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YES | TRAIN | TRAINING-SET | 15,454 | 9,933 | 1987-03-26T11:10:43.130000 | ['veg-oil'] | ['usa'] | [] | ['ec'] | [] | [] | null | U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION | WASHINGTON, March 26 - | 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 99 to 0 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 1987/1988 EC marketing year.
The Senate said the tax would amount to almost 90 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
| 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 99 to 0 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 1987/1988 EC marketing year.
The Senate said the tax would amount to almost 90 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. |
YES | TRAIN | TRAINING-SET | 15,455 | 9,934 | 1987-03-26T11:10:45.420000 | ['earn'] | [] | [] | [] | [] | [] | BRIEF | HEALTHMATE INC SAYS AUDITORS INTEND TO QUALIFY ITS FINANCIAL STATEMENTS
| null | null | null |
NO | TRAIN | TRAINING-SET | 15,456 | 9,935 | 1987-03-26T11:12:45.670000 | [] | ['usa', 'uk', 'sweden'] | [] | [] | [] | [] | null | SWEDISH BANK, U.S. FIRM PLAN U.K. STOCK VENTURE | NEW YORK, March 26 - | Sweden's Skandinaviska Enskilda Banken
said it will set up a joint venture in London with U.S.
brokerage firm Equitable Securities Corp of Nashville, Tenn.,
for the sale of U.S. equities in Europe.
S-E Bank's managing director Jacob Palmstierna told a press
briefing that the joint venture, called Equitable Enskilda
Securities Ltd, will be established next month.
S-E Bank bought a 4.9 pct stake in Equitable Securities
about two weeks ago. Equitable's role in the joint venture will
include provision of research on firms in the south-east United
States.
Reuter
| Sweden's Skandinaviska Enskilda Banken said it will set up a joint venture in London with U.S. brokerage firm Equitable Securities Corp of Nashville, Tenn., for the sale of U.S. equities in Europe.
S-E Bank's managing director Jacob Palmstierna told a press briefing that the joint venture, called Equitable Enskilda Securities Ltd, will be established next month.
S-E Bank bought a 4.9 pct stake in Equitable Securities about two weeks ago. Equitable's role in the joint venture will include provision of research on firms in the south-east United States. |
YES | TRAIN | TRAINING-SET | 15,457 | 9,936 | 1987-03-26T11:13:00.840000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | HARSCO CORP <HSC> SETS QUARTERLY | HARRISBURG, Pa., March 26 -
| Qtly div 25 cts vs 25 cts prior
Pay May 15
Record April 15
Reuter
| Qtly div 25 cts vs 25 cts prior
Pay May 15
Record April 15 |
YES | TRAIN | TRAINING-SET | 15,458 | 9,937 | 1987-03-26T11:13:11.720000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | MILASTAR CORP <MILA> 3RD QTR JAN 31 LOSS | PALM BEACH, Fla., March 26 -
| Shr loss two cts vs loss four cts
Net loss 44,000 vs loss 85,000
Sales 370,000 vs 299,000
Nine mths
Shr loss seven cts vs loss three cts
Net loss 134,000 vs loss 56,000
Sales 1,211,000 vs 1,069,000
NOTE: Prior nine mths net includes 10,000 dlr loss on sale
of marketable securities.
Prior quarter net includes 1,000 dlr tax credit.
Current year net includes provisions for loss on investment
in preferred stock of 4,000 dlrs in quarter and 15,000 dlrs in
nine mths.
Reuter
| Shr loss two cts vs loss four cts
Net loss 44,000 vs loss 85,000
Sales 370,000 vs 299,000
Nine mths
Shr loss seven cts vs loss three cts
Net loss 134,000 vs loss 56,000
Sales 1,211,000 vs 1,069,000
NOTE: Prior nine mths net includes 10,000 dlr loss on sale of marketable securities.
Prior quarter net includes 1,000 dlr tax credit.
Current year net includes provisions for loss on investment in preferred stock of 4,000 dlrs in quarter and 15,000 dlrs in nine mths. |
NO | TRAIN | TRAINING-SET | 15,459 | 9,938 | 1987-03-26T11:13:17.570000 | [] | ['usa'] | [] | [] | [] | [] | null | BDM <BDM> GETSW ARMY CONTRACT | MCLEAN, Va., March 26 - | BDM International Inc said it has
received a U.S. Army contract with a base year value of
1,400,000 dlrs to support the plans and operations staff of the
U.S. Army Joint Readiness Training Center, based at Little Rock
Air Force Base.
The company said with three option years, total value would
be about 7,200,000 dlrs.
Reuter
| BDM International Inc said it has received a U.S. Army contract with a base year value of 1,400,000 dlrs to support the plans and operations staff of the U.S. Army Joint Readiness Training Center, based at Little Rock Air Force Base.
The company said with three option years, total value would be about 7,200,000 dlrs. |
YES | TRAIN | TRAINING-SET | 15,460 | 9,939 | 1987-03-26T11:15:43.420000 | ['earn'] | [] | [] | [] | [] | [] | BRIEF | BANK OF BOSTON EXPECTS 1ST QTR EARNINGS FROM 90 CTS TO 1.00 DLRS/SHR VS 79 CTS
| null | null | null |
YES | TRAIN | TRAINING-SET | 15,461 | 9,940 | 1987-03-26T11:20:53.040000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | BANK OF BOSTON <BKB> SEES IMPROVED 1ST QUARTER | BOSTON, March 26 - | Bank of Boston Corp expects first
quarter earnings will range between 90 cts and one dlr a share,
up from 79 cts a share last year, Chairman William Brown said.
He told shareholders the company has a 190 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 1986 first quarter net included a 17 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 700 mln
dlrs at the end of this quarter compared with 669 mln dlrs a
year earlier and 614 mln dlrs at the end of 1986.
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 1986, the bank earned 3.69 dlrs a
share, or 232.8 mln dlrs on net interest revenues of 1.08
billion dlrs.
President Ira Stepanian told the shareholders's meeting the
bank's total loans to Argentina, Brazil and Mexico totaled 875
mln dlrs at the end of 1986, 37 pct of its primary capital.
Brazil loans total 300 mln dlrs, of which about two-thirds are
affected by its suspension of interest payments on its medium
and long term foreign debt.
Reuter
| Bank of Boston Corp expects first quarter earnings will range between 90 cts and one dlr a share, up from 79 cts a share last year, Chairman William Brown said.
He told shareholders the company has a 190 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 1986 first quarter net included a 17 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 700 mln dlrs at the end of this quarter compared with 669 mln dlrs a year earlier and 614 mln dlrs at the end of 1986.
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 1986, the bank earned 3.69 dlrs a share, or 232.8 mln dlrs on net interest revenues of 1.08 billion dlrs.
President Ira Stepanian told the shareholders's meeting the bank's total loans to Argentina, Brazil and Mexico totaled 875 mln dlrs at the end of 1986, 37 pct of its primary capital. Brazil loans total 300 mln dlrs, of which about two-thirds are affected by its suspension of interest payments on its medium and long term foreign debt. |
YES | TRAIN | TRAINING-SET | 15,462 | 9,941 | 1987-03-26T11:21:52.570000 | ['sugar'] | ['uk', 'libya'] | [] | [] | [] | [] | null | LIBYA REPORTEDLY BOUGHT WHITE SUGAR | ****LONDON, March 26 - | Libya is reported to have recently
bought two cargoes of white sugar from operators at around
229/230 dlrs a tonne cost and freight, traders said.
The shipment period required was not specified.
Reuter
| Libya is reported to have recently bought two cargoes of white sugar from operators at around 229/230 dlrs a tonne cost and freight, traders said.
The shipment period required was not specified. |
YES | TRAIN | TRAINING-SET | 15,463 | 9,942 | 1987-03-26T11:22:33.360000 | ['acq'] | [] | [] | [] | [] | [] | BRIEF | USAIR GETS APPROVAL TO BUY 9,309,394 PIEDMONT SHARES IN TENDER
| null | null | null |
YES | TRAIN | TRAINING-SET | 15,464 | 9,943 | 1987-03-26T11:23:26.670000 | ['interest'] | ['usa'] | [] | [] | [] | [] | null | FED EXPECTED TO ADD RESERVES | NEW YORK, March 26 - | 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 6-3/16 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
| 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 6-3/16 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. |
NO | TRAIN | TRAINING-SET | 15,465 | 9,944 | 1987-03-26T11:24:17.200000 | [] | ['usa'] | [] | [] | [] | [] | null | WRIGHT SAYS HOUSE BUDGET COMMITTEE ON TARGET | WASHINGTON, March 26 - | House Speaker Jim Wright, D-Texas,
said House Budget Committee Democrats were on target to reach
budget deficit reduction goals with a plan for 18 billion dlrs
in new revenues and 18 billion dlrs in additional budget cuts.
"We're right on target," Wright told reporters. "The cuts are
real cuts. The revenues would be real revenues."
Wright said it would be up to Congress to come up with the
new revenues. President Reagan says he will veto any
legislation which raises taxes.
Wright said the budget plan may come up in the House next
week. Republicans are expected to offer an alternative budget.
Reuter
| House Speaker Jim Wright, D-Texas, said House Budget Committee Democrats were on target to reach budget deficit reduction goals with a plan for 18 billion dlrs in new revenues and 18 billion dlrs in additional budget cuts.
"We're right on target," Wright told reporters. "The cuts are real cuts. The revenues would be real revenues."
Wright said it would be up to Congress to come up with the new revenues. President Reagan says he will veto any legislation which raises taxes.
Wright said the budget plan may come up in the House next week. Republicans are expected to offer an alternative budget. |
NO | TRAIN | TRAINING-SET | 15,466 | 9,945 | 1987-03-26T11:26:01.750000 | [] | ['usa'] | [] | [] | [] | [] | null | GE <GE> CREDIT SUES PHOENIX FINANCIAL <PHFC> | MEDFORD, N.J., MARCH 26 - | Phoenix Financial Corp said it
was sued by General Electric Credit Corp, a unit of General
Electric Co, for breach of warranties and representations.
The warranties are connected with leases the company said
it sold to GE Credit in June 1985. GE is asking the company to
buy back leases totaling 829,000 dlrs.
The company said there were no breach of warranties, but it
added it is in the process of reviewing the complaint and
preparing an answer.
Reuter
| Phoenix Financial Corp said it was sued by General Electric Credit Corp, a unit of General Electric Co, for breach of warranties and representations.
The warranties are connected with leases the company said it sold to GE Credit in June 1985. GE is asking the company to buy back leases totaling 829,000 dlrs.
The company said there were no breach of warranties, but it added it is in the process of reviewing the complaint and preparing an answer. |
YES | TRAIN | TRAINING-SET | 15,489 | 9,946 | 1987-03-26T11:26:44.940000 | ['money-fx', 'dlr', 'yen'] | ['france'] | [] | [] | [] | [] | null | DOLLAR/YEN INTERVENTION RESPONDS TO PRESSURE | PARIS, March 26 - | The Bank of France intervened to buy
small amounts of dollars and sell yen in Paris today to
stabilise the exchange rates agreed at last month's meeting of
Finance Ministers of the Group of Five and Canada, foreign
exchange dealers said.
But they said recent central bank intervention in the
foreign exchange markets appeared to be a limited reaction to
temporary pressures rather than a major defence operation.
A Bank of France spokesman declined all comment but sources
close to the central bank said it had also intervened
yesterday.
Dealers said the earlier intervention was in concert with
the Bundesbank and Bank of Japan.
The sources said the French central bank could have been in
the market again today in two-way operations, not necessarily
on its own account, but to counter short-term pressures arising
from the end of the Japanese financial year on March 31.
One major French bank said it bought between five and 15
mln dlrs for the central bank and sold yen at 149.28 to the
dollar.
Another bank said it had been asked by the Bank of France
to say it was in the market, a departure from the central
bank's usual insistence on confidentiality.
But other banks said they had seen no sign of intervention,
which they said appeared to be on a very limited scale.
"Even if 10 banks were buying five to 15 mln dlrs, you would
still be talking of a small overall amount," said one dealer.
Recent intervention by the Bank of Japan appeared mainly to
have been required to meet year-end window dressing demand for
yen. "This is a specific short term phenomenon rather than a
wider trend," the dealer said.
Operators have been extremely cautious about testing the
dollar's trading ranges against the West German mark and
Japanese yen.
These ranges were set in February's stabilisation agreement
reached here by U.S. Treasury Secretary James Baker and the
Finance Ministers of Japan, Germany, France, Britain and
Canada.
But speculative pressures started to build again this week
after Baker was quoted on British television at the weekend as
repeating earlier statements that Washington had no target for
the dollar.
Baker yesterday moved to defuse speculation he was talking
the dollar down, telling a Cable News Network interviewer and a
Senate committee he stood by the Paris agreement. Foreign
exchange markets had been misreading his comments, he said.
REUTER
| The Bank of France intervened to buy small amounts of dollars and sell yen in Paris today to stabilise the exchange rates agreed at last month's meeting of Finance Ministers of the Group of Five and Canada, foreign exchange dealers said.
But they said recent central bank intervention in the foreign exchange markets appeared to be a limited reaction to temporary pressures rather than a major defence operation.
A Bank of France spokesman declined all comment but sources close to the central bank said it had also intervened yesterday.
Dealers said the earlier intervention was in concert with the Bundesbank and Bank of Japan.
The sources said the French central bank could have been in the market again today in two-way operations, not necessarily on its own account, but to counter short-term pressures arising from the end of the Japanese financial year on March 31.
One major French bank said it bought between five and 15 mln dlrs for the central bank and sold yen at 149.28 to the dollar.
Another bank said it had been asked by the Bank of France to say it was in the market, a departure from the central bank's usual insistence on confidentiality.
But other banks said they had seen no sign of intervention, which they said appeared to be on a very limited scale.
"Even if 10 banks were buying five to 15 mln dlrs, you would still be talking of a small overall amount," said one dealer.
Recent intervention by the Bank of Japan appeared mainly to have been required to meet year-end window dressing demand for yen. "This is a specific short term phenomenon rather than a wider trend," the dealer said.
Operators have been extremely cautious about testing the dollar's trading ranges against the West German mark and Japanese yen.
These ranges were set in February's stabilisation agreement reached here by U.S. Treasury Secretary James Baker and the Finance Ministers of Japan, Germany, France, Britain and Canada.
But speculative pressures started to build again this week after Baker was quoted on British television at the weekend as repeating earlier statements that Washington had no target for the dollar.
Baker yesterday moved to defuse speculation he was talking the dollar down, telling a Cable News Network interviewer and a Senate committee he stood by the Paris agreement. Foreign exchange markets had been misreading his comments, he said. |
YES | TRAIN | TRAINING-SET | 15,467 | 9,947 | 1987-03-26T11:26:56.230000 | ['acq', 'crude'] | ['usa', 'uk'] | [] | [] | [] | [] | null | WALL STREET STOCKS/U.S. OIL COMPANIES | NEW YORK, March 26 - | British Petroleum Co PLC's
announcement that its U.S. subsidiary intends to tender for the
45 pct of Standard Oil Co <SRD> it does not already own,
catapulted U.S. oil stocks sharply higher this morning, traders
and analysts said.
"It raises the specter of additional consolidation in the
industry and that is what is boosting the other oils," analyst
Rosario Ilacqua of L.F. Rothschild said.
Sanford Margoshes of Shearson Lehman Brothers said "this
deal shows that British Petroleum, a conservative investor that
knows the oil business, is clearly confident in the U.S. oil
industry, and that shines well on the U.S. companies."
Philips Petroleum <P> gained 3/4 to 15-7/8, Occidental
Petroleum <OXY> one to 34-5/8, USX Corp <X>, with its Marathon
Oil Co unit, rose 1/2 to 28-3/8. Exxon <XON> climbed one to
88-3/8, Mobil <MOB> one to 50-1/4, Atlantic Richfield <ARC>
3-1/8 to 80-1/2, Amoco <AN> 1-7/8 to 84-1/8, and Amerada Hess
one to 33-5/8. BP gained 2-3/8 to 59-3/4.
Both analysts said the rise in Standard's price this
morning to above the proposed tender price of 70 dlrs a share,
is an indication that investors expect the bid to be sweetened.
Standard gained 6-3/4 to 71-5/8.
The analysts cited Royal Dutch/Shell Group's <RD> <SC> bid
for Shell Oil Co, which was sweetened before its successful
conclusion.
Margoshes said the BP action "is an articulation of the
underlying value of oil companies in the marketplace." But he
expressed skepticism that this will necessarily lead to
heightened merger or buyout activity in the oil group.
Reuter
| British Petroleum Co PLC's announcement that its U.S. subsidiary intends to tender for the 45 pct of Standard Oil Co <SRD> it does not already own, catapulted U.S. oil stocks sharply higher this morning, traders and analysts said.
"It raises the specter of additional consolidation in the industry and that is what is boosting the other oils," analyst Rosario Ilacqua of L.F. Rothschild said.
Sanford Margoshes of Shearson Lehman Brothers said "this deal shows that British Petroleum, a conservative investor that knows the oil business, is clearly confident in the U.S. oil industry, and that shines well on the U.S. companies."
Philips Petroleum <P> gained 3/4 to 15-7/8, Occidental Petroleum <OXY> one to 34-5/8, USX Corp <X>, with its Marathon Oil Co unit, rose 1/2 to 28-3/8. Exxon <XON> climbed one to 88-3/8, Mobil <MOB> one to 50-1/4, Atlantic Richfield <ARC> 3-1/8 to 80-1/2, Amoco <AN> 1-7/8 to 84-1/8, and Amerada Hess one to 33-5/8. BP gained 2-3/8 to 59-3/4.
Both analysts said the rise in Standard's price this morning to above the proposed tender price of 70 dlrs a share, is an indication that investors expect the bid to be sweetened. Standard gained 6-3/4 to 71-5/8.
The analysts cited Royal Dutch/Shell Group's <RD> <SC> bid for Shell Oil Co, which was sweetened before its successful conclusion.
Margoshes said the BP action "is an articulation of the underlying value of oil companies in the marketplace." But he expressed skepticism that this will necessarily lead to heightened merger or buyout activity in the oil group. |
NO | TRAIN | TRAINING-SET | 15,468 | 9,948 | 1987-03-26T11:27:45.050000 | [] | [] | [] | [] | [] | [] | BRIEF | MULFORD SAYS GERMANY, JAPAN HAVE NOT YET LIVED UP TO INTERNATIONAL COMMITMENTS
| null | null | null |
NO | TRAIN | TRAINING-SET | 15,469 | 9,949 | 1987-03-26T11:28:23.720000 | [] | ['usa'] | [] | [] | [] | [] | null | ORIENTAL FEDERAL INITIAL OFFERING UNDER WAY | NEW YORK, March 26 - | Oriental Federal Savings Bank of
Humacao, Puerto Rico, said an initial public offering of
656,819 common shares is under way at 11.50 dlrs per share.
The company issued a total of 1,075,000 shares in
converting from mutual form, with other shares sold in a
subscription offering. Lead underwriter is <Drexel Burnham
Lambert Inc>.
Reuter
| Oriental Federal Savings Bank of Humacao, Puerto Rico, said an initial public offering of 656,819 common shares is under way at 11.50 dlrs per share.
The company issued a total of 1,075,000 shares in converting from mutual form, with other shares sold in a subscription offering. Lead underwriter is <Drexel Burnham Lambert Inc>. |
NO | TRAIN | TRAINING-SET | 15,470 | 9,950 | 1987-03-26T11:28:56.940000 | [] | ['usa'] | [] | [] | ['cbt'] | [] | null | FARMERS COMMODITIES TO CLEAR FUTURES FOR CO-OPS | CHICAGO, March 26 - | Farmers Commodities of Des Moines,
Iowa, has taken steps to become a clearing member of the
Chicago Board of Trade for farm cooperatives that currently
trade through Illnois Cooperative Futures Co.
Hal Richards, president of Farmers Commodities, said the
company already has bought a membership at the futures exchange
and has applied for clearing status.
He said the company is attempting to become the clearing
company for the members of Illinois Coop after they voted to
dissolve the company Wednesday.
Illinois Coop will cease operating April 24.
Richards declined to say how many of the Illinois Coop
members were considering joining Farmers, but he said the
number was "significant."
He said he was recruiting the staff of Illinois Coop,
including Al Evans, back office manager.
Richards said Farmers Commodities was the largest member of
Illinois Coop, and its 700 members felt that the coop should
retain a clearing membership at the board.
"It allows us to get better quality execution," he said.
"Anyone who wants to join our clearing corporation in the
cooperative system, we'll invite them to join us.
"I think we'll attract others to us because it's our intent
to pass the profit back on to the individual members," he said.
Reuter
| Farmers Commodities of Des Moines, Iowa, has taken steps to become a clearing member of the Chicago Board of Trade for farm cooperatives that currently trade through Illnois Cooperative Futures Co.
Hal Richards, president of Farmers Commodities, said the company already has bought a membership at the futures exchange and has applied for clearing status.
He said the company is attempting to become the clearing company for the members of Illinois Coop after they voted to dissolve the company Wednesday.
Illinois Coop will cease operating April 24.
Richards declined to say how many of the Illinois Coop members were considering joining Farmers, but he said the number was "significant."
He said he was recruiting the staff of Illinois Coop, including Al Evans, back office manager.
Richards said Farmers Commodities was the largest member of Illinois Coop, and its 700 members felt that the coop should retain a clearing membership at the board.
"It allows us to get better quality execution," he said.
"Anyone who wants to join our clearing corporation in the cooperative system, we'll invite them to join us.
"I think we'll attract others to us because it's our intent to pass the profit back on to the individual members," he said. |
YES | TRAIN | TRAINING-SET | 15,471 | 9,951 | 1987-03-26T11:29:16.350000 | [] | ['usa'] | [] | [] | [] | [] | null | FRANK B. HALL <FBH> DEBT MAY BE CUT BY MOODY'S | NEW YORK, March 26 - | Moody's Investors Service Inc said it
may downgrade about 65 mln dlrs of Frank B. Hall and Co Inc's
B-1 subordinated notes.
Moody's said its focus will be on Hall's brokerage business
and contingent liabilities associated with the unit Union
Indemnity Insurance Co.
The agency cited a 140 mln dlr lawsuit by the New York
State Insurance Department against Hall in connection with the
insolvency of the Union Indemnity subsidiary, which was
liquidated by New York Insurance in 1985.
Reuter
| Moody's Investors Service Inc said it may downgrade about 65 mln dlrs of Frank B. Hall and Co Inc's B-1 subordinated notes.
Moody's said its focus will be on Hall's brokerage business and contingent liabilities associated with the unit Union Indemnity Insurance Co.
The agency cited a 140 mln dlr lawsuit by the New York State Insurance Department against Hall in connection with the insolvency of the Union Indemnity subsidiary, which was liquidated by New York Insurance in 1985. |
YES | TRAIN | TRAINING-SET | 15,472 | 9,952 | 1987-03-26T11:29:33.680000 | ['earn'] | ['canada'] | [] | [] | [] | [] | null | NORCEN SEES IMPROVEMENT IN 1987 EARNINGS | CALGARY, Alberta, March 26 - | <Norcen Energy Resources Ltd>,
41 pct owned by <Hees International Corp>, said earnings and
cash flow will improve in 1987, even if oil and gas prices
remain at 1986 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
1986, the company said in the annual report.
Norcen previously reported 1986 earnings, excluding a 20.1
mln dlr writeoff, declined by 58 pct to 50.0 mln dlrs from
119.7 mln dlrs in in 1985.
Norcen's 1986 cash flow fell 10 pct to 204.9 mln dlrs from
228.9 mln dlrs in the prior year.
It said the sharp decline in oil prices during 1986 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 1987 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
| <Norcen Energy Resources Ltd>, 41 pct owned by <Hees International Corp>, said earnings and cash flow will improve in 1987, even if oil and gas prices remain at 1986 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 1986, the company said in the annual report.
Norcen previously reported 1986 earnings, excluding a 20.1 mln dlr writeoff, declined by 58 pct to 50.0 mln dlrs from 119.7 mln dlrs in in 1985.
Norcen's 1986 cash flow fell 10 pct to 204.9 mln dlrs from 228.9 mln dlrs in the prior year.
It said the sharp decline in oil prices during 1986 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 1987 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. |
YES | TRAIN | TRAINING-SET | 15,500 | 9,953 | 1987-03-26T11:29:43.330000 | ['cocoa'] | ['uk', 'belgium'] | [] | ['icco'] | [] | [] | null | COCOA COUNCIL HEAD TO PRESENT BUFFER COMPROMISE | LONDON, March 26 - | 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 10 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
| 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 10 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. |
YES | TRAIN | TRAINING-SET | 15,473 | 9,954 | 1987-03-26T11:30:32.160000 | ['acq'] | ['west-germany', 'france', 'usa'] | [] | [] | [] | [] | null | SIEMENS REBUTTS U.S. CRITICISM ON CGCT OFFER | MUNICH, March 26 - | 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 20 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 1986 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 16 pct.
The French government has limited CGCT participation by
foreign companies to 20 pct and set a price of 500 mln francs
for the whole company.
Bauer said the 20 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 20 pct limitation. Both companies will
form a joint venture to take over the whole of CGCT.
Siemens will have a 20 pct stake in the new company while
Jeumont-Schneider will own 80 pct. Apart from investing 100 mln
francs for the modernisation of CGCT, a new research centre
with was also being planned.
REUTER
| 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 20 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 1986 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 16 pct.
The French government has limited CGCT participation by foreign companies to 20 pct and set a price of 500 mln francs for the whole company.
Bauer said the 20 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 20 pct limitation. Both companies will form a joint venture to take over the whole of CGCT.
Siemens will have a 20 pct stake in the new company while Jeumont-Schneider will own 80 pct. Apart from investing 100 mln francs for the modernisation of CGCT, a new research centre with was also being planned. |
YES | TRAIN | TRAINING-SET | 15,474 | 9,955 | 1987-03-26T11:30:46.850000 | ['money-fx'] | [] | [] | [] | [] | [] | BRIEF | MULFORD DISAPPOINTED IN NEWLY INDUSTRIALIZED (NICS) EFFORTS TO STRENGTHEN CURRENCIES
| null | null | null |
YES | TRAIN | TRAINING-SET | 15,475 | 9,956 | 1987-03-26T11:33:53.300000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | FORD <F> NEARS GM <GM> IN EXECUTIVE BONUSES | DETROIT, March 26 - | 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
1986 incentive bonuses totaled 167 mln dlrs, slightly behind
General Motors' 169.1 mln.
General Motors, however, did not make any profit-sharing
payments to its workers, while Ford made a profit-sharing
distribution of 372 mln dlrs, or 2,100 dlrs per worker.
General Motors, which saw its earnings drop to 2.94 billion
dlrs from 1985's 3.99 billion, said the 1986 profit was "not
sufficient to generate a payout under the profit-sharing
formula."
Ford, which earned 3.28 billion dlrs in 1986, up from 2.51
billion in 1985, said it "recognizes employees' efforts and
fulfills its commitment to them in many ways, including
profit-sharing."
Reuter
| 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 1986 incentive bonuses totaled 167 mln dlrs, slightly behind General Motors' 169.1 mln.
General Motors, however, did not make any profit-sharing payments to its workers, while Ford made a profit-sharing distribution of 372 mln dlrs, or 2,100 dlrs per worker.
General Motors, which saw its earnings drop to 2.94 billion dlrs from 1985's 3.99 billion, said the 1986 profit was "not sufficient to generate a payout under the profit-sharing formula."
Ford, which earned 3.28 billion dlrs in 1986, up from 2.51 billion in 1985, said it "recognizes employees' efforts and fulfills its commitment to them in many ways, including profit-sharing." |
YES | TRAIN | TRAINING-SET | 15,476 | 9,957 | 1987-03-26T11:36:29.740000 | ['trade', 'money-fx'] | ['usa', 'japan', 'west-germany', 'taiwan', 'south-korea'] | [] | ['oecd'] | [] | [] | null | MULFORD SAYS GERMANY, JAPAN SHOULD DO MORE | WASHINGTON, March 26 - | Treasury Assistant Secretary David
Mulford said he did not believe that West Germany and Japan
have yet carried out their international responsibilities.
"I do not believe they have up to this time," Mulford told
a Senate banking subcommittee.
He said that for the U.S. trade deficit to continue
improving in the next two years, "We need more policy actions"
across the entire front of U.S. trade relations, including
Canada and the newly-industrialized countries (NICS).
In particular, he said, efforts by South Korea and Taiwan
to strengthen their currencies were still disappointing.
Mulford also said that OECD nations need to grow an average
three pct to help resolve the international debt crisis.
He noted that Japanese and European imports from Latin
nations were significantly smaller than imports into the U.S.
He stressed both Germany and Japan must continue to take
economic and structural measures to ensure stronger sustained
economic growth.
Reuter
| Treasury Assistant Secretary David Mulford said he did not believe that West Germany and Japan have yet carried out their international responsibilities.
"I do not believe they have up to this time," Mulford told a Senate banking subcommittee.
He said that for the U.S. trade deficit to continue improving in the next two years, "We need more policy actions" across the entire front of U.S. trade relations, including Canada and the newly-industrialized countries (NICS).
In particular, he said, efforts by South Korea and Taiwan to strengthen their currencies were still disappointing.
Mulford also said that OECD nations need to grow an average three pct to help resolve the international debt crisis.
He noted that Japanese and European imports from Latin nations were significantly smaller than imports into the U.S.
He stressed both Germany and Japan must continue to take economic and structural measures to ensure stronger sustained economic growth. |
YES | TRAIN | TRAINING-SET | 15,477 | 9,958 | 1987-03-26T11:36:52.630000 | ['grain', 'corn', 'barley'] | [] | [] | ['ec'] | [] | [] | BRIEF | EC GRANTS EXPORT LICENCES 197,000 TONNES FREE MARKET MAIZE, ZERO BARLEY - PARIS TRADERS
| null | null | null |
YES | TRAIN | TRAINING-SET | 15,478 | 9,959 | 1987-03-26T11:37:20.690000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | PIER 1 IMPORTS <PIR> DECLARES STOCK SPLIT | FORT WORTH, Tex., March 26 - | Pier 1 Imports Inc said its
board declared a three-for-two split of its common stock and
its 25 cents preferred stock, and declared a regular quarterly
dividend of two cents per share on the pre-split shares of
common stock outstanding.
Pier 1 also declared a 12.5 pct annual dividend increase
for the post-split common shares. The split will be effected in
the form of a 50 pct stock dividend on both classes.
The company said shareholder approval is required for an
increase in authorized shares of common stock to 100 mln from
25 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 24.
Pier 1 said there are currently 19.1 million shares of
common stock and 960,000 shares of 25 cts preferred stock
outstanding.
The split shares will be distributed on June 29 to
shareholders of record May 13. The two cts per share quarterly
cash dividend will be payable May 29 to shareholders of record
May 13.
"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 1 Imports," said Clark Johnson, president and
chief executive officer.
Reuter
| Pier 1 Imports Inc said its board declared a three-for-two split of its common stock and its 25 cents preferred stock, and declared a regular quarterly dividend of two cents per share on the pre-split shares of common stock outstanding.
Pier 1 also declared a 12.5 pct annual dividend increase for the post-split common shares. The split will be effected in the form of a 50 pct stock dividend on both classes.
The company said shareholder approval is required for an increase in authorized shares of common stock to 100 mln from 25 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 24.
Pier 1 said there are currently 19.1 million shares of common stock and 960,000 shares of 25 cts preferred stock outstanding.
The split shares will be distributed on June 29 to shareholders of record May 13. The two cts per share quarterly cash dividend will be payable May 29 to shareholders of record May 13.
"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 1 Imports," said Clark Johnson, president and chief executive officer. |
NO | TRAIN | TRAINING-SET | 15,479 | 9,960 | 1987-03-26T11:37:37.410000 | [] | ['usa'] | [] | [] | [] | [] | null | RCM TECHNOLOGIES <RCMT> ORDER INCREASED | CAMDEN, N.J., March 26 - | RCM Technologies Inc said its
contract to provide engineering personnel to the Sikorsky
Aircraft division of United Technologies Corp <UTX> has been
increased by 4,300,000 dlrs to 11.0 mln dlrs.
It said the contract runs through the end of 1987.
Reuter
| RCM Technologies Inc said its contract to provide engineering personnel to the Sikorsky Aircraft division of United Technologies Corp <UTX> has been increased by 4,300,000 dlrs to 11.0 mln dlrs.
It said the contract runs through the end of 1987. |
YES | TRAIN | TRAINING-SET | 15,480 | 9,961 | 1987-03-26T11:37:46.990000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | LANCER CORP <LACR> 4TH QTR NET | SAN ANTONIO, Texas, March 26 -
| Shr 12 cts vs 15 cts
Net 282,000 vs 360,000
Revs 5,261,000 vs 5,348,000
Avg shrs 2,336,000 vs 2,335,000
Year
Shr 91 cts vs 1.04 dlrs
Net 2,149,000 vs 2,075,000
Revs 28.2 mln vs 28.3 mln
Avg shrs 2,356,000 vs 2,001,000
NOTE: 1986 quarter net includes 72,000 dlr charge from
repal of investment tax credit.
Reuter
| Shr 12 cts vs 15 cts
Net 282,000 vs 360,000
Revs 5,261,000 vs 5,348,000
Avg shrs 2,336,000 vs 2,335,000
Year
Shr 91 cts vs 1.04 dlrs
Net 2,149,000 vs 2,075,000
Revs 28.2 mln vs 28.3 mln
Avg shrs 2,356,000 vs 2,001,000
NOTE: 1986 quarter net includes 72,000 dlr charge from repal of investment tax credit. |
NO | TRAIN | TRAINING-SET | 15,481 | 9,962 | 1987-03-26T11:38:01.070000 | [] | ['usa'] | [] | [] | [] | [] | null | THERMO PROCESS <TPSI> WINS 1.5 MLN DLR CONTRACT | WALTHAM, Mass., March 26 - | Thermo Process Systems Inc said
it won a 1.5 mln dlr contract from Avtopromimport, a trading
company in the Soviet Union.
The company said it will supply a fully automated,
rotary-hearth furnace system to treat automobile transmission
gears.
Reuter
| Thermo Process Systems Inc said it won a 1.5 mln dlr contract from Avtopromimport, a trading company in the Soviet Union.
The company said it will supply a fully automated, rotary-hearth furnace system to treat automobile transmission gears. |
YES | TRAIN | TRAINING-SET | 15,482 | 9,963 | 1987-03-26T11:38:13.900000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | MACNEAL-SCHWENDLER CORP <MNS> 4TH QTR JAN 31 NET | LOS ANGELES, March 26 -
| Shr 16 cts vs 11 cts
Net 1,888,000 vs 1,307,000
Revs 7,365,000 vs 5,877,000
Year
Oper shr 58 cts vs 40 cts
Oper net 7,005,000 vs 4,866,000
Revs 27.1 mln vs 21.1 mln
NOTE: Prior year net excludes 263,000 dlr loss from
discontinued operations and 2,073,000 dlrs on disposal.
Share adjusted for stock dividends.
Reuter
| Shr 16 cts vs 11 cts
Net 1,888,000 vs 1,307,000
Revs 7,365,000 vs 5,877,000
Year
Oper shr 58 cts vs 40 cts
Oper net 7,005,000 vs 4,866,000
Revs 27.1 mln vs 21.1 mln
NOTE: Prior year net excludes 263,000 dlr loss from discontinued operations and 2,073,000 dlrs on disposal.
Share adjusted for stock dividends. |
YES | TRAIN | TRAINING-SET | 15,483 | 9,964 | 1987-03-26T11:38:17.540000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | NICHOLS INSTITUTE <LAB> 1ST QTR FEB 28 NET | SAN JUAN CAPISTRANO, Calif., March 26 -
| Shr two cts vs one ct
Net 83,000 vs 32,000
Revs 11.2 mln vs 7,625,000
Reuter
| Shr two cts vs one ct
Net 83,000 vs 32,000
Revs 11.2 mln vs 7,625,000 |
YES | TRAIN | TRAINING-SET | 15,484 | 9,965 | 1987-03-26T11:38:23.090000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | FIRST MEDICAL DEVICES CORP <FMDC> YEAR LOSS | BELLEVUE, Wash., March 26 -
| Shr loss 97 cts
Net loss 1,364,453
Sales 737,971
NOTE: Company in development stage.
Reuter
| Shr loss 97 cts
Net loss 1,364,453
Sales 737,971
NOTE: Company in development stage. |
NO | TRAIN | TRAINING-SET | 15,485 | 9,966 | 1987-03-26T11:38:28.980000 | [] | ['usa'] | [] | [] | [] | [] | null | FIRST MEDICAL <FMDC> GETS ORDER | BELLEVUE, Wash., March 26 - | First Medical Devices Corp said
it has received a contract to sell EMT-defibrillation equipment
to Lane County, Ore., for undisclosed terms.
Reuter
| First Medical Devices Corp said it has received a contract to sell EMT-defibrillation equipment to Lane County, Ore., for undisclosed terms. |
YES | TRAIN | TRAINING-SET | 15,486 | 9,967 | 1987-03-26T11:38:56.250000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | HEALTHMATE <HMTE> EXPECTS QUALIFIED OPINION | NORTHBROOK, ILL., March 26 - | 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 1985, 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 1,512,534 dlrs,
or 17 cts a share on revenues of 1.4 mln dlrs. A year ago, it
had a loss of 1,553,592 dlrs, or 20 cts a share on revenues of
515,225 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
| 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 1985, 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 1,512,534 dlrs, or 17 cts a share on revenues of 1.4 mln dlrs. A year ago, it had a loss of 1,553,592 dlrs, or 20 cts a share on revenues of 515,225 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. |
NO | TRAIN | TRAINING-SET | 15,487 | 9,968 | 1987-03-26T11:39:07.560000 | [] | ['usa'] | [] | [] | [] | [] | null | BALLY <BLY> NAMES NEW CHIEF FINANCIAL OFFICER | CHICAGO, March 26 - | Bally Manufacturing Corp said it has
elected Paul Johnson a vice president and named him chief
financial officer, replacing Donald Romans, who took early
retirement.
Bally also said it has appointed Jerry Blumenshine,
formerly a vice president, treasurer to fill the position left
vacant by Johnson.
Reuter
| Bally Manufacturing Corp said it has elected Paul Johnson a vice president and named him chief financial officer, replacing Donald Romans, who took early retirement.
Bally also said it has appointed Jerry Blumenshine, formerly a vice president, treasurer to fill the position left vacant by Johnson. |
YES | TRAIN | TRAINING-SET | 15,488 | 9,969 | 1987-03-26T11:39:51.670000 | [] | ['brazil'] | [] | [] | [] | [] | null | BRAZIL ASKS 60-DAY EXTENSION SHORT-TERM CREDIT | BRASILIA, MARCH 26 - | Brazil today suggested to its foreign
bank creditors an extension of short-term credit lines for 60
days until May 31, a spokesman for the Central Bank said.
He said that with the move, called a "standstill"
arrangement, Brazil was only trying to avoid difficulties to
pay its 109 billion dlrs debt in the future.
The spokesman told Reuters that Brazil's suggestion will be
communicated by telex to Brazil's 700 bank creditors.
The spokesman declined to give details of what was included
in the statement, but said Central Bank president Francisco
Gros was seeking a 60-day extension of the short-term credit
lines from its commercial bank creditors.
The amount of these credit lines totals 15 billion dollars,
and deadline for payment is set for March 31.
Finance Minister Dilson Funaro said in a television
interview it was "absolutely important" for Brazil and its
creditors to renew the short-term credit lines, as Brazil must
finance its exports.
"If these credit lines were cut, we would face difficulties
to honour our foreign debt in the future," Funaro said.
"There is evidently a common interest in the matter," he said.
Funaro said, however, he was told creditors understand
Brazil's position and do not wish to turn the negotiation for
the renewal of the credit lines more difficult.
Brazil last month suspended interest payments on its 68-
billion dlrs debt to commercial banks and froze short-term
trade and money market lines.
He said Brazil's suggestion is part of its demands "before
the need to renew the mechanisms of loans in the world."
Funaro said currently debt negotiations are "very complex
and complicated," mentioning cases of countries which had to
wait some 10 months before getting a reply from creditors.
"We are not interested in confrontation, but we would like
the loan mechanisms to show that the crisis belongs to both
sides," Funaro said.
Funaro denied rumours that he had offered his resignation
to President Jose Sarney.
"Who decides whether to keep or dismiss his ministers is the
president. Everything else is nothing but speculation," he said.
Reuter
| Brazil today suggested to its foreign bank creditors an extension of short-term credit lines for 60 days until May 31, a spokesman for the Central Bank said.
He said that with the move, called a "standstill" arrangement, Brazil was only trying to avoid difficulties to pay its 109 billion dlrs debt in the future.
The spokesman told Reuters that Brazil's suggestion will be communicated by telex to Brazil's 700 bank creditors.
The spokesman declined to give details of what was included in the statement, but said Central Bank president Francisco Gros was seeking a 60-day extension of the short-term credit lines from its commercial bank creditors.
The amount of these credit lines totals 15 billion dollars, and deadline for payment is set for March 31.
Finance Minister Dilson Funaro said in a television interview it was "absolutely important" for Brazil and its creditors to renew the short-term credit lines, as Brazil must finance its exports.
"If these credit lines were cut, we would face difficulties to honour our foreign debt in the future," Funaro said.
"There is evidently a common interest in the matter," he said.
Funaro said, however, he was told creditors understand Brazil's position and do not wish to turn the negotiation for the renewal of the credit lines more difficult.
Brazil last month suspended interest payments on its 68- billion dlrs debt to commercial banks and froze short-term trade and money market lines.
He said Brazil's suggestion is part of its demands "before the need to renew the mechanisms of loans in the world."
Funaro said currently debt negotiations are "very complex and complicated," mentioning cases of countries which had to wait some 10 months before getting a reply from creditors.
"We are not interested in confrontation, but we would like the loan mechanisms to show that the crisis belongs to both sides," Funaro said.
Funaro denied rumours that he had offered his resignation to President Jose Sarney.
"Who decides whether to keep or dismiss his ministers is the president. Everything else is nothing but speculation," he said. |
YES | TRAIN | TRAINING-SET | 15,490 | 9,970 | 1987-03-26T11:44:36.080000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | HEALTHMATE INC <HMTE> 4TH QTR LOSS | NORTHBROOK, ILL., March 26 -
| Shr loss five cts vs loss six cts
Net loss 473,784 vs loss 489,257
Revs 268,797 vs 81,725
Avg shrs 9,245,247 vs 8,035,326
Year
Shr loss 17 cts vs loss 20 cts
Net 1,512,534 vs loss 1,553,592
Revs 1,448,310 vs 515,225
Avg shrs 8,745,132 vs 7,619,863
Reuter
| Shr loss five cts vs loss six cts
Net loss 473,784 vs loss 489,257
Revs 268,797 vs 81,725
Avg shrs 9,245,247 vs 8,035,326
Year
Shr loss 17 cts vs loss 20 cts
Net 1,512,534 vs loss 1,553,592
Revs 1,448,310 vs 515,225
Avg shrs 8,745,132 vs 7,619,863 |
YES | TRAIN | TRAINING-SET | 15,491 | 9,971 | 1987-03-26T11:44:48.860000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | USAIR <U> CLEARED TO BUY PIEDMONT <PIE> SHARES | WASHINGTON, March 26 - | 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 9,309,394 Piedmont
Aviation Inc shares USAir is seeking in its current 69 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 51 pct of the Piedmont stock then
outstanding.
The company said the 9,309,394 Piedmont shares, together
with the 2,292,599 Piedmont shares already owned by USAir,
constitute about 50.1 pct of Piedmont's shares on a
fully-diluted basius but about 61.0 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
| 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 9,309,394 Piedmont Aviation Inc shares USAir is seeking in its current 69 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 51 pct of the Piedmont stock then outstanding.
The company said the 9,309,394 Piedmont shares, together with the 2,292,599 Piedmont shares already owned by USAir, constitute about 50.1 pct of Piedmont's shares on a fully-diluted basius but about 61.0 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. |
YES | TRAIN | TRAINING-SET | 15,493 | 9,972 | 1987-03-26T11:45:09.030000 | ['interest'] | [] | [] | [] | [] | [] | BRIEF | FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
| null | null | null |
YES | TRAIN | TRAINING-SET | 15,492 | 9,973 | 1987-03-26T11:45:27.540000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | HOUSE OF FABRICS INC <HF> 4TH QTR JAN 31 NET | SHERMAN OAKS, Calif., March 26 -
| Shr 34 cts vs 20 cts
Net 2,253,000 vs 1,332,000
Sales 89.7 mln vs 85.9 mln
Year
Shr 94 cts vs 64 cts
Net 6,191,000 vs 4,257,000
Sales 316.4 mln vs 286.7 mln
NOTE: Prior year net both periods includes 2,100,000 dlr
charge from sale of Craft Showcase stores.
Reuter
| Shr 34 cts vs 20 cts
Net 2,253,000 vs 1,332,000
Sales 89.7 mln vs 85.9 mln
Year
Shr 94 cts vs 64 cts
Net 6,191,000 vs 4,257,000
Sales 316.4 mln vs 286.7 mln
NOTE: Prior year net both periods includes 2,100,000 dlr charge from sale of Craft Showcase stores. |
YES | TRAIN | TRAINING-SET | 15,494 | 9,974 | 1987-03-26T11:45:37.170000 | ['retail'] | ['west-germany'] | [] | [] | [] | [] | null | GERMAN RETAILERS EXPECT GOOD 1987 | BONN, March 26 - | West German retailers expect another good
year in 1987 even though they will not be able to repeat the
sharp increase in turnover they enjoyed in 1986, 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 2.5 pct to
three pct in 1987 after last year's steep 3.7 pct rise.
Hinrichs said the 1986 turnover increase had brought the
first hesitant signs of improvement in earnings in the West
German retail sector.
REUTER
| West German retailers expect another good year in 1987 even though they will not be able to repeat the sharp increase in turnover they enjoyed in 1986, 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 2.5 pct to three pct in 1987 after last year's steep 3.7 pct rise.
Hinrichs said the 1986 turnover increase had brought the first hesitant signs of improvement in earnings in the West German retail sector. |
YES | TRAIN | TRAINING-SET | 15,495 | 9,975 | 1987-03-26T11:46:03.340000 | ['money-fx'] | ['west-germany'] | [] | [] | [] | [] | null | GERMAN WAGE ROUND SAID TO LIMIT MONETARY OPTIONS | FRANKFURT, March 26 - | 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
3.40/50 pct from 3.55/65 pct yesterday, and below the 3.50 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 35 hours from the
present 38-1/2 and an accompanying five pct increase in wages.
The engineering employers' association, Gesamtmetall, is
offering to bring in a 38-hour-week from July 1, 1988, and give
a two stage wage increase -- a 2.7 pct rise from April 1 this
year and another 1.5 pct from July 1, 1988.
The agreement forged by IG Metall -- Europe's largest
union, with 2.5 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 1984'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 16,000 engineering workers at 45 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, 28,000 employees from 110 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 5.50 pct Lombard ceiling.
Banks were well stocked up with funds, having an average
52.1 billion marks in Bundesbank minimum reserves in the first
24 days of March, well above the 50.7 billion requirement.
REUTER
| 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 3.40/50 pct from 3.55/65 pct yesterday, and below the 3.50 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 35 hours from the present 38-1/2 and an accompanying five pct increase in wages.
The engineering employers' association, Gesamtmetall, is offering to bring in a 38-hour-week from July 1, 1988, and give a two stage wage increase -- a 2.7 pct rise from April 1 this year and another 1.5 pct from July 1, 1988.
The agreement forged by IG Metall -- Europe's largest union, with 2.5 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 1984'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 16,000 engineering workers at 45 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, 28,000 employees from 110 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 5.50 pct Lombard ceiling.
Banks were well stocked up with funds, having an average 52.1 billion marks in Bundesbank minimum reserves in the first 24 days of March, well above the 50.7 billion requirement. |
YES | TRAIN | TRAINING-SET | 15,496 | 9,976 | 1987-03-26T11:46:40.310000 | ['acq'] | ['japan'] | [] | [] | [] | [] | null | FOREIGN FIRMS HOPE TO JOIN JAPAN TELECOM COMPANY | TOKYO, March 26 - | 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 10 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 20 pct stakes, are set to merge into a new entity to
compete against Kokusai Denshin Denwa Co Ltd.
Reuter
| 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 10 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 20 pct stakes, are set to merge into a new entity to compete against Kokusai Denshin Denwa Co Ltd. |
YES | TRAIN | TRAINING-SET | 15,497 | 9,977 | 1987-03-26T11:46:51.720000 | ['acq'] | ['west-germany', 'usa'] | [] | [] | [] | [] | null | SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S. | MUNICH, West Germany, March 26 - | Siemens AG's <SIEG.F>
fully-owned subsidiary Siemens Informations Systems Inc. Has
raised its stake in <Telecom Plus Communications Inc.> by 65
pct to 100 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 234 mln dlrs in 1986.
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 173 mln dlrs.
Reuter
| Siemens AG's <SIEG.F> fully-owned subsidiary Siemens Informations Systems Inc. Has raised its stake in <Telecom Plus Communications Inc.> by 65 pct to 100 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 234 mln dlrs in 1986.
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 173 mln dlrs. |
YES | TRAIN | TRAINING-SET | 15,498 | 9,978 | 1987-03-26T11:47:02.790000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | FIRST INTERSTATE SEEKS ACQUISITION | LOS ANGELES, March 26 - | 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 1991,
"so as to resist any potential look at us...to maintain our
independence, if possible."
In 1991 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 24 banks in 12 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 3.25
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 50 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 42 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
1987 will be another bad year for loan losses, with only banks
with minimal holdings in real estate able to improve profits.
Reuter
| 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 1991, "so as to resist any potential look at us...to maintain our independence, if possible."
In 1991 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 24 banks in 12 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 3.25 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 50 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 42 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 1987 will be another bad year for loan losses, with only banks with minimal holdings in real estate able to improve profits. |
NO | TRAIN | TRAINING-SET | 15,499 | 9,979 | 1987-03-26T11:48:50.010000 | [] | ['usa'] | [] | [] | [] | [] | null | ATLANTIC RESEARCH <ATRC> WINS MOTOR CONTRACT | ALEXANDRIA, Va., March 26 - | Atlantic Research Corp said its
propulsion division won a contract valued at 54 mln dlrs from
the missiles unit of LTV Corp's <QLTV> LTV Missiles and
Electronics Group.
The contract authorizes the fifth year increment of a
multiyear contract to make solid-propellant rocket motors for
the U.S. Army's Multiple Launch Rocket System, the company
said.
Reuter
| Atlantic Research Corp said its propulsion division won a contract valued at 54 mln dlrs from the missiles unit of LTV Corp's <QLTV> LTV Missiles and Electronics Group.
The contract authorizes the fifth year increment of a multiyear contract to make solid-propellant rocket motors for the U.S. Army's Multiple Launch Rocket System, the company said. |
NO | TRAIN | TRAINING-SET | 15,501 | 9,980 | 1987-03-26T11:50:35.270000 | [] | ['usa'] | [] | [] | [] | [] | null | THOMAS AND BETTS <TNB> FILES PATENT SUIT | RARITAN, N.J., March 26 - | Thomas and Betts Corp said it
filed a patent infringement suit against three companies in
connection with the manufacture and sale of its 50 Position
Transition "D" Subminiature IDC electronic connectors.
The company said the suit was filed in U.S. District Court
for the District of Delaware. Named in the suit were <Carrot
Components Corp>, <ODU-Kontact GmbH and Co> and <KG and G and H
Technologies Inc>, it said.
Thomas and Betts said it is seeking an injunction to
prevent the future sale of the connectors, as well as damages.
Reuter
| Thomas and Betts Corp said it filed a patent infringement suit against three companies in connection with the manufacture and sale of its 50 Position Transition "D" Subminiature IDC electronic connectors.
The company said the suit was filed in U.S. District Court for the District of Delaware. Named in the suit were <Carrot Components Corp>, <ODU-Kontact GmbH and Co> and <KG and G and H Technologies Inc>, it said.
Thomas and Betts said it is seeking an injunction to prevent the future sale of the connectors, as well as damages. |
YES | TRAIN | TRAINING-SET | 15,502 | 9,981 | 1987-03-26T11:50:43.970000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | HOUSE OF FABRICS <HF> SEES RESULTS IMPROVING | SHERMAN OAKS, Calif., March 26 - | House of Fabrics Inc said
it expects growth in earnings and revenues as the current
fiscal year progresses.
It said it will open about 50 super stores this year.
House of Fabrics now operates 703 stores.
The company today reported earnings for the year ended
January 31 of 6,191,000 dlrs on sales of 316.4 mln dlrs, up
from prior year earnings of 4,257,000 dlrs on sales of 286.7
mln dlrs. The prior year earnings included a 2,100,000 dlr
charge for the disposition of Craft Showcase stores.
Reuter
| House of Fabrics Inc said it expects growth in earnings and revenues as the current fiscal year progresses.
It said it will open about 50 super stores this year. House of Fabrics now operates 703 stores.
The company today reported earnings for the year ended January 31 of 6,191,000 dlrs on sales of 316.4 mln dlrs, up from prior year earnings of 4,257,000 dlrs on sales of 286.7 mln dlrs. The prior year earnings included a 2,100,000 dlr charge for the disposition of Craft Showcase stores. |
YES | TRAIN | TRAINING-SET | 15,503 | 9,982 | 1987-03-26T11:51:13.920000 | ['veg-oil'] | ['usa'] | [] | ['gatt'] | [] | [] | null | U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION | WASHINGTON, March 26 - | 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 99 to 0 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
| 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 99 to 0 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. |
NO | TRAIN | TRAINING-SET | 15,504 | 9,983 | 1987-03-26T11:51:22.540000 | [] | ['usa'] | [] | [] | [] | [] | null | CROP GENETICS INITIAL OFFERING UNDERWAY | HANOVER, Md., March 26 - | <Crop Genetics International Corp>
said an initial public offering of 1,600,000 common shares is
underway at 14.50 dlrs per share through underwriters led by
<Drexel Burnham Lambert Inc>.
Reuter
| <Crop Genetics International Corp> said an initial public offering of 1,600,000 common shares is underway at 14.50 dlrs per share through underwriters led by <Drexel Burnham Lambert Inc>. |
YES | TRAIN | TRAINING-SET | 15,505 | 9,984 | 1987-03-26T11:51:43.010000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | KODAK <EK> BUYS STAKE IN BIOTECHNOLOGY COMPANY | ROCHESTER, N.Y., March 26 - | Eastman Kodak Co said it has
reached an agreement to acquire new stock representing a 16 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 1987. It said it has agreed to make a
multiyear, multimillion dollar commitment to Genecor research
products related to food additivies and pharmaceutical
intermediates.
Reuter
| Eastman Kodak Co said it has reached an agreement to acquire new stock representing a 16 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 1987. It said it has agreed to make a multiyear, multimillion dollar commitment to Genecor research products related to food additivies and pharmaceutical intermediates. |
YES | TRAIN | TRAINING-SET | 15,506 | 9,985 | 1987-03-26T11:51:57.880000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | AVERY <AVY> 1ST QTR FEB 28 NET | PASADENA, Calif., March 26 -
| Shr 33 cts vs 30 cts
Net 13.0 mln vs 11.9 mln
Sales 330.8 mln vs 249.7 mln
Reuter
| Shr 33 cts vs 30 cts
Net 13.0 mln vs 11.9 mln
Sales 330.8 mln vs 249.7 mln |
YES | TRAIN | TRAINING-SET | 15,507 | 9,986 | 1987-03-26T11:52:23.530000 | [] | ['usa'] | [] | [] | [] | [] | null | FORD <F> CREDIT UNIT SELLS NEW ZEALAND DLR FRNS | NEW YORK, March 26 - | Ford Motor Credit Co, a unit of Ford
Motor Co, is offering in the domestic debt market 100 mln New
Zealand dlrs of floating-rate notes due 1990, said sole manager
Bear, Stearns and Co.
The initial rate for the notes will be set on April 15 at
200 basis points below the 90-day New Zealand bank bill rate.
After that, the rate will be reset quarterly.
Non-callable to maturity, the issue pays quarterly and is
rated A-1 by Moody's and AA-minus by S and P. Underwriters said
floaters denominated in a foreign currency are a new wrinkle on
Wall Street.
Reuter
| Ford Motor Credit Co, a unit of Ford Motor Co, is offering in the domestic debt market 100 mln New Zealand dlrs of floating-rate notes due 1990, said sole manager Bear, Stearns and Co.
The initial rate for the notes will be set on April 15 at 200 basis points below the 90-day New Zealand bank bill rate. After that, the rate will be reset quarterly.
Non-callable to maturity, the issue pays quarterly and is rated A-1 by Moody's and AA-minus by S and P. Underwriters said floaters denominated in a foreign currency are a new wrinkle on Wall Street. |
NO | TRAIN | TRAINING-SET | 15,508 | 9,987 | 1987-03-26T11:53:05.590000 | [] | ['usa'] | [] | [] | [] | [] | null | IONICS <ION> WINS 20-YEAR DESALINATION CONTRACT | WATERTOWN, Mass., March 26 - | Ionics Inc said it received a
20-year seawater desalination contract valued at more than 50
mln dlrs over the life of the contract from (Electrica
Maspalomas SA), a water utility in Grand Canary Island, Spain.
The contract supplements a previously announced 15-year
contract to supply desalted brackish water in the same
geographical area. That contract is currently valued at 60 mln
dlrs.
The stated value of the new contract excludes escalation
and possible future increases in capacity, Ionics said. It
calls for the supply of 1.7 mln gallons a day of drinking water
on Grand Canary Island in Spain.
Reuter
| Ionics Inc said it received a 20-year seawater desalination contract valued at more than 50 mln dlrs over the life of the contract from (Electrica Maspalomas SA), a water utility in Grand Canary Island, Spain.
The contract supplements a previously announced 15-year contract to supply desalted brackish water in the same geographical area. That contract is currently valued at 60 mln dlrs.
The stated value of the new contract excludes escalation and possible future increases in capacity, Ionics said. It calls for the supply of 1.7 mln gallons a day of drinking water on Grand Canary Island in Spain. |
YES | TRAIN | TRAINING-SET | 15,509 | 9,988 | 1987-03-26T11:53:35.080000 | ['interest'] | [] | [] | [] | [] | [] | null | FED SETS TWO BILLION DLR CUSTOMER REPURCHASE | NEW YORK, March 26 - | 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 6-3/16 pct at the time of the
indirect injection of temporary reserves.
Reuter
| 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 6-3/16 pct at the time of the indirect injection of temporary reserves. |
YES | TRAIN | TRAINING-SET | 15,510 | 9,989 | 1987-03-26T11:55:20.130000 | ['grain', 'corn'] | ['usa', 'canada'] | [] | ['gatt'] | [] | [] | null | SENATE SEEKS U.S. PROBE OF CANADIAN CORN LEVY | WASHINGTON, March 26 - | The Senate voted unanimously to seek
an expedited U.S. probe of Canadian tariffs on corn imports to
determine if the United States should retaliate.
By 99 to 0, the Senate went on record against the 84.9
cents per bushel tariff approved by the Canadian Import
Tribunal.
The non binding measure asked for a probe by the U.S. Trade
Representative to determine within 30 days whether the tariff
violates the General Agreement on Tariffs and Trade, and if so
recommend within 60 days to President Reagan retaliatory action
against Canada.
Reuter
| The Senate voted unanimously to seek an expedited U.S. probe of Canadian tariffs on corn imports to determine if the United States should retaliate.
By 99 to 0, the Senate went on record against the 84.9 cents per bushel tariff approved by the Canadian Import Tribunal.
The non binding measure asked for a probe by the U.S. Trade Representative to determine within 30 days whether the tariff violates the General Agreement on Tariffs and Trade, and if so recommend within 60 days to President Reagan retaliatory action against Canada. |
NO | TRAIN | TRAINING-SET | 15,511 | 9,990 | 1987-03-26T11:55:28.830000 | [] | ['usa'] | [] | [] | [] | [] | null | RICOH REORGANIZES U.S. UNITS | WEST CALDWELL, N.J., March 26 - | Ricoh Corp, the U.S. unit
of Japan-based <Ricoh Ltd>, said it merged Ricoh Systems Inc
into Ricoh Corp.
The U.S. unit also purchased Ricoh Electronics Inc from the
parent company.
The company said the reorganization unites the sales,
research and development, and manufacturing operations of all
the U.S. units.
Reuter
| Ricoh Corp, the U.S. unit of Japan-based <Ricoh Ltd>, said it merged Ricoh Systems Inc into Ricoh Corp.
The U.S. unit also purchased Ricoh Electronics Inc from the parent company.
The company said the reorganization unites the sales, research and development, and manufacturing operations of all the U.S. units. |
NO | TRAIN | TRAINING-SET | 15,512 | 9,991 | 1987-03-26T11:55:50.030000 | [] | ['usa'] | [] | [] | [] | [] | null | UNITED WATER <UWR>, BASE TEN <BASE> SET VENTURE | HARRINGTON PARK, N.J., March 26 - | United Water Resources
Inc said it formed a venture with Base Ten Systems Inc's Base
Ten Telecom Inc to sell a telephone-based automatic meter
reading system to the utility industry.
United Water Resources, parent of Hackensack and Spring
Valley Water Cos, said it will provide marketing and customer
support for Base Ten's automatic meter reading system.
The company said it will install the system for 168,000
commercial and residential customers this spring.
Reuter
| United Water Resources Inc said it formed a venture with Base Ten Systems Inc's Base Ten Telecom Inc to sell a telephone-based automatic meter reading system to the utility industry.
United Water Resources, parent of Hackensack and Spring Valley Water Cos, said it will provide marketing and customer support for Base Ten's automatic meter reading system.
The company said it will install the system for 168,000 commercial and residential customers this spring. |
YES | TRAIN | TRAINING-SET | 15,513 | 9,992 | 1987-03-26T11:55:52.940000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | KNIGHT-RIDDER INC <KRN> SETS QUARTERLY | MIAMI, March 26 -
| Qtly div 25 cts vs 25 cts prior
Pay April 13
Record April Six
Reuter
| Qtly div 25 cts vs 25 cts prior
Pay April 13
Record April Six |
YES | TRAIN | TRAINING-SET | 15,514 | 9,993 | 1987-03-26T11:55:56.530000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | TECHNITROL INC <TNL> SETS QUARTERLY | PHILADELPHIA, March 26 -
| Qtly div 12 cts vs 12 cts prior
Pay April 21
Record April Seven
Reuter
| Qtly div 12 cts vs 12 cts prior
Pay April 21
Record April Seven |
YES | TRAIN | TRAINING-SET | 15,515 | 9,994 | 1987-03-26T11:59:22.920000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | NATIONWIDE CELLULAR SERVICE INC <NCEL> 4TH QTR | VALLEY STREAM, N.Y., March 26 -
| Shr loss six cts vs loss 18 cts
Net loss 89,478 vs loss 178,507
Revs 3,894,844 vs 1,964,141
Avg shrs 1,582,790 vs one mln
Year
Shr loss 43 cts vs loss 81 cts
Net loss 534,099 vs loss 811,836
Revs 12.2 mln vs 5,167,573
Avg shrs 1,251,337 vs one mln
Reuter
| Shr loss six cts vs loss 18 cts
Net loss 89,478 vs loss 178,507
Revs 3,894,844 vs 1,964,141
Avg shrs 1,582,790 vs one mln
Year
Shr loss 43 cts vs loss 81 cts
Net loss 534,099 vs loss 811,836
Revs 12.2 mln vs 5,167,573
Avg shrs 1,251,337 vs one mln |
YES | TRAIN | TRAINING-SET | 15,516 | 9,995 | 1987-03-26T12:01:55 | ['earn'] | ['canada'] | [] | [] | [] | [] | null | <A.H.A. AUTOMOTIVE TECHNOLOGIES CORP> YEAR NET | BRAMPTON, Ontario, March 26 -
| Shr 43 cts vs 52 cts
Shr diluted 41 cts vs 49 cts
Net 1,916,000 vs 2,281,000
Revs 32.6 mln vs 22.6 mln
Reuter
| Shr 43 cts vs 52 cts
Shr diluted 41 cts vs 49 cts
Net 1,916,000 vs 2,281,000
Revs 32.6 mln vs 22.6 mln |
YES | TRAIN | TRAINING-SET | 15,517 | 9,996 | 1987-03-26T12:05:59.770000 | [] | ['brazil'] | [] | [] | [] | [] | null | BRAZIL SUGGESTS 60-DAY SHORT-TERM CREDIT EXTENSION | BRASILIA, March 26 - | Brazil today suggested to its foreign
bank creditors an extension of short-term credit lines for 60
days until May 31, a spokesman for the Central Bank said.
He said that with the move, called a "standstill"
arrangement, Brazil was only trying to avoid difficulties in
paying its 109 billion dlrs of debt in the future.
The spokesman told Reuters that Brazil's suggestion will be
communicated by telex to Brazil's 700 bank creditors. He
declined to give details of the statement, but said Central
Bank president Francisco Gros was seeking a 60-day extension of
short-term credit lines from its commercial bank creditors.
The amount of these credit lines totals 15 billion dlrs,
and deadline for payment is set for March 31.
Finance Minister Dilson Funaro said in a television
interview that it was "absolutely important" for Brazil and its
creditors to renew the short-term credit lines, as Brazil must
finance its exports.
"If these credit lines were cut, we would face difficulties
to honour our foreign debt in the future," Funaro said.
"There is evidently a common interest in the matter," he
said.
Funaro said, however, he was told creditors understand
Brazil's position and do not wish to make the negotiation for
the renewal of the credit lines more difficult.
Funaro explained that Brazil's suggestion is part of its
demands "before the need to renew the mechanisms of loans in the
world."
He said that the current negotiating process is "very
complex and complicated," mentioning cases of countries which
had to wait some 10 months before getting a reply from
creditors.
"We are not interested in confrontation, but we would like
the loan mechanisms to show that the crisis belongs to both
sides," Funaro said.
Funaro denied rumours that he had offered his resignation
to President Jose Sarney.
"Who decides whether to keep or dismiss his ministers is the
president. Everything else is nothing but speculation," he said.
Brazil last month suspended interest payments on its 68-
billion dlrs of debt to commercial banks and froze short-term
trade and money market lines.
REUTER
| Brazil today suggested to its foreign bank creditors an extension of short-term credit lines for 60 days until May 31, a spokesman for the Central Bank said.
He said that with the move, called a "standstill" arrangement, Brazil was only trying to avoid difficulties in paying its 109 billion dlrs of debt in the future.
The spokesman told Reuters that Brazil's suggestion will be communicated by telex to Brazil's 700 bank creditors. He declined to give details of the statement, but said Central Bank president Francisco Gros was seeking a 60-day extension of short-term credit lines from its commercial bank creditors.
The amount of these credit lines totals 15 billion dlrs, and deadline for payment is set for March 31.
Finance Minister Dilson Funaro said in a television interview that it was "absolutely important" for Brazil and its creditors to renew the short-term credit lines, as Brazil must finance its exports.
"If these credit lines were cut, we would face difficulties to honour our foreign debt in the future," Funaro said.
"There is evidently a common interest in the matter," he said.
Funaro said, however, he was told creditors understand Brazil's position and do not wish to make the negotiation for the renewal of the credit lines more difficult.
Funaro explained that Brazil's suggestion is part of its demands "before the need to renew the mechanisms of loans in the world."
He said that the current negotiating process is "very complex and complicated," mentioning cases of countries which had to wait some 10 months before getting a reply from creditors.
"We are not interested in confrontation, but we would like the loan mechanisms to show that the crisis belongs to both sides," Funaro said.
Funaro denied rumours that he had offered his resignation to President Jose Sarney.
"Who decides whether to keep or dismiss his ministers is the president. Everything else is nothing but speculation," he said.
Brazil last month suspended interest payments on its 68- billion dlrs of debt to commercial banks and froze short-term trade and money market lines. |
NO | TRAIN | TRAINING-SET | 15,518 | 9,997 | 1987-03-26T12:09:31.460000 | [] | ['usa'] | [] | [] | [] | [] | null | EMHART <EMH> WINS FOUR COMMUNICATIONS CONTRACTS | FARMINGTON, Conn., March 26 - | Emhart Corp said it received
four contracts valued at a total of seven mln dlrs to design,
develop and install data communications and automated
dispatching systems.
The company said its Planning Research Corp unit, which
received the contracts, will do the work for the city of Grand
Rapids, Mich., the New Jersey Transit Authority, the Los
Angeles County Sheriff's office and the city of Calgary,
Alberta, Canada.
Reuter
| Emhart Corp said it received four contracts valued at a total of seven mln dlrs to design, develop and install data communications and automated dispatching systems.
The company said its Planning Research Corp unit, which received the contracts, will do the work for the city of Grand Rapids, Mich., the New Jersey Transit Authority, the Los Angeles County Sheriff's office and the city of Calgary, Alberta, Canada. |
YES | TRAIN | TRAINING-SET | 15,519 | 9,998 | 1987-03-26T12:10:10.530000 | [] | ['usa'] | [] | [] | [] | [] | null | FLUOR <FLR> AND UNITS DOWNGRADED BY S/P | NEW YORK, March 26 - | Standard and Poor's Corp said it
downgraded 360 mln dlrs of debt of Fluor Corp and its units
Fluor Finance N.V. and St. Joe Minerals Corp.
Cut were the firms' senior debt to BB from BBB and the
parent's commercial paper to B from A-2.
S and P cited industry overcapacity and weak pricing
conditions in Fluor's core businesses. It said profitability
and cash flow protection are not expected to rebound in the
foreseeable future to levels that would support the former
ratings. Restructuring has not compensated for a greater than
anticipated deterioration in market conditions, S and P said.
Reuter
| Standard and Poor's Corp said it downgraded 360 mln dlrs of debt of Fluor Corp and its units Fluor Finance N.V. and St. Joe Minerals Corp.
Cut were the firms' senior debt to BB from BBB and the parent's commercial paper to B from A-2.
S and P cited industry overcapacity and weak pricing conditions in Fluor's core businesses. It said profitability and cash flow protection are not expected to rebound in the foreseeable future to levels that would support the former ratings. Restructuring has not compensated for a greater than anticipated deterioration in market conditions, S and P said. |
YES | TRAIN | TRAINING-SET | 15,520 | 9,999 | 1987-03-26T12:11:33.180000 | [] | ['usa'] | [] | [] | [] | [] | null | BRUNSWICK CORP <BC> SELLS NOTES AT 8.199 PCT | NEW YORK, March 26 - | Brunswick Corp is raising 100 mln dlrs
through an offering of notes due 1997 yielding 8.199 pct, lead
manager Shearson Lehman Brothers Inc said.
The notes have an 8-1/2 pct coupon and were priced at 99.50
to yield 96 basis points over comparable Treasury securities.
The issue is non-callable for life and rated Baa-1 by
Moody's Investors Service Inc and BBB-plus by Standard and
Poor's Corp.
Salomon Brothers co-managed the deal.
Reuter
| Brunswick Corp is raising 100 mln dlrs through an offering of notes due 1997 yielding 8.199 pct, lead manager Shearson Lehman Brothers Inc said.
The notes have an 8-1/2 pct coupon and were priced at 99.50 to yield 96 basis points over comparable Treasury securities.
The issue is non-callable for life and rated Baa-1 by Moody's Investors Service Inc and BBB-plus by Standard and Poor's Corp.
Salomon Brothers co-managed the deal. |
YES | TRAIN | TRAINING-SET | 15,521 | 10,000 | 1987-03-26T12:11:42.510000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | ROGERS <ROG> SEES 1ST QTR NET UP SIGNIFICANTLY | HARTFORD, Conn., March 26 - | Rogers Corp said first quarter
earnings will be up significantly from earnings of 114,000 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 32.9 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
| Rogers Corp said first quarter earnings will be up significantly from earnings of 114,000 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 32.9 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. |
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