing management group headed by ron mcarthur will also participate in ownership the company said without elaborating the wholesale unit is a major distributor of tobacco confectionary and other products through wholesale and vending branches in canada sales were mln dlrs hudson s bay said the sale of its wholesaling unit is part of a program to concentrate financial and management resources on its core business of department stores and real estate reuter
earn	henley group inc heng th qtr loss shr loss dlrs net loss mln vs loss mln revs mln vs mln avg shrs mln year shr loss dlrs net loss mlnm vs loss mln revs billion vs billion avg shrs mln note the company had no shares outstanding in on march it had shares oustanding losses include pre tax restructuring charges of mln dlrs in both periods vs mln dlrs in both periods year loss also includes charge of about mln dlrs for amortization of good will reuter
earn	baybanks inc bbnk raises qtly dividend qtly div cts vs cts prior pay may one record april reuter
earn	tokheim tok sees improving sales in tokheim corp manufacturer of electronic petroleum marketing systems said it expects shipments of tokheim convenience systems tcs its new family of dispensers to improve its sales trend throughout tokheim said shipments of tcs will begin in the second quarter earlier the company reported first quarter ended february earnings of mln dlrs or cts a share up from dlrs or cts a share in last year s first quarter sales rose as well it said to mln dlrs from mln dlrs in the prior first quarter reuter
acq	safety kleen sk to buy mckesson mck unit safety kleen corp said it agreed in principle to acquire mckesson envirosystems co a subsidiary of mckesson corp it said mckesson envirosystems current annual gross revenues are about mln dlrs the company collects flammable solvents from its industrial customers for a fee after which it analyzes and processes the solvents before they are burned reuter
earn	westinghouse wx sees higher earnings growth westinghouse electric corp said earnings per share growth will exceed sales growth and will be in the double digit range through in the company earned dlrs a share on revenues of billion dlrs speaking at a meeting for securities analysts douglas danforth westinghouse s chairman said the company s sales growth target is about pct a year for and given an economic environment that remains on a moderate growth course he also said the company will make acquisitions but he did not specify particular targets paul e lego senior executive vice president told the analysts our plans do not call for a multibillion dlr acquisition even though our balance sheet can handle one despite this disclaimer if we identify a major acquisition that has significnt value creating for westinghouse we will consider it he said the company would consider an acquisition candidate that is in an area compatable with westinghouse s primiary businesses danforth said the corportation was focused in several key areas including defense electronics financial services broadcasting electrical products and services for construction and industrial and utility markets danforth added that he expects westinghouse s sales to grow faster than the markets the corportation serves and surely faster than gnp he said earnings per share growth is expected to consistently exceed the standard and poor s index and return on equity will remain in the to pct range leo w yochum senior executive vice president for finance told the analysts we will consider buying back stock but there are no current plans for such a buyback yochum said that at the company s current level of earnings it could comfortably maintain higher debt levels and that westinghouse will use its debt capacity to improve shareholder value last year westinghouse established a mln dlrs restructuring reserve to be used for plant consolodation assett writedowns and other items yochum said the company spent mln dlrs of that reserve in and will spend mln dlrs of the reserves in the balance will be used in he also said capital expenditures should be about mln dlrs in reuter
acq	clearwater fine foods acquires channel foods clearwater fine foods inc a canadian company minority owned by hillsdown holdings plc of london has acquired channel foods ltd a cornwall england producer of chilled smoke fish and pate products hillsdown said privately held clearwater was sold for three mln stg the company said reuter
earn	galactic resources ltd galcf year loss shr loss dlrs net loss mln revs mln note prior results not given shr and net include change in accounting policy resulting in loss of mln dlrs or dlrs share results in u s funds reuter
cocoa	cocoa consumers accept compromise buffer plan consumer members of the international cocoa organization icco accepted a final buffer stock rules compromise on the condition that producers also agree consumer spokesman peter baron said the full council was meeting at gmt to discuss the compromise which was put together yesterday by icco chairman denis bra kanon consumer delegates said they were optimistic the council could reach agreement on the rules fairly quickly reuter
acq	hanson trust to sell u s chemicals unit hanson trust plc hnsn l said its u s subsidiary hanson industries inc is to sell pcr inc a speciality chemicals unit for mln dlrs cash to chemical partners inc pcr had sales of mln dlrs in fiscal and an operating loss of dlrs reuter
acq	investor paul bilzerian has pct pay n pak stake may seek control
trade	uk may revoke japanese financial licenses the british government may revoke the licences of selected japanese banks and securities companies operating in london s financial city when they come up for renewal next summer if progress is not made towards opening up japan s markets to foreign competition government sources said we can t say yes we are going to do it revoke licences but this is definitely being considered an official said his comments came after the government was formally urged today by a cross section of influential mps to take joint retaliatory action with the united states against japan britain has grown increasingly impatient with japanese trade practices there s a sense of urgency here now but the emphasis is on securing not undermining our interests in japan another government official told reuters prime minister margaret thatcher said on thursday that britain would not hesitate to use new powers contained in the financial services act and the banking bill to retaliate against countries that do not offer reciprocal market access she clearly had japan in mind government sources said the u k last year showed a trade defict with japan of billion stg official figures show a parliamentary motion signed by mps today urged the u k government to coordinate action with the president of the united states and through the department of trade and industry to suspend all further applications from japanese communications companies for equipment approval by the british approvals board for telecommunications and all further applications from japanese financial institutions for licences until authorities in japan stopped imposing what the mps called restrictive conditions on the bid by cable and wireless plc cawl l and its u s and japanese partners for a stake in japan s international telecommunications market the motion for retaliatory steps came from a cross section of mps reflecting the strength of feeling inside parliament parliamentarians said their action would increase pressure on the conservative government to take firm action officials said another option now being considered by the u k is to refuse issuing new banking licences to japanese institutions that could be done under the government s proposed banking bill now moving through parliament japanese financial institutions are authorised to deal in london of which are banks in tokyo london based firms are authorised to do financial business officials said the new financial services and banking acts offer britain an alternative for retaliation which would be otherwise denied under legally binding international trade agreements the financial services act gives trade and industry secretary paul channon power to stop firms from engaging in investment banking and insurance one official said this point has been made to the japanese at official level a number times the official added britain and france are now working together to urge that the european community take collective action against japan but by working within ec treaties another official said british trade minister alan clark said this week in a radio interview that the european community should build barriers against japanese imports through certification procedures similar to those facing european exporters in japan there comes a point where you cannot resist any longer he said adding such barriers can t be put in place overnight clark said the issue of reciprocity regarding visible trade strikes at the basis of whether british industry is to have a fair access to an extremely large market japan which is itself in a very dominant position in certain aspects of our own domestic market it is really a question of fairness the situation is only likely to worsen following news that japan s trade surplus with the rest of the world rose by more than pct in february year on year to billion dlrs from billion in january political sources said but clark said in his interview that the issues of visible trade and access to financial markets should be kept separate should britain decide to act against japanese financial institutions it would most likely focus on the smaller rather than larger ones to minimise any risks to its role as a global business centre government sources said japan s four largest securities houses are members of the london stock exchange in washington white house officials said president reagan was ready to impose retaliatory trade action against japan for breaking its semiconductor agreement with the united states there was no immediate indication when reagan might act on the recommendations of his economic policy council to curb japanese exports to the united states but officials said the move could come today or early next week trade sources said the actions being weighed by reagan included tariffs on a wide variety of japanese exports which use semiconductors reuter
acq	lsb industries lsb agrees to acquire bank lsb industries inc said it agreed to acquire northwest federal savings and loan association for dlrs as part of the agreement lsb said it also would transfer assets valued of not less than mln dlrs to northwest federal which is located in woodward okla reuter
earn	universal holding corp uhco th qtr net shr na net profit vs profit revs vs year shr na net loss vs profit revs mln vs reuter
acq	bilzerian may seek control of pay n pak pnp investor paul bilzerian disclosed he holds a pct stake in pay n pak stores inc common stock and is considering seeking control of the retail building material firm bilzerian said he and a tampa fla investment firm he controls called bicoastal financial corp may acquire additional shares or they may seek to acquire one or more positions on pay n pak s board of directors or to acquire a controlling interest in the company s shares by tender offer or otherwise the statement was made in a filing with the securities and exchange commission bilzerian said his course of action would depend on the company s prospects market conditions and other factors bilzerian said he and bicoastal made net purchases of shares on the new york stock exchange jan march his pct stake makes up a total of shares reuter
interest	fed expected to add reserves economists say the federal reserve is expected to enter the u s government securities market to add reserves today economists said they said the fed would probably supply temporary reserves indirectly by arranging one to two billion dlrs of customer repurchase agreements after averaging pct yesterday federal funds were opened at pct and remained at that level reuter
acq	allegheny int l ag sells three overseas units allegheny international inc said it sold three overseas subsidiaries to reil corp ltd a north sydney australia investment group terms were not disclosed the units sold were sunbeam corp ltd australia sunbeam new zealand ltd and victa u k ltd the units make and distribute various products including lawn mowers small appliances and sheep shearing equipment they employ a total of about reuter
earn	galactic galcf adopts conservative accounting galactic resources ltd earlier reporting a loss of mln u s dlrs said it adopted a more conservative accounting policy similar to other gold producers accounting for exploration costs as a result the company retroactively charged all past exploration and related administration costs incurred on its properties against expenses in and under the new policy all future exploration and related administration costs will be written off to expenses rather than capitalized as an intangible asset it said galactic said the accounting change resulted in a mln u s dlr charge against earnings it did not immediately disclose the affect of the change on prior years results the new accounting policy is not expected to adversely affect working capital position future cash flows or the company s ability to conduct ongoing business operations it said galactic said the charge includes mln u s dlrs of costs concerning its summitville mine leach pad and mln u s dlrs in waste removal costs dyke construction and other mine developments galactic said under the prior accounting policy the summitville mine expenses would have been amortized over the life of the mine and charged against future earnings the change will also result in lower depreciation and amortization charges against income of about u s dlrs an ounce of gold produced in future periods based on total estimated reserves of ounces galactic said march leaching production at summitville is expected to exceed ounces raising gold equivalent production since the june start of leaching to ounces reuter
cocoa	cocoa council agrees new buffer stock rules delegates
earn	mars store mxxx sees qtr year loss and charge mars store inc said it expects to report a loss of about dlrs for the fourth quarter and about mln dlrs for the fiscal year ended january as a result of the loss the company said it has decided to discontinue the operations of its big value outlets division which will result in a yet undisclosed one time charge against earnings for the year the estimated mln dlrs year loss or about cts a share compares with earnings of dlrs or cts a share recorded last year the fourth quarter loss was affected by an abnormally high inventory shrinkage lower than planned sales and higher markdowns related to increased promotional activity all of which reduced fourth quarter gross margins the company said in order to concentrate on the company s core business the operation of discount and promotional department stores mars said it has decided to close the big value division reuter
acq	honeywell hon completes computer business sale honeywell inc said it has completed the sale of pct of its honeywell information systems his computer business to compagnie des machines bull of france and nec corp of japan for mln dlrs in cash honeywell said it will use much of the money to reduce short term debt incurred last december when the company purchased the sperry aerospace group honeywell said the sale of his has created a new dedicated computer company jointly owned by bull nec and honeywell the new privately held company named honeywell bull is pct owned by honeywell inc pct by bull and pct by nec the new company said honeywell added that terms of the agreement with nec and bull allow it to reduce its current pct stake in the new company to pct at the end of by selling just over half its shares to bull book value at the time will determine the move s pricing honeywell said honeywell chairman and chief executive officer edson spencer said the move is the last major step in honeywell s restructuring as the leading worldwide supplier of of automation and controls for buildings industry aerospace and defense honeywell is now focusing its management technical and financial resources on high market share business spencer said honeywell said it expects to be honeywell bull s largest customer purchasing computers for its own internal data processing for integration into honeywell buidling and industrial automation systems and for resale to the u s governement honeywell said his s federal systems division is now a wholly owned unit of honeywell inc and has been named honeywell federal systems inc honeywell said it accounted for his as a discontinued operation in and will account for its future interest on a cost basis recording any dividends as received honeywell bull said it will continue to develop its product line and build its business in integrated systems for networking database management and transaction processing the new company said its board will have nine members including the chairman and chief executive officer bull will have four members honeywell two and nec one the new company which began worldwide operations today said it added that jacques stern bull s chairman and chief executive officer will serve as honeywell bull s chairman of the board while jerome meyer formerly executive vice president of honeywell information systems was named president and chief executive officer reuter
earn	innopac inc six mths february net shr cts vs cts net vs revs mln vs mln reuter
earn	cornerstone finanical corp cstn sets payout qtrly div eight cts vs eight cts prior pay may record april reuter
cocoa	cocoa buffer stock rules to take effect immediately delegates
earn	cistron biotechnology cist sets dividend cistron biotechnology inc said it will pay a stock dividend declared prior to the initial public offering of its common stock in august to stockholders of record prior to the common offering payment of the dividend was contingent on the closing bid price of the common stock averaging two dlrs or more per shares for the trading days within any consecutive ten day period ending before february the company said that the contingency has been fulfilled payment of the stock dividend increases cistron s outstanding common stock to shares from shares reuter
earn	werner enterprises inc wern th qtr yr net qtr ends feb shr cts vs cts net vs revs mln vs mln avg shrs mln vs mths shr cts vs cts net vs revs mln vs mln avg shrs mln vs reuter
earn	revenue properties co ltd year loss shr loss eight cts vs loss cts net loss vs loss revs mln vs mln reuter
cocoa	icco council agrees cocoa buffer stock rules the international cocoa organization icco council reached agreement on rules to govern its buffer stock the device it uses to keep cocoa off the market to stabilise prices icco delegates said the date on which the new rules will take effect has not been decided but delegates said they expected them to come into force early next week after which the buffer stock manager can begin buying or selling cocoa since prices are below the may buy level of special drawing rights a tonne set in the cocoa pact the manager is likely to buy cocoa sooon to support the market they said delegates and traders said they expected the manager juergen plambeck to intervene in the market within three weeks of the pact coming into force the rules permit him to buy and sell cocoa from origins or the second hand market on an offer system not by means of a posted price as in the previous cocoa accord the cocoa will be priced according to a fixed set of differentials ranging from stg for most expensive ghana cocoa to zero for malaysian cocoa purchases from non members such as malaysia will be limited to pct of the total stock and those on any one day should be limited to pct each in nearby intermediate and forward positions the council meeting which is expected to conclude two weeks of sessions involving various working groups and the council itself was continuing the delegates said the current cocoa agreement came into force on january during a previous meeting of the council which was unable to agree on the rules to implement buffer stock operations reuter
cocoa	cocoa buffer stock rules effective immediately the cocoa buffer stock rules just decided by the international cocoa organization icco council will take effect immediately delegates said that means the buffer stock manager is likely to begin buying cocoa within two or three weeks after organizing communication systems and assessing the market they said reuter
acq	southam to sell pct interest in brandon sun southam inc said it agreed to sell its pct interest in sun publishing co ltd which publishes the brandon sun to majority shareholder publisher lewis d whitehead terms were not disclosed southam said the proposed sale resulted from an offer made by whitehead whose family has had majority control of the newspaper since the brandon sun has daily circulation of reuter
earn	glamis gold glgvf sets common stock split glamis gold ltd said it will ask shareholders at an april extraordinary general meeting to approve a one and one half for one common share split record date for the split will be set in the near future the company said reuter
earn	nuclear metals nucm has delay in orders nuclear metals inc said a delay in receiving certain new orders will result in negligible earnings per share for its fiscal second quarter however the company said it has been assured that the orders will be placed beginning in its fiscal third quarter and that it expects a strong rebound in earnings for the third and fourth quarters reuter
acq	first sarasota holders approve acquisitions first sarasota bancorp said its shareholders approved the acquisition of its city commercial bank subsidiary by first union corp s func first union national bank of florida the purchase price of the outstanding shares is about mln dlrs the transaction subject to regulatory approval is expected to be completed during the second quarter of after completing the city commercial acquisition and four other acquisitions having combined assets of mln dlrs first union will have assets of billion dlrs reuter
nat-gas	noble affiliates nbl finds natural gas noble affiliates inc said it found natural gas on ship shoal located about miles offshore louisiana in the gulf of mexico the discovery well samedan oil corp s ocs g well number one was drilled in feet of water to a total depth of feet and found feet of net gas pay in a foot gross sand interval the company said the well tested gas at a rate of mln cubic feet a day through a inch choke with pounds flowing tubing pressure gas sales should begin in the first quarter of it said samedan a noble unit is operator and owns a pct working interest in the well other owners are a new england electric system nes unit with a pct stake and southwestern energy production co with pct reuter
earn	source venture capital inc year shr profit nil vs loss nil net profit vs loss revs mln vs reuter
acq	lsb lsb in pact to acquire northwest federal lsb industries inc said it entered into an agreement to acquire northwest federal savings and loan association of woodward oklahoma upon completion of the acquisition lsb would pay about mln dlrs to the shareholders of northwest and transfer to northwest federal certain assets having a net current appraised value of not less than mln dlrs at completion of this transaction northwest federal would be a subsidiary of lsb s non consolidated wholly owned financial subsidiary the acquisition is subject to obtaining approvals waivers and forbearances from the federal home loan bank board and other government approvals reuter
earn	bramalea ltd year net shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln reuter
trade	reagan ready to impose trade curbs against japan president reagan was ready to impose retaliatory trade action against japan for breaking its semiconductor agreement with the united states white house officials said there was no immediate indication when reagan might act on the recommendations of his economic policy council to curb japanese exports to the united states but officials said the move could come today or early next week trade sources said the actions being weighed by reagan include tariffs on a wide variety of japanese exports which use semiconductors the sources said the tariffs could be slapped on personal computers television receivers and laser printers with the aim of penalizing japan s major electronic firms including nec corp hitachi ltd toshiba corp and fujitsu ltd they said reaan could also delay invoking sanctions for a week or two giving japan a final opportunity to end the dumping practice but added that negotiators had already held extensive talks with the japanese to no avail reuter
earn	southwestern public service co sps nd qtr net shr cts vs cts net mln vs mln revs mln vs mln mths shr dlrs vs dlrs net mln vs mln revs mln vs mln avg shrs mln vs mln note year ago restated reuter
earn	l b nelson corp th qtr net shr loss two cts vs loss dlrs net profit vs loss revs vs year shr profit cts vs loss dlrs net profit vs loss revs vs note current qtr per share figure adjusted to reflect provision for preferred stock dividends reuter
earn	southwestern bell votes three for one stock split pct dividend increase
cotton	analysts peg u s cotton seedings mln acres u s cotton farmers are likely to plant about mln acres in the coming season based on an average of estimates offered by cotton market analysts gearing up for the u s agriculture department s planting intentions report next tuesday the annual report gives cotton traders their first glimpse of what u s production might be in the season which begins august trade and commission house forecasts ranged from to mln acres on march of last year the usda reported that cotton farmers in intended to plant mln acres four months later the usda estimated that mln acres had been planted as of june by january its estimate of planted acreage nationwide was mln analysts said their forecasts for even greater acreage in were spurred in part by belief that this year s good demand and firm prices will be repeated next year analysts said those factors make cotton a profitable crop with cotton more attractive price wise i think there is going to be a switch in acreage from soybeans to cotton soybeans are dirt cheap said lisbeth keefe of cargill investor services whose comments were echoed by other cotton market specialists changes in the u s cotton program also could lead to increased acreage analysts said they recalled that under the program cotton farmers who used part of their crop as collateral for government loans were not responsible for the cost of storing that cotton in government warehouses but under the plan the government will not pick up the tab for storage analysts said the change will discourage some farmers from participating in the program which could result in more cotton the cotton program stipulates a mandatory set aside of pct of a farmer s base acreage noted judy weissman of shearson lehman brothers but farmers who elect not to participate in the program are free to plant all the acreage they have some analysts said cotton farmers in the high yielding western states would be most likely to steer clear of the program western acreage should be up at least pct said one commission house analyst whose estimate was based in part on forecasts made by the national cotton council during its annual meeting in late january but others disagreed i think some western growers have decided they should be in the program for security reasons there s a lot of comfort in knowing you ll be guaranteed the government s loan price of cents a lb anyone outside the program is subject to the wiles of the market said walter brown market analyst for a major california cotton producer some cotton specialists said their expectations for increased acreage might not be verified in tuesday s planting intentions report anything the usda is announcing now is based on information they gathered before their cotton program was announced on march one analyst cautioned she said traders will get a better idea of next year s cotton output when the usda s planted acreage report is released on july brown took that opinion a step further i don t think planted acreage is important what counts is the abandonment rate the difference between acreage planted and acreage harvested brown said the abandonment rate this year was pretty high at pct because of weather problems in key producing states more normal would be about six pct he said reuter
earn	imatron inc imat th qtr loss shr loss cts vs loss seven cts net loss vs loss sales vs avg shrs vs year shr loss cts vs loss cts net loss vs loss sales vs avg shrs vs reuter
acq	plaza group completes merger transaction plaza group said it completed a transaction in which it merged its wholly owned subsidiary flyfaire international inc into shefra inc a public company in return for a controlling interest in shefra with completion of the merger shefra changed its name to flyfaire international inc flyfaire with annual sales of mln dlrs is engaged in the wholesale vacation travel business reuter
earn	conagra inc cag regular dividend set qtly div cts vs cts prior pay june one record april reuter
earn	llc llc amalgamated report six months net valhi inc reported earnings of llc corp and the amalgamated sugar co for the six month period ended december effective march amalgamated merged into llc which changed its name to valhi the following results reflect the operations of the companies prior to the merger llc corp reported net income of mln dlrs or cts a share on revenues of mln dlrs compared to mln dlrs or cts a share on revenues of mln dlrs a year ago this year s net includes an extraordinary loss of dlrs and a gain of mln dlrs s net included an extraordinary gain of mln dlrs valhi said amalgamated reported net income of dlrs per share or mln dlrs on revenues of mln dlrs compared to a net loss of dlrs or cts a share on revenues of mln dlrs last year valhi said effective december it changed its fiscal year end from june to december reuter
interest	gros denies court action against brazil central bank president francisco gros denied rumours that foreign creditors had filed court actions against brazil to seek payment of its billion dlr debt there is no court action against brazil gros said in a television interview brazil last month suspended interest payments on its billion dlr debt to commercial banks and yesterday suggested an extension of short term credit lines for days until may media reports said some banks rated as small among brazil s creditors had filed lawsuits against the decision to suspend interest payments gros said negotiations with the commercial creditors would start within two weeks when he and finance minister dilson funaro attend council meetings of the international monetary fund imf in washington brazil is facing the issue very carefully we are seeking a negotiation that will give the country space to grow because only with growth will we be able to meet our commitments gros said reuter
earn	southwestern bell sbc votes split ups payout southwestern bell corp said its board voted a three for one stock split and increased the dividend pct to dlrs a share on a post split basis the increased dividend will be cts a share payable may one to holders of record april southwestern bell said the stock split is its first it said shares will be mailed may record may four reuter
earn	honeywell bull sees revenue growth honeywell bull inc owned by honeywell inc hon cie des machines bull and nec corp said it expects its revenues to increase to pct over its current level of about billion dlrs honeywell bull president jerome meyer also told the press conference the company was profitable adding the company aimed to improve profits over time honeywell inc earlier today received mln dlrs in cash for the sale of pct of its computer business to bull and nec honeywell will retain a pct interest in honeywell bull and bull will own an equal amount nec owns pct of the company meyer who had been executive vice president of honeywell information systems said honeywell bull would work closely with nec and bull in both developing new products and marketing computers to multi national companies we haven t been growing as fast as we d like but we are going to turn that around meyer said he said business was soft in the u s he said the company was reorganizing its distribution programs and its staff reassigning and laying off selected employees he also said the company was hiring new workers honeywell bull chairman jacques stern who is also chairman of bull said he believed the computer industry could be a fast growing market for companies that provide the type of computers customers want i don t believe in the slump of the market he said the computer company would offer open systems so that customers would not be tied to a specific vendor or architecture and it will also focus on tying computers together through communications networks reuter
acq	hanson han to sell bond s delivery service hanson industries the u s arm of hanson trust plc said contracts have been exchanged in london for the sale of bond s delivery service to rockwood holdings plc for about mln dlrs in cash completion is subject to rockwood shareholder approval in its most recent financial year bond s which was purchased by hanson trust plc in its acquisition of imperial group plc in april made dlrs pre tax profit on sales of mln dlrs net tangible assets are mln dlrs hanson said reuter
cpi	u s price data suggest moderate inflation latest consumer price data indicate u s inflation will be moderate in even though it will be above last year s pace economists said inflation is not such a constructive factor as this time last year but it s not building up a large head of steam said allan leslie of discount corp u s consumer prices as measured by the consumer price index for all urban consumers rose a seasonally adjusted pct in february after a pct january gain energy prices which fired january s data with a three pct rise advanced a more moderate pct last month the cpi came within the range of economists expectations and had little direct impact on u s financial markets among the key components of the report transportation prices rose pct in february after a pct january gain reflecting smaller price appreciation for motor fuels and declines in new car prices and finance charges there are no pronounced pressures at the retail level said william sullivan of dean witter reynolds inc economists said the latest cpi supports existing expectations for an inflation rate of to four pct in the cpi rose pct from december to december without last year s energy price drop it rose pct economists said that upward pressure on import prices as a result of the dollar s drop as well as the volatile energy component warrant attention in case gains in these areas become factored into the wider economic picture as long as those price rises do not become entrenched in cost of living adjustments contained in labor contracts thus reducing international competitiveness then the federal reserve would probably be willing to tolerate four pct inflation said larry leuzzi of s g warburg and co inc reuter
acq	westinghouse interested in merger of radio unit westinghouse electric corp wx said it is still open to a merger of its radio operations with general electrics co s ge nbc radio operations we have left the door open and ge is reassessing the merger and so are we westinghouse chairman douglas danforth told reuters at the conclusion of a meeting before analysts danforth said he continues to see value in a merger between westinghouse s radio operation and those of nbc discussions with nbc on the merger of the two companies radio units were suspended in december danforth reaffirmed that westinghouse is interested in acquisitions saying the company is leaning toward acquisitions in the mln to mln dlr range he said however that larger acquisitions are possible if they are the right fit danforth who earlier today said he expects earnings growth in the double digit range through said he is comfortable with analysts predictions of dlrs to dlrs a share this year in the company earned dlrs a share he said the company has targeted waste energy systems and hazardous waste removal as some of the emerging growth areas for the company reuter
earn	computer network technology cmnt th qtr loss shr loss eight cts vs loss eight cts net loss vs loss rev vs nil year shr loss cts vs loss cts net loss vs loss rev vs nil note company s full name is computer network technology corp revenues n a because was initial year of product revenue reuter
ship	biffex looking to join new futures exchange the baltic international freight futures exchange biffex said it agreed to pursue negotiations with other futures markets on the baltic exchange with a view to merging into a new futures exchange legal advisers have already been instructed to implement amalgamation of the london potato futures association the soya bean meal futures exchange and the london meat futures exchange the london grain futures market has also discussed merging with the other markets the aim of the merger is to seek recognised investment exchange status as required by the financial services act reuter
earn	canadian satellite communications six mths net period ended february oper shr profit six cts vs loss cts oper profit vs loss revs vs note current shr and net exclude tax gain of dlrs or five cts share full name canadian satellite communications inc reuter
acq	french ministerial meeting held on cgct sale finance minister edouard balladur industry minister alain madelin and telecommunications minister gerard longuet met for more than an hour today to discuss the imminent sale of the french telephone switching group cie generale de constructions telephoniques a spokesman for longuet said no decision was announced as a result of the meeting and the french government has given itself until the end of next month to choose between the candidates the sale of cgct which controls pct of france s telephone market has been priced at mln francs and three international consortia are battling for the right to buy it west germany s siemens ag sieg f has teamed up with the french group jeumont schneider in opposition to a bid from the u s group att t n and the dutch philips telecommunications bv pglo as in association with the french telecommunications firm sat societe anonyme de telecommunications a third bid has been lodged by sweden s ab lm ericsson eric st allied with french defence electronics group matra matr pa and bouygues sa bouy pa reuter
earn	dean foods co df rd qtr net shr cts vs cts net vs sales mln vs mln nine mths shr dlrs vs dlrs net vs sales billion vs mln reuter
earn	dean foods co df raises dividend qtly div cts vs cts prior pay june record may reuter
earn	doskocil dosk shareholders vote reverse split doskocil cos inc said its shareholders approved a one for reverse stock split which is expected to become effective by april the company said the reverse split will reduce the its outstanding shares to about six mln from mln reuter
earn	education systems espc year net shr cts vs cts net vs revs vs note current net includes non recurring loss on investments of full name is education systems and publications corp reuter
acq	borg warner up amid rumors irwin jacobs sold stock arbitrageurs say
pet-chem	henley group heng unit wins taiwan contract henley group inc s m w kellogg co unit said it was selected by chinese petroleum corp to design engineer and build a ethylene plant at chinese petroleum s kaohsiung refinery in taiwan terms of the contract were not disclosed but kellogg said the total cost of the plant will be mln dlrs kellogg said engineering of the plant which will have a capacity of tonnes a year is already underway and construction will begin in the plant will go into operation in kellogg said reuter
cocoa	cocoa buffer differentials detailed the international cocoa organization icco council agreed standard price differentials for different origin cocoas to form part of the buffer stock buying and selling procedure consumer delegates said the buffer stock manager will accept offers for different origin cocoas according to a sliding scale of price differentials under which ghana cocoa will be pegged at a stg premium to malaysian thus if the buffer stock manager was buying cocoa based on a malaysian price of stg a tonne he would accept ghana offers up to stg differentials were fixed as follows country differential stg tonne malaysia brazil ivory coast cameroun nigeria togo ghana nigeria s differential is on landed weight terms shipping weight terms will be accepted at a stg discount to this rate reuter
acq	minstar inc said it sold all mln of its borg warner shares
cocoa	cocoa council meeting ends after agreeing rules the international cocoa organization icco council adjourned after agreeing buffer stock rules for the international cocoa agreement an icco spokesman said the buffer stock will begin operations immediately he said he confirmed delegate reports that the buffer stock manager will trade cocoa by means of an offer system and according to fixed differentials for cocoa from different origins purchases from non members will be limited to pct of the total and buying or selling operations in any one day will be restricted to a maximum of pct each for nearby intermediate and forward positions he said reuter
acq	minstar inc said it is still interested in acquiring borg warner
money-supply	canadian money supply m falls mln dlrs in week bank of canada said
alum	new lme aluminium contract welcomed by trade the london metal exchange s lme decision to introduce a dollar denominated aluminium contract with the port of singapore listed as a delivery point is a positive move physical traders and lme dealers said earlier this week the lme declared that a pct minimum purity aluminium contract would commence trading on june alongside its long established sterling based pct contract this is the lme s first dollar contract and non european delivery point and the board and committee are looking at singapore as a delivery point for other contracts trade sources said the lme s new contract will conform with existing industry practice where standard re melt material priced in dollars is most commonly traded the location of a warehouse in singapore is also a positive move by the lme given its ideal location for australian and japanese traders who would be able to place metal on to warrant speedily and relatively inexpensively they said hedging during the lme ring sessions becomes much simpler with a dollar contract at present pre market trading is almost exclusively dollar based but currency conversions have to be done during the sterling rings they added lme ring dealers said the new contract would match more closely trade requirements and possibly alleviate some of the recent wide backwardations very little physical business is now done in pct purity metal nearly all of which is produced in eastern bloc countries such as romania the soviet union also produces pct but has declined as an exporter recently they said some dealers said the new contract may suffer from liquidity problems initially as business may continue to centre on the present good ordinary brand gob contract where there are many holders of large short positions on the lme but others said the new contract would soon attract trading interest given that much metal has already been attracted to the lme s warehouses by backwardations the lme also has a much more viable liquidity base for a new contract compared to the comex market in new york where high grade aluminium futures are not particularly active they said thus it seems likely that the sterling contract will eventually lose trading interest and volumes will decline like standard zinc which was superseded by a high grade contract gob aluminium will probably be replaced although the process in this case may take longer they added forming a new contract and establishing a singapore warehouse are constructive moves by the lme but backwardations which make physical trading difficult would not totally disappear as a result the trade sources said these premiums for prompt metal have become a semi permanent feature over the last year due to increased business and volatility in traded options and are presently around stg increasingly large granting of option positions has been taking place when some of these are declared and exercised at the end of the relevant month physical tightness and squeezes around these dates are commonplace they said listing singapore as a delivery point allows far eastern operators to deliver aluminium into a lme warehouse instead of having to cover but tightness and backwardations are seen continuing even though the lme s new option contracts widen the gap between the declaration and prompt dates these will be due on the first and third wednesday of the month whereas at present most fall on the th and th backwardations will remain while operators continue to grant options where potential tonnage to be delivered exceeds aluminium stock levels an lme option trader said reuter
money-supply	canadian money supply falls in week canadian narrowly defined money supply m fell mln dlrs to billion dlrs in week ended march bank of canada said m a which is m plus daily interest chequable and non personal deposits fell mln dlrs to billion dlrs and m which is m a plus other notice and personal fixed term deposit fell mln dlrs to billion dlrs m which is non personal fixed term deposits and foreign currency deposits of residents booked at chartered banks in canada fell mln dlrs to billion dlrs more more
acq	corning glass works glw buys fiber optic stake corning glass works said it bought a pct interest in technology dynamics inc a woodinville wash company involved in research and development of fiber optic sensors the purchase price was not disclosed privately held technology dynamics plans to introduce its first line of fiber optic sensors later this year corning glass said reuter
earn	first national corp ftnc th qtr shr loss cts vs loss cts net loss vs loss revs vs nil year shr loss cts vs loss cts net loss vs loss revs vs nil reuter
earn	beard co bec year loss shr loss cts vs profit dlrs net loss vs profit revs mln vs mln note net includes gains from sale of uspci inc upc stock of mln vs mln year ago net includes loss from discontinued operations of mln reuter
earn	essex communications corp essxa year loss shr loss cts vs loss cts net loss vs loss revs mln vs mln note year ago resulted restated to exclude michigan cable systems sold in reuter
earn	denning mobile robotics inc gard th qtr loss shr loss nine cts loss cts net loss vs loss avg shrs vs year shr loss cts vs loss cts net loss vs loss avg shrs vs note company has no revs as it is in product development stage shr and avg shrs data reflect for reverse split in november reuter
earn	scott s liquid gold inc year oper net oper shr two cts vs cts oper net vs revs mln vs mln avg shrs vs note excludes gains of dlrs or two cts shr vs dlrs or nine cts from benefit of tax loss carryforwards reuter
income	labor dept reports u s real earnings rose pct in feb after being unchanged in jan
income	u s real earnings rose pct in february the average weekly earnings of u s workers after adjustment for inflation and seasonal changes rose pct in february after being unchanged in january the labor department said the department had earlier reported that real earnings fell pct in january but revised the figure to show earnings unchanged between february this year and february real earnings rose pct the department said the rise in february real earnings resulted from a pct increase in average hourly earnings and a pct increase in average weekly hours that was partly offset by a pct rise in the consumer price index which measures inflation the department said before seasonal adjustment weekly earnings last month averaged dlrs up from dlrs in january and up from dlrs in february reuter
money-fx	taiwan to study suspending forex controls premier yu kuo hua ordered financial officials to quicken the pace of relaxing foreign exchange controls and study the possibility of suspending the controls a cabinet statement said the statement quoted yu as telling finance ministy and central bank officials the relaxation was needed to help reduce taiwan s surging foreign exchange reserves which reached a record billion u s dollars this month finance minister robert chien told reporters his ministry and the central bank would work jointly on new measures to ease the controls but he did not give details yu said the government could maintain the framework of the foreign exchange controls while finding ways to ease them the controls would be used during emergency taiwan s reserves have resulted largely from its trade surplus which hit billion dlrs in and billion in about pct of the surplus was from taiwan s trade with the united states according to official figures but he said that while easing the controls would help reduce the reserves it would not do so substantially in a short time economists and bankers said the new decision resulted from growing pressure from the united states taiwan s largest trading partner which buys almost half the island s exports lu ming jen economic professor at soochow university told reuters the decision came a little bit late but it was better than never ko fei lo vice president at first commercial bank said the government should rapidly relax its foreign exchange controls and open its market wider to help balance trade with its trading partners especially the united states the liberalisation in both imports and foreign exchange controls will not only help our trading partners but also help our own economic problems he said he said the mounting foreign exchange reserveshelped boost taiwan s money supply by pct in the year to end february reuter
trade	japan s chip makers angered by u s sanction plans japanese computer chip makers reacted angrily to news the united states plans to take retaliatory action against them for allegedly failing to live up to an agreement on trade in computer microchips electronic industries association of japan eiaj chairman shoichi saba stated eiaj believes that it is premature and even irrational to attempt an assessment of the impact of the agreement and our efforts to comply with it only six months after concluding the agreement we urge u s governmental authorities to reconsider the decision made to evaluate fairly the results of japanese efforts in implementing the objectives of the agreement and to resist emotional biases he said yesterday washington announced plans to slap as much as mln dlrs in tariffs on japanese imports in retaliation for what is sees as japan s failure to comply with the terms of the pact the agreement struck late last year after months of heated negotiations called on japan to stop selling cut price chips on world markets and to buy more american made semiconductors to salvage the pact tokyo has instructed its chip makers to slash production and has helped establish a multi lateral organisation designed to promote chip imports saba said that japanese chip companies have pledged three mln dlrs over the next five years to the new organisation and expressed regret that no american company has seen fit to join this suggests that american semiconductor manufacturers may not be really interested in participating in the japanese market he said reuter
earn	oversea chinese banking corp ltd ocbm si year shr cts vs cts fin div cts gross vs cts group net mln dlrs vs mln note fin div pay june record may reuter
earn	united overseas bank ltd uobm si year shr cts vs cts fin div pct gross vs pct group net mln dlrs vs mln note fin div pay may record april reuter
earn	straits trading co ltd stcm si year shr cts vs cts fin div cts vs cts group net mln dlrs vs mln turnover mln dlrs vs mln note fin div pay may record may reuter
earn	singapore land ltd lndh si first half feb shr cts vs cts int div nil vs nil group net mln dlrs vs mln turnover mln dlrs vs mln note the company said group net profits for the year ending this aug should amount to mln dlrs reuter
cocoa	ivorian chosen cocoa council executive director edouard kouame ivorian delegate to the international cocoa organization icco was chosen executive director of the icco effective october icco officials said kouame will succeed dr kobena erbynn of ghana in the post reuter
rubber	malaysia expects rubber shortage in april may malaysia said it expects a natural rubber shortage in april and may because of the effects of current wintering on rubber trees the expected shortage and stronger demand for rubber goods especially condoms and surgical gloves by consumers is likely to push up prices the malaysian rubber exchange and licensing board said in its latest monthly bulletin during the annual wintering period from february to april rubber trees shed their leaves and latex output is very low reuter
money-fx	official wants arab fund to help lebanese pound lebanese central bank vice governor meguerditch bouldikian called for the establishment of an arab fund to assist the lebanese pound which has lost more than pct of its value against the dollar since january bouldikian told an arab exchange dealers conference the bank would continue to take measures to defend the currency but he said lebanon needed foreign support for its war battered economy now more than ever before we expect a common effort between the central bank and arab central banks and monetary authorities to create an arab fund to support and preserve the value of the currency when needed he said twelve years of civil war have devastated productive sectors of the lebanese economy and created gaping trade and budget deficits bouldikian said recent government measures had succeeded in reducing demand for imports and increasing exports these are encouraging factors but the war has not ended yet he said we believe that with a just political solution acceptable to all sides confidence will return and this will benefit the lebanese pound and lebanon in the meantime he said the central bank had four main goals to use surplus liquidity to finance the budget deficit to increase the role of commercial banks and non bank financing institutions in financing the deficit to limit the transfer of lebanese pounds into foreign currency deposits to protect the financial health of commercial banks reuter
cocoa	japan joining international cocoa agreement japan is in the process of joining the international cocoa organisation icco which will bring the number of members in the body to icco officials said japan is completing constitutional procedures necessary to its accession to the icco and is expected to become an importing member in three to four months they said reuter
money-fx	china postpones plan to scrap parallel currency chinese vice premier tian jiyun said plans to scrap the country s parallel currency foreign exchange certificates fecs had been postponed due to objections from foreign businessmen and others but tian told a news conference the chinese government still considered fecs unsatisfactory asked about the current state of plans to abolish the fecs tian said we have decided to postpone the question as to whether it will be done in the future it will be done according to the evolution of the situation he said many people including foreign businessmen had raised objections to the plan to abolish the certificates and added it is rather complicated the fecs were introduced in for use by foreigners in china but they now circulate widely among local residents and there is a big black market in the currency though it is theoretically at par with the ordinary chinese currency renminbi tian said the government still considered that the fecs had many demerits and negative influences bank of china president wang deyan told reuters earlier this month that he thought it unlikely that the certificates would be scrapped this year western diplomats and economists have said the chinese authorities are having trouble finding a suitable alternative vice premier yao yilin announced at a similar press conference last year that the fecs would be abolished saying the government had decided it was ideologically unacceptable to have two currencies circulating in china at the same time reuter
trade	nakasone sounds conciliatory note in chip dispute prime minister yasuhiro nakasone sounded a conciliatory note in japan s increasingly bitter row with the united states over trade in computer microchips japan wants to resolve the issue through consultations by explaining its stance thoroughly and correcting the points that need to be corrected he was quoted by kyodo news service as saying while expressing regret over america s decision to impose tariffs on imports of japanese electrical goods nakasone said tokyo was willing to send a high level official to washington to help settle the dispute government officials said japan would make a formal request next week for emergency talks and that the two sides would probably meet the week after just days before the april deadline set by washington for the tariffs to take effect tokyo is expected to propose a joint u s japan investigation of american claims that japanese companies are dumping cut price chips in asian markets yesterday washington announced plans to put as much as mln dlrs in tariffs on imports of certain japanese electronic goods in retaliation for what it sees as tokyo s failure to live up to their bilateral chip pact that agreement hammered out late last year after months of heated negotiations called on japan to stop selling cut price chips in world markets and to buy more american made chips nakasone s comments seemed distinctly more conciliatory than those of his trade and industry minister hajime tamura who earlier today said japan was ready to take appropriate measures if washington went ahead with the sanctions ministry of international trade and industry miti officials later sought to downplay the significance of tamura s remark and said that his main message was that the two sides need to talk urgently about the issue but they admitted that japan was considering taking the united states to gatt the geneva based international organization which polices world trade if washington imposed the tariffs any japanese action would probably be taken under article of the general agreement on tariffs and trade gatt they said if that article were invoked gatt would set up a panel to consider the legality of the u s action but officials here said they hope that can be avoided it may be wishful thinking but there is a possibility the united states may lift its decision at an early date tamura said in announcing the u s sanctions yesterday president ronald reagan said he was prepared to lift them once he had evidence that japan was no longer dumping chips in world markets and had opened up its own market to imports japanese government officials said they are confident they can make the pact work they said that the export of cut price japanese chips through unregulated distributors has all but dried up after miti instructed domestic makers to cut output while acknowledging that it is harder to increase japanese imports of american chips miti officials said that the ministry is doing all it can to ensure that happens the ministry recently called on japan s major chip users some of whom are also leading producers to step up their purchases of foreign semiconductors a spokesman for one of the companies toshiba corp tsba t said his firm would do just that and could announce its plans in the next week or so he expects other japanese companies to do likewise reuter
trade	islamic banks establish mln dlr trade portfolio the islamic development bank idb and islamic banks signed an agreement to establish a mln dlr trade portfolio to finance trade among islamic countries idb sources said they said idb s share in the portfolio which will only finance exports and imports of the private sector was limited to up to mln dlrs the sources said shares in the porfolio could be traded or redeemed by the idb adding that this was a major step in establishing an islamic financial market reuter
crude	bank sees modest recovery in gulf arab economies the emirates industrial bank has predicted a modest economic recovery in the gulf arab states following higher oil revenues a bank study carried by the emirates news agency wam said total oil revenues of the six gulf cooperation council gcc countries were likely to reach billion dlrs this year from billion in the gcc groups bahrain kuwait oman qatar saudi arabia and the united arab emirates uae the bank said the improvement would result from higher oil prices made possible by last december s opec accord to restrain overall group production these curbs have pushed up oil prices from around eight dollars a barrel in mid to around dlrs all signs point to the possibility of a modest recovery in the economies of these gcc countries although this expected growth will not be similar to that of the s boom years the study said it added however that gcc states would experience higher budget deficits this year because of needs arising from past recession and the difficulty of making fresh spending cuts the study said the combined gcc bugdet deficits would rise to billion dlrs from billion last year it said lower oil exports cut the gcc states combined trade surplus to billion dlrs in from billion in the uae suffered a pct drop in gross domestic product to billion dirhams last year from billion in it added reuter
money-fx	arab banker says too soon for single currency gulf arab states must coordinate economic policies more closely before moving towards their goal of a unified currency system the president of the arab bankers association said hikmat nashashibi told a news conference at the end of an arab currency traders meeting we have to start with coordination of fiscal policies as a prerequisite for a common system of currencies there is quite a substantial way to go yet he said only then would a unified gulf currency system be a plausible project the six nations of the gulf cooperation council saudi arabia kuwait bahrain oman qatar and the united arab emirates have held a series of meetings this year to examine linking their currencies to a single peg in a system which bankers say could be modelled on the european monetary system ems at present five currencies are linked either officially or in practice to the u s dollar while the kuwaiti dinar is pegged to a trade weighted basket of currencies a common currency system or ems style grid would in theory foster regional trade by providing a basis for stable exchange rates but nashashibi said inter arab trade is at a very low ebb and capital flows between gulf states remain small capital markets in the arab world are still in their infancy he said nashashibi said lack of experience among arab banks a paucity of financial instruments and a legal framework that often does not recognise the western banking concept of interest have hampered the growth of arab markets reuter
reserves	china foreign reserves exceed billion dlrs china s foreign exchange reserves are more than billion dlrs enough to cover import payments for three to four months vice premier tian jiyun said he told a news conference that china also has considerable reserves of gold he gave no figure the last published figure for foreign exchange reserves was billion dlrs at end september down from billion at end june and billion at end september reuter
money-fx	arab forex association elects new chairman the inter arab cambist association ica elected abdullah al dakhil of kuwait s burgan bank its new chairman succeeding hani ramadan of beirut riyad bank for a three year term ica officials said the annual meeting elected three vice chairmen ezzedine saidane of banque internationale arabe de tunis mohammed osman of societe bancaire du liban and walid nasouli of morgan guaranty trust co of new york ibrahim buhindi of the saudi national commercial bank in bahrain and imad bata of finance and credit corp of jordan were elected secretary and treasurer respectively reuter
coffee	coffee prices bad news for latin america minister a senior nicaraguan official said a recent plunge in coffee prices was economically and politically disastrous for latin american coffee producing countries nicaraguan foreign trade minister alejandro martinez cuenca was in london to brief international coffee organisation ico executive board producer members after a meeting last weekend in managua attended by eight latin american coffee producers to discuss the fall in coffee prices london coffee prices slid stg per tonne in march to stg from stg at end february martinez told reporters the price fall since the ico failed to agree export quotas on march has had disastrous results on latin america both economically and politically he urged continued negotiations among coffee producers to pave the way for a coffee export quota agreement by september coffee export quotas used to regulate coffee prices under an international coffee agreement were suspended a year ago when prices soared in response to a drought in brazil central american economic ministers have estimated the region will lose mln dlrs in foreign exchange earnings in if coffee prices are not rescued by a quota arrangement martinez said he said ico quota talks broke down last month because consumer members lack the political will to fully support commodity agreements and because consumers tried to dictate to producers reuter
trade	tokyo bids to stop chip row turning into trade war japan is seeking to prevent its computer chips dispute with the u s from erupting into a full scale trade war government officials said we hope that the dispute on this specific issue won t have an adverse effect on our overall relationship with the united states a ministry of international trade and industry miti official said on friday washington announced plans for as much as mln dlrs in tariffs on japanese electronic goods for tokyo s alleged failure to live up to a bilateral computer chip pact that agreement reached last year after heated negotiations called on japan to stop selling cut price chips in world markets and to buy more american made semiconductors foreign ministry officials immediately tried to isolate the fall out from the dispute by seeking to separate it from prime minister yasuhiro nakasone s planned trip to washington at the end of april while japan has already done about all it can to make sure the chip pact is working the government is studying measures it can take in other fields to defuse american anger and ensure the trip s success they said the perception of japan in the u s congress is very bad one official told reuters we would very much like to do something to respond to that in an apparent effort to prevent the chip dispute from spreading to other areas miti officials sought to depict the u s action as a severe warning to japanese semiconductor makers not to the government faced with a belligerent domestic chip industry and an angry american congress the japanese government has been forced to walk an increasingly fine line in the semiconductor dispute trade analysts said they said that it was an open secret that japan s largest chip maker nec corp was not happy with what it viewed as the draconian measures miti was taking to implement the pact included enforced production cuts the angry response of japanese chip makers yesterday to the announcement of the u s tariffs highlighted the difficulties the government faces in taking further action japanese semiconductor manufacturers have complied with the u s japan agreement said shoichi saba chairman of the electronic industries association of japan he accused the u s of being irrational he said the u s action had made the bilateral chip pact meaningless saba s comments contrasted with those of prime minister yasuhiro nakasone who said tokyo wanted to solve the dispute through consultations japan is expected to send a high level official to washington early next month to try to convince the u s not to go ahead with the tariffs on april trade analysts say tokyo is likely to outline industry plans to step up purchases of u s chips and to propose a joint investigation into washington s allegations of chip dumping reuter
earn	bank fuer gemeinwirtschaft ag bkfg f year year ended december group net profit mln marks vs mln balance sheet total billion marks vs billion credit volume billion marks vs billion parent bank net profit mln marks vs mln transfer to trades union holding co mln marks vs mln payment to open reserves mln marks vs mln balance sheet total billion marks vs billion partial operating profit mln marks vs mln interest surplus mln marks vs mln surplus on commission mln marks mln ordinary expenditure mln marks vs mln earnings from subsidiaries through profit transfer agreements mln marks vs mln earnings from writing back provisions mln marks vs mln published risk provisions mln marks vs mln credit volume billion marks vs billion group figures for exclude bsv bank fueer sparanlagen und vermoegensbildung ag which no longer consolidated reuter
earn	bfg partial operating profits fall sharply in bank fuer gemeinwirtschaft ag bkfg f bfg partial operating profits fell to mln marks in from mln in new majority shareholder aachener und muenchener beteiligungs ag amvg f amb said but total operating and extraordinary profits including earnings from currency and securities trading on the bank s own account and earnings from the sale of holdings in other firms were more than double the previous year s level amb said bfg s accounts were included in a prospectus for amb s capital increase which is to finance the insurance company s acquisition of pct plus one share of bfg despite the fall in partial operating profits bfg paid an unchanged mln marks into open reserves and transferred an unchanged mln marks to its trade union holding company beteiligungsgesellschaft fuer gemeinwirtschaft ag from which amb has acquired the majority stake the bank has said its business last year suffered from the turbulence around the troubled trade union owned housing concern neue heimat amb said the mln mark drop in bfg s business volume to billion marks affected the interest surplus the interest surplus which fell to mln marks from mln was also depressed by the point fall in the interest margin to pct a rise in the surplus on commission to mln marks from mln was not enough to compensate for this the rise in total operating profits enabled bfg to step up risk provisions with country risks particularly emphasised because of the continuing difficulties of some countries disclosed risk provisions which under west german accounting rules do not necessarily reflect the full amount rose to mln marks from mln bfg s parent credit volume eased to billion marks in from billion foreign debtors accounted for pct of this credit volume and latin american debtors accounted for pct of total lending to foreigners bfg posted extraordinary earnings from the sale of pct of volksfuersorge deutsche lebensversicherung ag pct of bsv bank fuer sparanlagen und vermoegensbildung ag and five pct of allgemeine hypothekenbank ag the sale was linked to amb s acquisition of a majority of bfg these sales show up as mln marks from profit transfer agreements and mln from writing back risk provisions reuter
money-fx	japan carefully considering money policy sumita bank of japan governor satoshi sumita said the central bank will carefully consider its monetary policy in light of the recent sharp fall of the dollar asked if the bank of japan will consider a further cut in its discount rate he said he now thinks the bank will have to carefully consider its future money policy he told a lower house budget committee in parliament that credit conditions have been eased by the five discount rate cuts by japan since the beginning of last year japan must now be especially careful about a flare up in inflation with money supply growth accelerating he said sumita said the central bank would continue to make a judgement on monetary policies while watching consumer prices exchange rates and economic and financial conditions both in and outside japan asked if the september plaza agreement was a failure because the dollar had fallen too far sumita said he still thought the pact was a good one in the sense that it had corrected the overvaluation of the dollar but the plaza accord did not set any target for the dollar s fall he said the dollar s steep fall stems from the market s belief that the trade imbalance will continue to expand he said reuter
gold	peru says new gold deposits worth billion dlrs president alan garcia said peru has found gold deposits worth an estimated billion dlrs in a jungle region near the ecuadorean border about km north of here he told reporters the deposits located at four sites near the town of san ignasio contained the equivalent of tonnes of gold garcia said the government would soon install a two mln dlr treatment plant at tomaque it will extract enough ore to provide an estimated mln dlr profit by the end of this year he added garcia said the other gold bearing deposits are located at tamborapa pachapidiana and a zone between the cenepa and santiago rivers reuter
trade	baldrige predicts end of u s japan trade dispute the united states and japan will soon settle their trade dispute over semiconductors u s commerce secretary malcolm baldrige said on television baldrige referring to the u s japan trade agreement on semiconductors said their government wants to live up to it their industries haven t been doing it and i think we ll have a good settlement to spare both sides i think the japanese understand full well that they haven t lived up to this commitment he said he added i do not think there will be a trade war at all on friday washington announced plans to put as much as mln dlrs in tariffs on japanese electronic goods from april because of tokyo s failure to observe the agreement the officials said the tariffs would be ended as soon as japan started adhering to the agreement but they said there was little chance japan could react quickly enough to avert the higher tariffs baldrige said the reagan administration hoped the strong u s action against japan would convince congress to tone down protectionist trade legislation now being drafted he denied the action had been taken for that reason reuter
crude	iraq says iranian oil network attacked baghdad marckraq said its warplanes attacked the pipeline network through which oil is pumped to iran s main oil terminal at kharg island in the northern gulf large numbers of our warplanes attacked the installations where the pipelines pump oil from ganaveh to kharg island turning them into rubble and setting them ablaze a military spokesman said he did not give the exact location of the area attacked but ganaveh terminal is on the iranian gulf coast some miles northeast of kharg island which itself has been attacked at least times since august reuter
acq	btr nylex raises offer for borg warner australia btr nylex ltd said it will increase its takeover offer for borg warner corp s bor listed unit borg warner australia ltd bwa to five dlrs each from four dlrs for all issued ordinary and preference shares the new offer values the diversified auto parts manufacturer s mln ordinary shares and mln first participating preference shares at mln dlrs formal documents will be sent to shareholders as soon as possible it said in a brief statement btr nylex which manufactures rubber and plastic products first bid for bwa in late january as previously reported borg warner corp which owns pct of bwa s ordinary shares and pct of the preferences advised a month ago that it would not accept the offer this meant btr nylex s pct acceptance condition could not be met bwa said in a statement reporting its parent s decision bwa advised shareholders to ignore the offer and said other parties had expressed interest in bidding for it but no other bid has yet emerged btr nylex is a pct owned listed subsidiary of britain s btr plc btrx lon reuter
acq	investor group puts pressure on gencorp gy an investor group trying to acquire gencorp inc said it would move to unseat the board of directors and take other action if gencorp refuses to discuss a billion dlr takeover bid general acquisition co a partnership of wagner and brown and afg industries inc afg reiterated in a statement sent to gencorp on friday that it was willing to negotiate its earlier offer of dlrs a share for the tire broadcasting plastics and aerospace conglomerate analysts have speculated gencorp could fetch at least to dlrs per share if broken up gencorp officials declined to comment on the statement but a spokesman reiterated a request to shareholders to wait until the board renders an opinion before making a decision on the offer gencorp has said a statement would be made on or before the company s annual meeting on tuesday general acquisition said the board could not carry out its duties to shareholders and make an informed decision until it has explored with us the ways in which our offer can be revised to provide greater value to your shareholders general acquisition added it was aware the board may be reviewing alternative transactions which might provide gencorp shareholders with a payment other than cash if that is the case you should recognise that our additional equity capital may very well enable us to offer cash and securities having greater value than gencorp could provide in any similarly structured transaction it said it added gencorp s board had an obligation to present any alternative proposal to shareholders in a way that allowed competing offers general acquisition requested it be given a chance to bid on a competitive and fair basis before any final decision was made on any other buyout proposal the statement repeated the request gencorp remove a poison pill preferred share purchase rights to shareholders making any takeover more expensive it said it might take legal action or seek the support of shareholders in calling a special meeting to replace the board and consider other proposals gencorp should not accept any other proposal containing defensive features it said reuter
nickel	sumitomo mining smit t raises nickel output sumitomo metal mining co said it will raise its monthly nickel output to around tonnes from april from now because of increased domestic demand mainly from stainless steel makers sumitomo produced tonnes of a nickel a month until end but cut output in january because of stagnant demand a company official said calendar production is likely to fall to around tonnes from in as a result of the first quarter reduction he said sumitomo is japan s only nickel producer reuter
coffee	paton reports u s green coffee roastings higher u s roastings of green coffee in the week ended march were about kilo bags including that used for soluble production compared with bags in the corresponding week of last year and about bags in the week ended march george gordon paton and co inc reported it said cumulative roastings for calendar now total bags compared with bags by this time last year reuter
earn	basf world group pre tax profit billion marks vs billion
sugar	australian sugar areas said receiving some rain dry areas of the australian sugar cane belt along the queensland coast have been receiving just enough rain to sustain the crop an australian sugar producers association spokesman said the industry is not as worried as it was two weeks ago but rainfall is still below normal and good soaking rains are needed in some areas notably in the burdekin and mackay regions he said from brisbane elsewhere in the far north and the far south of the state and in northern new south wales the cane crop is looking very good after heavy falls this month he said the spokesman said it is still too early to tell what effect the dry weather will have on the size of the crop which is harvested from around june to december he said frequent but light falls in the areas that are short of moisture such as mackay mean they really only need about three days of the region s heavy tropical rains to restore normal moisture to the cane but rainfall in the next two or three weeks will be crucial to the size of the crop in the dry areas he said it s certainly not a disastrous crop at this stage but it might be in a month without some good falls he said reuter
earn	basf ag basf f year year to december world group pre tax profit billion marks vs billion world group turnover billion vs billion world group investment in fixed assets billion vs billion parent company pre tax profit billion vs billion parent turnover billion vs billion parent domestic turnover billion vs billion parent foreign turnover billion vs billion parent investment in fixed assets billion vs mln reuter
acq	woolworth holdings says it bidding mln stg for superdrug stores
crude	indonesia limits oil price impact finance minister indonesia has minimised the economic impact of falling oil prices kept inflation within limits and boosted exports finance minister radius prawiro said indonesia was badly hit by last year s steep plunge in crude prices which cut revenue from oil exports by half but prawiro was quoted by indonesian newspapers as telling president suharto that inflation was kept to around nine pct in the financial year ending tomorrow against around pct the previous year exports were estimated to have risen by seven pct he said although he did not give complete figures the depressed economy forms the main backdrop to general elections next month in indonesia a major producer of rubber palm oil tin timber and coffee prawiro said had also been difficult because of the appreciation of currencies like the yen and the mark against the dollar which increased indonesia s debt repayments he said the economy would have suffered more from the world economic recession if the government had not devalued the rupiah by pct last september in an editorial on the economic outlook the jakarta post said the government must press ahead with measures to deregulate the economy to help boost non oil exports the english language daily said bigger export earnings were needed to finance not only imports but also the country s growing foreign debt estimated at around billion dlrs about pct of our foreign debt obligations fall due within the next three to five years and will steadily increase the debt servicing burden the paper said however end investors were seen bargain hunting in expectation of a further yen interest rate decline dealers said most dealers were cautious in the face of the dollar s nosedive today and the possibility of a u s interest rate rebound to halt further dollar depreciation a pct coupon and volume of billion yen for the april year bond proposed by the finance ministry this afternoon were taken favourably by the market reuter
acq	woolworth bids mln stg for superdrug woolworth holdings plc wluk l said it would make a mln stg agreed bid for superdrug stores plc valuing the company s shares at about p each the offer would be made on the basis of new woolworth ordinary shares for every in superdrug woolworth said it had received acceptances from the holders of pct of superdrug shares the bid is woolworth s second attempt in recent months to acquire a retail chemist chain earlier this year it negotiated a possible bid for underwoods plc buit the talks were broken off two weeks ago full acceptance of the offer would involve the issue of about mln new woolworth shares or pct of the enlarged share capital a cash alternative would offer p for each share in superdrug members of the goldstein family have accepted the offer for mln shares which have not been underwritten another major shareholder rite aid corp s rite investments corp unit had accepted the offer for mln shares and would take the cash alternative for mln of these in the year to end january woolworth reported pretax profits sharply higher at mln stg after mln previously in the year to end february superdrug reported pretax profits of mln after mln previously on turnover that rose to mln from mln superdrug shares firmed to p from p on friday woolworth eased to p from p reuter
trade	japan has little new to offer in microchip dispute the japanese government appears to have little new to offer to settle a dispute with the u s over computer chips trade analysts and government officials said the u s has threatened to impose tariffs worth up to mln dlrs on japanese electronics exports to the u s in retaliation for japan s alleged failure to keep a pact on the microchip trade signed last september a foreign ministry official told reuters japan has done what it can and now we must persuade the united states to wait for those steps to take effect the u s alleges that in defiance of the september agreement japan is still selling microchips at below cost in non u s markets and refusing to open japan further to u s chip sales u s tariffs are due to take effect on april analysts noted japan s ministry of international trade and industry miti has already ordered chipmakers to cut production in order to dry up the source of cheap chips sold in third countries at non regulated prices i m not sure miti can do much more than it has said jardine fleming securities ltd analyst nick edwards a miti official said the ministry was not planning to call for production cuts beyond those already sought although it would continue to press chip users to buy more foreign goods spokesmen for some japanese electronics firms said they would consider buying more u s chips but a matsushita electric industrial co spokesman said a rapid increase in imports was not likely most analysts said japanese exporters would be hard hit if the united states did implement the tariffs which would be levied on consumer electronics products rather than on microchips themselves if the tariffs remain in place for any length of time there will be complete erosion of exports to the united states said tom murtha analyst at james capel and co the japanese electronics industry is too powerful to be stopped altogether but recovery for the industry will be delayed for another year he said some analysts said tariffs would also harm u s industry by stepping up offshore production and by reducing demand in japan for semiconductors u s firms are trying to sell here the american approach is full of contradictions jardine fleming s edwards said if they want to expand u s exports the last thing they want to do is hit the makers of the final products because that hurts the final market edwards said but other analysts said the dispute reflects not just u s concern over what it sees as a strategic industry but also frustration with japan s vast trade surplus some analysts argued that to solve the semiconductor problem japan may have to take action beyond that pledged in the semiconductor pact carole ryavec an analyst at salomon brothers asia ltd said the major overall issue is to stimulate the domestic economy and move away from an export dependent economy reuter
earn	arbed sa arbb br year net profit mln luxembourg francs vs billion turnover billion francs vs billion cash flow billion francs vs billion steel production mln tonnes down seven pct board will decide on april whether to pay a dividend no dividend has been paid since reuter
earn	arbed sees need to maintain pressure on costs the recent deterioration in the steel market makes it important for arbed sa arbb br to maintain efforts to reduce costs the company said in a statement it reported that its competitive position had weakened considerably in the second half of leading to a seven pct cut in steel output over the whole of the year to mln tonnes arbed had managed to make a mln franc net profit slightly down from the billion profit in thanks to lower raw material costs and prudent management the company said arbed said the early months of had seen the market deteriorate further but the decision of the european community to maintain anti crisis measures at least provisionally should under normal circumstances have a beneficial effect ec ministers have agreed to extend a quota production system while discussions continue on an industry plan for capacity reductions arbed said in current conditions cost cutting efforts remain necessary to avoid any weakening of resources which have been built up over the last three years reuter
earn	basf basf f says results affected by dlr basf ag said the volatile currency situation last year particularly the fall of the dollar led to sharp drops in turnover denominated in marks and to price reductions for exports from domestic production but in a statement accompanying year end figures the group said it expected satisfactory business development over the next months at the moment we do not expect any extraordinary influences such as there were last year it said orders in hand and incoming orders were steady at a high level basf reported pct lower world group pre tax profit at billion marks compared to the unusual situation on the crude oil market last year also produced a clear sales slide in the oil and gas sector and forced price declines for petrochemical products basf said the fall in pre tax profit corresponded to the losses on stocks in the oil and gas sector at the beginning of in the parent company the positive earnings development continued it said where pre tax profit rose by pct to billion marks the decline in parent company turnover was balanced out by increased capacity use and price declines in raw materials in world group turnover was off pct at billion marks compared to basf said parent turnover fell pct to billion turnover increases with the exceptions of the sectors fine chemicals and informations systems had only been achieved in those areas widened last year through acquisition in results from these had been taken only partly into the fourth quarter of that year but fully included in data so far in the current year the investment volume of the parent company and the world group is exceeding that in basf said without giving concrete figures reuter
money-fx	bahrain introduces new money market regime bahrain is introducing a new domestic money market regime to provide dinar liquidity aid centred on the island s newly launched treasury bill programme the bahrain monetary agency has issued a circular to all commercial banks outlining a new policy from april which gives liquidity aid through sale and repurchase agreements in treasury bills or through discounting them the circular released officially to reuters said current arrangements for providing liquidity aid will no longer be valid except in quite exceptional circumstances under the current system the agency provides the island s commercial banks with dinar liquidity by means of short term swaps against u s dollars and less frequently by short term loans secured against government development bonds the agency considers that it is now appropriate to replace these operations with short term assistance based on government of bahrain treasury bills the circular to banks states the agency said it will repurchase treasury bills with a simultaneous agreement to resell them to the same bank at a higher price which will reflect an interest charge the agency said it envisages the repurchase agreements will normally be for a period of seven days bahrain launched a weekly tender for two mln dinars of day treasury bills in mid december last year and has since raised a total of mln dinars through the programme bahrain s commercial banks are currently liquid and have been making little use of the traditional dollar swaps offered by the agency but banking sources said the new regime from april will mean banks cannot afford not to hold treasury bills in case they need funds from the central bank banking sources said more than half of the banks hold treasury bills although the need by others to take up paper could increase demand at weekly tenders and push down allotted yields slightly last week s yield was six pct although the programme had started at the end of last year with rates as low as pct banking sources said the cost of liquidity through repurchase accords will not differ much from that on dollar swaps but a bank using dollars to obtain liquidity would foresake interest on the u s currency while the underlying treasury bill investment is unaffected in a repurchase accord reuter
money-supply	dutch money supply hardly changed in december dutch seasonally adjusted m money supply was hardly changed in december at billion guilders compared to billion in november central bank data show the figure was pct higher than in december in november m fell pct from its level in october and was pct above its level a year before seasonally adjusted m money supply was also hardly changed at billion guilders in december compared to billion guilders in november it was up pct on its level a year before reuter
alum	singapore welcomes new lme aluminium contract move singapore welcomed the london metal exchange s lme decision to list singapore as a delivery point for the lme s new dollar denominated aluminium contract tay thiam peng manager for international trading at the trade development board said the decision would boost singapore s image as a major delivery port we hope this will encourage more metal traders to set up shop here and that singapore can become a delivery port for other metals as well he said the new contract to start trading on june is lme s first dollar contract reuter
money-fx	bank of england forecasts surplus in money market the bank of england said it forecast a liquidity surplus of around mln stg in the money market today among the main factors affecting liquidity exchequer transactions will add some mln stg to the system today while a fall in note circulation and bankers balances above target will add around mln stg and mln stg respectively partly offsetting these inflows bills for repurchase by the market will drain some mln stg while bills maturing in official hands and the treasury bill take up will remove about mln stg reuter
acq	tesco buys pct of hillards tesco plc tsco l said county bank ltd had bought shares in hillards plc on its behalf increasing its stake to pct the shares were bought at p each tesco is making an opposed mln stg bid for hillards hillards shares at gmt were quoted one penny firmer at p while tesco was one penny easier at p reuter
earn	royale belge rbvb br year non consolidated net profit billion francs vs billion turnover billion francs no direct comparison own funds billion francs vs billion after transfer of billion francs from profits and billion from sale of securities note company said the figure is slightly lower because french branches have become group subsidiaries proposed net dividend on ordinary shares francs including franc supplement due to the exceptional character of results vs francs note company was created in may by the merger of royale belge vie accidents and royale belge incendie reassurance vie accidents shareholders received eight new shares and incendie reassurance shareholders six for every share held in the old companies comparisons are therefore company calculations reuter
ship	japanese shipyards to form cartel cut output japan s ailing shipyards have won approval from the fair trade commission to form a cartel to slash production to about half of total capacity for one year effective april industry sources said the approval follows an act of parliament passed last week designed to help the industry regroup and shed pct of capacity by march transport ministry officials said the cartel comprising yards capable of constructing ships of more than gross tonnes will limit newbuilding output to a maximum of three mln compensated gross registered tonnes in the shipbuilders association of japan said industry sources said the will seek to renew the cartel in in the belief demand will remain sluggish last week s temporary act of parliament also allows shipbuilders to receive favourable taxation terms plus up to billion yen in compensation for liabilities incurred through job losses and the sale of excess capacity up to billion yen has been allocated for purchasing redundant land and equipment from shipbuilders the ministry will start drawing up its restructuring guidelines from april and the yards will implement the guidelines from september industry sources said reuter
acq	wallenberg group raises stake in ericsson sweden s wallenberg group said it raised its holding in telecommunications maker telefon ab l m ericsson eric st to of the voting rights from pct the move by the knut and alice wallenberg foundation one of the institutions at the core of the group of companies formed by the late industrialist marcus wallenberg further consolidated group control over one of its key firms analysts said the foundation now controls pct of ericsson s voting rights with pct held by the group s investment companies ab investor and forvaltnings ab providentia the move comes after the wallenberg group fought off a hostile takeover bid earlier this month for match and packaging conglomerate swedish match ab smbs st from arms and chemical concern nobel industrier ab nobl st by increasing its stake in swedish match to pct from pct reuter
cpi	french february inflation confirmed at pct french retail prices rose a confirmed pct in february in line with provisional figures released two weeks ago showing a rise of between and pct the national statistics institute said the rise compared with a pct rise in january year on year retail price inflation was confirmed at pct for february compared with a three pct rise year on year in january reuter
rubber	sri lanka to uproot or bud diseased rubber trees sri lanka will uproot rubber trees that are more than two years old and affected by the leaf disease corynespora the head of the government s rubber research institute told reuters rodney de mel said affected trees less than two years old would undergo base budding attaching a clone as close as possible to the trunk s base and cutting off the top of the tree once the bud has taken uprooted or base budded trees mature later causing an output loss estimated at kilos per hectare from the sixth year when they begin producing about acres are planted with the high yielding ric variety the clone afflicted by corynespora only about acres are affected by the disease which causes leaves to fall off de mel said sri lanka has acres planted with rubber trees de mel said the disease was detected in nurseries as early as in middle but it was only in august september that it became widespread the institute is conducting a survey to determine how many trees will be uprooted or base budded healthy trees will be sprayed and remain under observation t p lilaratne head of the government s rubber controller department which monitors the industry told reuters replanting and base budding would have to be undertaken before late may when the monsoon rains begin de mel said clones in the nurseries which are susceptible to corynespora identified as ric ric ric ric ric and ric will be uprooted and burned the same procedures will be undertaken for the foreign clones indentified as nab rrim fx ppn ppn krs and ppn lilaratne said the susceptible clones would be replaced by pb rrim rric rric ric and ric these six varieties would also be used to replace trees uprooted or base budded de mel said lilaratne said planters would receive rupees per hectare for replanting and plants would be free of charge but no compensation is contemplated at the moment he added de mel said a drought in sri lanka has helped control the spread of the disease the drought has not stopped the disease but probably helped in some way because trees have not been affected in areas that are dry he said brokers said the disease had not affected prices because it has not caused a drop in production prices for the best latex crepe at the colombo auction last week firmed to rupees per kilo from rupees at the previous sale reuter
money-fx	philadelphia exchange to extend hours for asia the philadelphia stock exchange phlx a leading trader of currency options plans to extend its trading hours to serve australasian and far eastern markets exchange president nicholas giordano said he told reporters the phlx will open a new session between and hours u s est from the beginning of the third quarter this year the phlx is also opening an office in hong kong to serve clients in the region and educate financial markets about the advantages of currency options giordano said giordano was in sydney to start an asian pacific tour by exchange executives promoting the hedging benefits of the exchange trade currency option market against existing over the counter option trading during the local working day currency options pioneered by the phlx in had become an accepted means of hedging against foreign exchange risk and had grown in popularity he said the phlx now offered options in eight currencies including a new australian dollar option and traded an average contracts daily with underlying open interest of more than billion u s dlrs giordano said the exchange had been impressed with the performance of its australian dollar contract which since its introduction last year had regularly topped the french franc as the third most popular traded option with up to contracts traded daily having the philadelphia exchange open during the asia pacific market day would open new hedging opportunities set a truer level for over the counter option trading increase arbitraging opportunities and give corporations and treasuries access to a currency option market of much greater depth and liquidity with the security of a clearing house he said reuter
money-supply	u k confirms february sterling m rise the bank of england said the broad measure of u k money supply sterling m rose a seasonally adjusted pct in february after a pct rise in january the unadjusted year on year rise was pct after pct in the year to january the bank said the narrow measure of money supply m fell by a seasonally adjusted pct in february and rose by a non adjusted pct year on year in january m fell by an adjusted pct and rose by a non adjusted pct year on year the figures confirm provisional data issued by the bank on march the bank said sterling bank lending grew by a seasonally adjusted billion stg in february after a billion stg adjusted rise in january the measure of private sector liquidity psl rose an unadjusted pct in february making a year on year unadjusted pct rise adjusted psl rose by pct in february against a pct rise in january the bank said it said the public sector contribution to the growth in sterling m was contractionary by about mln stg after a contractionary contribution of billion stg in january within this the public sector borrowing requirement showed a repayment of mln stg after a billion stg repayment in january while the non bank private sector s holdings of government debt fell by about mln stg after a billion stg fall in january there was a mln stg rise in notes and coins in circulation in february after a mln stg fall in january the bank said non interest bearing sight deposits rose by mln stg after a billion stg fall in january and interest bearing deposits fell mln stg after a billion rise in january reuter
earn	slough estates views prospects confidently slough estates plc slou l said it views the prospects during with confidence in a statement accompanying its results it reported a rise of over mln stg in pretax profit to mln stg and said there are signs that the existing threat of excess supply may be lessened in there has also been a return of interest in industrial investment an external appraisal of the group s investment properties was carried out last year which found their gross value to be mln stg as at dec reuter
cocoa	ec commissioner welcomes cocoa accord the new international cocoa agreement should lead to a stabilisation of prices both benefitting producer countries and promoting an equilibrium in international economic relations european community development commissioner lorenzo natali said he said in a statement welcoming the agreement on buffer stock rules reached last week in london that it resulted in large part from initiatives taken by the ec commission after consumers and producers had reached deadlock in initial negotiations reuter
earn	rugby well prepared for new cement competition rugby portland cement plc rbyl l said it was well placed to operate in the new circumstances following the ending in february of the year old cement manufacturers common price and marketing arrangements in a statement following the release of its results it stated that the current year had started well it reported that pretax profits in the year rose to mln stg from mln previously on turnover higher at mln after mln the strong recovery of the first six months continued into the second half although u k cement demand rose only modestly results benefitted from cost cutting and higher volumes the decision by the cement makers federation to end the pricing agreement reflected pressure from higher competition due to growing imports and the possibility that the system would be taken to the restrictive practices court by the u k government it stated that its john carr unit benefitted from strong organic growth although overseas its cockburn operation had a difficult period with high maintenance costs and increased depreciation charges the company is proposing to change its name at the next annual meeting to rugby group plc rugby said it spent mln stg on acquisitions in it noted that its western australia hotels company had agreed to sell the parmelia hotel for mln australian dlrs some seven mln stg above end book value the results were largely in line with forecasts and rugby shares were little changed at p after at friday s close reuter
acq	mannesmann buys indirect majority stake in sachs mannesmann ag mmwg f said it has reached a series of agreements giving it an indirect majority stake in the fichtel und sachs ag car parts group the takeover is contingent on approval from the federal cartel office in west berlin a spokesman said adding that mannesmann was confident the authorities would not block the purchase mannesmann is buying pct of mec sachs vermoegensholding which owns pct of sachs ag which in turn holds pct of fichtel und sachs the mec shares will be bought from the granddaughters of the firm s founder mannesmann is also purchasing a pct stake in fichtel und sachs from commerzbank ag cbkg f and has an option to buy the bank s remaining pct stake a company statement said in addition to these firm agreements mannesmann is also talking with the state owned steel group salzgitter ag salg h on buying its pct stake in fichtel und sachs this would give mannesmann around pct of fichtel und sachs salzgitter said it decided to give up its own original plans to seek a majority stake in sachs after holding talks with the government in bonn earlier this month mannesmann disclosed that it might want a majority stake in sachs after previously saying it was seeking to buy only a minority holding in the company which has annual turnover of billion marks and employs the acquisition is part of mannesmann s efforts to diversify into high technology areas and away from its previous reliance on steel and pipe making more a spokesman for the federal statistics office later said the anti cartel authorities would probably rule on the takeover in the new few weeks reuter
money-supply	singapore m money supply pct up in january singapore s m money supply rose pct in january to billion singapore dlrs after a pct increase in december the monetary authority of singapore said year on year m grew by pct in january compared with an pct growth in december the january rise was largely seasonal reflecting an increase in currency in active circulation prior to the lunar new year currency in active circulation rose to billion dlrs from billion in december and billion a year ago the demand deposit component of m dropped in january by billion dlrs from billion in december and compared with billion in january broadly based m money supply rose pct to billion dlrs in january after a pct rise in december bringing year on year growth to pct in january against pct in the previous month reuter
ship	b and c reorganises commercial operations british and commonwealth shipping co plc bcom l said that it would reorganise its commercial and service operations into a single public grouping with autonomous management the group has expanded rapidly in the past year through the mln stg acquisition of exco international plc and mln bid for steel brothers holdings plc it noted that its operations were now divided between financial services including money broking investment management and forfaiting and more traditional areas such as aviation hotels commodity trading and office equipment it said that each sector had exciting prospects but required different methods of management and financing b and c planned to form a new public company to hold the commercial operations and envisaged it operating with a capital of between mln and mln stg it has retained barclays de zoete wedd to advise on the introduction of independent investors to subscribe for additional capital and believes that the proportion of equity capital held by outside investors would not exceed pct of the total the statement said that with the continued support of b and c together with outside capital the new grouping would emerge as a major group in its own right with the ability to take advantages of opportunities as they arose however the group would not seek a listing for the time being b and c also said that its chairman lord cayzer planned to retire in june the company proposed that he be appointed life president and that current chief executive john gunn should take over as chairman b and c shares eased p to p at gmt reuter
money-fx	japan conducts currency survey of big investors a finance ministry official said the ministry has recently conducted a survey on foreign exchange transactions by institutional investors but declined to say if it was aimed at moderating their dollar sales however financial market sources said they had heard the ministry has asked life insurance and securities firms to refrain from selling dollars but they were unable to confirm this directly dealers said life insurance firms were not major sellers of dollars in recent trading sessions because they had already sold them to hedge risks dealers said securities houses and trust banks on the other hand have aggressively sold the dollar reuter
crude	bp u k refinery due to partly re open next week the british petroleum co plc bp l oil refinery at grangemouth closed after an explosion and fire eight days ago is expected to partially reopen next week a refinery spokesman said he said the entire bpd refinery has been shut since the accident which killed one person and damaged the site s hydrocracker the main units will resume operation next week but the hydrocracker will be closed for an unspecified period the spokesman said the refinery had been operating at about half its capacity since end january due to overhaul work on part of the complex the overhaul is expected to end by late april reuter
coffee	top qualities sought on hamburg coffee market the green coffee market saw some demand for high quality coffees in the past week but business was described as generally unsatisfactory trade sources said especially sought were spot east african and ethiopian and some brazils they said adding that some high grade robustas also met some demand sporadic business was noted in the second hand which offered kenya coffee for may june shipment up to dlrs below origin levels roasters are said to be well covered and are not expected to enter the market for larger purchases in the near term reuter
money-supply	singapore bank credit rises in january total loans and advances extended by banks in singapore rose in january to billion singapore dlrs from billion in december but fell from billion a year ago the monetary authority of singapore said it said the increase was concentrated in loans to the manufacturing and real estate sectors while loans to the commerce sector declined deposits of non bank customers also fell in january to billion dlrs from billion in december but rose from billion in january total assets and liabilities of banks rose to billion dlrs in january from billion in the previous month and billion a year ago assets and liabilities of finance companies fell to billion dlrs from billion and compared with billion respectively loans extended by finance companies rose to billion dlrs from billion in december and against billion in january last year while deposits placed with them dropped to billion against and billion reuter
money-fx	bank of england does not operate in money market the bank of england said it had not operated in the money market during the morning session earlier the bank revised its forecast of the liquidity position to flat from its original estimate of a mln stg surplus reuter
money-fx	asian dollar market assets fall in january the gross size of the asian dollar market contracted to billion u s dlrs in january down billion dlrs from december reflecting a decline in interbank activity the monetary authority of singapore mas said in its latest monthly bulletin the assets stood at billion dlrs in january last year mas said interbank lending fell in january to billion dlrs from billion in december but rose from billion in january and interbank deposits to billion against and billion respectively loans to non bank customers increased to billion dlrs in january from billion in december and billion in january deposits of non bank customers also increased in january to billion from billion a month ago and billion a year ago reuter
money-supply	h k m money supply rises pct in february hong kong s broadly defined m money supply rose pct in february to billion h k dlrs from january when it rose pct the government said total m rose pct from february local currency m rose pct to billion dlrs from january and pct on the year total m rose pct to billion dlrs in february from january when it increased by pct local currency m rose pct to billion dlrs last month after it rose pct in january total m and local m rose pct and pct respectively from february total m fell pct to billion dlrs in february after a pct rise in the previous month local m dropped pct to billion dlrs after january s rise of pct year on year growth in total m and local m was pct and pct respectively total loans and advances rose pct to billion dlrs from january when they were up pct however loans for financing hong kong s visible trade fell pct to billion dlrs after a pct rise in the previous month reuter
cocoa	cocoa deal seen positive but no price guarantee the buffer stock rules agreement reached on friday by the international cocoa organization icco is an improvement on previous arrangements but the price support mechanism is unlikely to do more than stem the decline in cocoa prices many icco delegates and trade sources said the accord was reached between producers and consumers of the member icco council after two weeks of talks european chocolate manufacturers and delegates said the accord may boost cocoa prices immediately but world surpluses overhanging the market will pull prices down again before long if the buffer stock operation is successful i doubt it will do anything more than stop the price from falling further and it will have no relevance at all to retail chocolate prices a european dealer said and if the buffer stock manager delays too long in buying or is not seen to be using his purchasing power when the market is relying on him to do so the bearish trade reaction could pressure prices dramatically dealers said the buffer stock is the market regulating tool of the icco into which cocoa can be bought or from which it can be sold to manoeuvre prices into a pre set stabilization range a new cocoa agreement came into force in january but delegates could not agree buffer stock rules at that time the new rules take effect immediately the buffer stock manager is expected to begin buying cocoa within the next three weeks after organizing communications with cocoa producing countries and assessing the market since prices are below the must buy level of special drawing rights per tonne specified in the agreement the sources said the buffer stock theoretically has funds to buy a maximum tonnes within a five week period but its approach will be more cautious buffer stock manager juergen plambeck said the buffer stock has around mln dlrs in funds and a buying limit of tonnes of cocoa tonnes of which are already in the buffer stock icco council chairman and ivorian agriculture minister denis bra kanon said the new rules have a good chance of stabilizing prices ivory coast is the world s largest cocoa producer we have established rules which will permit us to withdraw immediately the surplus of cocoa on the world market bra kanon told reporters after the council adjourned bra kanon reckoned the world cocoa surplus could be less than half the tonnes estimated by the icco statistics committee however some producer and consumer members emerged from the final icco council meeting with reservations about the pact ghana whose high quality cocoa is the world s most expensive and provides pct of the country s export earnings made a formal protest to the council about the price differentials assigned to its cocoa saying they were too high for ghanaian cocoa to be bought for the buffer stock according to consumer spokesman peter baron of west germany consumers weren t perfectly happy with the buffer stock rules we reached a very sensitive compromise there were no real winners or losers some european community delegates were not satisfied that important points were fully discussed during the talks and as a result doubted the rules can deal with world surpluses as effectively as they could have delegates said under the new rules the buffer stock manager would seek offers of different origin cocoas using price differentials to reflect different qualities non icco member cocoa can comprise up to pct of the total buffer stock london cocoa prices traded today around stg per tonne down from around stg in january and stg in january a cocoa withholding scheme can take a further tonnes of cocoa off the market if a special council session decides market conditions warrant it according to the agreement the withholding scheme can only be used if prices fall below the sdr lower intervention price for more than five days and if pct of the maximum buffer stock capacity has been filled or if the buffer stock runs low on funds it says the icco will discuss withholding scheme rules at an executive committee meeting on june icco officials said reuter
trade	nakasone sounds conciliatory note in chip dispute prime minister yasuhiro nakasone sounded a conciliatory note in japan s increasingly bitter row with the united states over trade in computer microchips japan wants to resolve the issue through consultations by explaining its stance thoroughly and correcting the points that need to be corrected he was quoted by kyodo news service as saying while expressing regret over america s decision to impose tariffs on imports of japanese electrical goods nakasone said tokyo was willing to send a high level official to washington to help settle the dispute government officials said japan would make a formal request next week for emergency talks and that the two sides would probably meet the week after just days before the april deadline set by washington for the tariffs to take effect tokyo is expected to propose a joint u s japan investigation of american claims that japanese companies are dumping cut price chips in asian markets on friday washington announced plans to put as much as mln dlrs in tariffs on imports of certain japanese electronic goods in retaliation for what it sees as tokyo s failure to live up to their bilateral chip pact reuter
acq	amylum chairman disappointed by ferruzzi cpc deal belgian starch manufacturer amylum nv is surprised and disappointed that its mln dlr offer for the european business of cpc international inc cpc n was apparently rejected in favour of a lower mln dlr bid by italy s gruppo ferruzzi chairman pierre callebaut said callebaut told reuters that amylum a leading starch and isoglucose manufacturer in which britain s tate and lyle plc tatl l holds a pct stake had made an undisclosed initial takeover offer for cpc s european corn wet milling business by the close of cpc s tender on march the offer was raised on march to a final mln dlrs in cash after cpc told amylum its initial bid was below ferruzzi s mln stg offer callebaut said on the same day cpc announced it had agreed in principle to sell its european business to ferruzzi in a mln dlr deal noting that ferruzzi was studying a public offering of shares in its unit european sugar france to fund the cpc takeover callebaut said amylum may still succeed in its bid for the time being we just await developments but i note that whereas our higher offer was in cash ferruzzi apparently is still organising finance callebaut said reuter
money-fx	philadelphia exchange to extend hours for asia the philadelphia stock exchange phlx a leading trader of currency options plans to extend its trading hours to serve australasian and far eastern markets exchange president nicholas giordano said he told reporters the phlx will open a new session between and hours u s est from the beginning of the third quarter this year the phlx is also opening an office in hong kong to serve clients in the region and educate financial markets about the advantages of currency options giordano said giordano was in sydney to start an asian pacific tour by exchange executives promoting the hedging benefits of the exchange trade currency option market against existing over the counter option trading during the local working day currency options pioneered by the phlx in had become an accepted means of hedging against foreign exchange risk and had grown in popularity he said the phlx now offered options in eight currencies including a new australian dollar option and traded an average contracts daily with underlying open interest of more than billion u s dlrs giordano said the exchange had been impressed with the performance of its australian dollar contract which since its introduction last year had regularly topped the french franc as the third most popular traded option with up to contracts traded daily having the philadelphia exchange open during the asia pacific market day would open new hedging opportunities set a truer level for over the counter option trading increase arbitraging opportunities and give corporations and treasuries access to a currency option market of much greater depth and liquidity with the security of a clearing house he said reuter
money-fx	japan carefully considering money policy sumita bank of japan governor satoshi sumita said the central bank will carefully consider its monetary policy in light of the recent sharp fall of the dollar asked if the bank of japan will consider a further cut in its discount rate he said he now thinks the bank will have to carefully consider its future money policy he told a lower house budget committee in parliament that credit conditions have been eased by the five discount rate cuts by japan since the beginning of last year japan must now be especially careful about a flare up in inflation with money supply growth accelerating he said sumita said the central bank would continue to make a judgement on monetary policies while watching consumer prices exchange rates and economic and financial conditions both in and outside japan asked if the september plaza agreement was a failure because the dollar had fallen too far sumita said he still thought the pact was a good one in the sense that it had corrected the overvaluation of the dollar but the plaza accord did not set any target for the dollar s fall he said the dollar s steep fall stems from the market s belief that the trade imbalance will continue to expand he said reuter
trade	tokyo bids to stop chip row becoming trade war japan is seeking to prevent its computer chips dispute with the u s from erupting into a full scale trade war government officials said we hope that the dispute on this specific issue won t have an adverse effect on our overall relationship with the united states a ministry of international trade and industry miti official said on friday washington announced plans for as much as mln dlrs in tariffs on japanese electronic goods for tokyo s alleged failure to live up to a bilateral computer chip pact that agreement reached last year after heated negotiations called on japan to stop selling cut price chips in world markets and to buy more american made semiconductors foreign ministry officials immediately tried to isolate the fall out from the dispute by seeking to separate it from prime minister yasuhiro nakasone s planned trip to washington at the end of april while japan has already done about all it can to make sure the chip pact is working the government is studying measures it can take in other fields to defuse american anger and ensure the trip s success they said the perception of japan in the u s congress is very bad one official told reuters we would very much like to do something to respond to that in an apparent effort to prevent the chip dispute from spreading to other areas miti officials sought to depict the u s action as a severe warning to japanese semiconductor makers not to the government faced with a belligerent domestic chip industry and an angry american congress the japanese government has been forced to walk an increasingly fine line in the semiconductor dispute trade analysts said they said that it was an open secret that japan s largest chip maker nec corp was not happy with what it viewed as the draconian measures miti was taking to implement the pact included enforced production cuts the angry response of japanese chip makers yesterday to the announcement of the u s tariffs highlighted the difficulties the government faces in taking further action japanese semiconductor manufacturers have complied with the u s japan agreement said shoichi saba chairman of the electronic industries association of japan he accused the u s of being irrational he said the u s action had made the bilateral chip pact meaningless saba s comments contrasted with those of prime minister yasuhiro nakasone who said tokyo wanted to solve the dispute through consultations japan is expected to send a high level official to washington early next month to try to convince the u s not to go ahead with the tariffs on april trade analysts say tokyo is likely to outline industry plans to step up purchases of u s chips and to propose a joint investigation into u s allegations of chip dumping reuter
trade	baldrige predicts end of u s japan trade dispute the united states and japan will soon settle their trade dispute over semiconductors u s commerce secretary malcolm baldrige said on television baldrige referring to the u s japan trade agreement on semiconductors said their government wants to live up to it their industries haven t been doing it and i think we ll have a good settlement to spare both sides i think the japanese understand full well that they haven t lived up to this commitment he said he added i do not think there will be a trade war at all on friday washington announced plans to put as much as mln dlrs in tariffs on japanese electronic goods from april because of tokyo s failure to observe the agreement the officials said the tariffs would be ended as soon as japan started adhering to the agreement but they said there was little chance japan could react quickly enough to avert the higher tariffs baldrige said the reagan administration hoped the strong u s action against japan would convince congress to tone down protectionist trade legislation now being drafted he denied the action had been taken for that reason reuter
acq	investor group puts pressure on gencorp gy an investor partnership seeking to acquire gencorp inc said it would attempt to unseat the company s board of directors and take other hostile actions if the firm refuses to discuss its billion dlr takeover bid general acquisition co comprising investors wagner and brown and glass maker afg industries also reiterated its willingness to negotiate with gencorp the partnership has earlier offered dlrs per share for gencorp a tire broadcasting plastics and aerospace conglommerate analysts have speculated that gencorp on a break up basis could fetch more than to dlrs per share gencorp officials had no comment on general acquisition s statement but a spokesman reiterated an earlier request to shareholders to wait until its board renders an opinion before making a decision on the general acquisition tender gencorp said its statement would be made on or before the company s annual meeting scheduled for tuesday general acquisition made its statement in a letter sent to the gencorp board on friday the partnership said it was willing to negotiate all points of its offer including price the group the board cannot fully carry out its fiduciary duties to gencorp shareholders and make a fully informed decision about its offer until it has thoroughly explored with us the ways in which our offer can be revised to provide greater value to your shareholders general acquisition said it is aware the board may be reviewing alternative transactions which might provide gencorp shareholders with a payment other than cash if that is the case you should recognize that our additional equity capital may very well enable us to offer cash and securities having greater value than gencorp could provide in any similarly structured transaction the partnership said general acquisition also said it believes that gencorp s board has an obligation to present any alternative transaction it may propose to shareholders in a manner that would allow for competing offers the partnership requested that if any other proposal is under consideration that it be given the same information available to gencorp s managers and advisers in constructing a proposal general acquisition said that if gencorp agrees to accept another buyout proposal that it also be given an opportunity to bid on a competitive and fair basis before any final decision is made general acquisition repeated its request that gencorp remove its poison pill or shareholders rights plan general acquisition said if gencorp does not allow an environment for fair competition it will take all steps necessary to create such an enviroment it said it may take legal action or seek the support of shareholders in calling a special meeting to replace the board and to consider other proposals it might develop general acquisition also said if the board decides to accept an alternate proposal it asked that it not accept a plan that would include defensive features reuter
acq	united banks colorado ubks acquisition cleared united banks of colorado inc said it has received federal reserve board approval to acquire intrawest financial corp intw in an exhcnmage of united share for each intrawest share the company said the acquisition is still subject to day review by the u s justice department and is expected to be completed in the second quarter reuter
acq	suffield s ssbk coastal csbk buy cleared suffield financial corp said it has received approvcal from the maine bureau of banking for its proposed acquisition of coastal bancorp of portland maine and the acquisition is expected to close around april one the approval was the last regulatory clearance required for the transaction reuter
acq	marketing systems masy seeks acquisitions marketing systems of america inc said it has retained richter cohen and co to assist in efforts to redirect its business through merger or acquisition the company said as consideration for services to be renedered it has agreed to grant richter five year warrants to buy common shares at cts each exercisable starting in march and a negotiated fee on completion of any transaction it said it has the right to cancel the warrants after one year if no transaction has been completed reuter
earn	oracle systems orcl files for offering oracle systems corp said it has filed for an offering of common shares after adjustment for a recent two for one stock split including to be sold by shareholders the company said lead underwriters are alex brown and sons inc absb and donaldson lufkin and jenrette securities corp the offering is expected to be made in early april with company proceeds used to repay all short term debt for working capital and for possible acquisitions oracle said after the offering it will have about mln shares outstanding reuter
acq	skanska to take stake in canadian firm swedish construction and real estate company skanska ab skbs st said it will sell its pct holding in canadian building firm canadian foundation company ltd to rival banister continental ltd a company spokeswoman told reuters skanska will receive banister shares as payment giving the swedish group pct of the stock in the expanded banister firm she said skanska will also be appointing two board members to the canadian company reuter
money-fx	u k money market given mln stg assistance the bank of england said it had provided the money market with assistance worth mln stg in the afternoon session this compares with the bank s forecast of a shortage in the system today of around mln stg the central bank purchased mln stg bank bills in band one at pct reuter
earn	sage analytics saii sets stock split sage analytics international inc said its board has declared a three for two stock split payable june to holders of record on june eight the company also said it will redeem warrants till outstanding on june two at cts each each two warrants allow the purchase of one common share at six dlrs through june one there are presently warrants outstanding reuter
money-fx	japan conducts currency survey of big investors a finance ministry official said the ministry has recently conducted a survey on foreign exchange transactions by institutional investors but declined to say if it was aimed at moderating their dollar sales however financial market sources said they had heard the ministry has asked life insurance and securities firms to refrain from selling dollars but they were unable to confirm this directly dealers said life insurance firms were not major sellers of dollars in recent trading sessions because they had already sold them to hedge risks dealers said securities houses and trust banks on the other hand have aggressively sold the dollar reuter
money-fx	japanese seen lightening u s bond holdings the dollar s tumble to a record low of yen in tokyo today motivated some major japanese investors to lighten their u s bond inventory further and is expected to spur diversification into investment assets including foreign and domestic shares dealers said the key u s pct treasury bond due fell to a low of in early tokyo trade against the new york finish then recovered to some trust bank pension fund acccounts and investment trusts were seen selling several hundred million dollars on the foreign exchange market here today accentuating the unit s tumble securities house dealers said they seem undecided on what to do with the fresh yen cash positions resulting from their dollar sales today and are sidelined until the currency market stabilises and the interest rates outlook clarifies a nikko securities co ltd currency trader said the dollar s plunge and low yields on u s bonds will further promote diversification into other foreign investments as well as call back funds into the domestic bond and stock markets from overseas bond markets securities bond managers said they said major japanese investors in the past two years are estimated to have held to pct of their foreign portfolios in u s bonds but many have lightened their u s bond inventory to as low as pct since late last year japanese investors seeking substantial liquidity and attractive yields have used fresh funds to buy mark and canadian dollar bonds and after the paris currency pact actively bought french franc bonds and gilts while gradually lightening u s bond inventories the managers said dealers said funds tied up in foreign assets had flowed into local bond and stock markets as well the yield of the key pct th bond dropped to a record low of pct today from the saturday finish and compared with pct on three month certificates of deposit the key bond has fluctuated less than five basis points for more than a month here suggesting most dealers could not satisfy their needs for capital gains dealers said a market survey by reuters showed some active accounts in u s treasuries are currently dealing on tokyo s stock market the stock market s bullishness late last week was partly due to funds transferred from u s treasuries dealers said japanese net purchases of foreign securities in the first half of march fell an estimated one billion dlrs compared with average monthly net purchases of billion for the whole of finance ministry sources said the steep fall is due to japanese investors cool attitude towards u s bonds which had amounted to more than pct of total foreign securities purchased securities houses managers said foreign stock buying in march is expected to exceed the record high of billion dlrs seen in december they said diversification of foreign portfolios is underway and we have bought bonds in currencies such as marks the canadian dollar the ecu and french franc a fund manager at yasuda trust and banking co ltd said reuter
gold	peru announces large new gold find president alan garcia said peru has found gold deposits worth an estimated billion dlrs in a jungle region near the ecuadorean border about km north of here he told reporters yesterday the deposits located at four sites near the town of san ignasio contained the equivalent of tonnes of gold garcia said the government would soon install a two mln dlr treatment plant at tomaque it will extract enough ore to provide an estimated mln dlr profit by the end of this year he added garcia said the other gold bearing deposits are located at tamborapa pachapidiana and a zone between the cenepa and santiago rivers reuter
acq	news corp ltd to acquire harper and row publishers inc for dlrs share
acq	canadian worldwide energy buys triton oil unit canadian worldwide energy ltd said it acquired triton energy corp s wholly owned canadian subsidiary triton petroleum ltd for the issue of mln common shares of canadian worldwide subject to regulatory approvals the company said the transaction will increase triton energy s holding in canadian worldwide to mln shrs or a pct fully diluted interest from mln shares triton petroleum s assets consist of proven oil reserves of mln barrels exploratory acreage and unspecified working capital and a significant tax loss carryforward canadian worldwide said it is optimistic the triton petroleum ltd acquisition will strengthen its financial and production base and permit acceleration of its conventional oil exploration program reuter
earn	clabir clg dividends not taxable clabir corp said it has determined all dividends paid on its class a common in are not taxable as dividend income while this is a preliminary estimate the company said it may be used by shareholders when preparing income tax returns reuter
earn	lennar len sees strong earnings for year lennar corp chairman and president leonard miller said the current backlog of orders and the strong economy point to strong revenues and earnings for the balance of fiscal he said the company s backlog of sales deposits on feb was an increase of units over the previous year lennar recorded net earnings for the first quarter of or cts per share compared to or cts per share the prior first quarter it recorded net earnings of mln dlrs or dlrs per share for fiscal the company also said that at its april annual meeting shareholders will vote on increasing the company s authorized common stock to mln shares from mln this will include mln shares of common stock and mln shares of class b common stock it added those shareholders who elect to convert their shares into class b stock will be entitled to votes per share while other shareholders will retain one vote per share lennar said the company said if this is approved it intneds to pay holders of class b stock a quarterly cash dividend of five cts per share and holders of the other common stock a quarterly cash dividend of six cts per share reuter
trade	yugoslav trade falls sharply statistics show yugoslav trade is declining rapidly this year in hard currency terms according to the latest federal statistics office fso figures the fso figures showed total exports from january to march valued at billion dinars compared with billion dinars in the same period last year these figures were down by pct on last year in dollar terms due to exchange rate fluctuations and changes in how the figures were calculated fso sources said this year current exchange rates were used for the first time instead of a fixed rate of dinars to the dollar belgrade march yugoslav trade is declining rapidly this year in hard currency terms according to the latest federal statistics office fso figures the fso figures showed total exports from january to march valued at billion dinars compared with billion dinars in the same period last year these figures were down by pct on last year in dollar terms due to exchange rate fluctuations and changes in how the figures were calculated fso sources said this year current exchange rates were used for the first time instead of a fixed rate of dinars to the dollar
earn	walbro walb sees strong st qtr results walbro corp said it expects its first quarter results to reach all time highs it projected sales exceeding mln dlrs or up pct from the dlrs reported for the first quarter it said the previous high for a single quarter was dlrs for the fourth quarter walbro estimated income for the quarter will exceed first quarter income which was dlrs or cts a share by at least pct it said the first quarter of had been the previous income record for a single quarter walbro cited strong demand for its fuel systems products especially automotive electronic fuel injection components and carburetors for lawn and garden applications however it said it is unlikely the company will sustain the same record pace of sales and income throughout due to an expected reduction in throttle body sales it now appears likely that the company s throttle body business with general motors corp gm will peak in the first six months of continue at reduced levels to july and suffer an interruption for the period from july to july walbro added reuter
gnp	canada gdp up pct in january canada s gross domestic product rose pct seasonally adjusted in january after gaining pct in december but falling pct and pct in november and october statistics canada said january s rise in prices was fueled largely by a pct gain in the goods producing sector output in services producing industries declined pct from december s level january s level was pct higher than the same month a year ago the federal agency said it was the second straight gain for goods producing industries most of the growth occurred in manufacturing and construction within manufacturing strong gains were posted in the wood machinery non metallic mineral and food product groups significant declines were recorded in the output of automobiles and parts however in the services sector increases in finance insurance and communication were more than offset by declines in transportation storage and the retail trade reuter
acq	mobil france to take pct stake in primagaz mobil corp s mob mobil oil francaise unit said it will take a stake of about pct in the french butane and propane gas distribution company primagaz in exchange for the transfer to primagaz of mobil s small and medium bulk propane activity small and medium bulk propane sales totalled tonnes in and the transfer will increase total business of primagaz by about pct equal to extra customers a primagas spokesman said mobil will take the stake by means of a capital increase terms of which have not yet been established
earn	metromail mtml sees flat year net metromail corp said it expects earnings for the year to be about flat due to higher expenses caused by an expansion of data processing capabilities and startup costs associated with new cooperative programs that will continue into the fourth quarter the company today reported earnings for the nine months ended march one of dlrs down from dlrs a year before for all of last year it earned mln dlrs reuter
earn	regency cruists ship corrects earnings regency cruises inc said its earnings per share for the year were cts per share not the cts it reported on march the company lost cts per share in reuter
acq	morrison inc morr acquires custom management morrison inc a diversified food service company said it acquired custom management corp based in kingston penn for an undisclosed amount custom manages some food contract management operations and about environmental service accounts producing about mln dlrs in annual revenues reuter
earn	aneco reinsurance co ltd anecf year net shr profit cts vs loss dlrs net profit vs loss note net includes gain on bond portfolio of dlrs and dlr provision for losses on discontinued liability and multi peril lines of reinsurance reuter
earn	texas international co tei th qtr loss shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln avg shrs mln vs mln year shr loss dlrs vs loss dlrs net loss ln vs loss mln revs mln vs mln avg shrs mln vs mln note net includes extraordinary gains of dlrs vs nil in quarter and dlrs vs dlrs in year year net includes dlr credit for previous overpayments of windfall profits taxes reuter
earn	scientific micro smsi sees higher revenues scientific micro systems inc said it expects first quarter revenues to rise by about pct to mln dlrs compared with the mln reported for the first quarter last year the company said it experienced revenue growth across all product lines during the quarter it also said revenue growth should continue during the year and the company should experience improved profitability in the second half when acquisition and new product introduction costs will not have a significant impact on earnings reuter
acq	bolt beranek bbn files for debenture offering bolt beranek and newman inc said it filed with the securities and exchange commission a registration statement covering a mln dlr issue of convertible subordinated debentures due a portion of the proceeds will be used to acquire all of the outstanding capital stock of network switching systems inc another part will allow bolt to exercise its option to purchase all of the limited partnership interests in bbn rs expert limited partnership with the rest used for general corporate purposes the company named painewebber merrill lynch and montgomery securities as underwriters reuter
acq	henley group said has close to five pct or mln shares of santa fe southern pacific as investment
crude	mexican first qtr crude exports seen at dlrs the average price of mexico s crude oil exports in first quarter will be dlrs per barrel according to preliminary figures issued in a press release by the state oil company petroleos mexicanos pemex it gave no direct comparison with the year ago figure but said crude and products sales were expected to rise to billion dlrs this quarter mln dlrs higher than expected and pct better than the year ago quarter prospects for the second quarter were relatively favourable with crude exports seen at mln bpd after an expected mln this month in february and mln in january reuter
earn	texas international tei has unqualified audit texas international inc said it has received an unqualified audit opinion from auditor arthur andersen and co the company had received a qualified opinion on financial statements subject to its ability to resolve negotiations with its u s bank group subsequently it sold almost all its domestic oil and natural gas properties and retired all u s bank debt in march with part of the proceeds reuter
acq	tenneco tgt buys unisys uis unit tenneco inc said its newport news shipbuilding subsidiary has completed the purchase of the sperry marine systems division of unisys corp for about mln dlrs sperry marine has annual revenues of about mln dlrs reuter
acq	biogen bgenf may sell european operations biogen nv said as part of a program to reduce expenses it is in talks on the sale of its geneva switzerland operations the company gave no details reuter
earn	miltope group inc milt th qtr net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs backlog mln vs mln reuter
earn	aloette cosmetics inc alet th qtr dec net shr cts vs cts net vs revs vs avg shrs vs year shr cts vs cts net vs revs mln vs avg shrs vs reuter
earn	international proteins corp pro year net oper shr cts vs cts oper net vs sales mln vs mln note net excludes tax credits of dlrs vs dlrs reuter
earn	csm systems inc csms year ended dec loss shr loss cts vs profit cts net loss vs profit revs vs note earnings per share restated retroactively for all periods to reflect pct stock dividend in april and pct stock split september revenues include progress receivables on long term contracts not billed to customers and reflect the proportionate elements of profit as revenues based on stage of completion of long term contracts reuter
money-fx	fed sets two billion dlr customer repurchase fed says
fuel	global raises heavy fuels prices global petroleum corp said today it raised its posted prices for numbers six fuel cargoes in the new york harbor cts to dlrs per barrel depending on grade effective today the new prices are pct sulphur dlrs up pct sulphur dlrs up one pct sulphur dlrs up cts two pct sulphur up cts pct sulphur dlrs up cts pct sulphur dlrs up the company said reuter
money-fx	fed adds reserves via customer repurchases the federal reserve entered the u s government securities market to arrange two billion dlrs of customer repurchase agreements a fed spokesman said dealers said federal funds were trading at pct when the fed began its temporary and indirect supply of reserves to the banking system reuter
acq	bow valley industries bvi sets secondary issue bow valley industries ltd said it filed a preliminary short form prospectus in canada and the united states for a secondary offering of pct of outstanding common stock or common shares being sold by certain shareholders the company said bowcan holdings inc a holding company principally owned by the seaman brothers of calgary and charles rosner bronfman trust of montreal is offering to sell all of its holding of bow valley common shares the balance of the offering is owned directly and indirectly by various trusts of jean and charles degunzberg proceeds and expenses from the secondary offering of bow valley industries common shares are for the account of the selling shareholders the company said the shareholders will engage salomon brothers inc for distribution of the shares in the united states and mcleod young weir ltd for distribution in canada reuter
gold	cornucopia resources ltd in drilling program cornucopia resources ltd said an extensive drill and sampling program will begin in mid april at its ivanhoe gold property in north central nevada it said it will seek to increase the present reserves of eight mln short tons grading ounce of gold per ton that had been found by usx corp x on a small portion of the acre property determine the location of possible high grade ore zones at depth and test other targets reuter
earn	cognitronics corp cgn th qtr loss shr loss cts vs loss cts net loss vs loss revs vs year shr loss dlr vs loss cts net loss vs loss revs mln vs mln note and th qtr net includes charges of dlrs or cts a share and or cts a share respectively reuter
acq	allegheny international sells wilkinson sword group for mln dlrs
acq	henley heng has santa fe southern sfx stake henley group said in a k filing with the securities and exchange commission that it has mln shares or close to five pct of santa fe southern pacific corp a spokesman said in response to questions from reuters the henley spokesman said the filing was as of december but that the company still holds the shares it s an investment and we re very happy with it beyond that i have no comment the spokesman said reuter
crude	mexican first qtr crude exports seen at dlrs the average price of mexico s crude oil exports in first quarter will be dlrs per barrel according to preliminary figures issued in a press release by the state oil company petroleos mexicanos pemex it gave no direct comparison with the year ago figure but said crude and products sales were expected to rise to billion dlrs this quarter mln dlrs higher than expected and pct better than the year ago quarter prospects for the second quarter were relatively favourable with crude exports seen at mln bpd after an expected mln this month in february and mln in january reuter
acq	combustion csp completes accuray acra buy combustion engineering inc said it has completed the previously announced acquisition of accuray corp in a merger trasaction that closed friday at dlrs per share reuter
coffee	u s sees no new coffee agreement talks soon the united states does not expect the executive board meeting of the international coffee organization ico to call for a new round of negotiations on reinstating coffee quotas a u s government official said the official a member of the u s delegation to ico talks earlier this year said no new coffee agreement talks are expected because there is no indication the negotiating positions of major producers and consumers have changed the u s still demands as a condition of reimposition of coffee quotas that objective criteria be set for establishing quotas said the u s official who asked not to be identified brazil the major producer insists on quotas based on a traditional formula the u s remains open to a negotiating meeting but only if some new flexibility is apparent from major countries the official said the ico executive board meets tomorrow in london reuter
earn	intelligent systems inp sets initial payout intelligent systems master limited partnership said its board declared an initial quarterly dividend of cts per unit payable april to holders of record march the partnership formed at year end by the conversion of intelligent systems corp from corporate form said its board has approved in principle quarterly dividend of to cts per quarter for calendar it said as part of its restructuring it may sell some of its assets this year with unitholders receiving either cash from the sale or stock in the acquiring company reuter
earn	quest medical inc qmed th qtr loss shr loss six cts vs profit two cts net loss vs profit revs vs year shr loss four cts vs profit three cts net loss vs profit revs mln vs mln reuter
acq	oppenheimer has six pct of cyclops cyl oppenheimer the brokerage and investment subsidiary of oppenheimer group inc told the securities and exchange commission it has acquired shares of cyclops corp or pct of the total outstanding oppenheimer said it bought the stake in connection with risk arbitrage and other investment activities in the ordinary course of its business it said it has no plans to seek control of the company as of friday dixons group plc had acquired cyclops shares giving it pct of the total reuter
earn	dune resources ltd dnlaf th qtr net shr profit one ct vs loss two cts net profit vs loss revs vs year shr loss eight cts vs loss three cts net loss vs loss revs vs reuter
earn	aw computer systems inc awcsa year end dec shr cts vs cts net vs revs vs reuter
acq	allegheny international ag sells wilkinson allegheny international inc said it sold its wilkinson sword consumer group to the swedish match co of stockholm for for mln dlrs after settlement of intercompany transactions between the wilkinson sword groups and allegheny the net payment by swedish match will amount to about mln dlrs the wilkinson sword group was transferred to the swedish match co today except for companies in certain countries where approval from government authorities is required the company said allegheny said it acquired a pct interest in wilkinson then known as wilkinson match ltd in and the remaining share in this divestiture is part of allegheny s overall restructuring program and strategy to concentrate primarily on its north american consumer products business the company said reuter
earn	datron corp datr th qtr net shr cts vs cts net vs rev mln vs mln year shr cts vs cts net vs rev mln vs mln reuter
acq	c o m b cmco sells three retail stores c o m b co said it sold three of its retail stores in omaha to bob cummins enterprises inc a retail closeout merchandiser it said the sale is consistent with its previously announced retail division restructuring plans reuter
earn	centronics cen sets preferred purchase rights centronics corp said its board declared a dividend distribution of one preferred share purchase right on each outstanding common share payable to holders of record april the rights which will expire years later will entitle shareholders to buy one hundredth of a share of a new series of preferred at an exercise price of dlrs the rights will be exercisable only if some one acquires pct or more of centronic s common or announces an offer which would result in ownership of pct or more of the stock centronics said its board will be entitled to redeem the rights at two cts per right at any time before a pct position has been acquired if the rights become exercisable the company said those held by shareholders other than the owner of pct or more of the stock will entitle the holder to purchase a number of common shares having a market value twice the right s exercise price reuter
earn	mcclain industries mccl sets stock split mcclain industries inc said its board declared a four for three stock split payable record april the company also said it plans to open within the next days a square foot plant in macon ga that will allow it to expand production of transfer trailers and other products reuter
acq	heritage communications hci in special meeting heritage communications inc said it expects to hold a special shareholder meeting in may to consider its proposed acquisition by an investor group including members of senior management and tele communications inc tele the company said it is seeking to obtain all regulatory approvals needed to complete the transaction before or shortly after the special meeting heritage said it has filed preliminary proxy materials with the securities and exchange commission and has applied for a change of control of its broadcast licenses with the federal communications commission heritage it and tele communications made required hart scott rodino filings with the federal trade commission and justice department on march and respectively reuter
earn	cherokee group inc chke st qtr feb net shr cts vs cts net vs sales mln vs mln note share adjusted for two for one stock split in february reuter
acq	louisiana pacific lpx to buy wallboard plant louisiana pacific corp said it reached a non binding agreement in principle to buy a gypsum wallboard plant in seattle from norwest gypsum purchase price and other details of the agreement were not disclosed reuter
acq	nobel s bofors to sell its singapore holding nobel industries sweden sa nobl st said its arms subsidiary ab bofors plans to sell its pct stake in allied ordnance co of singapore ltd because of its part in weapons exports which contravene swedish law the events we have uncovered are unacceptable and highly regrettable incidents in our company s history nobel chairman lars erik thunholm told a news conference nobel managing director anders carlberg said an internal inquiry has revealed an extensive network of international arms smuggling reuter
coffee	ico board seen unlikely to set new coffee talks chances that the international coffee organization ico executive board meeting this week will agree to resume negotiations on export quotas soon look remote ico delegates and trade sources said ico observers doubted brazil or key consuming countries are ready to give sufficient ground to convince the other side that reopening negotiations again would be worthwhile they said ico talks on quotas last month broke down after eight days when producers and consumers failed to reach agreement since we have not seen signs of change in other positions it s difficult to see a positive outcome at this stage brazilian delegate lindenberg sette said but quotas must be negotiated sometime he said the u s has indicated it is open to dialogue on quotas but that brazil must be flexible rather than refuse to lower its export share as it did in the last negotiations delegates said at this week s march april meeting the member ico board is scheduled to discuss the current market situation the reintroduction of quotas verification of stocks and some administrative matters according to a draft agenda the fact that brazilian coffee institute president jorio dauster assistant u s trade representative jon rosenbaum and chief colombian delegate jorge cardenas are not attending the meeting has signalled to most market watchers that it will be a non event as far as negotiating quotas is concerned i would imagine there will be a lot of politicking among producers behind closed doors to work up some kind of proposal by september the next scheduled council meeting bronwyn curtis of landell mills commodities studies said traders and delegates said they have seen no sign that a date will be set for an earlier council meeting if the stalemate continues much longer analysts expect the coffee agreement will end up operating without quotas for the remainder of its life to september when talks broke down the u s and brazil the largest coffee consumer and producer respectively blamed one another for sabotaging negotiations by refusing to compromise brazil wanted to maintain the previous export quota shares under which it was allocated pct of world coffee exports but consumers and a small group of producers pressed for shares to be redistributed using objective criteria which would have threatened brazil s share at a recent meeting in managua of latin american producers costa rica and honduras said they were willing to put their objections as members of the group of eight ico dissident producers aside in order to stem the damaging decline in prices nicaraguan external trade minister alejandro martinez cuenca told reporters saturday he was in london to brief producers on the managua meeting however other producers said they were not aware of this move toward producer solidarity london coffee prices closed at stg a tonne today down from around at the beginning of march reuter
veg-oil	minister sees enough ec states against oils tax enough european community ec states appear to be opposed to the proposals by the ec commission for a european currency unit ecu a tonne tax on vegetable oils fats and marine oils to block adoption by ec ministers british farm minister michael jopling said he told a news conference held during a meeting here of ec agriculture ministers that britain west germany the netherlands denmark and portugal were all against the tax between them these five countries had more than enough votes in the weighted voting system used in ec ministers meetings to block a decision jopling said reuter
earn	dravo drv to have first quarter loss dravo corp said it expects a first quarter loss of about cts per share compared with a year earlier profit of one ct and said operating earnings for all of may not match s earnings of cts per share from continuing operations dravo saidperformance so far this year in its engineering and construction segment has not met earlier expectations it said the first quarter will be impacted by writedowns resulting fromn revised estimates of costs required to complete projects and by delays in starting work on jobs originally forecasted to contribute to first quarter earnings dravo further said it has given the investor group buying dravo s river transportation stevedoring and pipe frabrication businesses additional time to structure the necessary permanenty financing and closing is now expected in the third quarter reuter
trade	economic spotlight u s congress raps japan the u s congress is making japan with its enormous worldwide trade surplus the symbol of the u s trade crisis and the focus of its efforts to turn around america s record trade deficit japan has come to symbolize what we fear most in trade the challenge to our high technology industries the threat of government nutured competition and the multitude of barriers to our exports senate democratic leader robert byrd said if we can find a way to come to terms with japan over trade problems we can manage our difficulties with other countries the west virginia democrat said at a senate finance committee hearing on the trade bill byrd and house speaker jim wright a texas democrat have made trade legislation a priority this year and a wide ranging bill is being readied for probable house approval next month japan s bilateral trade surplus jumped from billion dlrs in to billion dlrs last year its surplus rose to billion dlrs in february from billion dlrs in january congress points to the record billion dlrs u s trade deficit in and the slow response in the trade imbalance to the dollar s decline in world currency markets as a reason to press japan to buy more u s goods they are particularly dismayed by the rapid deterioration in u s exports of sophisticated computer technology in response to the growing anger and pressure by the u s semiconductor industry president reagan friday announced he intended to raise tariffs as much as mln dlrs on japanese electronic goods in retaliation for japan s failure to abide by a u s japanese semiconductor agreement congress also has been been angered by the administration s lack of success with japan on a host of other trade issues including beef citrus automobile parts telecommunications goods and financial services the bulk of the house trade bill was written last week in four committees it is a package of trade sanctions and measures to force the administration take tough action against foreign trade barriers and unfair competition although most provisions do not single out japan in many cases their impact would be to restrict imports of japanese products or make them more expensive with higher duties the cornerstone of the trade legislation passed the house ways and means committee by a vote of to its focus is to force president reagan to retaliate against unfair foreign competition and to make it easier for u s industries to win temporary relief from surges in imports the most controversial issue an amendment to restrict imports if countries such as japan with large surpluses do not buy more u s goods was left for an april vote by the house rep richard gephardt a democratic presidential aspirant from missouri has the support of wright and other key democrats to press for passage of the amendment the measure would have the most impact on japan west germany taiwan and south korea if japan for example does not reduce its barriers by mid the united states would set import quotas or tariffs to cut japanese surplus by ten per cent a year for three years i m tired of going into companies and having managers say to me we re not over competing in japan because we can t compete in the marketplace that argument needs to be taken away from american business gephardt said the administration has said it could not support a trade bill containing such a provision
earn	general public utilities corp gpu two mths net shr cts vs cts net mln vs mln revs mln vs mln mths shr dlrs vs dlrs net mln vs mln revs billion vs billion note results restated for change in accounting reuter
acq	kaufman board kb units cut quaker ksf stake kaufman and board inc and its insurance subsidiaries said they lowered their stake in quaker state oil refining corp to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission the kaufman and board group which includes sun life group said it sold quaker state common shares between feb and march at prices ranging from to dlrs each reuter
acq	businessman has pct of arden group ardna saul brandman a california business executive told the securities and exchange commission he has acquired shares of arden group inc or pct of the total outstanding common stock brandman chairman of domino of california inc a los angeles garment maker said he bought the stake for mln dlrs for investment purposes he said he may buy more arden group shares or he may sell some or all of his current stake he also said he has no plans to seek control of the company reuter
money-fx	fed will buy bills for customer after auction the federal reserve said it will enter the u s government securities market after the est weekly bill auction to purchase around mln dlrs of treasury bills for customers a spokesman said he said the fed will purchase bills with maturities from may through september dealers said federal funds were trading at pct when the fed announced the operation reuter
earn	metromail corp mtml rd qtr march net shr cts vs cts net vs rev mln vs mln nine months shr cts vs cts net vs rev mln vs mln reuter
acq	orange ojay in definitive pact to sell units orange julius international inc said it entered into a definitive agreement to sell orange julius of america and orange julius canada limited to h c holdings inc owned by branford castle inc a merchant banker members of its management and certain of its shareholders orange said the purchase price will consist of mln dlrs in cash and pct redeemable preferred pct of hc s common equity and the right for it to prospectively receive pct of certain royalties under a proposed licensing program it said hc also agreed to lend up to dlrs to it in advance of closing and it had already received dlrs orange julius announced the proposed sale of the units when a letter of intent was signed february the company said it is reviewing other offers to buy the units and if it decides to accept another offer it will pay hc an agreed upon amount and reimburse hc for its expenses reuter
earn	sierracin corp ser th qtr net oper shr profit nine cts vs loss cts oper net profit vs loss revs mln vs mln year oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln note current qtr and year figures exclude losses from discontinued operations of dlrs or five cts per share and dlrs or cts per share respectively prior qtr and year figures exclude losses from discontinued operations of dlrs or cts per share and mln dlrs or cts per share respectively reuter
earn	computer microfilm corp comi year net shr cts vs cts net vs revs vs note share adjusted for five pct stock dividend reuter
earn	computer microfilm comi sees higher net computer microfilm corp said it expects revenues of over mln dlrs and higher earnings in the company today reported earnings of dlrs on revenues of dlrs up from earnings of dlrs and revenues of dlrs a year before reuter
earn	kevlin microwave corp kvlm rd qtr feb net shr profit nil vs profit five cts net profit vs profit revs vs avg shrs vs nine mths shr loss two cts vs profit cts net loss vs profit revs vs avg shrs vs note nine mth orders dlrs up pct and backlog at end of period dlrs up pct from a year before reuter
earn	unifast industries inc ufst year net shr cts vs cts net vs sales mln vs mln avg shrs vs reuter
earn	aztec manufacturing co aztc th qtr loss shr loss cts vs loss dlrs qtly div two cts vs two cts prior net loss vs loss sales vs year shr loss cts vs loss dlrs net loss vs loss sales mln vs mln note dividend pay april record april net both periods includes pretax charge dlrs from writedown of assets and provision dlrs for obsolete and nonproductive inventory and other items reuter
earn	gac liquidating trust gactz year net shr dlrs vs cts net vs revs vs note net includes gain two mln dlrs from reduction of loss allowance on undeveloped land reuter
acq	investor has pct of allegheny int l ag a group of firms and funds controlled by new york investor mario gabelli said it has acquired the equivalent of shares of allegheny international or pct of the total outstanding in a filing with the securities and exchange commission the gabelli group said it bought the stake as part of its business and not in an effort to seek control of the company it said it may by more shares or sell some or all of its current stake the stake includes common shares and cumulative convertible preferred stock which could be converted into common shares reuter
acq	clayton and dubilier inc sells burpee privately held clayton and dubilier inc said it has sold w atlee burpee co to a new company formed by wicks capital corp bankers trust new york corp bt and burpee management for undisclosed terms the garden supply company was acquired from itt corp itt in december along with o m scott and sons co reuter
earn	gca corp gca year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note loss includes loss of mln dlrs from discontinued operations loss includes gain of mln dlrs from discontinued operations reuter
earn	dow dow sees record annual profits in dow chemical co believes strong margins for chemical products could result in record earnings this year chairman paul oreffice said i m hoping we will have the best year in our history profit wise he told reporters following a speech at the american institute of chemical engineers meeting i believe the entire chemical industry is headed for a record year or close to it oreffice said in dow earned mln dlrs an increase from s mln dlrs brought about by falling oil prices and resulting cheaper feedstock costs oreffice also said dow s profit margins on chemical products would improve this year over last year he said reduced capacity in the chemical industry and the weakened u s dollar would also contribute to the company s improved performance dow will spending about mln dlrs on research and development in with an emphasis on new specialty chemicals oreffice said reuter
earn	cherokee group chke st qtr feb net shr cts vs cts net vs sales mln vs mln per share figures adjusted for two for one stock split of february reuter
crude	crude oil netbacks up in u s mediterranean crude oil netback values in complex refineries rose slightly in the u s and the mediterranean last friday from the previous week but were lower elsewhere according to calculations by reuters pipeline the soft tone to refining margins reflects large worldwide stocks of petroleum products and thin trading activity traders said in the u s gulf sweet crudes rose in value by as much as cts a barrel for west texas intermediate an increase of pct from the previous friday while sour crudes such as alaska north slope were up one pct in the mediterranean netback values were up cts to cts a barrel with arab light up cts a barrel to dlrs a pct increase from the previous friday and urals were up cts a barrel to dlrs a pct increase but netbacks for crude oil refined in northern europe was generally lower with brent valued at dlrs off cts from the previous friday and bonny light was off cts to dlrs a barrel refinery netbacks in singapore were also lower with heavier and sour crudes weakest arab heavy dropped cts to dlrs a barrel and dubai was off cts to dlrs on the u s west coast however netback values for ans cif l a were weaker with weak gasoline prices sending the yield at cracking plants down cts to dlrs from the previous friday as shown below in dlrs a barrel topping cracking the mediterranean region also showed netback values rising last friday over the previous week with the largest gains shown by es sider and the heavier urals crude oil which were each up cts a barrel last friday to dlrs and dlrs a barrel respectively netback values for the mediterranean region are shown below in dlrs a barrel grade mar mar feb es sider arab light iran lt kuwait urals cif netbacks in northern europe s refinery region were lower last friday from the previous week with brent falling pct to dlrs a barrel netbacks for other grades of oil refined in northern europe are shown below in dlrs a barrel mar mar feb brent bonny light arab light urals cif refinery netbacks in singapore were also lower with heavier and sour crudes weakest arab heavy dropped cts to dlrs a barrel and dubai was off cts to dlrs netbacks for other grades of oil refined in singapore are shown below in dlrs a barrel grade mar mar feb attaka arab light oman dubai arab heavy reuter
acq	investor group has circle express cexx stake an investor group controlled by new york investor david rocker told the securities and exchange commission it has acquired shares of circle express inc or pct of the total outstanding common stock the group rocker partners ltd and compass investments ltd said it bought the stake for investment purposes and not as part of an effort to seek control of the company reuter
coffee	ibc expected to maintain coffee export formula the brazilian coffee institute ibc is expected to maintain its previous pricing system when it reopens export registrations probably later this week exporters said they said ibc president jorio dauster is likely to leave the basic formula for the minimum registration price unchanged but raise the contribution quota to partially offset the effects of cruzado devaluation since april registrations were closed in mid february to fully compensate for devaluation the quota would have to be around dlrs per bag against when registrations closed however even a dlr per bag rise in the contribution quota would make brazil coffees uncompetitive on world markets and an increase to around dlrs a bag is more likely the exporters said they added that dauster is keen to raise the contribution quota as the institute needs money to repay central governmnet funds released to finance ibc purchases at the guaranteed producer price although a vote in the monetary council to provide more funds for such purchases was deferred on technical grounds last week funds are still being released for subsequent approval the sources said it is still unclear when registrations will be reopened although most expect it to be by the end of this week brazil owes it to its customers to make its intentions know a country like brazil cannot afford to be permanently closed down one exporter said however before announcing its export policy the ibc is likely to wait to see if tomorrow s meeting of the international coffee organisation ico executive board in london decides to call a full council meeting to discuss reintroduction of export quotas sources said there is also talk of the announcement this week of new measures to adjust the brazilian economy and the ibc could be awaiting clarification before making any move the exporters said another factor which could be delaying the opening of registrations is the current strike by bank workers which while not affecting current shipments could affect documentation and currency operations for new sales this would certainly be the case if the ibc was considering obliging exporters to pay the contribution quota within two or three days of registering a sale
acq	vista management inc to make acquisition vista management inc said it has agreed to acquire general energy development inc for over dlrs in cash with financing to come from mortgage loans on the national auto service centers general energy operates reuter
acq	golden poultry chik to make acquisition golden poultry co inc said it has signed a letter of intent to purchase privately held food distributor don lowe foods inc of pompano beach fla for undisclosed terms subject to approval by both boards it said tampa operations of lowe are not involved in the sale reuter
acq	willcox and gibbs wg to make acquisition willcox and gibbs inc said it has agreed to acquire atlantia electric parts distributor b and w electric supply co for an undisclosed amount of cash b and w had sales of about eight mln dlrs in its most recent year willcox said it plans further expansion in the atlanta area reuter
earn	mischer corp mshr th qtr loss shr loss cts vs profit cts net loss vs profit revs vs mln year shr loss dlrs vs loss cts net loss vs loss revs mln vs mln reuter
earn	wichita industries inc wro th qtr net shr profit cts vs profit eight cts net profit vs profit revs vs year shr loss dlrs vs loss cts net loss vs loss revs vs note results include credits of and for the latest qtr and yr vs and for prior periods from tax loss carryforwards results include after tax gains of for both periods vs loss of for prior periods on disposal of discontinued operations prior periods restated to reflect sale of discontinued operations reuter
earn	infodata systems inc infd th qtr net shr profit cts vs loss cts net profit vs loss revs vs year shr profit cts vs loss cts net profit vs loss revs mln vs mln reuter
acq	hughes supply hug to make acquisition hughes supply inc said it has signed a letter of intent to acquire most of the assets of tri state supply inc a wholesale distributor of electrinical fixtures and supplies with sales for the year ending tomorrow of about mln dlrs terms were not disclosed it said clopsing is expected around april subject to approval by tri state s board and shareholders reuter
earn	jmb realty trust jmbrs nd qtr feb net shr cts vs cts net vs six months shr cts vs cts net vs reuter
earn	republic pictures corp rpica th qtr loss oper shr loss two cts vs profit eight cts oper net loss vs profit revs vs year oper shr profit cts vs profit cts oper net profit vs profit revs mln vs mln note current qtr and year figures exclude losses from discontinued operations of dlrs or seven cts per share and dlrs or nine cts per share respectively net earnings for first three months of restated to reflect reduction of dlrs resulting from increase in effvective income tax rate reuter
earn	equipment co of america ecoa th qtr net oper shr seven cts vs four cts oper net vs sales vs avg shrs vs year oper shr cts vs cts oper net vs sales mln vs mln note net excludes tax credits of dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
acq	ohio mattress omt in acquisition settlement ohio mattress co said itr has executed a definitive agreement to acquire sealy mattress co of michigan inc the detroit licensee of ohio mattress s pct owned sealy inc subsidiary in a transaction that also involves a settlement between sealy and michigan sealy the company said on completion of the acquisition the sealy stock owned by michigan sealy will be redeemed raising ohio mattress interest in sealy to pct michigan sealy has been in litigation against sealy alleging violations of antitrust laws and sealy was recently found liable for mln dlrs in damages to michigan sealy under the acquisition agreement the company said sealy will enter into a cash settlement of its litigation with michigan sealy the company said shareholders of michigan sealy will receive a total of mln dlrs subject to adjustment from the acquisition and the settlement both of which are subject to regulatory approvals michigan sealy had sales of about mln dlrs in reuter
earn	toromont industries ltd year net oper shr cts vs cts oper net vs revs mln vs mln note current shr and net exclude extraordinary loss of dlrs or dlrs shares versus extraordinary loss of dlrs or two cts share in prior year reuter
earn	ameron inc amn st qtr feb loss shr loss cts vs profit six cts net loss vs profit sales mln vs mln reuter
acq	york international yrk to make acquisitions york international corp said it has agreed to acquire frick co and frigid coil frick inc for undisclosed terms the company said frick makes refrigeration equipment and compressors and frigid coil also makes refrigeration equipment together the two had revenues of about mln dlrs in the company said it hopes to complete the acquisition in may subject to its review of frick and frigid and regulatory approvals reuter
acq	nuclear support nssi to buy itt itt henze nuclear support services inc said it agreed in principle to buy the business and assets of itt henze service from itt corp for an undisclosed amount henze which is engaged in performing nuclear plant repair work had revenues of mln dlrs for the year ended december for nuclear support a supplier of support personnel and services to the nuclear power industry had net income of mln dlrs on sales of mln dlrs reuter
acq	colonial bancgroup clbga buys farmers colonial bancgroup said it acquired farmers and merchants bank a baldwin county bank with assets of mln dlrs through an exchange of stock valued at about mln dlrs colonial said it also signed letters of intent to acquire first federal bank in opelika athens limestone bank in athens jackson county bank in scottsboro and commercial national bank in demopolis with aggregate assets totaling mln dlrs reuter
acq	rochester telephone rtc completes acquisition rochester telephone corp said it completed its acquisition of the enterprise telephone co based in new holland pa in exchange for stock valued at mln dlrs enterprises serves about access lines in lancaster county enterprise becomes the third operating telephone subsidiary of rochester telephone in pennsylvania and its sixth largest overall the company said reuter
acq	home shopping hsn to purchase tv station home shopping network inc said its silver king broadcasting co inc unit entered a definitive contract to buy the broadcasting assets of tv station kwvt channel in the portland salem ore area for undisclosed terms additionally the company said kwvt which serves homes began broadcasting home shopping network full time this morning under an affiliation agreement home shopping also said it entered a definitive contract to buy tv station kpst channel in san francisco and kltj channel in dallas reuter
earn	covington technologies inc covt year net oper shr profit eight cts vs loss cts oper net profit vs loss revs mln vs mln note current year figures exclude operating loss carryforward gain of dlrs and loss from discontinued operations of dlrs prior year figures exclude loss from discontinued operations of mln dlrs reuter
acq	bass group says it has had talks on seeking control of taft broadcasting
crude	lower refinery operations seen producing profits u s refiners will have to reduce operations if they want to be profitable this year said industry officials attending the national petroleum refiners association meeting here if the refining sector can discipline itself to refine about mln barrels of crude oil a day we have a chance to pull down inventories to acceptable levels by the second quarter said archie dunham executive vice president of petroluem products at conoco inc if not the industry will have a tough he added last week s american petroleum institute report said that u s refining capacity rose three pct to pct of capacity with crude oil runs at mln barrels per day for the week ended march the api said that with the higher crude oil runs distillate and gasoline inventories were sharply above year ago levels gasoline stocks were at mln barrels some mln barrels above year ago levels distillate stocks at mln barrels are mln barrels above last year s level the api said henry rosenberg chairman of crown central petroleum corp cnp told reuters that unless refining and marketing return to profitability oil companies will have to rely on downstream operations to produce an acceptable level of earnings the jump in refining capacity is a concern if it continues said kenneth buckler executive vice president of refining and marketing at total petroleum co a u s subsidiary of cie francaise des petroles of france refineries should operate near pct of capacity given the current level of demand but the operating level should increase as gasoline demand picks up in the next quarter buckler said dunham said the potential operable capacity of u s refineries should also be cut about barrels of crude per day i expect to see the shutdown of more small refineries over the next five years he said adding that these facilities refine between and barrels of crude oil per day the api said u s operations have the capacity to refine mln bpd of crude reuter
earn	newmont mining nem plans for stock split newmont mining corp s board has proposed a two for one stock split subject to shareholder approval of an increase to mln from mln in authorized common shares the proxy for the company s annual meeting said if holdings voting at the may six meeting in wilmington del approve the increase in authorized shares the split will be paid in the form of a stock dividend on june to holders of record may the proxy said newmont said it will also ask shareholders to approve amendments to its certificate of incorporation limiting certain liabilities of its directors reuter
earn	denpac corp dnpc year loss shr loss one ct vs loss one ct net loss vs loss sales vs note net includes dlr gain from forgiveness o accrued interest due to affiliates reuter
earn	ain leasing corp rd qtr jan loss shr loss six cts vs profit cts net loss vs profit revs vs nine mths shr loss cts vs profit cts net loss vs profit revs vs reuter
crude	venezuela wants to boost its refining capacity venezuela s state oil company petroleos de venezuela s a wants to raise its worldwide refining capacity by barrels of per day a company official attending the national petroleum refiners association meeting here said he declined to be identified but said pdvsa has the capacity to refine about bpd of crude oil from refining centers in venezuela sweden west germany belgium and the united states the company recently purchased a pct stake in the corpus christi texas refinery of champlin petroleum co a subsidiary of union pacific corp unp earlier it bought a similar stake in the lake charles la refinery owned by citgo petroleum corp a unit of southland corp slc according to the official venezuela is searching worldwide for the additional refining capacity but he did not mention where the company was looking refineries abroad he said guarantee a refining outlet for venezuelan crude oil while ensuring stability of supply to refiners he said venezuela currently produces about mln bpd of crude oil which is in line with its bpd opec ceiling reuter
earn	primebank pmbk sets pct stock dividend primebank federal savings bank said its board declared a pct stock dividend to be distributed about april to holders or record march reuter
earn	american locker group inc algi th qtr net shr profit cts vs loss six cts net profit vs loss sales vs year shr profit dlrs vs profit cts net profit vs profit sales mln vs mln note full year includes gains of two cts per share from discontinued operations and four cts per share from disposal of assets reuter
acq	bass group says it has had talks on taft tfb a group led by members of the wealthy bass family of fort worth texas which holds a pct stake in taft broadcasting co said it has had talks about taking part in a move to take control of the company in a filing with the securities and exchange commission the group said it has had discussions with other taft stockholders and some company managers and directors concerning participation in a group to acquire control of the company the bass group which did not identify any of the other people with whom it said it has had talks said it plans to continue evaluating taft and will be involved in further discussions relating to the future control and direction of the company the group which holds taft common shares said its members may buy more shares of taft common stock or may decide to sell some or all of its stake on friday taft said it would negotiate with a group led by its vice chairman dudley taft and a rhode island investment firm which had offered dlrs a share for the company the dudley taft group theta corp which also includes narragansett capital corp a providence r i investment firm is seeking to take the company private in a leveraged buyout valued at billion dlrs besides the bass group another major taft shareholder cincinnati ohio financier carl lindner has also said he has had talks about increasing his stake in the company taking part in a takeover effort or launching one himself lindner controls shares of taft common stock or pct of the total reuter
iron-steel	u s steel production rose pct in week steel production rose pct to short tons in the week ended march from short tons the american iron and steel institute reported production so far this year was tons adjusted off pct from tons produced by the nations mills a year ago utilization for the week of march was pct and for the week of march was was pct reuter
earn	north american group namg th qtr oper loss oper shr loss cts vs loss cts oper net loss vs loss revs vs avg shrs vs year oper shr loss cts vs loss cts oper net loss vs loss revs vs avg shrs vs note full name is north american group ltd earnings exclude losses on reorganization expenses of dlrs or one ct a share vs dlrs or two cts a sh are in the quarter and losses of dlrs or six cts a share vs dlrs or cts a share for the year earnings exclude gains on discontinued operations of or four cts a share in the quarter and gains of dlrs or cts a share vs dlrs or cts a share for the year reuter
earn	oxoco inc year loss oper shr loss dlrs vs loss dlrs oper net loss mln vs loss mln revs mln vs mln avg shrs vs note excludes loss mln for discontinued compressor operations vs loss mln year prior excludes gain of mln for extinguishment of debt from company s chapter filing and subsequent reorganization reuter
earn	teeco properties l p oper income down teeco properties l p said the partnership recorded income from operations for of dlrs or two cts a unit the partnerhsip said this compared to figures of dlrs or cts a unit results of operations between both years is not comparable since the partnership s principle objective is to sell or dispose of its assets and distribute proceeds to unit holders according to the partnership it said the number of units outstanding for both years is reuter
earn	brougher insurance group inc bigi th qtr loss shr loss nine cts vs profit cts net loss vs profit year shr profit cts vs profit dlrs net profit vs profit reuter
iron-steel	csc industries unit to increase prices copperweld steel co cpsl a subsidiary of csc industries inc said it will increase from market price levels its bar semi finished and leaded products effective july one hot rolled and cold finished bar wil be increase dlrs per net ton while semi finished products will be increased dlrs per net ton the company said anticipated higher energy and raw material costs combined with current market trends were cited by the company as reasons for the increases reuter
acq	santa fe sfx aware of henley heng stake santa fe southern pacific corp said it has discussed with henley group that company s almost five pct stake and was told the holdings are for investment purposes we have confirmed with the henley group that they own approximately mln shares of santa fe southern pacific common stock they have informed me that they like our company and purchased the stock last year for investment purposes santa fe chairman john schmidt said in a statement henley late friday filed a k report with the securities and exchange commission concerning the santa fe stake earlier santa fe s stock was up to before slipping to be up at reuter
sugar	u s sugar imports down in latest week usda sugar imports subject to the u s sugar import quota during the week ended march totaled short tons versus tons the previous week the agriculture department said cumulative imports now total tons it said the sugar import quota for the quota year january december has been set at short tons compared with tons in the quota year which was extended three months to december the department said the customs service reported that weekly and cumulative imports are reported on an actual weight basis and when final polarizations are received cumulative import data are adjusted accordingly reuter
earn	templeton energy inc tmpl th qtr net shr profit four cts vs loss six cts net profit vs loss revs mln vs mln year shr profit three cts vs loss five cts net profit vs revs mln vs mln note includes results of louisiana energy and development corp acquired in november reuter
earn	ael industries aelna th qtr feb net shr cts vs cts net vs revs mln vs mln mths shr cts vs dlrs net vs revs mln vs mln note year includes charge of dlrs or cts per share for sale of elisra electronic systems ltd reuter
acq	amoskeag amkg takeover blocked by court amoskeag bank shares inc said the new hampshire supreme court overturned its proposed acquisition of portsmouth savings bank in a three two vote the acquisition had been opposed by some depositors who filed an action to block the takeover we will respond to this news as soon as we have had an opportunity to analyze the decision and any and all options available to us chairman william bushnell said in a statement reuter
earn	metromail mtma predicts flat earnings metromail corp said it expects flat operating profits for its fiscal year ending may with last fiscal year s earnings from operations of dlrs or dlrs a share the company said the flat results will be due to higher than normal expenditures during the fourth quarter for expansion of its data processing capabilities earlier metromail reported fiscal third quarter earnings of mln dlrs or cts a share versus three mln dlrs or cts a share the prior third quarter and nine months net of mln dlrs or cts a share versus mln dlrs or cts a share the prior nine months reuter
acq	ball bll ends talks with monsanto mtc ball corp said it was unable to complete negotiations to acquire the plastic container business of monsanto co it said the two companies had entered into exclusive negotiations last october neither company provided details on why the talks were terminated reuter
acq	reef energy rfen enters pipeline agreement reef energy corp said its board entered into agreements with penteco corp a private tulsa based company to buy a pct interest in the general partnership of penteco east central pipeline and a pct interest in lincoln gas and marketing corp penteco east is a gas gathering and transmission system in southern kansas and northern oklahoma it said penteco in turn has purchased one mln shares of reef common and taken options for the purchase of another two mln shares over the next months reuter
earn	ameron inc amn qtly dividend shr cts vs cts prior qtr pay may record april reuter
earn	johnson electronics inc jhsn th qtr loss shr loss three cts vs profit eight cts net loss vs profit revs vs year shr profit four cts vs profit cts net profit vs profit revs vs note net income included an after tax gain of or cts per share on sale of real property reuter
money-fx	treasury balances at fed fell on march treasury balances at the federal reserve fell on march to billion dlrs from billion dlrs on the previous business day the treasury said in its latest budget statement balances in tax and loan note accounts fell to billion dlrs from billion dlrs on the same respective days the treasury s operating cash balance totaled billion dlrs on march compared with billion dlrs on march reuter
earn	morrison inc morr rd qtr feb net shr cts vs cts qtly div cts vs cts prior qtr net vs revs mln vs mln nine mths shr dlrs vs one dlr net mln vs mln revs mln vs mln note per share data reflect march five pct stock distribution cash dividend is payable april to holders of record april reuter
acq	vanderbilt vago to raise common merge vanderbilt gold corp said shareholders at a special meeting approved its reincorporation in delaware an increase in authorized common to mln shares from mln shares and a non qualified stock option plan it also said shareholders approved the merger of morning star mine interests held by six corporations in exchange for issuing shares of its common it said the acquisition brings its ownership in morning to over pct and it intends to acquire the remaining interests before mid year it said its plans call for production of ounces of gold with product costs per ounce at about dlrs reuter
cotton	little risk seen for texas cotton from cold texas cotton crop stands little chance of damage from frigid temperatures expected tonight in that state as very little cotton has been planted according to texas agricultural sources and cotton market analysts it s still pretty early for cotton planting only six pct of the crop was planted as of last week said doug stillmann a statistician at the texas agricultural statistic service in austin a division of the u s agriculture department stillmann and other cotton market sources said planting had begun in the rio grande valley and south texas areas only with planting in the crucial high and low plains areas not slated to begin until next month the high and low plains accounted for pct of the mln bales produced in texas last year stillmann said temperatures tonight in most of texas are expected to drop to freezing to the low s although the lower rio grande valley may see more moderate readings in the middle s according to meteorologists at accu weather inc the price of new crop cotton on the new york cotton futures market rallied today on weather related fears reuter
grain	report on export markets for u s grain delayed the u s agriculture department s report on export markets for u s grain scheudled for release today has been delayed until wednesday april a department spokeswoman said no reason was given for the delay in releasing the monthly report reuter
acq	bilzerian tells sec he ups pay n pak stake to pct
fuel	royal dutch rd unit raises heavy fuel prices scallop petroleum corp a subsidiary of royal dutch shell group said today it raised contract prices for heavy fuel cts to dlrs a barrel effective today the increase brings the price for pct sulphur to dlrs up pct sulphur to dlrs up pct sulphur to dlrs up cts one pct sulphur to dlrs up cts two pct sulphur to dlrs up cts pct sulphur to dlrs up cts pct sulphur to dlrs up cts reuter
orange	florida weekly crop report florida s citrus groves continue in very good condition acccording to the latest report by the u s department of agriculture s florida agricultural statistics service late week rains and thunderstorms came at an opportune time warm daytime temperatures and good soil moisture have produced an abundance of new growth and bloom most trees are in some stage of bloom development with petal drop already taking place in many south florida groves harvest of late type valencia oranges is increasing rapidly with the near completion of the early and midseason varieties rain during the week caused some delay in picking for the week ended march there were an estimated boxes of early and midseason and boxes of late season oranges harvested the usda said reuter
acq	bass group emerges as possible taft tfb bidders the bass group once thought by analysts to be eager to sell its holdings in taft broadcasting co emerged as another potential bidder for the ohio broadcasting company the bass group which holds pct of taft said it had talked with other taft stockholders and some company managers and directors concerning participation in a group to acquire control of the company the bass group said it had talks with other taft stockholders and members of taft management about participating in a group to acquire control the group which is led by the wealthy bass brothers of fort worth texas did not identify any of the other people with whom it had talks taft said friday it would negotiate with its vice chairman dudley taft on his group s dlr per share or billion dlr offer for the company at the time the company said it authorized its adviser goldman sachs and co to explore other takeover proposals and to supply financial data to other interested bidders if indeed the reason dudley taft is no longer president is because the bass group tossed him out i couldn t see them backing him on any deal said one analyst who asked not to be identified i think they wanted a way out now this sounds like they re going to join the group and buy themselves out said edward atorino media analyst with smith barney harris upham and co analysts have speculated that carl lindner may be interested in acquiring the company they speculated he may be one of the shareholders in talks with the bass group lindner chairman of american financial corp holds pct of taft he was not immediately available for comment analysts have said they are baffled by the strength of taft s stock price compared to what they see as breakup values for the company several analysts had estimated a break up value of less than one analyst said he believes it has a breakup value of to dlrs per share taft stock closed at up they investors are saying here s another one another family dispute said dennis mcalpine of oppenheimer reuter
trade	u s trade official says japan action foolish a high level u s trade official said it would be foolish for japan to strike back against the united states for its sanctions on japanese semiconductor electronics products asked by reporters if japan was expected to retaliate against u s exports deputy under secretary of commerce bruce smart replied that would be the height of foolishness in addition he doubted japan could show enough progress in meeting the conditions of the agreement to avoid the actual imposition of the mln dlrs in tariffs on april japan s billion dlr trade surplus with the united states last year has come under fire in congress concerned about the loss of jobs to foreign competition and with the record billion dlrs u s trade deficit in president reagan s sanctions decision won praise today from the two democratic leaders of congress i think it s about time senate democratic leader robert byrd of west virginia told reporters house speaker jim wright of texas told reporters before the opening of the house session it just shows we were right all along when we said something needs doing smart testified before a senate labor committee hearing that last friday s u s trade action would help u s negotiations on access to japan for u s auto parts since last august smart has been leading talks to open up japan to purchases of more u s made automotive parts last year japan racked up a billion dlr trade surplus with the united states in these products both countries expect to conclude the talks by august it s amazing to me that the japanese were surprised i hope it will persuade them we re serious smart said of the white house trade sanctions the united states has tried to convince japanese car companies of the quality of american made parts and to draw them away from their traditional japanese suppliers all we ask is a chance we have a job to do persuading them we can do better than our reputation seems to be he said measured per car each american made car contained about dlrs in japanese auto parts while each japanese made car contained about dlrs in u s auto parts smart said reuter
acq	bilzerian ups pay n pak pnp stake to pct investor paul bilzerian who has said he may seek control of pay n pak stores inc said he raised his stake in the company to one mln shares or pct of the total from shares or pct in a filing with the securities and exchange commission bilzerian and bicoastal financial corp a tampa fla investment firm he controls said they bought shares of pay n pak common stock on march and at prices ranging from to dlrs a share bilzerian last week said he was considering raising his stake in the company seeking a board seat or control reuter
acq	service resources src unit sets purchase service resources corp s chas p young co subsidiary said it agreed to acquire atwell fleming printing ltd a canadian financial printer for about mln dlrs young said the acquisition which is expected to close in april is subject to due dilligence review reuter
earn	lle royalty lrt sets monthly payout ll and e royalty trust said its monthly dividend for january to unitholders will be cts per unit payable april to holders of record april six as previously reported pending a ruling from the internal revenues service the trust s distribution may be reduced by dlr per unit plus interest spread out over the life of the productive properties in which the trust has an interest lle said the working interest owner to which the irs sent a notice about a deficiency in the owner s tax return is evaluating the necessity of escrowing some funds which would significantly reduce royalties paid to the trust reuter
acq	genova gnva to merge into genova products genova inc said its shareholders approved a merger into genova products inc which will be consumated within a few days under the agreement genova said each of its shareholders will receive dlrs per share in cash reuter
earn	imperial bancorp iban sets five pct dividend imperial bancorp said it declared a five pct stock dividend payable may to shareholders of record april reuter
nat-gas	arkla alg proposal to settle dispute arkla inc said it and international paper co ip filed a proposal with the arkansas public service commission designed to resolve the dispute between the two over ip s plan to build natural gas pipelines for its paper mill facilities at pine bluff and camden arkla s pipeline division arkla energy resources currently delivers all of the natural gas consumed at the two mills under the proposal arkla will support ip s plan to build the alternate pipelines while ip will allow arkla s pipeline division to deliver an equal quantity of competitively priced supplies to other ip facilities reuter
acq	service resources src unit in acquisition chas p young co a subsidiary of service resources corp said it signed a definitive agreement to acquire atwell fleming printing ltd of canada for about mln dlrs the transaction is expected to close in april on february chas p young said it had aquired pct of the shares of sorg inc srg to facilitate a newgotiated business combination reuter
earn	aec inc aece sets regular payout qtrly div eight cts vs eight cts prior pay april record april reuter
crude	shell canada schedules annual refinery shutdown shell canada ltd pct owned by royal dutch shell group rd st scheduled its annual maintenance refinery shutdowns during the next two months company spokeswoman judy wish said wish said refineries will stockpile production before the shutdowns to maintain normal supply while maintenance is carried out production at shell s major refinery at strathcona alberta will be closed for about one month wish said there will be no layoffs associated with the refinery maintenance she added reuter
acq	dixons group audio video ava end litigation dixons group plc said that pursuant to an agreement with audio video affiliates inc part of an investor group that made a rival bid for cyclops corp cyl all litigation between them has been dismissed as part of the agreement dixons said cyacq corp the audio video investor group that includes citicorp capital investors ltd agreed to promptly terminate its existing tender offer for all outstanding cyclops common at dlrs per share dixons said it agreed to pay an additional dlrs per share or dlrs per share to each shareholder whose shares were purchased under its offer for cyclops at dlrs per share on friday dixons announced that it had increased its holdings in cyclops corp to about pct of the currently outstanding shares and that it intended to increase to dlrs from dlrs the amount per share paid in the merger of a dixons subsidiary with cyclops reuter
acq	u s dot approves american amr aci acf pact the u s department of transportation dot said it gave final clearance to the proposed mln dlr acquisition of aircal inc by american airlines inc the acquisition is not likely to substantially lessen competition or to be inconsistent with the public interest the dot said in a statement aircal is a unit of aci holdings inc while american is a unit of amr corp the dot had given tentative approval to the merger plan feb american is the third largest u s airline in terms of revenue passenger miles while aircal a relatively small carrier that primarily serves west coast cities is the nation s th largest passenger carrier their merger would not alter american s third place ranking according to data compiled by aviation daily a leading industry trade magazine the combination would incrase american s share of the u s market to pct from its current pct the dot said the dot said the merger was unlikely to substantially reduce competition on the four routes on which both carriers provide either nonstop or single plane service at of the terminals served by both carriers the dot said it found no evidence that other carriers could not increase or begin service that competed with a merged american aircal concerning the th while entry may not be possible at the orange county airport in the near future dot found that the service provided at other airports in the los angeles area especially at the los angeles international airport will provide effective competition for orange county travelers in long haul markets the dot said the merger would give american control of pct of the authorized takeoff and landing slots at the orange county terminal where environmental concerns and a small terminal building limit future opportunities for expansion the dot said the air line pilots association filed comments opposing the merger but raised no new facts or arguments under the merger terms announced nov american will pay dlrs a share for the outstanding stock of aci holdings reuter
money-fx	u s credit markets end under extreme pressure the u s credit market ended under extreme pressure as the dollar s continued slide on the currency markets triggered an avalanche of u s securities sales pushing prices to lows dealers and analysts said this was a bloodbath said one money market economist we ve been trading in a state of total panic at times today said another mirroring the dollar s fall to a year low against the yen the key pct year treasury bond price fell nearly two points to close at compared with on friday the corresponding yield jumped to pct from reuter
iron-steel	steel technologies sttx mitsui set venture steel technologies inc said it agreed to form a joint venture with mitsui and co ltd to make steel products the venture called mi tech steel inc will be set up to serve japanese and domestic automobile and appliance parts makers in the u s a plant will be located near murfreesboro tenn and production is expected to begin in the fall the company said reuter
earn	inland vacuum ivac sets stock split inland vacuum inc said is board proposed a two for one stock split payable to shareholders of record april the board also elected phillip frost chairman succeeding john durkin who remains president and chief executive officer frost in early february bought pct of the company durkin said stockholders at the annual meeting approved a measure to change the company s name to ivaco industries inc five new directors were also elected to the company s board durkin was re elected to the board the company said reuter
earn	johnson products inc jpc nd qtr feb loss shr loss three cts vs loss cts net loss vs loss rev mln vs mln six months shr profit four cts vs loss cts net profit vs loss rev mln vs mln note net includes loss from discontinued operations of dlrs or two cts a share versus or cts a share in the prior nd qtr six months net includes gain from discontinued operations of dlrs or three cts a share versus a loss of dlrs or cts a share in the prior six months reuter
iron-steel	steel technologies sttx in joint venture steel technologies inc said it signed an agreement with mitsui and co ltd mitsy and its subsidiaries to establish a joint venture corporation to be called mi tech steel inc mitsui through its subsidiaries mitsui and co usa inc and mitsui steel development co inc and steel technologies each will own pct of the new company the company said mi tech steel will construct own and operate steel service centers the facilities will be established to serve japanese and domestic automobile and appliance parts manufactures in the u s the company said the initial processing center will be located near murfreesboro tenn and is expected to begin operations in the fall of steel technologies said daryl elser president of steel technologies will be president of the new company it said reuter
earn	maynard oil co moil year loss oper shr loss cts vs profit cts oper net loss mln vs profit four mln revs mln vs mln avg shrs mln vs seven mln note prior year excludes extraordinary gain of cts per share reuter
earn	kansas gas and electric co kge february net shr cts vs cts net vs rev mln vs mln months shr dlrs vs dlrs net vs rev mln vs mln note twelve months includes the cumulative effect of a change in accounting methods for accruing unbilled revenues of mln dlrs or cts per share reuter
earn	journey s end motel corp six mths jan net shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
acq	neoax noax buys rexnord rex unit neoax inc said it bought rexnord inc s fairfield manufacturing co for mln dlrs cash the unit makes custom gears for industrial use and had sales of mln dlrs in its oct fiscal year reuter
earn	r l crain inc th qtr net shr cts vs cts net vs sales mln vs mln reuter
crude	exxon xon sees synfuels role by year development of costly shale oil liquified coal and other kinds of synthetic fuels halted in recent years because of cheap and abundant petroleum supplies will become economic again when world oil prices top dlrs a barrel an exxon co usa executive said joe mcmillan a senior vice president told reuters after addressing a houston meeting of the american institute of chemical engineers by early in the next century synthetics should play a significant role in this country s energy supply mcmillan also told reporters at a news conference that he believed synthetic fuels would become economic to develop when world oil prices reached a to dlr a barrel price range you re talking about a pct increase in crude oil prices but i think that time is coming and we ve got to be prepared mcmillan said he predicted u s oil demand would rise by about one pct annually in the next few years while the nation fails to replace its oil reserves through exploration by the turn of the century world oil prices will be significantly higher because of declining supplies mcmillan said ashland oil inc chairman john hall who also spoke at the meeting advocated some form of federal tax incentives to help spur development of synthetic fuels the united states hall said has nearly billion tons of demonstrated coal reserves an amount more than triple that of all the world s known oil reserves we must encourage research now in order to make synfuels competitive later hall said the average lead time for development of a shale oil or liquified coal project is between five and ten years until last year the federal government had subsidized synfuels development through the u s synthetic fuels corp a research program created during the carter administration with the goal of developing replacements for up to two mln barrels of oil the corporation was shut down last april when congress refused to continue funding its eight billion dlr budget because of uneconomic projects based on forecasts of dlrs a barrel oil and dlr per mcf natural gas during this decade reuter
iron-steel	usx x unit raises some steel prices usx corp said its uss steelmaking division increased prices on plate and h pile products effective with may three shipments it said the price base on carbon and high strength low alloy or hsla h piles will increase by cts per pound effective with shipments beginning june the price on carbon hsla and alloy plates will increase by cts per pound strip mill plate prices will rise by cts per pound it said the price increases on plate and h pile products will apply to all shipments from uss plants reuter
earn	canada banks could see pressure on brazil loans canada s major banks will likely face stiff pressure to declare their brazilian loans non performing if as expected major u s banks take similar action after the end of their first quarter tomorrow analysts said american bankers said last week that slow progress in debt talks with brazil increased the likelihood that u s banks would soon declare their brazilian loans non performing such action would put a lot of pressure on the canadian banks to do the same levesque beaubien inc toronto based bank analyst donna pulcine told reuters they banks like to appear to be conservative said pulcine and if a major bank puts loans on a non performing basis and the canadian banks don t there is going to be a lot of pressure from shareholders as to why one bank is considering the loans non performing and another bank is not wood gundy inc bank analyst patricia meredith said any willingness by a major brazilian bank creditor such as citicorp cci to declare its brazilian loans non performing rather than let brazil dictate settlement terms would provide a compelling example for other creditor banks in order to make that strategy work they citicorp have to have the support of the other banks said meredith bank analyst michael walsh at first marathon securities ltd said at least one canadian bank which he declined to identify wants to put the brazilian loans on a non performing basis and is trying to encourage the others to take that position canadian banks are owed about seven billion canadian dlrs by brazil which late last month suspended interest payments on its billion u s dlr foreign bank debt banks in canada although allowed to wait up to days before declaring loans on which they are receiving no interest as non performing usually move on such loans within days they could therefore delay action on the brazilian loans until late may which falls in canadian banks third quarter ending july bank of montreal brazil s largest canadian bank creditor said last week it was not currently considering declaring its billion dlrs of brazilian loans as non performing i think that is just for the benefit of the public walsh said of bank of montreal s statement some analysts predicted minimal earnings impact on canadian banks from a move to declare the brazilian loans non performing they said brazil would likely resume interest payments by the banks fiscal year end on october thus allowing banks to recoup their lost interest income from what brazil has said it is quite likely the banks will get the money said meredith my outlook at this point is optimistic that there will be no adjustment for the full year s earnings meredith forecast fully diluted per share earnings of dlrs for royal bank of canada compared with in dlrs for bank of montreal compared with dlrs for canadian imperial bank of commerce compared with dlrs for bank of nova scotia compared with and dlrs for toronto dominion bank against she forecast dlrs for national bank of canada against dlrs before a two for one stock split analyst pulcine said she might lower full year earnings estimates for the banks by between two cts and cts a share assuming a possible settlement reduced brazil s interest costs if the banks didn t receive anything for the rest of the fiscal year the impact could range from cts to cts a share but i don t see that as a likely scenario pulcine said walsh at first marathon suggested however that the brazilian debt situation was so complex that it could drag on beyond one full fiscal year he said he foresaw having to lower his fiscal earnings forecasts for the banks he estimated that brazil s yearly interest payments to canadian banks totaled about mln dlrs or about pct of their total pre tax earnings reuter
acq	infinity infta to purchase am fm station infinity broadcasting corp said it entered an agreement to acquire radio stations kvil am fm from sconninx broadcasting co for mln dlrs upon completion of the transaction infinity will own nine fm and four am stations in major markets the transaction is subject to fcc approval reuter
bop	n z february current account deficit mln v mln jan govt
earn	bull and bear group inc bnbga year end dec shr loss cts vs profit cts net loss vs profit revs vs reuter
earn	fretter inc fttr th qtr jan net shr loss five cts vs profit cts net loss vs profit revs mln vs mln year shr profit cts vs profit cts net profit vs profit revs mln vs mln reuter
acq	amfac ama to sell store amfac inc said it entered an agreement to sell the last remaining store of its original liberty house of california operation to h and s san mateo inc terms were not disclosed reuter
acq	harper international hnt in acquisition harper international inc said it intends to buy the major asset patents and trade name of demarkus corp a designer and installer of process gas systems for the soft drink and brewing industries the purchase price is about dlrs demarkus sales were dlrs in reuter
acq	olson industries olsn to sell egg operations olson industries inc said it signed a letter of intent to sell substantially all of its remaining egg operations to sunny fresh foods inc olson said it expects to receive about nine mln dlrs from a combination of a sale of tangible assets to sunny fresh and realization of intangible and other assets by olson the transaction is expected to result in a charge for discontinued operations of about two mln dlrs but is also expected to generate substantial cash flow to pay off egg related indebtedness of about mln dlrs and to further improve working capital reuter
bop	n z february current account deficit narrows new zealand s current account deficit narrowed to mln dlrs in february from mln in january and mln in february in a smoothed seasonally adjusted measurement the statistics department said this is the first time current account figures have appeared in a seasonally adjusted form non seasonally adjusted but smoothed figures show a deficit of mln dlrs against mln in january and mln in february totally unadjusted figures show a deficit of mln dlrs against mln in january and mln in february the smoothed seasonally adjusted series shows a surplus on merchandise trade of mln dlrs after mln in january and mln in february smoothed but non seasonally adjusted figures show a merchandise trade surplus of mln dlrs against mln in january and a mln dlr deficit in february unadjusted merchandise figures show a surplus of mln against mln in january and mln in february the deficit on invisibles was mln dlrs against mln in january and mln in february the smoothed but not seasonally adjusted deficit on invisibles was mln dlrs against mln in january and mln in february the unadjusted deficit on invisibles was mln dlrs against mln in january and mln in february seasonally adjusted export and import figures were not available but the department said they will be included in future current account data smoothed but non seasonally adjusted exports were mln dlrs unchanged from january against mln in february smoothed but non seasonally adjusted imports were mln dlrs against mln in january and mln in february reuter
acq	gencorp rejects unsolicited takeover bid from afg industries wagner and brown
acq	group sells stake in comdata network cdn a group of investment firms which had once sought control of comdata network inc told the securities and exchange commission it sold its remaining share or pct stake in the company the group which had owned as much as pct of the total said it sold the stake on march at dlrs a share last week it sold comdata shares group members are cni partners an investment partnership mason best co a texas investment partnership and houston imperial corp a real estate development firm reuter
acq	gencorp gy rejects unsolicited takeover bid gencorp inc said its board urged shareholders to reject the hostile unsolicited dlr a share tender offer made march by general acquisition inc an affiliate of wagner and brown and afg industries inc gencorp also said it is developing a financially superior alternative that would enable shareholders to benefit from the full value of the company in a letter to shareholders chairman a william reynolds said the offer is a highly conditional contingently financed bust up offer that seeks to deny shareholders the true value of their investment in gencorp reynolds said the board reached its decision to reject the offer after careful study with legal and financial advisers he said the board has authorized management to explore alternatives aimed at providing shareholders with a financially superior alternative to the general acquisition offer a gencorp spokesman in response to questions would not comment on market speculation that the company s management may develop a leveraged buyout offer of its own he would also not comment on when a better alternative might be developed gencorp s stock has traded well above the dlr offer price since the tender was made today gencorp closed at up reynolds said in the letter that for the last few years gencorp management has taken action to enhance shareholder value and the stock price and earnings have improved since he joined the company gencorp said the partnership s offer is a bargain price acquisition that was using financing from a syndicate of banks that does not yet exist and a bridge loan from shearson lehman brothers that shearson is not obligated to provide reynolds also said the offer would result in a radical alteration and selloff of gencorp s assets including aerojet general to refinance general acquisition s borrowings with the profits going to wagner and brown and afg instead of shareholders the letter also said the general acquisition offer jeopardizes the security and interests of its shareholders employees customers suppliers and the communities throughout the country where the company s facilities are located reuter
earn	dome mines ltd dm th qtr net shr profit cts vs loss three cts net profit vs loss revs mln vs mln year shr profit cts vs profit cts net profit mln vs profit mln revs mln vs mln note fl yr net includes extraordinary gain of mln dlrs from investment sales gain on share issue by pct owned campbell red lake mines ltd crk and provision for decline in value of marketable securities fl yr net includes gain of mln dlrs revs restated to exclude revenues from discontinued coal mining operations under u s accounting practises dome mines would have reported loss of mln dlrs or dlrs shr vs yr ago loss of mln dlrs or cts shr reflecting different principles in accounting for pct stake in dome petroleum ltd dmp and oil and gas writedown reuter
crude	u s should reassess mideast policy analyst the u s should reassess its mideast policy in light of its rising dependence on imported oil according to charles ebinger of the center for strategic and international studies the prospect of rising dependence on oil imports from the gulf and the recent revelations of the tower commission report mandate more than ever before the need for a fundamental reassessment of u s interests in the middle east ebinger said he remarks were made in an address to the national petroleum refiners association meeting although in the short run it is difficult to see a direct link between arab anger and threats to oil supplies in the current environment it will be increasingly difficult for moderate arab leaders to be seen as friendly to u s interests ebinger said oil traders said threats to oil supplies has kept crude oil prices strong recently although some believe prices will be weaker if demand falls in the spring but william randol analyst at first boston corp said crude oil prices will hold near current levels this spring there will be no spring downturn said randol speaking at the annual refiner meeting he said there is a pct chance that crude oil prices could move higher in the second half of the year following an opec meeting scheduled for late june he said he expects opec will extend its current agreement to restrict production opec will renew its production pricing agreement in june because the value of the oil exports of the opec producers has declined along with the u s dollar randol said opec oil exports are priced in u s dollars and the dollar has fallen about pct in the last months randol said u s crude oil imports will increase to four mln barrels per day by as consumption rises to two mln bpd and supplies decline two mln bpd reuter
earn	envirosure management corp envs st qtr loss qtr ended nov shr loss nil vs profit nil net loss vs profit revs vs reuter
earn	commercial metals co cmc sets qtly dividend qtly div eight cts vs eight cts prior pay april record april reuter
earn	imperial ica declares first div since imperial corp of america said it declared a cts dividend and four pct stock dividend on april to holders of record april this is the first dividend payment since the company said reuter
earn	smith international inc sii th qtr loss newport beach calif shr loss dlrs vs loss dlrs net loss mln vs mln revs mln vs mln year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note current qtr net includes pretax charges of mln dlrs against inventory adjustments and currency costs related to fluctuations of italian lira current year net includes pretax charges of mln dlrs for provision to reduce carrying value of excess capital assets and to writedown certain inventories and other assets also includes charges of mln dlrs covering costs of workforce reductions relocation and chapter year ago net includes pretax charges related to judgment against company in litigation with hughes tool co of mln for qtr and mln dlrs for mths reuter
jobs	japan february unemployment falls to pct pct in january official
jobs	japan unemployment falls in february japan s seasonally adjusted unemployment rate fell to pct in february from the record pct in january the government s management and coordination agency said the january level was the worst since the goverment started compiling unemployment statistics under the current system in unemployment was up from pct a year earlier unadjusted february unemployment totalled mln people up from mln in january and mln a year earlier male unemployment in february remained at pct equal to the second highest level set in january and december record male unemployment of pct was set in july female unemployment rose to a record pct in february from the previous record pct marked in january and in april august september and december last year japan s employment condition was still severe in february as the non rounded rate of unemployment in february fell only percentage points to pct from pct in january an agency official said employment in manufacturing industries fell from a year earlier to mln people in february due to the yen s continued appreciation while employment in non manufacturing industries rose to mln in manufacturing industries employment in the textile industry fell to mln in february while in ordinary and precision machinery industries it fell to mln reuter
acq	partners call gencorp gy response unproductive general acquisition co said it was disappointed by gencorp s response to its tender offer and questioned how the company might give better value to shareholders gencorp earlier urged shareholders to reject a dlr per share tender offer from the partnership which includes wagner and brown and afg industries inc the company said it was studying financially superior alternatives the partnership called the response inflammatory and unproductive particularly since it had attempted to discuss the offer with gencorp the partnership said gencorp failed to say how it would provide a superior value yet they continue their attempt to prevent a satisfactory offer by failing to redeem their poison pill poison pills are shareholder rights plan that make takeovers more expensive gencorp said in its statement earlier that the date its rights will trade separately from the common stock was extended to april six from april three it said the extension was subject to further extensions by the board and is conditioned on no person aquiring beneficial ownership of pct or more of gencorp prior to april six general acquisition said it is confident its offer can be completed in a timely manner using its financial arrangements the partnership in its statement again urged management to work with it to facilitate a transaction reuter
dlr	miyazawa says dollar below yen is counter to paris accord
dlr	dlr below yen counter to paris pact miyazawa finance minister kiichi miyazawa said he regards a u s dollar below yen as counter to the agreement struck by major nations in paris last month he told the upper house budget committee in parliament that japan intervened in the market when the dollar went below yen as it considered the dollar s fall below that level counter to the spirit of the paris accord commenting on current foreign exchange movements miyazawa said japan would watch developments for another couple of days institutional investors appeared to have sold dollars to hedge currency risks ahead of the end of the financial year today miyazawa said behind the recent dollar fall lies the market perception that major nations were not doing enough to implement their policies under the paris pact he said noting that passage of japan s budget has been delayed he said that now was the time for major nations to act under the paris accord the u s west germany france switzerland and britain have intervened on their own account to prop up the dollar he said this was a concerted action reuter
dlr	bank of japan buys dollars around yen dealers
sugar	pakistan bids for import of tonnes sugar trading corp of pakistan ltd said it had invited tenders up to april for the import of tonnes of white refined crystal sugar up to june it said each cargo should consist of tonnes four cargoes should reach port bin qasim or karachi port buyers option by may and the balance by june it added reuter
earn	woodside petroleum ltd wpla s year shr nil vs same final and yr div nil vs same pre tax pre minorities loss mln dlrs vs profit mln net attributable loss mln dlrs vs loss mln sales mln vs mln other income mln vs mln shrs mln vs same note attributable net loss is after tax mln dlrs vs mln interest mln vs mln depreciation mln vs mln and minorities mln vs mln but before net extraordinary loss mln vs loss mln reuter
housing	japan housing starts rise in february japan s housing starts in february rose pct from a year earlier to the th successive year on year gain the construction ministry said february housing starts were up pct from in january when they fell pct from a month earlier but rose pct from a year earlier higher housing starts were mainly due to a pct year on year rise in apartment building starts to for the th consecutive gain spurred primarily by lower domestic interest rates ruter
earn	woodside says loss reflects lower oil prices woodside petroleum ltd wpla s said its net loss largely reflected the drop in oil prices combined with a large tax provision woodside earlier reported attributable net loss rose to mln dlrs in from mln in although group revenue rose to mln from mln it said it should have received a mln dlr tax credit but instead made a mln dlr tax provision this largely related to its vamgas ltd unit non allowable exchange losses and tax benefits from the north west shelf project not recognised in the accounts woodside said the rise in revenue largely reflected full year sales of gas and condensate from the domestic phase of the shelf project against six month sales in offsetting this was a pct fall in the cooper basin gas and liquids revenue of its pct owned vamgas unit since the balance date woodside has accepted a santos ltd stos s takeover offer for vamgas woodside said a mln dlr capital profit on the sale would be included in the accounts it said it lifted capital spending on fixed assets to mln dlrs from mln mostly on the shelf project reuter
sugar	thailand expects smaller sugarcane output thailand s sugarcane output will fall to about mln tonnes in the november october season from mln in the agriculture ministry said it said a january survey put the total area under sugarcane at hectares down from hectares the previous year the national average yield is expected to fall to tonnes hectare from tonnes in it said reuter
trade	european community to set up office in peking china and the european community ec signed an agreement on the establishment of an ec office here chinese vice foreign minister zhou nan and the ec s external relations commissioner willy de clercq signed the accord ec sources said the office was likely to open in the second half of this year in the ec was china s third largest trading partner with chinese imports from the ec worth billion dlrs and exports worth billion dlrs de clercq told the official china daily that more joint ventures should be set up in china as a way of reducing china s trade deficit with the ec the ec s affairs in china are currently looked after by whichever country holds the group s six monthly rotating presidency now held by the belgians until the danes take over in july reuter
trade	trade friction threatens to topple nakasone prime minister yasuhiro nakasone may have been dealt a fatal political blow by the yen s renewed rapid rise and the threat of a trade war with the united states political analysts said nakasone already under fire over an unpopular tax reform plan may now be forced to resign before the june economic summit of seven industrialised nations if local elections later next month go against candidates from his ruling liberal democratic party ldp they said the close relationship between nakasone and president reagan was an important element of nakasone s power base waseda university political science professor mitsuru uchida told reuters so the emergence of u s criticism damages nakasone even before the latest trade friction flared nakasone was encountering criticism not only from opposition parties but also within his own ldp over his proposal to levy a sales tax many factions within the ldp are distancing themselves from nakasone uchida said his position within the ldp itself is not so strongly established today nakasone who has been more popular with the general public than with many ldp members is now seeing his public support eroded the analysts said the yen s rise to record highs and the u s threat on friday to impose tariffs on japanese electronics goods in retaliation for japan s alleged violation of a microchip trade pact are now giving nakasone s critics fresh ammunition the analysts said apparently the special relationship between reagan and nakasone hasn t worked effectively rei shiratori director of the institute for political studies in japan said this is making the japanese people doubt nakasone s credibility shiratori told reuters the cumulative impact of the sales tax issue the yen s rise and mounting trade friction could mean serious ldp losses in the april and local elections analysts said if the elections go against the ldp nakasone may have to resign early shiratori said but nakasone still has a chance to soothe u s tempers before or during his week long washington visit from april some analysts said however unless the japanese political system can move more quickly to give nakasone some nice present to take to washington on smouldering trade issues he will face a very hostile audience said merrill lynch securities economist william sterling if the trip is a major disaster it would seem to put the final nail in his coffin he said reagan s own weakened domestic position and growing republican as well as democratic anger with japan argue against a quick settlement to the trade dispute the analysts said but a desire on both sides to find some solution coupled with uncertainty at home and abroad over likely successors to nakasone could still lead to an attempt to paper over the differences and aid nakasone they said one factor against a trade war may be that washington is not anxious to push nakasone into his grave sterling said reuter
acq	csr selling delhi to exxon unit drops delhi float csr ltd csra s and exxon corp xon unit esso exploration and production australia inc said csr has agreed to sell its delhi australia fund daf to esso for mln australian dlrs the sale is effective from tomorrow they said in a joint statement the previously announced float of part of its delhi interest will not now proceed csr said in the statement delhi australia fund owns delhi petroleum pty ltd which holds an average of pct in the santos ltd stos s led cooper and eromanga basin gas and liquids projects in addition to the purchase price csr will share equally in any returns due to increases in crude oil and condensate prices over certain levels for liquids produced from delhi s interests in the next two years the statement said the esso proposal to purchase all the delhi interest will be more beneficial to our shareholders than proceeding with the float csr chief executive bryan kelman said in the statement kelman said the sale of delhi would enable csr to focus efforts on expanding business areas such as sugar and building materials in which csr has had long and successful management experience and strong market leadership with the sale csr will be able to expand those businesses more aggressively and earlier he said as reported separately soon after announcing the delhi sale csr launched a takeover bid for the pct of pioneer sugar mills ltd that it does not already hold valuing its entire issued capital at mln dlrs after bass strait the onshore cooper and eromanga basin is australia s largest oil and gas producing area with current gross oil production of barrels per day bdp gas liquids output of bpd and gas sales of mln cubic feet a day the csr esso statement said the purchase gives esso a partner with the broken hill pty co ltd brkn s in the bass strait its first onshore production in australia they said esso s chairman stuart mcgill said he hoped esso can assist in maintaining the high rate of oil and gas discoveries in the cooper eromanga area these discoveries will help australia s self sufficiency in oil reserves thereby offsetting in part the decline in bass strait production now under way mcgill said in a separately released letter to csr shareholders kelman said csr was within days of completing plans for the float of csr petroleum when it received an offer from esso he said csr is convinced the sale was the correct decision in view of the risks associated with the oil business the price sharing arrangement provides for csr to share equally with esso in higher returns if oil prices average more than u s dlrs a barrel in the next two years he said kelman said a revaluation of csr s investment in delhi to net realisable value as of today csr s annual balance date will result in an extraordinary loss of mln dlrs however revaluations and profits on sales of other assets will significantly reduce this loss he said he also said that csr is sufficiently encouraged by future prospects and the opportunity to reposition the group in core businesses to foreshadow an increase in final dividend payable in july to cents from nine to make an annual cents against in reuter
iron-steel	japan to pay five pct less for indian iron ore japan will pay five pct less for the indian iron ore it imports in fiscal starting april than the average dlrs a tonne it paid in a government trade official told reuters he said india had agreed to export to japan about mln tonnes of iron ore in about the same as in the current year the official described the agreement as satisfactory overall he said it was signed by an official indian trade delegation and japanese businessmen in tokyo last week the official said it was encouraging that japan had agreed not to reduce ore imports from india although japan s total iron ore imports would be lower in the coming year because of the recession in the japanese steel industry he said japanese ore imports in calendar would total mln tonnes compared with mln in government officials said india s total ore exports are likely to rise to between and mln tonnes in against a provisionally estimated mln in reuter
earn	commerzbank increases dividend parent net profit commerzbank ag cbkg f said a dividend of nine marks would be proposed for ordinary shareholders on earnings after eight in it added in a statement that parent net profit rose to mln marks in from mln the prior year a commerzbank spokesman noted the figures were however preliminary and required approval of the bank s supervisory board which meets today the commerzbank statement added the distributable profit last year rose to mln marks from mln in with inclusion of the corporate tax allowance qualifying domestic shareholders would receive an effective dividend of marks per share total dividend payout would rise to mln marks from mln on earnings due to the increase in the dividend and in equity capital it added from the parent net profit mln marks would be placed in published reserves unchanged from the two prior years the shareholders meeting take place on may in hamburg the statement said holders of commerzbank participation certificates in a total nominal value of mln marks would receive the remaining mln marks of the distributable profit aside from the basic payment of pct of nominal value certificate holders would receive an additional pct the management board of the bank would also propose two capital measures to shareholders in order to be able to react quickly to new challenges it would ask for authorised capital of a nominal mln marks for the issue of new shares and for mln for the issue of warrant bonds both for the period until april reuter
coffee	india reduces export duty on coffee india cut the export duty on coffee to rupees per kg from rupees effective march a coffee board official said the reduction should help india reach its coffee export target of tonnes in fiscal ending march against provisionally estimated exports of tonnes in and an actual tonnes in he said india is likely to press for international export quotas at a meeting of coffee producers in london this week because of depressed prices he added the international coffee organisation which represents both consumers and producers has so far failed to reach agreement on quotas india feels it will be useful to have quotas now because the slide in prices is unlikely to be halted immediately he said export quotas were suspended in february when market prices surged after a drought devastated brazil s coffee crop reuter
bop	swedish current account deficit rises in january sweden s balance of payments on current account showed a deficit of mln crowns in january after a shortfall of mln in december central bank figures showed this compared with a deficit of billion in january the bank said reuter
zinc	world zinc stocks fall tonnes in february world closing stocks of primary zinc at smelters excluding eastern bloc countries fell tonnes in february to tonnes from revised from in january compared with in february provisional european zinc institute figures show february closing stocks of primary zinc at european smelters excluding yugoslavia fell tonnes to from revised from in january compared with in february total world zinc production excluding eastern bloc countries fell to tonnes in february from revised from in january february production was tonnes european zinc production including estimates for yugoslavia fell to tonnes in february from in january compared with in february reuter
gnp	finnish economic growth put at three pct in finland s gross national product is expected to rise by three pct in against two pct in and inflation will be unchanged at about pct the private business survey office etla predicted unemployment in is put at pct in line with last year the office predicted in its regular review the balance of payments would show a five billion markka deficit in against a billion deficit in reuter
acq	shandwick buys los angeles pr company public relations consultancy shandwick plc said it had agreed to buy the los angeles based rogers and cowan inc which specialises in the entertainment industry a total of mln dlrs is payable on completion mln will be injected into the business through an interest free loan and the expenses of the acquisition amount to stg shandwick said it would raise mln stg through the placing of mln shares to finance the deal with the balance of mln stg used to strengthen the balance sheet and in anticipation of future performance related payments in the year to end september rogers operating income was more than mln dlrs after the acquisition shandwick s u s operating income will be comparable to that it earns in the u k rogers estimated that pretax profit in the year to end would exceed dlrs an extraordinary loss of dlrs in resulted from the write off of assets net tangible assets at end september were dlrs shandwick shares were unchanged at p reuter
money-fx	u k money market offered early assistance the bank of england said it had invited an early round of bill offers from the discount houses after forecasting a very large shortage of around billion stg in the money market today more
earn	hutchison announces bonus issue of new b shares hutchison whampoa ltd hwhh h announced a bonus issue of one new b share of h k cents each for every two existing ordinary shares of cents a share par value a company statement said hutchison forecast dividends for existing shares of not less than cents a share and not less than cents for each b share hutchison said the new issue will help increase flexibility when it is planning future expansion moves or making acquisitions without affecting the existing control structure of the group the move will provide long term stability to ensure continuity of overall control of the hutchison group in that it provides hutchison with a stable framework within which management development and the planned growth of the group s businesses can take place it added hutchison shares lost one dlr to end at dlrs each today reuter
cpi	italian consumer prices rise pct in march italy s consumer price index rose pct in march compared with february after an identical increase in february over january the national statistics institute istat said the year on year rise in march was pct unchanged on february and compared with pct in march istat said its consumer price index for the families of workers and employees base year equals registered in march compared with in february this year and in march reuter
trade	europe on sidelines in u s japan microchip row rising imports of japanese made cars and electronic goods may upset west european officials but they generally seem prepared to stay on the sidelines in the latest trade row between the united states and japan japan s huge trade surplus is a sore point in west europe as it is in the united states but u s charges of unfair trade practices involving computer microchips leave europeans cold the european community ran a billion dlr trade deficit with japan last year and seeks redress when it feels japanese trade policy hurts europeans diplomats and economists said but only in britain has there been any suggestion of acting with the u s to do something about japan s huge trade surplus the ec is no more illiberal on trade issues than is the u s said martin wolf director of studies at the trade policy research centre in london basically their policies are pretty much the same but that did not mean europe would support the u s or that the ec would climb on the bandwagon to take advantage of the u s dispute to press its own claims wolf said basically europeans have a different approach to trade problems he said in the u s people talk about fair trade but not here he added in the u s it all has to do with the general ethic of free competition while in europe the general approach is that liberal trade is good because it makes countries rich wolf said this basic u s attitude explains washington s tendency to impose so called countervailing duties an import tax designed to offset advantages alleged to be unfair in western europe the approach to trade disputes tends to be to try to reach a settlement through negotiation wolf said in the latest u s japan trade row president reagan has threatened to raise tariffs on selected japanese electronic goods by as much as mln dlrs alleging that japan has failed to abide by a u s japan pact on microchip trade but the european community has challenged the agreement as a violation of general agreement on tariffs and trade gatt practices that discriminates against its microchip producers it follows that they re not likely to rally to the side of the united states in defence of the agreement said wolf although british parliamentarians are pushing for a tough line on japanese trade issues government officials in the rest of europe told reuter correspondents they would let the ec take the lead in any response to the u s japan trade row a spokeswoman for the ec commission in brussels told reuters there has been no change in the community s position since a march meeting of foreign ministers which sent a strong warning to tokyo on trade imbalances in a statement issued after that meeting ec foreign ministers deplored japan s continued trade imbalance and appealed for a greater japanese effort to open up its markets ec external trade commissioner willy de clercq said after the talks there was a growing impatience with japan in the ec diplomats accredited to the ec in brussels said they saw no signs of any immediate intention to impose any broad ranging sanctions against japan the ec is anxious to avoid provoking a trade war they said instead the community is trying to target problem areas in european trade with japan including wines and spirits cosmetics and financial services and will continue talking to try to improve the situation the diplomats said in britain where the government is angered over the difficulties telecommunications giant cable and wireless has faced in its bid to crack the japanese market officials said last week that retaliatory action is being considered but government officials said last night we are not talking about days or weeks this is going to take time they said the government would consider its options at a cabinet meeting on thursday but added that no final decisions were expected the main thing the british would threaten the japan with is denial of access to london s booming financial markets government officials said reuter
acq	london int l selling hot water bottle unit london international group plc lonl l said it had agreed to sell its haffenden moulding co ltd unit to melton medes ltd for mln stg haffenden is a moulder of hot water bottles and also produces a variety of rubber and plastic mouldings the book value of its assets is mln stg lig said the disposal was part of its strategy of concentrating on its core activities lig shares were one penny firmer at p reuter
acq	cable shares firm on japan speculation shares in cable and wireless plc cawl l firmed in morning trading on market speculation that its participation in a joint telecommunications venture in japan would not be curtailed dealers said the company s shares were quoted at p at gmt compared with p last night the dealers said the speculation appeared to originate in japan cable has said it is resisting attempts by the federation of economic organisations to merge two japan based telecommunications firms a move which would have cut cable s stake from pct in one to three pct in the merged unit however the dealers were uncertain exactly how the dispute over the shareholdings had been resolved british prime minister margaretthatcher said in parliament last week that she regarded cable and wireless s participation in the japanese venture as a test case of how open the japanese telecommunications market really was a spokesman for cable said he was unaware if the speculation had any foundation cable itself had issued no statement today on the issue reuter
earn	akzo revises profit up slightly dutch chemicals group akzo nv akzo as said in its annual report it had revised its net profit figure up to mln guilders from a provisional mln guilders announced in january the turnover figure was unchanged at billion guilders akzo said it would be difficult to maintain this profit level in but it expected positive developments in the longer term profits in totalled mln guilders on a turnover of billion reuter
acq	adsteam to acquire pct of u k property company the adelaide steamship co ltd adsa s adsteam said it will subscribe to mln shares in listed british property developer markheath securities plc at p each subject to shareholder approval the subscription expected to take place in may will give adsteam pct of markheath adsteam said in a statement adsteam s managing director john spalvins will become chairman of markheath and two other adsteam nominees will join its board we hope that in time markheath will become a significant property and industrial company in the same style as adsteam spalvins said in the statement reuter
earn	nippon columbia to make bonus stock issues nippon columbia co ltd ncol t will make a one for bonus stock issue on july to pay back remaining premiums accumulated by mln shares issued at market price through public placement in september a spokesman said the bonus issue will bring its outstanding capital shares to mln from mln as at march it is open to shareholders registered on may nippon columbia s share price fell to yen on the tokyo stock exchange today reuter
earn	kleinwort benson lonsdale plc kbll l year shr p vs p adjusted div p making p vs p adjusted pretax profit mln stg vs mln net after tax mln vs mln extraordinary credit after tax mln vs nil note the extraordinary credit represents substantitally the after tax profit on sale of company s interest in m and g group plc after providing for the final dividend retained earnings were mln vs mln in merchant and investment banking mln vs mln bullion broking mln vs mln u s government security dealing mln vs loss investment management and unit trusts mln vs mln other activities loss mln vs profit mln interest on loan capital mln vs mln disclosed shareholders funds mln vs mln disclosed capital resources available mln vs mln reuter
earn	cgee alsthom year to end december dividend francs vs consolidated net profit mln francs vs mln of which attributable to group mln vs mln consolidated net turnover billion francs vs billion parent company net profit mln vs mln parent co net turnover billion vs billion note the electrical contracting company is pct owned by the state run compagnie generale d electricite cge reuter
trade	thatcher says trade targets set with moscow british prime minister margaret thatcher said she and soviet premier nikolai ryzhkov had set targets for increased trade between the two countries during talks earlier today she said she hoped more economic exchanges between britain and the soviet union will also lead to increased friendship and increased understanding earlier she told a meeting of soviet and british businessmen that she had agreed with ryzhkov that they would work to achieve a total volume of billion roubles in bilateral trade by this would entail an increase by each side of to mln stg over their present export levels mr ryzhkov handed me a list of import and export opportunities which i hope you will all jump at she told the meeting to mark the opening of new offices of the british soviet chamber of commerce after her talks with ryzhkov thatcher and the soviet premier were joined for the signing of agreements covering new scientific and cultural exchanges by kremlin leader mikhail gorbachev who had nine hours of talks with her yesterday reuter
trade	japan to cut microchip output boost imports leading domestic semiconductor makers will boost imports and cut production of key memory microchips from next month in line with government attempts to ward off u s trade sanctions company spokesmen said the moves might persuade the u s to call off the sanctions despite obstacles to full implementation of the plans analysts said the tariffs will affect about mln dlrs worth of products and are in retaliation for japan s alleged failure to honour a semiconductor trade pact in announcing the sanctions last friday president reagan said japan had not fulfilled its promise to halt predatory pricing and open japan s market to foreign products but u s trade representative clayton yeutter said yesterday on u s television that the u s is willing to drop the tariffs if japan shows a clear indication that it will open its markets to u s goods the ministry of international trade and industry miti has urged producers to slash output of the chips by pct in the second quarter following a call to reduce production by more than pct the previous quarter miti also urged makers to boost chip imports analysts said the moves could encourage washington to cancel the tariffs ahead of next month s meeting between prime minister yasuhiro nakasone and president reagan the u s wants to be satisfied it has rattled its sword and shown that it can and will do business said analyst nick edwards at jardine fleming securities ltd in tokyo but analysts cautioned that although japanese producers can cut output boosting imports the key to u s withdrawal of the sanctions is more difficult the u s does not have the low end consumer ic s integrated circuits that the japanese need for consumer products they re well supplied here said richard may senior analyst at barclays de zoete wedd ltd in tokyo the u s leads in production of medium and high end ic s but japanese makers are keen to develop their own high end production skills the analysts said the japanese must be prepared to trade some losses on semiconductors in return for free access to other areas said edwards a spokesman for hitachi ltd hit t said the firm s reduced output of kilobit dynamic random access memory k dram was unrelated to miti s efforts to ward off the trade sanctions decreased production was a natural result of the company increasing output of one mln bit dram s he said company officials unveiled the following plans nec corp nesi t japan s largest chipmaker plans to slash production of k dram semiconductors by pct to six mln per month from a monthly average of mln last quarter in the year beginning april nec will boost chip imports which comprised some pct of all nec chip consumption the year before hitachi ltd s hit t april output of k dram s will fall by pct to four mln compared to mln in march the company is trying to boost imports but has not set a specific target imports are currently very low toshiba corp tsba t will reduce april k dram production by pct to just over four mln and is considering ways to boost imports a company official said toshiba has an agreement with motorola inc mot n to sell the u s firm s chips in japan the firms are planning a joint venture production of memory chips in sendai northern japan mitsubishi electric corp miet t will trim second quarter output by about pct to between mln to mln chips compared to the first quarter plans call for increased imports but an official said boosting imports will be difficult as it depends on sales demand fujitsu ltd itsu t will cut production in accord with miti guidelines and boost imports from currently low levels oki electric industry co ltd okie t will reduce april production by pct from march s mln oki is studying ways to increase imports by pct in the fiscal year beginning april from the previous year s total of more than five billion yen a company official said reuter
earn	london and scottish marine oil plc lasl l year div p vs p shr p vs p pretax profit mln stg vs mln net mln vs mln total turnover mln vs amortisation mln vs traded oil purchases mln vs mln administration expenses mln vs mln net interest payable mln vs mln related company s credit mln vs nil reuter
money-fx	uk money market given further mln stg help the bank of england said it provided the market with a further mln stg assistance during the morning after revising its estimate of the liquidity shortage to billion stg before taking account of its early round of bill purchases initially the bank put the likely shortage at some billion and to help offset this gave early assistance of billion its total help so far today amounts to billion stg more
trade	correction march yugoslav trade falls in belgrade item of yesterday yugoslav trade falls in st qtr on year ago please read on page one this year current exchange rates were used for the first time instead of a fixed rate of dinars to the dollar corrects from reuter
sugar	mauritian sugar exports fall in february mauritius exported tonnes of sugar tel quel in february down from tonnes tel quel shipped in january and in february the mauritius chamber of agriculture s sugar news bulletin said opening stocks at the beginning of last month totalled tonnes against tonnes at the start of february last year closing stocks at the end of february were tonnes up from tonnes at end february the estimate for sugar production was unchanged from last month at tonnes raw value the chamber said reuter
earn	lasmo set to benefit from future oil price rises london and scottish marine oil plc lasmo lasl l will have an advantage when oil prices rise again and it is confident this will happen early in the next decade the company said in a statement accompanying results lasmo said its advantage comes from its reserves of oil and gas which at the end of stood at mln barrels of oil equivalent a group record reserves have increased every year since at a compounded rate of pct a year the company reported a pretax profit of mln stg down from mln in it said falling oil prices caused the downturn the company said it reacted swiftly to the sharp drop in oil prices which began over a year ago capital expenditure which had been budgeted at over mln stg was cut to mln stg net of disposals managers responded well to the demand for lower operating costs and this has been achieved worldwide the company said had very few exploration wells committed for and therefore retains maximum flexibility in its exploration program even without further success the existing fields and recent discoveries will contribute significantly to profit and cash flow for some years to come it said lasmo shares were down p at after the announcement reuter
money-fx	call money pressure from large german banks one or two large west german banks effectively drained the domestic money market of liquidity at the end of the month in order to achieve higher rates from their overnight deposits money dealers said as a result call money soared in active trading to around the lombard rate of five pct from pct yesterday as banks found themselves short of minimum reserve funds bundesbank figures showed that banks held an average daily billion marks in interest free minimum reserve assets at the central bank over the first days of the month though this was above the march requirement of billion actual holdings at the weekend were billion to meet the daily average dealers said banks must raise holdings by two billion marks to billion today and tomorrow but liquidity was tight in early business because banks excessively took up the bundesbank s offer for sale of treasury bills on friday this provides a rate of pct for three day deposits and is an effective floor to the market though some liquidity from bills bought on thursday flowed back into the market today the bulk would not return until tomorrow the start of the new month dealers said dealers said the large banks which they did not name commanded short term money requirements of as much as five billion marks or so with a knowledge of their own needs until the end of the month the banks bought excessive amounts of treasury bills draining liquidity for three days when other banks sought funds rates rose and large banks were able to place excess funds on deposit at a considerably higher average return one senior dealer said the bundesbank with advanced knowledge of the market s needs should have curtailed its sales of treasury bills on friday though dealers only late in the day learn of the total minimum reserve holdings of the previous day the bundesbank has an immediate overview of the situation and could anticipate the strength of demand for funds the following day he said bundesbank dealers could easily have said we are not selling any treasury bills or we re not selling them in this amount he said if the bundesbank wants to finely steer the market then they should avoid such excesses tomorrow it will be different call money will fall back to pct or so but the bundesbank would not approve of the sharp jump in rates given the delicate state of currency markets international central banks have been at pains to prevent a dollar fall against major currencies including the mark dealers said a rise in call money gives the mark a firmer undertone contributing to downward pressure on the dollar the whole tender policy is to have a call money of between three and four pct in that case the excesses as we have today cannot be very popular the senior dealer said dealers said the large banks probably achieved average rates of return on their excess funds of between pct or four pct this is a higher return than they would have earned without the excessive draining through the treasury bill mechanism because of the currency situation and the wage negotiations between germany s major employers and the unions the bundesbank would be very unlikely to make any changes to monetary policy at its council meeting on thursday they said bundesbank figures showed that banks fell back on the lombard emergency funding facility to draw down billion marks yesterday as rates began to tighten in late business reuter
acq	csr selling delhi to exxon unit drops delhi float csr ltd csra s and exxon corp xon unit esso exploration and production australia inc said csr has agreed to sell its delhi australia fund daf to esso for mln australian dlrs the sale is effective from tomorrow they said in a joint statement the previously announced float of part of its delhi interest will not now proceed csr said in the statement delhi australia fund owns delhi petroleum pty ltd which holds an average of pct in the santos ltd stos s led cooper and eromanga basin gas and liquids projects in addition to the purchase price csr will share equally in any returns due to increases in crude oil and condensate prices over certain levels for liquids produced from delhi s interests in the next two years the statement said the esso proposal to purchase all the delhi interest will be more beneficial to our shareholders than proceeding with the float csr chief executive bryan kelman said in the statement kelman said the sale of delhi would enable csr to focus efforts on expanding business areas such as sugar and building materials in which csr has had long and successful management experience and strong market leadership with the sale csr will be able to expand those businesses more aggressively and earlier he said as reported separately soon after announcing the delhi sale csr launched a takeover bid for the pct of pioneer sugar mills ltd that it does not already hold valuing its entire issued capital at mln dlrs reuter
acq	csr bids dlrs a share for pioneer sugar mills csr ltd csra s said it will offer dlrs cash each for the shares it does not already hold in pioneer sugar mills ltd csr already holds pct of pioneer s mln issued shares it said in a statement the offer price values the entire pioneer sugar share capital at mln dlrs and compares with today s closing market level of dlrs a share csr said it will announce further details of the offer soon including an alternative offer of csr shares for pioneer sugar stock it said the offer is generous since it will give pioneer sugar shareholders a price equivalent to times pioneer s net earnings last financial year and a premium of pct over yesterday s market price which csr said it believed already contained an element of takeover speculation it also gives a premium of pct over pioneer s last reported net tangible assets per share csr said csr said the generous offer price reflects the cost savings which will flow from integrated management of csr s and pioneer s raw sugar mills and building materials businesses these economies can only be achieved through csr control and management of pioneer sugar it added the takeover announcement came soon after csr s earlier reported statement that it will sell its delhi petroleum pty ltd unit to an exxon corp xon unit for mln dlrs and not proceed with the previously announced float of part of delhi reuter
acq	fletcher challenge disappointed at nz forest moves fletcher challenge ltd fcl managing director hugh fletcher said he was disappointed that rada corp ltd had decided to sell its shares in n z forest products ltd nzfp to australia s amcor ltd he said in a statement that fcl had made an offer for the pct of nzfp held by rada he said the fcl offer was better than amcor s because it would have been made to all nzfp shareholders but he gave no further details amcor and nzfp said earlier today they were merging their pulp and paper interests in a joint partnership and were increasing their existing cross shareholdings the plan involves nzfp increasing its current holding in amcor to about pct from four pct amcor will acquire rada s nzfp stake to add to its existing pct and will seek statutory approval to increase its holding to pct rada bought its stake for mln dlrs from wattie industries ltd last year but it has not disclosed the price to be paid by amcor fcl originally launched a takeover bid for nzfp late last year with a scrip and or cash offer at dlrs a share valuing the company at billion dlrs nzfp shares ended at dlrs today reuter
earn	sumitomo chemical co ltd such t year to dec group shr yen vs net billion vs billion current billion vs billion operating billion vs billion sales billion vs billion note company forecast for current year is group net billion current billion and sales billion based on rationalisation efforts and expected market price increases in agricultural chemicals and petrochemical products following the recovery in world oil prices reuter
acq	china s citic buys h k hotel from cheung kong the peking owned china international trust and investment corp citic bought the unfinished city garden hotel in hong kong from a subsidiary of cheung kong holdings ltd ckgh hkg for mln h k dlrs cheung kong director albert chow said cheung kong s subsidiary international city holdings ltd will complete work on the hotel by the end of when it will be handed over to citic the deal does not include the decoration or fitting out of the interior of the hotel the room hotel stands on a sq ft site on the eastern side of hong kong island reuter
earn	mannesmann sees difficult year for capital goods mannesmann ag mmwg f expects a difficult year for the capital goods industry in chief executive werner dieter told a news conference dieter said west german producers would see a downturn in foreign business because of lower energy prices and the higher mark as well as a deterioration of the economies of customer nations domestic business was also declining and orders for west german engineering goods have been falling since july dieter said mannesmann s profit fell by an undisclosed amount in dieter said mannesmann s pipe activities would suffer a set back although measures to cut costs which were started last year were now having an effect dieter noted however that pipes and related products accounted for less than pct of mannesmann s turnover the company saw good chances in the automation sector which dieter said had become one of mannesmann s strategic aims he said the company s drive to combine activities in mechanical and electronic engineering was a particular plus point for mannesmann mannesmann which yesterday announced it had agreed to take a majority stake in the fichtel und sachs ag car parts group for an undisclosed sum saw third party group turnover fall nine pct in to billion marks its world group net profit in was mln marks it has blamed the fall in profits on the weaker dollar and lack of demand for steel pipe dieter said there were signs that prices for steel pipe were bottoming out and would slowly start to rise but he added the company would continue to cut personnel in this sector this year reuter
earn	british caledonian group announces big losses british caledonian group britain s second largest airline has announced a mln stg pretax loss for the financial year ending last october compared with a record pre tax profit of mln stg in chairman sir adam thomson told reporters a decline in u s transatlantic traffic following terrorist attacks in europe the u s bombing of the libya the chernobyl disaster and a slump in the oil industry which affected middle east traffic were the main causes of the loss thomson said he said the poor results were caused by a range of exceptional circumstances wholly outside our direct control and predicted a return to profitability this year last year the airline was forced to axe jobs sell some of its assets and cut the number of its flights across the atlantic and to the middle east following the fall in business reuter
ship	hapag orders new container ship from china hapag lloyd ag said it ordered a new container vessel from china for its australia service the order was given to the hudong shipyards in shanghai after lengthy negotiations with west german shipbuilders the company said in a statement the chinese firm offered to build the vessel at over mln marks less than west german yards despite government subsidies which bonn pays its ailing shipbuilding industry hapag said a company spokesman would not comment on the total order value but said the new vessel would replace the dwt sydney express in and would carry container units reuter
acq	french cge unit takes pct stake in esca corp state owned cie generale d electricite s electrical contracting unit cgee alsthom has taken a stake in the u s computer firm esca corp cgee alsthom chairman philippe boisseau told a press conference according to an agreement in principle between the two companies cgee alsthom could take a majority stake in the future but no time scale has been set he added esca which had a turnover of mln dlrs in and is expected to see this rise to mln this year is one of the leading u s suppliers of electric despatching and telecontrol systems reuter
acq	partners call gencorp gy response unproductive general acquisition co said it was disappointed by gencorp s response to its tender offer and asked how the company might give better value to shareholders gencorp had earlier urged shareholders to reject a dlr per share tender offer from general acquisition an affiliate of wagner and brown and afg industries inc and said it was studying financially superior alternatives the general acquisition partnership called the response inflammatory and unproductive particularly since it had tried to discuss the offer with gencorp the partnership said gencorp failed to say how it would provide a superior value yet they continue their attempt to prevent a satisfactory offer by failing to redeem their poison pill poison pills are shareholder rights plans that make takeovers more expensive gencorp said in its statement earlier that it planned to put off the date its rights will trade separately from the common stock to april from april it said the extension was subject to further extensions by the board and is conditional on no person acquiring beneficial ownership of pct or more of gencorp before april general acquisition said it is confident its offer can be completed in a timely manner using its financial arrangements the partnership in its statement again urged gencorp management to work with it to facilitate a transaction reuter
acq	sedgwick buys bsi incorp sedgwick group plc sdwk l said its wholly owned canadian subsidiary sedgwick tomenson inc had acquired bsi incorp for a maximum eight mln canadian dlrs the funds will be raised through the issue of up to mln ordinary sedgwick shares to the vendors of bsi by no later than january some shares already have been issued bsi is a privately held canadian company involved in actuarial employee and executive benefits consulting and administration its pretax profits excluding extraordinary items totalled mln canadian dlrs reuter
money-fx	u k money market shortage forecast revised up the bank of england said it had revised its estimate of the deficit in the money market today up to a record two billion stg before taking account of its morning operations from billion at midday the bank has provided the system with around billion stg assistance so far today reuter
acq	rexnord rex sells unit to neoax noax rexnord inc pct owned by banner industries inc bnr following a recent tender offer said it has completed the sale of its fairfield manufacturing co subsidiary to neoax inc for mln dlrs in cash rexnord said it still plans to sell its process machinery division and mathews conveyor co as part of its planned program to divest five businesses with mln dlrs in assets bellofram corp and railway maintenance equipment co have already been sold reuter
lei	u s leading indicators rose pct in feb after revised pct jan fall
trade	japan will ask companies to boost imports japan s minister of international trade and industry hajime tamura will meet representatives from of the nation s largest companies next week and appeal to them to do their best to increase imports ministry officials said the meeting was unveiled as part of a plan to boost imports and help head off protectionist legislation in the u s senior officials from the ministry of international trade and industry told reporters that such personal appeals appeared to have paid off in the past as japanese imports of manufactured goods have climbed leading domestic semiconductor makers will boost imports and cut production of key memory microchips next month in an attempt to help ward off u s trade sanctions company spokesmen said the officials also said they expect the government s new trade insurance law to boost imports and encourage japanese companies to set up production facilities overseas under the new law the government will insure japanese companies who pre pay for imports against loss arising from everything from war to bankruptcy of the foreign firm they are dealing with miti estimated that it would help solve japan s trade problem to the tune of about billion dlrs a year reuter
lei	u s leading index rose pct in february the u s index of leading indicators rose a seasonally adjusted pct in february after a revised pct january fall the commerce department said the department previously said the index fell pct in january the february increase left the index at over its base of and was led by a rise in stock prices a total of four of nine indicators available for february contributed to the increase in the index besides stock prices they were manufacturers new orders for consumer goods and materials average work week and building permits five of nine indicators were negative they were change in sensitive materials prices money supply vendor performance average weekly initial claims for state unemployment insurance and contracts and orders for plant and equipment the main factor in the january revision was contracts and orders for plant and equipment the department said december also was revised to a pct rise from an earlier pct rise due to a change in outstanding credit the index of coincident indicators which measures the current economy rose pct in february after a decline of pct in january and a rise of pct in december the index of lagging indicators which measures past economic activity decreased pct in february after increasing pct in january and falling by pct in december the department said it has suspended net business formation from the leading indicators index because it has deteriorated as a measure of change in the business population reuter
coffee	ico board passes over coffee quota issue executive board members of the international coffee organization ico passed over the issue of export quota negotiations at its regular meeting here delegates said no move was made to reopen dialogue on export quotas and no further discussion on the issue is likely during the three day talks they said producer and consumer members of the ico council failed to agree export quota shares in early march neither brazil the largest producer nor the u s the largest consumer are ready to be flexible delegates said the situation is unchanged consumer spokesman abraham van overbeeke told reporters as long as brazil sticks to its position there will not be quotas there is no point in meeting at the last council meeting brazil wanted to maintain its previous quota share of around pct of the market consumers and a splinter group of eight producers favoured redistribution of export shares using objective criteria which would likely have reduced brazil s share brazilian delegate lindenberg sette said that if quota negotiations were to resume the mln bag shortfall brazil was willing to give up in early march if the producer proposal was accepted would no longer be on the table as we said from the start no agreement no one million bags he told reuters shortfalls of bags offered by oamcaf the african and malagasy coffee organization and bags offered by angola are also no longer valid delegates said the closest the board came to discussing quotas was a briefing by the guatemalan ico delegate rene montes on a recent latin american producers meeting in managua delegates said there the producers expressed their political will to negotiate basic quotas particularly in the face of the damaging drop in coffee prices after the council failed to agree quotas montes said the ico board also reviewed export statistics and stock verification they expected talks on stock verification to take up the remainder of today s session delegates said reuter
acq	hudson foods hfi to make acquisition hudson foods inc said it has agreed in principle to acquire thies cos inc a poultry beef and pork products provider to midwest supermarkets and food distributors with sales of about mln dlrs for the year ended november one the company said a definitive agreement is expected to be signed in april terms were not disclosed reuter
earn	esso malaysia reports higher profit in esso malaysia bhd a unit of exxon corp of the u s reported net profit of mln ringgit from its petroleum and ammonia operations in compared with mln in chairman gerald f cox said the improved performance was mainly due to product prices falling more slowly than crude prices during the year he added that total sales volume increased as a result of higher offtake by affiliated companies while inland market sales were maintained at around the previous year s levels but growth prospects in remained weak and results are unlikely to be repeated in the current financial year reuter
ship	thailand buys yugoslav cranes in barter deal the cabinet approved a plan for the port authority of thailand to buy six gantry cranes from metalna co of yugoslavia for about mln dlrs a government spokesman said he said thailand will pay for pct of the cost of the cranes in u s dlrs and the rest by sales of rice textiles and other commodities to yugoslavia the bangkok shipowners and agents association has appealed to the government to scrap the purchase plan it said it would be an unnecessary expense as most vessels calling at the port already have their own cargo handling equipment reuter
earn	jewelmasters jem sees net below estimates jewelmasters inc said it expects to report net income for the year ended january to pct below analysts estimates of dlrs or cts per share jewelmasters sales sales for the year just ended were about mln dlrs in the prior year it earned dlrs on sales of mln dlrs jewelmasters said net income for the year was hurt by disappointing sales in december and january a high level of advertising spending in the fourth quarter higher than expected opening expenses for additional units and an adjustment to inventory associated with a shift to a more comprehensive inventory system jewelmasters said it expects to report audited results for the fourth quarter and year in about three weeks reuter
alum	aluminium capacity growth trend seen insufficient aluminium capacity expansion planned for the period after will be insufficient to supply any acceleration in demand growth let alone an increase on the scale which seems likely according to analyst anthony bird associates aluminium review by non socialist world primary capacity will need to be around mln tonnes whereas on current plans only mln tonnes are scheduled bird said bird forecast higher economic growth after and increased imports by less developed countries aluminium consumption growth is not expected to accelerate by as much as general growth but non socialist world consumption is nevertheless forecast to increase sharply from mln tonnes in to mln tonnes in bird said aluminium companies were slow to adjust to the pace of change after the review said and now they have completed this transition they may be in danger of remaining preoccupied with the strategies of retrenchment and survival which have served them well in recent years in order to encourage the construction of additional smelters aluminium prices will need to settle at a higher level production costs are likely to rise again in the years ahead as the glut of alumina capacity vanishes and electricity suppliers take a more aggressive line with aluminium companies according to the review at march prices the three most likely cost price scenarios call for a long run aluminium price of between and cents a lb depending on exchange rates bird said such a price development is not expected to cause any marked competitive problems for the metal because of the likely rise in commodity prices as a whole and cost pressures in the pipeline for steel and copper in the short term however the outlook is dull bird said as the world economy has not responded well to the opportunities offered by cheap oil its consumption forecast of mln tonnes is pct down on while production is forecast six pct higher in at mln tonnes reuter
acq	alpha industries aha sells division alpha industries inc said it has sold its microelectronics division to triax corp for undisclosed terms retroactive to february one it said the division has yearly revenues of about mln dlrs and makes rf microwave components for the defense electronics industry alpha said it plans to concentrate on the high frequency portion of the electromagnetic spectrum reuter
jobs	norwegian unemployment falls in march unemployment fell in march to or pct of the workforce compared with pct in february and pct in march the labour directorate said reuter
earn	j c penney declares two for one split raises quarterly
carcass	london meat futures need marketing chairman pigmeat and beef futures which have been thinly traded on the london meat futures exchange lmfe despite lower physical prices and the introduction of new contracts need more effective marketing lmfe chairman pat elmer said in his annual report in the exchange introduced live cattle and pig cash settlement contracts representing a move away from the problems of cash distortions and squeezes which initial deliverable buyers option contracts created he said although the physical industry is aware of the market and follows its prices keenly this has not been reflected in market volume elmer said if we are to achieve our true potential the floor members must give the market much more time and attention he added reuter
acq	interlink says not planning bid for purolator british package courier interlink express plc does not plan to bid for the whole or part of purolator courier corp pcc n a spokesman said there is no intention of making any sort of approach to purolator the spokesman told reuters adding it would be a case of david versus goliath interlink shares started trading in the u k unlisted securities market in october it posted pre tax profits of mln stg on turnover of mln stg in the six months to december purolator last year topped turnover of mln dollars the spokesman said between purolator and interlink in view of a takeover or participation he categorically denied press reports suggesting interlink was developing a buyout bid the reports said the proposed bid would be a price above the dlrs per share offered by e f hutton lbo inc the hutton offer expires tomorrow the spokesman said interlink was seeking to expand business first in continental europe and later in the u s but the company did not expect to gain foothold in the u s market until at the earliest he said reuter
earn	penney jcp sets stock split raises quarterly j c penney co inc said its board declared a two for one stock split and raised the quarterly dividend cts per share on a presplit basis to cts both are payable may one to holders of record april reuter
earn	hillenbrand industries inc hb st qtr feb shr cts vs cts net mln vs mln revs mln vs mln reuter
money-fx	u k money market given mln stg late help the bank of england said it had provided the money market with late assistance of around mln stg this takes the bank s total help today to some billion stg and compares with its forecast of a two billion stg shortage in the system today reuter
acq	cable says consortium proposals not acceptable cable and wireless plc cawl l said proposals to resolve a dispute over entry to japan s telecommunications market were not acceptable a company spokesman said the proposals appear to have been made in today s edition of the japanese daily asahi by fumio watanabe head of a telecommunications committee with the federation of economic organisations however the suggestion still recommended a merger between the two consortia tendering for contracts and would give cable a five pct stake more than the three pct originally proposed but less than the pct it holds in its original venture he said the proposal would also offer a cable nominee a seat on the board of the merged company the spokesman said he believed japan should accept applications from the two rivals for fair review earlier today cable shares firmed on market speculation that the dispute which is being treated by britain s government as a test case of how open the japanese telecommunications market is was near settlement cable shares at gmt were quoted at p compared with a close last night at p reuter
trade	u s japan trade war not in uk s interest lawson u k chancellor of the exchequer nigel lawson said the united states and japan must work to avert a possible trade war and he added that a trade war would not be in the interests of britain lawson told journalists that the prospects for the u k economy look very very good providing we can avoid a trade war he stressed that a heavy responsiblity in different ways lies on japan and the united states to ensure that we do avoid such a trade war asked whether he believed such a trade war could be averted lawson replied i very much hope so britain last week warned that it would retaliate if japan did not move soon to open its markets to outside competition prime minister margaret thatcher gave notice that the u k would fight the japanese government s attempt to prevent cable and wireless plc cawl l from taking a significant position in a new japanese international telecommunications venture but british officials are now trying to dampen anti japanese rhetoric to try to keep developments under control the british conservative government will on thursday consider what legal options are available to it to try to increase u k access to japanese markets officials said reuter
acq	gaf corp offers dlrs a share cash for borg warner
gnp	economists cut austrian gdp growth forecast the institute for economic research wifo said it has cut its forecast for austria s gross domestic product growth to a real one pct from a two pct forecast made last december wifo chief helmut kramer told a new conference that he saw the one pct figure which compares with pct last year as the upper limit of growth the institute had made the revision due to poor prospects for austrian exports he added a collapse in sales to the eastern european and oil producing states combined with the effects of the dollar s fall mean exports overall are unlikely to rise this year kramer said domestic demand alone would fuel growth this year after last year s pct rise in real incomes private consumption was likely to rise pct in after pct in despite a present trend towards higher savings unemployment was likely to rise to almost six pct from pct last year due to the slack economic activity kramer said the current account was likely to run a deficit of about four billion schillings compared with a billion surplus recorded last year the national bank austria s central bank last month forecast the current account would be roughly in balance this year however kramer said the lower economic growth should have no notable effect on the government s attempts to cut the budget deficit this year s aim of reducing the deficit to pct of gdp from pct in could still be achieved he said reuter
acq	ferruzzi may float up to pct of paris unit gruppo ferruzzi is studying a project which could result in a public share offer of up to pct of its french unit european sugar france and could raise around mln dlrs ferruzzi chairman raul gardini said gardini told reuters the operation under consideration was aimed at international markets and that the figure of mln dlrs given in some press reports was probably about right european sugar wholly owned by ferruzzi unit eridania zuccherifici nazionali spa erdi m is expected to absorb the european corn wet milling business of cpc international inc cpc n which ferruzzi recently agreed to buy ferruzzi announced last week it had agreed in principle to buy the cpc operation for mln dlrs a ferruzzi spokesman later confirmed that the group was studying the transfer of the cpc business to european sugar along with a possible share offering in the paris unit but gave no details the flotation plan has been interpreted by financial analysts as a means of helping finance the acquisition of the cpc business in london yesterday chairman of belgian starch producer amylum nv pierre callebaut told reuters that since ferruzzi was apparently still organising finance his company might still succeed with its rival bid for the cpc business gardini commenting on callebaut s remarks said the mln dlrs agreed for the cpc acquisition would be paid at the date foreseen in the preliminary contract gardini could not reveal the date in question nor give any indication of the likely timing of an offering of shares in european sugar but it was announced last week that ferruzzi s purchase of the cpc business was expected to be completed by september callebaut said yesterday that amylum was surprised and disappointed that its mln dlr bid cash offer for cpc s european business was apparently rejected in favour of ferruzzi s lower bid gardini commenting on callebaut s remarks said amylum should know that one succeeds in a bid by making the right offer at the right moment exactly as ferruzzi did in the case of the acquisition of cpc s european business gardini said it was not callebaut s business to concern himself with the european sugar capital raising operation under study he added asked about press reports that ferruzzi might follow up the european sugar flotation with the sale of pct of the cpc business gardini said we do not exclude having minority partners in the cpc business he declined to elaborate reuter
acq	corrected gaf corp offers dlrs a share cash for borg warner correcting amount
money-fx	u s treasury s baker sees rate stability treasury secretary james baker said the agreement among the industrial countries reached in paris last month should foster stability of exchange rates at around current levels in testimony before the house appropriations committee baker outlined many of the measures taken designed to achieve more balanced growth and a reduction of trade imbalances during the paris meeting these measures should also foster greater stability of exchange rates around current levels he said baker reiterated that the ministers at the paris meeting agreed that their currencies were within ranges broadly consistent with underlying economic fundamentals and that further substantial exchange rate shifts could damage growth and adjustment prospects he added in these circumstances we agreed to cooperate closely to foster stability of exchange rates around current levels reuter
acq	gaf gaf seeks all of borg warner bor gaf corp said it has made an all cash merger proposal to borg warner corp at dlrs per share for all the company s common stock following a meeting yesterday with borg warner officials and investment bankers gaf said it is today delivering a letter to the borg warner board outling the terms of the proposal that would be made by tender offer pursuant to a mutually acceptable merger agreement to be approved by the borg warner board and conditioned on that board s recommendation of the tender offer and merger gaf in its letter stated it intends to finance the proposed acquisition entirely with its own funds and bank borrowings under a syndicated bank loan from a group of banks led by chase manhattan corp s cmb chase manhattan bank last week gaf increased its ownership of borg warner shares to pct of those outstanding minstar inc mnst sold its pct holding gaf emphasized the amicable nature of the proposed transaction which it characterized as a partnership gaf said it wanted to discuss with the borg warner board key roles for borg warner s senior management in the new organization board representation for borg warner directors on a newly constituted board and a company name change gaf said it will be filing an amendment to its d with the u s securities and exchange commission borg warner has about mln common shares outstanding minstar chairman irwin l jacobs sold his stake after borg warner after the company failed to respond to his mid february offer for a negotiated agreement at a minimum price of dlrs a share in november jacobs had offered to enter into acquisition talks with borg warner based on a price of between and dlrs a share reuter
earn	trans canada glass ltd th qtr loss shr loss cts vs loss eight cts net loss vs loss sales mln vs mln year shr profit cts vs profit cts net profit mln vs profit mln sales mln vs mln reuter
earn	geothermal resources international inc geo year oper shr dlrs vs dlrs oper shr diluted dlrs vs dlrs oper net vs revs vs mln avg shrs vs avg shrs diluted vs note net excludes gains from discontinued operations of dlrs vs dlrs year net excludes gain dlrs from sale of discontinued operations net includes tax credits of dlrs vs mln dlrs reuter
earn	first city industries inc fcy th qtr net opoer shr profit cts vs loss cts oper net profit vs loss sales mln vs mln year oper shr loss dlrs vs loss dlrs oper net loss mln vs loss mln sales mln vs mln note net excludes gains from discontinued operations of mln dlrs vs dlrs in quarter and dlrs vs dlrs in year reuter
earn	magellan petroleum corp mpet rd qtr jan shr loss nil vs profit nil net loss vs profit revs vs avg shrs mln vs mln nine mths shr profit nil vs loss one ct net profit vs loss revs vs avg shrs mln vs mln note net includes tax credits of dlrs vs dlrs in quartrer and dlrs vs dlrs in nine mths reuter
earn	terra mines ltd tmexf year loss shr loss cts vs loss cts net loss mln vs loss revs vs note includes writedown of mln dlrs for the costs of mineral properties and deferred exploration and development bullmoose lake in the northwest territories reuter
earn	merrill corp mrll th qtr jan net shr cts vs cts net vs revs mln vs mln year shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	d o c optics corp doco th qtr loss shr loss cts vs profit cts net loss vs profit revs vs year shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs vs reuter
interest	u s treasury s baker sees expansion continuing treasury secretary james baker said that the current expansion which he noted was in its fifth year will continue in the period ahead he told the house appropriations committee that there is every prospect that the current expansion will continue unabated through and the years beyond baker said interest rates over the period have continued to decline and that policies of the federal reserve assure that ample credit was available he said that the administration s longer term forecast envisioned that we will maintain and improve upon our progress in bringing down the rate of inflation reuter
trade	ec approves mediterranean financial packages ec ministers have approved financial packages for several mediterranean states totalling billion european currency units an ec official said the packages part of special ec trade agreements with tunisia egypt lebanon israel algeria morocco and jordan until include mln ecus in grants he said they include one billion ecus in loans from the european investment bank the ec long term financing arm the framework for the transfers was signed yesterday by ec farm ministers after being agreed in principle by foreign ministers earlier reuter
earn	southern hospitality corp shos rd qtr feb shr loss cts vs loss cts net loss vs loss sales vs mln nine mths shr loss cts vs profit cts net loss vs profit sales mln vs mln reuter
earn	elder beerman stores corp eldr th qtr feb one oper shr cts vs dlrs oper net vs sales mln vs mln year oper shr dlrs vs dlrs oper net vs sales mln vs mln note share adjusted for five pct stock dividend prior year net both periods excludes gain dlrs from reversion of overfunded pension plans year net includes pretax lifo inventory charge dlrs vs credit dlrs tax rate pct vs pct due to impact of tax reform act of bad debt writeoffs for year up one mln dlrs pretax from the year before reuter
money-fx	treasury s baker says cooperation working treasury secretary james baker said that the agreement in paris to cooperate in exchange rate changes showed that the process of coordination agreed to at the tokyo summit was working he told the house appropriations committee the meeting demonstrated that the process is working he noted that the industrial surplus countries committed themselves to strengthen their growth prospects while the deficit countries agreed to reduce their domestic imbalances baker said that for its part japan announced a cut in its discount rate to pct and committed itself to prepare a comprehensive economic program to stimulate domestic demand after the diet completes action on the current budget he said the united states must also do its share pressing for reductions in the federal budget deficit through spending cuts and we must continue to oppose protectionist pressures he added reuter
acq	akzo planning us investments dutch chemicals group akzo nv akzo as said it hoped to consolidate its core activities this year by making small acquisitions in the us akzo chairman aarnoud loudon told a news conference on its report that the company wanted to achieve the same level of us investments it had before it divested its fibre firm american enka in december when us investments represented pct of akzo s total capital the us expansion plans were not an attempt to compensate for losses in guilder income through the lower dollar loudon said he said a more important factor was the speed of growth in the us adding it s the largest industrial market in the world but he said the company would also be looking at possible acquisitions in europe despite its highly liquid cash flow akzo did not plan acquisitions on a scale that would negatively influence the company s debt equity ratio loudon said the chairman said in the past two years akzo had spent billion guilders on acquisitions of which nearly two thirds were in the united states reuter
gnp	oecd sees major adjustment for australia australia faces a major medium term adjustment to reduce debt and improve its economic performance the organisation for economic cooperation and development said in its latest annual review of the australian economy it said australia had a current external deficit of pct of gross domestic product high and rapidly rising external debt equal to pct of gdp growing servicing costs and inflation above nine pct far higher than that of other oecd countries a major policy change in early helped lay the basis for sustained non inflationary growth and external competitiveness had improved but economic performance overall had sharply deteriorated since june a major shift of real resources to the external sector about pct of gdp by was required for the economy to expand in line with potential for employment to grow and for the debt gdp ratio to stabilize it said success depended on the setting of right policies including tighter fiscal policy a reduction in the public sector borrowing requirement and on private sector behaviour looking ahead over the next months the oecd expected economic performance to improve partly as a result of tighter fiscal and monetary policy and a substantial improvement in trade volumes it said positive gdp growth of three pct might be restored the current external deficit could fall to some pct of gdp by the first half of next year while inflation was projected to decelerate to around five to pct by mid continued real wage moderation was essential to maintain the competitive edge created by the australian dollar s depreciation and to maintain if not boost profit shares in order to encourage business investment the report urged australia to broaden its export base by developing viable and competitive service and manufacturing industries and not count on a recovery of commodity markets to correct its external imbalances it added australia should reduce protection levels in manufacturing even though faster trade liberalisation would no doubt hurt the most protected sectors of industry reuter
sugar	u s sugarbeet plantings seen rising in representatives of u s sugar grower organizations said they expect some increase the area planted to sugarbeets this year and said the prospects for the cane sugar crop also are good dave carter president of the u s beet sugar association said plantings may be up in two major beet growing states california and michigan while sowings could be down slightly in the largest producing state of minnesota overall carter predicted beet plantings would rise in the midwest and this coupled with increases in california would increase u s sugarbeet plantings slightly from the mln acres sown last year usda later today releases its first estimate of u s sugarbeet plantings in the prospective plantings report the main reason for the expected increase in beet sowings is that returns from competing crops such as soybeans and grains are just awful said carter in the midwest bankers are strongly encouraging farmers to plant sugarbeets because the u s sugar program offers a loan rate of cents per pound and because payments to farmers from beet processors are spread evenly over the growing season said luther markwart executive vice president of the american sugarbeet growers association the banks are putting a lot of pressure on these guys markwart said in some areas there are waiting lists of farmers seeking a contract with processors to plant beets markwart said usda s report today will not include any harvested area estimates for sugarcane but representatives of florida hawaii and louisiana growers said crop prospects are good horis godfrey a consultant representing florida and texas cane growers said florida cane is off to a good start because for the first time in several years there was no winter freeze although area to be harvesteed is about the same as last year cane production may be up in florida this year he said in hawaii area harvested may decline slightly this year but likely will be offset again in by increased yields said eiler ravnholt vice president of the hawaiian sugar planters association the acreage planted to sugarbeets will receive more than the usual amount of attention this year because of mounting concern that continued increases in domestic sugar production threaten the u s sugar program industry sources said the increases in beet plantings have especially caused concern among cane growers who have not expanded plantings particularly in hawaii industry officials said we haven t had a good weather year throughout the beet and cane areas in more than five years said godfrey adding that the u s may be due for a good weather year rep jerry huckaby d la chairman of the house agriculture subcommittee responsible for the sugar program has threatened to offer legislation next year to curb domestic sweetener output if growers fail to restrain output in reuter
earn	heck s inc hex th qtr jan three net shr losses not given net loss vs loss sales mln vs mln year shr losses not given net loss mln vs loss sales mln vs mln note company operating in chapter bankruptcy year net includes four mln dlr lifo charge and dlr credit from pension plan termination reuter
earn	capital bancorp capb sees gain on unit sale capitol bancorp said it has sold its pct interest in cap mortgage co inc for mln dlrs adding this is expected to result in an after tax gain of about dlrs to be reported in the first quarter capitol bancorp said the cap mortgage interest was sold to michael m bronstein president of cap mortgage and robert fox president of fox properties inc bronstein already held the other pct of cap mortgage s stock reuter
earn	g data systems gggg rd qtr net qtr ends jan shr nil vs nil net vs revs vs avg shrs vs nine mths shr two cts vs three cts net vs revs vs avg shrs vs reuter
earn	niki lu industries inc year net oper shr profit cts vs loss cts oper net profit vs loss revs mln vs mln avg shrs vs note net excludes dlr tax credit reuter
earn	colorocs corp clrx year loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs vs reuter
acq	ferruzzi may float up to pct of paris unit gruppo ferruzzi is studying a project which could result in a public share offer of up to pct of its french unit european sugar france and could raise around mln dlrs ferruzzi chairman raul gardini said gardini told reuters the operation under consideration was aimed at international markets and that the figure of mln dlrs given in some press reports was probably about right european sugar wholly owned by ferruzzi unit eridania zuccherifici nazionali spa is expected to absorb the european corn wet milling business of cpc international inc which ferruzzi recently agreed to buy ferruzzi announced last week it had agreed in principle to buy the cpc operation for mln dlrs a ferruzzi spokesman later confirmed that the group was studying the transfer of the cpc business to european sugar along with a possible share offering in the paris unit but gave no details the flotation plan has been interpreted by financial analysts as a means of helping finance the acquisition of the cpc business reuter
acq	gandalf gandf acquires stake in data voice gandalf technologies inc said it acquired a significant minority equity interest in privately held data voice solutions corp of newport beach calif for undisclosed terms gandalf did not specify the size of the interest data voice is a three year old designer and manufacturer of a multiprocessor multiuser ms dos computing system that gandalf plans to integrate with its private automatic computer exchange information system gandalf said reuter
acq	keycorp key agrees to acquire utah bank keycorp said it has signed a definitive agreement to acquire commercial security bancorp csec by exchanging keycorp common valued at dlrs for each commercial securities share keycorp said this gives the transaction an indicated value of mln dlrs keycorp said the amount of its stock to be exchanged will be based on the daily average closing price of the shares for an unspecified period prior to the closing of the acquisition based on a maximum of about keycorp shares and a minimum of about keycorp to be exchanged the agreement provides that if the average price of keycorp common is less than dlrs a share during the pricing period the agreement will terminate unless a new conversion ratio can be negotiated keycorp said the transaction is designed to be tax free to commercial security shareholders the company said it will treat the merger as a pooling of interests it said the proposal is subject to approval by commercial security shareholders and various regulators keycorp said the merger is expected to become effective as soon as possible after december the date utah s interstate banking law becomes operational keycorp said richard k hemingway and certain members of the hemingway family who own about pct of commercial security s outstanding shares have agreed to vote in favor of the transaction and not dispose of their stock based in salt lake city commercial security ended with assets of mln dlrs net loans of mln dlrs and deposits of mln dlrs it had net income of mln dlrs or dlrs a share on mln average shares outstanding last year reuter
trade	soviet union seen watching china gatt application china s application to join the general agreement on tariffs and trade gatt is seen as a test case by the soviet union which will probably demand to follow china a top european community official said willy de clercq external relations commissioner of the european communities told a news conference that china s application would involve long and difficult negotiations china formally applied to join gatt in july and in february presented a memorandum backing its application which de clercq said was now being studied questions would then be presented to china after china other important state trading countries including the soviet union will probably demand accession china s application could be considered a test case he said he said the ec strongly backed china s application but others among gatt s contracting parties took a tougher line among the numerous problems of a huge centrally run economy entering a free trade system are tariffs and reciprocity and the expectation that china will practice an open trade policy without trade discrimination de clercq added de clercq noted the different dimensions of the chinese economy and those of hungary and yugoslavia the two current socialist gatt members on china s import potential he said a foreign exchange shortage would force china to import less this year and next than in the past with an emphasis on technological equipment and capital during his visit de clercq has met top chinese leaders and today signed an agreement to open a european community commission office in peking reuter
earn	rocky mount undergarment rmuc th qtr loss shr loss cts vs loss cts net loss vs loss revs vs mln mths shr loss cts vs profit cts net loss vs profit revs mln vs mln note full name of company is rocky mount undergarment co inc reuter
trade	u s senate leaders see no trade war brewing the senate s democratic and republican leaders praised president reagan for retaliating against japan for violating a semiconducter accord but dashed cold water on ideas it was the first shot in a trade war senate democratic leader robert byrd and republican leader bob dole both told the senate reagan s decision was long overdue and urged japan to open its markets to u s goods and stop dumping on world markets each noted in separate speeches that they saw no trade war over the issue despite concerns in financial markets that fear has no basis in fact byrd said reuter
earn	dyr liquidating dyr sets liquidating payout dyr liquidating corp formerly dyneer corp said its board declared a third liquidating dividend of one dlr per share payable to shareholders of record on april and said it will file a certificate of dissolution on that date the company said shareholders of record on that date will acquire beneficial interests in the liquidating trust that will be formed to hold all of the company s assets it said it has asked the american stock exchange to suspend trading in its common stock at the close on april to ensure settlement of all traded by april dyr said it expects its stock to be withdrawn from registration under the securities exchange act of shortly after april dyr said the pay date for the dividend will be april reuter
earn	network security corp ntwk year net shr dlrs vs cts shr diluted dlrs vs cts net mln vs revs mln vs mln note net includes pretax charge dlrs from increases and reserves and writeoffs of low yielding assets and pretax gain mln dlrs from sale of multi family subsidiary another dlrs of gain from the multi family sale will be recognized in if multi family meets targeted operating results reuter
acq	peat marwick kmg main hurdman to complete merger peat marwick and kmg main hurdman said their merger will be completed tomorrow the new firm to be known as kpmg peat marwick will rank among the largest public account and consulting firms in the u s based on combined revenues of billion dlrs partners and a total staff of in offices kpmg was created as part of the merger announced last september of peat marwick international klynveld main goerdeler to form klynveld peat marwick goerdeler reuter
acq	borg warner bor examining gaf gaf proposal borg warner corp in a statement said it has received gaf corp s dlrs a share acquisition proposal and will have no comment until its board of directors has had a chance to examine it thoroughly reuter
earn	cri insured ii cii estimates dividends cri insured mortgage investments ii inc said it expects to distribute about to dlrs per share from operations for all of and about to dlrs including the proceeds of the gain from the sale of the brighton meadows mortgage through january the company today paid a dividend of dlrs per share its first two quarterly payments in september and december were cts each cri said it has not yet declared a distribution on the park meadows loan disposition reuter
alum	lme lists brazilian aluminium brand the london metal exchange lme has listed the aluminium brand cba produced by cia brasileira de aluminio at its mairinque sao paulo plant the brand will constitute good delivery from april the lme said reuter
coffee	guatemala to host other milds coffee meeting guatemala will host a meeting of other milds coffee producers probably in may to discuss basic export quotas the guatemalan delegate to the international coffee organization ico said no firm date has been set for the talks ambassador rene montes told reporters at the ico executive board meeting here producer countries brazil colombia and a member of oamcaf the african and malagasy coffee organization may also be invited for consultation he said ico producers and consumers could not agree on how to calculate export quota shares at a recent council meeting here other milds coffee producers include costa rica dominican republic ecuador el salvador guatemala honduras india mexico nicaragua papua new guinea and peru reuter
acq	audio video ava to get expenses from dixons audio video affiliates inc said it will receive an undisclosed amount from dixons group plc in connection with the termination of cyacq corp s dlr per share tender offer for cyclops corp cyl the company said the amount from dixons is in lieu of reimbursement expenses for the cyacq tender citicorp cci was the other partner in cyacq the payment was in connection with dixons previously announced agreement to increase its tender price for cyclops to dlrs per share cycacq s ending of its competing bid and the ending of litigation between the parties reuter
acq	republic rsla to merge with pioneer savings republic savings and loan association and pioneer savings of racine wis said they have signed a definitive agreement to combine the two associations into a publicly held holding company to be called republic capital group inc the associations said they would form the company by exchanging republic s stock for shares in the holding company which pioneer savers could purchase when pioneer converts from mutual to stock ownership the associations added that they would remain independent but wholly owned units of the holding company the associations said they would continue to do business using their present names and management the combination of republic s mln dlrs in assets with pioneer s mln dlrs would make the new holding company the fifth largest savings and loan organization in wisconsin they said the associations said the move is subject to approval by the federal home loan bank board and the wisconsin commissioner of savings and loan as well as republic s shareholders and pioneer s depositors reuter
earn	new harding group inc st qtr jan net shr cts net revs mln note prior results not given due to november acquisition of pct stake in continuous colour coat ltd reuter
acq	brougher bigi to sell pct of subsidiary brougher insurance group inc said it plans to sell pct of the stock of its subsidiary intercontinental corp for one mln dlrs to three european insurance companies the parent company said it signed a letter of intent to sell the stock to wasa europeiska forsakrings ab of sweden europeiske reiseforsikring a s of norway and europeiska rejseforsikrings a s of denmark brougher said it expects to realize a net after tax gain of approximately dlrs or cts per share from issuing stock of intercontinental reuter
ipi	canada industry prices fall pct in month the canadian industrial product price index base fell pct in february after rising pct in january statistics canada said a significant part of this monthly decrease was attributable to the impact of the increase of the canadian dollar on prices for wood pulps newspaper aluminum nickel and motor vehicles the federal agency said on a year over year basis the index was down pct little change from the pct decline posted in january reuter
earn	sun city industries sni sees higher net sun city industries inc said preliminary unaudited results of ongoing operations for the fiscal year ended january are expected to rise over pct to dlrs or cts per share from the dlrs or cts reported last year total net income is expected to reach mln dlrs which includes mln dlrs of net income realized from sale of property the combination will result in record earnings of dlrs a share the wholesale distributor and processor of eggs said reuter
trade	yeutter says stock market overreacted to japan trade dispute
ship	st lawrence seaway opens shipping season the st lawrence seaway said the first ship of the season passed through the st lambert lock here this morning officially opening the mile long waterway s shipping season the seaway has said it expects little increase in freight levels this year from last year when it moved mln tonnes of freight between montreal and lake ontario and mln tonnes on the welland canal which links lake erie and lake ontario the canal is scheduled to open tomorrow officials expect the waterway to lose nine to ten mln canadian dlrs this year about the same as the estimated deficit for fiscal which ends today reuter
acq	acton atn to sell unit for gain acton corp said it has agreed to sell its five michigan cable television systems to wisconsin cablevision inc for about dlrs resulting in a gain of about six mln dlrs the company said the sale is subject to review by local authorities the systems have about subscribers acton said proceeds will be used to retire bank debt the company said it has also entered into a mln dlr bank credit agreement that will allow it to complete the prepayment of all its obligations to members of its present bank syndicate the company said the new credit will also allow it to prepay some other debt and redeem its class c series two preferred stock it said the new facility has allowed it to take full advantage of an early payment discount of about mln dlrs in principal and interest which was negotiated with its banking syndicate in connection with an april financial restructuring reuter
sugar	beghin say says sugar offer to ec still stands a plan by european producers to sell tonnes of sugar to european community intervention stocks still stands andrea minguzzi an official at french sugar producer beghin say said last week beghin say president jean marc vernes said a possible settlement of a row with the ec would lead producers to withdraw their offer which was made as a protest against ec export licensing policies the ec policy is to offer export rebates which fail to give producers an equivalent price to that which they would get by offering sugar into intervention stocks vernes said but minguzzi said the offer was a commercial affair and that producers had no intention of withdrawing the sugar offer already lodged with intervention boards of different european countries he said final quality approval for all the sugar offered could come later this week some pct had already cleared quality specifications the ec can only reject an offer to sell into intervention stocks on quality grounds minguzzi added that under ec regulations the community has until early may to pay for the sugar he declined to put an exact figure on the amount of sugar offered by beghin say but said it was below tonnes reuter
trade	u s stock market overreacts to tariffs yeutter u s trade representative clayton yeutter said the stock market overreacted to a u s decision last week to proceed with tariffs on some japanese computer products speaking to reporters prior to testifying at a house agriculture committee hearing yeutter said it is difficult to comprehend that a trade decision affecting only mln dlrs in goods caused the stock market collapse yesterday i have a hunch a lot of other things were involved in that stock market fall including simple profit taking yeutter said yeutter said japan would be sending a senior official from its trade ministry to washington next week for talks on the computer chip dispute we will be glad to have him here but that s not going to affect a decision that s already been made yeutter said the decision announced last week would apply higher tariffs on a range of japanese products in retaliation for the alleged failure of tokyo to honor an agreement with the u s on semiconductor trade reuter
acq	usx x consolidated natural cng end talks usx corp s texas oil and gas corp subsidiary and consolidated natural gas co have mutually agreed not to pursue further their talks on consolidated s possible purchase of apollo gas co from texas oil no details were given reuter
earn	arvin industries sees flat st qtr per share net compared with cts last year
earn	rocky mount rmuc expects profit in first qtr hal weiss chairman president and chief executive officer of rocky mount undergarment co inc said he expects the company to show a profit for the first quarter fiscal weiss said sales for have been strong following a net loss of dlrs or cts a share for the fourth quarter of fiscal the company reported a net loss for the year of dlrs or cts a share rocky mount recorded net income of dlrs or eight cts per share for the first quarter of fiscal weiss attributed the poor year to problems involving management manufacturing operations financial condition and credibility among its suppliers weiss predicted the pattern of quarterly lossses which characterized will be reversed and will see the company return to profitability reuter
acq	chubb corp cb completes acquisition the chubb corp said it completed the previously announced merger of its subsidiary with and into sovereign corp sovr a life insurance holding company under the terms of the merger sovereign stockholders wil receive in a tax free exchange of a share of chubb common stock for each share of sovereign held the company said this equals dlrs per share of sovereign stock based on the closing price of chubb common stock on march reuter
trade	envoy advises nakasone to prepare for u s visit the japanese ambassador to the u s suggested that prime minister yasuhiro nakasone make efforts to present advanced proposals on trade issues when he visits washington next month ambassador nobuo matsunaga made the recommendation at a meeting with nakasone kyodo news service said matsunaga also advised that the prime minister should be prepared to discuss u s japan economic issues matsunaga cited issues such as a u s japan micro chip trade pact foreign access to the kansai international airport project and a new international telecommunications firm matsunaga returned on sunday to report to japanese leaders on recent u s developments over trade in preparation for nakasone s visit to washington april to may kyodo quoted nakasone as telling reporters after meeting the envoy i entirely accept what ambassador matsunaga recommended nakasone did not elaborate the u s japan trade dispute intensified last week when president ronald reagan said the u s would impose heavy tariffs on japanese imports in retaliation against alleged japanese breach of the computer chip trade pact meanwhile nakasone s ruling liberal democratic party ldp is to consider measures to boost imports and open up the japanese market such as government purchase of supercomputers and expanding foreign access to the kansai airport project party sources said the ldp international economic affairs council was responding to nakasone s request for measures to reduce japan s increasing trade surpluses with the u s and europe they said reuter
earn	new harding group sets first payout since new harding group inc formerly harding carpets ltd said it declared its first dividend since fiscal of cts per subordinate voting share and multiple voting share pay april record april the company said the dividend establishes a new policy for the payment of quarterly dividends new harding earlier reported profit of dlrs or cts a share for first quarter ended january it said prior results were not comparable due to the company s november acquisition of a pct stake in continuous colour coat ltd reuter
acq	laroche drops condition to neco npt offer investor david f laroche said he has decided to drop the condition to his tender offer for shares of neco enterprises inc at dlrs each that at least shares be tendered he said he has extended the expiration of the offer until april thorugh march he said neco shares had been tendered laroche said he may obtain a short term loan of up to one mln dlrs from amoskeag bank to help finance the purchase of shares under the offer bearing interest of up to nine pct reuter
crude	chevron chv nippon oil form joint venture chevron corp said its chevron u s a inc unit and tokyo based nippon oil co ltd agreed to conduct a joint venture oil exploration and development program on selected chevron leaseholds in the united states about onshore and offshore exploratory wells will be drilled under the agreement and chevron will be the operator of the project and pay some costs the company said it said nippon will contribute an initial investment of more than mln dlrs the japanese government will also participate in the venture by providing financing to nippon through the japanese oil corp chevron said it said drilling will begin during the second quarter properties to be evaluated are located in california colorado kansas oklahoma mississippi montana north dakota texas utah and wyoming along with federal outer continental shelf leases offshore southern california and in the gulf of mexico chevron said reuter
acq	telecast tcst completes acquisition financing telecast inc said it closed on the financing portion of its previously announced acquisition of approximately hotel rooms from dynavision inc the three mln dlr financing package was provided by sanwa business credit corp a subsidiary of sanwa bank ltd of japan the company said reuter
gas	new gasoline grade to raise u s refining costs a new grade of unleaded gasoline now being test marketed will increase refining costs when refiners can least afford it according to officials attending the national petroleum refiners association conference here the new grade of unleaded gasoline has an octane level of compared with over for super unleaded and for regular unleaded gasoline amoco corp an has test marketed the new mid grade gasoline and hopes to sell it on a regular basis in the south east and midwest by the beginning of june according to paul collier executive vice president of marketing phillips petroleum p expects to begin marketing the new octane unleaded gasoline in may sources said converting current refinery operations to produce the octane unleaded gsoline could cost hundreds of millions of dollars per refinery but that depends on the present capacity and intensity of the refinery said amoco s collier but not all oil company s welcome the introduction of another grade of unleaded gasoline three grades are not warranted said henry rosenberg chairman of crown central petroleum cnp refiners will have to upgrade again he added an investment will have to be made said archie dunham executive vice president of petroleum products at conoco an operating subsidiary of dupont corp dd in order to upgrade refinery operations reuter
earn	charter power systems inc chp th qtr jan shr profit cts vs loss cts net profit vs loss sales mln vs mln year shr profit cts vs loss cts net profit vs loss sales mln vs mln note prior year results pro forma for acquisition of c and d power systems divisions of allied signal inc ald reuter
earn	renault rena pa yr ended dec consolidated net loss billion francs vs loss billion consolidated net turnover billion francs vs billion consolidated debt billion francs vs billion net loss car making billion francs vs loss billion net loss industrial vehicles mln vs loss billion note the company said the consolidated net loss was after costs and provisions for restructuring of billion francs which includes exceptional items arising from the planned sale of its stake in american motors corp amo to chrysler corp c full company name is regie nationale des usines renault reuter
earn	pizza inn inc pza th qtr loss shr loss cts vs loss cts net loss vs loss revs mln vs mln avg shrs vs year shr profit three cts vs loss cts net profit vs loss revs mln vs mln avg shrs vs note net includes tax credits dlrs vs dlrs in quarter and tax provision dlrs vs credit dlrs in year year revenues include mln dlrs from gain on sale of quality sausage co inc net includes costs of dlrs in quarter and dlrs in year from proposed merger reuter
money-fx	treasury s baker says u s remains prepared to foster exchange rate stability
earn	arvin arv ses flat st qtr results arvin industries inc said higher interest costs from borrowings to make acquisitions will produce earnings flat with last year s cts a share results arvin said it might earn cts to cts a share in the quarter these results also reflect the seasonally low sales pattern of automotive replacement parts in that period arvin forecast about cts a share net in the second quarter compared with cts in last year s period the company said revenues for full year it will exceed billion dlrs net earnings will increase more than pct while per share earnings should increase to pct arvin s revenues were mln net reached mln and earnings per share dlrs it based these forecasts due to the addition of schrader automotive inc and maremont corp both acquired last year chairman james baker said quarterly comparisons will not conform to historical patterns for the year because the acquisitions of schrader and maremond occurred in different quarters he said arvin will complete the purchase of systems research laboratories in the second quarter of this will also increase revenues reuter
trade	treasury s baker sees billion dlr u s trade deficit reduction this year
crude	treasury s baker says reagan unlikely to alter opposition to oil import fee
interest	fed sets billion dlr customer repurchase fed says
earn	cortronic corp ctrn year loss shr loss cts vs loss cts net loss vs loss sales vs nil note company in development stage reuter
interest	fed adds reserves via customer repurchases the federal reserve entered the u s government securities market to arrange billion dlrs of customer repurchase agreements a fed spokesman said dealers said federal funds were trading at pct when the fed began its temporary and indirect supply of reserves to the banking system reuter
earn	watso inc wsoa sets regular payouts qtrly class a div five cts vs five cts prior qtrly class b div four cts vs four cts prior pay may record april note company changed date for its annual shareholders meeting to june from june due to a scheduling conflict reuter
earn	eateries inc eats year net shr profit cts vs loss two cts net profit vs loss revs vs avg shrs vs reuter
money-fx	treasury s baker says u s backs stability treasury secretary james baker said the united states and the five other industrialized nations signing the recent paris accord remain committed to fostering the exchange rate at around current levels but he declined to comment on what he believed to be an appropriate level of the dollar in world markets i m not going to comment on that because invariably the exchange markets read either more or less into my remarks than i might intend he said in response to a question from the house appropriations committee baker said the six nations participating in the paris meeting in february had acknowledged that the currencies are within ranges that are broadly consistent with the economic fundamentals and we and the others as well remain prepared to cooperate closely to foster stability in exchange rates around those levels reuter
acq	may ma to sell sycamore division the may department stores co said it has signed an agreement to sell its sycamore specialty store division to an investment group that includes syacmore senior management may said it expects to close the deal which includes the entire division and its employees in april sycamore has women s apparel stores in indiana ohio illinois kentucky and michigan may said may added that the indiana national bank of indianapolis provided a portion of the deal s financing reuter
earn	cpl real estate cntrs cuts regular payout qtrly div cts vs cts prior payable april record april note full name of company is cpl real estate trust investment reuter
earn	national bancshares nbct to have gain on sale national bancshares corp of texas said it has completed the previously announced sale of credit card accounts of to lomas and nettleton financial corp lnf for mln dlrs resulting in a gain of dlrs reuter
veg-oil	usda s amstutz confident of ec oils tax defeat u s agriculture undersecretary daniel amstutz said he was confident that a european community ec proposal to tax vegetable and marine oils and fats would not be approved by the community asked by reuters if he was confident the plan eventually would be defeated amstutz said yes i am but i also know that things like this take constant vigilance the usda official said the ec council of ministers held an ad hoc meeting yesterday commenting on that meeting he said so far so good yesterday british farm minister michael jopling said enough ec states appeared to be opposed to the proposals by the commission for a european currency unit a tonne tax on vegetable oils fats and marine oils for the moves to be defeated reuter
earn	cpl real estate cntrs sees lower dividends cpl real estate trust investment said its regular quarterly dividend distribution will be lower than its present cts per share and could be significantly lower starting with the third quarter of the company which lowered the payout from cts to cts this current quarter said it did not know how low the payout would go the company said the reason for the cutbacks was because it would not be purchasing a property it had anticipated and alternative investments will produce significantly lower yields than anticipated reuter
acq	hanson trust han sells unit reichhold chemicals inc said it is part of a group that has purchased pcr inc from hanson trust plc s scm corp subsidiary it said other group members include jacksonville fla businessman jack c demetree and managers of pcr reichhold said it made a modest cash investment pcr makes high performance materials for a variety of industries reuter
earn	american recreation centers inc amrc rd qtr shr cts vs cts net vs revs mln vs mln nine months shr cts vs cts net vs revs mln vs mln note share earnings reflect for stock split effective july reuter
crude	treasury s baker sees reagan opposing oil tax treasury secretary james baker told the house appropriations committee that he believes the president remains opposed to an oil import fee he said reagan last year rejected the idea and he added in my personal view he is not likely to change his thinking on that he said reagan last year opposed the idea because the energy industry was divided on the issue a tax would require a new bureacracy to administer and the resulting higher energy prices would harm u s competitiveness reuter
trade	treasury s baker sees smaller trade deficit treasury secretary james baker predicted the u s trade deficit would decline billion dlrs this year however he acknowledged signs were still lacking on such a decline we think we are beginning to see changes he told the house appropriations committee it has begun to level off but we don t see it beginning to go down yet he told the panel reuter
money-fx	bangemann calls for currency calm west german economics minister martin bangemann urged a halt to the talking down of the dollar by both official and private institutions in the u s saying calm was needed on the foreign exchanges speaking at the opening of the th hanover industry fair bangemann said radical changes in foreign exchange parities had left their mark on exports and investments he added that without these external difficulties west germany s economy would have grown by pct last year instead of the pct reported bangemann said he could not deny that the economic climate in west germany had cooled but he stressed the country was not in a downtrend the minister also criticised state subsidies which he said mainly favoured large companies and created a tax burden for smaller and medium sized firms bangemann referred specifically to subsidies in the steel industry which he said had to be fought with all legal means when they did not correspond to european community guidelines on grants he added that in light of the declining demand for steel capacities had to be adjusted saying the bonn government would not successfully be able to stand in the way of any change in this industry bangemann also spoke out against protectionism and called for more competition citing as an example the federal post office the post office enjoys a monopoly in west germany especially as far as deciding who is able to provide telecommunications equipment reuter
acq	neco npt bidder extends tender offer investor david laroche said he has extended his cash offer to buy shares of neco enterprises inc at dlrs each until april the tender offer was to have expired yesterday in a filing with the securities and exchange commission laroche a north kingstown r i investor who already holds nearly one third of neco s total outstanding commonstock also waived a condition of his offer that a minimum of shares actually be tendered neco has shares outstanding reuter
money-fx	treasury s baker pursuing s asian revaluations treasury secretary james baker told the house appropriations committee the united states is still pressing newly industrialized south asian nations that have tied their currencies to the dollar to let those currencies strengthen against the dollar we have seen some strengthening of those currencies but not as much as we would like he said we have been somewhat disappointed in the results so far but we intend to continue these discussions he said reuter
earn	pier imports pir amending dates on split pier imports inc said it amended its record and distribution dates for its previously announced three for two common and cts preferred stock split the split common and cts preferred shares will be distributed on july to shareholders of record june the stock split requires shareholder approval of an increase in authorized shares of common stock to mln from mln and an increase of authorized shares of preferred stock to five mln from one mln the company said the change in the dates was based on the company s desire to have the additional common and cts preferred shares trade for the shortest practical period of time on a when issued basis following a favorable shareholder vote at the annual meeting june it said the previously announced record and distribution dates were may and june respectively the company said reuter
earn	international biotechnologies ibio th qtr shr loss cts vs loss cts net loss vs loss revs mln vs mln year shr loss cts vs loss dlrs net loss mln vs mln revs mln vs mln note net loss includes non recurring charges of dlrs and dlrs full name is international biotechnologies inc reuter
crude	u s officials defend oil reserve sale plan treasury secretary james baker and office of management and budget chief james miller defended an administration plan to sell the u s naval petroleum reserves in response to hostile questioning from a member of the house appropriations committee the officials said the plan was justified to help bring the fiscal budget deficit and to get the government out of the oil business miller acknowleged the estimated sale proceeds at billion dlrs would actually bring down the deficit by about billion dlrs because of the loss of revenues from the sale of oil from the reserves miller said the sale price may end up higher we d sell it to the highest bidder miller said if we can get more we ll take it reuter
cocoa	traders cut bahia temporao cocoa crop estimate trade estimates of the coming may september temporao harvest in brazil s main cocoa growing state of bahia are now in the mln to mln kilo bag range against mln to mln two weeks ago traders in the state capital salvador told reuters the effects of a dry period in the first six weeks of the year had been harsher than thought earlier although good flowering had followed the onset of rains in mid february subsequent pod setting was dissappointing last year s temporao also hit by a dry spell was mln bags in severe drought cut the crop to mln bags the traders said another factor leading to lower crop predictions is that many farmers are not caring properly for plantations because of low returns on their investment manpower fertiliser and other costs have been cut back as farmers feel the pinch of the rise in interest rates over the past six months coupled with low bean prices if such economies continue into the winter months both the temporao and the developing october april main crop could face serious damage from pod rot attacks on trees which would normally be treated against the disease recent very wet weather has already caused some isolated incidences of pod rot but reports from the growing regions say these are not yet significant the traders said they expect very low deliveries of temporao beans in the first three months of the harvest and the bulk will not appear until the last month september despite the low loads trees are said to be in excellent condition and recent flowering and pod setting which will lead to late temporao early main crop beans has been good reuter
trade	treasury s baker not concerned by bond declines treasury secretary james baker asked whether he was concerned about yesterdays precipitous decline in bond prices said he was not questioned by reporters as he left a house committee hearing baker said no when asked about the bond decline adding that it was a reflection of concern about the possibility of a trade war it is what the markets think would be the adverse consequences of a trade war he said the administration was concerned that protectionism would lead to international trade problems adding that he thought the action against the japanese was still consistent with this policy reuter
trade	u s japan not in trade war yeutter says the united states and japan are not involved in a trade war despite u s sanctions announced last week against japanese semiconductors u s trade representative clayton yeutter said in my judgement we re not even close to a trade war yeutter told a house agriculture committee hearing yeutter said if japan takes action to honor its agreement with the u s on semiconductor trade then the retaliatory response will last a relatively short period yeutter said japan must stop dumping chips in third countries and buy more american computer chips reuter
acq	ual ual completes buy of hilton int l ual inc said it completed the acquisition of hilton international from transworld corp twt paying mln dlrs in cash and securities hilton international will add hotels to ual s westin hotel unit which operates hotels the two chains will have a total of hotels with rooms and employees it said harry mullikin chairman and chief executive of ual s westin hotel unit has been elected to the additional post of chairman and chief executive of hilton international ual will change its name to allegis at its annual meeting reuter
acq	occidental oxy sells unit to henkel kgaa henkel kgaa of dusseldorf west germany said it has completed the acquisition of the process chemicals division of occidental petroleum corp s oxy occidental chemical corp subsidiary for undisclosed terms process chemicals acquired from diamond shamrock corp dia in september makes specialty chemicals for a variety of industrial markets and has annual sales of about mln dlrs reuter
nat-gas	southwestern energy swn arkla alg set pact southwestern energy co said it reached an agreement with arkla energy resources for arkla to carry gas owned by southwestern subsidiaries under the agreement the interstate pipeline division of arkla inc will carry up to mln cubic feet of gas a day until dec and subject to capacity up to mln cubic feet a day in and mln feet a day for the rest of the pact payment terms vary depending on the type of service provided a southwestern spokesman said the deal is effective march one expires july one and is renewable yearly thereafter he said the pact calls for transmission of gas owned by arkansas western gas co seeco inc arkansas gas gathering co and southwestern energy production co southwestern energy said reuter
acq	american amr sets schedule for aircal merger amr corp s american airlines unit said it plans to complete the integration of aircal into its operations within four to five months american s merger with aircal announced last november received final approval from the department of transportation yesterday american said richard d pearson coordinator of the airline s merger activities will become chairman and chief executive officer of aircal during the period up to completion of the merger american said pearson succeeds william lyon who has been elected to amr s board it added that david a banmiller will continue as aircal s president and chief operating officer reuter
acq	gencorp says it expects to complete sale of wor tv this week all challenges resolved
earn	syms corp sym th qtr shr cts vs cts net mln vs mln revs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln note th qtr inludes gain of mln dlrs on sale of real estate reuter
earn	nps technologies group npsgu th qtr shr n a vs n a net vs revs mln vs mln year shr cts vs cts net mln vs mln revs mln vs mln note net includes dlrs charge net includes credit no share amounts provided for th qtr as nps completed initial offering in august reuter
earn	freeport mcmoran resource lp frp qtly payout qtly cash distribution cts vs cts prior pay may record april note full name is freeport mcmoran resources partners lp reuter
acq	butler btlr to buy skylight manufacturer butler mfg co said it signed a memorandum of intent to acquire naturalite inc a manufacturer of skylights it said garland texas based naturalite had sales in of about mln dlrs terms were not disclosed reuter
earn	data measurement corp dmcb th qtr shr cts vs cts net vs revs mln vs mln note shrs reflect for stock split reuter
earn	pubco corp pubo year net oper shr cts vs nine cts oper net vs revs mln vs mln note oper net excludes tax credits of vs current year results include proceeds from termination of a pension plan reuter
earn	montreal trustco inc year net shr cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln reuter
acq	tradestar tirr acquires image video tradestar corp said it acquired image video inc for an undisclosed sum the company said image video produces and distributes videos for the home market image video is scheduled to release video projects in it said reuter
trade	chirac reagan discuss arms control trade french prime minister jacques chirac opened talks with president ronald reagan expected to focus on superpower arms control moves and trade issues french officials said a major aim of chirac s visit was to present france s concern that the united states might ignore european security interests in any accord with moscow on removing medium range nuclear missiles from the continent but reagan was expected to assure chirac that he will not agree to a deal at the geneva superpower talks that would give the russians superiority in shorter range systems diplomats said france has expressed doubts about removing u s missiles from europe so long as the soviet union maintains an edge in other weaponry particularly shorter range rockets conventional forces and chemical weapons speaking last night chirac set out the french position saying any agreement on intermediate nuclear forces should mention how equality can be achieved in short range missiles reagan and chirac meanwhile signed an agreement ending a dispute between two leading research institutes over patent rights to a blood screening test for the deadly disease aids in a joint statement chirac and reagan said the pasteur institute in paris and the national cancer institute of bethesda maryland agreed to give part of the royalties from the test to a new foundation dedicated to the wordwide fight against aids acquired immune deficiency syndrome this agreement opens a new era in franco american cooperation allowing france and the united states to join their efforts to control this terrible disease in the hopes of speeding the development of an aids vaccine and cure reagan said at the signing ceremony he said the two parties would share the patent and give per cent of the royalties received to the new foundation the foundation would also raise private funds and would donate per cent of its money to combat aids in less developed countries both leaders stressed the long ties between france and the united states during a welcoming ceremony in the white house east room with reagan describing france as america s oldest ally in war and peace i have come to tell you that we are remain motivated by the same ideals of freedom by the same will to face the dangers which we both confront terrorism war hunger poverty new diseases and drugs chirac replied but the two countries are likely to have less to agree on over the issue of trade where chirac is worried about a rise in protectionism in the u s congress a senior u s official yesterday dismissed a french idea to sell cut price grain to poor countries in africa as a way of lessening surplus stocks chirac is expected to canvass support for the idea first proposed by french agriculture minister francois guillaume during his two day visit to washington the u s official described the idea as a grain producers opec a reference to the organization of petroleum exporting countries and said it went against the reagan administration s desire to lessen government intervention in trade reuter
acq	gencorp says alternative to hostile tender to be announced within a week
earn	canada s airline profits seen higher canada s airline industry shaken up by a recent merger that creates a powerful new competitor for government owned air canada has begun its first serious drive for profitability in years industry analysts said now we ve got a company that can compete with air canada said thomas bradley of richardson greenshields of canada ltd clearly it can go head to head in any market the new airline which arose from the mln canadian dlr takeover of canadian pacific air lines ltd by the small but cash rich pacific western airlines corp was launched last week as canadian airlines international ltd canadian airlines will have pct of the billion canadian dlr domestic market against air canada s pct wardair international ltd is third with about nine pct analysts believe pacific western s aggressive and cost conscious chairman rhys eyton will develop the true potential of the former cp air which floundered for four decades inside the bureaucracy of conglomerate canadian pacific ltd they said cp air s management style had been not much different from that of air canada formed years ago because neither airline was held accountable to its owners not that long ago maybe even just six months ago these two airlines were totally fiscally irresponsible neither seemed that concerned about the bottom line said bradley but with cp air being run by eyton it will be very conscious of profitability and shareholder return and air canada is on the verge of going that way he said cp air always fighting for market share rather than profits was a perennial money loser analyst wilfred hahn of bache securities inc said in a recent report prior to its takeover in december it had accumulated long term debt of mln canadian dlrs from to its losses totaled mln canadian dlrs air canada widely expected to be privatized later this year in a public share offering lost mln canadian dlrs on revenues of billion dlrs in it has a debt of more than billion dlrs although only a minority interest is likely to be sold to the public the prospect of privatization at a time of increased competition is forcing air canada to pay more attention to finances analysts said it recently disclosed that it expects to report a profit in excess of mln to mln dlrs for however this profit recovery was due less to management skill than the fact that all canadian airlines had a good year in analysts said tourists came to canada in record numbers last year attracted by the relatively weak canadian dollar and expo in vancouver which alone had more than mln visitors for the next few years most analysts see three six pct air traffic growth and they expect profits will come from cost cutting and careful spending peter friend of walywn stodgell cochran murray ltd said institutional buyers will be eager to add air canada to their portfolios as a blue chip investment but warned that new competition makes profit growth less certain the airline with something to lose will be air canada at one time it had a fixed system which was theirs and nobody else s friend said many analysts recommend that investors buy and hold airline shares for at least a year analysts said air canada s immediate concern ahead of a public stock offering will be unloading unprofitable air routes without setting off a political storm it also will be faced with an expensive but necessary updating of its aging fleet of aircraft wardair preferring strong medicine now instead of later already has embarked on a one billion canadian dlr purchase of a dozen aircraft from europe s airbus industrie canadian airlines which has aircraft last week ordered six commuter planes from british aerospace and said it would soon buy as many as six wide bodied aircraft from airbus or the boeing co analysts said canadian airlines with its newer fleet needs to make fewer replacements and can afford these without hurting profits steven garmaise of wood gundy inc expects canadian airlines profit in will more than double last year s mln canadian dlrs by pacific western reuter
acq	gencorp gy alternative plan due within a week a william reynolds chairman and chief executive of gencorp inc told shareholders he expects to announce a company alternative to a dlr per share hostile tender within a week last night the company urged shareholders to reject the tender reynolds urged shareholders to be patient saying the group sponsoring the tender offer had months to evaluate gencorp while we have had only days to respond reynolds also disclosed the company has resolved legal challenges to its planned sale of wor tv serving the new york city market and expects to complete the sale by friday reynolds said the company expects to book an after tax gain of mln dlrs from the sale of wor tv the company plans to sell the station to mca inc mca for mln dlrs reynolds did not specify whether the legal challenges were dropped or dismissed the federal communications commission has already approved the station s sale money from the sale of the station will play a role in helping develop an alternative to the tender offer co sponsored by afg industries inc afg and wagner and brown reynolds said he provided no other details randall hubbard chairman of afg and joel reed chief financial officer of wagner and brown attended the meeting which was shifted from a tire plant to a downtown hotel about people were present despite an overnight snowstorm hubbard and reed chatted briefly with reynolds after the meeting but declined to discuss their proposal with reporters reynolds told the shareholders friends and family members have been telling him bill just don t pay greenmail to end the takeover threat greenmail describes a buyout of a minority shareholder at a price not available to other holders reynolds said he considers it a repugnant device shareholders elected management s slate of directors mario gabelli head of a new york investment firm which owns a large block of stock proposed one nominee for the board gabelli said the unsuccessful attempt was designed to stiffen the backbone of the board to discourage greenmail hubbard and reed reiterated previous statements that they are open to negotiations with gencorp asked about severance contracts for key executives in the event of a shift in control of the company reynolds asserted we re developing alternatives that would not result in a change in control asked whether the company s plan would be superior to any proposal of afg and wagner and brown reynolds commented we know the company we know the values and we know the opportunities better than any outside group in response to a question about whether any units are up for sale he said only that gencorp is evaluating alternatives reuter
earn	illinois power co ipc two months february net shr cts vs cts net vs revs mln vs mln avg shrs vs note per share results reflect payment of preferred dividend requirements reuter
trade	reagan renews anti protectionism stand white house says trade war unlikely
earn	avery avry sees qtr year loss avery inc said the company will not show a profit in the next quarter and will probably not show a profit in speaking at the annual shareholders meeting chairman nelson peltz declined to estimate when the company would become profitable peltz said uniroyal chemical co acquired last year would increase avery s operating earnings but that associated acquisition costs would prevent avery from posting net profits for some time at the meeting stockholders approved an increase in the authorized number of common shares to mln from mln in the fiscal year ended may avery reported a loss of dlrs the company has changed its fiscal year to end sept the increase in common shares would cover among other things the exercise of triangle industries inc s tri and drexel burnham lambert inc s warrants issued in relation to avery s mln dlr acquisition of uniroyal chemical late last year reuter
trade	trade war fears may prompt stock markets downturn the threatened trade war between the united states and japan is just the kind of shock that economists say could send world stock markets into a tailspin but they are not so sure if that would be a brief corrective dip or whether this week s falling share prices mark the start of a bear market it s the billion dollar question said richard o brien economist at american express international bank in london japan s trade surplus billion dlrs last year has poured into share and bond markets around the world and funded a good chunk of the huge u s budget deficit around a third of any new sale of u s treasury bonds has been bought by the japanese however japanese investors have lost money as the dollar falls and will lose more if the united states lets it fall further to cut the trade deficit the counterpart of improving the trade deficit either through a lower dollar or because the u s increases duties on japanese electronic goods may be to hit the capital inflow which has financed the budget deficit and if the u s trade deficit does fall the japanese will have less money to invest to entice u s investors to fill the gap that would be left if the japanese stopped buying u s bonds interest rates would have to soar o brien said the subsequent shift from shares to bonds could cause major falls on the world stock markets a year ago we could be pretty confident about the markets said o brien now it is much less certain buoyant share prices are supposed to reflect a booming economy but the world economy with sluggish growth at best in the industrial nations a massive load of third world debt and huge trade imbalances is not in good shape said o brien nevertheless new york analyst william raferty of smith barney harris upham said we re still in a bull market adding that corrections are a normal part of a rising market and the bear usually strikes slowly economist evelyn brody at morgan grenfell and co in london said the huge sums of money going through the world financial system will keep a floor under share and bond prices although interest by the japanese in putting their money in non dollar denominated bonds and stocks has increased it s very difficult to see where else they can put their money than in u s dollars and especially the u s treasury bond market according to david butcher a senior executive at yamaichi securities co ltd s bond operation in london he said the japanese are paying much closer attention now to the french franc and west german mark in the longer run he worries about what trade tensions and the dollar s slide will mean for securities markets reuter
earn	big bear inc bgbr nd qtr feb net shr cts vs cts net vs revs mln vs mln six mths shr cts vs cts net vs revs mln vs mln reuter
earn	northview corp novc year net shr cts vs cts net vs revs mln vs mln reuter
earn	pennzoil sees lower st qtr net before unusual item against year ago loss cts
earn	sceptre resources ltd srl year net shr seven cts vs two cts net vs revs mln vs mln note shr after preferred divs reuter
acq	talking point borg warner corp bor borg warner corp will vigorously resist gaf corp s dlr per share takeover offer but the midwest conglomerate may fall prey to another offer either from gaf or its own management analysts believe analysts also said borg warner may attempt to escape gaf through a restructuring the speculation pushed borg warner s stock up to in heavy trading analysts predicted feisty gaf chairman samuel heyman will stage a tough campaign to gain control of borg warner so he can add its profitable plastics and chemical business to gaf it seems from at least their dealing with raider irwin jacobs that they don t want to be taken over the question is now do they acquiesce to gaf i think instinctively they want to remain independent said dudley heer of duff and phelps borg warner has been under siege by takeover speculation for almost a year last week jacobs investment vehicle minstar inc and an investor group sold its mln borg warner shares the same day gaf corp raised its stake by mln shares to pct of the outstanding jacobs was interested in buying the company but took no steps toward a transaction their borg warner policy has been to stonewall them for the last nine months it s been one of the dullest corporate battles i ve seen said one analyst the battle however has heated up and the range of breakup values on wall street span from the current market price to almost dlrs per share most analysts said they think a price in the low s would be appropriate arbitragers speculate that gaf will not give up easily on its billion dlr offer to buy the balance of borg warner analysts who know gaf predict heyman will either end up with borg warner or enrich his chemicals and building materials company in some other way heyman two years ago attempted an unsuccessful takeover of union carbide corp but gaf benefited from that company s restructuring borg warner can t quibble that it s not a legitimate offer it seems to me the short of it is borg warner is kind of between a rock and a hard place they either have to accept a dlr proposal or perhaps work a deal where it s sweetened i personally think the company is worth around dlrs per share said pershing analyst richard henderson henderson also speculated the company might attempt a restructuring such as the one carried out by goodyear tire and rubber co last year when it was being courted by sir james goldsmith the company bought back the financier s stock and carried out a wider share repurchase arbitragers however said they do not believe heyman is seeking greenmail or the repurchase of his stock by the company at a premium analysts noted that heyman seems to have no problems with financing the transaction previously associated with junk bond experts drexel burnham lambert inc gaf said it would finance its borg warner takeover with bank financing gaf said it would make a tender offer following a merger agreement approved by the borg warner board and conditioned on the board s recommendation of the tender offer and merger heyman said in a letter to borg warner that he expects a merger would provide job security for borg warner employees since the two companies businesses overlap analysts however believe heyman would sell off assets he did not want to repay debt from the transaction gaf s stock rose today to i believe obviously if gaf takes over borg warner at the level it is proposing it would enhance gaf share values substantially said oppenheimer analyst charles rose he said at dlrs per share heyman s average cost for the company s stock would be dlrs per share based on gaf s current holdings rose said the borg warner plastics and chemical business which makes thermo plastics is the asset attracting heyman analysts said it accounts for a third of borg s earnings the plastics are used in telephone equipment office equipment and appliances borg has half the market in the u s and is the leading technical player and the leading innovator rose said its competitors are dow chemical co dow and monsanto corp mtc he said borg warner also has an automotive parts business and a protective systems business which includes wells fargo security guards it also has an information services business and is trying to sell its financial services business borg warner earned mln dlrs or dlrs per share on revenues of billion dlrs in smaller gaf in earned on an operating basis mln dlrs or dlrs per share on sales of mln dlrs gaf s net earnings included an after tax gain of mln from its participation in a union carbide exchange offer a special union carbide dividend and the sale of its union carbide shares reuter
acq	manhattan nat l mlc holders vote stock sale manhattan national corp said its shareholders overwhelmingly approved a proprosal through which union central life insurance co took control of the company by acquiring about mln shares of newly issued manhattan national common stock for mln dlrs the company said the transaction gives union central a cincinnati based mutual insurance company a total of shares of manhattan national stock or pct of the total outstanding manhattan national said about three mln dlrs of the invested funds will be used to repay short term debt and two mln dlrs has been earmarked for other short term needs the remainder will be available for the company s insurance units or for other business purposes it said charles c hinkley president and chief executive officer of union central is expected to be named chairman president and chief executive of manhattan national the company said reuter
earn	pennzoil pzl sees lower first qtr pennzoil co chairman j hugh liedtke told a meeting of analysts that the company expects its first quarter net to be down considerably before an unusual item from the loss of cts a share reported a year ago liedtke did not say how large the unusual item would be we re still closing our books on the first quarter so i don t have final numbers for you he said reuter
cotton	u s weather cotton summary usda noaa cotton planting began in california and was expected to proceed rapidly in the week ended march the joint agriculture weather facility of the u s agriculture and commerce departments said in a summary of its weather and crops bulletin the agency said winds and low soil temperature retarded growth and hampered seeding in arizona planting moved into mohave and pinal counties cotton planting progressed well in the lower valley coastal bend and along the upper coast of texas however bad weather continued hampering cotton seedbed preparations in oklahoma reuter
acq	quantum venture ups computer network cmnt stake computer network technology corp cnt said that quantum venture partners lp a private investment limited partnership has acquired an additional shares of cnt common stock raising its stake in cnt to pct from pct of the currently outstanding shares cnt said quantum bought the shares by exercising mln dlrs in warrants bringing its total investment in cnt to mln dlrs cnt also said sand technology systems inc of canada bought two of its channelink networking units for a data processing service for major health care facilities in canada reuter
earn	elcor elk ups qtly div sets stock split elcor corp said it raised its quarterly common stock dividend to cts a share from nine cts and declared a two for one common stock split the company said the increased dividend will be paid on may to shareholders of record april the stock split elcor said will paid in the form of a pct stock dividend on may to shareholders of record may reuter
acq	quest qbio signs pact with alza aza quest biotechnology inc said its quest blood substitute inc subsidiary executed an agreement with alza corp aza which will make alza a preferred shareholder of its subsidiary quest said the agreement also offers alza the right to acquire up to pct of the unit s equity in exchange for the acquisition of patent rights to alza technology in an area where quest has an interest quest also said its signed a merger agreement with hunt research corp and its affiliate icas corp quest said it expects to complete the merger within the next several weeks reuter
acq	chubb cb completes sovereign sovr buyout chubb corp said it completed the previously announced acquisition of sovereign corp under terms of the acquisition sovereign shareholders will receive in a tax free exchange share of chubb common for each sovereign share held chubb said the transaction was valued at dlrs a share based on the closing price of its stock on march reuter
lumber	usda s amstutz sympathetic to wood credits u s agriculture undersecretary daniel amstutz said he was totally sympathetic with u s wood producers desire to have their exports eligible for government credit guarantees but he told the senate appropriations agriculture subcommittee that including wood products in the department s short or intermediate term export guarantee programs would conflict with u s multilateral trade obligations currently u s wood products are not eligible for government export credit guarantee because they are considered manufactured products amstutz said he said usda had devoted an enormous amount of time to considering making wood products eligible for the guarantees and that congress was considering a measure to do so reuter
acq	inverness buys assets from parent silverton inverness petroleum ltd said it acquired the oil and gas assets of its controlling shareholder silverton resources ltd for mln dlrs effective march inverness said it issued class a convertible retractable redeemable preferred shares in exchange for the assets which include all silverton s oil and gas properties undeveloped acreage and its shares of australian subsidiary s r l exploration pty ltd the preferred shares were immediately retracted for cash the company said the transaction resulted in a discharge of silverton s bank debt of mln dlrs and a three mln dlr loan to inverness from silverton inverness said as a result of the acquisition inverness has bank debt of mln dlrs it said reuter
acq	bristol myers trust byu extends expiration americus shareowner service corp said the americus trust for bristol myers will continue to accept tendered bristol meyers co bmy shares until december one extending the original expiration date of april one for eight months if the common stock price exceeds the trust s termination price of dlrs americus shareowner service said the trust will be temporarily closed until the price of the underlying stock falls below the termination price reuter
acq	quest biotechnology qbio unit in merger pact quest biotechnology inc said its new subsidiary quest blood substitute inc signed the agreement and plan of merger with hunt research corp and its affiliate icas corp it said quest blood expects to complete the merger within the next several weeks terms were not disclosed in a related transaction quest blood said it executed an agreement with alza corp which will make alza a preferred shareholder of quest blood and offer alza the right to acquire a total equity position of up to pct of quest blood in exchange for acquisition of patent rights to alza technology reuter
acq	lincoln foodservice linn completes purchase lincoln foodservice products inc said it completed purchasing certain assets of redco product line of food slicers cutters and wedgers from the dean alco food prep division of alco foodservice equipment co terms were not disclosed reuter
earn	i r e financial corp if year shr cts vs cts net mln vs mln revs mln vs mln note per share data reflects elimination of shares owned by pct owned subsidiary and reflect one for three reverse stock split effective march reuter
earn	energy ventures cinc engy th qtr net net profit vs loss revs vs year net profit vs loss revs vs mln reuter
acq	wilson brothers completes sale wilson brothers said it completed the sale of most of the assets of its enro shirt co inc enro at ease inc and foxcroft shirt ltd subsidiaries to enro acquisition corp for about mln dlrs half in cash and half in subordinated promissory notes enro acquisition is a newly formed corporation and owns ramar intercapital corp and wilson s chief operating officer v jerome kaplan and other managers enro acquisition also assumed most of the units liabilities including a mln dlrs term loan completion of the sale and recent sales of substantially all the assets of the company s pct owned affiliate gmw industries inc are expected to result in a net gain of about nine mln dlrs in the first quarter of for the year ago first quarter wilson reported net income of dlrs including a dlrs credit on sales of mln dlrs reuter
earn	elsinore corp elx year loss shr loss dlrs vs loss dlrs net loss vs loss revs mln vs mln note current year figures include mln dlr provision for anticipated loss on note receivable mln dlr writedown on asset carrying value and mln dlr provision for future operating losses at elsinore shore associates prior year figures include mln dlr provision for future losses at elsinore shore associates reuter
earn	gruntal financial gru nd qtr feb net shr primary cts vs cts shr diluted cts vs cts net vs revs mln vs mln avg shrs primary mln vs mln avg shrs diluted mln vs mln six mths shr primary cts vs cts shr diluted cts vs cts net vs revs mln vs mln avg shrs primary mln vs mln avg shrs diluted mln vs mln reuter
carcass	ec ministers extend beef milk marketing years european community agriculture ministers agreed to extend the milk and beef marketing years to the end of may belgian minister paul de keersmaeker told a news conference he said the reason for the two month extension of the only ec farm product marketing years which end during the spring months was that it would be impossible for ministers formally to agree farm price arrangements before may this is when the european parliament is due to deliver its opinion on price proposals from the ec commission reuter
trade	white house discounts threat of trade war president reagan has reaffirmed his opposition to protectionism and his chief spokesman said trade sanctions imposed on japan were unlikely to start a trade war we don t want to go down that road reagan was quoted as telling prime minister jacques chirac after the visiting french official expressed concern about the rising tide of protectionist sentiment in the united states later white house spokesman marlin fitzwater defended the new sanctions against japan and said administration officials do not believe this will result in a trade war it is the first time that the united states has taken an action of this type and it is significant but it is nothing to be alarmed about the presidential spokesman added we do not want protectionism we do not want a trade war he said fitzwater said the president was forced to act in the japanese microchip case because tokyo had failed to fulfill an agreement to make some corrections noting that there are enormous pressures in the congress and the land for the united states to take a tough stand he said this was a case where we felt we simply had to act fitzwater said the decision to impose sanctions was well considered by this administration and not taken lightly while the white house official held open the possibility that washington and tokyo will settle their trade dispute he indicated a settlement probably would not come in time to head off the sanctions we are always open to negotations whether it a settlement could occur in time to prevent this the sanctions from going into effect is questionable at this point the spokesman said the sanctions take effect in mid april reuter
lei	white house welcomes rise in indicators the white house welcomed last month s pct increase in the index of leading economic indicators the government s key barometer of future economic growth the increase reversed a decline in january of pct presidential spokesman marlin fitzwater said the new figures signalling more economic growth in coming months showed that the index was back on track after its downturn at the first of the year reuter
earn	centuri inc cent year net oper shr cts vs six cts oper net vs revs mln vs mln note and years exclude loss discontinued operations dlrs and dlrs respectively reuter
acq	standex international sxi buys british firm standex international corp said it acquired alan duffy engineering ltd of blackburn lancashire england for an undisclosed amount of cash the newly acquired company will operate as part of standex s perkins division the company said reuter
money-fx	treasury s baker pursuing s asian revaluations treasury secretary james baker told the house appropriations committee the united states is still pressing newly industrialized south asian nations that have tied their currencies to the dollar to let those currencies strengthen against the u s currency we have seen some strengthening of those currencies but not as much as we would like he said we have been somewhat disappointed in the results so far but we intend to continue these discussions he said reuter
acq	sterling drug sty sells assets of subsidiary sterling drug inc said it sold the assets of its subsidiary greene dental products inc to rinn corp of elgin ill the cash purchase price was not disclosed greene produces and sells dental x ray tabs mount products and record systems reuter
trade	baldrige says u s to go ahead with japanese sanctions
trade	baldrige says u s to impose japanese sanctions commerce secretary malcolm baldrige said the united states would go ahead with planned mln dlr sanctions against japanese semiconductor exports despite any u s japanese talks to avert the trade curbs he said in a speech to an export import group that he was sure the united states and japan could work out their dispute over unfair japanese trade practices in semiconductor trade but i am sure the sanctions will go in before we work it out sanctions are to be imposed on april he also said he did not think there would be a trade war with japan because japan had too much value in exports to the united states to risk such a war those fears are unfounded he said he told reporters later that the sharp drop in the securities market was not due to fears of a trade war but fear of inflation and that the federal reserve may act on that fact market reaction was also due he said to the drop in the value of the dollar although trade issues did have some effect baldrige said that observers who were attributing the drop in the market to trade sanctions were barking up the wrong tree he said the market observers will realize this shortly baldrige said his remarks did not mean to suggest anything about the market or the exchange rate of the dollar reuter
trade	senior u s official to visit japan as trade row grows undersecretary of state michael armacost will visit tokyo next week for meetings with high level officials that will include discussions of a growing trade row over japanese semiconductor electronics products he is the first high level u s official to visit japan since president reagan announced last week plans to impose tariffs worth up to mln dls on japanese electronic goods on april in retaliation for tokyo s alleged failure to live up to a pact on microchip trade signed last september the trip is set for april the state department said reuter
crude	union pacific unp closes venezuelan partnership union pacific corp said it has closed the previously announced partnership with petroleos de venezuela sa venezuela s national oil company to own a barrel per day refinery in corpus christi texas union pacific said the partnership called champlin refining co will acquire the refining and distribution system owned and operated by union pacific s champlin petroleum co subsidiary the venezuelan company also signed a year feedstock agreement with the partnership to supply at least barrels a day of venezuelan crude oil and naphtha at market related prices reuter
acq	scan graphics captive venture capital merge scan graphics inc said it has completed a merger with captive venture capital inc in which former shareholders of scan graphics have beome majority shareholders of the merged company and the scan graphics board has been named the board of the merged company it said the merged company is now known as scan graphics inc and expects to be listed on the nasdaq system soon it said captive venture issued restricted preferred shares convertible into mln common shares for scan graphics captive had common shares outstanding before the merger reuter
earn	nodaway valley co nvco th qtr jan net shr cts vs cts net vs revs mln vs year shr cts vs cts net vs revs mln vs mln reuter
earn	lightning minerals inc year loss shr loss four cts vs loss six cts net loss vs loss revs mln vs reuter
earn	bobbie brooks inc bbks year net oper shr profit cts vs loss dlrs oper net profit vs loss revs mln vs mln avg shrs vs note current year excludes gain of about mln dlrs or cts shr from benefit of tax loss carryforward and includes pretax gain of about mln dlrs from sale of export quota rights year ago includes charge of five mln dlrs from discontinued operations is for eight mths ended dec in that year company changed to calendar year from previous fiscal year ended april reuter
earn	cellular communications inc comm nine mths dec end shr loss dlrs vs loss six cts net loss mln vs loss revs mln vs notel company changed fiscal year to december end prior year net includes gain dlrs from sale of minority interests in connecticut partnerships reuter
earn	wilson brothers th qtr shr loss cts vs loss cts net loss mln vs loss mln revs mln vs mln year shr profit cts vs loss cts net profit vs loss mln revs mln vs mln note year and qtr net includes loss of dlrs and dlrs respectively from from discontinued operations net includes mln dlr credit year and qtr includes gain of mln dlrs and loss of respectively from discontinued operations reuter
earn	poloron products inc year oper net oper shr cts vs cts oper net vs revs mln vs mln note excludes loss of mln dlrs or dlrs shr vs gain of dlrs or cts from discontinued operations also excludes extraordinary gain equal to cts shr ended dec and ended nov in company changed fiscal year end to dec reuter
earn	genex corp gnex year loss shr loss cts vs loss dlrs net loss mln vs loss mln revs vs mln note current year includes writedown of mln dlrs reuter
earn	bic corp bic sets quarterly qtly div cts vs cts prior pay april record april reuter
earn	culp inc culp sets quarterly qtly div two cts vs two cts prior pay may record april reuter
trade	broader u s eep sought by republican lawmakers republican members of the house agriculture committee said they will propose amendments tomorrow to a pending trade bill increasing funding for the export enhancement program eep and significantly expanding the scope of the program at a press conference republican lawmakers said they would propose expanding eep to include all countries willing to purchase additional commodities at reasonable prices in addition the congressmen said they would propose extending the life of eep to five years from the current three years and increasing the eep funding ceiling to billion dlrs from billion at present the agriculture committee tomorrow will begin drafting amendments to an omnibus trade bill now before the house responding to the republican plan agriculture secretary richard lyng and trade representative clayton yeutter said they favor a flexible targeted use of eep instead of an across the board program which they termed too costly the republican congressmen also said they will offer an amendment to the trade bill instructing the u s agriculture department to value the bonus commodities used for eep at the market value rather than the cost of acquisition but lyng said usda already plans to change to market value accounting rather than acquisition value in order to avoid hitting a funding ceiling for eep of billion dlrs lyng said under market value accounting only about mln dlrs of eep commodities have been used to date using acquisition value usda officials said the value is higher reuter
earn	wall street stocks ames dept stores add ames department stores inc fell to in what analysts said was a reaction to a surprise announcement earlier today by the company that earnings in the fiscal year ended january will decline sharply ames said it expects to report earnings of between and cts per share compared with dlrs per share in the previous year we were looking for dlrs said an analyst at a major wall street firm who declined to be identified ames said most of the decline resulted from an inventory shortage at its secaucus n j distribution center the obvious suspicion is that there has been some kind of fraud or theft said ralph shulansky senior vice president of ames we do not have hard evidence we are still putting things together he said it would take several weeks for the company to complete an investigation he said there are no law enforcement officials involved at this time he declined to quantify the inventory shortage but said it was the major reason for the decline in earnings a decline in gross margin percentage and an increase in the effective tax rate also contributed to the downturn ames said reuter
earn	taro vit industries ltd tarof year loss shr loss eight cts vs profit nil net loss vs profit sales vs reuter
acq	tribune trb scripps scrp exchange papers tribune co said it exchanged cash and the assets of eight of its sunbelt publishing co community publications circulated in the naples and fort myers fla area for assets of nine community papers in suburban tampa and st petersburg published by gulf coast newspapers inc gulf coast is a subsidiary of the e w scripps co doing business as scripps howard no additional financial details were disclosed reuter
trade	u s official to visit japan as trade row grows undersecretary of state michael armacost will visit tokyo next week for meetings with high level officials that will include talks on the growing trade row over japanese semiconductor electronics products he is the first high level u s official to visit japan since president reagan announced last week plans to impose tariffs worth up to mln dlrs on japanese electronic goods on april in retaliation for tokyo s alleged failure to live up to a pact on microchip trade signed last september deputy state department spokeswoman phyllis oakley said the trip is set for april to u s japanese talks of this kind are regularly held each year at this time she told reporters the armacost discussions with deputy foreign minister ryohei murata and other senior japanese officials will focus on u s japanese foreign aid programs and political security issues of mutual concern she added although an exchange of views on bilateral relations is expected the talks are not directly related to u s japanese trade relations she insisted but in response to questions oakley acknowledged that trade will be discussed japan s billion dlrs trade surplus with the united states last year has come under fire in congress which is concerned about the loss of jobs to foreign competition and with the record billion dlrs u s trade deficit in reuter
acq	royex offers dlrs shr and dlrs warrant for international corona
ship	u s cargo preference squabble continues the u s agriculture department said it will begin charging interest tomorrow on the over mln dlrs the department of transportation dot owes usda to pay for its share of the cost of shipping food aid on u s vessels usda general sales manager melvin sims told the senate appropriations agriculture subcommittee his department had billed dot mln dlrs and that interest on that amount and an additional charge would begin accruing april usda s foreign agricultural service administrator thomas kay told reuters dot could owe usda as much as mln dlrs the two departments are trying to hammer out an accord on how to fund the increasing share of food aid required to be shipped on u s flag vessels under a farm bill provision on cargo preference sims said the agencies were near to reaching a memorandum of understanding governing how dot would pay for its share of the cargo preference costs under the bill the percentage of food aid shipments carried on u s vessels was to increase gradually over three years to pct in from pct although the increased cost was to be funded by dot sims said that department to date has contributed no money reuter
earn	baruch foster corp bfo th qtr loss shr loss cts vs profit one ct net loss vs profit revs vs year shr loss dlrs vs profit cts net loss vs profit revs vs mln note year net includes dlr writedown of oil properties and reserves reuter
acq	gould gld division gets financing gould inc s systems protection division said it selected merrill lynch interfunding inc to provide financing for the purchase of the division from the parent company terms were not disclosed the agreement was announced in february and gould expects the transaction to be completed by the end of april the agreement assures the retention of more than jobs at a northeast philadelphia plant which had been in jeapardy when gould had accepted a tentative offer from westinghouse inc which was later terminated reuter
acq	welbilt welb completes acquisitions welbilt corp said it completed the previously announced acquisitions of the assets of l and m manufacturing co and food machinery engineering co two manufacturers of automated bakery production equipment headquartered in toronto reuter
acq	schwab completes purchase of schwab and co charles schwab announced the completion of the mln dlr purchase from bankamerica co of charles schwab and co inc and its holding company charles schwab corp the leveraged buyout is being financed by a syndicate of seven banks led by the security pacific national bank unit of security pacific corp spc the announcement said charles schwab and co is the nation s largest discount brokerage firm the schwab announcement said bankamerica received mln dlrs in cash mln of pct senior subordinated debentures mln dlrs of nine pct junior subordinated debentures and the right to receive pct of the appreciated value of the common equity of the new company over a maximum period of eight years security pacific also acquired a stock appreciation right equal to pct of the value of the new company s fully diluted common stock schwab said the right is exchangeable into warrants upon transfer to a security pacific non affiliate schwab said bankamerica originally acquired schwab in for mln dlrs worth of bankamerica common stock the sale of the profitable discount brokerage firm back to charles schwab was aimed at raising capital and was seen by banking analysts as a means of heading off a hostile takeover attempt by first interstate bancorp i reuter
acq	royex makes bid for international corona royex gold mining corp said it is making an offer for international corona resources ltd of dlrs per share and dlrs per warrant the offer covers four mln corona common shares and all outstanding dlr corona share purchase warrants expiring august royex said royex said that if it gains four mln corona common shares its interest in corona will increase to pct from pct it also said that if more than four mln shares are tendered it will pay for them on a pro rata basis royex said the purchase price for each corona share consists of one royex convertible retractable zero coupon series b first preference share at dlrs nominal value one royex convertible pct series c first preference share at dlrs nominal value one five year dlr royex share purchase warrant and four dlrs in cash the price for each corona warrant consists of convertible retractable zero coupon series b first preference share at dlrs nominal value and one five year royex share purchase warrant royex said both series of preference shares will be convertible into royex common shares initially on a basis of common shares for each preference share converted reuter
sugar	u s sugarbeet acreage estimated by usda at acres vs in
earn	overland express inc over year loss shr loss dlrs vs loss dlrs net loss mln vs loss revs mln vs mln reuter
earn	a h robins qrah files monthly report a h robins co said it filed its consolidated net earnings report for february which amounted to dlrs compared to for the comparable month the year prior consolidated net earnings for the two months ended feb amounted to mln dlrs compared to mln dlrs for the comparable period a year earlier it said a h robbins which is in chapter said it filed the report with the u s trustee overseeing its case reuter
acq	butler btlr to purchase naturalite butler manufacturing co said it signed a letter of intent to purchase naturalite inc a designer of skylights terms were not disclosed naturalite had sales of about mln dlrs in the transaction is expected to be completed in may and subject to both boards approvals reuter
earn	mechtron international corp mcht year net shr three cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	devon resource investors din year end dec shr loss cts vs profit cts net loss vs profit revs vs mln reuter
acq	safety kleen sk completes acquisition safety kleen corp said it has completed the acquisition of mckesson envirosystems co a unit of mckesson corp mck for an undisclosed amount safety kleen an industrial automotive parts cleaning service said mckesson envirosystems has solvent recycling plants in illinois kentucky and puerto rico reuter
pet-chem	dow dow amends resins price increase dow chemical co s thermoplastic resin department said it is amending a recent price increase for magnum abs a resins announced march for an effective date of april dow said that effective april the selling prices for most grades of magnum abs resins for the injection molding custom sheet and automotive markets will rise six cts a pound instead of the three cts a pound announced previously dow also said that the selling prices for performance grades of the resins to the same markets will increase eight cts a pound rather than five cts as announced before the company said that magnum abs resins for pipe extension will increase three cts a pound effective april as previously reported dow said it altered the increase to reflect changes in the industry over the past month reuter
gold	echo bay has nevada gold discovery echo bay mines ltd said it discovered a gold deposit in the cove area near its mccoy gold mine in nevada echo bay said it encountered gold in of drill holes at cove it said seven holes averaged ounce gold a short ton and ounces of silver with the seven intersections averaging feet in thickness beneath feet of overburden the discovery is on the mccoy property one mile northeast of the mccoy open pit heap leach gold mine which is expected to produce about ounces of gold this year echo bay said reuter
earn	bowl america inc bwla ups payout qtly div cts vs cts prior pay may record april reuter
earn	concord fabrics inc cis nd qtr net shr cts vs cts net vs revs mln vs mln six mths shr cts vs cts net vs revs mln vs mln reuter
earn	american pacesetter aec th qtr net oper shr profit cts vs loss six cts oper net profit vs loss revs mln vs mln avg shrs vs year oper shr profit dlrs vs profit three cts oper net profit vs profit revs mln vs mln avg shrs vs note current qtr figures exclude gain from discontinued operations of dlrs or cts per share vs loss of dlrs or cts per share current year figures exclude gain from discontinued operations of dlrs or cts per share vs loss of dlrs or cts per share reuter
earn	corrected elder beerman stores corp eldr th qtr feb one end oper shr cts vs dlrs oper net vs sales mln vs mln year oper shr dlrs vs dlrs oper net vs sales mln vs mln note prior year net both periods excludes gain dlrs from reversion of overfunded pension plans corrects current year operating net reuter
trade	correction senior u s official in washington story headlined senior u s official to visit japan as trade row grows please read in nd graf tariffs worth up to mln dlrs correcting amount reuter
earn	getty petroleum gty year net shr dlrs vs dlrs qtly div four cts vs four cts prior net mln vs mln revs mln vs billion avg shrs mln vs mln note cash dividend payable april to holders of record april shr figures adjusted for five pct stock dividend declared march reuter
earn	getty petroleum gty sets stock dividend getty petroleum corp said its board declared a five pct stock dividend payable on april to shareholders of record april the company also declared a regular cash dividend of four cts a share and reported net income rose to mln dlrs from mln dlrs reuter
earn	st central financial fcc sees higher earnings first central financial corp said it expects earnings to rise significantly in and said it is actively seeking an acquisition the property and casualty insurance company s chairman and chief executive officer martin j simon told reuters in an interview that he expects earnings of cts a share in compared with cts a year ago he said the company currently has the sufficient momentum to achieve those earnings and the successful completion of licensing applications to operate in pennsylvania delaware connecticut and ohio should fuel our earnings the company is currently licenced to operate only in new york state simon estimated that the company would earn seven cts a share in the first quarter compared to three cts in the same quarter a year ago and eight cts a share in the second quarter compared to five cts earned in he expects the company to earn nine cts a share for each of the final two quarters of in addition simon said first central financial is actively looking for and has several acquisition brokers looking for a small life insurance company to acquire he said the acquisition should be in the mln dlr range and will be part of a strategy of expanding the company into a wide spectrum of insurance services no specific company has been targeted as yet but i would like to make my first acquisition in he said he said first central financial would not itself be an easy takeover target it wants to remain independent he said and has implemented a staggered board of directors system in addition simon the company s biggest shareholder holds about of the mln ouitstanding shares reuter
gold	echo bay eco has nevada gold discovery echo bay mines ltd said it discovered a gold deposit in the cove area near its mccoy gold mine in nevada echo bay said it encountered gold in of drill holes at cove it said seven holes averaged ounce gold a short ton and ounces of silver with the seven intersections averaging feet in thickness beneath feet of overburden the discovery is on the mccoy property one mile northeast of the mccoy open pit heap leach gold mine which is expected to produce about ounces of gold this year echo bay said reuter
crude	imperial oil imo a in talks with suppliers imperial oil ltd pct owned by exxon corp xon is negotiating with it major crude oil suppliers concerning the effects of a trial deregulation of alberta s shut in crude oil production scheduled to be implemented on june a company spokesman said from our point of view it s a question of entering into negotiations or discussions to make appropriate changes to contracts to reflect the changes that are going to take place on june spokesman john cote told reuters in reply to a query commenting on published reports that imperial had suspended its oil supply contracts cote said it s not a question of cancelling or suspending any of the agreements at this point on june alberta s energy resources conservation board will lift its crude oil marketing prorationing system regulating shut in light and medium crude production on a trial basis to the end of under the new system producers and refiners will be allowed to negotiate volumes of shut in oil to be delivered under purchase contracts shut in crude is the surplus between the total amount of oil being produced and the amount being purchased by refiners we have talked to a number of our major suppliers and we ve discussed the upcoming change with them but nothing has been finalized imperial s manager of western crude supply gary strong said under alberta s trial system imperial wants to match a reasonable supply of crude against the company s forecast demand for its refineries strong said we have to know what they have and how that relates to what we need in total he said strong said figures on the amount of crude production imperial purchases from outside suppliers were not immediately available reuter
earn	harvard industries hava announces stock split harvard industries inc said its board approved a two for one stock split in the form of a special stock dividend of its outstanding common stock the special dividend is payable may to stockholders of record april the split will be effected by one additional share for each common share held the company said reuter
earn	overland express inc over year loss shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note includes loss of mln dlrs from restructuring note loss includes mln dlrs for restructuring costs associated with disposal of property loss also includes the sale at a loss of the company s aircraft reuter
earn	artra group inc ata th qtr oper loss oper shr loss dlrs vs loss dlrs oper net loss vs loss revs mln vs mln avg shrs vs year oper shr profit cts vs loss dlrs oper net profit vs loss revs mln vs mln avg shrs vs note excludes loss of mln dlrs vs loss mln dlrs in qtr and gain dlrs vs loss mln dlrs in year from discontinued operations also excludes loss of mln dlrs in current qtr from reversal of tax loss carryforwards includes gain of mln dlrs in current year from purchase of envirodyne industries inc shares and charge of mln dlrs in current qtr from research and development costs both periods includes operations of sargent welch scientific co acquired on nov and interest in rosecraft inc since june and lawrence jewelry corp since oct both periods includes interest in r n koch inc since feb reuter
acq	allied signal ald completes unit sale allied signal inc said it completed the previously announced sale of its linotype group to commerzbank ag of west germany the purchase price was not disclosed eschborn west germany based linotype had sales of more than mln dlrs the company said reuter
trade	u s official sees evidence of export growth beryl sprinkel chairman of the white house council of economic advisers said he sees growing but incomplete evidence that u s export volumes are finally strengthening in remarks prepared for a speech today in los angeles sprinkel said the decline in the dollar s value since had largely restored u s cost competitiveness in world markets and appeared to signal an end to u s trade imbalances i am confident that further improvements in our trade performance will contribute significantly to u s growth in he said reuter
interest	citibank says it raises base rate to pct from pct
acq	gaf gaf plans no changes if offer accepted gaf corp chairman samuel heyman told reuters he did not foresee major changes in borg warner bor if gaf s dlr per share offer to acquire borg warner is successful we have great respect for borg warner mangagement heyman said following a speech at the american institute of chemical engineers annual meeting we don t have any particular changes in mind earlier today gaf announced that a billion dlr offer was presented to the board of directors of the chicago based company last week gaf had purchased additional shares of the company for dlrs increasing its stake in borg warner to pct in gaf made an unsuccessful effort to acquire union carbide corp for five billion dlrs and has since expressed an interest in acquiring a chemical company that would complement its own chemical business when asked whether gaf would consider selling the non chemical assets of borg warner if its takeover offer is accepted heyman declined to comment he also refused to say whether gaf would consider increasing its the dollar value of its takeover offer if the initial proposal is rejected heyman emphasized that he considered the gaf offer to borg warner to be a friendly one we think we made a fair offer that is good for borg warner management and good for its shareholders heyman said in his speech heyman said he feared too many chemical companies were attempting to specialize in the same high margin niche products he said they were turning their backs on core commodity chemical businesses heyman said the chemical industry has taken a total of seven billion dlrs in pre tax writeoffs during the past two years to trim balance sheets he predicted that the u s chemical industry which reported a total of billion dlrs in profits would see a pct gain in earnings this year because of increasing exports cheaper feedstock costs and the weakened u s dlr reuter
earn	transworld liquidating twt to distribute transworld corp liquidating trust said it expects to make an initial distribution to beneficiaries valued at dlrs per unit from the proceeds of the sale of hilton international co the value of the distribution assumes yesterday s closing price of ual s common stock of dlrs per share earlier ual announced that it completed the purchase of hilton international co for mln dlrs in cash and mln shares of ual inc common stock total value of the sale is about mln dlrs transworld said pursuant to the sale ual exercised its option to substitute cash for mln dlrs of debentures and shares of common stock transworld liquidating said each unit of beneficial interest in the trust will be allocated shares of ual common stock the aggregate value of the distribution is mln dlrs the balance of the cash in the trust will be held by the trust until april and will be used to satisfy all ouststanding liabilities and obligations of the trust after satisfaction of its liabilities and obligations the trust would make a second distribution to its beneficiaries of any remaining cash on or about april trading in the beneficial interests which are listed on the new york stock exchange will cease after today in order to receive the distribution beneficiaries must surrender the certificates representing their beneficial interests the trust was formed at year end to facilitate the sale of hilton international reuter
earn	mobile america corp mame year end dec shr dlrs vs dlr net vs revs mln vs reuter
housing	u s senate passes housing bill the senate passed a two year extension of federal housing programs including billion dlrs for lower income housing assistance over two years the vote was to total value of the bill was estimated at billion dlrs the bill permanently extended the authorization for federal housing authority mortgage insurnce the bill also extended the urban development grant program the national flood insurance act the rural housing program as well as several other housing programs the bill now goes to the house reuter
earn	international dairy queen indqa st qtr net ended february shr cts vs cts net vs rev mln vs mln avg shares vs note company s full name is international dairy queen inc reuter
earn	de tomaso industries inc dtom year net shr dlrs vs dlrs net vs revs mln vs mln note translated from italian lire in u s dollar equivalents at the exchange rate prevailing at dec reuter
earn	coleman sees cts a shr st qtr charge from heat exchanger replacement program
earn	coleman cln sees st qtr charge coleman co said it expects a first quarter charge against earnings of mln dlrs or cts a share as a result of its voluntary program to replace condensing heat exchangers in its early model series high efficiency residential gas furnaces the company said extensive testing indicates a problem found in the furnaces is not safety related coleman said it noted an increasing number of heat exchangers in certain furnaces made from march through december were returned because of corrosion reuter
acq	philadelphia suburban psc buys software firm philadelphia suburban corp said it acquired mentor systems inc a lexington ky computer software company for common stock detailed terms were not disclosed mentor specializes in public sector accounting systems it has employees at its lexington facility four branch offices in the midwest and one in new york reuter
earn	pacific gas said accounting change will reduce net by mln dlrs
earn	tribune swab fox cos inc tsfc th qtr loss shr loss cts vs nil net loss vs profit year shr loss cts vs profit five cts net loss vs profit note earnings restated for discontinued operations per share results reflect payment of preferred dividends company did not release revenues reuter
earn	barringer resources inc barr year end dec shr profit cts vs loss cts net profit vs loss revs vs note net includes dlrs or cts a share for gain on cancellation of long term debt through a debenture offer reuter
earn	concord fabrics inc cis nd qtr oper net ended march one oper shr cts vs cts oper net vs revs mln vs mln six mths oper shr cts vs cts oper net vs revs mln vs mln note excludes net gain of dlrs or cts shr in current qtr and six mths from disposal of discontinued operations year ago excludes loss of dlrs or three cts in qtr and dlrs or seven cts in six mths from discontinued operations reuter
earn	p c quote inc pcqt year loss shr loss cts vs loss cts net loss vs loss sales vs reuter
earn	executive house inc year loss shr loss cts vs loss six cts net loss vs loss revs vs reuter
earn	lori corp lrc th qtr oper net loss oper shr loss cts vs loss cts oper net loss vs loss revs mln vs mln year oper shr profit cts vs profit cts oper net profit vs profit revs mln vs mln note th qtr and year oper net excludes a loss of dlrs for discontinued operations and a a gain of dlrs and dlrs respecitvely for extraordinary item th qtr and year oper net excludes a loss of dlrs and about dlrs respectively for discontinued operations and a loss of dlrs and a gain of dlrs respectively for extraordinary item reuter
earn	otf equities inc otfe th qtr net shr profit cts vs loss cts net profit vs loss revs mln vs mln year shr profit cts vs loss cts net profit vs loss revs mln vs mln avg shrs vs reuter
earn	dome petroleum ltd year oper shr loss dlrs vs loss two cts
earn	salem corp sbs th qtr loss shr loss dlrs vs loss cts net loss vs loss revs mln vs mln year shr loss dlrs vs profit seven cts net loss vs profit revs mln vs mln note includes loss of mln dlrs or cts shr from asset writedowns and cost reductions reuter
earn	consumers power sees one time st qtr loss of seven cts shr from suit
earn	dome petroleum takes writedowns totalling billion dlrs
earn	dome petroleum ltd dmp year loss shr loss dlrs vs loss two cts net loss billion vs profit mln revs billion vs billion note shr and net include writedowns totalling billion dlrs before a reduction in deferred income taxes of mln dlrs net also includes mln dlrs in accumulated foreign exchange losses canadian funds note continued shr after preferred dividends reuter
iron-steel	u s steelmakers union seek renewed import curb the u s specialty steel industry and its union said they will seek a three year extension of president reagan s import restraint program to give the industry more time to restore competitiveness they said they will tell the u s international trade commission itc thursday that termination will have disastrous consequences for american companies and workers the current four year voluntary program reached with foreign exporters ends this summer and the itc must advise president reagan on the economic effect of its termination the specialty steel industry of the united states and the united steelworkers union said in statement that imported steel was still flooding the domestic market and continued curbs were needed to restore the industry s health reagan is to decide by july whether to renew the restraint program reuter
acq	holder communications hold to buy five firms holder communications corp said it agreed to buy five privately held companies with combined revenues expected to be about mln dlrs holder plans to issue mln common shares to buy the nashville based companies all of which are owned by jack norman and joe shaw their families and employees the companies include radio stations wkxc am and wwkz fm which operate in the new albany tupelo miss market and general masonry inc a contractor in the southeast the acquisitions are subject to approval by holder shareholders and the federal communications commission reuter
earn	chelsea chd sees lower nd qtr net chelsea industries inc said earnings for its fiscal second quarter ended march will be sharply lower than the dlrs or cts a share it earned for the same quarter last year it also said it lowered its earnings forecasts for the remainder of the fiscal year in fiscal the company earned dlrs or dlrs a share the company cited intensely competitive market conditions in its polyethelyne trash liner business and startup costs related to its acquisition of artisan plastic for the reduced earnings outlook reuter
earn	dome pete dmp takes billion dlr writedown dome petroleum ltd earlier reporting a billion dlr loss compared to year earlier profit of mln dlrs said the loss was mainly due to write downs totalling billion dlrs before a reduction in deferred income taxes of mln dlrs the loss also includes mln dlrs in accumulated foreign exchange losses the company said the dramatic drop in energy prices in early reverses much of the progress the company has made in the two previous years dome chairman j howard macdonald said in a statement but even a net loss of this magnitude has very little bearing on the day to day operations of dome chairman macdonald said it merely reflects the realistic carrying value of the company s assets in today s economic environment and the absolute need for reaching a timely agreement with our lenders on a debt restructuring plan to assure the company s continued existence he added dome is now trying to reach agreement on a complex plan for restructuring debt of more than billion dlrs dome said it charged the mln dlrs in accumulated foreign exchange losses to current expenses because of the uncertainty arising from its proposed restructuring plan normally the expenses would be amortized over the remaining period of the loans to which they apply it said dome also said the write downs included a fourth quarter reduction in the value of its oil and gas properties of billion dlrs before a reduction in deferred income taxes of mln dlrs the fourth quarter writedown was in addition to a charge of mln dlrs on certain other assets taken mainly in the third quarter dome said the billion dlr fourth quarter charge resulted from a year end accounting change made under new full cost accounting guidelines by the canadian institute of chartered accountants the company said it previously determined a write down of conventional oil and gas properties was not required at september under the previous method of calculating the limitation of oil and gas values dome said the most significant accounting change under the new guidelines is using current oil and gas prices in calculations instead of escalating price forecasts terms of dome s proposed debt restructuring plan preclude the company from making an accurate estimate of future financing costs which are used in the new accounting calculations it said as a result dome adopted current prices and costs and a pct discount factor in the calculations which substantially conform with accounting rules prescribed by the u s securities and exchange commission the company said dome said operating income from its crude oil and natural gas segments fell by billion dlrs to a loss of billion dlrs from prior year earnings of mln dlrs dome said the steep drop in crude oil and natural gas operating income was due to write downs totalling billion dlrs and lower energy prices that sharply reduced revenue reduced production of natural gas and lower utilization of dome s offshore drilling fleet in the beaufort sea also contributed to the decline it said earnings from its natural gas liquids business fell by pct to mln dlrs from mln dlrs in cash from operations dropped to mln dlrs from year ago mln dlrs and unrestricted cash balance declined to mln dlrs from mln dlrs dome said crude oil production in was maintained at prior year s levels through new drilling activity and improvements in productivity natural gas production fell by nine pct as a result of lower domestic and export sales it said oil and field natural gas liquids production totalled barrels a day compared to bpd in the prior year natural gas production fell to mln cubic feet a day from mcf a day reuter
earn	orion capital corp oc th qtr loss shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln avg shrs vs year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln avg shrs vs note net includes realized capital gains of vs for qtr and mln vs mln for year net also includes gain on termination of pension plan of for qtr and year and tax loss of for qtr includes pretax gain from sale of common stock in guaranty national corp of for year revised estimated calculation of workers compensation earned premiums decreased earned premiums by mln year ago results restated to reflect deconsolidation of guaranty national reuter
earn	avon products avp sees higher earnings avon products inc the diversifed conglomerate that had a strong turn around in said it expects sales and earnings to climb higher this year in its annual report the company also said it expects to maintain its current annual two dlr dividend on the basis of continued upward earnings in avon s operational earnings rose pct to mln dlrs from mln dlrs a year earlier and sales rose pct to billion dlrs it said the dlrs a share earned last year was the highest in five years but still well below the company s all time high of dlrs a share in reuter
interest	chase manhattan raises prime rate to pct from effective today
earn	pacific gas pcg accounting change to cut net pacific gas and electric co said it expects to record a mln dlr or dlr per share reduction in earnings because of the company s decision to change the method used to record diablo canyon nuclear power plant revenues the accounting change will not affect the company s cash position and the company intends to continue paying its dividend at the annual rate of dlrs per share last year pacific gas reported earnings of mln dlrs or dlrs per share pacific gas said the accounting change was prompted by delays in the receipt of a california public utilities commission decision on the company s application for rate relief to recover the billion dlr cost of constructing units one and two of the diablo canyon nuclear power project it said the commission is currently allowing the company to recover pct of the cost of owning and operating the plants as a result mln dlrs has been accumulating each month as deferred non cash account receivable which has been included in current income but the accounting change effective january will reflect only cash received through interim rates approved by the commission pacific gas and electric said it also said the commission is now awaiting its public staff division s report which will recommend how much of the billion dlr investment pacific gas should be allowed to recover in rates the company further stated that it is confident it will receive an objective review of the facts it also said it intends to seek additional interim rates pacific gas began construction of the two nuclear power units in after a number of construction delays unit one went into operation in may and unit two went on line in march last year reuter
earn	giant food inc gfs a th qtr feb net shr cts vs cts net mln vs mln revs mln vs mln year shr dlrs vsd dlrs net mln vs mln revs billion vs billion note had weeks vs weeks in th qtr had weeks vs weeks in reuter
acq	innovex invx completes purchase of lucht innovex inc said it has completed the purchase of substantially of the interest in lucht engineering inc that it did not already own prior to this move innovex owned pct of lucht the company said innovex said it bought the shares by exchanging shares of unregistered innovex common stock innovex president thomas haley said the exchange is non dilutive and will cause a slight increase in innovex s fully diluted earnings per share during the last half of fiscal lucht will continue to function as a unit of innovex innovex said reuter
crude	oil prices said now based on futures price energy futures now set the standard for oil pricing said arnold safer president of the energy futures group inc a consulting firm petroleum futures trading at the new york mercantile exchange literally set spot market prices in the u s he said adding that some oil products sellers now offer contracts based on a daily average of nymex prices he also said that petroleum futures are a major market for oil companies as well as for commodity traders his remarks were made at the national petroleum refiners association reuter
earn	mco resources inc mcr th qtr loss shr loss dlrs vs dlrs net loss mln vs mln revs mln vs mln note net includes pretax writedown of mln on oil and gas properties and a mln non cash provision for impairment of geothermal property reuter
earn	linear films lner sees lower fourth qtr net linear films inc said it sees lower earnings in the fourth quarter ending march compared with a year ago due to lower profit margins on stretch film from price increases of polyethelene resin a key raw material in last year s fourth quarter it earned dlrs or cts a share a spokesman said the company said it is raising its stretch film prices by six pct as of april to reflect the higher costs of polyethelene resin it also said sale volume of stretch film in the fourth quarter was lower than anticipated although it has returned to normal in recent weeks reuter
earn	auditors qualify mco resources mcr report mco resources inc said its independent auditors have qualified their opinion on the company financial statements for in which it posted a net loss of mln dlrs or dlrs a share on revenues of mln mco said the qualfied opinion related to its realization of the carrying amount of its geothermal property and its ability to continue as an ongoing concern which is dependent upon the restructuring of the company s bank debt and other obligations resolution of the uncertainties surrounding its geothermal operations and the success of future operations the company said its capital spending for has been virtually eliminated and that an additional staff reduction of about pct is being implemented today reuter
earn	international lease finance ilfc st qtr net shr cts vs cts net vs revs mln vs mln avg shrs primary vs reuter
earn	arco arc says net to cover dividend payout atlantic richfield oil co said it expects first quarter net income to cover its dividend requirements in the quarter the company paid a quarterly dividend of one dlr a share earlier this month reuter
earn	servotronics svt sets pct stock dividend servotronics inc said it declared a pct stock dividend payable may to shareholders of record april the company last declared a stock dividend also pct in march reuter
crude	standard oil raises alaska north slope by dlrs effective april one
earn	servotronics inc svt year net oper shr cts vs cts oper net vs revs mln vs mln note oper excludes tax credits of vs reuter
money-fx	currency futures climb likely to be checked the surge in currency futures since friday on the heels of the reagan administration s proposed tariffs on japanese imports is likely to be curtailed in the coming week financial analysts said the market is taking a breather now and i would expect it to last a little longer said craig sloane a currency analyst with smith barney harris upham and co profit taking which robbed the currency futures of some momentum today is likely to continue he said central banks are likely to play a role in halting the advance in currencies through intervention the analysts said even though the dollar fell to a year low against the japanese yen on monday despite bank of japan intervention treasury secretary james baker s comments that the g nations remain committed to the paris accord coupled with his refusal to give any targets for exchange rates provided a note of stability to the market tuesday the analysts said furthermore merrill lynch economics analyst david horner said g central banks haven t yet shown the full force of their commitment to the paris accord i m among those who believe the g have a plan behind the scenes horner said horner said more forceful central bank intervention will firm the dollar and cap the rise in currency futures coordinated punishing intervention by the central banks in contrast to the recent rolling intervention which has only smoothed out the market is in the offing according to horner i think we re near the top of the range in the europeans currencies he said on the other hand the upside target for the yen which set a new contract high today at in the june contract is at horner said still other analysts believe currency futures have yet to peak the basic trend in the currencies is higher said anne parker mills currency analyst with shearson lehman brothers inc the market wants to take the dollar lower uncertainty over central bank action and nervousness over a g meeting next week in advance of a meeting of the international monetary fund could make for choppy price activity the remainder of the week mills said in addition although the market shrugged off relatively healthy gains in february u s leading economic indicators and factory orders tuesday economic data could play a larger role in coming sessions the analysts said friday s employment statistics in particular will be closely watched sloane said adding that a forecast rise of in non farm payroll jobs should underpin the dollar reuter
earn	poco petroleums ltd st qtr jan net shr eight cts vs cts net vs revs mln vs mln reuter
acq	lilly lly cuts liposome co lipo stake eli lilly and co told the securities and exchange commission it cut its stake in liposome co inc to shares or pct of the total outstanding common stock from shares or pct lilly said it sold liposome common shares on march at eight dlrs each as long as lilly s stake in liposome is below five pct it is not required to report any further dealings it has in the company s stock reuter
acq	acceleration acle cuts stake in united coasts acceleration corp said it sold a pct stake in the common stock of united coasts corp to the sheet metal workers national pension fund the company said it agreed to sell the fund an additional pct of hartford conn based united when the fund receives approval from the director of insurance of the state of arizona the company said today s sale reduced its holdings in united to pct the second sale when completed will lower its stake to pct acceleration said the company said the proceeds from both sales will be roughly equal to the dlrs it originally invested in united coasts in late even though it will retain a pct stake acceleration said it plans to include gains from the stock sales in its results for the first and second quarters of reuter
acq	oppenheimer sells six pct cyclops cyl stake oppenheimer the brokerage and investment subsidiary of oppenheimer group inc told the securities and exchange commission it sold its entire pct stake of cyclops corp oppenheimer said it sold the share stake on march at dlrs a share it said it initially bought the stock in connection with risk arbitrage and other investment activities in the ordinary course of its business reuter
interest	analysts see slow move to higher u s prime rate quarter point prime rate increases to pct by citibank and chase manhattan bank today will be followed by other banks only after they see clearer signs of the federal reserve s policy intentions economists said based on the spread between banks cost of funds and the prime rate it probably makes sense for others to follow but no rush is likely said paul mcculley of e f hutton and co citibank s surprise base rate increase quickly followed by chase sent u s bond prices lower and the dollar higher mcculley said that once the spread between three month certificates of deposit and the prime rate narrows to less than percentage points there is a strong chance of a prime rate increase it has been under points recently however banks are likely to hold rate increases until they see what the fed intends to do about interest rates in the near term analysts said they noted that banks historically like to follow fed rate movements rather than lead them for example the last prime rate increase occurred in june when banks lifted the rate to pct from pct after a fed discount rate increase in april of that year major banks had been posting a pct prime rate since last august when they lowered the rate from eight pct shortly after the fed s half point discount rate cut to the current pct level on august the banks will not rush to raise their prime rates there should be a split prime for a while with some posting a pct rate and others pct said david jones of aubrey g lanston and co jones said the federal open market committee at today s meeting voted no change in fed policy but he said the fed may well foster higher interest rates soon jones said that while the fomc probably voted no policy change today it may have decided to apply slight upward rate pressure later if the dollar weakens inflation pressures heat up or the economy shows sign of strong recovery the fed clearly indicated that they did not intend to tighten policy when they did today s coupon pass said joseph liro of s g warburg and co in a move that came a day earlier than most expected the fed today supplied permanent reserves to the banking system by offering to buy all maturities of treasury notes and bonds for its own account this seasonal reserve add is called a pass the fed demonstrated that there has been no policy change said elizabeth reiners economist at dean witter reynolds inc she said the spread between banks cost of funds and the prime rate is now around basis points compared with a basis point average in reiners said the spread is not really narrow enough to present a clear need for a prime rate increase the dean witter economist said that today s prime rate rise may have been less a response to interest rates than an attempt to enhance the balance sheet bottom line reiners said that given recent problems with loans to developing countries large money center banks with heavy exposures might be the first to match the higher prime rate in an effort to get more profitable spreads on other loans the federal funds rate at which banks lend overnight money to one another could help determine how many banks match the higher prime rate and also how quickly they move in raising their prime rates banks cited a higher cost of funds in the three business days through monday the federal funds rate at which banks lend to one another averaged nearly pct but quarter end pressures helped push up funds the fed funds rate was extremely volatile today reflecting demand pressure associated with the end of the quarter and the close of the japanese fiscal year funds traded between five and pct once the special distortions end analysts said the funds rate probably will return to its recent trading level in the pct area they said that if it stabilizes near there banks may not quickly boost their prime rates but a consistently higher funds rates would suggest to many that the fed was fostering somewhat higher interest rates to help the dollar then banks would lift prime rates quickly reuter
acq	tisch brothers lower tosco tos stake an investment partnership led by four sons of loews corp ltr chairman lawrence tisch said it cut its tosco corp stake to the equivalent of shares or pct of the total from shares or pct in a filing with the securities and exchange commission the partnership flf associates said it sold shares of serier e convertible preferred stock on march for dlrs each and shares of preferred stock on march at dlrs each the sales leave the tisch brothers with shares of preferred stock which can be converted into shares of common stock reuter
earn	nature s bounty inc nbty year loss shr loss cts vs loss cts net loss vs loss revs mln vs mln reuter
acq	cominco clt sells stake in canada metal cominco ltd said it sold its pct stake in canada metal co ltd to canada metal senior management for an undisclosed sum cominco said the sale was part of its previously announced policy of divesting non core businesses canada metal is a toronto based producer of lead alloys and engineered lead products canada metal production figures were not immediately available reuter
earn	auditors give first city fbt qualified opinion first city bancorp of texas which lost a record mln dlrs in said in its annual report it expected operating losses to continue for the foreseeable future as it continues to search for additional capital or a merger partner the houston based bank s financial statements received a qualified opinion from its auditors arthur andersen and co the auditors said their opinion was subject to first city eventually obtaining additional capital the company believes that in order to address its long term needs and return to a satisfactory level of operations it will ultimately need several hundred million dollars of additional capital or a combination with a more strongly capitalized entity first city said in a note to its financial statements included in the annual report management believes that sufficient resources should be available to cover interim capital concerns while additional capital is being sought the bank said to raise cash in the near term first city said it may sell or mortgage non strategic assets recover excess contributions to its pension plan and obtain special dividends from some of its member banks the losses for are expected to be substantially less than in first city chairman j a elkins said in a letter included in the annual report however the ultimate return to satisfactory operating conditions is dependent on the successful resolution of the related problems of credit quality funding and the eventual need for substantial additional capital first city said it anticipated that certain covenants of a credit agreement with unaffiliated banks requiring most of first city s excess cash to be applied to debt repayments would be modified by the end of the first quarter in order to avoid default the banks agreed to similar amendments to the covenants last year and first city has reduced its borrowings from mln dlrs at yearend to mln dlrs in recent weeks although the parent company s capital adequacy ratios exceeded regulatory minimum requirements at the end of first city said its two largest subsidiaries did not first city national bank of houston had a primary capital ratio of pct and first city bank of dallas had a pct ratio hard hit by the collapse in oil and texas real estate prices first city s net loan chargeoffs totaled mln dlrs last year up from mln dlrs in the bank more than doubled its loan loss provision to mln dlrs at the end of first city said chargeoffs and paydowns reduced its total energy loan portfolio by pct during to billion dlrs at year end adding that future energy chargeoffs should be more modest the amount represented pct of first city s total loans in real estate first city said its nonperforming assets nearly doubled last year to mln dlrs at year end chargeoffs of real estate loans rose to mln dlrs or nine pct of total loan chargeoffs and the bank said the amount could go higher the company still faces uncertainties in the real estate market and anticipates further deterioration in the pportfolio so long as the regional recession persists first city said because the carrying value of many of these loans is collateral dependent a further decline in the overall value of the collateral base could cause an increase in the level of real estate related chargeoffs reuter
money-fx	u s fed explores commodity basket index the complex task of wielding control over monetary policy in an increasingly fast moving global economy could be aided by tying policy to commodity prices the newest member of the federal reserve board says commodity prices are already considered by the fed in the making of monetary policy but they would be given a much greater role under an idea being floated by governor robert heller who joined the board last august he conceeds that much more study of the idea is needed but argues that such an arrangement particularly if it were adopted by other major industrial countries could reduce the volatility of exchange rates moreover it could help stabilize of the prices of commodities themselves slowing changes in inflation his idea which many conservative economists find appealing has some backing among board members appointed in recent years by president reagan it would complement the present system of opening or closing the monetary screws based on the pattern of inflation key indicators such as unemployment and the rise or fall of the money supply changes in the money supply can lead to changes in interest rates and affect economic activity directly discussed on and off for a long time the commodity concept is part of a growing search for a system that anchors monetary policy and widely fluxtuating currency prices to a more solid base what is needed is an anchor or reference point that can serve as a guide for both domestic and international monetary purposes says heller in the past this anchor was gold but the united states went off the gold standard because the global economy had vastly outstripped gold supplies a return to the gold standard is generally dismissed out of hand by most policymakers on the grounds that the largest producers of gold are the soviet union and south africa the so called fixed rate system scuttled in the early s is still considered unworkable in the present world but the current system of floating currencies in which currencies can fluxtuate widely adding vast pressures to the monetary system is also being widely questioned some have suggested that the system might benefit from a formal approach that mandates intervention by countries when currencies wander above or below agreed to levels but there are major problems with this also for one thing there is justifiable concern that countries might be relunctant to intervene if they felt it might be detrimental to their own domestic economy moreover some question whether concerted intervention can make much of an inpact if the overall market does not agree with the fundamental judgement the poorest countries have called for a monetary conference to work out a new system that not surprisingly helps them cope with their overpowering debt problems treasury secretary james baker the reagan administration s chief economic architect has preferred to use the so called group of five industrial countries or sometimes seven as a forum to work out cooperative agreements on currency and other economic matters he appears convinced that officials from west germany france britain japan italy and canada talking quietly behind closed doors can reached reasoned decisions away from public posturing the heller approach while extremely complex could have a profound impact on the system ideally stabalizing prices and international exchange rates as envisioned by heller a basket of say major commodities ranging from wheat to oil would be put together and prices would be measured on a regular basis in times of rising commodity prices monetary policy might be tightened and in times of falling commodity prices montary policy might be eased he says he notes that commodity prices are traded daily in auction markets and a commodity price index can be calculated on a virtually continuous basis moreover most commodity prices are produced consumed and traded on a world wide basis so that an index has a relevance for the entire world he says in addition commodity prices are at the beginning of the production chain and serve as an imput into virtually all production processes focusing on commodity prices as an early and sensitive indicator of current and perhaps also future prices pressures the monetary authorities may take such an index into account in making their monetary policy decisions he says however he says that any major change in a basic commodity such as occurred in oil during the s because of action by the opec cartel would have to be discounted in such a system he says the worst thing that could happen is to allow monetary policy to spread a freakish increase in one commodity to the rest of the system and to other commodities reuter
earn	microbiological sciences inc mbls th qtr loss oper shr loss cts vs profit nine cts oper net loss vs profit revs vs year oper shr loss two cts vs profit four cts oper net loss vs profit revs mln vs mln note oper excludes extraordinary gains of for qtr and year reuter
acq	investor group cuts dba systems dbas stake a group led by new york investors david bellet and chester siuda said it lowered its stake in dba systems inc to shares or pct of the total outstanding from shares or pct in a filing with the securities and exchange commission the group said it sold dba common shares between feb and march at prices ranging from to dlrs a share so long as the group s stake in dba is below five pct it is no longer required to report its further dealings in the company s common stock reuter
earn	lowell institution for savings lifs qtly div qtly div cts vs cts prior pay may record april reuter
earn	earthworm tractor co inc worm year loss oper shr loss cts vs profit two cts oper net loss vs profit revs mln vs mln note oper includes accrued interest of from financing of capital goods transaction with prudential bache trade corp year ago oper excludes extraordinary gain of reuter
acq	emery air freight corp to offer dlrs shr for purolator courier corp
acq	emery air eaf to bid for purolator pcc emery air freight corp said it plans to begin tomorrow a dlr a share tender offer for pct of the outstanding common stock of purolator courier corp the company said the tender offer is the first step in a plan to buy pct of the purolator shares following the tender offer emery said it would offer dlrs of junior subordinated debentures for each remaining purolator share outstanding on march one purolator agreed to a dlr a share leveraged buyout by eight purolator executives and ef hutton lbo inc a unit of ef hutton group inc emery said it had tried unsuccessfully to open merger discussions with purolator before the company accepted the management led buyout offer in a letter to purolator s chairman nicholas f brady emery s chairman john c emery said the company would still prefer to negotiate with purolator but he said the imminent expiration of the leveraged buyout group s offer has forced the company to make an unsolicited tender offer of its own emery said its offer is scheduled to expire at est on april unless extended the company said conditions of the offer include the receipt of at least two thirds of purolator s shares outstanding on a fully diluted basis and the repeal of its share purchase rights plan emery said the offer is also subject to completion of the previously announced sale of purolator s canadian operations emery said chemical bank bankers trust morgan guaranty trust co and salomon bros had agreed to provide financing for the tender offer it said the junior subordinated debentures to be issued in the subsequent merger will carry a pct annual interest rate payable twice a year for the first three years after the notes are issued interest will be paid at emery s option in cash or in additional notes emery said it added that the notes will not be subject to redemption for one year after they are issued emery said purolator would operate as a wholly owned unit of the company after the merger it said it hoped purolator s management would continue with the company we believe that our two companies provide an excellent fit with each other and that the combination will enable each of us to better serve our existing customers and meet the challenges of the future emery s chairman said in his letter he said a merger would significantly enhance the financial turnaround that purolator s management had previously forecast officials at purolator could not immediately be reached for comment on the offer which was released several hours after the stock market had closed emery s stock closed up at purolator closed at off reuter
money-supply	australian broad money growth pct in february australian annual broad money growth rose pct in february unchanged from january but down from the corresponding february growth rate of pct the reserve bank said february broad money growth was steady at pct from the previous month and unchanged from february last year borrowings from the private sector by non bank financial intermediaries rose by pct in the february year from january s pct rise compared with a pct increase in the previous february year in february borrowings from the private sector by non bank financial intermediaries rose by pct compared with january s pct increase and the previous february rise of pct at the end of february broad money stood at billion dlrs up from january s billion and compared with the previous february level of billion the reserve bank last week reported a february m growth rate of pct from january s pct rise and a previous annual february increase of pct reuter
alum	alcan australia lifts aluminium ingot price alcan australia ltd said it increased the list price of pct purity aluminium ingot to dlrs a tonne from dlrs effective immediately reuter
grain	economic spotlight china must preserve farmland if we go on using up farmland as we have done since there will be none left in years to grow grain on xu jinfeng a middle aged official in fengbang village on the edge of shanghai sums up the dilemma china faces as it tries to feed its more than one billion people and at the same time let them get richer by building factories and new homes china has to feed one quarter of the world s population but only one seventh of its land is arable sharp increases in farm output since turned china into a net grain exporter for the first time in and again in but the rapid industrialisation of the countryside which has occurred at the same time has gobbled up arable land for factories and homes for peasants who can now afford them official figures show that china lost just under one pct of its arable land to other uses in and a slightly smaller amount last year it gained mln new mouths to feed during the two years we lost very little land prior to when the industrialisation began official xu said since then nearly all the families in the county have built new homes and many factories have gone up last year we lost land to a new railway line xu said but land losses in future should fall because nearly all families already have new houses she added the issue of land loss is a matter of major concern to the peking leadership which announced earlier this month that china will issue nationwide quotas for conversion of grain land for the first time this year the present situation of abusing occupying unlawfully wasting and destroying land and land resources is serious said an article in the official press explaining the new measures it has resulted in great losses of cultivated farmland it said china has a large population and its land resources are badly deficient an official of the shanghai city government said county authorities could approve conversion of only hectares of arable land to other uses while anything more than that must be approved by the city government the peking government faces another major obstacle in its efforts to ensure china s people get enough grain to eat the prices the state pays to farmers for grain are too low making it more profitable for them to grow other crops to offset this the state offers farmers cheap fertiliser and diesel oil and payment in advance for grain it contracts to buy the state then sells the grain at subsidised prices to china s mln city residents rural factories also subsidise grain output paying farmers bonuses to grow it some officials argue that the simplest solution to the problem would be for the state to raise city grain prices chen zuyuan communist party secretary of a village in the eastern province of zhejiang said the government listened too much to the demands of selfish city people and could raise city grain prices without any problem but the government has ruled out a price rise raising the price of grain would directly conflict with the goal of social stability said a china daily editorial this month the shanghai official said prices must be reformed over the long term we must be very careful we have a very large population which is used to price stability and will object to price rises he said the problem is how to do it the shanghai official said a rise in grain prices might also affect the prices of hundreds of food products made with grain and consumed by city residents in addition the state faces the problem of inadequate investment by farmers in land and in grain in particular the official press has reported that farmers fear farm policy may change and they are putting their new wealth into building graves memorial halls for ancestors and homes under reforms introduced in the late s farmers sign contracts with the state requiring them to grow certain crops but they have considerable freedom in how to use their land as the expiration date of the year contract is almost at the halfway mark farmers are beginning to worry about the future the china daily said in an editorial last month their anxieties stem from the fact that they are allowed to use the land but not own it for most of the period of communist rule the land was organised into collectives where there was little room for individual initiative new measures are needed to reassure them of the consistency of government policies and make them interested in long term investment the newspaper said reuter
trade	taiwan s second quarter imports seen rising taiwan s imports in the second quarter of are expected to rise to billion u s dlrs from billion a year earlier and from billion in the first quarter of this year the statistics department said a department official attributed the increase to growing domestic investment by the private and public sectors it is expected to rise to billion u s dlrs from billion a year earlier and billion during the first quarter taiwan s exports in the april june quarter are expected to rise to billion u s dlrs from billion a year earlier and billion in the first quarter the official said taiwan s trade surplus is expected to climb to billion u s dlrs in the second quarter of from billion a year earlier it was billion in the first quarter of this year most of the surplus is expected to come from trade with the u s taiwan s largest trading partner and importer of nearly pct of taiwan s total exports he said he said he expected taiwan s imports including grains machinery and power plant equipment from the u s to rise sharply because of government efforts to balance trade with washington he declined to give figures reuter
earn	commerzbank sees lower operating profit this year commerzbank ag cbkg f management board chairman walter seipp said that from the present viewpoint the bank must expect full operating profit to be lower than in in the first two months of the year partial operating profit excluding trading on the bank s own account declined he said without giving details the interest surplus fell pct compared with ths of results while the commission surplus because of the quiet stock exchange business fell back still more strongly by contrast the personnel and fixed asset expenses increased german banks do not report full operating profit but seipp said last year the figure for the first time had topped one billion marks for the parent bank and the group result was around pct higher than this commenting on seipp said we were able to raise the full operating profit slightly above the record result of because own account profits increased slightly he gave no concrete details but added that in january and february good own account trading profits meant that the drop in full operating earnings was more modest than that in the partial operating figure the bank would as a result be more profit oriented in future developing for example more into investment banking keeping a tight rein on personnel costs and dampening expenditures on fixed assets turning to results seipp said by year end there had been a strong growth in business volume over the year business volume rose by pct to billion marks compared with seipp added group balance sheet volume rose by pct to billion it would have been around five billion marks higher still if currency relationships had remained unchanged in the parent bank the interest surplus rose nine pct in the year while the interest margin held roughly at s pct despite pressure on credit rates the surplus on commission business which had soared by a quarter in rose by pct last year thanks almost exclusively to growth in securities commissions seipp said personnel expenditure was up pct last year at more than billion marks fixed asset expenditure rose by pct to more than mln as a result the parent bank partial operating profit rose by pct to mln marks parent bank tax payment rose to mln marks last year from mln in seipp said extraordinary earnings included a high two figure million in profit from the sale of the bank s aeg ag aegg f shares to daimler benz ag daig f during the latter s majority stake purchase booked last year the ability of the bank to write off depreciations in credit business against profits from securities trading and earnings on the sale of stakes had been utilised as in prior years to its full extent because of numerous insolvencies at home by far the largest part of the provisions were set aside for individual write downs from domestic business abroad the circle of problem debtor countries rose last year although the ratio of credit exposure to provisions improved further seipp said that because about half the group s exposure to problem nations was in dollars the bank had swapped into dollars individual provisions hitherto held primarily in marks this means that no open currency positions exist any longer on the amount of the provision that is made against an actual default he added despite the increase in concern over debtor nations in the last few weeks he said the international banking community is better armed than it was against payment problems all banks had significantly strengthened their capital base most european banks had made considerable provisions against bad debts while goverments and central banks were better prepared for unforseen difficulties he described debt equity swaps as a very interesting new approach to indebted nations problems there was a lot of interest in direct investment via an equity participation in latin america particularly from west german firms reuter
rubber	malaysia cuts gazetted rubber price malaysia said it cut the gazetted price of rubber to cents per kg from cents in march effective immediately no export duty is applicable at this level against cent per kg last month because the government raised the export duty threshold price to cents per kg in early the cess for rubber research and replanting remained unchanged at and cents per kg respectively reuter
earn	skylark co ltd sklk t year group shr yen vs net billion vs billion current billion vs billion operating billion vs billion sales billion vs billion note company forecast for current year is group shr yen net billion current billion and sales billion reuter
gnp	german pct growth average seen to the economy will grow by an average rate of pct a year in real terms between now and the end of westdeutsche landesbank girozentrale westlb said in an annual report a year ago westlb had forecast average growth of just under three pct for the report said gross national product would only expand a real pct this year below previous expectations because of weaker exports growth rates will pick up later however producing a pct increase on average for the five year period more
acq	sweden s boliden to announce major corporate takeover today official
acq	court blocks delta western airlines merger a u s appeals court last night blocked the mln dlr merger of delta airlines inc dal n and western airlines just hours before it was to go into effect because of a dispute over union representation the ruling came in a lawsuit in which the air transport employees union said western s management should fulfil a promise to honour union contracts if a merger took place the airlines argued that western s promise could not be enforced in a takeover by a larger company airlines officials could not be reached for comment on the ruling which halts the merger until arbitration on the dispute is completed reuter
acq	boliden to announce major corporate takeover official boliden ab blds st mining and metals group said it will announce a major foreign corporate takeover today involving a company with an annual turnover of two billion crowns a boliden spokesman told reuters details of the announcement would be given at a news conference by chairman rune andersson at gmt today he said the company involved employed people but declined to name the takeover price or say what field the firm operated in share analysts said they expected boliden to announce it will be taking over the u s allis chalmers corp ah o but company officials refused to confirm the reports ahead of the news conference reuter
money-fx	u k money market offered early assistance the bank of england said it had invited an early round of bill offers from the discount houses after forecasting a shortage of around billion stg in the money market today among the main factors affecting liquidity bills for repurchase by the market will drain some mln stg while bills maturing in official hands and the take up of treasury bills will remove around billion stg a rise in note circulation will take out a further mln stg partly offsetting these outflows exchequer transactions will add around billion stg and bankers balances above target some mln stg reuter
gnp	turkey estimates growth at eight pct turkey s gross national product grew an estimated pct in at fixed prices compared with pct in the state statistics institute said reporting full year data it also said gross domestic product rose pct compared with pct in an earlier estimate from nine month data put full year gnp and gdp growth both at pct the government s gnp growth target for is five pct the same level it had set for the institute estimated per capita gnp for at dlrs up from dlrs in officials blame the high gnp growth on a surge in domestic demand stemming partly from poorly controlled municipal expenditures in the early part of the year industry grew at pct in real terms in compared with pct in while agriculture expanded pct compared with pct reuter
money-fx	u k money market given mln stg early help the bank of england said it had provided the money market with early assistance of mln stg in response to an early round of bill offers from the discount houses this compares with the bank s estimate that the system would face a shortage of around billion stg today the central bank made outright purchases of bank bills comprising mln stg in band one at pct mln stg in band two at pct and mln stg in band three at pct reuter
tin	malaysian miners say u s selling too much tin malaysian miners criticised the u s for violating an agreement with southeast asian producers by selling more stockpiled tin in than agreed the u s general services administration sold tonnes of tin in well above an agreed upon annual limit of tonnes the states of malaya chamber of mines said in its latest annual report it said the u s had promised to limit sales of tin in a memorandum of understanding signed with the six member association of southeast asian nations asean in december the u s appears to have lost sight of the u s asean memorandum of understanding the chamber said the chamber estimated the u s strategic stockpile held tonnes of tin in december tonnes in excess of of its original stockpile goal of the main asean tin producers are malaysia indonesia and thailand which produce the bulk of the world s tin reuter
earn	groupe bruxelles lambert profit up net consolidated profit after deduction for minorities billion francs vs billion non consolidated net profit billion francs vs billion note results for year company s full name is groupe bruxelles lambert sa lamb br proposed net final dividend on ordinary shares francs vs to take total net payment for year to francs vs reuter
acq	ajinomoto to buy out joint food venture partner ajinomoto co inc ajin t said it will sign around end april to buy the pct of knorr foods co ltd capitalised at four billion yen that it does not already own from its u s partner cpc international inc ajinomoto will also acquire pct each of cpc s two sales subsidiaries and six production units in hong kong the philippines singapore malaysia taiwan and thailand he said the total cost of the acquisition is mln dlrs the spokesman said reuter
cocoa	ghana cocoa purchases slow the ghana cocoa board said it purchased tonnes of cocoa in the th week ended march of the main crop season compared with tonnes the previous week and tonnes in the th week ended march of the season cumulative purchases so far this season stand at tonnes ahead of the tonnes purchased by the th week of last season reuter
acq	u k merger clearances the secretary of state for trade and industry said he had decided not to refer the proposed acquisition by reed international plc reed l of technical publishing company inc to the monopolies and mergers commission the proposed acquisition by rosehaugh plc of the general funds investment trust plc was also cleared reuter
interest	h k banks to raise prime rates soon dealers say banks in hong kong are likely to raise prime rates by half a percentage point to pct following a one quarter point prime rate increase by two major u s banks yesterday dealers said they told reuters local banks may decide on the increase at this weekend s routine meeting of the hong kong association of banks g c goh chief dealer of the standard chartered bank said prime rate increases by citibank and chase manhattan bank to pct from may prompt hong kong banks to follow suit goh said local banks want to restore the prime to pct the level at beginning of the banks raised the prime to the current six pct from five pct on february after cutting it points from on january in response to upside pressure on the hong kong dollar he said the medium and longer term interbank rates firmed today with three months ending at to pct against yesterday s five to close the overnight rate however fell to to three pct from to four because of increased liquidity for a local stock issue reuter
acq	sweden s boliden ab takes over u s allis chalmers corp for mln crowns official
acq	mitsubishi heavy c itoh to sell triguna stakes mitsubishi heavy industries ltd mith t mhi and c itoh and co ltd citt t have decided to sell their combined pct stake in indonesia s pt triguna utama machinery industries to caterpillar tractor co spokesmen for the two japanese companies said triguna set up in is owned pct by mhi and pct by c itoh and pct by an indonesian company it makes about forklift trucks and a similar number of excavators each month in technological cooperation with mhi the spokesmen said the sale results from an expected restructuring later this year of the caterpillar mhi joint venture japanese company caterpillar mitsubishi ltd formed in they said the venture will be renamed shin caterpillar mitsubishi ltd and capitalised at billion yen it will still be owned equally by mhi and caterpillar and will be set up with the aim of centralising mhi s excavator business reuter
acq	sweden s boliden ab takes over mining gear units of allis chalmers corp for mln crowns
sugar	sugar traders forecast likely ec sugar rebate london traders say the european community is likely to award a maximum rebate of european currency units per kilos at today s tender while traders in paris predict a maximum award of ecus last week the ec awarded licences for tonnes at a rebate of ecus trade views differed on the amount of sugar likely to be released today london traders said the ec commission will probably endeavour to release a large tonnage and as much as tonnes may be authorised for export under licences up to end september paris traders put the likely tonnage at around reuter
acq	boliden takes over allis chalmers division swedish mining and metals group boliden ab blds st said it would buy the mining equipment operations of the u s allis chalmers corp ah o amounting to more than pct of group sales for mln crowns boliden president kjell nilsson told a news conference the acquisition of the allis chalmers unit which he described as the world s leading producer of equipment for the mineral processing industry would yield positive synergy effects for boliden mining metals and engineering operations nilsson said the takeover also will provide opportunities to cooperate with the mining and materials handling operations of boliden s parent company trelleborg ab he said allis chalmers was selling out because it needed new cash after suffering big losses in its farm equipment operation the deal is subject to approval by allis chalmers annual meeting company officials said reuter
gold	proposed japan tax may dampen tokyo gold trading a proposed sales tax on gold transactions could put a damper on the tokyo market and encourage a shift of trading to hong kong and singapore senior vice president and tokyo branch manager of credit suisse paul hofer told a press conference if you impose five pct on both buy and sell transactions tokyo participants in the gold market could be out of business he said the tax would create such a spread that japanese would be unable to compete in the international market he added how can the government really raise taxes if the system they impose is prohibitive of generating business he said the government now imposes a pct tax on physical trades exceeding yen for gold jewellery and coins and a yen tax per yen on futures transactions gold dealers said the new five pct tax would be imposed on companies trading more than mln yen a year and apply to paper gold trades gold deposits with banks and trading of gold bars as well as that of jewellery and coins dealers said however the tax would lower the rate on jewellery and coins to only five pct from the current pct they said hofer said in switzerland had imposed a pct gold turnover tax on jan but abolished it on oct a study by one of the swiss banks showed that in early the first year of the tax the volume for all swiss banks fell by up to pct compared with and hofer said transactions of paper gold also fell up to pct of the volume prior to imposition of the tax he said while gold transactions in switzerland decreased the volume of trades outside the country particularly in london and luxembourg increased between pct hofer said japan is a major importer of gold buying a yearly average just under tonnes gold dealers said last year japan imported about tonnes of gold but the government had bought about tonnes for minting coins to commemorate the th year of emperor hirohito s reign dealers said gold trading in tokyo is dominated mainly by japanese trading companies while credit suisse is the major foreign participant daily turnover in the tokyo spot market ranges between one and tonnes with the average around three tonnes while futures turnover amounts to about four tonnes gold dealers said all of us are concerned daily with the fact that the tokyo market is growing that japan is becoming one of the three major financial markets in the world and in my personal opinion i think it would be a very big mistake to put a damper on this positive growth or developments by imposing such a tax hofer said i don t think it fits the philosophy of an internationalising market he added officials of several major japanese trading houses attending the press conference said they supported credit suisse s call for the government not to impose the gold tax reuter
interest	indian rate cuts to spark industry agriculture the indian finance ministry s announcement in parliament yesterday changing the nation s interest rate structure will benefit industry and agriculture by providing loans at lower interest bankers and brokers said the changes effective today included reducing commercial bank lending rates that have ranged between pct and pct by one percentage point new rates which affect both indian and foreign banks also include a one percentage point gain to an annual pct on deposits of two years or more but less than five bank deposits of five years or more carrying pct interest have been abolished bankers said the interest rate modifications reflect the government s concern to reduce the costs of borrowing and help improve world competitiveness of indian goods there is likely to be a shift to short term bank deposits by long term depositors bankers predicted this will create the flexibility to draw and re invest funds in either equity shares or short term bank deposits they said a merchant banker also said reduced manufacturing costs due to lower lending rates are likely to boost the share market tata steel a trend setter on the bombay stock exchange opened today higher at rupees against yesterday s closing of rupees a stockbroker said investors may be less enthusiastic now to buy convertible and non convertible debentures because the finance ministry has reduced the annual interest rate to pct and pct respectively from and pct respectively but overall debenture prospects remain bright because the rates of interest on them will still be higher than what banks pay for deposits of similar maturity a merchant banker said reuter
money-fx	u k money market shortage forecast revised up the bank of england said it had revised its estimate of the shortage in the money market up to billion stg from billion before taking account of its early operations the bank has provided mln stg assistance so far today reuter
acq	internatio mueller acquires canadian company internatio mueller nv intn as said it will acquire promac controls inc of canada but declined to comment on the amount of the payment which will be in cash promac which produces measurement and regulating equipment has a work force of and had turnover of five mln guilders an internatio spokesman said he said the takeover fits into the company s drive for expansion in the u s and canada and further acquisitions are possible promac controls will be part of internatio s electrotechnical sector reuter
acq	hoogovens concludes takeover of philips cirex unit dutch steel concern hoogovens groep bv said it had reached agreement with nv philips gloeielampenfabrieken pglo as on its takeover of cirex a specialised philips precision wax moulding unit neither party would reveal financial details of the deal initially announced in october hoogovens said cirex turnover had grown in recent years to mln guilders in and it expected further expansion the unit delivers mainly to the car industry hoogovens said the acquisition would strengthen its position as a supplier to industry of high value metal products reuter
acq	boliden takes over allis chalmers division swedish mining and metals group boliden ab said it would buy the mining equipment operations of the u s allis chalmers corp amounting to more than pct of group sales for mln crowns boliden president kjell nilsson told a news conference the acquisition of the allis chalmers unit which he described as the world s leading producer of equipment for the mineral processing industry would yield positive synergy effects for boliden mining metals and engineering operations nilsson said the takeover will provide opportunities to cooperate with the mining and materials handling operations of boliden s parent company trelleborg ab he said allis chalmers was selling out because it needed new cash after suffering big losses in its farm equipment operation the deal is subject to approval by allis chalmers annual meeting company officials said reuter
cocoa	malaysia declines to state position on cocoa pact government officials in malaysia a major cocoa producer have declined to say whether it will join the international cocoa agreement icca for which buffer stock rules were agreed in london last week ministry of primary industries officials said in january the cabinet would decide on malaysia s participation but so far a decision has not been announced the government is said to be in favour of joining the pact but local cocoa growers and traders told reuters they are against the idea because certain provisions in it may be to their disadvantage malaysia is the world s fourth largest cocoa producer the government feels that the pact through its buffer stock mechanism can help stabilise prices in a market which is labouring under surpluses officials said but growers and traders are concerned malaysia s participation in the pact will require them to pay a levy for exports of cocoa to non member countries of the icca they estimate the levy at around ringgit a tonne at current prices and said they are not prepared to accept it because a big portion of malaysia s cocoa exports officially estimated at tonnes in goes to non members most growers and traders added they are also against a buffer stock measure under the agreement which requires withholding of cocoa stocks when prices slump malaysia which produced tonnes of cocoa last year might be forced to withhold up to tonnes worth some mln ringgit under such a measure in the long term and this might affect their economic viability they said the cost of maintaining such a stock can be high and it will be a real messy business for the government and the trade if it ever occurs an industry source said the growers and traders also said that under new buffer stock rules malaysia can continue to benefit even if it is not a member of the pact as the buffer stock manager is also allowed to buy from non members for the stockpile under the new rules purchases from non members such as malaysia will be limited to pct of the total stock malaysia has come under pressure from some producers to join the pact soon officials said but they noted that it need not rush to do so as there are provisions which allow countries to join the agreement even at a later date reuter
acq	bond corp completes consolidated press purchase bond corp holdings ltd bona s said it has completed the billion dlr purchase of the electronic media interests of unlisted consolidated press holdings ltd the new company bond media ltd now holds the television broadcasting and associated businesses previously held by kerry packer s consolidated bond corp said in a statement packer who made the sale in january will be a director of bond media as previously reported bond media will be publicly floated with a rights issue to bond corp shareholders bond media will be pct owned by bond corp and is expected to be listed by the end of may it said reuter
interest	h k banks to raise prime rates soon dealers say banks in hong kong are likely to raise prime rates by half a percentage point to pct following a one quarter point prime rate increase by two major u s banks yesterday dealers said they told reuters local banks may decide on the increase at this weekend s routine meeting of the hong kong association of banks g c goh chief dealer of the standard chartered bank said prime rate increases by citibank and chase manhattan bank to pct from may prompt hong kong banks to follow suit goh said local banks want to restore the prime to pct the level at beginning of the banks raised the prime to the current six pct from five pct on february after cutting it points from on january in response to upside pressure on the hong kong dollar he said the medium and longer term interbank rates firmed today with three months ending at to pct against yesterday s five to close the overnight rate however fell to to three pct from to four because of increased liquidity for a local stock issue reuter
earn	guardian royal profit up sharply at mln stg year to dec shr profit p vs loss p final div p making p vs total p pretax profit mln stg vs mln general underwriting loss on short term business vs note company s full name is guardian royal assuance plc grex l underwriting profit on long term insurance business mln stg vs mln loss on discontinued international professional indemnity business nil vs mln stg investment income mln stg vs mln less interest payable mln stg vs mln tax mln stg vs mln minorities mln stg vs mln extraordinary item contingency claims provisions on discontinued international business nil vs mln stg reuter
acq	swedish match sells portuguese unit swedish match ab smbs st said it was selling one of its portuguese subsidiaries sociedade de iniciativa e aproveitamentos florestais sarl siaf to the porto based sonae group for an undisclosed price siaf a subsidiary of swedish match since had a turnover last year of mln crowns the swedish group said in a statement reuter
earn	sun life assurance profit up year div p making p vs p profit after tax mln stg vs mln tax mln stg vs mln bonus distribution rose to new record level of mln stg vs mln in full name of company is sun life assurance society plc sull l reuter
earn	sun alliance pretax profit mln stg vs mln for
interest	lower interest rates seen following irish budget financial markets welcomed public spending cuts announced by ireland s new minority government in its budget saying the move would lead to lower interest rates finance minister ray macsharry making cuts across the board reduced the exchequer borrowing requirement to billion punts pct of gnp compared with billion punts or pct of gnp last year allied irish banks foreign exchange dealer john kearney commented i would see interest rates coming down by two to pct in the next three months reuter
earn	sun alliance reports sharp profit rise year shr p vs p div p making p vs p pretax profit mln stg vs mln net after tax mln vs mln minorities mln vs mln general premium income billion stg vs billion long term premium income mln vs mln general insurance underwritng loss mln vs mln long term insurance profits mln vs mln investment and other income mln vs mln company s full name is sun alliance and london insurance plc sunl l
acq	boliden says it now leader in mining gear swedish mining and metals group boliden ab blds st said the takeover of the u s allis chalmers corp s ah o mining machinery division made it the world s leading maker of such equipment president kjell nilsson announcing the mln crown deal told a news conference boliden would now become a truly international concern with operations in brazil chile and other big minerals producing nations he said the allis chalmers division accounting for some pct of the u s group s sales would fit in well into boliden reuter
interest	u s credit market outlook prime rate the prospect that other banks will follow industry leaders citibank and chase manhattan in raising their prime rate is likely to cast a pall over the credit markets today economists said bond prices had been making a smart recovery from two days of heavy selling when citibank surprised the market by announcing a quarter point increase in its prime rate to pct chase manhattan quickly followed prices quickly fell by a full point even though the dollar the market s overriding concern of late rose sharply on the news citibank cited the higher cost of money especially in the euromarket as the reason for raising its prime rate part of this rise in market rates has been caused by fears of a tighter federal reserve policy to defend the dollar but economists said it is too early to tell whether the fed whose policy making federal open market committee fomc meets this week is already tightening its grip on credit the fed seems to have been a bit slow in meeting the banking system s reserve needs this statement period but i wouldn t conclude anything until i ve seen the fed data said jeffrey leeds of chemical bank reuter m
grain	cereals mcas to be unchanged next week monetary compensatory amounts mca s will be unchanged for the week starting april ec commission officials said cereals mca s are plus points for west germany and the netherlands minus two points for denmark minus eight points for france minus nine for ireland minus for italy minus for britain minus for greece and minus for spain reuter
acq	u s supreme court allows delta western merger u s supreme court justice sandra day o connor early this morning lifted an appeals court injunction blocking the planned merger of delta dal airlines inc and western airlines wal the court said o connor s action came hours after a three judge panel of the th u s circuit court of appeals in san francisco had blocked the merger until a dispute over union representation had been settled by arbitration a supreme court spokesman said o connor granted a stay of the injuction allowing the merger worth nearly mln dlrs to go through as planned later today the supreme court spokesman provided no other details each of the nine supreme court justices has jurisdiction over a particular regional appellate circuit and has the power to provisionally overturn its rulings without comment the appeals court ruling surprised officials of atlanta based delta which had been preparing for the merger for months and had already painted delta logos on airplanes belonging to western which has headquartera in los angeles our plans were to finalize the merger at midnight tonight delta spokesman bill berry told the atlanta constitution late last night there was really very little that remained to be done the ruling in san francisco came in a lawsuit that had been filed in a los angeles federal court in which the air transport employees union sought to force western s management to fulfill a promise that it would honor union contracts if a merger took place the airlines argued that western s promise could not be enforced in a takeover by a larger company after learning of the appeals court ruling delta officials last night spread the word by telephone that western employees should report for work today in their old uniforms not in new delta outfits delta announced last september that it was purchasing western the merger took place in december and western has been operated as a delta subsidiary since then the western name was to have disappeared at midnight last night at issue is whether the western unions would continue to represent western employees after the integration of the two airlines while all but eight pct of western s employees are unionized only delta s pilots are union members delta had maintained that the three unions having contracts with western the association of flight attendants and the teamsters as well as the air transport employees would be extinguished after today reuter
money-fx	u k money market deficit revised downwards the bank of england said it has revised its estimate of today s shortfall to around billion stg from billion before taking account of mln stg morning assistance reuter
coffee	ico coffee producers to discuss market situation international coffee organization ico producers will meet at gmt est for a general discussion of the market situation producer spokesman lindenberg sette said the brazilian delegate said several producers requested the meeting but brazil was not among them the ico executive board s regular session this week has so far been confined to routine matters with no attempt by producers or consumers to revive export quota negotiations delegates said talks to restore quotas collapsed early last month when producers and consumers failed to resolve differences on how quotas should be allocated producer delegates said there was no sense of urgency among producers to reopen quota talks with consumers with most countries now prepared to wait for the ico s annual september council session to restart negotiations members of the inter african coffee organization called for today s producer meeting to exchange views on the market situation the producer delegates said the lack of a new debate on export quotas here this week was cited as the reason for renewed weakness in coffee prices in london and new york futures traders said near may in london hit a five year low this morning at stg about stg below last night s close they said the executive board session looks set to end today following a final session at gmt est when a consultancy report of the operation of the ico will be presented to producers and consumers delegates added reuter
acq	citadel cdl settles with great western gwf citadel holding corp said it has settled its litigation with great western financial corp the company said under the terms great western has agreed not to acquire or seek to acquire any voting securities of citadel or propose a merger with citadel for five years and citadel has paid great western six mln dlrs citadel said it is continuing to pursue its claims against salomon inc sb which represented it in connection with the disputed proposed merger with great western that was the subject of the litigation reuter
acq	sosnoff ends deal with pratt southmark on possible venture for caesars bid
acq	bp bp starts bid for standard oil srd shares british petroleum co plc said it has started its previously announced billion dlr offer to purchase the pct interest in standard oil co that it does not already own for dlrs per share in a newspaper advertisement the company said the offer which is not conditioned on receipt of any minimum number of shares and associated withdrawal rights will expire april unless extended bp said it is asking standard oil for the use of its shareholder list in disseminating the offer on which the standard board has not yet taken a position reuter
acq	visual technology vsalc control changes visual technology inc said a group led by hambrecht and quist group has acquired majority ownership of visual for dlrs in equity financing the company said hambrecht and quist president william r hambrecht and three other hambrecht and quist representatives have been named to the visual board with robert m morrill managing partner of the boston office of hambrecht s hambrecht and quist venture partners unit named chairman clifford g zimmer jr remains president and chief executive officer visual also said about nine mln dlrs of its debt has been converted to equity reuter
acq	cpc international to sell stakes in asian units for mln dlrs to ajinomoto
earn	careplus inc cpls th qtr net shr loss nil vs profit nil net loss vs profit revs up pct year shr profit four cts vs profit five cts net profit vs profit revs mln vs mln avg shrs mln vs note year net includes tax credits of dlrs vs dlrs net both periods includes charge dlrs from settlement of overtime wage dispute and addition to provision for uncollectible accounts reuter
earn	john adams life corp jalc th qtr loss oper shr loss cts vs profit cts oper net loss vs profit revs vs avg shrs vs year oper shr profit nil vs profit dlrs oper net profit vs profit revs mln vs mln avg shrs vs note net excludes realized investment gains of dlrs vs dlrs quarter and dlrs vs dlrs year net both periods excludes dlr extraordinary gain reuter
earn	tempo enterprises inc tpo year net shr cts vs cts net vs revs mln vs mln reuter
earn	peoples ban corp peop sees st quarter net up peoples ban corp said it expects to report first quarter earnings of over six mln dlrs including a gain of dlrs from the settlement of a dispute with the internal revenue service and the sale of four banking offices in vancouver wash the company said it expects to report normal earnings for the rest ofd the year of to five mln dlrs per quarter peoples earned dlrs in last year s first quarter and in all of lost dlrs reuter
earn	maxxam group inc mxm th qtr loss shr loss dlrs vs loss cts net loss mln vs loss revs mln vs mln year shr loss dlrs vs loss cts net loss mln vs loss revs mln vs mln note net includes tax credits of dlrs in quarter and mln dlrs in year results include pct stake in pacific lumber co from december through february and pct thereafter reuter
acq	sosnoff ends pratt prat southmark sm deal investor martin t sosnoff said southmark corp and affiliate pratt hotels corp have ended talks with his mts acquisition corp on a possible joint venture for the acquisition of caesars world inc sosnoff said the talks had not been actively pursued since they were announced march but it had been agreed that unless the discussions were formally terminated pratt and southmark would not initiate a competing tender offer for caesars world or take any other action that would hamper sosnoff s current offer to acquire all caesars shares he does not now own for dlrs each sosnoff said his dlr per share bid for caesars which is scheduled to expire may still stands and he remains receptive to negotiating a transaction to buy caesars on friendly terms pratt recently made an apparently unsuccessful bid to acquire control of resorts international inc rtb seeming to lose out to donald trump reuter
acq	cpc international cpc to sell asian stakes cpc international inc said said it has agreed in principle to sell interests in its grocery products operations in hong kong malaysia the philippines singapore taiwan and thailand to ajinomoto co inc of japan for mln dlrs the company said the move will reduce asian overhead and a substantial part of the proceeds will be used to reduce debt it said as part of the agreement its current direct investment in its existing non consolidated joint venture with ajinomoto will be converted into a cooperative arrangement for the long term utilization of technology and trademarks the company said the change in the japanese arrangement will give ajinomoto full equity ownership while leaving cpc a continuing earnings stream and cash flow the transactions are subject to definitive agreements and government approvals cpc said not included in the mln dlr consideration are proceeds from the sale of some smaller asian investments including a pct equity interest in an oat based food venture to an australian partner the company said the actions being taken under its restructuring program including the sale of its european corn wet milling business and other assets overhead reductions and other expense items and the asian transactions will have a one time positive effect on earnings cpc said although the extent cannot yet be determined the company expects that earnings per share will increase by substantially more than the previously estimated pct increase over in cpc earned dlrs per share reuter
acq	energy development edp completes may mep buy energy development partners ltd said it has completed the acquisition of may energy partners ltd for depositary units following approval yesterday by may energy unitholders energy development said may petroleum inc mayp general partner of may energy will distribute about energy development units for each may energy partners units to holders of may energy partnners units or more and cash to others energy development said the transaction increases its units outstanding to mln and raises total proved reserves as of the end of pct angeles corp ang is general partner of energy development reuter
sugar	u k intervention board details ec sugar sales a total tonnes of current series white sugar received export rebates of a maximum european currency units ecus per kilos at today s european community ec tender the u k intervention board said out of this traders in france received tonnes in west germany in belgium in the u k in denmark in the netherlands and in spain tonnes it added earlier today london traders had expected the subsidy for the current season whites campaign for licences to end sep to be around ecus per kilos while french traders had put the rebate at around ecus traders here had also forecast today s total authorised sugar tonnage export awards up to tonnes versus last week when the restitution was ecus total export authorisations for the campaign weeks now stand at tonnes reuter
cpi	turkish inflation increases in march inflation in turkey was pct in march compared with pct in february and pct in march the state statistics institute said the annual rate rose to pct in march compared with pct in february and pct in march the government s target is to reduce inflation this year to an annual pct the consumer price index base was compared with in february and in march reuter
acq	schering plough sgp mulls dr scholl s sale schering plough corp said it is considering the sale of its dr scholl s businesses in europe latin america and the far east which had sales of about mln dlrs in the company said the transaction is not expected to have a material impact on earnings it said it has engaged merrill lynch and co inc mer to assist in the sale process schering said it will retain dr scholl s businesses in the u s canada and puerto rico which had sales of about mln dlrs last year reuter
earn	family dollar stores inc fdo nd qtr feb shr cts vs cts net vs sales mln vs mln avg shares mln vs mln first half shr cts vs cts net mln vs mln sales mln vs mln avg shrs mln vs mln reuter
earn	mco holdings inc mco th qtr loss oper shr loss dlrs vs loss dlrs oper net loss mln vs loss mln revs mln vs mln year oper shr loss dlrs vs loss dlrs doper net loss mln vs loss mln revs mln vs mln note operating losses exclude profits of mln dlrs or dlrs a share in quarter and mln dlrs or dlrs a share in year from discontinued operations loss in both periods includes pre tax charge of mln dlrs on write down of oil properties year loss includes pre tax charge of mln dlrs for write down of oil and gas properties reuter
interest	bundesbank will not hold press conference tomorrow the bundesbank will not hold a press conference after its regular fortnightly council meeting tomorrow a spokesman said in answer to enquiries bundesbank vice president helmut schlesinger will chair the meeting as president karl otto poehl has a private engagement the next meeting is scheduled for april reuter
interest	manufacturers hanover raises prime rate to pct from effective today
earn	ransburg corp rbg st qtr feb loss oper shr loss cts vs profit one ct oper net loss vs profit revs mln vs mln note earnings exclude gains from utilization of tax loss carryforwards of dlrs or one ct a share vs dlrs or three cts a share reuter
acq	conrac corp rejects mark iv industries tender offer explores alternatives
interest	manufacturers hanover mhc raises prime rate manufacturers hanover trust co became the third major u s bank to increase its prime rate to pct from matching a move initiated yesterday by citibank and chase manhattan the bank the main subsidiary of manufacturers hanover corp said the new rate is effective today reuter
earn	snyder oil partners lp soi sets quarterly qtly div cts vs cts prior pay april record april reuter
acq	medar mdxr acquires owens illinois oi unit medar inc said it acquired automatic inspection devices inc a subsidiary of owens illinois inc toledo ohio through an exchange of stock for pct of the company automatic designs and manufactures a line of machine vision systems for the packaging pharmaceutical electronics and consumer goods industries reuter
acq	allis chalmers ah estimates proceeds of sale allis chalmers corp said it expects cash proceeds from the proposed sale of its solids processing equipment and minerals systems businesses to exceed mln dlrs with no material gain or loss anticipated from the planned sale closing of the sale to boliden ab of sweden would be part of the overall restructure of allis chalmers which was announced on march four the company said allis chalmers said the business entities included in the transaction had total sales of about mln dlrs in with total employment of about the solids processing equipment business involves manufacture of crushing and related equipment for mining it consists of operations in sweden australia brazil france great britain spain and appleton wis the minerals systems business has operations in west allis wis and lachine quebec canada reuter
interest	irving trust v raises prime rate irving trust co said it is raising its prime rate to pct from effective immediately it becomes the fourth u s bank to raise the rate following citibank chase manhattan and manufacturers hanover trust reuter
acq	conrac cax rejects mark iv iv offer conrac corp said its board has rejected mark iv industries inc s tender offer for all conract shares at dlrs each and no conract director of officer plans to tender any shares the company said financial advisor goldman sachs and co determined the price to be inadequate it said its board has instructed management to explore and develop with financial and legal advisors alternative courses of action to maximize shareholder values reuter
acq	taft tfb had not completed tv station sale taft broadcasting co said the sale of its independent television stations to tvx broadcast group which had been set for yesterday did not occur tvx and its investment bankers salomon inc s sb salomon brothers advised taft the closing would not be consumated as scheduled the company said tvx and salomon also advised taft they hope to be able to close in near future the company said adding it is prepared to close at any time a taft spokeswoman referred all questions to tvx and salomon taft agreed in november to sell the stations in philadelphia washington miami fort worth dallas and houston tvx broadcast for mln dlrs at the time taft said the transaction would result in an after tax charge of to mln dlrs reuter
acq	cyclops cyl names dixons officials to board cyclops corp said it has reconstituted its board to include three dixons group plc executives following dixons acquisition of pct of cyclops shares in a dlr per share tender offer cyclops said remaining on the six member board are chairman and chief executive w h knoell president and chief operating officer james f will and senior vice president william d dickey reuter
acq	southmark sm completes acquisition southmark corp said it has completed the purchase of georgia international life insurance co from capital holding corp cph for cash and southmark securities worth over mln dlrs reuter
earn	valhi vhi reports pro forma earnings valhi inc formed by the march merger of amalgamated sugar co into llc corp said it had unaudited pro forma earnings of mln dlrs or cts a share for the six months ended december valhi said these results were prepared as if the merger had occurred july and on substantially the same basis as the pro forma financial information in llc s and amalgamated s joint proxy statement dated february valhi said it has about mln common shares outstanding with about pct held by contran corp reuter
earn	acme cleveland corp amt sets quarterly qtly div cts vs cts prior pay may record april reuter
veg-oil	u s oil lard statistics u s census bureau figures released here showed factory and warehouse stocks on feb included the following with comparisons in mln lbs soybean oils crude x refined x r total x r cotton oils crude r refined r total r x revised from preliminary data released in the bureau s oilseeds report of march r revised factory and warehouse stocks continued corn oils crude r refined r total r lard r r revised reuter
earn	vms strategic land trust vlans sets payout vms strategic land trust declared an initial dividend of cts a share payable may to shareholders of record april the dividend represents a pct annual return based on the company s original offering price in december of dlrs a share the return is guaranteed through december the company said the trust invests in short term junior preconstruction mortgage loans and has total principal amount of investments of approximately mln dlrs reuter
interest	chemical chl raises prime rate to pct chemical bank the main bank subsidiary of chemical new york corp said it is raising its prime lending rate to pct from pct effective immediately reuter
lead	cominco ltd lowers price of lead metal cominco ltd said its cominco metals division lowered the price for lead metal sold in canada by canadian cts per pound to canadian cts per pound reuter
money-fx	fed buying one billion dlrs of bills for customer account fed says
interest	marine midland mmb raises prime rate marine midland banks inc said it is raising its prime lending rate to pct from pct effective immediately reuter
interest	fhlbb changes short term discount note rates the federal home loan bank board adjusted the rates on its short term discount notes as follows maturity new rate old rate maturity days pct pct days days pct pct days days pct pct days days pct pct days days pct pct days days pct pct days reuter
copper	asarco lowers copper price cts to cts asarco inc said it is decreasing its domestic delivered copper cathode price by cents to cents a lb effective immediately reuter
money-fx	fed buys one billion dlrs of bills for customer the federal reserve is buying one billion dlrs of treasury bills for customer account for delivery today a spokesman for the bank said fed funds were trading at pct at the time of the purchase which came several hours before the fed normally transacts business for its customers economists said the purchase was almost certainly related to the investment of proceeds from recent central bank intervention in the foreign exchanges the bank of japan alone is estimated to have bought about six billion dlrs in march in a bid to prop up the dollar reuter
earn	georgia pacific to have mln dlr pretax gain from sale of georgia gulf stake
veg-oil	u s vegetable oil products output in february u s factories used mln lbs of various vegetable oils in the production of edible products during february the census bureau reported that compared with a revised usage of mln lbs in january and mln lbs in february february production of selected products included the following with comparisons in mln lbs feb jan feb baking or frying fats r soybean salad and cooking oil r r revised production continued in mln lbs feb jan feb other salad and cooking oils r margarine r glycerine crude refined r fatty acids r meat meal tankage r r revised reuter m
acq	beecham group bhamy to sell unit privately held investment firm dubin clark and co said it has signed a definitive agreement for an investment group it heads to acquire roberts consolidated industries from beecham group plc for mln dlrs roberts makes and distributes accessories adhesives and tools used in carpet installation dubin clark said its group includes roberts management and london investment company j rothschild holdings plc it said ronald j dubin will become vice chairman of roberts and j thomas clark chairman reuter m
livestock	u s tallow production and stocks u s factory production of inedible tallow and grease amounted to mln lbs in february vs a revised mln lbs the previous month and mln lbs in the year ago period the census bureau said the bureau placed february factory production of edible tallow at mln lbs vs a revised mln lbs the previous month and mln lbs in february a year earlier it estimated factory and warehouse stocks of inedible tallow on february at mln lbs vs a revised mln the previous month and mln in february end feb stocks of edible tallow amounted to mln lbs vs a revised mln lbs and mln lbs in their respective periods factory consumption of inedible tallow and grease in february was assessed at mln lbs vs a revised mln lbs a month earlier and mln lbs in the year ago period during february factories used mln lbs of edible tallow vs a revised mln and mln respectively total factory production and consumption of tallow in the marketing season which began jan vs the season were as follows in mln lbs production inedible edible consumption inedible edible reuter
lead	cominco ltd cuts lead price in canada cominco ltd said its cominco metals division lowered the price for lead metal sold in canada by canadian cts per pound to canadian cts per pound reuter
interest	mercantile bank n a mtrc raises prime rate mercantile bancorp said its mercantile bank n a raised its prime rate to pct from pct effective immediately reuter
livestock	u s lard consumption in february u s factory usage of lard in the production of both edible and inedible products during february totaled mln lbs vs a revised mln lbs in january according to census bureau figures in the year earlier period usage which includes hydrogenated vegetable and animal fats and other oils in process amounted to mln lbs usage in february comprised mln lbs of edible products and mln lbs of inedible products total lard usage in the marketing season which began october amounted to mln lbs vs mln lbs in the year ago period reuter
acq	autospa lube to buy control of cardis cds autospa corp said it has signed an agreement to purchase shares of eight pct convertible preferred stock of cardis corp representing voting control for mln dlrs the company said the preferred purchase will be financed by an investment group led by autospa it said it will also receive from cardis five year options to buy cardis common shares at to seven dlrs each depending on the time of exercise and warrants to purchase about shares at to dlrs each the company said the exercise of all options and warrants by autospa would result in a tital investment of to mln dlrs execution of a definitive agreement is expected by april it said subject to the completion of financing arrangements and closing is expected by may reuter
earn	weatherford international inc wii th qtr loss shr loss cts vs loss dlrs net loss vs loss mln revs mln vs mln year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln reuter
earn	progressive savings prsl th qtr loss shr loss dlrs vs profit three cts net loss vs profit revs mln vs mln year shr loss cts vs profit three cts net loss vs profit revs mln vs mln note full name progressive savings and loan association current year figures include mln dlr incrase to reserves for estimated real estate and loan losses reuter
acq	allied supermarkets asu files proposed merger allied supermarkets inc said it filed a registration statement with the securities and exchange commission for a proposed merger with the vons companies a supermarket combination store operator allied said the statement covers mln dlrs of senior subordinated discount debentures and mln dlrs of subordinated debentures principal amounts with a proposed aggregate offering price of about mln dlrs for each issue drexel burnham lambert inc and donaldson lufkin and jenrette securities inc are co underwriters of both issues which allied expects to offer in early june allied said reuter
cotton	certificated cotton stocks certificated cotton stocks deliverable on the new york cotton exchange no cotton futures contract as of march were reported at bales unchanged from the previous day s figure there were no bales awaiting review and bales awaiting decertification reuter
earn	john o butler co butc nd qtr feb net shr cts vs cts net vs sales vs six mths shr cts vs cts net vs sales mln vs mln reuter
earn	guillevin international inc year jan net shr cts vs cts net vs sales mln vs mln reuter
earn	cosmo communications corp csmo year loss shr loss one ct vs loss dlrs net loss vs loss mln revs mln vs mln reuter
earn	linear lner sees lower comparable th qtr net linear films inc said its fourth quarter earnings for the period ended march will be lower than the dlrs or cts a share reported in the year ago quarter on sales of mln dlrs the company attributed the lower earnings to narrowing profit margins on stretch film linear also said it is increasing its stretch film prices by six pct effective april reuter
earn	staodynamics inc sdyn th qtr net shr three cts vs six cts net vs revs vs avg shrs vs year shr cts vs eight cts net vs revs vs avg shrs vs reuter
acq	st source srce completes merger st source bank said it completed its merger with community state bank of north liberty ind the bank said community state bank s shareholders approved the merger at a meeting last saturday while monday the directors of st source also approved the move the merger would add community bank s mln dlrs in assets to st source s more than one billion dlrs in assets st source said reuter
acq	first national bank corp to buy branch first national bank corp the newly formed parent of first national bank in mount clemens mich and bankers fund life insurance co said it reached an agreement to buy a branch in clinton township from a nonrelated financial institution it said the acquisition brings to the number of bank branches in macomb county terms were not disclosed separately the newly formed holding company also said it named arie guldemond as chairman and harold allmacher as president and chief executive officer reuter
earn	georgia pacific gp sees gain from sale georgia pacific corp said its second quarter results will include a gain of mln dlrs pre tax or cts per share after tax from the sale of its interest in georgia gulf corp the company said it is selling warrants for about mln shares of georgia gulf common stock to goldman sachs and co in connection with the mln share offering of georgia gulf it said it received the warrants when it agreed to sell its commmodity chemical operations to georgia gulf in reuter
interest	continental illinois cil raises prime rate continental illinois corp said it has raised its prime rate to from reuter
earn	thousand trails inc trls year loss shr loss dlrs vs profit cts net loss vs profit revs mln vs mln note current year figures include mln dlr after tax writedown of land and improvements a mln dlr increase in allowance for doubtful accounts and after tax gain of three mln dlrs on debt retirement reuter
earn	vista organization ltd visa year net shr profit one ct vs loss nine cts net profit vs loss revs vs avg shrs mln vs mln reuter
earn	tca cable tv inc tcat sets quarterly qtly div six cts vs six cts prior pay april record april nine reuter
acq	monsanto mtc invests in biotechnology biod biotechnology development corp said its medicontrol corp subsidiary received a dlr investment by monsanto co s g d searle and co subsidiary the company said the investment was made pursuant to an option searle held and increases searle s stake in medicontrol to pct with a total investment of one mln dlrs reuter
acq	chase cmb buys borg warner bor unit chase manhattan corp said chase trans info a subsidiary of its chase manhattan bank n a unit has bought borg warner corp s traffic services business including an illinois processing center for an undisclosed sum borg warner traffic services provides freight bill pre audit payment and information services to industry through borg warner acceptance corp chase trans info which offers similar services is now the largest provider of information services for the transportation industry reuter
earn	republic savings and loan rsla sets dividend qtly div cts vs cts prior pay april record april note company s full name is republic savings and loan association of wisconsin reuter
sugar	kaines confirms white sugar sales to india london based sugar operator kaines ltd confirmed it sold two cargoes of white sugar to india out of an estimated overall sales total of four or five cargoes in which other brokers participated the sugar for april may and april june shipment was sold at between and dlrs a tonne cif it said reuter
earn	thl holdings inc year jan net oper net mln vs mln revs bilion vs billion note thl is parent to scoa industries inc acquired in a leveraged buyout in december reuter
coffee	restoration of coffee export quotas before october seems unlikely ico producer delegates
interest	freddie mac adjusts short term discount rates the federal home loan mortgage corp adjusted the rates on its short term discount notes as follows maturity rate old rate maturity days pct pct day reuter
coffee	ico quotas before october unlikely delegates the restoration of coffee export quotas before the end of the current coffee year oct sept now seems unlikely given reluctance by international coffee organization ico producers and consumers to resume negotiations on an interim quota accord producer delegates told reporters consumers and most producers see no point in reopening the quota dialogue while brazil s position remains unchanged they said brazil s refusal to accept a reduction in its previous pct share of the ico s global export quota effectively torpedoed talks here last month aimed at restoring quotas before october the delegates noted disappointment at the lack of progress on quotas forced coffee futures in london and new york to new lows today traders here said near may in new york fell below one dlr in early trading at around cents per pound traders said producer delegates said that while the possibility of reimposing quotas before october remained on the ico agenda in practice the idea had effectively been discarded the ico s executive board session here this week has so far barely touched on the quota debate demonstrating general unwillingness to revive talks while chances of success are still remote producer delegates said some producers are in no hurry to see quotas restored despite the price collapse seen since the failure of last month s negotiations they said with brazil s frost season approaching who wants to negotiate quotas one leading producer delegate said coffee prices normally rise during brazil s frost season mainly june august as dealers and roasters build up stocks as insurance against possible severe frost damage to brazil s crop many producers are more interested in working towards reimposing quotas from october based on a new system of quota allocations valid until the international coffee agreement expires in they said guatemala has already proposed the other oilds producer group should meet in the next two months to begin talks on how to allocate quota shares producers still seem divided on how to overhaul the quota distribution system with some producer delegates reporting growing support for a radical reallocation based on the principle of objective criteria favoured by consumers at last month s council session a splinter group of small producers backed consumer demands for new quota shares based on exportable production and stocks while brazil colombia and the rest of the producers favoured leaving quota allocations unchanged except for some temporary adjustments a delegate from one of the eight said more producers now supported their cause the delegate said unless major producers like brazil showed readiness to negotiate new quota shares prospects for a quota accord in october also looked bleak the u s and most other consumers are still determined to make reimposition of quotas conditional on a redistribution of quota shares based on objective criteria ico observers remained sceptical that brazil would be prepared to accept a quota reduction when the ico council meets in september brazil has adopted a tough stance with banks on external debt negotiations and is likely to be just as tough on coffee they said they said brazil s reluctance to open coffee export registrations might reflect fears this would provoke another price slide and force an emergency ico council session which would most likely end in failure producers met this afternoon to review the market situation but had only a general discussion about how further negotiations should proceed a producer delegate said producers plan to hold consultations on quotas and then may set a date for a formal producer meeting but plans are not fixed he said the ico executive board reconvened at hours local time to hear a report from consultants on ico operations the board meeting looks set to end today a day earlier than scheduled delegates said reuter
earn	geoffrion leclerc inc six mths net shr cts vs cts net vs revs mln vs mln note period ended february reuter reuter
interest	fhlbb changes short term discount note rates the federal home loan bank board adjusted the rates on its short term discount notes as follows maturity new rate old rate maturity pct days pct days days pct pct days days pct pct days days pct pct days days pct pct days reuter
earn	towle manufacturing co qtow year loss oper shr loss dlrs vs loss dlrs oper loss mln vs loss mln note loss excludes gain on the sale of gold lance corp of mln dlrs company is operating under chapter reuter
acq	delta air lines completes acquisition of western air
interest	treasury s baker says he hopes prime rate increases temporary
earn	south atlantic financial corp soaf th qtr shr cts vs cts net vs year shr cts vs cts net vs note per shr amounts reported after preferred stock dividend requirements reuter
copper	cyprus lowers copper price cts to cts cyprus minerals company said it is decreasing its electrolytic copper cathode price by cents to cents a pound effective immediately reuter
interest	treasury s baker hopes prime rate rise temporary treasury secretary james baker said he hopes yesterday s small increase in two major money center banks prime rate was a temporary phenomenon i hope it was a temporary blip upward he told a house appropriations subcommittee he said the decline in interest rates since president reagan took office remains one of the significant accomplishments in the economic area of this administration reuter
acq	delta dal completes western air wal buy delta air lines inc said it completed the acquisition of western air lines inc this morning the action follows u s supreme court justice sandra day o connor s overnight granting of delta and western s request to stay an earlier injunction against the deal issued by the u s court of appeals for the ninth circuit more
earn	american oil and gas corp aog th qtr loss shr loss cts vs loss dlrs net loss vs loss revs mln vs mln year shr loss cts vs loss dlrs net loss vs loss revs mln vs mln note results have been restated to reflects equity investment in welltech inc for one month ended dec and its investment in american well servicing for the months ended nov and full year and net include loss of dlrs and dlrs respectively for equity in welltech and predecessor operations reuter
acq	macandrews forbes unit begins offer to buy all revlon group not already owned
earn	newpark resources inc year ended dec loss oper shr loss dlr vs loss dlrs oper net loss mln vs mln revs mln vs mln note and oper net excludes a loss of mln dlrs or cts a share and mln dlrs or dlrs a share respectively for discontinued operations net also excludes a gain of mln dlrs or dlrs a share for credit on debt restructuring reuter
earn	tierco group inc tier year ended dec loss shr loss cts vs loss dlr net loss vs loss revs vs reuter
earn	microdyne corp mcdy sets payout semi div three cts vs three cts prior pay june record may reuter
interest	fhlbb changes short term discount note rates the federal home loan bank board adjusted the rates on its short term discount notes as follows maturity new rate old rate maturity days pct pct days days pct pct days days pct pct days days pct pct days reuter
earn	crownamerica inc crna nd qtr ended feb shr two cts vs cts net vs revs mln vs mln six mths shr cts vs cts net vs revs mln vs mln note nd qtr and six mths ended march one reuter
earn	diamond shamrock dia sees better earnings diamond shamrock corp which will split this month into two separate companies expects to show improved earnings in over last year executives of the new company told reuters charles blackburn president and chief executive officer of diamond shamrock and the new company which will emphasize exploration and production said earnings wil be better than in he declined to say how much better in diamond shamrock reported a loss of mln dlrs on total revenues of billion dlrs exploration and production lost mln dlrs on revenues of mln dlrs roger hemminghaus diamond shamrock vice president and soon to be chief executive of the spin off diamond shamrock refining and marketing co said refining and marketing is a margin business the margins will return and this will be a better year than in refining and marketing showed operating profits of mln dlrs on revenues of billion dlrs we are also expecting to be in the black in the first quarter heminghaus added in the first quarter of the refining and marketing segment showed a loss of mln dlrs on revenues of mln dlrs the executives were in new york for meetings with institutional investors aimed at increasing interest in the company s stock on the new york stock exchange diamond shamrock was trading at down earlier this year t boone pickens offered dlrs a share for diamond shamrock and management countered with an offer at dlrs and a decision to split off the refining and marketing operation to its shareholders our advisors convinced us the market would give higher multiples for pure plays blackburn said reuter
earn	vms strategic vlans sets initial dividend vms strategic land trust said it delcared an initial quarterly cash dividend of cts a share payable may to shareholders of record april the company also said that effective today it will be trading on the nasdaq system under the symbol vlans reuter
iron-steel	bethlehem steel bs sets plate price increases bethlehem steel corp said its base price for carbon plates and high strength and low alloy plates will be increased by dlrs to dlrs a short ton effective july one the company said its composite prices for alloy plates will also be increased dlrs per ton on the same date adding it does not publish its prices for this product bethlehem steel said its composite prices for strip mill plates will be increased dlrs a ton reuter
earn	equicor sees year revenues to top two billion equicor equitable hca corp said that the company will likely attain revenues in excess of two billion dlrs in its first year of operations the company created last october with initial equity of mln dlrs is owned equally by the equitable life assurance society of the u s and hospital corp of america hca financial results for the first six months of the company s operations were not disclosed equicor provides employee group plans to corporations nationwide it said it aims to double its marketshare in five years from the about pct of the employee benefits industry it controls reuter
acq	macandrews forbes begins revlon rev offer macandrews and forbes group inc said it began an dlr a share cash offer for all common stock of revlon group inc it does not already own the offer which is being made by a wholly owned subsidiary revmac acquisition corp is subject to financing and at least mln shares being tendered the company said macandrews and forbes wholly owned by ronald perelman chairman of revlon group held about pct of the voting power of revlon as of march a spokesman said the stake includes about pct of revlon common and pct of its series a preferred stock he said more
earn	arco arc up on higher earnings estimate atlantic richfield co s stock rose sharply after analyst eugene nowak of dean witter reynolds inc raised his earnings estmates of the company traders said arco jumped to nowak said that based on an average oil price of dlrs a barrel in the company should earn about dlrs a share next year based on an average oil price of dlrs a barrel arco should earn about five dlrs a share the company earned dlrs a share in if oil prices should rise to an average of dlrs a barrel he said arco could record earnings of dlrs a share nowak said his increased estimates come after the company told analysts yesterday that its first quarter earnings will comfortably cover its quarterly dividend requirement of one dlr a share nowak said the company has done an outstanding job reducing expenses and arco is poised to generate greater earnings power he said first quarter earnings will likely exceed the company s expectations stated yesterday and be in the dlr a share range reuter
acq	deak international buys johnson matthey deak international a foreign currency and precious metals firm announced the acquisition of johnson matthey commodities of new york from minories finance limited a unit of the bank of england the purchase valued at mln dlrs follows the recent acquisition of london s johnson matthey commodities limited deak said the new york firm will be known as deak international trading ltd the company said arkadi kuhlmann president and chief executive officer of deak international said the purchase will expand deak s operations into the precious metals and wholesale non ferrous metals trading arenas reuter
acq	wall street stocks purolator courier pcc purolator courier corp stock jumped on a dlr per share takeover offer from emery air freight corp eaf traders said purolator was trading at above the offer price the emery offer tops a dlr per share buyout agreement e f hutton lbo inc reached with purolator february that offer was to have expired today neither hutton nor purolator had any immediate comment there s probably some speculation out there that there might be another offer said one analyst reuter
earn	barnes group b expects sales to grow modestly barnes group said it expects sales and net income for will be up slightly over without supplying specific figures barnes told shareholders at its annual meeting it expected net income to improve at a rate exceeding its growth in sales which was two pct higher than the company said it recorded income from continuing operations of mln dlrs or dlrs per share on sales of mln dlrs in it said it recorded income from continuing operations of mln dlrs or dlrs per share in the previous year reuter
earn	roadway motor plazas inc rd qtr jan shr two cts vs one cts net vs revs mln vs mln nine months shr cts vs cts net vs revs mln vs mln reuter
earn	dionics inc dion year net shr seven cts vs cts net vs revs vs reuter
earn	winn dixie stores inc win sets monthly payout mthly div cts vs cts prior pay april may june record april may june reuter
earn	waxman industries inc waxm regular payout qtly div class a two cts vs two cts prior qtly div class b one ct vs one ct prior pay april record april reuter
acq	deak buys johnson matthey commodities deak international a foreign currency and precious metals firm announced the acquisition of johnson matthey commodities of new york from minories finance limited a unit of the bank of england the purchase valued at mln dlrs follows the recent acquisition of london s johnson matthey commodities limited deak said the new york firm will be known as deak international trading ltd the company said arkadi kuhlmann president and chief executive officer of deak international said the purchase will expand deak s operations in the precious metals and wholesale non ferrous metals trading arenas reuter
interest	iif executive sees interest rates declining institute of international finance managing director horst schulmann said that his orgnaization has been forecasting further declines of interest rates in the first half this year and then a levelling off and there is no reason to change that speaking to reporters the bank research group said that the increase in interest rates announced yesterday and other activity in the foreign exchange markets did not indicate a fundamental change in the outlook schulmann speaking broadly about the global debt problem said that the international monetary fund should increase its assistance to third world countries the remarks come just before next week s meeting of the imf s interim committee and the joint development committee of the imf and world bank in a letter to the committee s the bank group said commercial banks cannot be the dominant supplier of balance of payments finance schulmann said that imf exposure peaked in and has declined a bit since then reuter
earn	walker telecommunications corp wtel th qtr shr loss cts vs loss nil net loss mln vs loss revs mln vs mln year shr loss cts vs profit four cts net loss mln vs profit revs mln vs mln note th qtr loss includes loss of mln dlrs from discontinuance of operations th qtr includes loss of dlrs from discontinued operations th qtr includes mln dlr provision for costs anticipated in connection with disposal of division and dlrs in adjustments related to write downs th qtr includes gain of dlrs for exchange of telephone inventory for barter credits reuter
earn	brokers securities inc bkrs th qtr loss shr loss cts vs profit cts net loss vs profit revs vs avg shrs vs year shr profit seven cts vs profit cts net profit vs profit revs vs avg shrs vs note year ago net includes extraordinary gains of for qtr and for the year reuter
earn	first world cheese inc fwch th qtr loss shr loss cts vs profit nil net loss vs profit revs vs avg shrs vs year shr loss cts vs profit seven cts net loss vs profit revs mln vs mln avg shrs vs reuter
cpi	yugoslav retail prices up pct in march yugoslav retail prices in march rose pct from february to stand pct higher than in march federal statistics office fso figures show in february retail prices rose pct from january to stand pct higher than in february the cost of living which includes rents and costs such as utilities and transport was up pct in march from february to stand pct higher than in march the fso said in february the cost of living increased pct from january and stood pct higher than in february reuter
acq	j c penney jcp to buy equity in beeba s j c penney co inc said it signed a letter of intent to acquire one mln shares or a pct equity interest of beeba s creations inc beba for dlrs a share penney said the agreement also calls for beeba s a major supplier of junior sportswear to work with penny in the establishment of junior specialty shops to be created in about penney stores in early freestanding stores are also being planned the company said beeba s will be the principal source of merchandise to the shops it said for the six months ended february beeba s reported net income of mln dlrs on sales of mln dlrs penney said it will establish an independent merchandising and marketing organization to manage and support the shops which will be staffed by personnel both from within and outside the company the company said the new agreement would have no impact on its current supplier base and it will continue to work with as braod base of suppliers of junior sportswear as it does in its other merchandise areas reuter
interest	austrian banks divided over interest rate cut calls for a cut in austrian interest rates have grown in recent days but bank chiefs are divided over the issue karl vak general director of the zentralsparkasse und kommerzialbank wien called today for a cut of up to half a percentage point in interest rates across the board but hannes androsch head of creditanstalt bankverein cabv vi told reuters he opposed a cut because it would hurt small savers vak told a news conference that last january s cut in lending rates for commercial customers and for all depositors by a quarter point had been insufficient the january cut followed the national bank s lowering of its discount and lombard rates by half a point in line with a similar bundesbank move prime lending rate is now pct and deposit rates vary between and pct yesterday hellmuth klauhs head of the genossenschaftliche zentralbank ag said rates could fall at least a quarter of a point or even half a point if german rates dropped further vak noted that inflation had fallen below one pct a widening gap between austrian rates and cheaper west german credit along with forecasts of slow austrian economic growth this year also justified a further interest drop he said karl pale head of girozentrale und bank der oesterreichischen sparkassen ag girv vi has also called for lower deposit rates but said lending rates should remain unchanged at the moment interest margins were too small particularly when compared with other west european countries but hans haumer head of the erste oesterreichische spar casse bank told reuters that no cut should be made unless west german rates came down first banking sources said no bank seemed ready to lower rates alone and supporters of a cut would have difficulty overcoming opposition from creditanstalt austria s biggest bank reuter
earn	a g edwards inc age th qtr feb net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln note prior year earnings reflect a three for two stock split distributed in may reuter
acq	peripheral systems psix agress to buy company peripheral systems inc said it agreed in principle to acquire the outstanding shares of nucell inc the agreement calls for an exchange of one share of peripheral for each share of nucell subject to approval by both companies boards it said peripheral said its increased involvement in the development of nucell s nuclear battery technology made the merger practical reuter
interest	manufacturers national mntl unit lifts rate manufacturers national corp s manufacturers bank wilmington said it increased the interest rate on its no fee variable rate mastercard to pct from pct the new interest rate applies to the second quarter the rate on the card is set quarterly reuter
acq	first chicago fnb unit buys banks first chicago corp s american national bank unit said it completed the acquisition of four suburban chicago banks with combined assets of about mln dlrs the banks are national bank of north evanston elgin national bank first national bank of schiller park and merchants and manufacturers state bank in melrose park american national now owns nine banks reuter
acq	centerre ctbc acquires benefit plan services centerre bancorp said it completed the acquisition of benefit plan services inc maryland heights mo which specializes in designing and administering small and moderately sized pension plans terms were not disclosed reuter
earn	conolog corp cnlg nd qtr jan net shr two cts vs two cts net vs revs vs six mths shr three cts vs three cts net vs revs vs reuter
interest	bankers trust bt raises prime lending rate bankers trust co said it has raised its prime lending rate to pct from effective immediately this move is the latest in a series of similar actions by leading u s money center banks including citibank na and chase manhattan bank na over the last hours ameritrust corp of ohio also raised its prime lending rate to pct from effective tomorrow reuter
interest	boatmen s national bank boat raises prime boatmen s bancshares said its boatmen s national bank raised the prime rate to pct from pct effective immediately reuter
acq	unicorp voting stake hiked in union enterprises union enterprises ltd said holders of mln or pct of its class a series one preferred shares requested to retract their shares under terms of the issue thus raising unicorp canada corp s voting stake in union to pct from union said it paid about mln dlrs on april for the retraction using existing credit lines reuter
earn	starrett housing corp sho th qtr net oper shr cts vs eight cts oper net vs revs mln vs mln year oper shr cts vs cts oper net vs revs mln vs mln note oper excludes extraordinary reserves related to arbitration of iranian claims of vs for qtr and year reuter
interest	first wisconsin nat l bank fwb hikes prime rate first wisconsin national bank said it has raised its prime rate to pct from pct effective today reuter
earn	gac liquidating trust gactz sets cash payout unit distribution one dlr vs dlrs prior pay june one record may one note prior distribution declared in april reuter
earn	wrather corp wco th qtr loss shr loss cts vs loss cts net loss vs revs mln vs mln year shr loss dlrs vs profit cts net loss vs profit revs mln vs mln note prior qtr figures include income from discontinued operations of dlrs gain on disposal of discontinued operations of dlrs or four cts per share and operating loss carryforward gain of dlrs or cts per share prior year figures include income from discontinued operations of dlrs or two cts per share gain on disposal of discontinued operation of mln dlrs or cts per share and operating loss carryforward gain of mln dlrs or cts per share reuter
sugar	ec sugar import levies the following import levies for white and raw sugar are effective tomorrow in european currency units ecu per kilos white sugar denatured and non denatured versus previously raw sugar denatured and non denatured versus previously the rate for raws is based on pct yield reuter
earn	murphy oil corp mur sets regular dividend qtly div cts vs cts prior pay june one record may reuter
interest	new venezuela debt interest rate goes into effect the new interest rate of pct over libor on venezuelan public sector debt payments goes into effect today finance minister manuel azpurua said azpurua told reporters yesterday the reduction from the previous margin of pct above libor will save the country some mln dollars in debt servicing the new rate is among changes agreed last month to the billion dlr public sector debt rescheduling under the new agreement venezula was also able to extend the term from to years and to lower debt payments in the period by pct azpurua said that according to the agreement the new interest rate will be retroactive to april provided the accord is approved before october he told reporters the term sheet detailing the changes in the rescheduling has already been endorsed by the member debt steering committee and is now being sent to the country s creditor banks for their approval the new agreement replaces a rescheduling accord signed in february which venezuela asked to revise to reflect a pct drop in oil revenues reuter
interest	suntrust banks sti raises prime to pct suntrust banks said that sun banks in florida and trust co banks in georgia have raised their prime rate to pct from pct the company said the action is effective immediately reuter
acq	horn hardart hor unit disposes restaurants horn and hardart co said it disposed of bojangles chicken n biscuits restaurants in florida as part of its previously announced retrenchment of its bojangles subsidiary terms were not disclosed the company said the restaurants in orlando tampa and jacksonville markets have incurred the majority of bojangles operating losses over the last two years due to the transaction horn and hardart is projecting a positive cash flow for the unit for the remainder of fiscal a spokesman said the disposition consists of a combination of sale lease and re franchise agreements the transaction involves one quarter of the company owned bojangles restaurants and is in accordance with its restructuring program announced in october a spokesman said the company is considering the sale or spinoff of the company owned additional restaurants which are profitable the company said the disposition will result in no profit or loss for the company because the costs were anticipated in a mln dlr reserve taken in the third quarter of the foodservice division which includes burger king arby s and tony roma s had a pre tax operating loss of mln dlrs in including the mln dlr charge to restructure bojangles excluding bojangles the group had revenues of mln dlrs the company said that pursuant to the restructuring it has cut general and administrative expenses attributable to bojangle by pct reuter
earn	multibank financial corp mltf in payout qtly div cts vs cts prior pay april record april reuter
interest	first bank systems fbs units hike rate first bank minneaplois and first bank saint paul both units of first bank systems inc said they raised their reference rates to pct from pct reuter
acq	chemical fabrics cmfb agreement terminated chemical fabrics corp said an agreement in principle under which oc birdair inc would have purchased assets related to the architectural structures business of dow corning corp s odc inc division has been terminated under that agreement chemical fabrics would also have become distributor of dow corning s vestar silicone coated fiberglass architecural fabrics oc birdair is a joint venture of chemical fabrics and owens corning fiberglas corp ocf and down corning a venture of dow chemical co dow and corning glass works glw chemical fabrics said once the current project backlog of dow corning s odc division is completed dow corning plans to discontinue its design engineering fabrication and installation services chemical fabrics said the companies will cooperate on the development of new products for architectural and industrial applications and may supply architectural materials to each other reuter
acq	sis sisb completes wendy s wen unit buy sis corp said it has completed the acquisition of its franchisor sisters international inc from wendy s international inc for mln dlrs in stock it said the purchase includes restaurants in ohio operates by sisters giving sis a total of restaurants and franchise relationships in six midwestern and southern states reuter
sugar	british sugar sowings off to slow start drilling of this year s british sugar beet crop got off to a slow start due to poor weather conditions with only around one pct sown so far a spokesman for british sugar plc said this compares with two pct at the same stage last year three pct in and to pct in there is little cause for concern with better weather forecast and the capacity available to drill the contracted area of around hectares in about days seed beds look good and farmers are advised to wait for soil temperatures to rise the spokesman said if the crop can be drilled by the third week in april we will be delighted he said last year a large proportion of the crop was not drilled until may but it still turned out to be the equal second largest on record reuter
acq	canadian tire major holders not extending pact ctc dealer holdings ltd said canadian tire corp ltd controlling shareholders alfred david and martha billes did not extend an agreement expiring yesterday to tender their shares only to ctc s previously reported offer for pct of canadian tire common shares ctc which already holds pct of canadian tire common said it would therefore not take up any shares tendered under its offer unless they totaled at least mln or another pct of canadian tire common the billes control pct of canadian tire common it added that it extended its offer to may at a fixed price of dlrs a share ctc a group of canadian tire dealers said it expected to know by may if it would obtain approval to appeal a previously reported ontario court ruling upholding a regulatory decision to block ctc s offer the dealers bid was previously blocked by the ontario securities commission because the offer excluded holders of canadian tire class a non voting shares which make up about pct of company equity reuter
acq	hutton lbo extends expiration for dlr shr offer for purolator to april from today
acq	conrac says it is mulling restructuring or buyout as alternatives
acq	conrac cax exploring restructuring buyout conrac corp whose board has rejected a dlr a share tender offer from mark iv industries inc iv said it is exploring alternatives such as a restructuring leveraged buyout or takeover of the company in a filing with the securities and exchange commission conrac said its board of directors authorized its financial and legal advisors to explore a several alternatives to the mark iv offer which it said it considers inadequate the alternatives being explored include a restructuring leveraged buyout or a takeover of the company by another company conrac said conrac which said its board discussed the alternatives at special meetings on march and said that its decision on whether to adopt any of the alternatives would hinge on the future actions of mark iv and its unsolicitied tender offer putting into effect any of the alternatives being explored could hurt or defeat the mark iv offer it said board members were also instructed to keep confidential the terms of any transaction that might be entered into until it becomes final the company said the board also took other defensive steps including granting severance agreements to some officers it said at a board meeting yesterday concac s directors deleted a provision allowing the holder of at least one third of of all classes of its voting stock to call a special shareholders meeting and deleted another provision allowing shareholders to remove directors without cause the company said the defensive moves were taken because mark iv had said it planned to elect a majority of its designees as directors at a special holders meeting if it succeeded in acquring a majority of the company s common stock in the offer conrac said conrac s president vice president and treasurer were given severance agreements or golden parachutes it said under the agreements conrac president paul graf would get a cash payment of twice his annual salary which was dlrs last year if there were a change of control in the company including acquisition of pct or more of the company s voting stock conrac said treasurer joseph smorada and vice president joseph o donnell who made dlrs last year would get one and a half times his salary if there were a change in control smorada s salary was not listed in the sec filing the executives would also get cash settlements of options plans and continuation of insurance and other benefits reuter
interest	more u s banks join in prime rate cut chemical bank the main bank subsidiary of chemical new york corp and marine midland banks inc said they were raising the prime lending rate to pct from pct effective immediately in st louis mercantile bancorp said its mercantile bank n a was also raising its prime rate to pct from pct effective immediately the changes follow similar cuts yesterday by citicorp and chase manhattan reuter
earn	convest energy partners ltd cep th qtr loss shr loss dlrs vs loss dlrs net loss mln vs loss mln revs vs year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note net includes oil and natural gas writedowns of mln dlrs in quarter and mln dlrs in year reuter
earn	dylex ltd year jan net shr cts vs one dlr net mln vs mln sales billion vs billion note excludes extraordinary gain of mln dlrs or two cts per share from public issue of affiliate s shares reuter
coffee	ico talks set to end with no quota debate the international coffee organization executive board meeting will end tomorrow without any move to reopen the debate on restoring coffee export quotas delegates said talks have focused on administrative matters and verification of stocks in producer countries they said producers met briefly today to exchange views on the market situation but there seems little chance discussion on quotas will begin much before the ico s annual council session in september they said delegates earlier thought the meeting would end tonight but a further session is scheduled tomorrow at gmt to complete reports on stock verification meantime the executive board will meet may to discuss possible action on the consultancy report on the ico presented today to the board consumer delegates said reuter
earn	international seaway trading corp ins year oper shr cts vs cts oper net vs revs mln vs mln note and oper net excludes gain of dlrs and dlrs respectively for extraordinary item reuter
earn	callon petroleum co clnp th qtr loss shr loss cts vs loss dlrs net loss vs loss mln revs vs avg shrs vs year shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln avg shrs vs reuter
earn	county savings bank csba sets stock dividend county savings bank said its board declared a five pct stock dividend payable april to shareholders of record today reuter
acq	e f hutton efh extends purolator pcc offer e f hutton group s e f hutton lbo inc unit said it extended the expiration date for its dlr per share tender offer for purolator courier corp to midnight est april six from midnight april one e f hutton lbo inc said its wholly owned pc acquisition inc subsidiary which is the entity making the offer extended both expiration date and the withdrawal rights period for its pending tender for mln shares or pct of purolator common hutton s offer was topped today by a dlr per share bid for pct of the stock from emery air frieght corp eaf both offers would pay shareholders a package of securities for the balance of their shares valued at the respective tender offer prices hutton said as of the end of the day yesterday about shares of purolator common stock repesenting pct of outstanding shares had been validly tendered and not withdrawn manhattan supreme court justice lewis grossman today adjourned until monday a hearing on a stockholder suit seeking to block the hutton lbo transaction the judge told attorneys he needed time to hear other cases plaintiffs cited their belief that a superior offer would be forthcoming however one company mentioned in an affadavit interlink express plc denied that it was interested yesterday frank hoenemeyer a retired vice chairman of prudential insurance co and currently a purolator board member said an initial offer from hutton was rejected by the board of directors february third hoenemeyer testified that by the next meeting of the board february hutton submitted a revised proposal which was accepted he also testified a committee of directors had hired goldman sachs and co to consider alternatives to the hutton offer and also to consider a discussion of possible mergers with other companies including emery and federal express corp fdx reuter
earn	bankamerica bac to post gain on unit sale bankamerica corp said it completed the sale of its consumer trust services division to well fargo and co wfc a transaction that will result in a second quarter pre tax gain of more than mln dlrs the sale will not affect the services the bank will continue providing to institutional customers through its employee benefit trust services division bankamerica also said in a separate announcement wells fargo said the acquisition will increase the amount of personal trust assets it administers to billion dlrs last december bankamerica and wells fargo announced a definitive agreement on the sale at a price of about mln dlrs subject to adjustment reuter
ship	london metal freights rotterdam karachi mt shredded scrap bin qasim shanghai mt pig iron fhex shex chungjin manila mt steel coils liner discharge bilbao one port vietnam mt steels fio end april singapore mizushima mt steel scrap fiot reuter
earn	ciro inc ciri year shr loss three cts vs profit cts net loss vs profit revs mln vs mln reuter
ship	london ore enquiries fixtures south africa salvador brazil long tons manganese ore end april callao crotone mt minerals spot geraldton tampico mt bulk mineral sands fio itea dunkirk mt bauxite seven days all purposes tampico north spain mt ore two days shinc shex one port german north sea usg mt bulk ore reuter
earn	helm resources inc h th qtr loss oper shr loss two cts vs loss cts oper net loss vs loss revs mln vs mln year oper shr profit two cts vs loss cts oper net profit vs loss revs mln vs mln note net excludes discontinued operations gain dlrs vs loss dlrs in quarter and gain dlrs vs loss dlrs in year net excludes extraordinary loss dlrs vs gain dlrs in quarter and gains dlrs vs dlrs in year net both periods includes writedowns of dlrs of oil related seismic data reuter
earn	sasco products inc year loss shr loss eight cts vs profit four cts net loss vs profit revs vs note net includes nonrecurring expenses of dlrs reuter
acq	ausimont compo aus sells unit ausimont compo nv said it has sold the assets of its equipment and machinery division for about six mln dlrs to an investment group including the unit s management resulting in a modest pretax gain that will be included in first quarter results the unit had sales of five mln dlrs in reuter
acq	atlantic research atrc completes acquisition atlantic research corp said it has completed the acquisition of professional services firm ori group for common shares on a pooling of interests basis reuter
acq	peabody holding completes acquisition peabody holding co inc said it has completed its acquisition of substantially all eastern gas and fuel associate s efu coal properties for pct of peabody holding s stock peabody said the purchase includes seven underground mines and seven coal preparation plants currently operated by eastern as well as coal properties being mined by several contractors in west virginia the acquisition also involves about mln tons of coal reserves mostly in west va and includes eastern s coal reserves and inactive powderhorn operations near palisade colo peabody said peabody added that it expects to announce within the next week how it will staff and operate the properties and offices it has acquired from eastern reuter
earn	penta systems international inc psli th qtr shr loss six cts vs loss cts net loss vs loss mln revs mln vs mln year shr profit cts vs loss dlr net profit vs loss mln revs mln vs mln reuter
money-fx	fed says it buys mln dlrs of bills for customer may through sept maturity
acq	chirac sees quick decision on cgct french prime minister jacques chirac told u s congressmen france would announce a decision in two to three weeks on which group is to control its second largest communications firm compagnie generale de construction telphoniques french sources said they said chirac promised that france s decision would be based on financial economic and technical criteria and not on political grounds u s and german companies are the leading contenders to take control of cgct the reagan administration has warned france and germany that it may retaliate if control of the company is awarded on political grounds jacques delors president of the european community s executive commission called last month for control to go to west germany s siemens ag in order to strengthen european industry the other leading contender is a consortium of american telephone and telegraph co t with philips nv of the netherlands chirac said france would make public its reasons for awarding control the sources said he was asked about the company s fate on two occasions in meetings with leaders of the senate and house of representatives reuter
ship	agency reports ships waiting at panama canal the panama canal commission a u s government agency said in its daily operations report that there was a backlog of ships waiting to enter the canal early today over the next two days it expects due scheduled to transit end day backlog average waiting time tomorrow super tankers regular vessels north end hrs hrs south end hrs hrs reuter
earn	control resource industries inc crix th qtr shr loss five cts vs profit eight cts net loss vs profit revs mln vs mln year shr profit cts vs profit cts net profit vs revs mln vs mln reuter
earn	american water works co inc awk sets payout qtly div cts vs cts prior pay may record may one reuter
earn	hunt manufacturing co hun sets payout qtrly div cts vs cts pay april record april reuter
acq	itel itel buys castle cooke cke unit assets itel corp said it has completed the previously announced acquisition of the container fleet and related assets of castle and cooke inc s flexi van leasing inc subsidiary for about mln dlrs in cash and marketable securities mln dlrs in notes three mln common shares and the assumption of liabilities the company said it has obtained mln dlrs in financing from a bank group for the deal and the common shares are subject to a year restriction on their sale and voting reuter
earn	pittsburgh and west virginia railroad pw net th qtr shr cts vs cts net vs revs vs year shr cts vs cts net vs revs vs reuter
acq	dynalectron dyn buys aviation facility dynalectron corp said it purchased certain assets of standard aero inc including leasehold rights to its aircraft modification and maintenance facility in phoenix ariz terms were not released the facility consists of square feet of hangar and shop space dynalectron will operate the plan as dynair tech inc and is offering continued employment to about former standard aero employees reuter
acq	talking point purolator courier pcc emery air freight corp topped a leveraged buyout offer for purolator courier corp by about mln dlrs but wall street is reacting as though another offer may surface purolator s stock climbed today to over emery s dlr per share offer emery topped a dlr per share or mln dlr offer from e f hutton lbo inc some analysts said the latest mln dlr offer for purolator exceeded their expectations several analysts previously had said they saw takeover values for the package delivery company in the dlr per share range at least one however estimated the company could be taken over in a range of to dlrs per share analysts today would not venture to say whether another offer could be made but some arbitragers still held to the belief that the bidding could go higher they have no choice to seek out the best possible offer emery has shown the courage to go forth said one arbitrager who speculated other courier companies may also emerge as bidders it makes sense said james parker of robinson humphrey but it won t make out as well as they think they won t get a pct of the synergies analysts said the acquisition could cost emery earnings in the short term but long term after eliminating redundancies and selling other purolator assets it should boost emery s profitability parker said a combined purolator and emery would rival united parcel service as the second largest u s package delivery company after federal express corp fdx which has pct of the market parker speculated that the combined emery purolator would have about pct of the six to seven billion dlr delivery business this will make emery a bigger factor in the light weight delivery business but it will not make them a power house said douglas arthur of kidder peabody and co purolator today declined comment on the emery offer and its chairman nicholas brady did not return a phone call e f hutton lbo also declined comment on the emery offer but said it extended the expiration and withdrawal period on its offer to april six at midnight from today at midnight est one analyst speculated the extension makes it more likely hutton will attempt another offer however he was skeptical a company outside the package delivery industry would want to outbid dlrs per share because it would not have the same synergies as a courier company since purolator agreed in late february to a buyout by some of its management and the e f hutton group efh subsidiary speculation has arisen that more bidding was to come the buyout was surrounded by controversy since a purolator board member doresy gardner resigned in march gardner said he believed a better offer could be made by another entity a spokesman for gardner today said the former director had no contact with emery nor did he have any other buyers lined up for purolator purolator s deal with hutton was also called into question by a shareholder suit filed earlier this week which attempted to stop the tender offer to allow another bidder to come forth hearings in a new york state court were delayed until monday arbitragers had said they believed the hutton offer could be bettered because the wall street firm was not planning to keep its cash tied up in purolator hutton is providing a mln dlr bridge loan that would later be replaced with other debt hutton would maintain a majority interest in purolator hutton sources have said the firm was in fact facing risk n its investment since it did not know when it could reclaim its mln dlr loan emery last year lost mln dlrs on revenues of mln dlrs purolator lost mln dlrs on mln dlrs in revenues reuter
interest	canadian imperial bank lowering visa rates canadian imperial bank of commerce said it was lowering the interest rate on its visa credit card to pct from pct effective with the may billing statement the bank said it was also halving its yearly visa card user fee to six dlrs but would retain its ct fee for each transaction a bank spokesman said the previously reported call by the canadian parliament s finance committee on march for a substantial cut in credit card rates was a factor in the move but he would not elaborate canada s minister of state for finance thomas hockin had threatened legislation to reduce the rates which apply to unpaid balances if the financial institutions did not voluntarily act the canadian imperial bank spokesman said the bank card market is a very competitive one and we have to move to stay competitive canadian imperial s new rates match those of toronto dominion bank which lowered its rates before the finance committee report canadian imperial bank added that cardholders will be allowed to choose between the ct transaction fee or the six dlr yearly card fee it will also eliminate the ct minimum monthly transaction fee it said minister of state for finance tom hockin said in the house of commons today he was delighted with the bank s cut in its credit card rate i would hope retail stores and other financial institutions will look to their rates as well hockin said during the daily question period reuter
earn	nissan motor nsany sees second half profit nissan motor co ltd of japan said it expects that it was profitable in the second half ended yesterday after a first half operating loss of billion yen nissan chief financial officer atsushi muramatsu in a speech before an automotive seminar said he attributed the improvement to cost reductions and rationalizations of operations he said if exchange rates stabilize nissan will have a strong profit recovery in fiscal and profits for fiscal better than those before the yen started advancing muramatsu said nissan is studying the possibility of setting up its own finance company to improve access to u s and european capital markets reuter
earn	geoffrion leclerc forecasts results geoffrion leclerc inc in reporting sharply higher earnings for the six months ended february said it expects third quarter results to continue at a strong pace and approximate the preceding quarters the brokerage firm earlier reported six month profit rose to mln dlrs from mln dlrs last year it did not detail second quarter profit reuter
acq	wall street stocks polaroid prd rumors that new york investor asher edelman has acquired a stake in polaroid corp and optimism about tomorrow s status hearing on the patent infringement suit pending with eastman kodak co ek sent polaroid s stock higher traders said polaroid rose to speculation that edelman was going to take a stake in polaroid was kicking around a few months ago and resurfaced today one trader said edelman had no comment on the rumors a spokesman for polaroid said the company had not been contacted by edelman and no filing had been made with the securities and exchange commission about a stake in the company there is some hope among investors that there will some progress in the status hearing tomorrow on the patent infringement suit with kodak analyst michael ellmann of wertheim and co said traders said it is conceivable that a trial date could be set or some progress made on an out of court settlement the suit filed by polaroid in april charges that kodak infringed upon polaroid s instant camera patent in october the court barred kodak from selling cameras or film that infringe upon the patent the polaroid spokesman said ellmann said he feels it is highly unlikely that any progress will be made in tomorrow s hearing ellmann said the stock may have also gotten a boost today from some optimism concerning new products the company is currently working on polaroid s announcement that a particularly senior company executive had been chosen to work on a major unidentified new product spurred some speculation about their products he said i am speculating that the new product could be an electronic still camera referring to a camera that records its images on magnetic disks as opposed to conventional film ellmann said the stock may have also gotten a boost today from some optimism concerning new products the company is currently working on polaroid s announcement that a particularly senior company executive had been chosen to work on a major unidentified new product spurred some speculation about their products he said i am speculating that the new product could be an electronic still camera referring to a camera that records its images on magnetic disks as opposed to conventional film reuter
earn	kaufman and broad inc kb st qtr feb net shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
acq	itel itel completes flexi van acquisition itel corp said it completed the previously announced purchase of the container fleet and certain related assets of flexi van leasing inc for about mln dlrs cash and marketable securities mln dlrs in notes three mln shares of newly issued itel common and assumption of certain liabilities the company said it obtained financing from a syndicate of major banks for mln dlrs reuter
earn	kaufman and broad inc kb st qtr feb net shr cts vs cts net vs revs mln vs mln note housing backlog mln dlrs up over pct from a year earlier reuter
coffee	ny analysts see coffee futures falling further new york coffee futures prices will probably fall to about cents a lb in the next month before a consolidation trend sets in according to market analysts yesterday prices for the spot may contract fell below dlr a lb for the first time since august after the international coffee organization did not place new export quota discussions on its current agenda talks aimed at renegotiating ico export quotas after five years of price supporting agreements broke down in february short term it looks like a definite test of cents perhaps cents said william o neill coffee analyst with elders futures but the additional downside may not be all that great from current levels at this price level the market is very vulnerable to bullish developments o neill added rather than us having a market that will plummet we ll kind of see prices erode probably to around cents i definitely see cents and would not rule out a brief drop to cents said debra tropp a coffee analyst with prudential bache but she said by june worries about a freeze in brazil growing areas will become more of a market factor with prices likely to consolidate ahead of that time a trader at a major international trade house who asked not to be named said he expects a cent drop near term but believes if brazil opens may registrations at a relatively high export price and requires a high contribution quota from exporters the market could steady at the lower levels longer term he added producer pressure will mount on brazil to agree to consumers export quota terms and a new international agreement could come into force next fall since the february talks broke down the market has fallen from about cents a lb to a low of cents a lb today as buyers and sellers sought to reassess supply and demand generally analysts say producers have a large buildup of stocks but u s roasters have drawn down supplies and will need to do some buying soon most producing nations have just completed or are about to complete their annual harvests and exportable supplies are at their seasonal peak exports remain behind year ago and warehouses in producer nations are becoming increasingly overburdened said sandra kaul coffee analyst for shearson lehman in that firm s forthcoming quarterly coffee report kaul said producers need to procure hard currency to service foreign debt will put further pressure on them to sell and this should keep substantial pressure on exporters to undertake sales despite the drop in prices to six year lows kaul believes the market will drop to cents a lb before brazil s frost season begins in june accurate assessments of roaster demand are hard to come by though analysts note the peak winter consumption period is passed and demand usually slows this time of year shearson s kaul estimated u s roaster ending stocks as of january including soluble and roasted at mln bags compared with mln at end september a small drawdown for the usually busy winter roasting season but elders o neill said the roasters are not overstocked by any means analysts said picking a bottom to the market is difficult given the fact prices have fallen into uncharted territory below the long term support at dlr per lb and several traders said the sidelines might be preferable for the short term reuter
gas	energy u s refining u s refiners said they are worried that growing supplies of imports proposed federal environmental regulations and the marketing of a third grade of unleaded gasoline would cost them dearly and at a time when the industry is recovering from a recent slump we have to look at national security and cut the amount of products and crude coming into the country if it hurts the industry said archie dunham vice president of petroleum products at conoco subsidiary of dupont corp dd u s oil imports account for about pct of u s consumption but are expected to rise to pct by the mid s according to the department of energy can we afford to import or pct of our oil requirements or so years from now asked john swearingen chairman of the board of continental illinois corp cil and former chief executive of amoco corp an if your answer to that question raises doubt then it behooves us to do all that we can now to cope with this situation and improve our position but swearingen said he opposed the idea of an import fee a view echoed by others attending this week s national petroleum refiners association meeting in san antonio texas talk of an import surcharge or controls is not encouraging because those things won t solve our problems and could well compound them said swearingen once the government affects values once an import quota or license has value it s going to be subverted by government he added william martin deputy energy secretary said the costs of an import fee outweigh its benefits and suggested as energy secretary john herrington has depletion tax credits to encourage domestic production and limit oil imports he also said altnerative energy sources should be encouraged restoration of the depletion allowance for a pct deduction from the taxable income of oil companies is controversal but might work said dunham dunham and other officials opposed the idea of a fee on oil imports but said if one is enacted it must tax crude and product imports why would companies import crude when they could import products for a smaller cost if there were only a fee on crude asked henry rosenberg chairman of crown central petroleum cnp an import fee would raise the costs of u s petrochemical products and make them noncompetive on the world market dunham said the energy security issue should be considered when environmental issues are considered martin said the level of investment for the proposed lowering of sulfur level of diesel to pct by weight for example is unacceptable dunham said most companies cannot afford it george unzelman president of hyox inc said these proposals will place pressure on small refining operations and promote further industry consolidation an npra survey of of refineries which was released at the conference said reducing sulphur content to pct weight and aromatics to volume pct aromatics in highway diesel fuel would cost refiners billion dlrs the national average diesel fuel sulfur content in for the survey respondents was weight pct while the average aromatics content was pct another possible cost to refiners is the upgrading of facilities to produce a third grade of unleaded gasoline which is beginning to be marketed by some companies what will be the standard octane level in various grades of unleaded gasoline asked dunham a midlevel grade of unleaded gasoline with an octane level of means an investment has to be made dunham said this grade is not warranted said crown s rosenberg despite these concerns refiners are expecting margins to move higher in the next few months we are beginning to see a return in wholesale margins said roger hemminghaus chairman of the refining and marketing company that is to spin off from diamond shamrock corp dia margins are higher because the opec pact is holding u s stocks of gasoline and heating oil are declining and gasoline demand is rising as the driving season approaches he said this summer could be a good season for selling gasoline hemminghaus said adding that the new company will be primarily a gasoline producer reuter
earn	csx corp csx st qtr net shr cts vs cts net mln vs mln revs billion vs billion note figures reflect the merger of sea land corp completed feb reuter
acq	wall street stocks loral corp lor loral corp climbed to amid rumors the company might be a takeover target of general electric co ge however analysts said they were skeptical jack welch doesn t want any more exposure to defense markets said one analyst who heard the rumors but doubted their accuracy the reference was to ge s chairman the analyst who requested anonymity said i wouldn t believe this one unless there s a deal on the table loral corp officials were not immediately available for comment reuter
copper	magma lowers copper price ct to cts magma copper co a subsidiary of newmont mining corp said it is lowering its copper cathode price by cent to cents a lb effective immediately reuter
earn	snet sng sees good earnings southern new england telecommunications corp snet said it expects to have good earnings in against dlrs per share or mln dlrs in the company also said it expects capital spending to rise to about mln dlrs in up from mln dlrs a year ago however senior vice president of finance daniel miglio told a meeting of analysts that there was some uncertainty in its earnings outlook because snet is currently involved in negotiations with state regulators on its rate of return on equity which currently stands at pct the company also said it expects its snet systems business which is composed of some of its non regulated businesses to be profitable by the end of the year reuter
acq	stryker stry acquires hexcel hxl unit stryker corp said it acquired hexcel medical corp a wholly owned subsidiary of hexcel corp the terms of the transaction were not disclosed the sale completes hexcel s plan to sell all its medical products businesses hexcel said reuter
acq	old stone ostn completes acquisition old stone corp said it completed the previously announced acquisition of first federal savings bank of north carolina a shelby n c savings bank for common stock the final purchase price expected to be between seven mln and mln dlrs will be based on an exchange of common stock valued at times the book value of first federal as of the march closing date the company said at february first federal had mln dlrs in assets and mln dlrs in deposits old stone is a rhode island based financial services company with assets of billion dlrs reuter
acq	moore medical corp mmd to make acquisition moore medical corp said it plans to acquire privately held penta products a wholesale distributor of generic durgs for undisclosed terms reuter
copper	inspiration lowers copper price to cts lb inspiration consolidated copper co a subsidiary of inspiration resources corp said it is lowering its base price for full plate copper cathodes one half cent to cents a lb effective immediately reuter
veg-oil	argentine vegetable oil shipments in argentine vegetable oils shipments during january december totalled tonnes against tonnes in the same period of the argentine grain board said breakdown was as follows cotton sunflower linseed groundnutseed soybean tung olive maize rape nil nil grape nil nil the board added shipments during december amounted to tonnes against tonnes in the same month of the breakdown was as follows in tonnes cotton nil sunflower linseed groundnutseed nil soybean tung olive maize nil rape nil nil grape nil nil the board said the ten principal destinations during january december with comparative figures for the same period of in brackets were as follows in tonnes iran holland soviet union egypt algeria south africa brazil cuba united states india the board said reuter
acq	upland minerals acquires brazil mining firm upland minerals and chemicals corp said it agreed to acquire consolidated brazilian mines international inc a public company with one mln acres of diamond and gold properties in brazil terms were not disclosed consolidated owns mining concessions in three regions of eastern and northern brazil gammara santo antonio and diamazon the company said upland also said the previously announced acquisition of aslaminas aslambeck mining corp a minas gerais brazil mining concern will produce revenues of mln dlrs a year for the next years new york based upland is traded over the counter reuter
acq	inspeech insp buys norma bork bork medical inspeech inc said it acquired norma bork associates inc and bork medical services inc for undisclosed terms these firms with combined revenues of about one mln dlrs are providers of speech pathology physical therapy and occupational therapy services reuter
earn	noland co nold sets quarterly qtly div cts vs cts prior pay april record april reuter
interest	bank of new york bk raises prime to pct bank of new york said it raised its prime lending rate a quarter point to pct it said the move is effective immediately reuter
earn	hartmarx corp hmx st qtr feb net shr cts vs cts net vs sales mln vs mln avg shrs vs note per share results restated for may three for two stock split reuter
interest	manufacturers national mntl raises prime manufacturers national bank of detroit said it increased its prime rate to pct from pct effective immediately reuter
acq	upland minerals acquires brazil mining firm upland minerals and chemicals corp said it agreed to acquire consolidated brazilian mines international inc a public company with one mln acres of diamond and gold properties in brazil terms were not disclosed consolidated owns mining concessions in three regions of eastern and northern brazil gammara santo antonio and diamazon the company said upland also said the previously announced acquisition of aslaminas aslambeck mining corp a minas gerais brazil mining concern will produce revenues of mln dlrs a year for the next years reuter
earn	toll tol in stock split public offering toll brothers inc said it declared a two for one split of its common stock and said it filed a registration statement with the securities and exchange commission for a proposed public offering of shares of common as adjusted for the split the record date for the split is april and certificates representing the additional shares will be mailed april the company said its stock price will be adjusted to reflect the split on april reuter
earn	national royalty corp nroc th qtr loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs mln vs mln year shr loss cts vs loss cts net loss vs loss revs vs avg shrs mln vs mln reuter
earn	hi port industries inc hipt th qtr net oper shr cts vs eight cts oper net vs revs vs mths oper shr cts vs cts oper net vs revs mln vs mln note yr figures excludes extraordinary item of dlrs or cts per share for termination of its non contributory pension plan yr figures excludes dlrs or cts per share representing insurance proceeds from a fire that occurrred in reuter
earn	systems for health care inc year loss shr loss cts vs nil net loss vs profit revs vs note per share results give retroactive effect to one for reverse stock split in march loss includes recurring expenses of dlrs related to acquisitions and initial advertising campaigns reuter
interest	mellon mel republic rpt lift prime rates mellon bank na of pittsburgh and republic bank of dallas have both raised their prime lending rates to pct from effective immediately reuter
ship	gulf barge freight higher in nearbys on call gulf barge freight rates continued to show a firmer tone in the nearbys on the assumption that changes in the gulf posted prices will encourage increases in both pik and roll activity and barges shipments with a total of barges traded this morning on the st louis merchants exchange call session versus nine yesterday dealers said quotes included this week mississippi river granite city mla if p o traded at pct of tariff five percentage points above yesterday s bid next week mississippi alton granite city mla if p o bid five points higher at pct offered at five barges each week april midmississippi river dubuque south traded at yesterday s bid of pct april illinois river ex chicago pct bid offered points higher at may same section pct bid offered five lower at may midmississippi river dubuque south bid points higher at pct offered at june july lower mississippi river memphis cairo offered at pct no bids june aug upper mississippi river lacrosse savage offered at pct no bids oct nov midmississippi dubuque south l h nov clinton south pct bid offered no comparison december illinois river ex chicago pct bid offered down points on offer reuter
acq	crime control assets to be sold to hawley crime control inc said it reached a definitive agreement under which a subsidiary of hawley group ltd will buy assets and assume certain liabilities of crime control for mln dlrs of this amount it said about mln dlrs would be available for distribution to the company s banks debenture holders and shareholders the balance would be used to pay various state taxes and other expenses relating to the transaction and to establish reserves to provide for certain unassumed obligations of the company crime control said it would use proceeds to pay its bank lenders approximately mln dlrs representing about pct of the principal amount of all its indebtedness to bank lenders it also said it would propose to acquire all of its mln dlrs worth of outstanding pct convertible subordinated debentures for an aggregate of approximately mln dlrs and propose liquidation of the company with shareholders receiving an estimated cts a share as reported earlier crime control is in default on approximately mln dlrs of bank debt and in default under the indenture governing its convertible subordinated debentures on january crime control which installs services and monitors electronic surveillance systems said it retained rothschild inc to arrange for the sale of the company reuter
interest	royal bank canada ups u s base rate pct to pct
earn	le peep restaurants inc lpep th qtr loss shr loss cts vs loss cts net loss vs loss revs vs avg shrs vs year shr loss dlr vs loss dlrs net loss vs loss revs vs avg shrs vs reuter
earn	towle manufacturing co qtow th qtr oper loss oper shr loss dlrs vs loss dlrs oper net loss mln vs loss mln revs mln vs mln year oper shr loss dlrs vs loss dlrs oper net loss mln vs loss mln revs mln vs mln avg shrs vs note current year excludes gain of mln dlrs from disposal of discontinued operations shr figures after preferred dividend requirements reuter
interest	royal bank canada ups u s base rate royal bank of canada said it is raising its u s base lending rate by pct to pct effective tomorrow the move is the first change in the bank s u s dollar base lending rate since last august when it lowered the rate point it follows the announcement yesterday of a point rise to pct of two of the largest u s banks prime rates reuter
interest	harris bank increases its prime rate the harris trust and savings bank said it has increased its prime rate to from effective immediately reuter
earn	strawbridge and clothier strw th qtr net shr dlrs vs dlrs net mln vs mln revs mln vs mln year shr dlrs vs dlrs net mln vs mln revs mln vs mln note current year includes loss equal to cts shr from takeover defense and loss of cts from loss of investment tax credits reuter
crude	mobil raises west coast crude prices between one dlr and dlrs bbl today
ship	tugs to attempt refloating korean bulk carrier seven tugs will attempt to refloat the south korean motor bulk carrier hyundai new world tonight lloyds shipping intelligence service said in its latest update the vessel grounded close to itaqui port in brazil last night after undocking from ponta da madeira terminal lloyds said the dwt vessel is carrying about tons of ore five holds are partially flooded and there is some leakage of bunkers from double bottom tanks at low water tide the vessel has a list of five degrees to port and the list increases as the tide rises reuter
earn	robert bruce industries inc bruca year loss shr loss dlrs vs profit cts net loss vs profit revs mln vs mln reuter
interest	tcf banking and savings hikes prime rate tcf banking and savings fa said it is raising its prime rate to pct from pct effective today reuter
acq	campeau and edward debartolo complete purchase campeau corp and the edward j debartolo corp have closed on their previously announced purchase of five of the regional shopping centers of allied stores corp campeau said it and the debartolo association will each hold a pct ownership interest in the shopping centers campeau separately announced that as required by a bank agreement it has contributed an additional mln dlrs of capital to allied campeau acquired allied stores corp earlier this year the company said reuter
interest	ccc interest rate for april is six pct usda the commodity credit corporation ccc interest rate on loans disbursed in april will carry a six pct ionterest rate the u s agriculture department said the april rate is up from march s pct and reflects the interest rate charged ccc by the u s treasury the department said reuter
acq	standard oil srd committee tried to delay bid a committee of independent directors of the standard oil co unsuccessfully sought a delay in a tender offer for standard shares by british petroleum co plc according to offering documents bp s offering document for its dlr per share offer describes discussions with douglas danforth who chairs a special committee of independent directors responsible for monitoring relations with bp bp has been owner of a pct stake in standard for several years according to the document the committee s counsel said it needed one to two months to evaluate the offering price danforth who is chairman of the westinghouse electric co wx first learned of bp s interest in acquiring the rest of standard in a telephone call march five from sir peter walters chairman of bp at a meeting march nine danforth informed bp that the special committee had hired first boston corp fbc as its financial adviser and also retained independent counsel danforth s concerns that the special committee did not have sufficient time were expressed to walters in a telephone conversation and reiterated in a letter from counsel on monday of this week reuter
earn	bankamerica says st qtr net to be cut by mln dlrs due to brazilian loans
earn	bankamerica says it expects to report a profit for first quarter
crude	mobil mob raises west coast crude postings mobil corp said it raised its west coast crude postings effective today the buena vista light grade at degrees api gravity was raised dlrs a barrel to dlrs bbl while the huntington beach light grade at degrees was raised about dlrs bbl to dlrs bbl the heavier wilmington grade at degrees was increased dlrs to dlrs bbl kern river crude at degrees was increased dlr to dlrs bbl mobil also said that effective today it changed its gravity adjustment scale as follows from degrees to degrees api mobil will adjust its price of a ct per one tenth of an api degree below degrees api the company will adjust its price ct per one tenth of a degree crude grades from degrees api to above degrees are unaffected reuter
earn	strawbridge strw declares stock dividend strawbridge and clothier said its board declared a seven pct stock dividend payable may to holders of record april earlier the company reported net income of mln dlrs reuter
earn	laidlaw declares three for two split boosts payout to cts shr from four cts
earn	transducer systems inc year shr profit cts vs loss cts net profit vs loss revs mln vs mln year shr profit seven cts vs loss cts net profit vs loss revs mln vs mln note reflects tax benefit of reflects tax benefit of for quarter and for year reuter
earn	laidlaw transportation ltd ldmfa nd qtr net period ended february shr cts vs cts net mln vs mln revs mln vs mln six mths shr cts vs cts net mln vs mln revs mln vs mln avg shrs vs reuter
acq	century business credit cty gets offer century business credit corp said it received an offer from stanley tananbaum chairman and chief executive officer to take the company private in a transaction giveing shareholders dlrs per share in cash there were shares outstanding as of december the independent directors said they will engage an expert to evaluate the fairness of the offer reuter
earn	laidlaw ldmfa splits stock hikes payout three for two stock split pay and record date subject to shareholder confirmation may four qtly dividend cts vs four cts pay may record may one note dividends declared on pre split shares laidlaw transportation ltd reuter
interest	security pacific provident national lift prime security pacific national bank and provident national bank said they increased their prime lending rates a quarter point to pct they said the move is effective immediately reuter
earn	j p morgan says brazil action will reduce first quarter net by about mln dlrs
earn	houston industries inc hii increases div qtly div cts vs cts prior payable june record may reuter
acq	emery eaf plans purolator pcc asset sales emery air frieght corp which has launched a dlr a share tender offer for pct of purolator courier corp said it would sell some purolator assets to help pay the estimated mln dlr cost of the stock purchase deal in a filing with the securities and exchange commission emery said it would sell or lease purolator s air hub in indianapolis ind which is currently under construction and would divest purolator s stant inc subsidiary no indications of interest for the assets have been received so far emery said emery said it would operate purolator as a subsidiary if it succeeded in the takever but would integrate its air hub it said it plans to finance its stock purchases with borrowings from chemical bank morgan guaranty trust co of new york bankers trust co and salomon brothers holding co inc the parent of salmon brothers inc emery s financial advisor emery said it already has a commitment letter from its banks for up to mln dlrs for the stock purchases an unspecified amount of internally generated funds would also be used for the stock purchases it added reuter
earn	century business credit corp cty th qtr shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net mln vs revs mln vs mln note revs includes dlr finder s fee net includes gain from sale of securities dividends dlrs from lease recalculations revs includes finder s fee and gain from sale of asset reuter
acq	ic industries icx unit to sell off more track illinois central gulf railroad a subsidiary of ic industries inc said it will complete the sale to the chicago missouri and western railway of its mile line from joliet ill to st louis by april the chicago missouri is a wholly owned subsidiary of the venango river corp a transportation holding company it said the purchase price of the line is mln dlrs the chicago missouri will employ workers and start operation immediately upon closing of the transaction reuter
nat-gas	british petroleum raises north sea butane prices by dlrs a tonne today
nat-gas	bp bp raises north sea butane prices british petroleum co plc said it raised its posted butane prices by dlrs per tonne to dlrs fob north sea effective today posted propane prices were unchanged at dlrs per tonne the company said reuter
fuel	atlantic to raise high sulphur fuel prices atlantic fuels marketing corp said today it will raise the posted cargo prices for high sulphur fuels in new york harbor to cts per barrel effective april two the increase brings the prices for two pct sulphur to dlrs up cts pct sulphur to dlrs up cts pct sulphur to dlrs up cts pct sulphur to dlrs up cts the company said posted prices for pct and one pct low sulphur fuels were unchanged at and dlrs it said reuter
interest	first national bank of boston bkb raises prime the first national bank of boston the main banking unit of bank of boston said it is raising its prime lending rate to pct from pct effective immediately reuter
earn	gencorp takes no action on stock dividend gencorp inc said its board took no action with respect to a two pct stock dividend at its annual meeting yesterday due to the press of other business specifically the company s pending takeover offer by general acquisition corp formed by afg industries inc and wagner and brown a spokesman said the two pct stock dividend normally issued everly year was not issued in february because the company was examining other dividend alternatives management said it would give consideration to this matter at a later time yesterday the company s chairman a william reynolds told shareholders he would be presenting an alternative to the dlrs a share takeover offer within a week reuter
earn	morgan jpm places brazil loans on nonaccrual j p morgan and co inc parent of morgan guaranty trust co of new york said that it will place billion dlrs of medium and long term loans to brazil on a non accrual basis matching similar action by bankamerica corp bac earlier today the move which follows brazil s suspension of interest payments on billion dlrs of commercial bank debt on february is expected to reduce first quarter net income by about mln dlrs of which four mln dlrs represents interest accrued prior to but still uncollected the bank said morgan earned mln dlrs in the first quarter of morgan also said that based on current interest rates and assuming cash interest payments are not received for the rest of the year net income would be reduced by about mln dlrs net income was mln dlrs although u s banks do not have to put loans on nonaccrual until they are over days past due morgan said some of the loans affected by the brazil payment freeze may reach the day limit during the second and third quarters morgan said it assumes talks between brazil and commercial bank lenders will proceed expeditiously and interest payments will resume at the earliest practicable date reuter
acq	gould gld completes sale of division gould inc said it has completed the sale of its systems and simulations division to the unit s management for an undisclosed price gould said the move is part of its plan to divest its defense systems businesses and focus on its computer and electronics sectors gould added that it accounted for the division as a discontinued operation reuter
acq	french firm has five pct of calif water cwtr compagnie generale des eaux eaug pa a french water waste treatment and disposal heating ventilation and air conditioning concern said it has a pct stake in california water service co in a filing with the securities and exchange commission compagnie generale said it bought its california water shares for a total of mln dlrs for investment purposes while it said it might acquire more shares in the company it said it has no plans to seek control of it reuter
livestock	usda report on cattle slaughter meat purchases the u s agriculture department said an estimated head of dairy cattle were slaughtered during the week ending march as a result of the whole herd dairy buyout program the cumulative total of cattle slaughtered under the program from april through march is estimated at head it said cumulative meat purchases through march total lbs the department said dairy cattle reported for export under the program for the period april through march totaled an estimated head the department said live cattle exports are in addition to the meat purchase requirements the department said reuter
interest	major u s banks move to higher pct prime most major u s banks today matched tuesday s quarter point prime rate cuts by citibank and chase manhattan bank the first prime rate boosts since mid most cited narrower spreads between the prime and funding costs as justification analysts said the prime rate rises may have been triggered partly by a desire by banks to enhance profit margins given problems with developing country loans commenting on the prime rate increases u s treasury secretary james baker told a house appropriations committee that i hope it was a temporary blip upward among the major banks which today announced prime rate increases to pct were bankers trust chemical bank continental illinois national bank harris trust and savings bank irving trust manufacturers hanover trust co marine midland and security pacific national bank other banking companies announcing prime rate rises included pittsburgh national bank texas commerce bank houston provident national bank first national bank of boston florida federal savings and loan association and suntrust banks reuter
earn	jem record inc jemr nd qtr jan shr three cts vs seven cts net mln vs revs mln vs mln six months shr five cts vs cts net vs revs mln vs mln reuter
interest	union bank raises its prime rate to pct the union bank subsidiary of standard chartered plc said today it was raising its prime lending rate to pct from pct effective immediately reuter
grain	usda grain inspection advisory committee meeting the federal grain inspection service advisory committee will meet here monday april the u s agriculture department said items on the agenda for the meeting which is scheduled to begin at edt are grain quality issues status of proposed regulations financial matters and safety matters the department said the federal grain inspection service advisory committee is composed of members representing the grain industry who provide advice to the administrator of the federal grain inspection service reuter
acq	deak buys johnson matthey commodities deak international a foreign currency and precious metals firm announced the acquisition of johnson matthey commodities of new york from minories finance limited a unit of the bank of england the purchase valued at mln dlrs follows the recent acquisition of london s johnson matthey commodities limited deak said the new york firm will be known as deak international trading ltd the company said arkadi kuhlmann president and chief executive officer of deak international said the purchase will expand deak s operations in precious metals and wholesale non ferrous metals trading reuter
coffee	coffee futures at six year low under dlr lb coffee futures dipped further today and closed below dlr a pound for the first time in six years coffee for delivery in may ended at cents a pound on the coffee sugar and cocoa exchange down cent and the lowest price since august prices have been falling steadily since the international coffee organization failed in february to reach an agreement controlling exports by its members and pressure was renewed this week as the executive board of the organization met in london without reopening debate on its export quotas the executive board has limited its current discussions to administrative matters and is set to adourn thursday burdensome supplies have pressed the market down from dlr a pound in february when the organization s discussions aimed at re establishing export quotas broke down sandra kaul a coffee analyst in new york with shearson lehman brothers said supplies currently are at their high point for the year because most producing nations have just completed their harvests in addition she said many of those nations are faced with serious debt and need to sell coffee to raise capital this should keep substantial pressure on exporters to undertake sales despite the drop in prices she said further u s demand could be sluggish because winter the period of greatest consumption is ending prices could fall another cents to cnts a pound analysts said gold futures retreated from modest early gains and closed steady while silver prices rallied on the commodity exchange in new york the increase in u s banks prime rates prompted concern about renewed inflation but the strength of the u s dollar discouraged new buying the market is getting mixed signals and it doesn t know which way to go one analyst said gold futures retreated from modest early gains and closed steady while silver prices rallied on the commodity exchange in new york the increase in u s banks prime rates prompted concern about renewed inflation but the strength of the u s dollar discouraged new buying the market is getting mixed signals and it doesn t know which way to go one analyst said reuter
earn	belden and blake energy co bbe th qtr shr loss dlrs vs profit five cts net loss mln vs profit revs mln vs mln year shr loss dlrs vs profit cts net loss mln vs profit revs mln vs mln note th qtr includes write off of about dlrs or cts and writdown of assets of mln dlrs year includes mln dlrs st qtr writedown reuter
acq	crown resources crrs plans energy unit sale crown resources corp said it plans to sell its oklahoma based oil and gas unit as part of its strategy to focus on developing precious metals properties the company said it bought the wyona water flood oil and gas unit in for dlrs crown said the wyona field is fully developed with producing wells current oil production is barrels a day it said adding that no gas was produced for sale in reuter
acq	m d c holdings mdc sells energy unit m d c holdings inc said it sold substantially all the assets of its oil and gas unit mizel petro resources inc and affiliated partnerships for mln dlrs in cash to parker and parsley petroleum co midland texas the company said that subject to certain post closing adjustments it expects to post a small profit on the sale reuter
earn	livingwell inc well year shr six cts vs three cts net mln vs mln revs mln vs mln note increase in earnings due to elimination of preferred dividend requirements reuter
acq	fidelcor ficr unit acquires lazere financial fidelcor inc s fidelcor business credit corp subsidiary said it reached a definitive agreement to acquire a substantial portion of the bank of new england corp s bkne lazere financial corp s assets terms of the acquisition were not disclosed the acquisition is subject to approval of the federal reserve board fidelcor said it would acquire most of lazere s loan portfolio and other assets including its miami office it said it plans to hire the majority of lazere s employees reuter
earn	sunstates corp sust th qtr shr loss dlrs vs loss dlrs net loss mln vs loss mln year shr loss dlrs vs loss dlrs net loss vs loss mln note loss includes loss of for discontinued oeprations vs a loss of mln dlrs net of a mln credit in th qtr includes loss of mln dlrs for discontinued operations share amts relfect dividend requirements reuter
earn	bii enterprises inc year nov net shr cts vs cts net vs revs mln vs mln reuter
earn	scottish and york holdings ltd year loss shr loss cts vs loss dlrs net profit vs loss revs mln vs mln note shr after payment of preferred stock dividends reuter
coffee	coffee futures under dlr a pound at six year low coffee futures dipped further and closed below one dlr a pound for the first time in six years coffee for delivery in may ended at cents a pound on the new york coffee sugar and cocoa exchange down cent and the lowest price since august prices have fallen steadily since the international coffee organization failed in february to reach an agreement controlling exports by its members and pressure was renewed this week as the executive board of the organization met in london without reopening debate on its export quotas the executive board has limited its current discussions to administrative matters and is set to adourn thursday burdensome supplies have pressed the market down from dlrs a pound in february when the organization s discussions aimed at re establishing export quotas broke down sandra kaul a coffee analyst in new york with shearson lehman brothers said supplies currently are at their high point for the year because most producing nations have just completed their harvests in addition she said many of those nations are faced with serious debt and need to sell coffee to raise capital this should keep substantial pressure on exporters to undertake sales despite the drop in prices she said further u s demand could be sluggish because winter the period of greatest consumption is ending prices could fall another to cents a pound analysts said gold futures retreated from modest early gains and closed steady while silver prices rallied on the commodity exchange in new york the increase in u s banks prime rates prompted concern about renewed inflation but the strength of the u s dollar discouraged new buying the market is getting mixed signals and it doesn t know which way to go one analyst said cattle futures posted new highs on the chicago mercantile exchange while live hogs rallied from early losses and frozen pork bellies finished sharply lower cattle prices continued to draw support from the winter storm that swept the plains states leaving animals stranded in snowbound fields and feed lots in miserable condition live hogs were pressured early by the agriculture department s report tuesday that producers expanded their breeding herds more than the market expected last quarter prices recovered to keep pace with higher cash prices frozen pork bellies fell sharply on the outlook for greater production and closed with limit losses soybean futures posted sharp gains on the chicago board of trade while corn and wheat were lower soybeans rallied in response to tuesday s usda report that farmers intend to plant mln acres this year down from mln planted last year corn prices were pressured by the outlook for mln acres of corn which is down from last year s mln acres but was larger than analysts expected reuter
acq	investment advisors have pct of killearn kpi two executives of a memphis tenn investment advisory firm told the securities and exchange commission they have acquired shares of killearn properties inc or pct of the total outstanding the executives o mason hawkins and william reid who work for southeastern asset management inc said they bought their killearn stock with personal funds as an investment while they said they might increase their stake killearn properties they said they have no plans to seek control of it reuter
earn	savoy industries inc savo year shr loss cts vs loss five cts net loss mln vs loss revs mln vs mln note net includes gain of cts from discontinued operations net includes gain of cts from discontinued operations reuter
earn	american hoist and derrick co aho st qtr net qtr ended march shr profit cts vs loss dlrs net profit vs loss rev mln vs mln note qtr net includes extraordinary gain of mln dlrs reuter
acq	american barrick abx sells coal assets american barrick resources corp said it sold two coal supply agreements and certain mining equipment representing substantially all of the assets of its two ohio coal mines to peabody coal co of kentucky terms were not disclosed proceeds from the sale combined with the sale of the company s remaining coal assets should result in full recovery of its investments in the operations the company said without further elaborating the sale will complete the planned disposition by american barrick of all its non gold assets it said reuter
acq	novamin board to recommend breakwater bwrlf bid novamin inc said its board will recommend to shareholders the takeover offer made by breakwater resources ltd breakwater is offering to exchange one breakwater share for each two shares of novamin the company said breakwater will issue about mln shares for all novamin shares presently issued and outstanding additional shraes of breakwater will be issued if warrants and options of novamin are exercised reuter
meal-feed	u s feed situation summary report delayed the u s agriculture department said its summary report on the feed situation and outlook scheduled for release april has been delayed until may the department said the delay will enable analysts to incorporate into the report usda s first supply and demand estimates for the marketing year and data on farm program participation reuter
acq	newmont mining corp reduces stake in peabody newmont mining corp said it completed the previously announced reduction of its share in peabody holding co inc to pct from pct newmont realized mln dlrs in the transaction for newmont reported net income of mln dlrs peabody the largest coal producer in the u s had net income of mln dlrs on sales of billion dlrs in newmont doubled its ownership in peabody in january by purchasing pct interest held by the williams cos for mln dlrs the reduction resulted from completion of an earlier announced agreement by peabody to sell a pct interest in the company to eastern gas and fuel associates in exchange for all the coal properties owned by eastern reuter
earn	mr gasekt co mrgc rd qtr dec shr loss cts vs profit eight cts net loss mln vs profit revs mln vs mln nine months shr loss cts vs profit cts net loss mln vs profit mln revs mln vs mln reuter
earn	deltaus corp dlta year shr loss cts vs loss dlrs net loss mln vs loss mln revs mln vs mln note includes loss of from discontinued operations and mln dlrs from disposal of net asset solds reuter
earn	derose industries inc dri th qtr shr loss cts vs loss cts net loss vs loss mln revs mln vs mln year shr loss dlrs vs profit cts net loss mln vs loss mln revs mln vs mln reuter
earn	revlon group rev reports results revlon group inc told the securities and exchange commission it had net profits of on sales of billion dlrs for the year ended dec revlon in a filing with the sec compared the results to the five months ending dec in that period it lost mln dlrs on sales of mln dlrs earlier today macandrews and forbes group inc began an dlr a share cash offer for all common stock of revlon it does not own revlon today rose to in active trading macandrews controls pct of the voting power for revlon said the loss applicable to common stock after preferred dividends is mln dlrs the net loss per share was cts compared to a net loss of cts per share last year revlon said it had a operating profit of mln dlrs compared to a loss of mln dlrs in the year earlier period the net includes a provision for estimated loss on dispositions of mln dlrs compared to mln dlrs the year earlier earnings in before extraordinary items were mln dlrs reuter
acq	lifetime lft exchange offer accepted lifetime corp said retirement housing corp has accepted its previously announced acquisition offer retirement will operate autonomously as a separate subsidiary reuter
earn	manufacturers mhc puts brazil on non accrual manufacturers hanover corp said it placed billion dlrs of medium and long term loans to brazilian borrowers on non accrual as of yesterday meaning that income will be recorded only when actual cash payments are received as a result net income for the first quarter will be reduced by mln dlrs if brazil which suspended interest payments on its term debt on february continues to defer interest payments for the rest of the year net income for the whole of would be reduced by a total of mln dlrs u s bank accounting guidelines do not require loans to be placed on nonaccrual unless interest payments are past due days or more however manufacturers hanover said that in light of current circumstances it was more appropriate to record income on its brazilian loans only when cash payments were received it added that it believes brazil will reach agreement with its banks on a debt restructuring and that all interest payments will be received later in the company earned mln dlrs in first quarter and mln dlrs for the whole of the year reuter
acq	galveston to aquire mine property interests galveston resources ltd said it agreed in principle for an option to earn up to a pct interest from hemlo gold mines inc in certain mining properties known as the interlake property subject to regulatory approvals galveston said it will earn up to a pct interest by spending a minimum of one mln dlrs in exploration and development work by december it expects work will commence shortly and continue during the exploration season galveston also said it granted hemlo gold options to acquire up to two mln galveston shares it said the options can be exercised at dlrs a share up to december then at dlrs a share until december and then at dlrs a share until december separately galveston said it agreed in principle with noranda inc unit noranda explorations ltd for an option to earn up to a pct interest in a major mineral property located at the baie verte peninsula newfoundland galveston can earn a pct interest by spending six mln dlrs in exploration and development work on the property by december the company also said it granted noranda an option to purchase two mln galveston shares the options can be exercised at dlrs a share until december then at dlrs a share until december and then at dlrs a share until december reuter
earn	ocelot industries ltd year loss shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note loss includes extraordinary loss of mln dlrs or dlrs shr related to writedown of certain petrochemical assets and reduced by tax gain of mln dlrs or cts shr results restated reuter
earn	deutsche bank sees slow start to deutsche bank ag dbkg f has seen a slow start to after posting record profits in management board joint spokesman f wilhelm christians said credit business declined in the first few weeks of the year and the interest margin was squeezed further the weak german bourse saw earnings on commission fall sharply and trading in securities also fell but earnings from currency dealing were still satisfactory he told a news conference deutsche group partial operating profits rose to billion marks in from billion in on a balance sheet of billion marks after billion profits were swollen by earnings from the placement of the former flick group which have been estimated at some one billion marks and from record profits in trading on the bank s own account not included in partial operating profits earnings from the flick transaction were booked through a subsidiary and therefore showed up as part of the interest surplus in a section current earnings from securities and participations in the group this nearly doubled to billion marks from billion as usual the bank did not detail total operating profits but it said that total operating profits including own account trading rose pct or pct without the flick transaction in the group and pct or seven pct in the parent bank banking analysts said this put group total operating profits at some to seven billion marks and parent bank operating profits at over five billion marks christians said deutsche used the extraordinary earnings from flick to pay a record five mark bonus on top of its unchanged mark dividend the bank had decided against raising the dividend itself because of the uncertain business outlook at the end of and developments so far this year showed that was correct christians said west german banks rarely raise dividends unless they are sure they can maintain the increased payout in subsequent years preferring to use bonuses for one of profits the bank also used its extraordinary earnings to continue a high level of risk provision christians said disclosed group risk provisions rose to mln marks in from mln in under german law disclosed provisions do not necessarily reflect the full amount of risk provisions management board joint spokesman alfred herrhausen said deutsche s total debt exposure to problem countries had fallen to over six billion marks in from billion in because of the fall in the dollar he agreed with a questioner who asked if over two thirds of such problem country debt had been written off deutsche bank posted a sharp rise in holdings of other securities to billion marks from billion in the parent bank christians said this billion mark rise was partly due to its increased activity in international share placements with some shares such as those from fiat spa s international placement last year remaining on its books herrhausen said that no concrete measures were planned to place these shares and conclude the original placement reuter
acq	deutsche agrees full takeover of former eurasbank deutsche bank ag dbkg f has agreed to take over the outstanding pct in deutsche bank asia ag the former european asian bank ag from creditanstalt bankverein cabv vi deutsche management board joint spokesman alfred herrhausen told a news conference euras broke even in and required no funding from deutsche he said he gave no details of the deal with creditanstalt press reports that deutsche was planning a takeover of lloyds bank plc lloy l were without foundation he said herrhausen said deutsche had taken part in the recent capital increase of morgan grenfell group plc but had no plans to raise its pct share in morgan grenfell banca d america e d italia spa in which pct was acquired from bankamerica corp bac n late last year would be consolidated this year and contribute to further expansion of deutsche s business management board joint spokesman f wilhelm christians said following a ruling earlier this year from the federal high court deutsche had included its non bank holdings in the balance sheet section participations christians said but christians said the bank still regarded shares in these non bank companies as an investment rather than an active participation parent bank total participations rose to billion marks in from a comparable billion in including a rise to billion from billion in bank participations herrhausen said the grouping of holdings in the balance sheet in this was was not a first step to floating them off in a separate holding company reuter
earn	singapore banks say diversification key to growth singapore s major banks are diversifying and gradually shifting their asset holdings from loans to debt instruments banking sources said the banks following the trend are the overseas union bank ltd united overseas bank ltd oversea chinese banking corporation and the development bank of singapore ltd the shift towards securitisation has been helped by volatile financial markets which have developed hedging facilities such as floating rate notes and bonds for risk management said overseas union general manager loh hoon sun loh told reuters in an interview that singapore banks see limited growth in credit risk more and more of them are switching from term lending to major growth areas such as stockbroking and fee based income he said major local banks ventured into stockbroking after being granted seats on the stock exchange bankers said they are now moving into the new government securities market and the stock exchange of singapore dealing and quotation system one foreign banker said the development bank and the overseas union bank ltd have become major players in the equity market in singapore loh said the banks participation in the stock market has increased business transactions and provided long term growth for the market the banks are not competition for individual stockbroking firms because of the increased business they generate he added loh said the stock exchange of singapore might expand equity issues by as much as one billion dlrs this year because of the increasing ability of foreign and local market participants to absorb new issues loh said oub investment management ltd a subsidiary of the overseas union bank ltd has teamed up with a u k firm to launch the union global fund the fund is for local investors seeking capital growth through a diversified international portfolio it will invest in international shares with the emphasis on u s and japanese markets he said dbs securities singapore pte ltd a subsidiary of the development bank of singapore has applied to the hong kong stock exchange to set up a hong kong stockbroking firm loh predicted fixed deposit and prime interest rates in singapore will stay low this year as a result banks will be forced to provide fund management services for major clients seeking better returns he said economic analysts and bankers are optimistic the major banks will show profits in helped by higher income from treasury and investment banking activities they expect the after tax profits of oversea chinese and united overseas to show stable growth of four to eight pct against respective gains of four and seven pct in overseas union s profits are expected to jump to over mln dlrs from seven mln dlrs in economists said the development bank s after tax profits rose pct in mainly due to a dividend of mln dlrs paid by national discount company ltd before it became a subsidiary of the bank they said reuter
interest	westpac in n z raises indicator lending rate westpac banking corp in new zealand said it will increase its indicator lending rate by percentage points to pct from april westpac said in a statement the increase reflects high costs of funding the bank said nervousness in the wholesale deposit market is creating uncertainty about the immediate outlook for interest rates liquidity is expected to remain tight over the next month and this will put upward pressure on interest rates base lending indicator rates of the other three trading banks range between pct and pct reuter
coffee	thai traders oppose reimposition of coffee quotas thai coffee exporters said they hoped the international coffee organisation ico would not reimpose export quotas even though this may lead to a further slump in world prices susin suratanakaweekul president of the thai coffee exporters association told reuters that thailand obtained little benefit from previous ico quotas which represented only about pct of its total annual exports thailand expects increased overall coffee export revenue if there are no restrictions on sales to current ico members who offer higher prices than non members he said the customs department said thailand exported tonnes of coffee last year up from in thai coffee production is projected to fall to about tonnes in the oct sept season from the previous year however a senior commerce ministry official said the thai government supports coffee producers lobbying for reimposed ico quotas which he said would help lift world prices somphol kiatpaiboon director general of the commercial economics department said an absence of ico quotas would encourage producers to rapidly release coffee on to the market further depressing prices he said indonesia is expected to export a substantial amount of coffee this month without such restrictions reuter
earn	sanwa bank looks to securities world operations the sanwa bank ltd s three year business plan foresees securities and international operations making a greater contribution to operating profits a bank official said the bank s plan also emphasises retail and medium and small sized business operations he told reuters officials at fuji bank ltd and mitsubishi bank ltd outlined similar three year plans they said lower interest rates and financial liberalisation have cut profits from dealings with big firms to nearly nothing they don t need us they can do their own financing one official said sanwa bank s plan forecasts that securities and international operations will contribute pct of total operating profits by the end of the fiscal year ending march compared with pct in fiscal the sanwa official said reuter
ipi	german february industrial output rises pct january fall pct official
pet-chem	international pact on ozone damage likely in an international protocol to severely limit the use of industrial chemicals which are believed to damage the earth s protective ozone layer could be signed this year officials and scientists here said by the end of this year we should have an international protocol in place we can all be proud of u s environmental protection agency officer bill long told reporters the chemicals are chiefly chlorofluorocarbons cfcs which are used in refrigeration and making foam plastics solvents and aerosols the earth s upper ozone layer absorbs most of the harmful ultraviolet rays from the sun the officials and scientists were meeting in tokyo ahead of an international conference on the problem later this month in either vienna or geneva long said robert watson a program manager for atmospheric problems at the u s national aeronautics and space administration said a protocol should demand an initial freeze on the use of cfcs by industry this should be followed by a gradual reduction in cfc volume until no cfc gases are released into the air he said the u s has already banned use of use cfcs in aerosols and japan has asked for voluntary restraint but both still use cfcs in industrial processes reuter
ipi	german industrial output rises pct in february west german industrial production seasonally adjusted rose a provisional pct in february after a downwards revised decline of pct in january the economics ministry said the ministry had originally estimated that industrial production fell pct in january the february figure is likely to be revised upwards by just under one percentage point next month when the march figure is released a ministry statement said the industrial production index base stood at a provisional in february against in january and in december the ministry had previously put the january and december indices at and respectively in february the output index had stood at producing a year on year rise for february of pct the february rise in production was aided by a sharp pct increase in construction output compared with january when production in many industrial sectors was depressed by unusually severe winter weather manufacturing industry registered a pct rise in production in february compared with january but energy sector output fell nine pct and mining production declined seven pct the ministry which considers two monthly comparisons to be a better guide to trends said output in january and february together fell around two pct against november and december the ministry said construction output fell pct in january february against november december due to the cold january weather output in the energy sector rose four pct and mining output pct manufacturing industry s production fell pct in january february compared with november december within this sector the output of both basic products and of food tobacco and alcohol fell pct production of capital goods fell pct while output of consumer goods was unchanged compared with the same months of industrial production in january and february fell pct the ministry said manufacturing industry output fell one pct with output of basic products down three pct capital goods down one pct and food tobacco and alcohol production pct lower makers of consumer goods posted a pct year on year rise in the two month period in other industrial sectors mining production fell four pct and construction output pct the energy sector saw a slight pct rise the ministry added reuter
earn	reckitt and colman plc pretax profits yr mln stg vs mln
acq	c and w offered role in new japan telecom company a japanese businessman announced plans for a new telecommunications firm in which britain s cable and wireless plc would be a core company however the plan unveiled by senior federation of economic organizations official fumio watanabe does not specify what stake cable and wireless would have the share holdings of the core companies should be equal watanabe said in a statement the actual percentage of shareholdings should be agreed by the core companies he said the eight core companies will provide directors for the firm the new company shall immediately set to work on the feasibility study of constructing a new cable for itself watanabe said watanabe has acted as mediator between two rival groups one of which included c and w seeking to compete against kokusai denshin denwa co ltd which now monopolizes japan s overseas telephone business the post and telecommunications ministry has said it wants only one competitor to kdd and has backed watanabe s efforts a british source who declined to be identified further said the proposals could open the door to further talks between c and w cawl l and the other firms involved c and w had earlier rejected a reported proposal which would have given it a five pct share in the new telecommunications firm compared to the less than three pct stake watanabe originally proposed c and w has a pct stake in one of the two firms watanabe has proposed should merge the british source said the decision not to specify the exact shareholdings of the core companies could leave the door open for further discussion it s probably a sensible approach on their part the british source told reuters c and w has also been pushing hard for permission to lay a new cable between japan and the u s the proposed merger has sparked an international row with british government sources threatening retaliatory action against japan for what they see as discriminatory practices against foreign firms the sources said last friday that one option for britain would be to revoke licenses of japanese banks and securities companies operating in london the u s has also attacked the original merger plans saying that both rival consortia should be licensed asked about participation by other u s and european firms watanabe said they will not be core companies but if they wish they could participate under the japanese law total foreign participation would be limited to one third it might be wise for c and w to join the new firm which has the support of many influential backers and work within this for the realization of their ideas watanabe told reporters the other core firms are mitsubishi corp mitt t mitsui and co mits t sumitomo corp sumt t matsushita electric industrial co mc t toyota motor corp toyo t c itoh and co citt t and pacific telesis international inc watanabe said that his latest proposal represented his final effort if it fails to satisfy the british government it will be up to the japanese government to explain its position he said reuter
sugar	firs ec beet sugar estimate unchanged mln tonnes white equivalent
money-fx	u k money market deficit forecast at mln stg the bank of england said it forecast a shortage of around mln stg in the money market today among the main factors affecting liquidity bills for repurchase by the market will drain some mln stg while bills maturing in official hands and the take up of treasury bills will take out around mln stg and a rise in note circulation some mln stg partly offsetting these outflows exchequer transactions and bankers balances above target will add some mln stg and mln stg to the system respectively reuter
sugar	sugar offered to dutch intervention refused the tonnes of sugar offered to intervention in the netherlands has been refused by the intervention board because of wrong packaging a spokeswoman for the ministry of agriculture said she said the sugar could be offered again to intervention ec producers have threatened to sell over tonnes of sugar to intervention stocks as a protest against ec export licensing policies last month dutch traders said the sugar on offer in the netherlands was belgian but the ministry could not confirm this reuter
earn	bayer world group pre tax profit billion marks billion official
sugar	ec sugar tender said to mark no change in policy the maximum rebate granted at yesterday s european community ec sugar tender marked no change in policy towards producers complaints that they are losing money on exports outside the ec ec commission sources said they said this was despite the fact that the commission accepted over tonnes of sugar into intervention yesterday from traders protesting that rebates are being set too low the maximum rebate at yesterday s tender was ecus per kilos up from ecus the previous week london traders said yesterday the rebate was the largest ever granted the commission sources said today the increase was entirely explained by world market conditions the amount by which the rebate fell short of what producers claim is needed to obtain an equivalent price to that for sales into intervention remained at ecus per kilos they said operators offered a total of tonnes of sugar into intervention last month to protest at rebates which they said were too low the sources said about tonnes of french sugar and tonnes of german sugar had been accepted the remainder being rejected as of too low quality the sources noted the operators could withdraw their offers in the five week period between the acceptance of the sugar and payment for it they said they saw no sign of planned withdrawals as yet adding that they would expect operators to wait another week or two to review commission policy before making up their minds the sources said the commission felt entitled to offer rebates at slightly below the level theoretically justifiable in the light of its farm price package proposal to reduce guaranteed prices for sugar by two pct from the start of the new season in july reuter
coffee	kenyan coffee needs rain traders say kenya s late coffee crop is flowering well but the main coffee areas were generally dry and hot in the week ended wednesday trade sources said machakos embu meru and kirinyaga in eastern kenya and nyeri and thika in central have been dry in the past week the farmers expect rain this week if it does not fall output of the late october november december crop will decline sharply one source said he said that since most growers did not irrigate their crop they could do nothing but wait for rain the main factor which determines kenyan coffee production two months ago the international coffee organization issued a forecast of kenyan exportable coffee production in the oct sept season at mln bags reuter
coffee	prices rise at bangalore coffee auction prices rose at the fortnightly export auction here on march for sales of tonnes of coffee from the and crops out of a total offering of tonnes the coffee board said withdrawals amounted to tonnes the type and grade quantity sold average prices in rupees per kilos exclusive of sales tax with previous prices at the march auction in brackets crop plantation a plantation b plantation c arabica cherry ab na arabica cherry pb na arabica cherry c na robusta cherry ab na robusta cherry pb na robusta pmt ab na robusta pmt pb na rep bulk a rep bulk b robusta cherry bulk na robusta cherry c na robusta cherry bbb na crop arabica cherry ab arabica cherry bbb robusta cherry bbb monsooned coffee monsooned robusta aa na reuter
earn	bayer confident of posting good results chemicals group bayer ag bayg f said it expects to post another good result in after raising pre tax profit to a new record high in the company said that this was despite the mark s further strengthening against the dollar and other currencies and despite an increase in competitive pressure the further progress of our business will depend largely on the extent to which threats to free trade materialise and on the developments of exchange rates raw material and energy costs bayer said world group pre tax profit rose to billion marks in exceeding the previous year s record of billion parent company pre tax profit increased to billion from billion the company gave no net profit figures or any indication of the likely dividend bayer paid a mark dividend on results up one mark from a year earlier bayer said that world group operating profit declined slightly in against but non operating results showed a further improvement bayer said that the decline in world group turnover to billion marks from billion in reflected mainly the sharp fall in the dollar against the mark lower prices on the raw material side had also brought pressure on selling prices it added in volume terms however sales rose slightly against the company said without giving details the western europe north america and far east regions developed well in local currency but here too the translation of local currency sales into marks distorted the picture especially in the case of north america it said bayer said parent company volume sales were also higher in although turnover fell pct to billion marks capacity use was high at the parent company in resulting in a decline in marginal unit costs this combined with savings in raw material and energy costs helped offset falling prices and cost increases in other areas the rise in pre tax parent company profit was due to lower extraordinary expenses and higher net interest income plastics organic chemicals polyurethanes and coating raw materials all developed well it said turning to the fourth quarter bayer said that world group turnover fell to billion marks in the last three months of from billion in the same period parent company turnover in the fourth quarter fell pct to billion marks with domestic turnover pct lower and foreign turnover pct lower exports accounted for pct of turnover in the quarter against pct in the same quarter of reuter
reserves	uk reserves rise underlying billion dlrs in march official
reserves	u k reserves show large underlying rise in march britain s gold and currency reserves showed an underlying rise of billion dlrs in march after a mln dlr rise in january the treasury said this was considerably above market expectations for a mln dlr rise the underlying trend which is a guide to bank of england operations to support the pound on foreign exchanges is net of borrowings and repayments the treasury declined comment on the figures last month it said the bank of england took the opportunity of strong demand to rebuild reserves after losses last autumn actual reserves rose by billion dlrs after rising mln in february to billion total reserves were revalued to billion dlrs but would have totalled billion under the previous valuation the treasury said gold reserves were revalued by mln dlrs while sdrs ecu and convertible currency holdings were revalued by billion accruals of borrowings under the exchange cover scheme were mln dlrs last month after mln in february repayments were mln dlrs after the previous mln capital repayments totalled mln dlrs after february s two mln dlrs repayment reuter
acq	guinness to sell retail interests guinness plc guin l said that as part of a new strategy for the company it will be selling its retail interests to concentrate resources on developing its international beverage businesses among the firms to be sold are martin s and gordon drummond pharmacies the eleven convenience stores speciality u s food importer richter brothers and the health products company nature s best dsl guinness said in a statement that the company s strength was in its well known beer and spirits brands several had good brand development potential including gleneagles champneys cranks hediard and and guinness publications guinness shares were trading at p after the announcement after closing yesterday at p reuter
gold	industrial action ends at south african mine about black miners returned to work after a week long industrial action at south africa s largest gold mine mine owner anglo american corp of south africa ltd angl j said a spokesman for the mining house said the action started on wednesday last week when thousands of miners staged a go slow at one underground shaft of the free state geduld division of free state consolidated gold mines ltd fscn j the action later escalated into an underground sit in at the mine over the weekend prompting management to close the affected shaft because of what the company described as the creation of unsafe working conditions anglo american spokesman john kingsley jones said the company held talks with the national union of mineworkers num south africa s biggest trade union which claims a membership of black workers but failed to establish the cause of worker dissatisfaction he acknowledged that the mine suffered a loss of production but declined to give estimates free state consolidated last year produced tonnes of gold from underground shafts the num was not immediately available for comment on the action but a spokesman for the union earlier told the south african press association that miners had been locked out of the mine at the weekend after staging a strike in protest against being ordered to carry bags containing explosives as well as food for white miners reuter
acq	compromise cited on san miguel shares san miguel corp smc and united coconut planters bank ucpb have reached a compromise on a disputed block of mln shares of smc the head of a government panel that controls the sequestered shares said ramon diaz chairman of the presidential commission on good government pcgg told reuters smc had offered a price of pesos per share for the block held in trust by the ucpb it looks good diaz said but he added several issues including the identity of the ultimate buyers of the shares had to be resolved before the pcgg gave its approval to the sale the pcgg s sequestration last year of mln shares aborted smc s bid to buy them back from trading companies in the ucpb group the commission said it suspected the shares were actually controlled by eduardo cojuangco an associate of former president ferdinand marcos cojuango who headed the boards of both smc and ucpb when he fled last year after marcos was toppled personally owned mln shares in smc his holdings are also under sequestration the shares that smc now proposes to buy from the ucpb are owned by mln coconut farmers diaz said naturally we do not want them to go back into the hands of marcos cronies pcgg sources said a compromise would end a row over a down payment of mln pesos made by smc s hong kong subsidiary neptunia corp ltd in a bid to buy back the shares last year the ucpb had said the mln peso payment would be forfeited because smc chairman andres soriano iii had failed to fulfil his commitment to buy back the shares at an originally negotiated price of billion pesos pcgg sources said smc the philippines largest food and beverage manufacturer has agreed to sell mln b class shares from the mln shares to australian brewer alan bond at a price of pesos per share the pcgg sources said of the proposed billion peso transaction billion pesos would be offset against the mln peso down payment the mln pesos worth of preferred shares in ucpb held by smc mln pesos in uncollected dividends on the ucpb shares and mln pesos advanced to ucpb controlled trading companies the ucpb rejected an original offer of pesos per share made by smc for mln shares which grew to mln after a pct stock dividend declared in june last year a spokesman for smc said the company s member board met today to discuss the proposed compromise the spokesman declined comment on the outcome of the board meeting saying the dispute was under arbitration president corazon aquino last month asked smc and ucpb to set up a three man arbitration panel to resolve the ownership issue the panel is due to submit its report by april eduardo de los angeles a government nominee in the smc board filed a formal complaint before the securities and exchange commission last week accusing soriano and eight other directors of violating fiduciary duty de los angeles was said to have opposed a decision by smc s board last december to assume the mln peso neptunia loan reuter
earn	nv hoogovens net profit mln guilders vs mln official
acq	rank makes increased avana offer final ranks hovis mcdougall plc rhml l said it was making an increased and final offer for the avana group plc avna l the company already holds about pct or mln avana ordinary shares it said in a statement the terms of the offer will be new rank hovis shares for every five avana ordinary shares valuing each avana share at p avana shareholders will be entitled to receive and retain the net interim dividend of p per avana share for the year ending march accepting avana shareholders will also be entitled to receive ranks hovis s forecast net interim dividend of p for the financial year ending september ranks hovis said that full acceptance of the increased offer would result in the issue of a maximum of mln new ranks hovis shares or about pct of the enlarged issued ordinary share capital of the company the latest offer will lapse on april ordinary shareholders in avana who accept the increased offer will have the opportunity to elect for cash for all or part of their holdings on the basis of p cash for each avana share ranks hovis said the cash required for the cash alternative would be met by one of several methods for the first mln avana shares received opting for the cash alternative ranks hovis would make a cash payment from its own resources for cash alternatives of more than mln avana shares morgan grenfell as agent for participants will make a separate offer to purchase at p per share net of expenses up to mln ranks hovis new shares to which such shareholders will be entitled under the increased offer this is equivalent to p per avana ordinary in addition ranks hovis will make a further cash payment of p per avana ordinary avana shares traded at p after the announcement p up from last night s close of p reuter
acq	cable unimpressed by new japanese telecoms offer cable and wireless plc cawl l said new proposals unveiled by japan for it to become a core member of a merged telecommunications firm to compete for telecommunications contracts did not remove the group s objections the suggestions by federation of economic organisations official fumio watanabe was a formal announcement of proposals made earlier this week and reported in the japanese press cable has a pct stake in one of the two groups trying to compete against japan s kokusai denshin denwa co ltd which monopolises japan s overseas telephone business but a cable spokesman said it still believed a merger of the two consortia would be impracticable they are like oil and water he said the japanese authorities want only one competitor and have proposed that the two consortia band together the issue has been taken up by the british government as a test case on the openness of japanese markets watanabe s latest proposals said that the eight core companies of the new group should have equal share holdings but added that they could work out the precise percentages amongst themselves the reports earlier this week said that cable would be offered a five pct stake up from an originally proposed three pct despite the apparent differences in stakes offered the cable spokesman said the two offers appeared to be essentially the same cable shares at gmt were quoted nine pence firmer at p reuter
interest	bundesbank leaves credit policies unchanged
trade	japan u s will be at odds while trade lopsided japan is doing all it can to solve its trade problems with the united states but the two nations will remain at odds as long as the trade account is lopsided in japan s favour a senior official said so long as there is an external imbalance there will be trade friction and harsh words between the two governments the foreign ministry official told reporters last year japan racked up a billion dlr surplus with the united states and economists said they do not see it falling significantly any time soon washington announced plans last week to slap up to mln dlrs in tariffs on japanese electronic goods raising the spectre of a trade war between the two countries we take the current situation very seriously said the official who declined to be identified the basic stance of the japanese government is to tackle the issues with all available resources the united states has accused japan of reneging on an agreement that called on it to stop selling cut price computer microchips in world markets and to try to import more american semiconductors tokyo has denied the charges the foreign ministry official refused to rule out japanese retaliation if america went ahead with its threatened tariffs in the middle of this month but he said that any response would be in accordance with international law and japan s international obligations he added that both japan and the united states must take account of the impact of their dispute on their own and the world economy reuter
acq	decision expected on u k royal ordnance sale u k defence secretary george younger is expected to announce the government s decision on the sale of state owned arms manufacturer royal ordnance today parliamentary sources said the government originally intended to float the munitions and explosives concern on the stock market but last july said a private sale was a more appropriate way to dispose of the firm the bidders for the company were british aerospace plc bael l and engineering group gkn plc gkn l royal ordnance sold its leeds tank factory last summer to vickers plc vick l defence electronics manufacturer ferranti plc fnti l and shipping and property group trafalgar house plc thsl l both pulled out of the bidding shortly before last month s deadline royal ordnance made pre tax profits of mln stg on sales of mln stg in calendar its first full year of commercial operation the company has assets of around mln stg and employs at sites in britain other state held companies earmarked for privatisation this year include engine maker rolls royce plc and the british airports authorities plc reuter
gnp	japanese groups urge drastic economic package japan s leading economic organisations urged the government to prepare drastic pump priming measures even at the cost of shelving prime minister yasuhiro nakasone s planned tax reforms officials involved said officials of the federation of economic organisations keidanren said in a meeting with government officials the government should issue construction bonds as an emergency measure to prop up the economy keidanren suggested that proceeds from sales of stocks in the newly privatised nippon telegraph and telephone corp should also be used to stimulate the economy keidanren chairman eishiro saito said the dollar s fall below yen would create huge unemployment and bankruptcies that could shake the foundation of the japanese economy the keidanren meeting coincided with a written request for drastic reflationary measures sent to the government by the japan chamber of commerce and industry both organisations called for stepped up bank of japan intervention to stabilise exchange rates chamber head noboru gotoh told a press conference the awaited economic package should be powerful enough to push up japan s gross national product gnp by about two pct gotoh said the government could cope with the present critical economic condition even if it put off its plan to stop the issue of deficit covering bonds by fiscal the plan to reduce the fiscal budget is a pillar of nakasone s fiscal reconstruction program reuter
sugar	syria seeking white sugar on april trade syria will hold a buying tender on april for tonnes of white sugar for shipment in june july and august at a rate of tonnes a month traders said reuter
earn	hoogovens expects clear loss in koninklijke nederlandsche hoogovens en staalfabrieken nv said it expected a clear loss for the company reported its profits were pct lower at mln guilders than in the year before turnover was pct lower than in the main reason fo the fall in turnover was the lower rate of the dollar the company said the lower costs for raw materials and energy resulting from the lower dollar could not compensate the fall in revenues costs billion guilders vs billion depreciation mln vs mln operating profit mln vs mln financial charges mln vs mln extraordinary loss rpt mln vs mln crude steel production five mln tonnes vs mln aluminium production tonnes vs same reuter
cpi	german march cost of living data confirmed the cost of living was unchanged in march compared with february but stood pct lower than in the same month in the federal statistics office said this confirms provisional figures released at the end of last month in february the cost of living in west germany rose pct from january to stand pct lower than in february reuter
coffee	seasonal stabilisation seen for coffee prices the onset of cooler weather in brazil during the southern hemisphere winter is expected to have a stabilising effect on a weak coffee market west german trade sources said the annual fear of frost in brazil will probably grip the market sometime this month until june or early july one trader said the trade believes the international coffee organization ico is unlikely to tackle the re introduction of quotas before its september meeting and until then the market will not see any unexpected sharp moves in either direction reuter
ipi	german industrial output rises pct in february west german industrial production seasonally adjusted rose a provisional pct in february after a downwards revised decline of pct in january the economics ministry said the ministry had originally estimated that industrial production fell pct in january the february figure is likely to be revised upwards by just under one percentage point next month when the march figure is released a ministry statement said the industrial production index base stood at a provisional in february against in january and in december the ministry had previously put the january and december indices at and respectively in february the output index had stood at producing a year on year rise for february of pct the february rise in production was aided by a sharp pct increase in construction output compared with january when production in many industrial sectors was depressed by unusually severe winter weather manufacturing industry registered a pct rise in production in february compared with january but energy sector output fell nine pct and mining production declined seven pct the ministry which considers two monthly comparisons to be a better guide to trends said output in january and february together fell around two pct against november and december the ministry said construction output fell pct in january february against november december due to the cold january weather output in the energy sector rose four pct and mining output pct manufacturing industry s production fell pct in january february compared with november december within this sector the output of both basic products and of food tobacco and alcohol fell pct production of capital goods fell pct while output of consumer goods was unchanged reuter
acq	toshiba regrets link with u k access issue toshiba corp tsba t said it regrets its plan to enter the u k business facsimile and telephone market may be caught up in a diplomatic row over the position of cable and wireless plc s cawl l in the japanese market britain is considering how to retaliate against japan s attempt to prevent cable and wireless from taking a major position in a japanese international telecommunications venture as a matter of timing it is regrettable that this has been linked with the question of market access in japan a toshiba spokesman told reuters toshiba information systems u k ltd a toshiba subsidiary said yesterday it planned to enter the u k market under the toshiba own brand name and had applied for government approval to do so toshiba has supplied equipment to u k manufacturers for sale under their brand names since last year the toshiba spokesman said the sale of such equipment was not comparable to cable and wireless efforts to take a stake in the new japanese telecommunications firm they are matters of a different category he said reuter
interest	westpac in n z raises indicator lending rate westpac banking corp in new zealand said it will increase its indicator lending rate by percentage points to pct from april westpac said in a statement the increase reflects high costs of funding the bank said nervousness in the wholesale deposit market is creating uncertainty about the immediate outlook for interest rates liquidity is expected to remain tight over the next month and this will put upward pressure on interest rates base lending indicator rates of the other three trading banks range between pct and pct reuter
trade	japan warns of anti u s sentiment in trade row japan is sending a three man team to washington to try to halt threatened trade sanctions that officials warn could spark a wave of anti u s sentiment here the team will lay the groundwork for high level emergency talks next week aimed at defusing an increasingly bitter row over trade in computer microchips officials said the sanctions are against the free trade system ministry of international trade and industry miti director general noboru hatakeyama told reporters adding if these measures are taken the atmosphere in japan against the united states would become not so good as before other officials were more blunt the u s action will have a significant impact on the growing anti u s feeling here another miti official said a senior foreign ministry official who declined to be identified told reuters the u s threats have undercut those in the government who argue for conciliation there is a very strong argument in japan that since the united states is imposing tariffs unilaterally why should we bother doing anything he said anything we do we will be bashed the senior official sounded pessimistic about the likelihood of prime minister yasuhiro nakasone defusing u s anger over japanese trade practices when he visits washington on april i don t think trade friction will be solved all of a sudden by the visit he said nakasone is widely expected to present a package of measures to president reagan to help contain u s frustration over japan s large trade surplus but the senior official played down those expectations reuter
trade	japan u s will be at odds while trade lopsided japan is doing all it can to solve its trade problems with the united states but the two nations will remain at odds as long as the trade account is lopsided in japan s favour a senior official said so long as there is an external imbalance there will be trade friction and harsh words between the two governments the foreign ministry official told reporters last year japan racked up a billion dlr surplus with the united states and economists said they do not see it falling significantly any time soon washington announced plans last week to slap up to mln dlrs in tariffs on japanese electronic goods raising the spectre of a trade war between the two countries we take the current situation very seriously said the official who declined to be identified the basic stance of the japanese government is to tackle the issues with all available resources the united states has accused japan of reneging on an agreement that called on it to stop selling cut price computer microchips in world markets and to try to import more american semiconductors tokyo has denied the charges the foreign ministry official refused to rule out japanese retaliation if america went ahead with its threatened tariffs in the middle of this month but he said that any response would be in accordance with international law and japan s international obligations he added that both japan and the united states must take account of the impact of their dispute on their own and the world economy reuter
reserves	bank of france foreign assets rise latest week weekly figures published by the bank of france showed its gross foreign assets rose by about two billion francs last week when it was reported by banks to have intervened on the foreign exchange markets to support the dollar against the yen the figures showed its gold foreign currency and other external assets rose to billion francs from billion mainly reflecting a rise to billion from billion in foreign exchange holdings reuter
interest	bankamerica bacp raises prime rate to pct bankamerica corp following moves by other major banks said it has raised its prime rate to pct from pct effective today reuter
acq	news corp nws starts harper row hpr bid news corp ltd of australia said it has started its previously announced tender offer for all shares of harper and row publishers inc at dlrs per share in a newspaper advertisement the company said the offer is conditioned on received of at least pct of harper and row s shares the offering and withdrawal rights expire april unless extended a merger at the tender price is to follow the offer which has been approved by the harper and row board harper and row has granted new corp an option to buy up to new shares or a pct interest at dlrs each news corp said if the merger agreement were terminated under certain circumstances news would be entitled to a mln dlr cash payment last month theodore cross offered to acquire harper and row for dlrs per share but was soon outbid by harcourt brace jovanovich inc which offered dlrs per share late in the month harper and row said its board had received expressions of interest from a number of domestic and foreign companies reuter
earn	international technology itx sees th qtr loss international technology corp said it expects to report a loss for the fourth quarter ended march of about cts per share compared with a year earlier profit of cts the company blamed the expected loss on regulatory and permitting issues that limited the full utilization of hazardous waste treatment cites in califoirnia continued startup delays for major remediation projects the writeoff of an investment in a subsidiary and a settlem ent with the california attorney general s office and department of health services the company said the settlement relates to regulatory violations alleged by the u s environmental protection agengy and the california health services department at the company s vine hill and panoche treatment facilities in northern california it said under the agreement it will pay the state dlrs in civil penalties over a two year period and pay dlrs over five years to local medical facilities as part of a community awareness and emergency response program developed by local communities the expenses will be charged against fourth quarter results it said the company said it has agreed as well to make compliance and public safety capital expenditures of about dlrs it said it has now received an operating permit for a new cubic yard landfill cell at its imperial county calif from the health services department the company said the panoche facility remains closed but is expected to reopen for liquid and sludge receipts in the near future but it said receipts of solid material which had accounted for the majority of the revenue at the site could be restricted until pending resolution of capacity issues in the panoche site permit reuter
earn	westlb luxembourg reports lower net profit westdeutsche landesbank girozentrale welg f said its wholly owned luxembourg subsidiary westlb international sa posted a decline in net profit to mln marks from mln a year earlier westlb international will pay a mln mark dividend to westlb down from mln a year earlier the dividend was lower than in because the record profit of the previous year could not be repeated due to changed market conditions it said increased funds were also allocated for provisions business in the first three months of developed positively it added westlb international set aside mln marks for international credit risks in up from mln marks in bringing the total amount of provisions shown in the balance sheet to mln marks operating profit fell to mln marks in from mln in balance sheet total fell to billion marks from billion reflecting the lower dollar and the fact that credit business redemptions were not fully offset by new lending the statement said westlb international s business with private customers showed a pleasing expansion last year this development was aided by cooperation between the bank and the savings banks in the west german state of north rhine westphalia where parent bank westlb is based deposits by non banks rose more than pct to a total of billion westlb international said it plans to expand its range of services for private clients reuter
copper	miners trapped by fire in gaspe copper mine some miners were trapped underground today by a fire in a copper mine in the gaspe area of eastern quebec officials said there were no reports of any deaths a mine official said that the fire broke out last night and about of the miners made it to safety he said telephone contact had been established with the trapped miners but they could not be brought to the surface until the fire was extinguished the cause of the fire was not known reuter
coffee	other milds coffee producers to meet may coffee producers belonging to the other milds group will meet may in guatemala to discuss the possibility of restoring export quotas producer delegates told reporters after the closing session of the international coffee organization ico executive board meeting the other milds group comprising costa rica dominican republic ecuador el salvador guatemala honduras india mexico nicaragua papua new guinea and peru might consult with brazil and colombia on this meeting but it was not certain whether these two countries would attend they said the ico board meeting ended without moves to restart negotiations on quotas which broke down last month producer delegates said producers are expected to hold other consultations in the coming months on how to proceed with quota negotiations but no date for a full producer meeting has been mentioned they said the board completed reports on stock verification and the next regular board session will be in indonesia june delegates said reuter
acq	aloha inc buyout completed aloha inc said its leveraged buyout by aq corp which acquired pct of aloha common and pct of aloha preferred in a tender offer that concluded december has been completed for dlrs per common or preferred share aq is controlled by aloha chairman hung wo ching vice chairman sheridan c f ing and president a maurice myers reuter
interest	bank of france leaves intervention rate unchanged at pct official
crude	np energy npeeq says trustee appointed np energy corp said the u s bankruptcy court has indicated it will appoint a trustee to oversee the company s chapter bankruptcy proceedings it said it hopes the appointment will thwart hostile actions being pursued by two unsecured creditors to whose claims the company objects np further said the nielsen well in duchesne county utah has tested barrels of oil per day np owns a pct working interest reuter
acq	cpc international cpc sells south african unit cpc international inc said it has completed the sale of its south african subsidiary robertsons pty ltd to a consortium of european and south african investors for an undisclosed amount in excess of book value due to the increasing difficulty of operating there it said the operation accounted for less than two pct of worldwide sales of billion dlrs in the company said small royalties expected to result from use of cpc trademarks by the new owners will be utilized for social programs in south africa it said no significant impact on earnings is expected from the sale reuter
earn	giant yellowknife mines ltd th qtr net shr cts vs cts net vs revs mln vs mln year shr cts vs dlrs net vs revs mln vs mln reuter
earn	north east insurance co neic th qtr loss shr loss cts vs loss dlrs net loss vs loss year shr loss cts vs loss dlrs net loss vs loss note year net includes realized investment gains of dlrs vs dlrs reuter
jobs	u s first time jobless claims rose in week new applications for unemployment insurance benefits rose to a seasonally adjusted in the week ended march from in the prior week the labor department said the number of people actually receiving benefits under regular state programs totaled in the week ended march the latest period for which that figure was available that was up from the previous week reuter
earn	mellon bank expects to report a first quarter loss of mln to mln dlrs
interest	first chicago fnb raises prime rate first chicago corp said its first national bank of chicago raised its prime rate to pct from pct effective immediately reuter
earn	mellon bank says it will cut dividend to cts a shr from cts
acq	american barrick abx sells ohio assets american barrick resources corp said it sold two coal supply agreements and substantially all assets at its two coal mines in ohio to peabody coal co of henderson kentucky for an undisclosed price the company said proceeds from this sale together with the sale of the remaining coal assets should allow it to fully recover its investment in the operations it said the transactions will complete its previously announced plan to sell all non gold assets reuter
interest	comerica cmca raises prime rate comerica inc said it raised its prime interest rate to pct from pct effective april reuter
earn	north east neic may violate capital rules north east insurance co said due to the magnitude of its losses in and it may be found in violation of minimum capital and surplus requirements by officials in maine and new york and be subject to sanctions and administrative actions in those and other states the company today reported a loss of dlrs after realized investment gains of dlrs compared with a loss of dlrs after investment gains of dlrs its fourth quarter net loss was dlrs compared with dlrs the company said its fourth quarter and year losses resulted from additions to loss reserves reuter
earn	electromedics inc elmd year net shr profit nil vs loss three cts net profit vs loss revs mln vs avg shrs mln vs mln backlog vs note current year net includes tax credit of dlrs reuter
earn	electromedics elmd to take st qtr charge electromedics inc said it expects to take a dlr charge against first quarter results due to the conversion of debentures the company said however it expects positive operating comparisons for the period electromedics lost dlrs in last year s first quarter reuter
earn	sheldahl inc shel nd qtr feb net shr cts vs four cts net vs sales mln vs mln six mths shr cts vs nine cts net vs sales mln vs mln avg shrs vs reuter
earn	mellon mel sees large first quarter loss mellon bank corp said it expects to report a loss for the first quarter in the range of mln to mln dlrs or to dlrs a share the company also said it intends to reduce its second quarter common stock dividend to cts a share from cts mellon said it will make a provision for loan losses in the first quarter of mln dlrs reflecting about mln dlrs in charge offs and mln dlrs in additions to the loan loss reserve it will also put mln dlrs in brazilian loans on a cash basis resulting in interest reversals of mln dlrs in the first quarter of mellon earned mln dlrs or dlrs a share chairman david barnes said the loan charge offs and increased provisions address four areas of concern in the bank s wholesale lending portfolio the energy sector developing countries some basic industrial companies and several commercial real estate businesses mellon said the loan loss reserve at the end of the first quarter is estimated to be mln dlrs or about pct of the loan book compared with mln dlrs or pct of total loans at the end of mellon said its primary capital ratio at the end of the first quarter will be in line with the end figure of pct well in excess of regulatory guidelines non performing loans at quarter end are estimated at billion dlrs or pct of the loan portfolio compared with mln dlrs or pct at the end of barnes noted that mellon has a bigger involvement in energy based lending than many other banks because of the lack of a substantial recovery in energy prices this year especially in natural gas prices it was felt prudent to increase reserves and take losses on loans in this sector this action relates both to loans to companies directly involved in energy as well as loans to real estate developers home builders and financial institutions in the southwestern united states barnes said as for ldc loans he said mellon had removed about mln dlrs in fully current argentine loans from cash basis but had charged off about mln dlrs in private sector mexican debt he said mellon which was ordered in december to quit brazil because of its refusal to renew some short term credit lines expects to participate in efforts to helpt brazil and other sovereign borrowers to reschedule their debts loans to basic industries were not major contributors to the increase in non performing assets or to first quarter charge offs but mellon said it remains concerned about the absence of a strong recovery in steel and related industries the increase in reserves the dividend cut and continued management cost cutting are aimed at ensuring that mellon has the financial strength to deal with current uncertainties barnes said we cannot predict when the uncertainties that presently trouble us will end but we are confident we are managing them aggressively he added reuter
money-fx	u k money market given mln stg late help the bank of england said it had provided the money market with around mln stg late assistance this takes the bank s total help today to some mln stg and compares with its estimate of a mln stg shortage reuter
earn	kloeckner sees further growth in engineering kloeckner werke ag klkg f should have turnover this year around s billion marks though more growth is likely in engineering in coming years management board chairman herbert gienow said he told a news conference at the trade fair here that by the mid s turnover should reach between six and seven billion marks mainly through acquisitions totalling several hundred million marks kloeckner reported in march higher profits in its engineering sector which enabled it to raise profits by nearly a third in the year to mln marks from mln reuter
acq	first federal fort myers ffmy to make purchase first federal savings and loan association of fort myers said its board has executed a letter of intent to acquire first presidential savings and loan association of sarasota fla for dlrs in cash the company said a definitive agreement is expected to be executed by may and the transaction is expected to be completed by year end the purchase price is subject to an increase on a dollar for dollar basis to the extent that the net worth of first presidentail exceeds dlrs at the time of closing the company said
acq	eli lilly and co plans to sell its elizabeth arden subsidiary
earn	san diego gas sdo sees decision hurting net san diego gas and electric co said a california public utilities commission decision to reconsider allowing only mln dlrs of the mln dlrs in san onofre nuclear station costs it disallowed makes it likely that earnings in will be reduced at least cts per share the company said if the decision to disallow the other mln dlrs is not changed earnings would be penalized by another cts reuter
acq	eli lilly lly to sell elizabeth arden unit eli lilly and co said its board decided to sell elizabeth arden inc a wholly owned subsidiary that manufactures and markets cosmetics and fine fragrance products it said the business which had sales of mln dlrs when it was acquired in had sales last year of mln dlrs up pct from it had operating profits of about mln dlrs in lilly said it retained morgan stanley and co to help evaluate offers lilly said it expects to use the after tax proceeds from the sale of its cosmetics business for general corporate purposes including the repurchase from time to time of its common stock or warrants on the open market in a statement lilly chairman richard wood said this strategic decision was reached on the basis of our belief that in the future the corporation s resources including its research activities should be focused on its other business which have a high technology life sciences orientation reuter
jobs	belgian unemployment falls in march belgian unemployment based on the number of jobless drawing unemployment benefit fell to pct of the working population at the end of march from pct at end of february the national statistics office said the rate compares with pct at the end of march the total number of jobless stood at compared with in february and in march last year reuter
acq	key centurion keyc completes acquisitions key centurion bancshares inc said it has completed the previously announced acquisitions of union bancorp of west virginia inc and wayne bancorp inc reuter
acq	cb and t cbtb completes acquisition cb and t bancshares inc said it has completed the acquisition of first community bancshares inc of tifton ga which as assets of mln dlrs reuter
earn	general public utilities resumes dividends on common stock pays cts
acq	zimbabwe government buys into astra the zimbabwe government has bought pct of the equity in astra corporation for mln dlrs from netherlands based bommenede houdstermaatschappij nederland bv astra announced astra owns five companies with interests in engineering paint manufacture and the distribution of farm machinery and equipment motor vehicles and earthmoving equipment the company is now locally controlled with pct of its equity owned by the government pct by the dutch firm a six pct stake was donated to the astra corporation workers trust by the government and the dutch company reuter
earn	utilicorp recommends three for two split dividend increase and additional class of stock
earn	gpu gpu declares first dividend since general public utilities corp said its board declared a dividend of cts per share on common stock its first dividend since it omitted payment in february as a result of the three mile island nuclear accident in the company said it was able to declare the dividend due to progress in the cleanup of three mile island unit two a company spokesman said gpu expects to continue declaring dividends on a quarterly basis with the rate depending on the progress of the cleanup and on other company operations gpu said the dividend is of modest size representing less than a third of the amount paid as a dividend by the average electric utility as the operating companies need to return to the capital markets for debt and preferred stock this should tend to produce lower cost and better terms the company said the dividend is payable may to holders of record april reuter
earn	britton lee blii sees first quarter loss britton lee inc said it expects to report a loss on lower sales than it had anticipated for the first quarter the company earned dlrs before a dlr tax credit on sales of dlrs in the year ago period
jobs	ec to boost spending on job creation this year the european community ec is to boost spending to help the jobless this year the ec s executive commission said in a statement spending on its so called social fund would rise to billion european currency units from billion ecus in the fund is designed to help boost job creation and improve worker mobility and supplement national schemes in the ec s member states another mln ecus could be added if ec ministers switch unused project credits to other programs the commission said italy is the largest net beneficiary in getting mln ecus with britain in second place with mln reuter
acq	jacobs takes majority stake in cote d or jacobs suchard ag said it acquired a comfortable majority interest in its takeover bid for cote d or sa belgium s leading producer of chocolate in a statement jacobs said it had acquired all the shares tendered by the time its offer expired on march the offer for pct of cote d or at belgian francs per ordinary share was agreed with the belgian firm s board a jacobs spokesman declined to specify the size of the majority stake and said jacobs had not decided what it would do about acquiring the outstanding shares reuter
trade	yeutter says u s should stress trade negotiations as long term u s trade policy
earn	holiday hia recapitalization approved holiday corp said the new jersey casino control commission has approved its recapitalization plan providing the final regulatory approval needed the company said it expects to announce next week the record date for the special dlr per share dividend shareholders will receive under the plan and to pay the dividend during the month of april with the exact timing depending on the closing of financing arrangements holiday operates harrah s marina hotel and casino in atlantic city n j reuter
earn	comp u card international inc cucd th qtr net january end oper shr profit cts vs loss six cts oper net profit vs loss revs mln vs mln avg shrs mln vs mln year oper shr profit cts vs profit cts oper net profit vs profit revs mln vs mln avg shrs mln vs mln note net excludes extraordinary tax charge dlrs vs credit dlrs in quarter and credits dlrs vs dlrs in year reuter
trade	yeutter stresses importance of trade talks u s trade representative clayton yeutter stressed the importance of trade negotiations to open foreign markets rather than trade restrictions in a statement to the senate finance committee in the long term we cannot repeatedly bludgeon other nations into opening their markets with threats of u s restrictions rather we must be able to negotiate credibly for global liberalization yeutter said yeutter did not mention the recent u s trade sanctions against japanese semiconductors in his testimony on the pending trade bill yeutter said the trade bill should increase u s competitiveness aid u s trade negotiating leverage and avoid provoking foreign retaliation he urged congress to reject provisions that would mandate u s retaliation against foreign unfair trade practices yeutter emphasized the importance of the new multilateral trade negotiating round and called on congress to quickly approve an extension of u s negotiating authority we want to open foreign markets and establish and enforce rules of international competition not foster dependence on protection and subsidies he said reuter
trade	ec must explain farm policy to u s france says the u s and the european community could enter into a new trade dispute unless urgent action is taken to explain ec farm policy to the u s congress french official sources said they said prime minister jacques chirac planned to urge ec commission president jacques delors to send a team of experts to washington as soon as possible chirac returned to paris this morning after three days of talks in new york and washington in which trade and protectionism featured prominently at the centre of the new trade tension is an ec commission proposal to tax vegetable oils the sources said reuter
earn	centronics corp cen year loss oper shr loss cts vs loss cts oper net loss vs loss total income vs nil note resultes restated for discontinued operations and exclude discontinued operations loss dlrs vs gain dlrs reuter
earn	sandsport data services inc sand rd qtr net feb end shr nil vs nil net vs revs vs avg shrs mln vs mln nine mths shr nil vs nil net vs revs vs avg shrs mln vs mln reuter
interest	north carolina federal ncfs raises prime rate north carolina federal savings and loan association said it has raised its prime rate to pct from pct effective yesterday following moves by major banks reuter
earn	health images inc himg th qtr loss shr loss one ct vs loss seven cts net profit vs loss revs vs year shr loss cts vs loss cts net loss vs loss revs vs note share after preferred dividends reuter
earn	shell canada sees better profit lower spending shell canada ltd pct owned by royal dutch shell group anticipates an improved level of earnings in assuming a continuation of prices and margins that existed at the end of and early the company said in the annual report shell previously reported operating profit fell to mln dlrs excluding a mln dlr unusual gain from mln dlrs in the prior year the company also said capital and exploration spending of mln dlrs will be mln dlrs lower than last year due to the uncertain short term outlook
earn	utilicorp ucu seeks to split stock utilicorp united inc said its management is recommending to the board of directors a three for two stock split and an increase in the quarterly cash dividend rate currently at cts per common share the company said it is also submitting to shareholders at its may annual meeting a proposal authorizing an additional class of common stock utilicorp said the board of directors will vote on the split at its next regularly scheduled board meeting on may it added that its semi annual four pct stock dividend will not change utilicorp said the proposal to create a new class of stock if approved will authorize mln shares of class a common stock with a par value of one dlr the stock could be issued in various series with terms rights and preferences designated by the board in each instance utilicorp said the company said the new stock is intended to enhance utilicorp s ability to carry out future financings investments acquisitions or for other corporate purposes reuter
earn	american realty arb sets record date for offer american realty trust said its board has set april as the record date for its previously announced rights offering and the rights will be issued on april and expire may shareholders will be able to subscribe for shares for each share held at a price of dlrs per share reuter
earn	carter wallace inc car sets regular payout qtly div cts vs cts prior pay june record april reuter
interest	j p morgan jpm increases prime rate j p morgan and co inc said it is raising its prime lending rate to pct from pct effective today most major u s banks are now posting a pct rate citibank was the first to announce an increase on tuesday reuter
nat-gas	cooper basin natural gas reserves upgraded remaining recoverable gas reserves in the areas held by the santos ltd stos s led cooper basin joint ventures have been upgraded to billion cubic feet bcf from the estimated last may santos said the upgrading followed a re review by consultant coles nikiforuk pennell associates in light of the large number of gas finds since may santos said in a statement this means that total contractual commitments of bcf to the australian gas light co of new south wales and the pipeline authority of south australia can be met with spare gas available for sale in south australia it said reuter
interest	anz bank to cut australian prime rate to pct australia and new zealand banking group ltd anza s said it will lower its australian prime lending rate to pct from effective april the cut is the second announced by the bank in the last week following a cut from pct effective last monday the anz s new rate will be the lowest prime set by the four major trading banks and matches the rate set by one of the smaller foreign banks in january and left unchanged during the rise in primes over the last three months other primes range from to pct including those of the other three majors reuter
interest	anz bank in n z raises indicator lending rate the australia and new zealand banking group ltd in new zealand said it will raise its indicator lending rate to pct from pct on april a bank statement said the continuing rise in the cost of funds had to be passed on to the lending customers anz managing director brian weeks said recent developments in the money markets are of deep concern to all participants market participants are understandably nervous and cautious about future developments these include flows to and from the government relating to the privatisation of seven government departments on april we welcome the flexibility evident in the reserve bank s move to raise the system cash target yesterday but feel that to reduce the present nervousness the cash target and primary liquidity level need to be raised further he said the reserve bank has raised its daily cash target to mln n z dlrs from its normal mln dlrs call rates have traded as high as pct this week because of business year end march balance date book squaring westpac banking corp in new zealand announced yesterday it would increase its indicator lending rate by percentage points to pct on april reuter
jobs	german march unadjusted jobless falls west german unemployment unadjusted for seasonal factors fell to mln in march from mln in february the federal labour office said the total represents pct of the workforce compared with pct in february the seasonally adjusted jobless total rose however in march to mln from mln in february it added in march last year the unadjusted unemployment total stood at mln and represented pct of the workforce seasonally adjusted unemployment was mln the federal labour office said the number of workers on short time rose by to and the number of vacancies increased by to labour office president heinrich franke announcing the figures said the hesitant decline in the unadjusted jobless total reflected continuing bad weather slack activity in the capital goods sector and structural changes in the coal and steel industry in a separate statement the federal statistics office said the rise in the overall number of people in employment had slowed in february the office said that according to estimates for february mln people were in work a rise of around or pct compared with the same month in it noted that in january the year on year rise was or pct and the number in work stood at mln the decline in february compared with january reflected seasonal factors it added reuter
money-supply	taiwan issues more certificates of deposit the central bank issued billion dlrs worth of certificates of deposit cds boosting cd issues so far this year to billion a bank spokesman told reuters the new cds with maturities of six months one year and two years carry interest rates ranging from pct to pct he said the issues are intended to help curb the growth of the m b money supply which has grown as a result of increasing foreign exchange reserves the reserves hit a record billion u s dlrs last month reuter
acq	mim completes part of norddeutsche affinerie buy mim holdings ltd mima s said it has issued mln shares to preussag ag prsg f to complete the previously announced purchase of pct of norddeutsche affinerie ag from preussag terms of the acquisition of pct of norddeutsche affinerie from degussa ag dgsg f are currently being resolved mim said in a statement norddeutsche affinerie will then be owned pct by metallgesellschaft ag metg f and pct each by mim and degussa but mim said it and metallgesellschaft are proposing a further arrangement to give them pct each reuter
jobs	danish unemployment falls to pct in february denmark s seasonally adjusted unemployment rate fell to pct of the workforce in february from pct in january against pct in february the national statistics office said the total number of unemployed in february was against in january and in february reuter
tea	pakistani decision will hurt kenyan tea exports pakistan s decision to suspend tea import licences will hurt kenyan tea exports in the short term while exporters seek new markets sources close to nairobi broking houses and exporters said broking house officials in the sri lankan capital colombo yesterday told reuters pakistan had suspended the licences in order to link tea imports to pakistani exports the latest available figures show that kenyan exports to pakistan mainly tea were worth mln dlrs in while imports from pakistan amounted to only mln dlrs kenya provides over pct of pakistan s tea imports the nairobi sources said the pakistani decision did not come as a surprise as pakistan had been complaining of the trade imbalance for some time we are very disappointed that pakistan took such action it will certainly hurt kenya s tea industry in the short term as pakistan is kenya s second largest market a source at one broking house told reuters one tea broker said pakistan s move had already affected kenya s tea trade and was largely responsible for an average fall of two shillings a kilo at the export auction in mombasa last monday the trend is likely to continue until other countries replace pakistan which usually buys all qualities of our tea he added kenya has for a long time relied on britain pakistan egypt and to a lesser extent the united states as major markets for its tea the sources added small scale exporters who export mainly to pakistan would be worst hit by the pakistani move as it would take them longer to find new outlets they said reuter
trade	swedish prime minister s china visit boosts trade an big expansion in bilateral trade is expected as a result of swedish prime minister ingvar carlsson s visit to china a official of china s foreign economic relations and trade ministry official said he told the china daily that petroleum coal cotton non ferrous metals and electric engines could help balance the trade running at over three to one in sweden s favour total trade reached mln dlrs last year up pct on according to chinese statistics swedish sources said major paper mill projects and an aviation agreement would be discussed during carlsson s one week visit reuter
money-supply	south korean money supply falls in march south korea s m money supply fell two pct to billion won in march from billion in february provisional bank of korea figures show it rose a revised pct in february and was up pct from a year earlier m money supply fell pct to billion won in march against a revised rise of pct in february it has increased pct since march last year bank officials said the march falls were due mainly to various measures by the bank to absorb excess money reuter
acq	skandia international buys stake in nevi baltic skandia international holding ab the overseas offshoot of swedish insurance group forsakrings ab skandia skds st said it was buying a pct share in the london quoted property and financial services company nevi baltic plc no financial details were given nevi baltic with a turnover of mln stg and total assets of mln stg is controlled by norwegian finance company nevi as which will retain a pct stake in the british unit skandia said in a statement the deal is subject to formal approval from the swedish central bank the statement added reuter
sugar	london sugar opens steady but quiet raw sugar futures had a quiet opening call of lots with prices holding steady from last night with gains of to cents a tonne dealers said aug was trading at dlrs from asked yesterday the modest rise continued the recent rally from an oversold situation but dealers noted there was little fresh physicals news to stimulate activity whites tenders are scheduled for next wednesday by syria for tonnes and greece for tonnes while pakistan is due to tender on april for tonnes whites they said this week has seen whites buying by india and egypt reuter
ship	australian tug crews delay foreign container ships tug crews are preventing the movement of foreign flag container vessels in and out of the ports of sydney melbourne and fremantle shipping sources said they said maritime unions imposed bans on late wednesday for reasons that are obscure but seem to be linked with claims for a pay rise above the dlrs a week awarded by the arbitration commission nationally to all workers recently only about vessels are being delayed but the bans will affect container terminal movements and will disrupt liner schedules they said the dispute goes to the commission on monday they said reuter
cocoa	london cocoa trades at lows by midmorning cocoa futures fell to session lows by midmorning posting losses from last night of six to two stg a tonne in deliveries dealers said weekend profittaking by jobbers and general book squaring featured the fall which was aided by steady sterling versus the dollar and lack of offtake in the physicals market dealers said the market was switch and straddle bound in that any pressure on one particular month was certain to be reflected in adjacent deliveries the undertone however remained cautious as operators await an eventual start to icco buffer stock buying dealers said the market was originally forecast to open with average five stg gains from last night following new york s firmer close yesterday dealers said but this was largely counter balanced by currency factors near july traded at its session low of stg after one hour versus bid last night and an early high of volume midmorning was lots including lots crossed and switches there was no sign of any origin activity reuter
acq	horiz n agrees to mln stg bid from bass bass plc bass l and horizon travel plc said terms have been agreed for an offer worth around mln stg for horizon by bass the offer values each horizon share at some of a bass ordinary share or p this is based on a price of p the bass share quotation at gmt on april horizon said its board and financial advisers consider the offer to be fair and reasonable and the board will unanimously recommend acceptance to its shareholders horizon shares jumped p to after the announcement while bass shares dipped p to bass has for some time regarded overseas holidays as an area for expansion and in pursuit of this objective acquired a pct holding in horizon in when it set up the jointly owned hotel company both bass and horizon said that bass s resources will enable horizon s businesses to expand strongly this year on march bass said it had agreed to sell its pontins u k holiday camps to a newly formed private company pontins ltd for some mln stg reuter
sugar	london sugar trades at session highs by midmorning raw sugar futures firmed to session highs by midmorning securing gains from last night s basically steady close of to dlrs a tonne in a lot volume shortcovering against an oversold situation continued to play a part in the extended rally with unsettled dollar rates versus sterling providing additional support recent and prospective whites buying in the world market was supportive but the raws section lacked feature dealers said india and egypt bought white sugar this week while next week sees tenders by pakistan greece and syria they said may was at dlrs from asked last night all london daily prices rose two dlrs a tonne on tone the raws price was set at dlrs fob and dlrs stg cif the whites price was at dlrs from yesterday reuter
interest	belgium cuts treasury certificate rates the belgian national bank cut interest rates on one two and three month treasury certificates to pct from pct effective immediately the bank said in a telex message the bank last adjusted its short term treasury certificate rates on march when it also reduced rates for all three periods by points a national bank spokesman said the latest adjustment would bring the rates closer in line with currently prevailing interbank interest rates the spokesman said it was too early to predict whether the move would herald a reduction in discount rate which currently stands at eight pct when the bank holds its regular weekly meeting at which the rate is discussed next wednesday the discount rate generally moves in tandem with the three month treasury certificate rate however there is no formal link and the discount rate was not adjusted following the march changes reuter
crude	closure of bp sweden refinery forecast a swedish finance ministry committee forecast that british petroleum plc bp l may have to close its refinery in gothenburg because of an anticipated worsening of the swedish petroleum industry s competitiveness it said in a report that the future of the swedish refining business was bleak due to the steady drop in domestic oil consumption since the mid s a possible tightening of rules on sulphur content and competition from norway s mongstad facility of den norske stats olieselskab statoil stat ol when its expansion is completed in the s the committee said the bp refinery which lacks a de sulphurisation plant was likely to be closed or sold unless costly investments were made to enhance the facility s capacity to refine a broader range of products but the committee noted that capacity utilisation had in recent years been above that of the european refining industry on average the bp plant in which sweden s state owned ok petroleum ab has a pct started up in and has an annual capacity of mln tonnes there was nobody at british petroleum immediately available for comment
sugar	recent sugar fall sparks soviet chinese buying the recent fall in world sugar prices due to increased producer pricing sales and evidence of export availability has encouraged renewed buying interest from china and the soviet union london trade house e d and f man said further purchases are expected by the peoples republic of china at the lower end of the recent price range which should limit the downside movement it said in its latest monthly market report and it is believed that the soviet union will need to return to the market to take a further tonnes for may june shipment man added the soviets purchased five cargoes of raws for april may shipment towards the end of last month which brings its total purchases to around mln tonnes man said production estimates for the thai crop now exceed mln tonnes and the final outturn appears set to reach around mln tonnes however this upturn in the thai crop is being countered by a reduction in china s production forecast to mln tonnes from mln estimated earlier market participation by cuba suggests that its crop could be close to last year s mln tonnes but even with similar production man expects cuban exports to be significantly down cuba was reported to be carrying mln tonnes of stocks in september of which some tonnes were used to boost its exports to about mln but as it will not be able to draw on surplus stocks this year man estimates cuba s export availabilty will be reduced to to mln tonnes however cuba is only one of a large number of exporters with reduced availability man said since the total free market export supply has fallen to mln from about mln tonnes but at the same time free market demand has also fallen by almost the same amount which has left exporters chasing falling import requirements a fairly tight balance now appears to have emerged but the difficult task of keeping production advances at bay still remains as at least one more season of production deficit is needed to eliminate some of the remaining surplus stocks still overhanging the market man said the increasing cases of record production as a result of record yields and better husbandry have forced sugar producers to strive for greater efficiency as this increase in efficiency reduces the marginal cost of production sugar exporters may become more responsive to prices and in particular to upward price movements man said commenting on the current row between the ec commission and sugar producers man said despite the recent improvement in the level of restitutions they are still insufficient to fully compensate producers when exporting on the world market unless there are further improvements at least some sugar is expected to remain in intervention it added reuter
earn	hindustan lever profits rise for shr rupees vs seven pretax profit mln vs mln net profit mln vs mln sales billion vs billion div pct vs pct tax mln vs mln dividend payable on june the company is pct subsidiary of unilever plc the full name of the company is hindustan lever ltd hinu bo reuter
money-fx	u k money market deficit revised upward the bank of england said it has revised its estimate of today s shortfall to mln stg from mln reuter
gnp	spain revises economic targets for spain has revised some of its main economic targets for after studying the performance of the economy in the first quarter the economy ministry said in its monthly bulletin internal demand is now forecast to rise four pct against a previous target of pct mariano rubio governor of the bank of spain the central bank yesterday said internal demand was currently growing at an annual rate of six pct and it had to be brought down to four pct if the government were to meet its five pct inflation target this year inflation was pct in the forecast for private consumption growth remains unchanged at three pct although public consumption is revised upwards to pct from pct growth in domestic demand will fuel imports expected to increase by pct against an originally estimated pct export growth has been revised downwards to pct from pct due to the peseta s continuing strength against the dollar and slack external demand slow growth of exports and a tight rein on state spending has lowered estimated gdp growth to three pct in from an earlier forecast pct gdp grew by three pct last year the economy ministry is holding its inflation forecast to five pct in spite of minister carlos solchaga s doubts last week on whether this target could be maintained if wage settlements continue to rise above the government s recommended five pct ceiling unions and employers dispute the average wage increases agreed so far this year trade unions calculate wage settlements have produced average rises of pct against pct estimated by the employers federation ceoe reuter
sugar	beghin say not planning to withdraw sugar french sugar producer beghin say is not currently planning to withdraw the sugar it has placed into intervention despite the exceptionally high rebate awarded at this week s european community ec sugar tender beghin say president jean marc vernes told reuters the maximum rebate of ecus per kilos on wednesday was the largest ever granted according to traders vernes said he was satisfied the european commission has started to move in the right direction but said his company had no plans to change its decision to put sugar into intervention but vernes said he hoped that in the next few weeks a final agreement would be reached with the commission which would allow operators to withdraw the sugar from intervention european operators offered tonnes of sugar into intervention to protest about export rebates which they say are too low over tonnes of this sugar was accepted by the commission on wednesday according to commission sources under ec regulations however operators have another four to five weeks to withdraw the sugar from intervention before payment is made for it a total of tonnes of french sugar and tonnes of west german sugar has been accepted into intervention trade sources said here this amount represents about a third of annual ec exports to non ec countries beghin say declined to specify the amount of sugar it had offered into intervention but said it was below tonnes producers say they have been losing to ecus on every kilos exported due to the failure of rebates to fully bridge the gap between ec and world prices wednesday s rebate was ecus short of what producers say is needed to get an equivalent price to that for sales into intervention traders said vernes said operators hope to get a rebate which equates to the full intervention price and said wednesday s tender was a step in the right direction sugar producers here said the volume of sugar authorised for export since the begining of the current campaign had been inadequate and that more should be exported now to compensate trade sources said new regulations governing export rebates which are due to be adopted shortly may smooth the path for the commission to award larger export rebates in future one source at a leading french sugar house said it seemed the commission had understood the protest action and was now moving towards adapting the situation accordingly thereby allowing the operators to withdraw their sugar from intervention once they got satisfaction reuter
money-fx	stoltenberg says paris accord policy to continue west german finance minister gerhard stoltenberg said the currency agreement reached in paris in february had been successful and would be continued stoltenberg told journalists before he attends next week s international monetary fund meeting in washington that the strategy to stabilise currencies around current levels has proven its worth and will also determine future developments stoltenberg declined to comment specifically on what he would consider to be an undervalued dollar but said a dollar around marks created problems for west germany s exports stoltenberg said studies by international organisations had made it clear that especially in the u s and in japan major efforts remained necessary to support adjustments in foreign trade balances via necessary corrections to economic policy no one would benefit if after years of over valuation the u s dollar fell into the other extreme that is strong under valuation he said stoltenberg said west germany had a keen interest in a swift agreement between the u s and japan concerning the current trade dispute over semi conductors asked whether he believed the markets would test the paris currency accord stoltenberg did not comment specifically but noted that much of what had been discussed in paris had not been published the paris declaration did not state the levels at which central banks of the major industrialised countries would intervene stoltenberg said that everything had been carefully considered he said he had nothing further to add stoltenberg also appeared to suggest that west germany was now no longer under any pressure from the u s government to stimulate its economy he declined to respond specifically to a question on this subject but said you must attach particular importance to the consensus which was reached in paris the minister nevertheless added that he would make clear during his trip to washington that west germany s nominal trade figures gave a false impression about actual trade flows stoltenberg noted that in bonn s exports fell by a nominal two pct while its nominal imports fell by pct west germany s imports dropped largely because of foreign currency developments and the cheaper price of oil and led to a record trade surplus last year however stoltenberg said that in real terms west germany s exports by volume had increased by pct while real imports had risen by a much stronger pct in this way west germany had made its contribution to economic stability stoltenberg added stoltenberg noted the government expected imports to rise by a real four to five pct in with exports stagnating he said it was too early to revise official forecasts for west germany s economic growth this year the government has forecast an unchanged pct rise in gross national product the kiel institute a leading research body is still expecting growth of three pct but some other research institutes have revised forecasts down to below two pct stoltenberg said the wide range of predictions showed how many imponderables had to be taken into account and said no drastic changes in official forecasts were needed reuter
acq	pioneer sugar says csr takeover offer too low pioneer sugar mills ltd said it considered the proposed dlrs a share cash takeover offer announced by csr ltd csra s on march to be too low in view of the group hk uiie and prospects csr s bid for the pct of pioneer s mln issued shares it does not already hold values the entire grop j culd make an alternative share offer but has not yet announced terms pioneer recommended in a statement that shareholders retain their stock pending the board s response once it receives full details of the csr offer reuter
earn	german chemical industry sees lower profits west germany s chemical industry fears mounting risks will hurt earnings but hopes turnover will stabilize around s billion marks josef strenger a board member of the industry association vci said strenger management board chairman of bayer ag bayg f told a news conference at the hanover trade fair the main dangers were stagnation in world trade the lower dollar as well as crude oil and commodity prices prospects of higher operating costs were also seen harming earnings he said turnover took a considerable downturn at the start of after falling pct in the chemical industry which relies heavily on exports was badly hit by mark appreciation in and lower turnover was mainly due to foreign exchange losses strenger said exports fell pct to billion marks in and competition from u s and british firms increased savings from lower oil and commodity prices were eaten up by price competition and increased costs strenger said operating profits of german chemical firms were slightly worse than the year before but the improved financial and balance sheet structure after three good years neutralized the negative impact strenger said the industry would try to increase production in the u s to make up for lost export possibilities out of west germany the lower dollar was the main reason for an pct fall in exports to north america an pct drop to latin america and pct plunge to the middle east exports to western europe eased pct and far east exports due to an economic revival in japan dropped pct strenger noted that the industry had lost public confidence following several cases of chemical pollution of the rhine late last year reuter
crude	norsk hydro saga seek drilling rights in gabon norwegian oil companies norsk hydro a s nhy ol and saga petroleum a s sago ol said they have applied for offshore exploration drilling licenses in gabon on africa s west coast saga petroleum said it has applied for a pct share and operatorship on one block adding finnish oil company neste neoy he pct spain s hispanoil pct and the world bank s international finance corporation ifs pct have joined saga to fill remaining shares in the application saga spokesman roy halvorsen told reuters he expected gabonese officials would reply to the application by easter halvorsen said this is the first time saga has applied to operate on opec member gabon s continental shelf adding that italian oil company agip is heading a group of applicants in a separate bid for the same license norsk hydro has also applied for an undisclosed share in a single exploration license in which u s oil company tenneco has already been assigned operatorship company spokesman bjoern tretvoll said reuter
interest	top discount rate at uk bill tender rises to pct
money-fx	u s treasury policies said unchanged by departure the departure of james baker s closest aide deputy treasury secretary richard darman will not change the course of washington s domestic and international economic policies u s officials said darman who has worked alongside baker for six years was widely credited with helping him mastermind initiatives on currency management and international economic cooperation u s officials said darman also played a key role in shepherding president reagan s sweeping tax reform plan through the u s congress but they flatly dismissed suggestions that his departure to the investment banking firm of shearson lehman brothers signaled the baker team was breaking up or that the treasury secretary himself might leave soon it really does not mean that he took the opportunity as it came up one official said another commented baker will miss him but he s not going to stand in his way there has been widespread speculation since last autumn that darman sought a wall street job officials said darman felt the passage of tax reform late last year marked an appropriate moment to bow out baker acknowledged darman would be sorely missed dick darman has contributed mightily to the success of this administration over the past six years and his departure represents a substantial loss he said u s officials admitted darman s absence would be an undoubted blow to baker who has relied on him for policy advice both at the white house and in reagan s second term at the treasury one aide once described darman as indispensable to baker baker is widely thought to want a more stable currency system and darman is generally credited by officials of other nations as baker s leading theorist on this issue favouring target zones to limit currency fluctuations earlier this year monetary sources said the u s treasury unsuccessfully sounded out allies on a target zone system but a u s official disputed the assessment that with darman gone baker would abandon international initiatives baker s work as head of reagan s economic policy council spearheading trade policy and his skills in negotiating with the democrat controlled congress will go on as before darman s strength was not as an economist but as a political strategist and that s baker s strength too the official said there were already indications that baker who throughout his time in government has relied on a closely knit circle of advisers has moved swiftly to find a successor one possibility is that baker might turn to george gould who holds the number three treasury position of under secretary gould another close confidante has known baker for years before joining the treasury in november gould was a partner at the wall steet firm of wertheim and co and formerly headed donaldson lufkin and jenrette securities corp the darman announcement came on the eve of the semi annual meetings of the international monetary fund and the world bank where many policies darman helped shape will be debated he helped baker devise the september plaza agreement when the united states japan west germany france and britain curbed the dollar s strength the pact was a major turning point in u s policy ending a period of disdain for economic cooperation and intervention in currency markets darman also worked on some other baker initiatives like the tokyo summit agreement to intensify coordination of economic policies among the leading industrial countries and the recent paris agreement to stabilise currencies and stimulate global growth these policies are collectively aimed at redressing the huge gap between japan and west germany s trade surpluses and the united state s massive trade deficit that policy goal still remains a prime objective of the reagan administration and will not change with darman s departure reuter
interest	top discount rate at uk bill tender pct the top accepted rate of discount at the weekly u k treasury bill tender rose to pct from pct last week applications at the lowest accepted price of stg were allotted around pct of the amount applied for and applications above that price were allotted in full the bank of england said a total of mln stg of treasury bills was offered for sale this week last week the average rate of discount was pct reuter
cocoa	dutch cocoa bean imports rise in january total dutch imports of cocoa beans rose to tonnes in january from in january while exports fell to tonnes from the central bureau of statistics said cocoa butter imports rose slightly to tonnes from while exports fell slightly to from tonnes imports of cocoa powder fell to tonnes from and exports to from tonnes reuter
coffee	dutch green coffee imports fall in january dutch green coffee imports fell to tonnes in january from tonnes in january and exports fell to tonnes from the central bureau of statistics said imports of colombian coffee were tonnes in january brazilian indonesian guatemalan cameroun and ivory coast reuter
money-fx	ec ministers will discuss strengthening ems float european community finance ministers and central bankers meet in belgium this weekend to discuss strengthening europe s joint currency float amid continuing worries about turbulence on foreign exchanges belgian finance minister mark eyskens who will host the informal talks told reuters the ministers and central bank chiefs would discuss the situation on currency markets in the light of the february agreement among leading industrialised countries to stabilise exchange rates around present levels in an interview eyskens said he felt the paris accord between the united states japan west germany france britain and canada had proved itself more or less workable but doubts over its effectiveness and durability have been growing since fears of a trade war between the united states and japan over computer microchips pushed the dollar to a record low against the surging yen early this week the talks at the belgian resort of knokke are being held to coordinate the ec s positions on monetary issues and third world debt ahead of the spring meetings of the international monetary fund and world bank in washington next week the ec gathering begins tonight with a dinner but the main discussions will take place tomorrow continued international currency turbulence could undermine plans for reinforcing the european monetary system the joint float holding eight ec currencies within narrow fluctuation bands which will feature high on the weekend agenda eyskens has repeatedly said that europe needs a period of calm on world currency markets and in particular a more stable dollar before it can set about strengthening the ems to make it more resilient against exchange rate swings the ems has been taking a battering over the last year as the falling dollar has sent funds surging into the dominant ems currency the west german mark forcing ministers to undertake two major realignments of parities within nine months in the interview eyskens made clear he was hoping for a wide ranging discussion on the future of the eight year old ems on the basis of proposals for bolstering it drawn up by the ec s monetary committee and the committee of central bank governors the committees were asked to come up with the proposals after the last reshuffle of ems exchange rates in january eyskens repeated calls for the european currency unit the fledgling ec currency at the core of the system to take over the mark s dominant role in the ems a proposal that has met with a cool response in west germany he said ec commission president jacques delors would report to the meeting on problems raised by plans to liberalise capital movements fully within the nation bloc by such as the need for harmonising taxes and banking controls eyskens said liberalisation of capital movements without strengthening the ems would be an element of destabilisation in the community he said the crucial issue in the debate was whether member states were willing to push further towards the ec s goal of monetary integration on the basis of an ems that included management of exchange rates by some kind of common institution instead of by national central banks as at present plans for the creation of such an institution foreseen by the ems s founding fathers have been thwarted by the reluctance of some countries notably west germany to gove up their sovereignty in the monetary field ems development has also been held up by britain s refusal so far to join the system s core exchange rate mechanism reuter
reserves	canada march foreign reserves rise billion u s dlrs official
jobs	u s march jobless rate fell to pct the u s civilian unemployment rate fell to pct in march from pct in february the labor department said the number of non farm payroll jobs rose last month after rising a revised in february that was down from the previously reported rise in february the march unemployment rate was the lowest since march it had remained unchanged at pct for three straight months before the march decline the rise in non farm payrolls was the smallest since a decline last june of the department said last month s unemployment rate was down from the pct level in march growth in jobs continued in march but was slower than in recent months with the gains concentrated in service industries the number of goods producing jobs fell in march while service producing jobs rose to bring the total jobs in the department s survey of businesses to mln in march business and health services showed the largest gains in jobs while manufacturing employment fell by the average work week fell to hours in march from hours in february the department said manufacturing hours fell to per week from hours in february but overtime hours increased to from the department s survey of households showed the number of unemployed stood at mln out of a work force of mln the number of persons working part time for economic reasons fell in march to mln from mln in february the loss of factory jobs brought the march total to mln jobs and was concentrated in automobile electrical and electronic manufacturing construction employment also lowered the number of jobs in the goods producing sector falling by after seasonal adjustment the department said mining employment was little changed in march and has not experienced any substantial erosion since the rapid job losses in oil and gas drilling in the first two thirds of other service industries that increased jobs last month were finance insurance and real estate reuter
acq	altex aii sets acquisition of computer firms altex industries inc said it has agreed in principle to buy pct of two privately held affiliated computer retail companies for an undisclosed amount altex said the denver based companies had revenues of over seven mln dlrs last year they are integrated management data systems inc which sells accounting software systems to the oil and gas industry and integrated management systems micro distribution division inc which distributes micro computer products altex said it expects to close the transaction which is subject to financing in july reuter
ship	australia tug crews bar foreign container ships tug crews are preventing the movement of foreign flag container vessels in and out of the ports of sydney melbourne and fremantle shipping sources said they said maritime unions imposed bans on late wednesday for reasons that are obscure but seem to be linked with claims for a pay rise above the dlrs a week awarded by the arbitration commission nationally to all workers recently only about vessels are being delayed but the bans will affect container terminal movements and will disrupt liner schedules they said the dispute goes to the commission on monday they said reuter
earn	stanline inc stan regular dividend qtly div eight cts vs eight cts in prior qtr payable april record april company said its board intends to declare cash dividends quarterly and plans to pay a five pct stock dividend annually following the close of each fiscal year the initial five pct stock dividend was paid december to holders of record november reuter
acq	talking point santa fe southern sfx santa fe southern pacific corp may have more difficulty combining its two railroads than fending off a possible takeover by henley group heng which has accumulated almost a five pct stake in the real estate and railroad conglomerate analysts said takeover speculation has surrounded santa fe since henley disclosed its stake in the company earlier this week but analysts and a santa fe official were skeptical a takeover is its intention analysts also said the company has strong defenses that would easily deter any suitor one of those being its problems combining its two railroad properties which hang in regulatory limbo richard fischer of merrill lynch and co inc said that santa fe at december had mln dlrs in cash and cash equivalents while its long term debt to capital was just over pct this gives them plenty of borrowing power he said which could be used against an unwanted suitor henley group s chairman michael dingman has said he wants to take major positions in undervalued natural resource companies he also told reuters in an interview he is seeking an acquisition of from two billion to eight billion dlrs santa fe officials don t appear concerned that henley might launch a takeover i would not characterize the atmosphere around here as one of concern one santa fe executive said about henley i think it s wrong to assume dingman has formed a firm strategy with santa fe said mark hassenberg who covers henley for dlj securities analysts say the potential of santa fe s land assets are likely to be realized slowly they add that santa fe s efforts to merge its two railroads remain in regulatory limbo sidetracking many of its strategic plans for the foreseeable future these realities they said support the henley group s statement that its santa fe stake is only an investment the more pressing problem facing santa fe is overcoming difficulties in merging its two railroads the atchison topeka and santa fe railway co and southern pacific transportation co the merger would create the nation s second longest railroad last july the interstate commerce commission icc denied the merger on anticompetitive grounds the company since has granted trackage sharing rights to four western railroads to meet the icc s concerns and persuade it to reopen the hearings in its three year old struggle to merge the lines my guess is the commission will decide in three to six weeks whether to reopen hearings fischer said i believe they ve made an effort to satisfy the icc s objections he said but in doing so they haven t pleased everyone before they had burlington northern on their side now burlington is opposed to the way trackage rights are set up if the hearings are reopened analysts predicted it will take six to nine months for everyone to have their say and up to another year for the icc to decide santa fe is in the midst of a mln share stock buyback program begun in it has bought back mln shares as of february when it had mln shares outstanding a spokesman said among the shares repurchased were two stakes owned by norfolk southern one of mln shares bought in and another of mln shares in one analyst said james voytko at paine webber believes santa fe could fight off the henley group with its cash and credit citing the share buybacks from norfolk southern he said one of santa fe s options if threatened could be to buy the henley stake it is indeed possible that dingman sees this as a low risk opportunistic investment voytko said people who follow santa fe have given me values of dlrs to dlrs a share said dlj securities hassenberg but i m certain that in dingman s mind the company is worth more than that in breakup value reuter
reserves	canadian foreign reserves surge in month canadian foreign reserve holdings rose billion u s dlrs in march to billion dlrs the finance department said the department said the change from february included a decrease of mln dlrs from the repayment at maturity of a swiss franc mln issue also included was also a mln dlr decline from a net redemption of canada bills the par value of bills outstanding was mln dlrs at march this month s reserves were billion dlrs above march s total of billion dlrs reserve holdings in u s dlrs at end of march versus end of february were as follows u s dlrs billion vs billion other foreign currencies mln vs mln gold mln vs mln special drawing rights mln vs mln imf reserves mln vs mln reuter
grain	japan study urges foreign access to farm markets japan should increase foreign access to its farm products market while encouraging further development of domestic agriculture a government report said the white paper on agriculture for the year ended march said active participation in writing world farm trade rules at the next round of general agreement on tariffs and trade gatt talks will help prepare japan to improve access agriculture ministry sources said the paper marked an easing in japan s tough position on agricultural imports which stressed the need for strict controls on some products to maintain self sufficiency in food japan now produces only pct of its annual grain needs down from pct some years ago official figures show the paper said japanese agriculture has been slow to improve productivity and demand supply imbalances the relative shortage of farmland in japan is mainly responsible for higher domestic prices it said the strong yen has meant lower input material prices but has also resulted in higher agricultural imports which has worsened working conditions among part time farmers the paper said this could make it difficult to improve the industry s structure the paper said to solve these problems and to reduce farm product prices to more reasonable levels japan should try to restructure the the agricultural sector to improve productivity and make it self supporting it said reuter
earn	hilton hlt st qtr earnings up about pct hilton hotels corp said its first quarter net income rose pct paced by strength in both hotels and gaming based on preliminary results the company said net income rose to about mln dlrs or cts a share from mln dlrs or cts a share in s initial three months reuter
acq	pioneer sugar says csr takeover offer too low pioneer sugar mills ltd said it considered the proposed dlrs a share cash takeover offer announced by csr ltd csra s on march to be too low in view of the group hk uiie and prospects pioneer recommended in a statement that shareholders retain their stock pending the board s response once it receives full details of the csr offer reuter
alum	suralco offers cash for workers to leave the u s owned surinam aluminum company suralco offered workers a lump sum and up to five months wages to quit the firm because jungle based rebels have disrupted bauxite mining and alumina smelting anp said the dutch news agency said suralco a subsidiary of the aluminum company of america alcoa wanted to reduce its work force because it had been hard hit by guerrilla attacks that cut power lines to the area in january all bauxite mining at moengo ceased four months ago and suralco s paranam alumina smelter is using imported bauxite reuter
acq	general partners willing to pay dlrs share for gencorp
money-supply	belgian money supply rises in fourth quarter belgian total money stock rose to billion francs at the end of from billion at the end of the third quarter of last year and billion at the end of belgian national bank figures showed paper money rose to billion francs from billion and billion respectively other forms of privately held money to billion from billion and billion money held by the public authorities fell to billion francs from billion at the end of the previous quarter but was above the billion at the end of the bank said the government does not set money supply targets arguing they are inappropriate to a small economy with major trading and monetary links with much larger trading countries reuter
money-fx	stoltenberg says paris accord policy to continue west german finance minister gerhard stoltenberg said the currency agreement reached in paris in february had been successful and would be continued stoltenberg told journalists before he attends next week s international monetary fund meeting in washington that the strategy to stabilise currencies around current levels has proven its worth and will also determine future developments stoltenberg declined to comment specifically on what he would consider to be an undervalued dollar but said a dollar around marks created problems for west germany s exports he said studies by international organisations had made it clear that especially in the u s and in japan major efforts remained necessary to support adjustments in foreign trade balances via necessary corrections to economic policy no one would benefit if after years of over valuation the u s dollar fell into the other extreme that is strong under valuation he said stoltenberg said west germany had a keen interest in a swift agreement between the u s and japan concerning the current trade dispute over semi conductors asked whether he believed the markets would test the paris currency accord stoltenberg did not comment specifically but noted that much of what had been discussed in paris had not been published the paris declaration did not state the levels at which central banks of the major industrialised countries would intervene stoltenberg said that everything had been carefully considered he said he had nothing further to add reuter
coffee	brazilian coffee rainfall the following rainfall was recorddd in the areas over the past hours parana state umuarama millimetres paranavai mm londrina mm maringa mm sao paulo state presidenze prudente mm votuporanga mm franca nil catanduva mm sao carlos nil sao simao nil reuter
interest	average discount rate at uk bill tender pct the average rate of discount at today s u k treasury bill tender rose to pct from pct last week the bank of england said this week s mln stg offer of day bills met applications of mln stg the bank said applications for bills dated monday to friday at the top accepted rate of discount of pct were allotted about pct next week mln stg of treasury bills will be offered replacing mln stg of maturities reuter
trade	imf world bank to meet amid new inflation fears amid new concerns about inflation interest rate increases and trade confrontations finance ministers and central bankers meet next week to discuss a deteriorating global debt and economic situation the meetings under the auspices of the international monetary fund and world bank come as interest rates are turning higher and the already weak dollar has sunk further upsetting bond and stock markets uncertainty is growing about the vitality of the global economy and whether the heavily indebted countries can continue to carry the burden of their growing debt without vast new assistance monetary and diplomatic sources said there are no signs any new debt initiative of the sort that treasury secretary james baker unveiled months ago in seoul is in the works the strategy has drawn a serious challenge from brazil which suspended interest payments on billion dlrs of commercial bank debt last month the banks have responded by laying the groundwork for writing down brazilian loans separately french prime minister jacques chirac in a visit earlier this week with president reagan sounded out the administration on a plan to funnel worldwide grain surpluses to the very poorest states the french plan is certain to be discussed by the ministers in detail during next week s meetings and will undoubtedly be embraced by the developing countries there s interest on the part of some countries for looking at the support of the special problems of the very poorest countries because their position is so extreme a reagan administration official said he suggested washington was open to disussing the issue the meetings will also assess the success of the baker debt initiative which called for new funding to help debtor countries grow out of their problems the largest industrial countries have been attempting to coordinate economic policy in the hope of controlling the decline of the dollar u s trade and budget deficits and other problems at the same time the industrial countries see little evidence of a strengthening of economic activity and the fund forecasts they will grow pct the united states sees pct growth for itself continuing its expansion for a fifth year and has asked other industrial countries to stimulate their economies these issues directly affect the debt problem and the ability of the debtor countries to grow out of their difficulties in recent years u s markets have absorbed the exports of developing country allowing them to earn critical foreign exchange but the united states wants to cut its trade deficit running at a record billion dlrs and is pressing others to import more from developing countries the discussions from april six to will be wide ranging touching everything from interest rates to the impact of development loans on the environment according to monetary sources the talks will include an examination of trade protectionist pressures in the wake of a decision by the reagan administration to place some mln dlrs in tariffs on microchip products from japan the sources said the move accelerated the dollar s decline as financial markets grew alarmed that trade war was in the offing there is concern that the action prompted by u s charges that japan has been selling computer chip products below fair market value and has kept its own market closed to imports further undermining the international trading system at the same time the ministers will discuss the fundamental price weakness in basic commodities the export mainstay of many developing countries the so called group of five industrial countries the united states japan west germany france and britain will gather for the first time since their february talks in paris where they agreed to keep the dollar from sliding further the five will be joined later by italy and canada for further debate on economic policy coordination as part of the paris accord surplus countries such as japan agreed to stimulate their economies while america said it would reduce its federal budget deficit other major issues of the meetings include a u s bid to to have a larger say in approving loans of the inter american development bank strengthening the link between loans and economic policy changes in debtor nations washington is also pressing the world bank to take more account of the environment when making loan for dams and other projects the new head of the bank barber conable has said this issue is being reviewed and will be part of a reorganization plan for the bank now being prepared reuter
nat-gas	nerco ner to acquire interest in gas filed nerco inc said it has agreed to acquire a pct working interest in the broussard gas field in southern louisiana from privately owned davis oil co for about mln dlrs in cash nerco said the interest being purchased will give it estimated proven oil and gas reserves equal to six billion cubic feet of natural gas the property includes six gas wells one oil well two undeveloped drilling locations a central production facility and a gas gathering system nerco is pct owned by pacificorp ppw reuter
acq	canrad cnrd acquires measurement systems canrad inc said it acquired the measurement systems division of page wilson corp for an undisclosed amount of cash canrad said the acquisition is expected to increase its annual revenues by about mln dlrs reuter
acq	pantera s pant acquires restaurants pantera s corp said it closed on its agreement to acquire ten pizza restaurant locations in southeastern colorado it said the purchase price was dlrs which was paid by cash and stock reuter
copper	noranda says fire caused mln dlrs in damage noranda inc said a copper mine fire that killed one miner and trapped others for nearly a day caused an estimated mln canadian dlrs in damage the fire which started wednesday and burned for more than hours destroyed the mine s three year old conveyor system officials said michel lefebvre vice president of operations said noranda will operate the mine at about one third of its normal short ton annual finished capacity using above ground reserves until it decides whether to keep the mine open the events we sustained yesterday and the day before are a very serious setback for gaspe mines operations lefebvre said gaspe mines is the name of the noranda division that operates the murdochville mine he said it would take four or five months to bring operations up to full capacity if the company decides to do so adding that he believes there is a good chance noranda will fully reopen the mine reuter
acq	general partners to raise bid for gencorp gy general partners said it was prepared to raise its bid for gencorp inc to dlrs cash per share from dlrs per share in a letter from general partners to a william reynolds chairman and chief executive officer of gencorp the company stated that if gencorp could prove the company was worth more general partners would be willing to consider an even higher price general partners also left open the possibility of an alternative to an all cash offer general partners told gencorp if it believed shareholders would be better served by a smaller cash price with a security representing a continuing long term interest in gencorp s prospects it would be willing to discuss an alternative specifically general partners said it was prepared to discuss an acquisition giving shareholders a continuing interest in aerojet general a valued business of gencorp reuter
earn	mangood corp mab year oper loss oper shr loss vs loss dlrs oper net loss vs loss sales mln vs mln avg shrs vs note earnings exclude a gain on restructuring of dlrs or dlrs a share reuter
copper	noranda copper mine fire caused heavy damage noranda inc said a copper mine fire that killed one miner and trapped others for nearly a day caused an estimated mln canadian dlrs in damage the fire which started wednesday and burned for more than hours destroyed the mine s three year old conveyor system officials said michel lefebvre vice president of operations said noranda will operate the mine at about one third of its normal metric ton annual finished capacity using above ground reserves until it decides whether to keep the mine open the events we sustained yesterday and the day before are a very serious setback for gaspe mines operations lefebvre said gaspe mines is the name of the noranda division that operates the murdochville mine he said it would take four or five months to bring operations up to full capacity if the company decides to do so adding that he believes there is a good chance noranda will fully reopen the mine reuter
earn	american west bank first qtr net net vs assets mln vs mln deposits mln loans mln vs mln note earnings per share and deposits figure not supplied by company reuter
acq	r r donnelly dny to sell cable system r r donnelly and sons co said it reached an agreement with adams russell co inc aar to sell adams its rockford ill cable system for an undisclosed price r r donnelly said it expects the deal to close in about days subject to regulatory approvals and other conditions the cable system serves about subscribers in the communities of rockford loves park machesney park cherry valley morristown and winnebago county ill r r donnelly said reuter
earn	biomet inc bmet rd qtr feb net shr cts vs cts net vs revs mln vs mln nine mths shr cts vs cts net vs revs mln vs mln reuter
earn	eac industries inc eac th qtr oper loss period ended jan oper shr loss cts vs loss dlrs oper net loss vs loss sales mln vs mln year oper shr loss cts vs loss cts oper net loss vs loss sales mln vs mln note earnings exclude a loss on sale of discontinued operations of dlrs or one ct a share vs a gain of dlrs or cts a share in the quarter and gains of dlrs or cts a share vs dlrs or dlr a share for the year reuter
reserves	bundesbank gross reserves rise at march close the bundesbank s gross currency reserves rose mln marks in the last week of march to billion marks the bundesbank said in a statement at the same time its foreign liabilities rose mln to billion producing a rise in net reserves of mln to billion on march the bundesbank provided banks with liquidity in the fourth march week by disbursing funds in the money market via government owned banks banks took up the bundesbank s standing offer of treasury bills to place excess liquidity banks received more liquidity through routine month end payments by public authorities as well as expansionary market factors than was lost through the billion mark rise in cash in circulation to billion the bundesbank said but banks had to draw heavily on the lombard emergency financing facility due to month end tightness borrowing billion marks overall banks holdings at the bundesbank rose billion marks to billion at the end of the month averaging billion in the whole of march the minimum reserve requirement for march before deduction of banks cash holdings was set at billion marks public authorities net holdings at the bundesbank fell to billion marks in the last march week from billion the week before the federal states holdings fell billion to billion the federal government s holdings rose mln marks to billion reuter
earn	wessanen foresees strong profit growth dutch dairy and general foods manufacturer koninklijke wessanen nv wess as said it is planning further world wide acquisitions and forsees strong profit growth over the next years company chairman gerrit van driel told journalists at the presentation of wessanen s report he already expected first quarter profits to show an increase the company last month reported a pct increase in net profits to mln guilders after mln in this was achieved despite a pct drop in the dollar s guilder value van driel said van driel said profits would have been nine mln guilders higher if the us currency had remained at its average level of guilders turnover at billion guilders in was mln guilders down because of the lower dollar and lower raw material prices total turnover was billion guilders us activities accounted for pct of turnover compared with pct in wessanen now has separate businesses in the us out of a total of world wide van driel said the company would continue an active takeover policy in the us but would be wary about paying more than its current price earnings ratio of times net profit he added that wessanen teams were seeking acquisition possibilities in brazil taiwan thailand and china he said the company had an ample cashflow of mln guilders and would if necessary make new share issues van driel said he expected a us turnover of mln dlrs he said balanced foods and green s dairy taken over late last year have a combined annual turnover of mln dlrs which was not included in the account all sectors saw strong growth in resulting in a pct increase in operating income to mln guilders key to this growth was the successful introduction of new products which were greatly enhanced by a number of consumer oriented us acquisitions van driel said consumer products represented pct of total turnover compared with pct in van driel said the company which is already listed on the london zurich basle and geneva stock exchanges as well as amsterdam aims to be quoted in frankfurt and dusseldorf in may van driel said van driel stressed that while these listings would not be accompanied by new share issues they provided easy vehicles for the company to raise capital for future expansion he estimated that pct of the company s shares were in foreign hands the company s us turnover of about mln dlrs made a listing on one of the new york exchanges a logical next step van driel said without elaborating despite ec dairy restrictions wessanen which produces around pct of all dutch cheese saw good growth prospects for its dairy sector within europe van driel said reuter
interest	fhlbb changes short term discount note rates the federal home loan bank board adjusted the rates on its short term discount notes as follows maturity new rate old rate maturity days pct pct days days pct pct days days pct pct days days pct pct days pct days pct days pct days reuter
interest	money rates international summary apr u s fed funds broker loan t bills cds dir comm paper dir international call month month ldn fft par unav unav unav zur ams tok
acq	k mart km selling kresge to mccrory k mart corp said it agreed to sell most of the u s kresge and jupiter stores to mccrory corp a subsidiary of privately held rapid american corp it said the agreement covers stores in states including inventory and fixtures the price depends on the amount of the inventory that will be in the stores on the closing date k mart said it will continue to operate the stores until early june when mccrory will take over with no interruption of service the newly acquired kresge and jupiter stores will be renamed mccrory and mccrory currently operates stores in states reuter
earn	tandy tan rd quarter revenues up pct tandy corp said consolidated sales and operating revenues for the third quarter ended march totaled nearly mln dlrs up pct from mln dlrs last year the company said third quarter earnings will be released in the latter part of april tandy said march sales and oprating revenues totaled mln dlrs up pct from march s mln dlrs it said u s retail operations revenues rose to mln dlrs last month from mln dlrs a year earlier sales of u s stores in existence more than one year increased pct reuter
earn	philip morris mo up on recommendations the stock of philip morris cos rose today following recommendations by first boston corp and morgan stanley and co traders said philip morris gained to first boston s analyst was unavailable for comment morgan stanley s david hill said he just assumed coverage of philip morris and placed it on his recommended list becasue of its attractive earnings growth and because the stock is selling at a discount to the market based on morgan s figures hill expects morris to earn dlrs a share this year and dlrs in in morris earned dlrs a share reuter
acq	kleer vu industries to sell cosmetics unit kleer vu industries said the company s board authorized the sale of its neslemur co its cosmetic and toiletries company the company said it is evaluating two separate proposals and will complete the sale within days reuter
acq	memory protection mpdi completes acquisition memory protection devices inc said it completed its acquisition of the assets and liabilities of bogen a division of lear siegler for dlrs in cash under the newly structured company memory said it expects to report consolidated sales of mln dlrs to mln dlrs and should be profitable before allowing for extraordinary items related to the acquisition reuter
acq	du pont dd to sell cleveland plant du pont co said it agreed to sell its cleveland chemical plant the oldest site currently operated by the company to two employees terms were not disclosed closing is expected in the second quarter following approval of definitive agreements products made at the plant represent less than of one pct of du pont s annual sales it said quilon chrome complexes and volan bonding agents will be supplied by the plant to du pont under contract established in the plant was acquired by du pont in the plant no longer fits the company s long term strategy du pont said reuter
interest	spain raises call money rate to pct the bank of spain said it raised its rate for overnight call money to pct from pct with immediate effect at today s daily auction for assistance funds the move followed comments yesterday by central bank governor mariano rubio who said money supply growth was too fast the bank said later that it was leaving its rate for special assistance funds from its second window unchanged at pct surprising operators who had expected an increase there too reuter
earn	federal co fff rd qtr feb net shr dlr vs cts net mln vs revs mln vs mln avg shrs mln vs mln nine mths shr dlrs vs dlrs net mln vs mln revs billion vs mln avg shrs mln vs mln reuter
earn	flowers industries inc flo hikes payout qtly div cts vs cts prior pay may record april reuter
earn	fine art acquisitions ltd faaa th qtr net shr three cts vs three cts net vs sales vs avg shrs vs year shr cts vs cts net vs sales mln vs mln avg shrs vs note year net includes gain of dlrs or one cent a share from tax loss carryforward reuter
acq	gerber geb sets deadline for unit s buyout gerber products co said it has given management of its cwt inc trucking subsidiary days to pursue a leveraged buyout of the subsidiary it said cwt inc which has operations in the midwest and southeast has annual revenues of approximately mln dlrs reuter
earn	anchor financial corp st qtr net shr cts vs cts net vs assets mln vs mln deposits mln vs mln note earnings per share for affected by issuance of shares of common stock in december reuter
earn	tsr inc tsri rd qtr feb net shr seven cts vs four cts net vs revs vs nine mths shr cts vs cts net vs revs mln vs mln reuter
acq	time tl in talks on cable news consortium n j nicholas jr president and chief operating officer of time inc told security analysts the company is now engaged in talks to join a consortium of cable companies that will invest in cable news network nicholas declined to give any details but said an announcement might be ready in a few days he also declined to say whether the investment would be made by time inc or american television and communications corp a public company in which time owns a majority stake cable news network is owned by turner broadcasting system tbs reuter
tea	abnormal radiation found in soviet tea hazelnuts abnormally high levels of radiation were found in soviet tea and hazelnuts more than nine months after the chernobyl nuclear accident west german residents in moscow were advised this week in a letter to the west german community here ambassador joerg kastl said laboratory tests on food samples bought in moscow in february had shown elevated levels of caesium and in tea from azerbaijan and ukrainian hazelnuts other food samples sent for testing at cologne university including honey fruit vegetables pork milk and butter were found to be free of radiation it said data in the letter showed the tea and hazelnuts contained caesium levels far in excess of ceilings recommended by the united nations food and agriculture organisation fao the letter said people who had consumed the tea faced no particular health danger as most of the caesium remained in the tea leaves but it warned against eating the hazelnuts the products sent for testing were bought in state shops and private farmers markets in moscow it added other western embassies in moscow said they had discontinued laboratory testing of soviet food late last year because no abnormal radiation levels were detected we didn t find anything so we stopped doing it a u s embassy spokesman said a british spokesman said radiation monitoring equipment remained in the embassy waiting room for british residents in moscow who wanted to check their food but laboratory tests had not been conducted for several months earlier we sent some food back to britain as a precautionary measure but we stopped in the absence of any alarming signals he said if the tests had shown abnormal readings they would have been resumed reuter
interest	sallie mae adjusts short term discount note rates the student loan marketing association said its rates on short term discount notes were as follows maturity new rate old rate maturity days pct pct days days pct pct days days pct pct days days pct pct days pct days pct days reuter
copper	cyprus lowers copper price one ct to cts cyprus minerals company said it is decreasing its electrolytic copper cathode price by one cent to cents a pound effective immediately reuter
interest	freddie mac adjusts short term discount rates the federal home loan mortgage corp adjusted the rates on its short term discount notes as follows maturity rate old rate maturity days pct pct days reuter
earn	maverick restaurant corp mavr th qtr loss ended jan shr loss cts vs loss one ct net loss vs loss revs vs year shr loss cts vs loss two cts net loss vs loss revs mln vs mln note current periods include charge of mln dlrs or cts for restaurant closings reuter
earn	graphic media inc gmed year net ended jan shr nine cts vs eight cts net vs revs mln vs mln avg shrs vs note restated reuter
earn	time tl earnings may be dlrs share time inc s chief financial officer thayer bigelow told security analysts the company is comfortable with wall street estimates that earnings will be in a range of dlrs to dlrs per share in time reported earnings of dlrs per share including a number of special items bigelow said in adjusting the results for the special items and also removing the earnings of american television and communications corp atcma time earned dlrs per share in turner broadcasting system inc said the investment by the cable consortium would be in turner broadcasting not directly in cnn the consortium would infuse up to mln dlrs in turner broadcasting in return for a pct equity interest ted turner chairman would retain a pct interest a turner broadcasting spokesman said bigelow said the company is continuing its previously announced mln share repurchase program and has bought back mln of its own shares he said shares were purchased in the first quarter of at an average price of dlrs per share bigelow said the company will always have a share buyback program in place whenever it believes it is a better long term investment than starting or acquring a business but he did not give any specifics on further repurchases beyond the mln shares already announced on the subject of acquisitions richard munro chairman and chief executive said the company is not interested in investing in over the air broadcasting but continues to look at all areas in which it is currently engaged munro said book publishing is an area that interested time in the company purchased scott and foresman its biggest acquisition ever n j nicholas president and chief operating officer said the company might be interested in a relatively small book business he said following the recent agreement for the sale of harper and row to the news corp ltd nws there may be pieces that murdoch doesn t want referring to news corp chairman rupert murdoch asked if the company s sami business is for sale munro said it is a delicate subject and we re looking at all the options sami is a marketing information service for the food industry published reports have stated it could be worth as much as mln dlrs bigelow said that time s home box office added subscribers last year and the trend is continuing in the first quarter of however he said hbo s results in the quarter will be down slightly but in the first quarter of there was a special gain in the hbo unit nicholas said that hbo and cinemax had combined subscriber growth of for last year he also said the tax rate in will remain at just under pct because of the repeal of investment tax credits and higher state and local taxes he said he sees a decrease in the tax rate in of five or six percentage points munro said the company does not plan to increase its dividend trygve myhren chairman and chief executive of american television and communications said the unit is looking at getting involved in the home shopping video area it would be foolish not to be a player there he said he said the company had talks with home shopping network inc hsn prior to that company s public offering last year but nothing came of the talks reuter
interest	fhlbb changes short term discount note rates the federal home loan bank board adjusted the rates on its short term discount notes as follows maturity new rate old rate maturity days pct pct days days pct pct days days pct pct days days pct pct days reuter
ship	agency reports ships waiting at panama canal the panama canal commission a u s government agency said in its daily operations report that there was a backlog of ships waiting to enter the canal early today over the next two days it expects due scheduled to transit end day backlog average waiting time tomorrow super tankers regular vessels north end hrs hrs south end hrs hrs reuter
earn	land s end inc leys votes initial payout land s end inc said its board declared a dividend of cts a share payable april record april it is the company s first dividend since it became a public entity last october reuter
acq	allwaste alws to acquire service firm allwaste inc said it agreed in principle to acquire all outstanding stock of a company in the industrial service business for mln dlrs in common stock it did not identify the company to be acquired reuter
heat	global raises heavy fuels prices global petroleum corp said today it raised the posted cargo prices for number six fuel in the new york harbor cts to dlrs a barrel effective today the increase brings the prices for one pct sulphur to dlrs up cts two pct sulphur dlrs up one dlr pct sulphur up dlrs and pct sulphur dlrs up dlrs it said prices for pct and pct sulphur fuels were unchanged at and dlrs respectively the company said reuter
acq	soo line soo to sell lake states division soo line corp said it agreed to sell its lake states transportation division to the newly formed wisconsin central ltd the division conducts rail operations over about miles of railroad in minnesota wisconsin michigan and illinois soo line said in january it was seeking bids for the property terms were withheld but soo has estimated that the transaction will result in a one time after tax loss of to mln dlrs reuter
crude	bp says no plans to close swedish refinery the british petroleum co plc bp l said it had no plans to close its refinery in gothenburg despite forecasts by a swedish finance ministry committee that it might be planning such a move the committee said the refinery s future looked bleak because the swedish petroleum industry s competitiveness was expected to worsen unless it invested and because of the effects of a possible tightening of rules on sulphur content but bp said the unit in which sweden s ok petroleum ab has a pct stake had performed well both technically and financially up to and including the first quarter of current restrictions on sulphur emissions and known future plans for both sweden and export markets did not cause it any serious problems it said in a statement the refinery started up in and has an annual capacity of mln tonnes reuter
earn	pope and talbot pop sees higher st qtr net pope and talbot inc said it expects first quarter earnings to total about one dlr per share compared with a year earlier loss of nine cts per share each of the company s business segments contributed to the sharp improvement pope and talbot said the wood products company also said it expects to release first quarter results later this month reuter
acq	stars to go star gets stores agreement stars to go inc said it completed its acquisition of video centers previously owned by cvs international inc and located in circle k corp ckp stores in conjunction with the acquistion circle k also granted it the exclusive right to install video cassette rental centers in all existing circle k stores as well as in future stores for a period of seven years stars to go said the company also said it currently has a total of centers in operation and expects to increase the total to by june reuter
rubber	polysar in joint venture on finland latex plant polysar ltd wholly owned by canada development corp said it agreed to form a joint venture with raision tehtaat of finland to build a synthetic rubber latex plant in southern finland project cost and plant capacity were not disclosed the joint venture to be pct owned by raision tehtaat and pct by polysar will build a plant at anjalankoski east of helsinki to produce carboxylated styrene butadiene latex the plant s production will be used by finland s paper industry for making coated paper and paper board products reuter
earn	sterling drug inc sty increases payout qtrly div cts vs cts pay june record may note company said this is the largest dividend increase in years reuter
gold	campbell s cch meston lake sets gold targets meston lake resources inc pct owned by campbell resources inc said it will begin commercial output at its joe mann mine in the chibougamu area of quebec at an initial daily rate of short tons of ore grading ounce of gold per ton it said it will improve throughput to tons a day at ounce of gold per ton meston said current ore reserves at the property total tons grading ounces of gold per ton and pct copper but it may be able to develop substantially greater tonnage meston said underground drilling below current developed reserves has intersected the main zone feet below the bottom level with the average grade assayed at ounce of gold per ton over true width of feet a recent drillhole east of the current shaft and feet from the reserve boundary intersected three zones grading respectively ounce per ton over feet at depth of feet ounce over seven feet at depth of feet and ounce over one foot at depth of feet a second surface hole feet farther east intersected ounce per ton over feet reuter
acq	warburg pincus declines to up symbion symb bid warburg pincus capital co l p an investment partnership said it told representatives of symbion inc it would not increase the dlr per share cash price it has offered for the company in a filing with the securities and exchange commission warburg pincus said one of its top executives rodman moorhead who is also a symbion director met april with symbion s financial advisor l f rothschild unterberg towbin inc in a discussion of the offer warburg pincus said moorhead told the meeting there are no plans to raise the dlr bid moorhead told the rothschild officials that warburg pincus considers the offered price to be a fair one warburg pincus said last month warburg pincus launched a tender offer to buy up to mln symbion common shares reuter
cotton	new york futures exchange to relocate lewis horowitz president of the new york futures exchange said the new york stock exchange board yesterday approved in principle an agreement to relocate the futures exchange at the new york cotton exchange the agreement is subject to the approval of the cotton exchange board which meets tuesday april reuter
acq	california firm has five pct of modulaire modx pbs building systems of america inc an anaheim calif company told the securities and exchange commission it has acquired shares of modulaire industries or pct of the total outstanding common stock pbs whose subsidiaries design make sell and lease nonresidential relocatable modular buildings said it bought the stake for dlrs to acquire an equity interest in modulaire while it evaluates modulaire depending on several factors pbs said it may decide to buy additional modulaire common shares reuter
acq	boise cascade bcc completes sale of unit boise cascade corp said it completed the previously announced sale of its consumer packaging division to sonoco products co sono for approximately mln dlrs reuter
earn	kentucky central to declare stock dividend kentucky central life insurance co said the company said it will declare a pct stock dividend on monday accordingly it said it filed a registration statement with the securities and exchange commission for a proposed offering of three mln shares of its class a non voting common stock which reflects the anticipated dividend proceeds will be used for general purposes reuter
copper	chile china to establish peking copper plant the chilean state copper corporation codelco the privately owned chilean copper fabricator madeco and chinese interests are to establish a copper tube plant in peking codelco s u k subsidiary chile copper ltd said the plant is designed to produce tonnes in the first five years and tonnes as from year six total investment is estimated at mln dlrs of which the chileans will contribute two mln codelco and madeco have formed the chilean wrought copper company to take a pct stake in a new company called peking santiago tube company with the chinese holding the other half reuter
acq	allied signal ald to sell electronics unit allied signal inc said it agreed to sell its amphenol products unit to a subsidiary of lpl investments group lpli a wallingford conn investment company for mln dlrs cash closing is expected soon pending appropriate approvals the company said lpl indicated that at closing warrants will be sold which when exercised will reduce its stake in the subsidiary amphenol acquisition co to pct the company said lisle ill based amphenol had sales of about mln dlrs it makes brand name interconnection products lpl also said merrill lynch and co has committed to buy mln dlrs of subordinated and preferred debt in the new lpl unit according to allied signal canadian imperial bank of commerce has committed up to mln dlrs in senior debt financing it said allied signal said in december it was offering for sale amphenol and six other operating units in its electronics and instrumentation sector merrill lynch needham and co and lazard freres served as financial advisors it said reuter
gold	asamera asm to form new mining unit asamera inc said it will transfer all its mineral interests into a new wholly owned subsidiary asamera minerals inc which will later issue up to pct of its shares to the public the mineral interests will include asamera s pct interest in the cannon gold mine in wenatchee wash asamera said the mine produced ounces of gold in and is expected to produce to ounces this year asamera said its talks with breakwater resources ltd bwrlf on a possible merger of mining interests including the cannon mine have been terminated it did not elaborate asamera said holding all its mineral properties in a separate company will give better and more direct recognition to the value of the assets its other mining interests include gold exploration prospects on acres in inyo county calif and acres in canada s northwest territories the gooseberry gold and silver mine in nevada chromite properties in northern california and newfoundland and a platinum prospect in the rankin inlet northwest territories reuter
acq	occidental oxy unit sells division occidental petroleum corp s occidental chemcial corp said it sold the process chemicals division it acquired as part of the september purchase of diamond shamrock chemicals to henkel kgaa of dusseldorf west germany terms were not disclosed the division makes specialty industrial chemicals it said later industry sources said the division which had worldwide sales of some mln dlrs last year was sold for just under mln dlrs reuter
copper	noranda mine seen below full output for months noranda inc said production will remain shut down at its fire damaged copper mine here until it can completely examine the mine if it decides to keep the mine open it would take four or five months before it could resume full production company spokesman dale coffin said the investigation could take from a few days to several weeks but would not be more specific noranda said when it resumes production it plans to operate the mine at about one third of the normal tonnes annual finished capacity the fire which started wednesday and burned itself out late yesterday weakened part of the mine s support structure coffin said one miner was killed and others were trapped underground for about hours before being brought safely out reuter
acq	u k firm ups italy fund ita stake to pct lloyds investment managers ltd a london based investment firm said it raised it stake in italy fund to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission lloyds said it bought the additional italy fund common shares since november for a total of mln dlrs another shares of the stake are held by an affiliate it said it said its dealings in italy fund stock are for investment purposes only and that it has no current plans to increase or decrease its current stake reuter
acq	investor has five pct of sage drilling sage arthur appleton a chicago investor told the securities and exchange commission he has acquired shares of sage drilling co inc or pct of the total outstanding common stock appleton said he bought the stock for dlrs for investment purposes depending on several circumstances appleton said he may buy more sage common shares or sell some or all of his current stake reuter
copper	noranda sets temporary mine shutdown noranda inc said production will remain shut down at its fire damaged copper mine here until it can completely examine the mine the fire which started wednesday and burned itself out late yesterday killed one miner and trapped others underground for about hours the were eventually brought safely out of the mine company spokesman dale coffin said the investigation could take from a few days to several weeks but would not be more specific noranda said that when it resumes production it plans to operate the mine at about one third of the normal metric tons annual finished capacity the fire weakened part of the mine s support structure coffin said noranda said if it decides to keep the mine open it would take four or five months before it could resume full production reuter
acq	cis technologies cih to sell shares to swiss co cis technologies inc said it executed a formal share purchase agreement with swiss reinsurance co of zurich switzerland under terms of the agreement swiss re will acquire mln newly issued cis stock at dlrs a share or mln dlrs this purchase represents pct of the outstanding shares swiss re will acuqire of the shares immediately and remaining shares will be bought after a due diligence report is completed by auditors the transaction is expected to be complete by june reuter
earn	copley properties inc cop increases dividend qtly div cts vs cts prior payable april record april reuter
cpi	colombian inflation stable at around pct colombia s cost of living index rose pct in march after a pct increase in february and a pct rise in march the government statistics institute said the result brought year on year inflation to pct compared with pct at end march and pct for the year ending february the government has predicted that inflation this year would be slightly lower than in when it reached pct reuter
interest	fhlbb says mortgage rates continue decline the federal home loan bank board said home mortgage rates fell from early february to early march to their lowest point in nine years but the rate of decline was slower than it had been in recent months the bank board said the average effective commitment rate for fixed rate mortgages for single family homes and a pct loan to price ratio with a maturity of at least years was pct in early march the rate was four basis points lower than a month ago only one eighth the size of decline in the previous month the bank board said rates for adjustable rate mortgages decline eight basis points from early february to pct in early march the bank board said the drop was far less than the basis point decline in the previous period the agency said the average effective interest rate on all loans closed by major mortgage lenders declined nine basis points from early february to early march the agency said the fall brought the rate to pct was the lowest since december it said the effective rate for arms was pct basis points below a month earlier for fixed rate loans it was pct basis points below a month earlier the agency said reuter
money-supply	canadian money supply m falls mln dlrs in week bank of canada said
acq	beneficial bnl unit sale approved beneficial corp said the sale of its american centennial insurance co subsidiary to first delaware holdings inc was approved by the delaware insurance department under the transaction american centennial will receive a cash infusion of mln dlrs including the settlement of tax sharing agreements with beneficial corp beneficial said it will also receive mln dlrs from beneficial international insurance co another beneficial subsidiary being purchased by the management led group of first delaware the company said reuter
earn	itt canada ltd year net shr dlrs vs dlrs net mln vs mln revs mln vs mln note shr after preferred dividends itt corp itt owns pct of itt canada common shares reuter
money-supply	canadian money supply falls in week canadian narrowly defined money supply m fell mln dlrs to billion dlrs in the week ended march bank of canada said m a which is m plus daily interest chequable and non personal deposits fell mln dlrs to billion dlrs and m which is m a plus other notice and personal fixed term deposits fell mln dlrs to billion dlrs m which is non personal fixed term deposits and foreign currency deposits of residents booked at chartered banks in canada rose mln dlrs to billion dlrs chartered bank general loans outstanding fell mln dlrs to billion dlrs canadian liquid plus short term assets rose mln dlrs to billion dlrs and total canadian dollar major assets of the chartered banks rose mln dlrs to billion dlrs chartered bank net foreign currency assets fell mln dlrs to minus billion dlrs notes in circulation totalled billion dlrs up mln dlrs from the week before government cash balances fell billion dlrs to billion dlrs in week ended april government securities outstanding rose billion dlrs to billion dlrs in week ended april treasury bills rose billion dlrs to billion dlrs and canada savings bonds fell mln dlrs to billion dlrs reuter
acq	union to protest dart s supermarkets sgl bid the united food and commercial workers said that more than rank and file members of the union will demonstrate monday at dart group corp s headquarters protesting dart s proposed billion dlr takover of supermarkets general sgl supermarkets is best known for its pathmark chain of supermarket drug stores in the new york and new jersey area and also owns rickels home centers the union said that it is firmly against the dart bid because workers have always ended up with a raw deal in the current takeover mania a union statement said we do not intend to allow our members to pick up the tab for supermarket general s executives and the bankers or the dart group who stand to make millions dart is controlled by the haft family of washington which last year made a bid for california based safeway stores inc the hafts lost but walked away with at least mln dlrs in profits analysts estimate the union said that dart s safeway bid forced a major restructuring at safeway to pay the hafts and their lawyers and caused a loss of thousands of jobs reuter
acq	fcs laboratories fcsi terminates deal talks fcs laboratories inc said merger discussions with an unnamed privately held company in the health care field have ended without an agreement the previously announced negotiations began last august the company said it s disappointing to spend so much time on these negotiations and have them fail said fcs chairman nicholas gallo iii but the discussions could not produce a deal acceptable to our board in the context of the company s stronger financial position today as compared to six months ago gallo said fcs will stop actively seeking potential merger partners but will respond to serious inquiries we are determined to follow our plan to restore this company to profitability he said to continue actively searching for potential acquirers inherently forces us to postpone the implementation of critical decisions which are part of the plan the company which has common shares outstanding reaffirmed it expects to be profitable in the second half of the fiscal year ending september reuter
interest	white house says interest rates reflect market the white house said the rise in interest rates was unfortunate in a general sense but reflected market forces there s always movement up and down and the basic fact is that we believe the economy is strong and growing and there will always be fluctuations in the interest rate but the economy is sound and in good shape spokesman marlin fitzwater said citibank raised its prime rate by one quarter of a point and the move was followed by other banks reuter
earn	regal petroleum ltd rplo year shr loss nine cts net loss mln revs dlrs note due to change in fiscal year prior th qth and year cannot be presented on comparable basis loss includes writedowns approximating mln dlrs reuter
earn	canterbury press inc year nov shr cts vs cts net vs revs vs note net includes dlrs gain from tax credit and includes gain of dlrs gain from credit reuter
earn	graphic media inc gmed year shr nine cts vs cts net vs revs mln vs mln note restated for reversal of certain tax benefits and reflects preferred stock dividend requirements reuter
earn	richardson electronics rell rd qtr feb net shr cts vs cts net vs rev mln vs mln nine months shr cts vs cts net vs rev mln vs mln note fiscal per share data reflects dilutive effect of shares issued for april convertible debenture conversion company s full name is richarson electronics ltd reuter
earn	diversified human resrouces group hire year shr loss five cts vs profit cts net loss vs profit revs mln vs mln note includes extraordainy credit of cts reuter
acq	mid state mssl first federal in deal mid state federal savings and loan association said it and first federal savings and loan association of brooksville ffbv reached a definitive merger agreement as previously announced brooksville shareholders will get cash and stock in exchange for their shares the transaction is expected to be completed during the summer reuter
acq	memotec data completes teleglobe acquisition memotec data inc said it completed the previously announced mln dlr acquisition of teleglobe canada from the federal government memotec data said teleglobe which has provided canada s overseas telecommunications services since now becomes teleglobe canada inc a unit of memotec teleglobe president and chief executive jean claude delorme will continue in the same post the company said in addition to the sale price the government will receive teleglobe s accumulated cash of mln dlrs and a special mln dlr dividend making total proceeds mln dlrs reuter
trade	u s japanese open talks on semiconductors u s and japanese officials meet tomorrow to try to settle a dispute over semiconductor trade and to cut short the mln dlr penalty tariffs president reagan has ordered imposed on japanese exports but u s officials held out little hope that any accord could be reached before the tariffs of per cent up from about five per cent are to take effect on april the customs bureau last week started to levy a bond on the japanese goods that reagan ordered penalized the penalties would be retroactive to march reagan said on march when ordering the tariffs that he hoped the japanese would soon end their unfair practices in semiconductor trade and that sanctions could be lifted technical meetings are to be held today and tomorrow with meetings at a more senior level scheduled for thursday and friday public hearings on the sanctions are set for april the japanese aides here for the technical talks include shigeru muraoka director general of international trade policy of the ministry of international trade and industry miti and masashi yamamoto deputy director general of the information and machinery bureau meeting with them will glen fukushima director of the japan office of the u s trade representative s office and jim gradoville of trade representative s office of industry and services the two sides in the thursday and friday talks will be headed by deputy u s trade representative michael smith and miti vice minister makoto kuroda reuter
acq	ameron amn adopts shareholder rights plan ameron inc said its board adopted a rights plan designed to protect shareholders from potentially unfair takeover tactics the plan calls for distribution of one right for each of its outstanding common shares and each right entitles the holder to buy one one hundredth of a share of newly authorized series a junior participating cumulative preferred stock at an exercise price of dlrs ameron said it said the rights are exercisable if a group acquires pct or more of its common stock or announces a tender offer for pct or more of its shares reuter
acq	fcs laboratories fcsi ends merger talks fcs laboratories said its merger talks with another unidentified company in the health care field ended without agreement the talks began last august the company said the company also said it will no longer actively seek out potential merger partners but will respond to serious inquiries reuter
trade	uk minister looks to ease tension with japan the u k government hopes for a breakthrough on the deadlock with japan over trade policies during next week s visit to tokyo by corporate affairs minister michael howard political sources said howard who leaves for japan tomorrow told reuters he will try to promote understanding on trade issues during his visit meanwhile britain will re examine a letter from japanese prime minister yasuhiro nakasone promising personal help in solving the row over a u k firm s bid to win a significant role in japan s telecommunications market government sources said tensions have risen following britain s decision to arm itself early with new statutory powers which it says could be used against certain japanese financial institutions britain reacted optimistically at first to the letter from nakasone to prime minister margaret thatcher seeing it as a signal that he would work towards ensuring a satisfactory outcome to the bid launched by cable and wireless plc government officials said but this view has since been clouded by reports from tokyo that nakasone s assurances really constituted little more than politeness in the face of british anger they added reuter
trade	conable warns protectionism might spread world bank president barber conable expressed concern that trade protectionism at the heart of a new showdown between the united states and japan might spread throughout the industrial world but in an interview with reuters conable said the action by the united states to slap tariffs on certain electronic goods from japan did not mean the countries were heading for a full scale trade war conable said the world bank has been pressing developing countries to open their markets arguing that a free trading environment increased the possibility of global economic growth we have in fact been making adjustment loans to many countries in the developing world which have encouraged the opening of their markets and we want to be sure that the developed world doesn t close at the same time he said he said the u s action against japan was a significant retaliatory step but it did not constitute a basic change in trade policy the interview came just before next week s semi annual meetings of the bank and the international monetary fund referring to brazil s recent interest payments moratorium conable also said the global debt situation was very serious and must be closely watched he said the bank which in the past has concentrated on making loans that assist the basic underpinnings in the developing world such as dams roads and sewers will increasingly make assistance available for economic reform the bank has increased these loans in part because of the debt crisis that has found countries desperately in need of new funds for balance of payments adjustment and economic reforms aimed at opening their markets encouraging foreign investment and reducing government s role in the economy we re comfortable with adjustment lending we expect however that it will never reach a majority of our portfolio conable said he made clear however that adjustment lending would continue to increase as a proportion of overall bank lending for some time he noted the problem of debt was a severe one and many countries are asking for adjustment assistance because of the problem of debt conable is a a former republican congressman from new york chosen by president reagan for the bank position last year he is an associate of treasury secertary james baker who launched the u s strategy for shoring up indebted nations in october which included a call for increased adjustment lending by the world bank conable also said that he expected the result of a major study of the bank s organization to be completed in the next several weeks he said the decision to seek a reorganization was based in part on the fact that the bank had come under fire from the poorest countries for not doing enough to help and from the richest countries because of inefficiency the reorganization is considered a major initiative by conable and is being closely watched by the agency s member countries as an indication of his management style and priorities i want to be sure this institution is viewed by those who must support it as soundly constituted so that it will be permitted to grow conable said however he said i don t believe there is anything basically wrong with this institution and i don t believe it has to have any redefinition of its purpose he said however that it was apparent that the debt initiative proposed by baker has given the bank a central role in dealing with the debt crisis conable added that cooperation between the bank and its sister agency the international monetary fund was good and that he talked often with imf managing director michel camdessus on a variety of issues on a personal level conable said that he not feel a need to put his personal stamp on the bank noting that i don t have a particular mission here except to be useful to the institution and to the process of development he added so i don t feel a great calling to personalize the institution on the development needs of sub sahara africa conable said that the bank was constantly reviewing new ways for assisting the region noting that half of the recently agreed financing of billion dlrs for bank s international development association was earmarked for africa leading industrial nations are expected to consider new forms of debt relief for the very poorest nations like those in the sub sahara during next week s meetings reuter
strategic-metal	minas de almaden raises mercury price spain s minas de almaden y arrayanes s a has agreed with algerian producer enof to establish a minimum price of dlrs per flask for spot mercury sales almaden spokesman jesus gallego said in response to enquiries from reuters he said his company had raised the minimum price for its spot sales from dlrs per flask following talks with enof in a separate press release the company said that enof and almaden held talks in istanbul a week ago with turkish mercury producers on ways to improve prices but gallego said he was not in a position to say what action the turkish companies would be taking reuter
money-fx	u s jobs data said to rule out fed tightening a steep drop in goods producing jobs detracted from u s march non farm payroll employment and makes it unlikely that the federal reserve will tighten monetary policy to defend the dollar economists said u s march non farm payroll employment rose less than the gain of to the financial markets expected manufacturing employment fell compared with february s gain while march construction employment dropped after being unchanged in february the momentum of industrial activity is tapering off as we end the first quarter said stephen roach of morgan stanley and co inc this sets the stage for more sluggish growth in the second and third quarters the fed will view this as a caution flag on the economy he said they will not ease as long the dollar is weak but clearly they can t tighten david wyss of data resources inc said that the downward revision in february non farm payroll employment to from means that employment gains in the first quarter were weaker than expected while wyss left his first quarter forecast of real u s gross national product growth at pct he said the march jobs data suggested a downward revision in his second quarter growth forecast to pct from pct bill sullivan of dean witter reynolds inc said the average monthly gain in non farm jobs in the first quarter was only compared with in the fourth quarter of there s momentum in first quarter labor force activity but less than assumed he said gains in goods producing jobs were subdued at best this rules out any possibilty of the fed tightening for exchange related purposes in march the average workweek fell back to its january level of hours from hours in february manufacturing hours also fell back to their january level totalling hours in march compared with hours in february the commerce department noted that loss of manufacturing jobs in march was concentrated in automobile electrical and electronic manufacturing robert brusca of nikko securities international said that a decline in auto manufacturing employment accounted for nearly half of the total drop in manufacturing jobs economists said that a build up in auto inventories resulting from a steep drop in sales has finally caught up with the labor force and may point to slower growth ahead most expect an increase in inventories of as much as five pct to offset a steep four to five pct drop in final sales in the first quarter gnp accounts roach said he expects first quarter u s gnp to rise two pct to be followed by a gain of pct at best in the second and third quarters he said the march drop in industrial activity is a reasonable response in light of the inordinate contribution inventory accumulation made to gnp economists said the employment data also suggest weak gains in industrial production and personal income for march they expect only marginal gains if not small declines for these indicators compared with a february increases of pct in industrial production and pct in personal income steve slifer of lehman government securities said the drop in march construction employment may also signal a drop in march housing starts which rose pct in february to million units at an annual rate from million units in january the rate of unemployment fell to pct its lowest level since march from pct in february but wyss pointed out that this resulted from a drop in the labor force which fell to mln in march from mln in february this just means that there were fewer people looking for work so the drop in unemployment doesn t mean much he said he said the latest employment report will not concern the fed because it does points to gnp growth in the first half of pct but it does suggest they can t afford to tighten to quickly either the statistical factors used to smooth out seasonal fluctuations in the jobs data may have understated march labor force gains just as seasonal factors probably overstated them in january and february slifer said but are consistent with his forecast of pct first quarter gnp growth economic growth remains sluggish but silfer does not think that the federal open market committee changed policy at their meeting this week at some point they will be more inclined to ease he said for the time being however the march employment report increases the likelihood they won t tighten regardless of the dollar reuter
acq	bristol myers bmy reviewing scimed merger scimed life systems inc smls said bristol myers co is analyzing the pending lawsuit brought against scimed by advanced cardiovascular systems inc to determine whether to consummate its previously announced plans to merge with scimed the company said its was served the suit in minneapolis on march the day after it announced its definitive merger agreement with bristol myers scimed said the suit which alleges that scimed infringed on advanced cardiovascular patents is without merit reuter
earn	us west usw hikes dividend qtly div cts vs cts prior pay may record april reuter
acq	bell petroleum bpsio regal to form plan bell petroleum services inc said it agreed to begin talks with regal international inc to form a plan of reorganization under which bell would become a subsidiary of regal the plan would be subject to bankruptcy court approval due to bell s status as a debtor in possesion under chapter the company s expect to file a plan by the end of may this agreement terminates litigation between the companies concerning previous attempts at a plan of reorganization bell is also free to continue talks with any third parties interested in an acquisition it said reuter
earn	healthvest hvt declares three week dividend healthvest said its board declared a dividend for the final three weeks of the march quarter of cts payable april to holders of recrod april previously it dclared a special interim dividend of cts for january to march in connection with its recently completed offering the combined dividend totals cts for the march quarter an increase from the prior quarter s dividend of cts reuter
earn	cpi corp cpic th qtr feb net shr cts vs cts net vs sales mln vs mln avg shrs vs year shr dlrs vs dlrs net vs sales mln vs mln avg shrs vs note year ago period ended feb full year earnings include gains from discontinued operations of dlrs or one ct a share vs dlrs or cts a share reuter
grain	adm grain elevator explodes in burlington iowa a grain elevator in burlington iowa exploded today leaving five injured the elevator operated by archer daniels midland co of decatur ill is a terminal elevator on the mississippi river doug snyder assistant to the vice president said the cause of the explosion and the extent of damage to the elevator was not immediatley known reuter
grain	u s grain carloadings fall in week u s grain carloadings totaled cars in the week ended march down pct from the previous week but pct above the corresponding week a year ago the association of american railroads reported grain mill product loadings in the week totalled cars up pct from the previous week and pct above the same week a year earlier the association said reuter
acq	sec clarifies position on tender offer changes the securities and exchange commission reminded corporate raiders and others tendering for the shares of companies that they must extend the period their offers are open if key conditions are changed specifically the agency said those making tender offers for companies stock must extend the offers if they decide to eliminate conditions requiring a minimum number of shares to be tendered in order for the offers to be valid tender offers typically include minimum share conditions as a result a purchaser would not be bound to buy the shares that were tendered if the minimum level were not reached in an interpretation of current rules which officials said clarifies the sec s present position the agency said a tender offer must be extended if a minimum share condition is waived even if the purchaser reserved the right to do so the interpretation makes clear that waiving a minimum share condition is a material change of the tender offer under u s securities law sec officials said the sec has already said that other specific material changes such as changes in the percentage of securities being sought or the price being offered made during the course of a tender offer require a day extension of the offer the length of the extension which is aimed at giving shareholders an adequate chance to assess revisions of a tender offer was not specified in cases where the minimum share conditions were waived sec officials said the length of the extension in such cases would depend on the facts and circumstances surrounding each case but would generally be between five and days the agency cited two recent tender offers in which waivers of a minimum share conditios were tried on the last day of each offer denying shareholders the chance to react to the new information officials declined to identify the two offers if a bidder makes a material change near or at the end of its offer it will have to extend the offer to permit adequate dissemination the sec said federal securities law requires that all tender offers remain open for at least business days reuter
acq	gencorp gy unit completes wor tv sale gencorp said its rko general inc subsidiary completed the sale of wor tv to mca inc mca for mln dlrs the federal communications commission approved the sale last december gencorp said the closing was delayed because that decision was appealed by four parties to the u s court of appeals gencorp explained wor tv is based in secaucus n j gencorp said earlier today general partners said it was prepared to raise its bid to dlrs per share or even more in its bid for gencorp reuter
earn	galileo electro optics corp gaeo nd qtr galileo electro optics corp said estimated earnings for the second quarter ended march will be over current analysts estimates of cts to cts per share however the company said it has not closed its books for the quarter and release earnings april reuter
acq	snyder soi makes cenergy crg exchange offer snyder oil partners l p told the securities and exchange commission it made an exchange offer to cenergy corp that would allow snyder to acquire up to pct of the company s common stock under the exchange offer which was proposed yesterday to cenergy s officers and directors each share of cenergy common stock could be exchanged for dlrs in market value of snyder s limited partnership units snyder said under the proposal snyder which already holds cenergy common shares or pct of the total could boost its cenergy stake to a total of pct it said snyder did not say whether it has received any response to its proposal from cenergy if it acquires the pct stake snyder said in its sec filing it would use the stock to obtain a proportionate beneficial interest in the company s assets and liabilities it said it has not decided its next move it the exchange proposal does not lead to negotiations with cenergy snyder said it may boost its stake or sell some or all of its current holdings it repeated a statement made in its initial sec filing last month that it is considering several alternatives including seeking control of cenergy reuter
acq	harleysville group hgic seeks to acquire firm harleysville group inc said it was in talks to acquire atlantic mutual fire insurance co a property and casualty insurer licensed in five southern states the company said it believes an acquisition could be completed by june subject to approval by regulatory and atlantic mutual policyholders harleysville plans to invest about four mln dlrs in the business if the deal is completed reuter
acq	kroger kr to buy eight food stores kroger co said it agreed to buy nine retail food stores from the dallas division of safeway stores inc which announced it was closing the store division as part of a restructuring terms were not disclosed kroger expects to take over operation of the stores one of which is under construction in late april the addition of the stores will bring kroger s dallas division to stores it said it operates more than stores in states reuter
earn	douglas computer international year net shr seven cts vs one ct net vs sales vs reuter
earn	medical sterilization inc msti year loss shr loss cts vs loss dlrs net loss vs loss revs vs reuter
acq	rvial to union carbide emerges in french bid carburos metalicos of spain has bid francs a share for french chemicals group duffour et igon rivalling the franc bid announced yesterday by union carbide france the french subsidiary of the u s chemical giant union carbide corp uk n the stockbrokers assocation csac said here duffour et igon s capital is comprised of shares with a nominal value of francs each shares were last quoted at francs on january banque paribas will act for carburos metalicos while union carbide france s bid is being led by rothschild et associes banque duffour et igon shares will be suspended on april and and will resume trading on april reuter
crude	brazil to buy bpd of kuwaiti oil brazil will import barrels per day of crude oil from kuwait a spokesman for the state oil company petrobras said he said that unlike saudi arabia kuwait did not impose any conditions on brazil last month petrobras cancelled a mln dlr oil purchase from saudi arabia after the saudis refused to accept credit guarantees from the official bank of brazil the saudis eventually lifted the condition and brazil decided to reconfirm the purchase brazil currently consumes mln barrels of oil per day reuter
acq	metromedia buys warrant for shares of orion metromedia co said it purchased from time inc s tl home box office inc a warrant to purchase shares of common stock of orion pictures corp opc the price for the warrant was mln dlrs metromedia said it added that it now owns pct of the outstanding common stock of orion reuter
interest	bank of montreal lowers credit card rate bank of montreal said it will reduce the interest rate it charges on outstanding mastercard balances to pct from pct beginning in july the bank said it will continue its policy of not charging any annual fee or transaction fees to credit card holders reuter
earn	enex resources corp enex th qtr loss shr not given net loss vs profit revs vs year shr loss one ct vs profit nine cts net loss vs profit revs vs reuter
earn	oshap technologies ltd oshuf year loss shr loss cts vs loss three cts net loss vs loss revs vs avg shrs vs note converted using dec exchange rate of belgian francs to the u s dlr reuter
earn	douglas computer international year end shr seven cts vs one ct net vs revs vs reuter
crude	canada oil industry set for recovery analysts firmer crude oil prices government aid packages and corporate spending cuts will help canada s oil industry recover from last year sharp downturn industry analysts said they said there will be significant earnings gains in compared to last year s dismal results when oil prices dropped about pct on canada s stock exchanges energy shares have soared to their highest levels since with many issues trading at record highs this is reflecting a tremendous amount of optimism on the part of the investment community that the outlook for the industry for the future is extremely attractive peters and co ltd oil analyst wilf gobert said financial statements from canada s major oil companies culminating with dome petroleum ltd s billion canadian dlr loss reported this week painted a bleak picture of last year s results analysts said but the financial statements are a snap shot and a recording of history the stock market is the indication of the future gobert commented the toronto stock exchange s oil and gas index of companies is up to so far in trading today from at the end of among canada s largest oil companies class a shares of imperial oil ltd imo a pct owned by exxon corp xon is trading at up from a week low of shell canada ltd pct owned by royal dutch shell group is at up from a low during the last year of texaco canada inc txc pct owned by texaco inc tx is at up from a low of levesque beaubien inc oil analyst robert plexman forecasts operating profit for of canada s largest oil and gas companies will rise pct in to about billion dlrs and operating cash flow will increase pct to billion dlrs based on an average oil price for the year of u s dlrs a barrel however if prices hold about u s dlrs a barrel net operating income could show a pct increase with cash flow pct higher analyst plexman said although it is difficult to forecast the extent of the profit improvement this year the gain should be significant he added those improvements follow a sharp downturn in when operating income for the ten companies dropped pct to billion dlrs and operating cash flow fell pct to billion dlrs but one industry source doesn t think oil prices will hold recent gains and more government assistance is needed canadian petroleum association technical director hans maciej sees industry cash flow falling another pct in after dipping about pct last year maciej said he sees crude oil supply outweighing demand and doesn t believe a recent opec production accord will continue to support prices however several companies share the optimistic industry outlook expressed by a majority of analysts shell canada and norcen energy resources ltd forecast improved earnings in their annual reports issued this week assuming oil prices remain at or above levels the industry s outlook for is positive but not robust texaco canada said in its annual report while oil prices have strengthened somewhat and there is good reason to believe that the general level is sustainable continued volatility is likely texaco canada added in the face of short term uncertainty many companies have pared spending plans from last year s lower levels deferring most frontier exploration work the industry is becoming very selective in investments very conservative and cautious which is not unexpected canadian petroleum association s maciej said federal and alberta goverment aid measures helped cushion the industry downturn in and are improving results the most significant help came last september when the federal government lifted the pct petroleum gas revenue tax pgrt months earlier then planned analysts estimate the tax relief will save larger oil companies about billion dlrs by the end of the pgrt cut helped brake the steep profit and cash flow decline in for many oil companies and prevented further exploration spending cuts analysts said for a number of companies the pgrt cut was absolutely necessary to even maintain the kind of reduced investments that were made otherwise the reduction would have been considerably more maciej said reuter
gold	u s gold production rose in december u s mine production of gold rose to troy ounces in december from ounces in november the u s interior department s bureau of mines said u s imports of gold in december were ounces vs ounces in november and ounces in december gold exports totaled ounces in december vs november s ounces and ounces in december a year earlier mine production of gold in the month period jan dec totaled ounces vs ounces over the same period in gold imports in jan dec totaled ounces vs ounces for the same period in while exports stood at ounces and ounces over the respective periods the bureau said reuter
earn	jack winter inc jwi th qtr jan loss shr loss cts vs loss seven cts net loss vs loss revs mln vs mln mths shr loss cts vs profit cts net loss vs profit revs mln vs mln reuter
earn	planters corp pnbt st qtr net shr cts vs cts net vs reuter
acq	hutton efh still interested in purolator pcc e f hutton lbo inc is still interested in an acquisition of purolator courier corp and is examining the possibility of raising its dlr per share offer an e f hutton spokesman said hutton s offer was topped by a dlr per share offer from emery air freight corp eaf earlier this week we re definately not out of it at this point the hutton spokesman said we want to see what the offer is completely and understand it fully and then fashion our response the spokesman said after emery made its offer hutton extended the deadline on its offer to monday the offer was to have expired wednesday analysts said it might be difficult for hutton to raise the offer since emery an overnight courier might have an easier time justifying a lofty price since it would realize cost savings by combining its business with those of purolator purolator a new jersey based overnight courier has declined comment purolator had traded above the hutton offer price on speculation a new bidder would emerge it was up today at above the emery offer reuter
earn	dreyfus a bonds plus inc monthly payout mtly div cts vs cts prior paid april record march reuter
earn	scott instruments corp scti year loss shr loss cts vs loss cts net loss vs loss revs vs reuter
earn	scott instruments scti gets qualified audit scott instruments corp said its independent public accountants qualified the report on scott s financial statements because of its weak financial condition the report indicates the realization of the company s assets is dependent on it obtaining enough working capital to finance operations and additional funds to meet other liabilities among other things these factors indicate the company may be unable to continue its existence earlier scott reported a loss of mln dlrs compared to a loss of almost mln dlrs in total assets were nearly mln dlrs at year end down from mln dlrs the prior year reuter
earn	thoratec laboratories corp year loss shr loss dlrs vs loss dlrs net loss vs loss revs vs reuter
acq	bayou international gets stake in amalgamated bayou international ltd said it acquired pct of amalgamated equities ltd of australia for dlrs bayou is pct owned by australia wide industries ltd reuter
earn	network netw to take rd qtr charge network control corp said it intends to take a dlr charge against earnings for the third quarter ended march and said sales for the quarter would be about dlrs about pct below sales in the same year ago quarter network said it is taking the charge due to the significant increase in accounts receivable which remain uncollected for more than days after billing it said it ultimately will collect most of those accounts it attributed the sales decline to a transition period for its new products and a delay in a major order reuter
crude	petrobras sees raising export of fuel in brazil s state oil company petrobras is pledging to export mln cubic meters of fuel or mln barrels in a company spokesman said he said that represents a total sale worth mln dlrs the volume is pct higher over sales which totalled mln cubic meters or mln barrels the united states africa and latin american are brazil s main fuel buyers the spokesman said reuter
money-supply	u s business loans fell mln dlrs in march week fed says
interest	baker repeats he hopes prime hike temporary treasury secretary james baker reiterated his hope that this week s rise in prime rates would be a temporary blip upwards i would hope that it would simply be a temporary blip upward as we ve seen in the past baker said in television interview with the cable news network the interview airs tomorrow but cnn released extracts from his remarks today baker also repeated his position that the reaction of financial markets to u s tariffs on japanese electronic goods showed the importance of the united states not going protectionist the markets were telling us be careful reuter
earn	e and b marine ebmi th qtr net edison n j april shr loss dlrs vs loss cts net loss vs loss revs mln vs mths shr loss cts vs gain cts net loss vs gain revs mln vs mln reuter
acq	iroquois brands ibl rebuffs lyon foods claims iroquois brands ltd said it has been sued by lyon food cos inc which is seeking mln dlrs in damages in connection with the april nine mln dlrs purchase of iroquois former specialty food products segment iroquois said that based upon the defenses it will assert it does not believe that any charge against income is required as a result of the claim reuter
money-supply	february fomc votes unchanged monetary policy the federal open market committee at its february meeting voted nine to one to maintain the then existing degree of reserve restraint minutes showed the fomc issued an asymmetric inter meeting policy directive which gave greater possibility to firmer rather than easier policy the committee set a six to seven pct january through march annualized growth target for m and m and no m goal at the prior meeting in mid december the fomc set a seven pct target for m and m for november through march the february fomc kept the four to eight pct federal funds rate reference range for policy as in other recent meetings at a telephone conference on february committee members discussed the possible implications of the decisions reached in paris for u s intervention in foreign exchange markets no conclusions were contained in the minutes in its inter meeting policy directive the february fomc said that somewhat greater reserve restraint would or slightly lesser reserve restraint might be acceptable depending on the behavior of the aggregates taking into account the strength of the business expansion developments in foreign exchange markets progress against inflation and conditions in domestic and international credit markets the february fomc voted nine to one for an unchanged policy thomas melzer st louis federal reserve bank president favored some tightening of reserve conditions he noted the strong growth in bank loans in november through january and the firm federal funds rate that had prevailed despite the extraordinary pace of reserve growth he also cited the recent declines in the dollar s value finally looking ahead melzer pointed out the potential for a further rise in inflationary expectations he believed that prompt restraints might avert the need for more substantial tightening later regarding inter meeting policy adjustments the fomc minutes showed the members generally felt that policy implementation should be especially alert to the potential need for some firming of reserve conditions in this view the fomc said somewhat greater reserve restraint would be warranted if monetary growth did not slow in line with current expectations and there were concurrent indications of intensifying inflationary pressures against the background of stronger economic data one indication of potential price pressure might be a further tendency for the dollar to weaken the minutes showed that one member presumably melzer preferred a directive that did not contemplate any easing during the weeks ahead however most of the members did not want to rule out the possibility of some slight easing during the inter meeting period although they did not view the conditions for such a move as likely to emerge the fomc members assumed that future fluctuations in the dollar s value would not be of sufficient magnitude to have any significant effect on the fed s economic projections in addition they anticipated that considerable progress would be made in reducing the federal budget deficit reuter
money-supply	federal reserve business loan data april one week ended march daily avgs mlns u s business loans down excluding acceptances down govt agency securities down cds major time deposits down trading accounts down u s commercial paper down includes financial cos down new york business loans down excluding acceptances down cds major time deposits down reuter
money-supply	u s business loans fell mln dlrs business loans on the books of major u s banks excluding acceptances fell mln dlrs to billion dlrs in the week ended march the federal reserve board said the fed said that business loans including acceptances fell mln dlrs to billion dlrs reuter
acq	texas american txa banks to be merged texas american bancshares inc said three of its texas american banks will be merged into texas american bank galleria the corporation said the spring branch fonderen and gulfway texas american banks will become separate banking offices of tab galleria reuter
earn	biw cable systems inc biwc th qtr loss shr loss dlrs vs loss cts net loss vs loss revs vs mln year shr loss dlrs vs profit two cts net loss vs profit revs mln vs mln note current periods include mln dlr charge for possible obsolete inventory and provision of dlrs for consolidation of cable manufacturing plant reuter
acq	doe issues offer to buy alaska power unit the u s energy department issued a request for proposals to buy the snettisham hydroelectric project a major part of the alaska power administration it said invitations were sent to two alaskan electric utilities the city and borough of anchorage and the state of alaska it did not cite a possible purchase prices the requests were limited to alaskan entities because the purpose of privatization of the administration was to put the local utility into the hands of a local body the doe said it added that proposals are due back by august three the doe said it then had days to select a proposal that it would recommend to congress which then would vote the recommendation up or down proposals to buy the other major part of the alaska power administration the eklutna project was expected to be issued in early june it said reuter
coffee	ibc could close may export registrations tonight the brazilian coffee institute ibc could close may export registrations tonight following extremely heavy sales today exporters said they estimated registrations today at between mln and mln kilo bags yesterday bags were registered the exporters said over mln bags of total registrations could have been the declaration of sales made in the six weeks during which books were closed the rest would be new sales when the ibc opened may registrations from yesterday it did not set any volume limit april registrations opened and closed on february when a daily record mln bags were declared reuter
cpi	peru consumer prices rise pct in march peru s consuemr price index rose pct last month to base following a pct increase in february and pct rise in march the national statistics institute said it said that the accumulated inflation for the first three months of was pct compared to pct for the same period last year inflation for the month period ending march was pct compared to pct for the month period ending march reuter
earn	warehouse club wclb to take charge warehouse club inc said it expects to take a one time charge of about five mln dlrs on its june third quarter results from closing of two unprofitable chicago area units the company said it will continue to operate warehouses in illinois indiana michigan ohio and pennsylvania it added that it expects future operating results to be improved because of the closing of the two warehouses reuter
acq	sci scis buys fortune fsys computer assets fortune systems corp and sci systems inc said they signed a letter of intent covering the purchase of fortune s microcomputer business assets for an unspecified amount of cash fortune systems makes a desktop computer systems reuter
earn	cullen frost cfbi to omit dividend cullen frost bankers inc said it will defer paying a cash dividend for the next months due to the economic slump in the texas economy it previously paid a five cents a share dividend in recent quarters it also said its first quarter earnings ended march which it said it will release later this month will be similar to its fourth quarter earnings last year in the company reported a loss of dlrs or cts a share reuter
acq	investor group cuts rospatch rpch stake a group of new york investors said it lowered its stake in rospatch corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission the group said it sold a net shares of rospatch common stock between february and march at prices ranging from to dlrs a share the group includes brookehill equities inc a brokerage firm and moore grossman and derose inc an investment advisor reuter
crude	colombia s main oil pipeline attacked state run oil company ecopetrol said colombia s main oil pipeline was bombed again and pumping of barrels per day was suspended a spokeswoman for the company said that the early morning dynamite attack was the st in the last nine months on the cano limon covenas pipeline which links colombia s biggest oilfied at cravo norte to the caribbean she said about barrels of crude were spilled and could not indicate when pumping would resume the attack was near magangue in northeastern bolivar province ecopetrol is exploiting cravo norte in association with occidental petroleum corp oxy and shell petroleum n v a unit of the royal dutch shell group rd st ecopetrol said in a communique that bombings since last july led to a loss of more than barrels of crude or the equivalent of mln dlrs reuter
tin	u s defends stockpiled tin sales in the united states defended its sales of stockpiled tin in in reaction to criticism from malaysian miners who have said it violated an agreement with southeast asian producers the united states has continued to abide by the spirit of the memorandum of understanding and has consulted with the asean states on gsa tin disposals a state department spokesman said in a statement the views of the asean governments have been taken into account in determining disposal levels the statement said the united states and the asean countries signed a memorandum of understanding concerning tin disposals by the u s general services administration gsa in december in its latest annual report the states of malaya chamber of mines said the gsa sold tonnes of tin in well above an agreed upon annual limit of tonnes the united states appears to have lost sight of the u s asean memorandum of understanding it said the state department statement said gsa tin disposals increased in calendar year due to changed market conditions during the first quarter of calendar year they have been running at a lower rate compared to the spokesman declined to say how much stockpiled tin the gsa sold last year however reuter
earn	loctite loc sees better than expected net loctite corp said it expects third quarter earnings to be higher than security analysts forecasts of to cts a share last year the company earned cts per share in the third quarter it attributed its better than expected forecast to sales growth which it said were particularly strong overseas it also said it will have a lower effective tax rate reuter
earn	time tl sees dilution from scott foresman time inc said the acquisition of scott foresman and co last year will dilute earnings per share by about cts a share for the full year in for the first quarter the acquisition will have a negative impact of about cts per share chief financial officer thayer bigelow told security analysts he said scott foresman a textbook publisher will contribute more than mln dlrs in operating income before depreciation and amortization for the full year n j nicholas president and chief operating officer said soctt foresman will have over mln dlrs in revenue in bigelow said the textbook business which normally has its highest profit in the third quarter and incurs a loss in the first quarter will have an adverse impact of mln dlrs on book publishing income for the first quarter first quarter performance for the rest of time inc will be better than last year bigelow said the dilution of cts per share for includes the effects of financing the acquisition bigelow also said the company is comfortable with estimates that earnings will be between dlrs and dlrs per share for the year reuter
acq	cyacq terminates tender for cylcops cly cyacq corp said it terminated its february six tender offer for cyclops corp cyacq was unsuccessfully bid against dixons group plc for control of cyclops as of march dixons group plc had acquired more than pct the stock under an increased tender offer reuter
acq	investor lifts myers myr stake to pct leonard chavin a chicago real estate developer who has said he is considering seeking control of l e myers co group said he raised his stake in the company to shares or pct from or pct in a filing with the securities and exchange commission chavin said he bought myers common shares between march and at prices ranging from to six dlrs a share last january chavin said he retained investment banker r g dickinson and co to advise him on his myers stock dealings he has also said he would be unable to seek control of myers unless he gets financing reuter
coffee	ibc registers mln bags of export sales the brazilian coffee institute today registered mln kilo bags of green coffee for may shipment an ibc statement said this brings the total in the two days registrations have been open to mln including bags of soluble today s registrations comprised bags to members and to non members of the international coffee organisation no soluble sales were registered today reuter
earn	u s company earnings highlights first quarter anchor financial corp shr cts vs nine months biomet inc shr cts vs federal co shr dlrs vs richardson electronics shr cts vs year eac industries inc oper shr loss cts vs loss cts fine art acquisitions shr cts vs mangood corp oper shr loss dlrs vs loss reuter
earn	freedom savings and loan ass n frdm year end shr loss dlrs vs loss dlrs net loss mln vs loss mln note loss includes operating loss of mln dlrs or dlrs a share including an additional loan loss provision of mln dlrs write downs in the value of real estate of mln dlrs and an extraordinary loss of mln dlrs for early retirement of long term debt reuter
acq	investor mulls kappa kpa radiation rads merger michael krupp a golden colo businessman and major shareholder of kappa networks inc said he and kappa s management are considering seeking a merger between kappa and radiation systems inc in a filing with the securities and exchange commission krupp said companies he controls and kappa acquired a combined radiation system shares or pct of the total krupp who has a pct stake in kappa said he and kappa management believe a kappa radiation systems combination would be good for both companies but no decision has been made on whether or how to proceed with a merger attempt he added reuter
acq	olin oln unit acquires image technology olin corp s olin hunt specialty products inc said it acquired image technology corp for undisclosed terms image technology makes chemicals for the semiconductor industry reuter
acq	key centurion keyc to buy bank of buckhannon key centurion bancshares inc said it reached an agreement in principle to acquire central national bank of buckhannon in w virginia terms call for an exchange of shares of centurion shares for each share of central national the transaction is valued at mln dlrs reuter
acq	sturm ruger submits bid for smith and wesson sturm ruger and co inc said it submitted a bid in excess of mln dlrs for smith and wesson a manufacturer of law enforcement firearms and a unit of lear siegler smith and wesson is among a number of companies being sold by forstman and little after its recent acquisition of lear siegler reuter
acq	freedom savings frdm may seek sale or merger freedom savings and loan association said it may seek a possible sale or merger of the association as it reported a net loss of mln dlrs or dlrs a share for the loss included a number of charges including additions to its loan loss provision of mln dlrs and write downs on the value of its real estate of mln dlrs it said it is continuing to work with investment bankers to find sources of new capital return its non performing assets to earning status and reduce operating expenses and liabilities among other things reuter
crude	brazil makes second amazon oil discovery the brazilian state oil company petrobras has made a second oil discovery in the amazon region president jose sarney said he said the well had an initial flow of cubic meters of gas and barrels of oil per day it is situated kilometres from the first well to be discovered in the region last year which is currently yielding cubic meters of gas and barrels of oil daily the wells the biggest onshore well in the country are on the banks of the river uruc in the amazon basin kilometres miles north of brasilia reuter
coffee	ibc closes export registrations exporters the brazilian coffee institute ibc tonight closed export registrations exporters said they said they heard of the closure from ibc officials but no officials could be reached immediately for confirmation earlier an ibc statement said registrations for may the only month which was open today totalled mln bags of kilos to bring the total registered for the month to mln reuter
earn	telebyte technology inc tbti year shr loss cts vs loss cts net loss vs loss revs mln vs mln reuter
earn	houston oil royalty trust rth distribution monthly dist cts vs cts prior payable april record april reuter
acq	publishers equipment pecn trentonian in deal publishers equipment corp said it reached an agreement to incorporate flexo printing technology into the tentonian an ingersoll newspaper in trenton n j it said that mid will be the target date for start up for the new equipment which will double the size of its present press reuter
acq	gabelli group cuts gencorp gy stake to pct a group led by new york investor mario gabelli told the securities and exchange commission it cut its stake in gencorp inc to shares or pct of the total from shares or pct the gabelli group said it sold gencorp common shares between march and at prices ranging from to dlrs a share reuter
acq	gabelli explains sale of gencorp gy shares mario gabelli head of new york investment firm mario gabelli and co said he sold some shares of gencorp inc gy as part of a portfolio rebalancing process to meet the needs of his more than clients he said as the stock moved up following acquisition proposals from a group formed by afg industries inc afg and wagner and brown some of his clients were overweighted regarding the company s shareholders meeting tuesday gabelli told reuters there was nothing said that caused me to sell or buy he still thinks values are dlrs per share or more and has clients that asked to buy more gabelli said he amended certain filings with the securities and exchange commission because his clients are now passive investors we wanted to remove our clients from the process unfolding between gencorp and wagner and brown he said he said he was pleased that chairman a william reynolds stated at the meeting that he found the concept of greenmail to be repugnant greenmail refers to a corporation buying out a shareholder at a premium not available to others reuter
acq	investor boosts first western fwes stake poul erik moller a santa monica calif investor said he raised his stake in first western financial corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission moller said he bought first western common shares between jan and march at prices ranging from to dlrs a share moller said he bought the stock as a long term investment and may buy more but has no plans to seek control of the company reuter
acq	investor boosts first western fwes stake poul erik moller a santa monica calif investor said he raised his stake in first western financial corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission moller said he bought first western common shares between january and march at prices ranging from to dlrs a share moller said he bought the stock as a long term investment and may buy more but has no plans to seek control of the company reuter
earn	comterm inc year jan loss oper shr loss cts vs profit eight cts oper net loss vs profit revs mln vs mln note net excludes extraordinary gain of mln dlrs or cts shr from settlement of provision for discontinued operations vs yr ago tax gain of dlrs or three cts shr reuter
earn	sabine royalty trust sbr sets monthly payout cash distribution cts vs cts prior pay april record april reuter
earn	providence energy corp pvy regular dividend qtly div cts vs cts prior pay may record april reuter
earn	gulf states gsu sees end to cash by may gulf states utilities co said its condition has significantly deteriorated and that its operating cash reserves will be inadequate by may unless it receives additional financing or rate relief from state public utilities commissions in texas and louisiana in the company s newly released annual report and k filing gulf states said its bank lenders had notified the utility last month that no additional credit would be granted gulf states said the banks had requested the utility to begin making prepayments by the end of april of mln dlrs more than the estimated lease payments of mln dlrs the circumstances increase the likelihood that the company may have to seek protection from its creditors under the bankruptcy code gulf states said the utility had previously said it might be forced to consider filing for bankruptcy because of limited rate increases granted by state regulators in connection with gulf states billion dlr river bend nuclear plant in louisiana if the regulatory commissions approve the company s proposed rate moderation plan and grant the increases provided for in such plan during the initial three year phase in period the company believes it could achieve financial stability gulf states said in february the texas public utilities commission granted gulf states an interim rate increase of mln dlrs contingent upon the utility obtaining a new mln dlr line of credit to pay operating expenses the utility had sought mln dlrs in rate hikes in texas gulf states has appealed a decision by louisiana state regulators rejecting its application for mln dlrs in emergency rate relief in gulf states earned mln dlrs on revenues of billion dlrs compared to profits of mln dlrs on sales of billion in the previous year reuter
interest	hk shanghai bank standard chartered bank raise prime one half point to pct
interest	hong kong banks raise prime one half point to pct hongkong and shanghai banking corp and standard chartered bank raised their prime rate one half point to pct effective tuesday the association of banks said the association said in a statement deposit rates have also been increased by to percentage point the banks last announced an adjustment on february when they raised the prime rate by one point to six pct the deposit interest rates are now savings and hours two pct seven day call one week and two weeks pct one month and two months pct three and six months pct nine months pct and months four pct reuter
wpi	south korean wholesale prices up pct in march south korea s wholesale price index base rose pct to in march after a pct rise in february but was pct lower than its march level the bank of korea said the march consumer price index same base rose pct to after a pct gain in february for a year on year rise of pct reuter
ipi	institute sees w german output fall in production in the manufactured goods industry has been falling since mid and will decline by between one and two pct this year after a pct increase in the ifo economic institute said an ifo report said recessionary influences were affecting the engineering industry particularly it saw a decline of two to three pct in this sector after a pct rise in orders especially from abroad were also falling sharply for capital goods in the electronics sector it added ifo also predicted stagnation in the automobile industry in after a particularly successful when production rose pct chemical industry production which fell by pct last year was likely to stagnate or decline by one pct in this sector suffered from slack demand from abroad and from low domestic consumption reuter
coffee	ibc closes export registrations ibc official the brazilian coffee institute ibc confirmed having closed may export registrations effective april on friday night exporters said they had heard of the closure from ibc officials but the officials could not at the time be reached for confirmation reuter
money-fx	lawson says u k election not only ems bar british chancellor of the exchequer nigel lawson said the next u k election was not the only element standing in the way of full british membership of the european monetary system ems but he added that arguments against joining had weakened prime minister margaret thatcher widely believed to be the strongest government opponent of full ems membership has made clear she does not expect to consider joining until after the next uk election due by mid at the latest but lawson in answer to a question told reporters after an informal european community finance ministers meeting here that other factors apart from the upcoming election stood in the way of full membership in addition to the question of the exchange rates at which britain should enter the ems s core exchange rate mechanism there was also the impact of sterling membership on the system to be considered he said british entry would change the ems from a monopolar system based on the west german mark to a bipolar mark sterling system he noted we have to make sure it would work but lawson added that some of the considerations that had made it difficult for britain to join in the past now posed less of a problem as an example he cited sterling s role as a petrocurrency which he said was diminishing that argument has clearly weakened he said lawson restated that the government was keeping the question of membership under review reuter
money-fx	ec agrees on need to strengthen ems european community ec finance ministers and central bankers agreed on the need for greater cooperation to strengthen the european monetary system ems against international market turbulence officials said there was a general will to reinforce the european monetary system with all that implies belgian finance minister mark eyskens said yesterday after hosting a one day session of informal talks at this belgian coastal resort the gathering was the first such discussion since the second major realignment of ems parities within nine months in january the system has come under severe strain as funds have flowed out of the slumping dollar and into the dominant ems currency the west german mark sending it soaring against weaker currencies in the system but eyskens said february s agreement between leading western industrialised nations to stabilise exchange rates at around current levels was working and this would allow the ec to speed up its efforts to boost the internal stability of the ems he told a news conference yesterday s meeting agreed on the need for closer coordination among ems member governments of interest rate policies and of interest rate differentials between different countries they also agreed they needed better coordination of exchange market intervention to hold currencies stable both when they reached their fixed ems limits and within their agreed margins but eyskens said this coordination raised a whole range of technical problems and ministers would discuss these further in luxembourg in june on the basis of proposals from the ec s monetary committee and committee of central bank governors he said the ec needed a set of indicators of economic convergence betwen community countries and it was important that interest rates fulfilled this role together with exchange rates and inflation rates the belgian minister whose country presently holds the presidency of the community made clear the meeting had not produced any agreement to move radically forward in developing the ems towards the ec s long term goal of economic and monetary integration we have committed ourselves to reestablishing the normal functioning of the system eyskens said eyskens has repeatedly stressed that he believes the ems has to be reinforced if the ec s plans to liberalise all movements of capital across national borders by are to go ahead ec executive commission president jacques delors told the meeting the authority would put forward proposals for a final phase of capital market liberalisation in october that would include safeguard clauses for member countries for which the move would create difficulties eyskens said the ministers and central bankers also discussed the need to dedramatise realignments of ems parities by letting high ranking monetary officials carry them out by telephone rather than calling a meeting of finance ministers however west german sources said bonn finance minister gerhard stoltenberg was unenthusiastic about the idea british chancellor of the exchequer nigel lawson told journalists that one of the technical issues raised by greater coordination of exchange market intervention was the question of which currencies should be used to intervene and held in central bank reserves he said several ems member countries believed the ems would work better if central banks held each other s currencies an issue of particular importance regarding west germany since the bundesbank holds only dollars in its foreign exchange reserves he said the debate on dedramatising ems realignments reflected a general feeling among participants that the way the january reshuffle had been conducted was unsatisfactory the realignment was marked by acrimony between france and west germany with each side blaming the other for strains in the system that forced the parity overhaul reuter
money-fx	zambian currency falls at foreign exchange auction the zambian currency further depreciated yesterday at the second auction since the introduction of a two tier foreign exchange system last month the central bank of zambia said the kwacha was pegged at to the dollar compared to last week s rate of to the dollar the bank which offered six mln dlrs at the auction reported demand for mln dlrs at the previous auction the government offered eight mln dlrs last month the government set a fixed exchange rate of nine kwacha per dollar subject to adjustment against a basket of five currencies for certain official transactions it also introduced a new weekly foreign exchange auction only for parastatal organisations and the private sector where the exchange rate is allowed to float in accordance with market demand the new auction system is designed to be more restrictive than the previous one suspended in january after the central bank fell weeks in arrears to successful bidders under the new system no bidder except the the state oil company zimoil and the national airline zambia airways is allowed to bid for more than five pct of the foreign exchange on offer reuter
ship	u s navy said increasing presence near gulf defence secretary caspar weinberger has ordered the u s navy to increase its presence near the gulf in an effort to fulfil president reagan s pledge to keep oil flowing to europe and japan the new york times reported the newspaper quoted pentagon officials as saying the navy would keep the aircraft carrier kitty hawk on station in the arabian sea and the rest of the indian ocean until may three months longer than planned the navy would then have a carrier battle group of six to eight warships in the area at all times rather than part of the time as happens now the paper said the paper said that last month u s intelligence sources said they had spotted land based anti ship missiles of a chinese design known in the west as the hy near the strait of hormuz it said their purpose was seen as a signal iran was ready to continue and perhaps step up the gulf shipping war against iraq u s carriers or battleships would sail out of range of those missiles but within striking distance the paper quoted officials as saying from several hundred miles at sea carriers could launch aircraft bombing runs or missile strikes and battleships could fire long range missiles the paper said reuter
strategic-metal	algerian spanish firms agree quicksilver price algerian and spanish producers which together meet pct of the western market s needs in quicksilver have agreed to apply a minimum selling price of dlrs per unit the algerian news agency aps said the agreement was made during a meeting here last week between algeria s entreprise nationale des non ferreux et substances utiles enof and spain s almaden to discuss the market situation the two firms took note with regret that prices quoted by some specialised publications do not reflect the reality of the whole market since they take into account only part of the deals made a statement by enof said the result is that the prices quoted are far away from two firms production costs they have thus decided that their selling price would not be linked any more to the prices quoted by these publications and that sales would be made at a minimum price of dlrs fob per jar which is close to their production cost the statement said it added that turkish producers would join in when the two firms meet again in madrid later this month the price of quicksilver on the london metal exchange hovered around dlrs this week reuter
reserves	china s foreign exchange reserves fall during china s foreign exchange reserves totalled billion dlrs at end up from billion at end september but down from billion at end according to central bank figures published by the new china news agency the agency said billion dlrs of the reserves was held by the state treasury down from billion at end september while billion was held by the bank of china up from billion china s outstanding foreign debts rose to billion at end from billion at end gold reserves stood at mln ounces unchanged over the year reuter
crude	iea sees one pct growth in oecd oil demand growth in oil consumption in the western industrialised countries is likely to slow to around one pct this year compared with pct in the international energy agency iea said oil use in the countries of the oecd increased by around one pct in first quarter to mln bpd the iea said in its monthly oil market report growth in oecd countries is expected to come primarily from transport fuels as in but if average consumer prices are higher than the rate of growth for these fuels may be below last year s pct it said the iea said that assuming crude oil and product prices stay close to current levels some destocking by end users can be expected if that happens natural gas will also regain some of the market share it lost to heavy fuel in and there may be slightly less growth in transport fuels iea estimates on april put oil stocks in the oecd area at mln tonnes representing days of forward consumption this is about the same level as at the begining of the year the agency said this flat trend is explained by the projected seasonal consumption decline in the second quarter of the year which offset a reduction in stocks it said initial estimates indicate that company stocks fell by mln bpd in oecd countries in the first quarter of the year this followed a small rise in january of mln bpd but a decline of mln bpd in february and mln bpd in march it is possible that final data will show a larger draw particulary for march it said as crude production also fell there is likely to have also been a decline in non reported stocks particularly at sea the iea said company stocks on land in the oecd rose to mln tonnes on april against mln on april governments built up strategic stocks to mln tonnes against mln in the period the year on year trend of government stock building is continuing with year on year company stocks also rising more or less in line with consumption after declining for five years the iea noted oil stocks on land in the u s and canada were put at mln tonnes on april down from the mln tonnes on january and equivalent to and days of consumption respectively oil stocks in western europe were mln tonnes on april down from the mln on january but still equivalent to days of consumption world oil supply fell in the first quarter by about two mln bpd to mln bpd from mln bpd in last quarter this drop was mostly due to a decline in opec crude production to around mln bpd in february march from mln bpd in january and to the seasonal drop in exports from centrally planned economies the iea said total opec crude oil supply was mln bpd in the first quarter plus mln bpd of ngls compared with mln bpd of crude in the last three months of and mln average for the whole of supply from non opec countries totalled mln bpd against mln bpd in the fourth quarter a drop in saudi arabian output to a tentatively forecast mln bpd in march from mln bpd in february was the largest factor behind the opec production decline the iea said saudi arabia s opec assigned output quota is mln bpd reuter
gnp	march u s purchasing managers index up at the u s economy in march improved at a faster rate than in february with the national association of purchasing management s composite index rising to pct from pct the napm said the first quarter average for the index also was pct the napm said that if this average were to continue for the rest of it would be consistent with real gross national product growth of about three pct an index reading above pct generally indicates that the economy is in an expanding phase one below pct implies a declining economy the napm said the economic improvement was evident in all of the indicators in the index except inventories which declined slightly new orders rose sharply in march with production also higher vendor deliveries slowed another sign that the economy improved in march employment expanded for the first time since august robert bretz chairman of the napm s business survey committee and director of materials management at pitney bowes inc pbi said the economy ended the first quarter with a healthy if not substantial improvement bretz said the sharp rise in the growth of new orders in march assures a good beginning for the second quarter some pct of the purchasing managers reported that they were paying higher prices in march than at the end of of those paying higher prices now the average increase was put at pct the estimated average price increase anticipated by members for the remainder of is pct while prices continue to rise the napm said that most purchasers do not see them as being significant the composite index is a seasonally adjusted figure based on five components of the napm business survey new orders production vendor deliveries inventories and employment the monthly report is based on questions asked of purchasing managers at u s industrial companies reuter
money-fx	u s credit market outlook cautious trading u s bond trading is likely to remain cautious in the near term with a possible downward price bias as market participants focus on trends in the dollar the economy and federal reserve policy economists said most expect the economy to continue showing modest gains that the dollar has more room to fall and that the fed will keep policy essentially steady perhaps for several months until trends are clearer the market can only attempt to to establish and hold a new trading range at higher interest rates said economists at merrill lynch capital markets merrill lynch economists raymond stone and ward mccarthy said that while the fundamentals generally bode for a healthy investment climate the market will have no confidence in this environment until there is illumination of and confidence in u s dollar trade policy salomon brothers henry kaufman said the bond market highly sensitized to dollar movements could be encouraged if currency markets seem to be stabilizing or if u s and overseas economic growth is perceived as slowing sharply the crucial question however is how soon either of these developments is likely to occur kaufman said market uncertainties and the erosion of portfolio manager confidence could continue portfolio selling pressure a while longer said philip braverman chief economist at irving securities corp however braverman said that from a longer term perspective current bond prices provide a buying opportunity despite a nearly one point bond price rebound friday on unexpectedly weak march employment data key year treasury bonds lost points in price for the week as a whole and thursday s pct closing yield was a high braverman said historical evidence suggests that a long bond yield in the pct area provides a basis for optimism bonds closed at pct on friday the irving economist noted that three times last year in a similar paroxysm of pessimism the key bonds reached a similar closing yield high within three to six weeks in each instance however braverman said bond prices recovered to bring the yield down sharply by to basis points mitchell held of smith barney harris upham and co inc said that many portfolio managers now believe yields could approach nine pct by midyear which he considers unlikely held said that since late smith barney analysts have spoken about the risk that interest rates could move higher and they continue to believe that an upward bias is likely to persist over the next few months held said that in conversations with portfolio managers last week there appeared to be increasing belief that the rate rise had just begun and that yields could approach nine pct by midyear naturally that would mean a sharp bond price fall yields could rise further over the next few months but the rise should be less than the basis point rise we ve seen since the start of the year held said most expect fed policy to be neutral for bonds near term the fed is currently frozen into a fixed stance said economists at aubrey g lanston and co inc they said the fed cannot tighten policy and push up interest rates as might be appropriate to stabilize the dollar and head off renewed inflationary psychology that might harm the fragile u s economic expansion the lanston economists said the fed cannot ease its policy stance to both foster more rapid economic growth and calm domestic and third world debt jitters without the threat of causing a further decline in the dollar minutes of february s federal open market committee fomc meeting released friday showed that while the fomc left policy unchanged it was more inclined to firm rather than ease policy later if conditions in the economy foreign exchange or credit markets warranted a policy shift however economists generally believe that continued fairly sluggish u s economic growth and the financial strains on u s banks resulting from their problem loans to developing countries rule out any fed policy firming there is broad agreement among economists that the fomc at last tuesday s meeting also left fed policy unchanged this week s u s economic data are expected to have little impact february consumer instalment credit numbers are due on wednesday with march producer price data out friday there may be mild relief in some quarters that the u s purchasing managers composite index a closely watched economic indicator rose only to pct in march from pct a friday rumor had put the number far higher the index s first quarter average also was pct translating into real gnp growth of about three pct if continued through federal funds traded at pct late friday and are expected to open about there today with no fed action seen reuter
interest	national australia bank lowers benchmark prime national australia bank ltd naba s said it lowered its benchmark prime lending rate to pct from effective today but left its base rate at the benchmark reduction brings the rate into line with the prime rates of most of australia s trading banks including those of two of the other three major trading banks however the rate is above the pct the lowest ruling rate set by the other major the australia and new zealand banking group ltd anza s on friday and effective today the benchmark is based on short term interest rate movements while the base rate is tied to longer term trends reuter
earn	caesars world board approves recapitalization caesars world inc caw said its directors unanimously approved a recapitalization plan under which stockholders will get a cash distribution of dlrs per share via a one time special cash dividend and will retain their common stock ownership in caesars world caesars world said it expects to raise the approximately one billion dlrs needed to pay the dlr per share dividend and the expenses of recapitalization through around mln dlrs in bank borrowings and a public sale of approximately mln dlrs of debt some outstanding debt will be retired drexel burnham lambert inc caesars financial advisor has told the company it is confident it can arrange the entire financing needed for the recapitalization henry gluck chairman and chief executive officer of the hotel casino and resorts company said in a statement the board believes the recapitalization plan is financially superior to a dlr a share tender offer by martin sosnoff gluck said the caesars world board once again recommends that shareholders reject the sosnoff offer the stock closed at dlrs a share on friday our ability to restructure along these lines is possible primarily because of the financial stability and the strong operating results achieved by management in recent years gluck said he said that after the recapitalization takes effect proforma net income for the fiscal year ended july is expected to be about mln dlrs fiscal primary earnings per share are projected to be cents based on about mln in post recapitalization common and common equivalent shares outstanding commenting on the company s longer term earnings outlook gluck said we project net income to increase to mln dlrs in reflecting increased operating income and lower interest expense due to the retirement of mln dlrs of debt incurred in connection with the recapitalization he said the company does not usually release projections but has done so now beause of the significance of the recapitalization gluck said the recapitalization plan will be submitted for stockholder approval at a special meeting expected in june the plan will require the approval of stockholders and that of the nevada and new jersey gaming regulatory authorities as part of the plan the company will change its state of incorporation from florida to delaware by means of a merger of caesars world into a wholly owned subsidiary of the company the new incorporation certificate and bylaws will provide for among other things a fair price provision requiring that certain transactions with interested pct stockholders be approved by an pct vote of stockholders excluding shares held by such interested stockholders caesars world said in a statement that the cash distribution will result in a substantial deficit in stockholders equity it did not give an estimate of the size of this deficit but the company said its financial advisors have said they believe that after the recapitalization caesars world should have the financial flexibility and resources necessary to finance its current and projected operating and capital requirements reuter
acq	australian gas light co counter bids for tmoc the australian gas light co agl said it will offer one share plus one dlr cash for every two shares in oil and gas producer tmoc resources ltd in a counter bid to the previously reported takeover offer by santos ltd stos s the offer values tmoc shares at dlrs each based on agl s closing price of dlrs on friday tmoc shares jumped to dlrs on the announcement from its friday closing price of the agl offer the third to be made for tmoc this year compares with the santos cash offer of dlrs a share based on tmoc s issued capital of mln shares the agl offer values the entire company at mln shares agl said in a statement that it already holds pct of tmoc s issued capital this compares with the santos stake of pct when it announced its bid in march elders resources ltd began the auction for tmoc about three months ago with an unsuccessful dlrs a share on market offer that has since lapsed agl said its offer is above the upper end of the range of values placed on tmoc by its advisers in the company s response urging rejection of the elders resources bid agl said it will make the same offer for tmoc s convertible notes accepting share and note holders will participate in agl s planned one for one bonus issue it said tmoc is already a partner with agl in the alice springs to darwin gas pipeline and has a number of businesses complementary with those of agl agl is the new south wales natural gas utility while tmoc has extensive onshore holdings mainly in queensland where it owns the moonie oil field and in the northern territory where it operates and holds of the mereenie oil gas field it also has interests in a number of gas or oil pipelines reuter
crude	iea forecasts slower growth in oecd oil demand growth in oil consumption in the western industrialized countries is likely to slow to around one pct this year compared with pct in the international energy agency said oil use in the member countries of the organization for economic cooperation and development oecd increased by around one pct in the first quarter of to mln barrels a day the iea said in its latest monthly report growth in oecd countries is expected to come primarily from transport fuels as was the case in but if average consumer prices are higher than the rate of growth for these fuels may be below last year s pct the iea said assuming crude and product prices remain nar current levels some destocking by end users can be expected if that takes place natural gas will also regain some of the market share it lost to heavy fuel in it said iea estimates on april one put oil stocks held in the oecd area at mln tonnes or days of forward consumption this is about the same as at the begining of the year the agency said this flat trend is explained by the projected seasonal consumption decline in the second quarter of the year which offset a reduction in stocks company stocks on land in the oecd rose to mln tonnes on april one this year compared with mln tonnes in calender while governments also built up their strategic stocks to mln tonnes against mln in the year on year trend of government stock building is continuing with company stocks rising more or less in line with consumption after declining for five years iea said oil stocks on land in the united states and canada were put at mln tonnes down from the mln tonnes on january one and equivalent to and days of consumption respectively oil stocks in western europe were mln tonnes down from the mln tonnes on january one but still equivalent to days of consumption the iea said that initial estimates indicate that company stocks fell by mln bpd in oecd countries in the first quarter of the year this followed a small rise in january of bpd but a decline of bpd in february and bpd in march and it is possible that final data will show a larger draw particulary for march it said as crude production also fell there is likely to have also been a decline in non reported stocks particularly at sea the iea said world oil supply fell through the first quarter by about two bpd to bpd from bpd in the last quarter of this drop was mostly due to a decline in opec crude production to around bpd in february march from bpd in january and to the seasonal drop in exports from centrally planned economies the iea said total opec oil supply totalled bpd in the first quarter of compare with bpd in the last three months of while supply from non opec countries totalled bpd as against bpd in the same period a drop in saudi arabian output to a tentatively forecast bpd in march from bpd in february was the largest factor behind the opec production decline the iea said reuter
coffee	philippine coffee exports seen falling sharply philippine coffee exports are expected to fall sharply due to a combination of the international coffee organisation s ico decision not to revive export quotas and higher local prices ico certifying agency official dante de guzman told reuters he said exporter registrations dropped from an average weekly tonnes in march to tonnes last week with exports in coffee year ending september forecast to total about tonnes against in because of the relatively higher level of domestic prices it has become difficult to service exports de guzman said adding that most exporters are taking a wait and see attitude coffee production was expected to drop slightly to about one mln bags of kg each in the crop year ending june from mln bags last year he said reuter
money-fx	miyazawa sees big nations reaffirming paris pact finance minister kiichi miyazawa told a parliamentary committee he expects major nations to reafffirm the currency pact they struck in paris when they meet this week in washington political sources said the minister also was quoted as saying he expects major nations to take coordinated action to ensure exchange rate stability finance ministry officials were unavailable for immediate comment in paris on february six nations britain canada france japan the u s and west germany pledged to cooperate to hold their currencies stable reuter
cocoa	leading cocoa producers discuss international pact leading cocoa producers will discuss whether newly agreed rules on an international cocoa buffer stock will succeed in reversing a sharp fall in world prices when they start four day s of talks here later today conference sources said another topic likely to be discussed at the twice yearly meeting of the cocoa producer alliance cpa is the pact s second line of market support a witholding scheme under which exporters can take up to tonnes of cocoa off the market if buffer stock purchases fail to defend prices the international cocoa organisation is due to discuss the scheme at a meeting in june and exporters could use the yaounde talks to work out a common position on the issue the sources said delegates will also be briefed on arrangements for an international cocoa research conference due to take place in santo domingo in the dominican republic next month cpa secretary general d s kamga said the member cpa include the world s top three producers of ivory coast brazil and ghana and accounts for around pct of world output reuter
gnp	south korea s gnp seen growing nine pct south korea s gross national product gnp is forecast to grow by nine pct in surpassing the government s original forecast of eight pct and against a pct rise in an economic planning board report said the report reviewing the country s economy in the first three months of this year said year on year gnp was provisionally estimated to have grown by about pct in the period against a pct growth in the same period board officials said the gnp rise in the january march period is due largely to increased exports which totalled billion dlrs against billion a year earlier reuter
interest	chase amp bank to lower australian prime rate to pct from tomorrow
ship	kuwait may re register gulf tankers newspaper kuwait may re register part of its tanker fleet with foreign flag jurisdictions including the u s and ussr in an attempt to protect them from iranian missile attacks in the gulf war zone u s officials were quoted by the new york times as saying the transfers would allow the country of registration to escort kuwaiti owned ships in the gulf kuwait had earlier declined an offer of u s naval escorts as too public an admission of its need for protection they said kuwait is also looking at flagging out to european registries the officials said soviet flag tankers transporting kuwaiti oil through the gulf may get soviet escorts the officials said kuwait had earlier considered having both ussr and u s escorts but the u s was unwilling to give the soviet union a naval role in the region the newspaper quoted the officials as saying kuwait has backed iraq in the seven year war against iran and its ships have increasingly been the target of iranian attacks the u s and kuwait have been negotiating for over a month on methods of protecting kuwaiti ships reuter
interest	chase amp bank cuts australian prime to pct chase amp bank ltd said it will lower its prime lending rate to pct from effective tomorrow the bank is the first to lower its prime rate below the pct set by a few banks in the last few days in a continuation of a downward trend which began late last month other prime rates range from to pct with the majority on the bank said the reduction reflected the recent downturn in money market rates the improved economic outlook and adequate liquidity in the second quarter tax rundown period reuter
cpi	swiss consumer prices rise one pct in march swiss consumer prices rose one pct in the year to march the same rise as in the year to february and against pct in the year to march the federal statistics office said in march alone prices rose pct after a pct rise in february the march index base was against in february the statistics office said the march increase reflected rises in certain sectors such as food clothing and household goods and falls in transport heating and lighting both home produced and imported goods rose by pct during the month but over the year as a whole domestically generated inflation reached pct offset by a pct drop in imports reuter
earn	nixdorf world group net profit mln marks vs mln div marks
acq	tesco extends hillards offer tesco plc tsco l said it was extending its mln stg contested bid for hillards plc until may it said it now controlled pct of hillards shares comprising acceptances of the offer for mln or pct and mln or pct owned by itself its pension fund or its associates it also controlled convertible preference shares or pct hillards shares were unchanged at p while tesco was two pence firmer at p reuter
money-fx	bundesbank sets day securities repurchase tender at fixed pct
money-fx	bundesbank sets new repurchase tender the bundesbank set a new tender for a day securities repurchase agreement offering banks liquidity aid at a fixed bid rate of pct a central bank spokesman said banks must make their bids by gmt today funds will be allocated by gmt tomorrow and credited to accounts later in the day banks must repurchase securities pledged on may reuter
earn	moet hennessy proposes higher dividend year to end dec proposed dividend francs vs francs note full name of company is moet hennessy sa mhsp pa reuter
grain	soviet grain products ministry criticised the soviet communist party has criticised the country s grain products ministry for failing to ensure proper grain storage turning out poor quality bread and for unsatisfactory book keeping pravda said the party daily said that losses in the industry owing to waste and theft amounted to mln roubles over the last two and a half years the situation was particularly bad in the central asian republic of kazakhstan which has been severely criticised since the ousting of its veteran leader dinmukhamed kunayev last december its new leader gennady kolbin has said that at times the grain growing republic has performed so badly that it has been obliged to seek grain supplies from national reserves tass news agency announced yesterday that grain products minister grigory zolotukhin was being retired and replaced by alexander budyka a senior food industry official pravda added today that the crisis in the industry had been drawn to zolotukhin s attention and two of his deputies reprimanded reuter
cocoa	cocoa buffer stock may face uphill battle trade the international cocoa organization icco buffer stock could face an uphill battle to halt the downtrend in world cocoa prices when it begins buying operations in the next few weeks cocoa traders said traders said they believed buffer stock purchases could reach tonnes in a matter of weeks without lifting prices significantly given the amount of surplus cocoa overhanging the market the buffer stock may begin buying shortly as the icco day average indicator price is now at special drawing rights sdr per tonne below the must buy level rules governing buffer stock operations were agreed last month by the icco council buying will begin once the buffer stock manager has completed preparations traders said some traders said the buffer stock manager may delay buffer stock buying until mid or end april when changes in months used to calculate the icco indicator may lift the day average above the sdr must buy level the icco indicator price is calculated from the average of the second third and fourth positions on the london and new york futures markets the daily price was sdr per tonne yesterday months used currently for the indicator are may july and september but these are set to change to july september and december on april prior to may becoming the new york spot month traders noted the introduction of december into the calculations may lift the daily sdr price as december is currently quoted about stg above may on the london terminal market but the buffer stock manager would have to wait for the higher daily price to feed through into the day average the indicator which governs his activities traders said the buffer stock manager is obviously looking at the implications of delaying until forward prices lift the indicator since it might mean he has to buy less cocoa an analyst from a leading cocoa trade house said traders said the buffer stock purchases could reach tonnes fairly quickly once buying starts if purchases reach this level within six months buying is suspended pending an icco council review of price ranges but some cocoa market watchers said the buffer stock may benefit from recent forecasts for a poor brazilian bahia temporao crop at mln to two mln kilo bags against initial expectations of up to three mln a lower than expected brazilian crop may cut the world surplus to between and tonnes compared with a recent forecast by the icco statistics committee of tonnes traders said in these circumstances the buffer stock may only need to buy between and tonnes to lift prices above the must buy level but some dealers said the icco buffer stock rules may put constraints on how quickly and effectively the buffer stock manager can remove cocoa from the market the buffer stock system of price differentials set according to quality and a pct limit on purchases from non members could limit the buffer stock s scope for action dealers said most of the cocoa readily available to the buffer stock is nearby in store material of malaysian and ivory coast origin but the buffer stock can only buy pct malaysian cocoa as malaysia is not an icco member while purchases of nearby cocoa can only reach pct in any one day which forces the buffer stock to buy some intermediate and forward shipment material limits on buffer stock purchases of nearby and non member cocoa will reduce the impact on terminal prices which are pressured by the overhang of malaysian material traders said buffer stock purchases of forward shipment cocoa from quality producers such as ghana will have only a limited impact on futures but is likely to widen physical market premiums for this cocoa over futures ghana s premium to the terminal has risen to about stg from to stg a month ago partly in anticipation of buffer stock buying dealers said the buffer stock may not help the terminal market but will provide a backstop for quality cocoas one trader said traders cautioned that views on the impact of the buffer stock were all prognostication and that no one could hope to predict accurately what the result would be psychologically buffer stock buying should help prices but since the buffer stock already holds a carryover of tonnes from the previous cocoa agreement and the market is in surplus dealers expressed doubts purchases can counter bearish pressure in june the icco is due to discuss rules for a withholding scheme as an additional market support mechanism reuter
money-supply	german february capital account deficit billion marks vs jan billion surplus bundesbank
money-supply	german capital account in deficit in february west germany recorded a net outflow of billion marks on the february capital account combining long and short term capital flows compared with a net inflow of billion marks in january the bundesbank said this compared with a net outflow of billion marks in february the bundesbank said reuter
trade	taiwan trade surplus widens in first quarter taiwan s trade surplus widened to billion u s dlrs in the first quarter of from billion a year ago the government statistics department said first quarter exports rose to billion u s dlrs from billion in the same period in imports rose to billion from billion last year the march trade surplus was billion dlrs compared with billion in february and billion in march exports rose to billion u s dlrs from billion in february and billion in march last year imports were billion dlrs against billion in february and billion in march reuter
alum	agreement reached in greek alumina deal with moscow greece and the soviet union have reached agreement in moscow on a joint venture for a mln dlr alumina plant in greece government spokesman yannis roubatis said roubatis told reporters the soviet union agreed to buy the plant s entire annual output of tonnes of alumina more details would be given later by greek industry undersecretary george petsos who was in moscow the project was due to start in but problems over plans to sell some alumina to bulgaria caused delays the soviet union which was to take tonnes later agreed to take the full production reuter
money-fx	bank of japan to sell billion yen in bills the bank of japan will sell tomorrow a total of billion yen worth of financing bills from its holdings to help absorb a projected money market surplus of billion yen money traders said of the total billion yen will yield pct on sales from money houses to banks and securities houses in a day repurchase accord maturing on may another billion yen will yield pct in a day repurchase pact maturing on april they said the repurchase agreement yields compare with the pct one month and pct three week commercial bill discount rates today tomorrow s surplus is attributable to government tax allocations to local governments and public entities the operation will put outstanding bill supply at about billion yen they said reuter
acq	wormald to acquire stake in holmes protection fire protection and security group wormald international ltd woia s said british listed holmes protection group inc has agreed to issue it with mln common shares of one u s cent par value at stg each the two groups have also begun exploratory talks on a possible merger of the holmes business with the compatible businesses of wormald comprising some or all of its fire protection and security businesses in the americas and europe wormald said in a statement the issue of shares in the new york based holmes is conditional upon shareholder approval at a general meeting wormald said its stake will represent pct of holmes existing issued shares and pct of the enlarged capital the issue will raise mln stg which will be used for further development of the holmes business wormald said the businesses of the two groups are largely complementary in terms of both geographical spread and the nature of their activities with holmes concentrating on burglar alarms and wormald on fire systems holmes s operations are concentrated in and around new york amd miami it earned mln u s dlrs pre tax in its last reported full year and mln in first half reuter
meal-feed	west german oil meals cakes use up west german consumption of oilmeals and oil cakes last year rose by pct to mln tonnes the agriculture ministry said it said in a statement the increase was exclusively due to sharply higher use of rape products which went up by pct to mln tonnes use of soy products dropped pct to mln tonnes it added reuter
interest	chase amp bank cuts australian prime to pct chase amp bank ltd said it will lower its prime lending rate to pct from effective tomorrow the bank is the first to lower its prime rate below the pct set by a few banks in the last few days in a continuation of a downward trend which began late last month other prime rates range from to pct with the majority on the bank said the reduction reflected the recent downturn in money market rates the improved economic outlook and adequate liquidity in the second quarter tax rundown period reuter
money-fx	u k money market given mln stg assistance the bank of england said it had provided the money market with mln stg help in the morning session this compares with the bank s forecast of a shortage in the system today of around mln stg which it earlier revised up from mln the central bank bought bank bills comprising mln stg in band one at pct mln stg in band two at pct and mln stg in band three at pct it also purchased three mln stg of treasury bills and two mln stg of local authority bills in band three at pct reuter
ipi	ec industrial production growth halts in january industrial production in the european community ec in january showed no growth compared with january the ec statistics office eurostat said in a report it said the ec industrial production index base stood at in both months ec officials said while the lack of growth may have been due in part to the icy weather which gripped large parts of the ec in january it also reflects a worrying trend eurostat said for the last three months for which figures are known industrial output rose by only pct compared with the year earlier period annual growth in the months to january averaged about pct well below the pct figure recorded in the months ending last june the office said reuter
crude	occidental oxy in big peru heavy oil find occidental petroleum corp said the shiviyacu development well on block ab in the peruvian amazon jungle is producing barrels of degree gravity oil per day from depths of to and to feet the company said it is drilling a new exploration well on the block southeast shiviyacu miles away reuter
earn	lieberman enterprises inc rd qtr feb net shr cts vs cts shr diluted cts vs cts net vs sales mln vs mln nine mths shr dlrs vs dlrs shr diluted dlrs vs dlrs net vs sales mln vs mln reuter
crude	bp scottish refinery set to restart this week the british petroleum bp l co plc s refinery at grangemouth scotland shut down after an explosion and fire in the hydrocracker on march will probably be back in operation towards the week end a refinery spokesman said he said the refinery will resume at about half its barrels per day bpd capacity as work on overhauling the north side of the complex which began at the end of january will not be completed before the end of april he said the refinery had been closed for longer than originally expected due to the lengthy safety checks being carried out prior to restarting the explosion and fire in which one worker was killed caused extensive damage to the central part of the hydrocracker and the spokesman said today this unit would be out of operation for several months the remainder of the refinery including the catalytic cracker was undamaged he said inquiries into the accident which happened while the hydrocracker was not in operation were continuing in an earlier incident two people were killed in an explosion and fire at the refinery on march reuter
trade	britain warns japan over trade row british corporate affairs minister michael howard told japan to resolve the row over the u k firm cable and wireless plc s cawl l shareholding in a new japanese telecommunications company or face an abrupt deterioration in trade relations in meetings with both the foreign and telecommunications ministers howard said he expressed deep concern about the way tokyo had handled the dispute and about the continuing trade imbalance between the two countries i put it to the post and telecommunications minister that i was sure he did not want to be responsible for an abrupt deterioration in the trading relations of our countries which would have widespread reverberations elsewhere in the world howard told reporters he listened very carefully and i have little doubt the message got home he added british frustration over the lopsided trade balance nearly six billion dlrs in japan s favour last year has reached boiling point over the telecommunications issue howard said howard has accused japan of trying to shut out cable and wireless from having a major role in the international telephone market in japan i want a fair crack of the whip for cable and wireless as i want a fair crack of the whip for britain generally in trading relations howard said we simply aren t prepared to continue to accept the imbalance which has been the position for such a long time post and telecommunications ministry officials were unable to comment on howard s meeting with their minister but foreign ministry officials said foreign minister tadashi kuranari said that british exports to japan are increasing but acknowledged the continuing imbalance in trade kuranari said he wants everyone in the telecommunications dispute including cable and wireless to be satisfied howard told reporters that britain was actively considering possible retaliatory measures if it did not get its way on the telecommunications issue there are measures which are under consideration if we continue to suffer from the imbalance in our trading relations he added but gave no details he said he had received a reassuring response from the japanese he has spoken with but of course we ve had reassuring signs from the japanese for quite some time he added what i ve made plain is we expect to see action howard ruled out using powers in britain s financial services bill to retaliate against unfair trade practices those powers which allow london to ban foreign financial firms like banks from britain are designed to ensure u k firms equal access to overseas financial markets reuter
earn	cardinal industries cdni restates net lower cardinal industries inc said it restated earnings for the first nine months of to dlrs or nine cts per share from dlrs or cts reported previously due to the failure of an automated accounting system installed in mid year and replaced in the fourth quarter the company said its reliance segment sustained a significant operating loss for the full year due to the accounting problems and increased promotional and advertising expenses for the full year it said it earned dlrs or cts a share up from dlrs or cts in cardinal industries said revenues for the year were mln dlrs up from mln dlrs in the company said for the first quarter of earnings were about dlrs up from dlrs or nil per share in the year ago period the year ago first quarter earnings however have been restated from dlrs or four cts per share it said sales for the first quarter were about dlrs up from dlrs for the first half of the company said it restated earnings to dlrs or five cts per share from dlrs or cts per share reported previously reuter
ship	brazil seamen s strike ends a brazilian seamen s strike which began on february and has been tapering off for weeks has now ended a seamen s spokesman said the spokesman said the seamen had signed an agreement with the state owned lloyd brasileiro company on saturday for a pct salary rise the national strike had been tailing off since mid march as seamen struck individual accords with companies at the height of the stoppage seamen said about ships were strike bound reuter
copper	magma raises copper price ct to cts magma copper co a subsidiary of newmont mining corp said it is raising its copper cathode price by cent to cents a lb effective immediately reuter
earn	interco inc th qtr shr cts vs cts
nat-gas	kaneb energy kep says jury rules for it kaneb energy partners ltd pct owned by kaneb services inc kab said a juiry in circuit court of tuscaloosa county ala has ruled in its favor and that of jim walter corp jwc against sonat inc snt in a dispute over a natural gas sales contract the company said the suit was filed seekiong to enforce sonat s obligations under the contract to pay for methane gas produced by the brookwood coal degasificiation project in the black warrior basin of alabama which is equally owned by kaneb and jim walter kaneb said the jury awarded it and jim walter about mln dlrs for required payments for deliveries through january plus interest through march the full amount sought and rejected sonat s counterclaim of fraud it said the decision may be appealed reuter
acq	whittaker wkr completes sale of medical unit whittaker corp said it has completed the previously announced sale of its wholly oiwned whittaker general medical corp subsidiary to r a b holdings inc for undisclosed terms whittaker general medical has annual revenues of about mln dlrs reuter
earn	startel stas to have loss sales drop startel corp said it expects to report a first quartter loss on a to pct revenue fall from the year earlier dlrs the company earned dlrs in last year s first quarter reuter
earn	datron systems dtsi sees lower year net datron systems inc said it expects to report a falloff in earnings for the year ended march of about pct from fiscal levels in fiscal datron earned dlrs the company said new orders for the year just ended however rose pct to mln dlrs bringing backlog at year end to mln dlrs reuter
earn	data general to take mln dlr pretax charge to redeem mln dlrs of debt
acq	enterra corp en sells two units enterra corp said it has completed the sale of its hale fire pump co and macomson machine co subsidiaries to a company formed by los angeles investment firm mcbain rose partners for about mln dlrs in cash both hale and macomson make fire pumps and related equipment reuter
acq	fmd inc in merger agreement fmd inc said it has agreed to acquire bankers protective financial corp for common shares subject to approval by the texas state board of insurance bankers protective is a life insurance company based in texas reuter
earn	bedford computer corp year net shr not given net profit vs loss sales vs note company operating in chapter bankruptcy sales exclude contract revenues of dlrs net includes reversal of dlrs of reserves no longer deemed necessary and tax credit dlrs reuter
earn	interco inc iss th qtr feb net shr cts vs cts net vs sales mln vs mln year shr dlrs vs dlrs net vs sales billion vs billion note results reflect two for one stock split of july reuter
earn	household int l hi projects earnings rise household international inc said it expects its fully diluted earnings per share for the first quarter to be about pct above the same year ago period it also looks for full year fully diluted earnings to be about pct higher than the record dlrs a share reported for chairman donald clark in remarks prepared for delivery to new york security analysts cited increased earnings from household financial services and excellent return on equity from household manufacturing combined with the impact of our share repurchase program will result in higher earnings per share and improved return on equity in reuter
earn	data general dgn to take nd qtr charge data general corp said it expects to record an extraordinary pretax charge of about mln dlrs in the second quarter ended march the company said the charge will result from a redemption of debt on may data general said it will redeem mln dlrs of outstanding pct sinking fund debentures due the redemption price will be pct of the total principal amount of notes then outstanding plus accrued interest to the redemption date it said no interest will accrue or will be payable on the debentures starting may the computer and communications company said data general reported a loss of mln dlrs or six cts a share for the second quarter ended march the loss included a charge of mln dlrs from redemption of debentures in the year ago quarter revenues fell less than one pct to mln dlrs reuter
money-fx	u k money market given further mln stg help the bank of england said it provided the money market with a further mln stg assistance in the afternoon session this takes the bank s total help so far today to mln stg and compares with its revised estimate of a mln stg shortage in the system which it earlier revised up from mln the central bank made outright purchases of bank bills comprising mln stg in band one at pct mln stg in band two at pct mln stg in band three at pct and mln stg in band four at pct reuter
acq	bow valley bvi to sell norwegian subsidiary bow valley industries ltd said it agreed to sell its wholly owned norwegian subsidiary to elf aquitaine norge a s of stavanger norway for mln canadian dlrs the principal asset of the subsidiary bow valley exploration norge a s is an eight pct interest in the heimdal gas and condensate field offshore norway the sale is expected to conclude by the middle of april bow valley said reuter
gold	syngold defines reserves on deka property syngold exploration inc and corp falconbridge copper said they defined undiluted reserves of tons of ore with an average grade of ounces of gold per ton in two separate deposits on the deka property located at noranda quebec assay results from suface holes drilled on foot centers indicate that the donalda number one deposit contains possible reserves of tons at an average grade of ounces of gold per ton the number one deposit s reserves are contained between a vertical depth of and feet at a strike length of feet reserves of the donalda number two deposit located feet below the number one deposit were recalculated at tons with an average grade of ounces of gold per ton syngold has earned a pct interest in the deka property from the operator corp falconbridge copper reuter
acq	emery air freight said hutton group ends offer for purolator courier
acq	noranda buys shares of sanivan group noranda inc said it agreed to buy an initial treasury shares of sanivan group inc at dlrs per share noranda also has an option until june to acquire an additional sanivan treasury shares at dlrs per share sanivan is the largest hazardous waste management company in canada reuter
acq	hutton efh ends purolator pcc bid emery air freight corp said it has entered into an agreement with e f hutton group inc efh under which hutton will terminate its merger agreement with purolator courier corp and its pending dlr per share tender offer effective april under its merger agreement hutton has the right to unilaterally terminate the merger agreement under certain circumstances including its receipt of less than pct of purolator shares or the start of a higher competing tender offer such as emery s competing dlr per share offer for purolator stock yesterday hutton s pc acquisition corp subsidiary extended its tender offer which was to have expired at midnight for two more days it said it only about shares or pct of purolator shares had been tendered and not withdrawn down from an pct interest held earlier emery s bid expires april emery said pending the termination of pc acquisition s merger agreement pc has released purolator from an agreement not to discuss emery s acquisition proposal with emery emery said as a result it is renewing its request that purolatr enter into merger negotiations with it emery said if it were to acquire pct of purolator shares or control of the purolator board it has agreed not to dispute pc acquisition s right to receive fees that purolator agreed to pay if pc were unsuccessful in acquiring control of purolator due to the acquisition of control by another party the company said it has also agreed to let purolator pay all of pc acquisition s documented expenses in connection with the merger agreement up to three mln dlrs and emery has agreed to pay the amounts itself should purolator fail to do so reuter
coffee	brazilian coffee rainfall the following rainfall was recorded in the areas over the past hours parana state umuarama nil paranavai nil londrina nil maringa nil sao paulo state presidente prudente nil votuporanga nil franca nil catanduva nil sao carlos nil sao simao nil minas gerais state guaxupe millimetres tres pontas mm reuter
trade	volcker says exchange rate adjustment enough to narrow u s trade deficit
trade	volcker says reducing u s budget deficit needed to improve trade balance
trade	volcker says more stimulus abroad needed for adjustments in trade balances
earn	on line software osi rd qtr feb net shr primary cts vs cts shr diluted cts vs cts net vs rev mln vs mln nine months shr primary cts vs cts shr diluted cts vs cts net vs rev mln vs mln note company s full name is on line software international inc the qtr and year to date results include the operations since the end of october of a business purchase from martin marietta corp ml in fiscal ending may the company initially adopted fasb statement number and as required capitalized certain software deveopment costs during the qtr and nine months period ended febraury the company capitalized pre tax amounts of dlrs and dlrs of development costs respectively reuter
acq	carolyn bean cben completes acquisition carolyn bean publishing ltd said it has completed the acquisition of greeting card company millen cards which had sales of over dlrs in for undisclosed terms the company said pct of millen s cards have been sold in the northeast and mid atlantic states but bean expects to increase sales to dlrs this year by distributing the line nationally millen specializes in jewish religious cards and also sells traditional greeting cards reuter
acq	chesapeake csk seeks to sell unit chesapeake corp said it has retained salomon inc sb to help it sell plainwell paper co inc a maker of premium coated and uncoated printing papers and technical specialty papers with a capacity of short tons a year the company said it has decided to sell plainwell in ordfer to focus on the production of kraft and tissue products containers and treated wood products reuter
trade	volcker urges industrial nations to keep trade markets open to foster growth
earn	tyco laboratories tyc rd qtr feb net shr primary cts vs cts shr diluted cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln nine mths shr primary dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs mln revs mln vs mln avg shrs mln vs mln note prior qtr and nine mths include mln dlrs or cts per share from gain on partial settlement on an insurance claim nine mths includes seven cts gain for partial settlement on an insurance claim results of flow control operations have been included since its acquisition from itt corp on jan nine mths prior includes extraordinary gain mln dlrs or cts per share for replacement of a pension plan reuter
earn	gold fields of s africa profit falls in quarter st qtr to march working profit mln rand vs mln tax mln vs mln net mln vs mln tonnes milled mln vs mln gold production kgs vs kgs gold revenue mln rand vs mln working costs mln vs mln avg price per kg rand vs note full name of company is gold fields of south africa ltd gldf j reuter
earn	wall street stocks marion labs mkc marion laboratories inc s stock rose sharply today after the company presented a bullish earnings scenario at a meeting for pharmaceutical analysts monday traders and analysts said the company said it expects earnings for fiscal ending june to rise more than pct over a year ago that pronouncement encouraged analyst david crossen of sanford c bernstein and co to raise his earnings estimates for the company to dlrs a share in compared to his previous estimate of dlrs a share last year the company earned cts a share marion s stock gained to at the meeting of pharmaceutical analysts marion s president fred lyons jr said wall street eanrings estimates of dlrs a share for fiscal are expected to cause even the aggressive side of this range to be to cts low lyons said the strong performance in the second half of this year will result from the fourth quarter introduction of mg and mg cardizem tablets analyst crossen said that cardizem which treats angina is also expected to be approved for the treatment of hypertension by the end of the year crossen said because marion is still just a small company the growth of cardizem is having a big impact on the bottom line he raised fiscal earnings estimates to dlrs a share from his previous estimate of dlrs a share the company has a broad new product pipeline in the industry and as far as i am concerned it is the most innovative company in the business he said for the five years through crossen expects marion to have a growth rate of pct reuter
trade	u s calls for greater gatt checks on trade the united states has appealed for stronger powers for the general agreement on tariffs and trade gatt to enforce world trade rules the call by u s deputy trade representative michael smith at a special committee meeting into the future of gatt follows a series of bilateral trade rows which have clouded efforts by the nation body to promote fair trade today s meeting was part of the uruguay trade round launched by ministers last september the round which covers areas of trade in agriculture manufactured goods and services will take four years to negotiate smith called for boosting gatt s links with financial institutions such as the international monetary fund and world bank he also urged greater involvement of trade ministers to ensure the success of the uruguay round the gatt as an institution needs to be strengthened to assure that the gatt plays its proper role in management of the world trading system and the global economy smith said rules can and will be ignored if the institution is weak or perceived as unable to adapt to the changing world economy he also also urged that member states be accountable to each other for their trade policies smith who flies to brussels today for talks with european community ec officials told reuters the committee wanted to stress gatt s importance and did not discuss specifics we are interested in more periodic ministerial involvement whether in formal or informal meetings he said gatt s ruling council is due to hear a complaint from the nation ec on april about the u s japanese accord on semiconductors the ec charges the accord breached gatt trade rules by allowing tokyo to set minimum prices for japanese chips sold in third countries and is requesting a gatt dispute panel be set up to review the agreement president reagan who strongly supported the uruguay trade round to promote freer trade has said washington will impose tariffs against japanese electronic goods he said tokyo had not shown willingness to open its markets to u s exports reuter
trade	volcker urges quick aid to debtor nations federal reserve board chairman paul volcker said that debtor nations have made much progress in laying the groundwork for economic growth but a solution to world debt difficulties was endangered by inaction on new financing there is clearly a danger that adequate financing arrangements are not being negotiated and put in place in a timely way volcker told the senate banking committee the borrowing countries need to be able to proceed with confidence that the necessary funds will be available to them he said brazil has the potential for becoming a leading world economic power but it is in a difficult position today volcker said he said it will take a concerted effort to regularize brazil s external payments the key prerequisite is clearly in the hands of brazilian authorities he said both brazil and its creditors have a strong incentive to work together volcker said regarding trade imbalances volcker said that it was critically important that markets be kept open by the industrial nations in addition the united states must reduce its budget deficit and foreign nations need to provide stimulus to their domestic economies volcker said we need time for those actions and the earlier depreciation to work their effects he said reuter
money-fx	volcker urges greater exchange rate stability federal reserve board chairman paul volcker said international policymakers should make improving the stability of exchange rates a major priority in testimony before a senate banking subcommittee volcker said he does not have any specific proposals for improving exchange rate stability but thought it was worthy goal i do think we ought to be thinking about and working toward greater exchange rate stability volcker said i think that the objective of greater exchange rate stability ought to loom larger among our various policy priorities reuter
money-fx	italy says g gives chance to verify tokyo accord this week s group of seven g meeting in washington provides an opportunity to verify an accord reached at the tokyo summit last may to include italy and canada in group of five g talks on management of the international monetary system and related issues the italian treasury said it said in a statement the g meeting which italy plans to attend will provide a forum for considering the tokyo accord in the light of events in paris in february this year on february italy boycotted a meeting in paris of its g partners the united states japan west germany france britain and canada after being excluded from an earlier session of talks involving g members today s statement from the italian treasury said nobody denies the existence of g but we should like it to be remembered that the tokyo accords provided for the enlargement of the group to italy and canada whenever the management or the improvement of the international monetary economic policy measures are to be discussed or dealt with italy refused to attend the paris g meeting on the grounds that g grouping the united states japan west germany france and britain had reduced italy s role to rubber stamping agreements already taken the italian treasury said today that italy was certain that this time incidents would not occur but it said it would be opportune to look in depth at the role and the procedures of g in relation to those of g reuter
earn	rolls approaches float with profits set to rise state owned engine maker rolls royce plc launches its prospectus for privatisation tomorrow with many analysts forecasting higher profits this year but it is likely to miss contracts to power the proposed airbus industrie a aircraft the company s so called pathfinder prospectus gives all the details of its stock market flotation except for the price at which shares will be offered last month the company announced that pretax profits rose in to mln stg from mln the year before brokers barclays de zoete wedd bzw sees mln profit for analyst tim harris of phillips and drew said rising profits and a low tax charge would be offset by the fact that rolls operated in a sector which traditionally attracted low ratings assuming the company was valued at around eight times earnings this would give a selling price valuing it at about billion though he said the recent good performance of the aerospace sector could nudge this figure upwards bzw is currently forecasting a higher sale price at between billion and billion the price will be increased by it being likely to have much of its debt wiped off by a government anxious to assure the company s health when it has to fend for itself rolls was rescued from bankruptcy and taken into state ownership in when the government announced the sale it said it would inject permanent capital equivalent to net debt around mln stg at end into the company analysts noted this was necessary to ensure rolls a credit rating to match those of its main competitors such as general electric co ge n and united technologies corp s utx n pratt and whitney unit reuter
trade	volcker pushes spending cuts over trade bill federal reserve board chairman paul volcker said reducing the federal budget deficit was a more important goal for congress than drafting trade legislation reduce the budget deficit volcker responded when asked by a member of the senate banking committee about trade legislation priorities if you don t deal with the budget deficit everything else you do is going to be counterproductive he said reuter
acq	american sports advisors piks to liquidate american sports advisors inc said it has agreed to sell its sports handicapping and publication business to professor enterprises for about dlrs and intends to liquidate after closing the transaction is subject to shareholder approval professor is owned by american sports president edward c horowitz and mike warren it said reuter
money-fx	volcker says restrictive monetary policy would hurt investment
money-fx	volcker sees tight policy hurting investment federal reserve board chairman paul volcker said a restrictive monetary policy would be damaging to investment and that a better course would be to restrain spending a restrictive monetary policy would hit investment you don t want to put interest rates up unless you have to volcker told the senate banking committee that is not a constructive way to proceed he said volcker said that given a choice between squeezing the budget deficit or squeezing investment he would favor squeezing the budget deficit in response to a question about banks volcker said he would be pleased if congress decided to give banks a tax writeoff as an incentive for them to take greater reserves against loans to debtor countries if you give a tax writeoff for reserving against loans then we will see more reserving and that would make me happy volcker told committee chairman sen william proxmire d wisc reuter
earn	new bedford institution for savings nbbs year net mln vs note company went public in march reuter
earn	photronics corp phot year feb net shr cts vs cts net vs sales mln vs reuter
earn	ocean bio chem inc obci year net shr eight cts vs seven cts net vs sales vs reuter
acq	tele communications tcoma sells cable systems knight ridder inc kri said its tkr cable co joint venture with tele communications inc has signed a letter of intent to acquire cable television systems with basic subscribers in wildwood n j and ramapo and warwick n y from tele communications for undisclosed terms reuter
earn	environmental power corp powr year net shr profit cts vs loss cts net profit vs loss revs vs reuter
acq	brokerage firm ups stake in allegheny ag the new york brokerage firm of spear leeds and kellogg told the securities and exchange commission it had increased its preferred stock in allegheny international inc to pct from pct it said it may buy additional shares but had not decided whether to offer its shares in response to a tender offer by sunter acquisition corp a unit of first boston inc the brokerage firm said it bought the allegheny shares march april for dlrs each reuter
sugar	malta tenders for white sugar today trade malta is tendering to buy tonnes white sugar today for arrival in two equal parts in may and june traders said reuter
money-fx	fed sets two day system repurchases fed says
acq	corroon and black cbl complete acquisition corroon and black corp said it completed the acuqisition of contractors planning group inc in an exchange of shares contractors is headquartered in garden city n y and has branch offices in philadelphia boston and cheshire conn reuter
acq	colonial clbga to acquire pensacola bank colonial bancgroup said it and the liberty bank of pensacola fla signed a letter of intent for colonial to acquire liberty terms of the acquisition were not dislcosed colonial said the acquisition was its first move toward acquiring and out of state bank under alabama s regional interstate banking law liberty has total assets of mln dlrs reuter
earn	super rite foods inc srfi sets qtrly payout qtrly div five cts vs five cts prior pay april record april
earn	milton roy co mrc sets quarterly qtly div cts vs cts prior pay june record may reuter
acq	goldsil and golden rule agree to merge golden rule resources ltd and goldsil resources ltd said they had agreed to merge the merged company will issue to each golden rule shareholder shares and one warrant the warrant will be for a term of two years payment of dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company the companies said each goldsil shareholder will receive one share and one half warrant the warrant will be for a term of two years payment of dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company reuter
money-fx	fed sets two day system repurchases the federal reserve entered the government securities market to arrange two day repurchase agreements for system account a spokeswoman for the new york fed said fed funds were trading at pct at the time of the direct injection of temporary reserves dealers said most economists had expected a less aggressive injection of reserves via customer repurchase agreements reuter
earn	colonial bancgroup inc clbga st qtr net shr cts vs cts net mln vs note st qtr includes loan write offs at banking subsidiary the colonial bank of mobile due to loan losses of mln dlrs or cts a share reuter
earn	dresdner to propose dividend marks vs same one for bonus share issue
trade	japan cuts chip supply may produce shortage japan is attempting to cut back semiconductor production to forstall the mln dlrs in u s tariffs on japanese electronic goods set to take effect april industry analysts said the move is likely to create a sharp price rise and a possible shortage of the key computer components in the next few weeks the analysts said prices have gone up for memory components the mainstay of the japanese semiconductor industry analyst drew peck of donaldson lufkin and jenrette said but analysts said the price rises have been slight so far and some questioned whether japan would be successful in forcing japanese companies to cut production in the long run others however were more optimistic saying evidence was already in hand that japan has cut back prodution and halted sales to the grey market the third country brokers that sell chips at below production costs we ve seen the grey market begin to dry up for d rams and it has virtually dried up for eproms said merrill lynch analyst thomas kurlack of the two key memory chips used in computers prices are inching up and lead times on deliveries are stretching kurlack added industry analysts said japan s ministry of international trade and industry or miti had requested the cut backs in production to meet the terms of last year s semiconductor accord with the u s the reagan adminsitration recently proposed tariffs on japanese electronic goods alleging that japan had failed to live up to the accord and continued to dump the computer components in the u s market but some analysts said japan s attempt to mollify the u s was a double edged sword and might be read at a subtle form of trade retaliation for the tariffs proposed by the u s as production in japan is cut these analysts argue prices will rise in the u s and few american semiconductor manufactures will be able to take up the slack since most long ago exited the market for memory chips u s computer makers that use the chips in their machines will then be pressured the japanese are looking for ways to reduce trade pressures from washington but at the same time they re demonstating their muscle analyst peck said the cut backs in japanese production are expected to benefit u s chip makers i think this could be a very important factor for u s semiconductor manufacturers industry analyst elliot levine of ladenburg thalmann co said but analyst peck said it will take a few weeks to see whether japan has genuinely cut production he said japanese manufactures were likely to view miti s request unfavorably because chip capacity was still high and production cut backs would lead to significant write offs in plant and equipment reuter
acq	investors raise stake in purolator pcc two new york management investment firms told the securities and exchange commission they had increased their holdings in purolator courier corp to pct from pct mutual shares corp and mutual qualified income fund inc said they were weighing offers to buy purolator shares from pc acquisition inc a unit of e f hutton lbo inc for dlrs a share and from eaf acquisitions corp inc a unit of emery air freight corp at dlrs they told the commission they had bought their new purolator shares march for dlrs each reuter
grain	u s grain certs save mln dlrs amstutz the use of generic commodity certificates or certs for fiscal years will save the government to mln dlrs department of agriculture undersecretary daniel amstutz said speaking at a house agriculture subcommittee hearing on the use of the certificates amstutz said that the issuance of billion dlrs of certificates during fiscal years could result in government outlays of up to mln dlrs however the use of certificates preclude the need for to mln dlrs in storage and handling costs resulting in net savings for the government of mln dlrs he said without the use of certificates amstutz said nearly the entire crop which had been put under loan would have been forfeited to the commodity credit corporation ccc in addition mln bushels of grain that have been redeemed from ccc inventory through certificate exchanges would have remained in the goverment inventory he said when asked to comment on a recent study by the general accounting office that concluded certificates result in a net cost to the government amstutz said gao underestimated the benefits and overstated the costs of the certificate program amstutz said while certificates encourage more loan entries they also encourage heavier loan redemptions rather than forfeitures gao underestimated this net loan activity amstutz said there is no question in the mind of the department of agriculture that these certificates have been very useful amstutz said immediate benefits of certificates include greater market liquidity improved market price competitiveness higher farm income and improved debt situation and decreased carrying costs he said certificates are an integral part of usda s long range market oriented farm policy he said amstutz told subcommittee chairman rep dan glickman d kans that usda is in the process of preparing an official response to the gao study on certificates and will submit it to the subcommittee when completed reuter
interest	volcker says fed policy not responsible for prime rate rise
trade	u s urges surplus nations to boost growth leading industrial nations will be reviewing the paris agreement to stabilize exchange rates foster increased worldwide growth and reduce trade imbalances but the u s thinks the accord has been successful so far a senior u s treasury official said the paris accord will be reviewed at this meeting it has been successful and continues to be succesfull a senior u s treasury official told reporters in a briefing ahead of this week s semiannual imf and world bank meetings he also said the u s was looking to west germany and japan to bolster their economic growth the official said both surplus countries like west germany and japan and deficit countries like the u s agreed to play a role in bringing about more balanced economic growth he reaffirmed the u s would press ahead with efforts to reduce its budget deficit resist protectionism and boost u s competitiveness the official also said that he expected trade issues like the dispute between the u s and japan over microchips to be included in the discussions the official made no direct comment on the content or schedule of forthcoming group of five and group of seven discussions he said that industrial countries are concerned that the large external imbalances remain a threat to the international monetary system he added that the meetings will also provide an opportunity to discuss economic policy coordination efforts the official said indicators would be used to measure policy objectives of industrial countries and their economic projections they would also be used to assess progress of policy goals asked whether the u s was proposing a new initiative regarding the indicators the official said the issue would be reported to the venice summit in june monetary sources said the u s proposal envisages using the indicators to make policy coordination agreements like the paris accord more binding reuter
acq	acme precision acl sets holder vote on buyout acme precision products inc said it set its annual meeting for may for shareholders to vote on the proposed management led leveraged buyout of the company the record date for the meeting will be april with proxy materials to be sent to shareholders on or before april the buyout proposal which was previously announced will be structured as a one for reverse stock split it must be approved by a majority of shareholders acme precision has shares outstanding reuter
interest	volcker says fed policy not linked to rate rise federal reserve board chairman paul volcker said that he did not believe there was a connection between the fed s policies and the recent rise in the prime interest rate by most major u s banks asked by reporters following testimony before the senate banking committee whether the fed had anything to do with the rise to pct in the prime he replied not that i was able to detect reuter
earn	weis markets wmk in three for two stock split weis markets inc said its board declared a three for two stock split for holders of record may with a distribution date of may the company also said a regular quarterly dividend of cts per share on the pre split shares will be paid may to shareholders of record may reuter
earn	mccormick capital mkor year net shr primary cts vs cts shr diluted cts vs cts net vs revs mln vs reuter
interest	u s says no pact on relief for poorest states there is no consensus so far among industrial countries on an agreement providing debt relief for the world s poorest nations a senior u s treasury official said the official said there has not been a consensus reached yet when asked about reports the paris club of western creditors had agreed to long term stretch outs of african debt at concessional interest rates the official briefing reporters on this week s semiannual imf meetings said the issue would be discussed this week and the u s had an open mind on the proposal but it did object to concessional interest rate relief reuter
acq	family health systems fhsy to make purchase family health system inc said the federal bankruptcy court in fort worth texas has approved its offer to purchase sheppard dental centers inc s assets from a chapter bankruptcy proceeding for about dlrs fhs administers and markets multiple office dental practices in the dallas metropolitan area as well as dental offices in the dallas metroplex the company said it plans to open locations in dallas by the end of reuter
earn	old fashion foods inc offi rd qtr feb net shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter
earn	consolidated bathurst sees better market consolidated bathurst inc said it expects improvement in the pulp and paper sector shown in the second half of to continue this year the continued improvement would be due to good market demand better product prices and high operating capacity the company said in its annual report consolidated bathurst which reported operating profit of mln dlrs last year on sales of billion dlrs said its joint venture acquisition of a market pulp mill at castlegar b c last year broadens its product range and will contribute to equity earnings last year s results were up from operating profit of mln dlrs and sales of billion dlrs the company said it views its near term prospects with improved optimism it said results from its bridgewater newsprint mill in the u k should improve greatly this year due to stronger capacity and production and more favorable market conditions it said it anticipates a return to profitability in for its diamond bathurst inc dbh subsidiary which lost mln u s dlrs and underwent a reorganization last year and expects higher sales and earnings for its other north american packaging divisions consolidated bathurst said the outlook for its europa carton unit is mixed it said the effect of trade disputes between the united states and the european economic community on the west german economy and the higher value of the mark may lead to increased costs which could not be offset by price increases reuter
grain	more u s grain certificates needed study says more generic grain certificates should be released onto the market in order for the u s certificate program to have its full effect on commodities according to a study by sparks commodities inc the agriculture department should make grain deficiency payments and paid land diversion payments in a two third certificate one third cash ratio through fiscal year carroll brunthaver president of sparks commodities told a house agriculture subcommittee hearing on certificates thereafter government payments should be issued in roughly a split between cash and certificates brunthaver said the sparks study on certificates examined two possible scenarios through the growing season a zero certificate case where no certificate program was assumed and an alternative case labeled adequate certificate case in which sufficient certificates would be released so that grain prices would not be artificially supported by market shortages due to acreage reduction programs or government holdings the study showed that total grain use under the adequate certificate scenario would exceed the zero certificate scenario by pct usage would be markedly more in and when grain usage under a certificate program was estimated to exceed the zero certificate case by to pct for the five year period examined government expenditures under the adequate certificate case were billion dlrs or pct less than under the zero certificate case the sparks study said that billion dlrs or pct of those savings resulted from smaller government storage costs the study also estimated that government grain stocks under the adequate certificate case would be billion bushels below the zero certificate case at the end of the period examined the sparks study said that while certificates permit market prices to fall below loan levels these lower prices increase commodity usage and reduce the net costs of certificates versus cash reuter
earn	cummins engine cum sees improved earnings cummins engine co said it told shareholders higher engine orders to the north american heavy duty truck market will result in improved earnings in the first quarter cummins said the company should make progress this year and next toward its goal of five pct profitability cummins recorded net income of dlrs or cts per share on sales of mln dlrs it said it expects north american heavy duty truck production to total units an pct increase from cummins said it expects capital expenditures to total about mln dlrs down from mln dlrs the year before reuter
acq	north west telecom nowt makes acquisition north west telecommunications inc said it acquired the assets and customer base of com tel systems inc a telephone interconnect firm that operates in la crosse and stevens point wis and rochester minn it said the purchase only includes the businesses in la crosse and rochester terms were not disclosed reuter
earn	milton roy co mrc sets regular dividend qtly div cts vs cts prior pay june record may reuter
earn	ohio mattress co omt st qtr feb net shr cts vs cts net vs revs mln vs mln note aggregate judgments in antitrust and other suits of mln dlrs not included in year ago or st qtr results company said any portion of this amount including related interest or attorneys fees would be proportionately reflected as a reduction in its minority interest of sealy recorded on its consolidated balance sheet upon final settlement of litigation note consolidated balance sheet as of end of st qtr reflects after tax impact of mln dlr settlement won by sealy licensee in michigan results include all operations of all acquired sealy brand licensees and pct of sealy remaining pct of sealy is recorded as minority interest proceeds of mln dlrs from sale of stock and debt were used to reduce balance of revolving credit agreement to mln dlrs accordingly mln dlr obligation to banks under credit agreement was recorded as a long term liability as of end of st qtr note in april company intends to acquire michigan sealy licensee and fund transaction with mln dlrs in cash and borrow balance required from banks reuter
grain	ussr crop weather summary usda noaa gradual warming continued in most regions of western soviet union in the week ended april the joint agricultural weather facility of the u s agriculture and commerce departments said in its international weather and crop summary the agency said most of the region s precipitation fell as rain the southern snow cover boundary continued to slowly retreat northward and eastward it said moderate to deep snow cover the northern half of the ukraine northern north caucasus and the lower volga about one month later than usual it said the agency said average weekly temperatures were below normal in the southeast near normal in the southwest and northeast and above normal in the northwest winter grains remained dormant over the region but warm weather promoted greening in crop areas adjacent to the black sea coast it said reuter
cotton	u s weather cotton summary usda noaa cotton planting continued progressing in the week ended april but cold wet weather in the south hampered seedbed preparation the joint agricultural weather facility of the u s agriculture and commerce departments said in a summary of its weather and crops bulletin the agency said planting increased in california as soil temperatures improved texas planted pct compared with an average of eight pct arizona and georgia planted pct and two pct respectively it said oklahoma farmers prepared pct of their cotton seedbeds points below average the agency said reuter
acq	general partners is terminating offer for gencorp inc
earn	burlington northern inc st qtr shr profit cts vs loss dlrs
grain	iowa grain elevator explodes burns an explosion and fire today damaged a grain elevator in bancroft iowa destroying thousands of bushels of grain authorities said the pre dawn explosion ripped the wooden elevator open and a fire that followed continued burning at late morning but had been contained according to a dispatcher at the algona police department no injuries were reported at the lone rock coop facility the dispatcher said the elevator was filled with corn and a nearby drying building holding soybeans was on fire the explosion was the second in four days in iowa following the destruction of an archer daniels midland elevator in burlington last friday reuter
earn	artistic greetings artg sees recovery in net artistic greetings inc said it expects a rebound in profits and an increase in sales in as costs connected with computerization staffing traning and catalog sales start to taper off today it reported earnings of dlrs down from dlrs a year before on revenues of dlrs up from dlrs reuter
acq	partnership buys pct orange co oj stake parsow partnership ltd an elkhorn neb investment partnership said it bought a pct stake in orange co inc common stock as an investment in a filing with the securities and exchange commission parsow said it had bought all its orange co shares in the open market with funds from its working capital the partnership whose sole general partner is elkhorn investor alan parsow said it has no present intention of effecting any change in the control of orange co inc reuter
crude	cooperative energy tests oil at two wells cooperative energy development corp said two exploratory oil wells in the zama area of alberta tested and barrels a day and will increase the company s daily oil production by pct the company did not immediately elaborate on total production figures the wells flowing oil from the keg river formation will be constrained to combined production of about barrels a day to optimize reserve recovery the company said permanent production facilities are being installed and the wells will produce to pipeline by mid april reuter
earn	cummins engine co inc cum sets payout qtly div cts vs cts prior pay june record june reuter
earn	central bancshares cbss st qtr net shr cts vs cts net mln vs assets billion vs billion deposits billion vs billion loans billion vs billion note full name of company is central bancshares of the south inc reuter
coffee	u s certified coffee stocks down in latest week the amount of coffee stored in new york and new orleans warehouses and certified for delivery against the new york coffee c futures totalled bags as of april compared with bags the previous week a net decrease of bags the new york coffee sugar and cocoa exchange said the total comprised bags in new york an increase of bags and bags in new orleans a drop of bags the exchange said there were nil bags pending classification there were bags pending certification including in new york and in new orleans the exchange said reuter
acq	textron txt plans sale of avco division textron inc said it plans to sell its avco specialty materials division as part of its debt reduction and restructuring the company said it will use proceeds from the sale to reduce the debt incurred by its acquisition of ex cell o corp last year textron said morgan stanley and co will represent it in the sale reuter
earn	green tree acceptance inc gnt st qtr net shr cts vs cts net vs rev mln vs mln avg shrs vs note per share results adjusted for two for one common stock split in june reuter
sugar	cuba crude sugar harvest far behind schedule cuban president fidel castro told a congress of the union of young communists here that the production of crude sugar during the harvest still in progress is tonnes behind schedule in a speech sunday published in today s official paper granma castro said unseasonable rains since january seriously interrupted harvesting and milling operations especially in the central and western parts of the island the cuban leader said the mechanical cane harvesters scheduled to cut over pct of the cane this year were particularly vulnerable as muddy fields prevent operations neither castro nor the cuban press have given out figures to estimate tonnes of crude production during the present harvest or the goals for the sugar campaign however a cuban sugar official told reuters that the country will be lucky if crude output reaches last year s mln tonnes output of crude for the previous harvest was mln tonnes the harvest was scheduled to end april but due to the present shortfalls it will be extended into may and june the official said reuter
acq	avon says it to buy giorgio inc a fragrance company for mln dlrs
copper	magma lowers copper price ct to cts magma copper co a subsidiary of newmont mining corp said it is lowering its copper cathode price by cent to cents a lb effective immediately reuter
acq	avon products avp to buy giorgio for mln avon products inc said it reached an agreement in principle to purchase giorgio inc a fragrance company for mln dlrs in cash giorgio s annual revnues are more than mln dlrs avon said the acquisition has been approved by avon s board with the closing set for may the transaction would have no impact on avon s current dividend rate it said giorgio s boutique in beverly hills calif will be sold back to fred hayman one of the shareholders who will continue to operate it independently avon said avon said it identified giorgio more than a year ago as a preferred acquisition candidate it said it is launching a prestige fragrance developed in conjunction with catherine deneuve this spring giorgio will be operated as a separate subsidiary avon said and would not compete with avon s direct selling beauty products business reuter
copper	magma lowers copper price ct to cts magma copper co a subsidiary of newmont mining corp said it is lowering its copper cathode price by cent to cents a lb effective immediately reuter
acq	gencorp gy says buyback better than takeover gencorp inc said the decision by general partners comprised of afg industries and wagner and brown to end its hostile offer for the company supports its belief that the buy back offer it announced yesterday was a financially superior alternative gencorp said it would annouce details of its plans to buy back pct of its stock for billion dlrs or dlrs a share later this week gencorp s buy back was made to fend off the hostile billion dlr dlr a share tender offer by afg and wagner and brown earlier today afg and wagner and brown said that without the benefit of additional information available to gencorp s management it cannot compete economically with gencorp s proposal the group said it is ending its tender offer for gencorp and promptly return to tendering shareholders all shares tendered pursuant to its offer the group owns pct or shares of gencorp s outstanding shares reuter
acq	berry petroleum norris oil noil to merge berry petroleum co said its board and the norris oil co board approved a merger agreement that calls for norris to become a wholly owned berry subsidiary berry a privately owned company which already owns pct of norris oil s stock said the agreement calls for norris public shareholders to receive berry common shares for each norris share held reuter
earn	total system services inc tsys st qtr net shr nine cts vs seven cts net vs revs mln vs mln reuter
earn	hubco inc hco st qtr net shr cts vs cts net vs assets mln vs mln reuter
earn	wilderness experience inc th qtr loss period ended jan shr loss three cts vs loss two cts net loss vs loss sales vs year shr loss cts vs loss cts net loss vs loss sales vs reuter
earn	total systems services tsys st qtr net shr nine cts vs seven cts net vs revs vs reuter
ship	bermuda star bsl leases vessel bermuda star line inc said it has leased a ton passenger vessel from orley shipping co inc of liberia for a term with options extending for years the vessel ss liberte will be renamed the canadian star and will be used for cruises to montreal from new york beginning in june orley shipping is partially owned by common brothers plc a u k maritime firm which owns pct of bermuda star s shares and arranged debt financing for the ship s purchase orley acquired the vessel from banstead shipping ltd terms were not disclosed reuter
earn	premdor plans two for one stock split premdor inc said it planned a two for one common stock split subject to shareholder approval at the may annual meeting it said the split if approved would take effect on may premdor manufactures and sells wood doors reuter
earn	teletrak advanced technology th qtr loss shr loss two cts vs loss two cts net loss vs loss rev vs avg shares vs year shr loss five cts vs loss five cts net loss vs loss rev vs avg shares vs note company s full name is teletrak advanced technology systems inc and it is a unit of helm resources h net loss includes loss from discontinued operations of dlrs reuter
acq	cannon can sells stake in hbo cannon venture cannon group inc said it agreed in principle to sell its pct interest in the hbo cannon video joint venture to the home box office unit of time inc tl the company said it is making the sale because in the near future all of its video products will be licensed in the united states and canada to either the warner brothers unit of warner communications inc wci or to media home entertainment reuter
earn	houston oil trust ho halts royalties houston oil trust said there will be no royalty funds available for distribution to unit holders in april it also said that based on recent independent petroleum engineers estimates of oct there may be no amounts avialable for distribution the rest of the year reuter
earn	upper peninsula power co upen sets payout qtly dividend cts vs cts pay may one record april reuter
earn	itt corp itt declares dividend qtly div cts vs cts prior pay july record may reuter
earn	pacific lighting corp plt qtly dividend shr cts vs cts prior qtr pay may record april reuter
earn	staley continental sta regular dividend set qtly div cts vs cts previously pay june eight record may reuter
earn	itt corp itt regular qtrly dividend qtly div cts vs cts prior payable july one record may reuter
heat	sun sun raises heating oil barge price sun co s sun refining and marketing co subsidiary said it raised the price it charges contract barge customers for heating oil in new york harbor by cent a gallon effective today the increase brings the contract barge price to cts a gallon sun said reuter
acq	sportscene acquires christophe van houtte chain sportscene restaurants inc said it acquired cafe christophe van houtte inc a cafe chain with ten franchises and one corporate restaurant for an unspecified amount of cash and sportscene shares reuter
instal-debt	u s consumer credit rose billion dlrs in feb vs revised mln jan gain
earn	ronson corp ronc th qtr dec shr loss cts vs loss seven cts net loss vs loss revs mln vs mln year shr loss cts vs profit cts net loss mln vs profit revs mln vs mln note loss includes reserves of includes tax benefit of and dlrs th qtr includes dlrs writedowns dlr gain from sale net includes extraordinary items of and gain on sale of mln dlrs tax carryforward gain of dlrs reuter
money-supply	treasury balances at fed rose on april treasury balances at the federal reserve rose on april to billion dlrs from billion dlrs on the previous business day the treasury said in its latest budget statement balances in tax and loan note accounts fell to billion dlrs from billion dlrs on the same respective days the treasury s operating cash balance totaled billion dlrs on april compared with billion dlrs on april reuter
acq	manufacturers mhc in building foreclosure manufacturers hanover corp said its ofp inc unit acquired a dallas office building through foreclosure the company said it foreclosed on the allied bank tower a mln square feet office building at one fountain place dallas reuter
earn	hi shear industries inc hsi sets payout qtrly div cts vs cts prior pay april record april reuter
acq	coca cola bottling coke terminates talks coca cola bottling co consolidated said it terminated negotiations with the proposed purchaser of its wholly owned subsidiary headquartered in vancouver b c the company said it is vigorously continuing its efforts to sell its canadian operations substantially on the terms and conditions previously announced reuter
acq	careplus cpls seeks approval in acquisition careplus inc said it will seek shareholder approval of its proposed acquisition of certain assets and assumption of certain liabilities of professional care inc pci in connection with the acquisition shareholders will be requested to approval the merger of careplus into its newly formed delaware subsidiary careplus said careplus said its board has tentatively determined that its stock would be exchanged for common stock of the new corporation at the rate of seven for one reuter
instal-debt	u s feb consumer credit rose billion dlrs u s consumer instalment credit rose a seasonally adjusted billion dlrs in february after a revised rise of mln dlrs in january the federal reserve board said the annual rate of growth in february was pct up from pct in january previously the fed said consumer credit rose mln dlrs in january among the credit categories auto credit rose in february by mln dlrs after increasing mln dlrs in january the fed said revolving credit in february rose billion dlrs after falling by mln dlrs in january mobile home credit was down by mln dlrs in february after rising mln dlrs in january the category referred to as other covering bank and credit union loans increased by mln dlrs in february after rising by mln dlrs in january the fed said before seasonal adjustment consumer credit outstanding totaled billion dlrs at the end of february compared with billion dlrs at the end of february reuter
acq	group to buy more intermedics itm shares an investor group including bessemer securities corp and cilluffo associates told the securities and exchange commission it asked federal antitrust regulators for advance clearance to hold more than mln dlrs of intermedics inc common stock the group said it currently holds mln shares or pct of the total outstanding following purchases of shares march april a group spokesman would not disclose the total purchase price of its current holdings the group has said it is accumulating intermedics stock for investment purposes reuter
earn	seagate technology sgat rd qtr march net shr cts vs cts net vs sales mln vs mln avg shrs vs nine mths shr dlrs vs cts net vs sales mln vs mln avg shrs vs reuter
acq	group raises texstyrene foam stake to pct an investor group led by dart container corp a sarasota fla plastic utensil maker told the securities and exchange commission it raised its stake in texstyrene corp to common shares or of the total outstanding the group said it bought the shares for investment and intends to continue to buy texstyrene stock in the future the group said its most recent purchases included shares bought march in ordinary brokerage transactions reuter
acq	enro holding buys enro shirt and foxcroft enro holding corp said it acquired enro shirt co and foxcroft ltd from wilson bros for mln dlrs enro holding is owned pct by investors and pct by management and others the investor group bought pct of the common equity and supplied five mln dlrs in mezzanine financing management bought the other pct congress financial group supplied mln dlrs in senior financing and the seller took back a note for mln dlrs enro shirt has annual sales of about mln dlrs and foxcroft has sales of about mln dlrs reuter
earn	spartech sptn reverse stock split approved spartech corp said shareholders at the annual meeting approved a reverse stock split of the common stock on a one for five basis the company said the split was necessary in preparation for an offering of mln dlrs in convertible subordinated debentures expected to be made soon through kidder peabody and co it said the new common stock will begin trading april under the symbol sptnd separately spartech said its board appointed bradley buechler as president filling a vacancy it said lawrence powers remains as chairman buechler prior to his promotion was executive vice president and chief operating officer he will retain his duties as chief operating officer reuter
earn	people ridesharing systems ride st qtr net shr primary profit two cts vs loss nine cts shr diluted profit one cent vs loss six cts net profit vs loss revs vs avg shrs vs note full name of company is people ridesharing systems inc reuter
interest	desjardins group lowers visa interest rate la confederation des caisses populaires et d economie desjardins the quebec credit union group said it is lowering the interest rate on unpaid balances on its visa credit card to pct from pct effective with june billing statements the move follows cuts in credit card interest rate charges by several canadian banks reuter
earn	seeq technology inc seeq nd qtr march shr profit eight cts vs loss dlrs net profit vs loss revs mln vs avg shrs vs six mths shr loss nine cts vs loss dlrs net loss vs loss revs mln vs mln avg shrs vs reuter
earn	nacco industries nc to report nd qtr gain nacco industries inc said it will report a gain in the second quarter of about mln dlrs or dlrs a share from the sale of stock of a subsidiary nacco said its north american coal corp unit has received notice that consolidation coal co a unit of du pont co dd will exercise an option to buy all of the stock of quarto mining co a subsidiary of north american coal for the stock north american coal will receive about mln dlrs mln of which will be paid at closing april and the rest in installments the company said in addition quarto will pay a dividend to north american coal of about mln dlrs from retained earnings before closing the funds were previously used to finance mining operations consolidation coal got the option from the capco group of utilities which received the option from nacco in nacco reported earnings of mln dlrs or dlrs a share in last year s second quarter in quarto generated mln dlrs in net income equal to cts a share of nacco s total earnings of dlrs a share quarto produced about mln short tons of the mln tons produced by north american coal in nacco said reuter
earn	buffton buff to post investigation charge buffton corp said it will conduct an investigation on a plant designated as a superfund site which will result in a charge of about six cts per share in its second quarter in the year ago second quarter buffton reported net income of cts a share or dlrs on sales of mln dlrs the study should be completed in nine months and will determine any clean up or remedial action that may be required robintech inc the plant s former owner will split the cost buffton said its share will cost dlrs reuter
acq	american dynamics amdc to sell pct stake american dynamics corp and meridian reserve inc said they signed a definitive agreement under which meridian will buy mln shares or pct of american dynamics common stock under terms of the agreement santa ana calif based meridian said it will pay columbus based american dynamics one mln dlrs in cash and notes over five years and about shares of its common stock meridian said it has the option to issue an additional shares of its common over the next two years in payment of certain of the notes meridian an oil and gas company whose operations are primarily in oklahoma said the acquisition will increase its its consolidated assets to mln dlrs and its contractually committed gas reserves to more than mln dlrs at discounted present value american dynamics is engaged in gas gathering transmission and liquids extraction also in oklahoma the companies said they have five extracting plants and about miles of transmission lines in five adjoining oklahoma counties reuter
money-fx	ussr exchange rates soviet state bank effective april roubles per hundred unless stated u s stg bfr dmk dfl lit can dkr nkr ffr skr unch fin mrk unch sfr yen aus sch aus dlr unch pak rup unch ind rup unch irn ryl unch lib din one unch mrc drhm unch
pet-chem	italy s eni to invest in venezuelan projects italy s state owned ente nazionale idrocarburi eni will invest mln dlrs in two joint ventures in coal and petrochemicals with petroleos de venezuela s a eni president franco reviglio said speaking at a news conference reviglio said the two projects will eventually bring in some mln dlrs annually in foreign exchange to venezuela and help diversify the country s export base joint ventures are the principal instrument for allowing the resources of the industrialized countries to be channeled to the developing world so as to lead future growth for both reviglio said eni s subsidiary ecofuel will join pequiven the petrochemical subsidiary of pdvsa in building a mln dlr plant to produce mtbe a gasoline additive used to increase octane levels the mt per year plant will be constructed at jose in eastern venezuela and fed by butane produced at pdvsa s eastern cryogenic complex eni owns pct of the joint venture company super octanos c a while pequiven has pct with the remaining three pct to be sold to private investors production is set to begin in third quarter ecofuel officials said the plant is modeled after one in saudi arabia another eni subsidiary agip carbone will sign a letter of intent in caracas tomorrow to enter a partnership with pdvsa to mine the coal deposits at guasare in western zulia state he said feasibility studies are still being done on the carbozulia project with a definitive accord slated for august he added agip carbone and atlantic richfield coal an arco subsidiary have formed a consortium which will own pct of the carbozulia project whose total cost is estimated at mln dlrs the company said agip carbone will invest pct or mln dlrs in the project it said reuter
earn	republicbank rpt to reclassify brazil loans republicbank corp said it has placed mln dlrs of all intermediate and term loans to brazil on a non accrual basis as of march it said the reclassification will reduce first quarter earnings by mln dlrs after taxes and mln dlrs after taxes for all of if brazil does not change its position of a moratorium on interest payments republicbank also said its net income for the first quarter is expected to be about mln dlrs or cts a share on a fully diluted basis in the year ago first quarter the company earned mln dlrs or cts a share the company also said its first quarter results are expected to include a provision for loan losses of mln dlrs about mln dlrs over net loan charge offs of about mln dlrs it said the provision will increase loan losses to about mln dlrs or pct of loans republicbank with total assets of about billion dlrs announced in december an agreement with interfirst corp ifc to form first republicbank corp if the merger is approved by regulatory agencies and stockholders it would create the th largest bank holding company in the united states reuter
acq	amoskeag bank amkg to seek rehearing amoskeag bank shares inc and portsmouth savings bank said they will file motions for a rehearing with the new hampshire supreme court of its march ruling that overturned state regulatory approval of amoskeag s acquisition portsmouth the ramifications of this decision we believe go well beyond the affiliation of amoskeag and portsmouth savings bank said amoskeag chairman william s bushnell the transaction was opposed by a group of portsmouth investors who wanted the bank to remain independent according to press reports reuter
strategic-metal	doe recommends special unit to enrich uranium energy secretary john herrington told congress that a federally chartered corporation would be the best way to manage and operate the government s uranium enrichment program he said in a letter to congressmen that unless the program now run by the energy department is improved sales worth five billion dlrs could be lost between and the program now has annual commercial sales of about one billion dlrs and holds pct of the free world market for enrichment services a department official said the world market for enriched uranium for reactors for power utilities is increasingly competitive and private entity could better tap it the administration s plan to spin off the department s uranium enrichment operation is in line with it effort to reduce the federal government s role in areas where it feels private enterprise could be more efficient reuter
earn	trilon declares stock dividend trilon financial corp said it declared a stock dividend of one class a share for each two class a shares held payable may to shareholders of record on april reuter
acq	allegheny ag prefered shareholders file suit allegheny international inc which has agreed to a merge with a jointly formed first boston inc affiliate in a deal worth mn dlrs said shareholders of its preferred stock have filed a class action complaint against the company the complaint alleges among other things that the company and its board agreed to pay first boston an illegal seven mln dlr topping fee if it received a higher offer for the company prior to the buyout the suit contends that this fee hampers allegheny s ability to attract other offers or take other actions that would benefit holders of preferred stock the complaint also alleges federal securities laws violations and breach of fiduciary duty the suit requests an injunction against proceeding with the pending offer being made by sunter acquisition to acquire allegheny sunter acquisition corp and sunter holdings corp were formed by first boston and allegheny allegheny said it and the sunter concerns intend to vigorously defend the complaint s charges the complaints were filed by robert moss and other parties who are believed to own about shares of allegheny s preferred stock reuter
trade	canadians urge exemption from u s trade bill a group of canadian lawmakers from ontario today asked their u s counterparts to exempt canada from the mandatory trade retaliation provisions in a major trade bill being considered by the u s congress at a meeting of the northeast midwest coalition an organization of u s legislators david cooke chairman of the ontario parliament s select committee on economic affairs said the exemption would help trade relations the trade legislation to be considered by the full house in late april would require president reagan to retaliate against foreign unfair trade practices unless the trade actions would harm the u s economy currently reagan can reject trade sanctions on any grounds cooke a member of the liberal party told the u s congressmen i can understand the trade bill i think it has to do with concerns you have with the other parts of the world i would suggest to you that we are your best friends you do not have those concerns with canada and you should sincerely consider exempting our country from that bill he added canada is the united states largest trading partner with two way trade more than billion dlrs in according to the coalition but the u s ran up a billion dlr deficit in manufactured goods that year compared to a billion dlr surplus in services trade with its neighbour reuter
earn	american agronomics corp agr nd qtr feb shr profit one cts vs loss three cts net profit vs loss revs mln vs mln six months shr profit six cts vs loss six cts net profit mln vs loss mln revs mln vs mln note six months includes gain of four cts from change in accounting principle reuter
earn	helig meyers co hmy increases dividend qtly div eight cts vs seven cts prior payable may record april reuter
earn	helig meyers co hmy year feb shr dlrs vs dlrs net mln dlrs vs mln revs mln vs mln note results reflect year month period because company changed fiscal year to end february from march reuter
earn	kelly oil and gas partners kly year dec shr cts vs cts net mln vs mln revs mln vs mln reuter
money-fx	japan seeks to strengthen paris currency accord japan will seek to strengthen the paris accord on currency stability at the meeting of the group of seven leading industrial nations tomorrow japanese officials said however the officials travelling with japanese finance minister kiichi miyazawa and who asked not to be identified would not provide any details of how they wanted the accord which was signed by the six leading industrial democracies in february to be strengthened currency target zones or reference ranges will not be discussed at the g meeting which is scheduled for tomorrow the japanese officials said the meeting which is being held in conjunction with this week s international monetary fund world bank sessions will reaffirm the currency pact and there is no need for changing the language used in the paris accord the officials said miyazawa met with u s treasury secretary james baker early in this afternoon and discussed the dollar yen exchange rates officials said but they declined to disclosed the details of that discussion the japanese officials also declined to detail what miyazawa and baker discussed on the subject of greater joint intervention in currency markets to stabilize the dollar or on independent american intervention the officials said such a money market action to stabilize the dollar is not only for the benefit of japan which is suffering from a sharp appreciation in its currency but also for the benefit of the united states as well as to u s urgings for japan to take steps to boost its domestic demand to reduce its trade surplus japan will explain economic measures to the g the officials said however miyazawa failed to outline the size of the japanese economic package in his meeting with baker today because the japanese budget has not been authorized by the diet or parliament despite the new fiscal year which started april one the officials said japan s ruling liberal democratic party revealed its own economic package today calling for more than billion yen in additional spending reuter
earn	tcw convertible securities cvt sets dividend tcw convertible securities fund inc said its board declared an initial quarterly dividend of three cents per share payable april to shareholders of record april tcw said it anticipates paying a regular quarterly dividend the company made its initial public stock offering march five reuter
jobs	n z unemployment rate pct in december quarter new zealand s unemployment rate was pct of the workforce in the quarter ended december unchanged from a revised pct preliminary pct in the previous quarter but slightly above pct in the year earlier quarter the statistics department said the department citing the household labour force survey said in a statement the number of unemployed in october december was against in the september quarter and a year earlier reuter
rubber	japan rubber stocks fall in march japan s rubber stocks fell to tonnes in march from in february and from in march the japan rubber trade association said the stocks in tonnes with february and year earlier comparisons were march feb march crude rubber synthetic latex reuter
money-fx	south korean won fixed at month high the bank of korea said it fixed the midrate of the won at to the dollar its highest level since february when it was the won was set at yesterday the won has risen pct against the dollar so far this year after rising pct in reuter
copper	nippon mining lowers copper price nippon mining co ltd said it lowered its selling price for electrolytic copper by yen per tonne to effective immediately reuter
ship	australian unions launch new south wales strikes australian trade unions said they have launched week long strikes and other industrial action in new south wales nsw to protest against new laws that would reduce injury compensation payments union sources said talks with the state government broke down last night but the two sides are scheduled to meet later today in an attempt to find a compromise rail freight and shipping cargo movements in the country s most populous state were the first to be affected and union officials said almost every business sector will be hit unless there is a quick settlement the state government recently introduced a new workers compensation act which would cut the cash benefits to injured workers by up to a third the act is now awaiting parliamentary ratification nsw state premier barrie unsworth has said workers compensation has risen steeply in recent years and the proposed cuts would save hundreds of mlns of dollars a year union officials said industrial action could spread to other states as the federal government also plans to make sharp cuts in workers compensation reuter