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YES | TRAIN | TRAINING-SET | 9,114 | 4,201 | 1987-03-12T09:38:09.840000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | BORG-WARNER <BOR> TO SELL UNIT FOR 240 MLN DLRS | CHICAGO, March 12 - | Borg-Warner Corp said it agreed to sell
its industrial products group to <Clayton and Dubilier Inc>
and senior management of the group, for about 240 mln dlrs.
Clayton and Dubilier is a New York-based private investment
firm, which has completed two other management-led buyout
transactions since December 1986.
Borg-Warner's industrial products group, based in Long
Beach, California, has sales of about 300 mln dlrs and employs
about 3,000 staff.
Its businesses include standard and custom engineered
centrifugal pumps and mechanical seals for the petroleum
industry and advanced controls for the aerospace and defense
industries.
The sale is part of Borg-Warner's planned restructuring.
the proposed sale is subject to approval by Borg-Warner's
directors, it said.
Reuter
| Borg-Warner Corp said it agreed to sell its industrial products group to <Clayton and Dubilier Inc> and senior management of the group, for about 240 mln dlrs.
Clayton and Dubilier is a New York-based private investment firm, which has completed two other management-led buyout transactions since December 1986.
Borg-Warner's industrial products group, based in Long Beach, California, has sales of about 300 mln dlrs and employs about 3,000 staff.
Its businesses include standard and custom engineered centrifugal pumps and mechanical seals for the petroleum industry and advanced controls for the aerospace and defense industries.
The sale is part of Borg-Warner's planned restructuring.
the proposed sale is subject to approval by Borg-Warner's directors, it said. |
NO | TRAIN | TRAINING-SET | 9,115 | 4,202 | 1987-03-12T09:39:43.190000 | [] | ['uk', 'italy'] | [] | [] | [] | [] | null | BENNETTON, MERRILL LYNCH UNIT PLAN JOINT VENTURE | LONDON, March 12 - | Merrill Lynch <MER> Capital Markets said
it and Bennetton Group SPA <BTOM.M> will form a joint venture
to attract investment in unquoted Italian companies.
Merrill Lynch Capital Markets will launch the venture with
In Capital SPA, a Milan investment bank in which Bennetton has
a 75 pct holding. The remaining 25 pct is owned by Gruppo
Finanziario Tessile S.P.A., A private textile firm.
The two companies, who have signed a letter of intent, said
they hoped the venture will generate investments of up to 50
billion lire in private Italian firms operating in fast-growing
fields.
Benetton is a large Italian clothing maker, with some 4,400
retail outlets worldwide. The new venture, which represents the
first partnership between an international investment bank and
a large company, is designed to help Benetton expand the
operations of In Capital.
Merrill Lynch Capital Markets is the London-based
international merchant banking arm of Merrill Lynch Europe Ltd,
which in turn is part of the U.S. Based investment banking firm
of Merrill Lynch and Co Inc.
Reuter
| Merrill Lynch <MER> Capital Markets said it and Bennetton Group SPA <BTOM.M> will form a joint venture to attract investment in unquoted Italian companies.
Merrill Lynch Capital Markets will launch the venture with In Capital SPA, a Milan investment bank in which Bennetton has a 75 pct holding. The remaining 25 pct is owned by Gruppo Finanziario Tessile S.P.A., A private textile firm.
The two companies, who have signed a letter of intent, said they hoped the venture will generate investments of up to 50 billion lire in private Italian firms operating in fast-growing fields.
Benetton is a large Italian clothing maker, with some 4,400 retail outlets worldwide. The new venture, which represents the first partnership between an international investment bank and a large company, is designed to help Benetton expand the operations of In Capital.
Merrill Lynch Capital Markets is the London-based international merchant banking arm of Merrill Lynch Europe Ltd, which in turn is part of the U.S. Based investment banking firm of Merrill Lynch and Co Inc. |
YES | TRAIN | TRAINING-SET | 9,116 | 4,203 | 1987-03-12T09:40:55.170000 | ['grain', 'wheat', 'ship'] | ['uk', 'syria'] | [] | [] | [] | [] | null | PANAMANIAN WHEAT SHIP STILL GROUNDED OFF SYRIA | LONDON, March 12 - | The Panamanian bulk carrier Juvena is
still aground outside Tartous, Syria, despite discharging 6,400
tons of its 39,000-ton cargo of wheat, and water has entered
the engine-room due to a crack in the vessel bottom, Lloyds
Shipping Intelligence Service said.
The Juvena, 53,351 tonnes dw, ran aground outside Tartous
port basin breakwater on February 25 in heavy weather and rough
seas.
Reuter
| The Panamanian bulk carrier Juvena is still aground outside Tartous, Syria, despite discharging 6,400 tons of its 39,000-ton cargo of wheat, and water has entered the engine-room due to a crack in the vessel bottom, Lloyds Shipping Intelligence Service said.
The Juvena, 53,351 tonnes dw, ran aground outside Tartous port basin breakwater on February 25 in heavy weather and rough seas. |
YES | TRAIN | TRAINING-SET | 9,117 | 4,204 | 1987-03-12T09:41:05.360000 | ['acq'] | ['canada'] | [] | [] | [] | [] | null | GUARDIAN-MORTON SHULMAN AGREES TO TAKEOVER BID | TORONTO, March 12 - | <Guardian-Morton Shulman Precious
Metals Inc> said Morton Shulman and Guardman Investment
Management Services Inc agreed in principle for Andrew Sarlos
to make a takeover bid for all special shares and series II
warrants of Guardian-Morton, subject to regulatory approval and
completion of definitive documentation.
Guardman Investment, current manager and owner of all
common shares of Guardian-Morton, also agreed to sell the
common and its management agreement to a company controlled by
Sarlos if the takeover bid is successful, Guardian-Morton said.
Price to be offered for the Guardian-Morton special shares
under the takeover bid will be 90 pct of the net asset value of
the special shares at the time of the bid, and two dlrs for
each series II warrant, the company said.
Guardian-Morton said the takeover bid will be conditional
on Sarlos acquiring at least 90 pct of the special shares and
90 pct of the series II warrants, when combined the number of
special shares and warrants owned by the offeror at the time of
the bid.
Investment companies managed by Sarlos currently own
slightly less than 10 pct of Guardian-Morton's special shares.
Reuter
| <Guardian-Morton Shulman Precious Metals Inc> said Morton Shulman and Guardman Investment Management Services Inc agreed in principle for Andrew Sarlos to make a takeover bid for all special shares and series II warrants of Guardian-Morton, subject to regulatory approval and completion of definitive documentation.
Guardman Investment, current manager and owner of all common shares of Guardian-Morton, also agreed to sell the common and its management agreement to a company controlled by Sarlos if the takeover bid is successful, Guardian-Morton said.
Price to be offered for the Guardian-Morton special shares under the takeover bid will be 90 pct of the net asset value of the special shares at the time of the bid, and two dlrs for each series II warrant, the company said.
Guardian-Morton said the takeover bid will be conditional on Sarlos acquiring at least 90 pct of the special shares and 90 pct of the series II warrants, when combined the number of special shares and warrants owned by the offeror at the time of the bid.
Investment companies managed by Sarlos currently own slightly less than 10 pct of Guardian-Morton's special shares. |
YES | TRAIN | TRAINING-SET | 9,118 | 4,205 | 1987-03-12T09:42:34.740000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | K MART CORP <KM> 4TH QTR JAN 28 NET | TROY, MICH., March 12 -
| Shr 2.11 dlrs vs nine cts
Net 285,000,000 vs 10,500,000
Revs 7.35 billion vs 6.76 billion
Avg shrs 134,300,000 vs 131,600,000
Year
Shr 4.35 dlrs vs 1.73 dlrs
Net 582,300,000 vs 221,200,000
Revs 24.13 billion vs 22.33 billion
Avg shrs 134,300,000 vs 131,600,000
NOTE: Latest year earnings include a loss in each period of
16.4 mln dlrs, or 12 cts a share, for a premium paid in the
early call of a 250 mln dlr 12.75 pct 30-year debenture
Earnings include a gain from discontinued operations of
30.8 mln dlrs, or 23 cts a share vs a loss of 238.9 mln dlrs,
or 1.82 dlrs a share in the quarter and a gain of 28.4 mln
dlrs, or 21 cts a share vs a gain of 472.0 mln dlrs, or 3.64
dlrs a share for the year
Reuter
| Shr 2.11 dlrs vs nine cts
Net 285,000,000 vs 10,500,000
Revs 7.35 billion vs 6.76 billion
Avg shrs 134,300,000 vs 131,600,000
Year
Shr 4.35 dlrs vs 1.73 dlrs
Net 582,300,000 vs 221,200,000
Revs 24.13 billion vs 22.33 billion
Avg shrs 134,300,000 vs 131,600,000
NOTE: Latest year earnings include a loss in each period of 16.4 mln dlrs, or 12 cts a share, for a premium paid in the early call of a 250 mln dlr 12.75 pct 30-year debenture
Earnings include a gain from discontinued operations of 30.8 mln dlrs, or 23 cts a share vs a loss of 238.9 mln dlrs, or 1.82 dlrs a share in the quarter and a gain of 28.4 mln dlrs, or 21 cts a share vs a gain of 472.0 mln dlrs, or 3.64 dlrs a share for the year |
YES | TRAIN | TRAINING-SET | 9,119 | 4,206 | 1987-03-12T09:43:35.100000 | ['hog', 'livestock'] | ['usa'] | [] | [] | [] | [] | null | HOG AND CATTLE SLAUGHTER GUESSTIMATES | CHICAGO, March 12 - | Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 290,000 to 310,000 head versus
309,000 week ago and 328,000 a year ago.
Cattle slaughter is guesstimated at about 128,000 to
131,000 head versus 129,000 week ago and 127,000 a year ago.
Reuter
| Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating today's hog slaughter at about 290,000 to 310,000 head versus 309,000 week ago and 328,000 a year ago.
Cattle slaughter is guesstimated at about 128,000 to 131,000 head versus 129,000 week ago and 127,000 a year ago. |
NO | TRAIN | TRAINING-SET | 9,120 | 4,207 | 1987-03-12T09:49:17.310000 | [] | ['usa'] | [] | [] | [] | [] | null | STAN WEST <SWMC> SEEKS CONSTRUCTION FINANCING | SCOTTSDALE, Ariz., March 12 - | Stan West Mining Corp said it
engaged an investment banking firm to act as financial adviser
in arranging a construction financing package for McCabe mine.
The company said it intends proceeds of the financing
package would be utilized to construct a 500 ton per day mil,
complete the underground construction necessary to start mining
and provide working capital.
Reuter
| Stan West Mining Corp said it engaged an investment banking firm to act as financial adviser in arranging a construction financing package for McCabe mine.
The company said it intends proceeds of the financing package would be utilized to construct a 500 ton per day mil, complete the underground construction necessary to start mining and provide working capital. |
NO | TRAIN | TRAINING-SET | 9,121 | 4,208 | 1987-03-12T09:49:54.090000 | [] | ['usa'] | [] | [] | [] | [] | null | HEEKIN CAN <HEKN> TO BUILD OHIO PLANT | CINCINNATI, March 12 - | Heekin Can Inc said it plans to
build a seven mln dlr Columbus, Ohio, plant financed by
industrial revenue bonds.
It said construction on the 50,000 square foot plant is
scheduled to start in April and manufacturing will start at the
end of 1987. The plant will initially make two-piece 6.5 ounce
steel cans for pet food.
Reuter
| Heekin Can Inc said it plans to build a seven mln dlr Columbus, Ohio, plant financed by industrial revenue bonds.
It said construction on the 50,000 square foot plant is scheduled to start in April and manufacturing will start at the end of 1987. The plant will initially make two-piece 6.5 ounce steel cans for pet food. |
YES | TRAIN | TRAINING-SET | 9,122 | 4,209 | 1987-03-12T09:50:10.980000 | ['acq', 'ship'] | ['netherlands'] | [] | [] | [] | [] | null | VAN OMMEREN ACQUIRES DUTCH GAS CONTAINER UNIT | ROTTERDAM, March 12 - | Dutch shipping and transport group
PHS Van Ommeren NV <OMMN.AS> said it has taken over a small
Dutch gas container firm as a first step in establishing a
world-wide gas container organisation.
The firm, Liquid and Gas Transport BV (LGT), employs 10
people and has a fleet of 200 gas containers.
Van Ommeren will shortly open an office in Singapore and
expand its facilities in Houston to establish the gas container
network.
REUTER
| Dutch shipping and transport group PHS Van Ommeren NV <OMMN.AS> said it has taken over a small Dutch gas container firm as a first step in establishing a world-wide gas container organisation.
The firm, Liquid and Gas Transport BV (LGT), employs 10 people and has a fleet of 200 gas containers.
Van Ommeren will shortly open an office in Singapore and expand its facilities in Houston to establish the gas container network. |
YES | TRAIN | TRAINING-SET | 9,123 | 4,210 | 1987-03-12T09:53:07.240000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | DORCHESTER HUGOTON LTD <DHULZ> RAISES PAYOUT | DALLAS, March 12 -
| Qtly div 10 cts vs eight cts prior
Pay April 16
Record March 31
Reuter
| Qtly div 10 cts vs eight cts prior
Pay April 16
Record March 31 |
NO | TRAIN | TRAINING-SET | 9,124 | 4,211 | 1987-03-12T09:53:23.600000 | [] | ['usa'] | [] | [] | ['nasdaq'] | [] | null | NASD NAMES NEW BOARD MEMBER | WASHINGTON, March 12 - | The <National Association of
Securities Dealers> said it has named Jaguar Cars Inc president
Graham W. Whitehead as one of its three governors-at-large
representing companies listed on the NASDAQ system.
Jaguar Cars is the U.S. marketing arm of Jaguar PLC
<JAGRY>, which was NASDAQ's third-most-actively traded issue in
1986.
Reuter
| The <National Association of Securities Dealers> said it has named Jaguar Cars Inc president Graham W. Whitehead as one of its three governors-at-large representing companies listed on the NASDAQ system.
Jaguar Cars is the U.S. marketing arm of Jaguar PLC <JAGRY>, which was NASDAQ's third-most-actively traded issue in 1986. |
YES | TRAIN | TRAINING-SET | 9,125 | 4,212 | 1987-03-12T09:53:47.250000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | INTERNATIONAL AMERICAN <HOME> SETS ACQUISITION | UNION, N.J., March 12 - | International American Homes inc
said it has contracted to acquire <Diversified Shelter Group
Ltd> for about 11,850,000 dlrs to be paid 73 pct in cash and 27
pct in International American common stock to be valued on a 30
day trading average prior to closing.
It said the price is based on Diversified's estimated 3.2
mln dlrs pro forma pre-tax earnings for 1986 after adjustment
for certain non-continuing expenses. Diversified, a developer
of single family housing in the Atlanta market, had 1986
revenues of about 25.3 mln dlrs. The acquisition if subject to
International American arranging financing.
Reuter
| International American Homes inc said it has contracted to acquire <Diversified Shelter Group Ltd> for about 11,850,000 dlrs to be paid 73 pct in cash and 27 pct in International American common stock to be valued on a 30 day trading average prior to closing.
It said the price is based on Diversified's estimated 3.2 mln dlrs pro forma pre-tax earnings for 1986 after adjustment for certain non-continuing expenses. Diversified, a developer of single family housing in the Atlanta market, had 1986 revenues of about 25.3 mln dlrs. The acquisition if subject to International American arranging financing. |
NO | TRAIN | TRAINING-SET | 9,126 | 4,213 | 1987-03-12T09:54:00.720000 | [] | ['usa'] | [] | [] | [] | [] | null | MUNICIPAL DEVELOPMENT <MUNI> PURCHASES LAND | NEW YORK, March 12 - | Municipal Development Corp said it
signed an agreement to purchase land and facilities in Florida
from <Quail Hollow Properties Inc> for 2.8 mln dlrs, and plans
to invest an additional two mln dlrs to install infrastructure
on the property.
The company said under the deal it will purchase Quail
Hollow Utilities Inc and, with its joint venture partner,
<Groveland Developments Inc>, will acquire 190 acres of land
from Quail Hollow Properties.
Municipal Development said Quail Hollow Utilities owns and
operates two wastewater treatment systems, which will become
part of Central Pasco Utilities Inc, a business formed by the
company to provide utility services to part of Pasco County.
Municipal Development said it will develop the Quail Hollow
Business Park on the 190 acres of property.
Under the joint venture agreement with Groveland, Municipal
Development said it will develop the business park's roads and
other infrastructure, while Groveland will improve and sell
property in the area.
Central Pasco will develop and deliver the water supply and
wastewater treatment services for the business park.
Reuter
| Municipal Development Corp said it signed an agreement to purchase land and facilities in Florida from <Quail Hollow Properties Inc> for 2.8 mln dlrs, and plans to invest an additional two mln dlrs to install infrastructure on the property.
The company said under the deal it will purchase Quail Hollow Utilities Inc and, with its joint venture partner, <Groveland Developments Inc>, will acquire 190 acres of land from Quail Hollow Properties.
Municipal Development said Quail Hollow Utilities owns and operates two wastewater treatment systems, which will become part of Central Pasco Utilities Inc, a business formed by the company to provide utility services to part of Pasco County.
Municipal Development said it will develop the Quail Hollow Business Park on the 190 acres of property.
Under the joint venture agreement with Groveland, Municipal Development said it will develop the business park's roads and other infrastructure, while Groveland will improve and sell property in the area.
Central Pasco will develop and deliver the water supply and wastewater treatment services for the business park. |
NO | TRAIN | TRAINING-SET | 9,127 | 4,214 | 1987-03-12T09:54:20.060000 | [] | ['usa'] | [] | [] | [] | [] | null | ENVIRONMENTAL SYSTEMS <ESC> BUILDS INCINERATOR | LITTLE ROCK, Ark., March 12 - | Environmental Systems Co said
it signed a contract with the Illinois Environmental Protection
Agency to build a modular incinerator at the Lenz
Oil Site in Lemont, Ill.
The company said the project is slated for completion by
the end of fiscal 1987 at a total price of 4,500,000 mln dlrs.
The incinerator can treat approximately 7,000 tons of
contaminated soil, 150,000 gallons of liquids and 200 drums of
other wastes, according to the company.
Environmental said it expects to build two more systesm in
fiscal 1987.
The company posted first quarter net income of 2,193,000
dlrs, or 13 cts per share, compared to 1,918,000 dlrs, or 15
cts per share the prior comparable quarter.
Reuter
| Environmental Systems Co said it signed a contract with the Illinois Environmental Protection Agency to build a modular incinerator at the Lenz Oil Site in Lemont, Ill.
The company said the project is slated for completion by the end of fiscal 1987 at a total price of 4,500,000 mln dlrs.
The incinerator can treat approximately 7,000 tons of contaminated soil, 150,000 gallons of liquids and 200 drums of other wastes, according to the company.
Environmental said it expects to build two more systesm in fiscal 1987.
The company posted first quarter net income of 2,193,000 dlrs, or 13 cts per share, compared to 1,918,000 dlrs, or 15 cts per share the prior comparable quarter. |
YES | TRAIN | TRAINING-SET | 9,128 | 4,215 | 1987-03-12T09:55:21.790000 | ['iron-steel'] | ['france'] | [] | ['ec'] | [] | [] | null | EC COMMISSION HAS OPEN ATTITUDE ON STEEL QUOTAS | STRASBOURG, March 12 - | The EC Commission said it was
adopting an "open attitude" about whether a system of production
quotas should remain for the indefinite future on heavy steel
products which account for about 45 pct of all EC steel goods.
In a statement, the Commission reiterated its view that the
industry needs to lose between 25 and 30 mln tonnes of capacity
by 1990. It had previously said the quota system, started in
1980, should be wound up completely by the end of next year.
The industry has argued for the maintenance of existing
quotas, which cover almost 70 pct of all output, saying almost
all steelmakers are losing money due to the depressed market.
Reuter
| The EC Commission said it was adopting an "open attitude" about whether a system of production quotas should remain for the indefinite future on heavy steel products which account for about 45 pct of all EC steel goods.
In a statement, the Commission reiterated its view that the industry needs to lose between 25 and 30 mln tonnes of capacity by 1990. It had previously said the quota system, started in 1980, should be wound up completely by the end of next year.
The industry has argued for the maintenance of existing quotas, which cover almost 70 pct of all output, saying almost all steelmakers are losing money due to the depressed market. |
YES | TRAIN | TRAINING-SET | 9,129 | 4,216 | 1987-03-12T09:55:48.070000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | PRECISION AEROTECH INC <PAR> 3RD QTR JAN 31 NET | LA JOLLA, Calif., March 12 -
| Oper shr 16 cts vs two cts
Oper net 467,000 vs 52,000
Sales 8,954,000 vs 6,338,000
Avg shrs 2,939,459 vs 1,979,916
Nine mths
Oper shr 45 cts vs 18 cts
Oper net 1,068,000 vs 387,000
Sales 24.5 mln vs 19.6 mln
Avg shrs 2,299,764 vs 1,979,916
NOTE: Current year net both periods excludes 176,000 dlr
gain from retirement of notes.
Backlog 30.8 mln vs 26.7 mln at start of fiscal year.
Reuter
| Oper shr 16 cts vs two cts
Oper net 467,000 vs 52,000
Sales 8,954,000 vs 6,338,000
Avg shrs 2,939,459 vs 1,979,916
Nine mths
Oper shr 45 cts vs 18 cts
Oper net 1,068,000 vs 387,000
Sales 24.5 mln vs 19.6 mln
Avg shrs 2,299,764 vs 1,979,916
NOTE: Current year net both periods excludes 176,000 dlr gain from retirement of notes.
Backlog 30.8 mln vs 26.7 mln at start of fiscal year. |
NO | TRAIN | TRAINING-SET | 9,130 | 4,217 | 1987-03-12T09:57:17.680000 | [] | ['usa'] | [] | [] | [] | [] | null | HADSON <HADS> REGISTERS 3.7 MLN COMMON SHARES | OKLAHOMA CITY, March 12 - | Hadson Corp said it filed a
registration with the Securities and Exchange Commission for an
underwritten offering of 3,750,000 new common shares to be
managed by Shearson Lehman Brothers Inc and PaineWebber Inc.
Reuter
| Hadson Corp said it filed a registration with the Securities and Exchange Commission for an underwritten offering of 3,750,000 new common shares to be managed by Shearson Lehman Brothers Inc and PaineWebber Inc. |
YES | TRAIN | TRAINING-SET | 9,131 | 4,218 | 1987-03-12T09:57:52.990000 | ['earn'] | ['south-africa'] | [] | [] | [] | [] | null | GUARDIAN NATIONAL INSURANCE CO LTD <GARJ J> YEAR | JOHANNESBURG, March 12 -
| Shr 100.6 cts vs 76.9 cts
Final div 40 cts vs 32 making 58 cts vs 50
Pre-tax 14.17 mln rand vs 8.85 mln
Net 10.06 mln vs 7.69 mln
Tax 4.10 mln vs 1.16 mln
Gross premiums 210.16 mln vs 178.69 mln
Net premiums written 143.99 mln vs 123.88 mln
Underwriting loss 1.78 mln vs loss 6.25 mln
Div pay April 10, register March 27.
Note - period year to December 31 1986.
Reuter
| Shr 100.6 cts vs 76.9 cts
Final div 40 cts vs 32 making 58 cts vs 50
Pre-tax 14.17 mln rand vs 8.85 mln
Net 10.06 mln vs 7.69 mln
Tax 4.10 mln vs 1.16 mln
Gross premiums 210.16 mln vs 178.69 mln
Net premiums written 143.99 mln vs 123.88 mln
Underwriting loss 1.78 mln vs loss 6.25 mln
Div pay April 10, register March 27.
Note - period year to December 31 1986. |
YES | TRAIN | TRAINING-SET | 9,132 | 4,219 | 1987-03-12T09:57:57.840000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | DATAMETRICS CORP <DMCZ> 1ST QTR JAN 31 NET | CHATSWORTH, Calif., March 12 -
| Shr diluted five cts vs 13 cts
Net 278,780 vs 442,532
Revs 5,101,747 vs 4,293,393
Avg shrs diluted 6,050,968 vs 3,414,145
NOTE: Net includes tax credits of 123,500 dlrs vs 179,000
dlrs.
Reuter
| Shr diluted five cts vs 13 cts
Net 278,780 vs 442,532
Revs 5,101,747 vs 4,293,393
Avg shrs diluted 6,050,968 vs 3,414,145
NOTE: Net includes tax credits of 123,500 dlrs vs 179,000 dlrs. |
YES | TRAIN | TRAINING-SET | 9,133 | 4,220 | 1987-03-12T10:01:39.530000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | WIENER ENTERPRISES INC <WPB> YEAR JAN 31 NET | HARAHAN, La., March 12 -
| Shr 60 cts vs 85 cts
Qtly div 10 cts vs 10 cts prior
Net 1,407,000 vs 1,996,000
Sales 75.4 mln vs 58.2 mln
NOTE: Dividend pay April 16, record April Nine
Reuter
| Shr 60 cts vs 85 cts
Qtly div 10 cts vs 10 cts prior
Net 1,407,000 vs 1,996,000
Sales 75.4 mln vs 58.2 mln
NOTE: Dividend pay April 16, record April Nine |
YES | TRAIN | TRAINING-SET | 9,134 | 4,221 | 1987-03-12T10:02:18.110000 | [] | ['uk'] | [] | [] | [] | [] | null | GENENTECH CONVERTIBLE BOND UPPED TO 150 MLN DLRS | LONDON, March 12 - | The convertible eurobond issue announced
yesterday for Genentech Inc <GENE.O> has been increased to a
total of 150 mln dlrs from 100 mln, Credit Suisse First Boston
Ltd (CSFB) said as lead manager.
The coupon has been set at five pct and conversion price at
74 dlrs per share which represents a 23.85 pct premium over
Genentech's stock closing level of 59.75 on the New York Stock
Exchange last night.
Payment date has been brought forward to March 27 from
March 30 and the bonds will mature on March 27, 2002.
REUTER
| The convertible eurobond issue announced yesterday for Genentech Inc <GENE.O> has been increased to a total of 150 mln dlrs from 100 mln, Credit Suisse First Boston Ltd (CSFB) said as lead manager.
The coupon has been set at five pct and conversion price at 74 dlrs per share which represents a 23.85 pct premium over Genentech's stock closing level of 59.75 on the New York Stock Exchange last night.
Payment date has been brought forward to March 27 from March 30 and the bonds will mature on March 27, 2002. |
YES | TRAIN | TRAINING-SET | 9,135 | 4,222 | 1987-03-12T10:02:36.060000 | [] | ['uk'] | [] | [] | [] | [] | null | HYDRO QUEBEC ISSUES CANADIAN DLR BOND | LONDON, March 12 - | Hydro Quebec is issuing a 125 mln
Canadian dlr bond due April 21, 1997 paying nine pct and priced
at 100-3/4 pct, lead manager Merrill Lynch International said.
The bond is available in denominations of 1,000 and 5,000
dlrs and will be listed in Luxembourg.
Fees comprise 1-1/4 pct selling concession and 3/8 pct each
for management and underwriting. Pay date is April 21.
REUTER
| Hydro Quebec is issuing a 125 mln Canadian dlr bond due April 21, 1997 paying nine pct and priced at 100-3/4 pct, lead manager Merrill Lynch International said.
The bond is available in denominations of 1,000 and 5,000 dlrs and will be listed in Luxembourg.
Fees comprise 1-1/4 pct selling concession and 3/8 pct each for management and underwriting. Pay date is April 21. |
YES | TRAIN | TRAINING-SET | 9,136 | 4,223 | 1987-03-12T10:04:29.480000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | K MART <KM> SAYS RECORD 1986 NET "TURNING POINT" | TROY, Mich., March 12 - | K Mart Corp said its record fiscal
1986 net earnings of 582.3 mln dlrs, a rise from 221.2 mln dlrs
a year ago, marked a "major turning point" for the world's
second biggest retailer.
K Mart said the earnings rise for the fourth quarter ended
January 28 to 285 mln dlrs from 10.5 mln dlrs resulted from
"merchandising, refurbishing and expense control."
A year ago, K Mart took a charge of 239 mln dlrs for
discontinued operations. Earnings from continuing retail
operations in the quarter totalled 270 mln dlrs or 2.00 dlrs a
share compared with 249.4 mln dlrs or 1.91 dlrs a year ago.
K Mart Chairman Bernard Fauber said "the success of these
programs is better illustrated by the strong 35.9 pct increase
in 1986 income from continuing operations before income taxes
to 1.03 billion dlrs, the first time K Mart Corp has reached
this milestone."
Sales for the 1986 fiscal year reached a record 23.8
billion dlrs, an 8.1 pct rise from 22.04 billion dlrs the prior
year. K Mart said 1985 was restated to account for discontinued
operations. Comparable store sales rose 5.5 pct in 1986 over
1985, it said.
Fauber said the sales growth came from greater consumer
acceptance of K Mart's apparel merchandise, "a marked increase
in hardline merchandise sales and a growing contribution from
specialty retailing operations."
K Mart said its fourth quarter pre-tax income from
continuing operations was 493 mln dlrs, a 32.3 pct gain from
372.6 mln dlrs last year. It said sales in the period grew 8.8
pct to 7.23 billion dlrs from a restated 6.65 billion dlrs in
1985 with comparable store sales up 4.7 pct.
K Mart said its effective tax rate rose in 1986 to 44.6 pct
from 37.6 pct in 1985. But it said selling, general and
administrative expense eased to 23.2 pct of sales from 23.7 pct
in 1985.
"Our performance in 1986 marks a major turning point for K
Mart," Fauber said in a statement.
"In the years immediately prior to 1986, we focused on
changing the look of our stores and the structure of the
company."
K Mart, he said, committed billion of dollars for store
remodeling and installing a centralized point of sale system,
upgraded its merchandise mix, acquired three large specialty
retailers, divested underperforming businesses and restructured
its long-term debt.
"We were forced to pay a temporary price in the form of
slower earnings growth and a lower rating by the investment
community. However, beginning with the fourth quarter of 1985,
our improved performance is proof that our approach is correct
for the long term," the K Mart chairman said.
Reuter
| K Mart Corp said its record fiscal 1986 net earnings of 582.3 mln dlrs, a rise from 221.2 mln dlrs a year ago, marked a "major turning point" for the world's second biggest retailer.
K Mart said the earnings rise for the fourth quarter ended January 28 to 285 mln dlrs from 10.5 mln dlrs resulted from "merchandising, refurbishing and expense control."
A year ago, K Mart took a charge of 239 mln dlrs for discontinued operations. Earnings from continuing retail operations in the quarter totalled 270 mln dlrs or 2.00 dlrs a share compared with 249.4 mln dlrs or 1.91 dlrs a year ago.
K Mart Chairman Bernard Fauber said "the success of these programs is better illustrated by the strong 35.9 pct increase in 1986 income from continuing operations before income taxes to 1.03 billion dlrs, the first time K Mart Corp has reached this milestone."
Sales for the 1986 fiscal year reached a record 23.8 billion dlrs, an 8.1 pct rise from 22.04 billion dlrs the prior year. K Mart said 1985 was restated to account for discontinued operations. Comparable store sales rose 5.5 pct in 1986 over 1985, it said.
Fauber said the sales growth came from greater consumer acceptance of K Mart's apparel merchandise, "a marked increase in hardline merchandise sales and a growing contribution from specialty retailing operations."
K Mart said its fourth quarter pre-tax income from continuing operations was 493 mln dlrs, a 32.3 pct gain from 372.6 mln dlrs last year. It said sales in the period grew 8.8 pct to 7.23 billion dlrs from a restated 6.65 billion dlrs in 1985 with comparable store sales up 4.7 pct.
K Mart said its effective tax rate rose in 1986 to 44.6 pct from 37.6 pct in 1985. But it said selling, general and administrative expense eased to 23.2 pct of sales from 23.7 pct in 1985.
"Our performance in 1986 marks a major turning point for K Mart," Fauber said in a statement.
"In the years immediately prior to 1986, we focused on changing the look of our stores and the structure of the company."
K Mart, he said, committed billion of dollars for store remodeling and installing a centralized point of sale system, upgraded its merchandise mix, acquired three large specialty retailers, divested underperforming businesses and restructured its long-term debt.
"We were forced to pay a temporary price in the form of slower earnings growth and a lower rating by the investment community. However, beginning with the fourth quarter of 1985, our improved performance is proof that our approach is correct for the long term," the K Mart chairman said. |
NO | TRAIN | TRAINING-SET | 9,137 | 4,224 | 1987-03-12T10:08:55.470000 | [] | ['usa'] | [] | [] | [] | [] | null | SONEX RESEARCH <SONX> SELLS STOCK PRIVATELY | ANNAPOLIS, Md., March 12 - | Sonex Research Inc said it has
completed a private sale of common shares and warrants for two
mln dlrs.
It said if all warrants are exercised it will receive
another 4,600,000 dlrs.
Proceeds will be used for working capital, it said.
Reuter
| Sonex Research Inc said it has completed a private sale of common shares and warrants for two mln dlrs.
It said if all warrants are exercised it will receive another 4,600,000 dlrs.
Proceeds will be used for working capital, it said. |
NO | TRAIN | TRAINING-SET | 9,138 | 4,225 | 1987-03-12T10:11:33.310000 | [] | ['uk'] | [] | [] | [] | [] | null | BRITISH AIRWAYS <BAB> FEBRUARY LOAD FACTOR UP | NEW YORK, March 12 - | British Airways PLC said February 1987
load factor rose to 64.7 pct, up 5.4 percentage points from
February 1986.
Revenue passenger miles increased 14.8 pct in February to
1.75 billion but fell 0.7 pct in the fiscal year-to-date to
23.54 billion, the British carrier said.
Available seat miles rose 5.2 pct in February to 2.73
billion and 1.3 pct in the 11 months to 35.27 billion.
Load factor, the percentage of seats filled, fell 1.4
percentage points to 66.7 pct in the April through February
period.
The British carrier made its first traffic report since the
British Government sold it to the public last month.
Reuter
| British Airways PLC said February 1987 load factor rose to 64.7 pct, up 5.4 percentage points from February 1986.
Revenue passenger miles increased 14.8 pct in February to 1.75 billion but fell 0.7 pct in the fiscal year-to-date to 23.54 billion, the British carrier said.
Available seat miles rose 5.2 pct in February to 2.73 billion and 1.3 pct in the 11 months to 35.27 billion.
Load factor, the percentage of seats filled, fell 1.4 percentage points to 66.7 pct in the April through February period.
The British carrier made its first traffic report since the British Government sold it to the public last month. |
YES | TRAIN | TRAINING-SET | 9,139 | 4,226 | 1987-03-12T10:11:41.060000 | [] | ['west-germany', 'brazil'] | [] | [] | [] | [] | null | ROCKEFELLER SAYS BRAZIL SOLUTION WILL BE FOUND | FRANKFURT, March 12 - | David Rockefeller, chairman of the
international advisory committee of Chase Manhattan Bank NA,
said an accommodation would be found between Brazil and its
commercial bank creditors to solve the problem of the nation's
recent interest payment halt.
"I think one will find that the banking community, the
Brazilian government and the international banking authorities
will be talking for the next several weeks and I am very
hopeful that we would find an accommodation." Rockefeller told
bankers at a luncheon.
Brazil announced on February 20 that it was suspending
interest repayments on about 68 billion dlrs of private sector
debt owed to commercial banks.
Rockefeller said the recent tour by Brazilian Finance
Minister Dilson Funaro of major industrial nations was a sign
that Brazil wanted to be cooperative. But it was notable that
Funaro did not meet with the creditors immediately affected,
the commercial bankers, he added.
Brazil's moratorium on commercial debt becomes critical by
end-May, when payments would be 90 days overdue, obliging U.S.
Regulators to downgrade Brazilian debt, financial sources said.
This would require banks in turn to cease accruing interest
and set aside expensive loan loss reserves.
Rockefeller reminded bankers of the depth of concern over
Latin American debt at the Toronto World Bank/International
Monetary Fund meeting in 1982, and said an accord would be
reached in the current circumstances just as it had been then.
"(Brazilian authorities) have no more interest in seeing
their credit sources cut off then we have in seeing their
obligations stop," he added.
REUTER
| David Rockefeller, chairman of the international advisory committee of Chase Manhattan Bank NA, said an accommodation would be found between Brazil and its commercial bank creditors to solve the problem of the nation's recent interest payment halt.
"I think one will find that the banking community, the Brazilian government and the international banking authorities will be talking for the next several weeks and I am very hopeful that we would find an accommodation." Rockefeller told bankers at a luncheon.
Brazil announced on February 20 that it was suspending interest repayments on about 68 billion dlrs of private sector debt owed to commercial banks.
Rockefeller said the recent tour by Brazilian Finance Minister Dilson Funaro of major industrial nations was a sign that Brazil wanted to be cooperative. But it was notable that Funaro did not meet with the creditors immediately affected, the commercial bankers, he added.
Brazil's moratorium on commercial debt becomes critical by end-May, when payments would be 90 days overdue, obliging U.S. Regulators to downgrade Brazilian debt, financial sources said.
This would require banks in turn to cease accruing interest and set aside expensive loan loss reserves.
Rockefeller reminded bankers of the depth of concern over Latin American debt at the Toronto World Bank/International Monetary Fund meeting in 1982, and said an accord would be reached in the current circumstances just as it had been then.
"(Brazilian authorities) have no more interest in seeing their credit sources cut off then we have in seeing their obligations stop," he added. |
YES | TRAIN | TRAINING-SET | 9,140 | 4,227 | 1987-03-12T10:14:33.180000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | DAINIPPON INK TO INVEST IN QUIXOTE <QUIX> | CHICAGO, March 12 - | Quixote Corp said Dainippon Ink and
Chemicals Inc of Japan will buy 526,315 shares of Quixote
common stock, a 6.7 pct stake, for 10 mln dlrs, or 19 dlrs a
share.
It said the two companies also agreed to share the results
of their research and development activities in optical disc
technology.
Dainippon Inc's optical disc technology focuses on the
development of a new Direct-Read-After-Write optical disc and
an advanced erasable optical disc.
Quixote said its wholly owned subsidiary, LaserVideo Inc,
is making advancements in the art of mastering and
manufacturing Compact Discs, CD-ROMs and laser-read videodiscs.
Quixote said the agreement with Dainippon, which has annual
sales of more than two billion dlrs, provides for a Dainippon
representative to sit on the LaserVideo board of directors.
Reuter
| Quixote Corp said Dainippon Ink and Chemicals Inc of Japan will buy 526,315 shares of Quixote common stock, a 6.7 pct stake, for 10 mln dlrs, or 19 dlrs a share.
It said the two companies also agreed to share the results of their research and development activities in optical disc technology.
Dainippon Inc's optical disc technology focuses on the development of a new Direct-Read-After-Write optical disc and an advanced erasable optical disc.
Quixote said its wholly owned subsidiary, LaserVideo Inc, is making advancements in the art of mastering and manufacturing Compact Discs, CD-ROMs and laser-read videodiscs.
Quixote said the agreement with Dainippon, which has annual sales of more than two billion dlrs, provides for a Dainippon representative to sit on the LaserVideo board of directors. |
YES | TRAIN | TRAINING-SET | 9,141 | 4,228 | 1987-03-12T10:15:43.680000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | CIRCUIT CITY STORES INC <CC> SETS QUARTERLY | RICHMOND, Va., March 12 -
| Qtly div 1-1/2 cts vs 1-1/2 cts prior
Pay April 15
Record March 30
Reuter
| Qtly div 1-1/2 cts vs 1-1/2 cts prior
Pay April 15
Record March 30 |
YES | TRAIN | TRAINING-SET | 9,142 | 4,229 | 1987-03-12T10:16:06.980000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | KNOLL TO BUY AMERICAN SAVINGS <AAA> SHARES | MIAMI, March 12 - | American Savings and Loan Association of
Florida said <Knoll International Holdings Inc> has offered to
purchase 500,000 new shares of American Savings for 10 mln
dlrs, and the board has accepted Knoll's offer.
Knoll already owns 796,413 shares or 9.9 pct of American
Savings.
American Savings said the purchase will resolve a
previously-announced disagreement between American Savings and
the Federal Home Loan Bank of Atlanta on the replacement of the
capital American Savings used to repurchase common shares in
January 1985 from former chairman Marvin L. Warner.
It said completion of the transaction would give Knoll 15
pct ownership in American Savings.
American Savings said Knoll also had talks with chairman of
the executive committee Shepard Broad and chairman Morris Broad
on the purchase of their American Savings shares as well at 20
dlrs each but no agreement was reached.
American Savings said The company said Knoll's offer to buy
the new shares is not conditioned on other purchase of common
stock from any person or entity.
It said its previously-announced engagement of Salomon Inc
<SB> to evaluate alternatives to enhance shareholder values,
including the possible sale of American Savings, is still being
actively pursued.
Reuter
| American Savings and Loan Association of Florida said <Knoll International Holdings Inc> has offered to purchase 500,000 new shares of American Savings for 10 mln dlrs, and the board has accepted Knoll's offer.
Knoll already owns 796,413 shares or 9.9 pct of American Savings.
American Savings said the purchase will resolve a previously-announced disagreement between American Savings and the Federal Home Loan Bank of Atlanta on the replacement of the capital American Savings used to repurchase common shares in January 1985 from former chairman Marvin L. Warner.
It said completion of the transaction would give Knoll 15 pct ownership in American Savings.
American Savings said Knoll also had talks with chairman of the executive committee Shepard Broad and chairman Morris Broad on the purchase of their American Savings shares as well at 20 dlrs each but no agreement was reached.
American Savings said The company said Knoll's offer to buy the new shares is not conditioned on other purchase of common stock from any person or entity.
It said its previously-announced engagement of Salomon Inc <SB> to evaluate alternatives to enhance shareholder values, including the possible sale of American Savings, is still being actively pursued. |
NO | TRAIN | TRAINING-SET | 9,143 | 4,230 | 1987-03-12T10:16:14.560000 | [] | ['usa'] | [] | [] | [] | [] | null | FORD <F> EXTENDS INCENTIVES ON SOME MODELS | DEARBORN, MICH., March 12 - | Ford Motor Co said it extended
its current buyer incentive program on selected cars and light
trucks to April Six.
It also said it added the Ford Taurus and Mercury Sable to
the program which gives customers a choice of 3.9- to
9.9-annual percentage rate financing.
Ford said buyers of all 1986 and 1987 Taurus and Sable
models can choose between the low financing rates or cash
allowances of 400 dlrs.
Buyers of all other eligible cars will get a cash allowance
of up to 600 dlrs, plus the low financing rates. It said those
buying trucks can choose between the low financing or a cash
rebate of up to 600 dlrs.
Ford said the program takes effect now and applies to most
vehicles delivered to retail customers from dealer stock. A
program for Mustang ends March 31 as announced earlier.
Reuter
| Ford Motor Co said it extended its current buyer incentive program on selected cars and light trucks to April Six.
It also said it added the Ford Taurus and Mercury Sable to the program which gives customers a choice of 3.9- to 9.9-annual percentage rate financing.
Ford said buyers of all 1986 and 1987 Taurus and Sable models can choose between the low financing rates or cash allowances of 400 dlrs.
Buyers of all other eligible cars will get a cash allowance of up to 600 dlrs, plus the low financing rates. It said those buying trucks can choose between the low financing or a cash rebate of up to 600 dlrs.
Ford said the program takes effect now and applies to most vehicles delivered to retail customers from dealer stock. A program for Mustang ends March 31 as announced earlier. |
YES | TRAIN | TRAINING-SET | 9,144 | 4,231 | 1987-03-12T10:16:26.600000 | ['cotton'] | ['usa'] | [] | [] | [] | [] | null | IGENE BIOTECHNOLOGY <IGNE> FINDS CROP LOSS AID | COLUMBIA, Md., March 12 - | IGENE Biotechnology Inc said its
research teams at Auburn and Hebrew universities have found its
patented pesticide is highly effective in combating a disease
reponsible for approximately three billion dlrs in annual crop
losses.
The company said it learned ClandoSan controls nematodes,
deadly plant pathogens formerly controlled by now-banned
synthetic chemicals.
Varieties of the deadly disease attack major cash crops
such as cotton, vegetables, orchard trees, citrus fruits, and
garden plants, the company said.
Reuter
| IGENE Biotechnology Inc said its research teams at Auburn and Hebrew universities have found its patented pesticide is highly effective in combating a disease reponsible for approximately three billion dlrs in annual crop losses.
The company said it learned ClandoSan controls nematodes, deadly plant pathogens formerly controlled by now-banned synthetic chemicals.
Varieties of the deadly disease attack major cash crops such as cotton, vegetables, orchard trees, citrus fruits, and garden plants, the company said. |
YES | TRAIN | TRAINING-SET | 9,145 | 4,232 | 1987-03-12T10:18:49.480000 | ['earn', 'crude', 'nat-gas'] | ['usa'] | [] | [] | [] | [] | null | PHILLIPS <P> TO EMPHASIZE CASH FLOW TO PARE DEBT | NEW YORK, March 12 - | Phillips Petroleum Co will emphasize
improving its short-term cash flow this year to pare its debt,
C.J. "Pete" Silas, chairman, told Reuters in an interview.
"Our priority is to get cash flow increased from the assets
already installed," he said, but he declined to estimate annual
cash flow for 1987.
Analysts estimate Phillips" cash flow at over one billion
dlrs for 1987, while long term debt, which resulted from
restructuring to find off corporate raiders in 1985, hovers
about 5.9 billion dlrs as of December 1986.
Silas said Phillips hope to achieve its goal by raising
the capital expenditures budget to develop its oil and gas
properties.
"We plan to develop the properties with short-term high cash
flow prospects," he said. He projected a capital expenditure
budget of 730 mln dlrs, up from the 1986 expenditure of 655 mln
dlrs.
Nearly half of that will be spent on exploration and
production, and most of that will be spend overseas, Silas
said.
"Phillips' top priority in 1987 will be to get the
waterflooding in Norway and jack up the (Ekofisk) oil fields to
improve our ability to extract oil and increase earnings," Silas
said.
Phillips estimates that the project, which is expected to
cost 1.5 billion dlrs, will increase recovery by 170 mln gross
barrels of oil over a period of 24 years.
Phillips is also pursue opportunities in China where Silas
said he was seeking "a modification of terms with the Chinese
government to make oil discoveries (in the offshore Xijang
fields) commercially viable."
In the U.S. Silas said Phillips hopes to get the Point
Arguello, Calif., field started up by the fourth quarter. "We
expect to start up the first platform then," Silas said.
But emphasis on short-term cash flow has also forced the
company to part with several oil and gas assets.
Phillips sold its interests in the T-Block in the U.K.
North Sea and U.S. reserves totaling about 1.3 billion dlrs in
1986 as part of a two billion dlrs asset sales program that is
now completed, Silas said.
"We sold high cost producing assets. They were not good
value for us but possibly so for someone else," Silas said.
Silas said the 1986 assets sales will not affect earnings
for the company.
"Everything we are doing is to manage our cash flow and we
are using that to manage our debt. Even the asset sales, while
regrettable, were necessary to reduce debt," Silas said.
He said no asset sales are planned this year as long as oil
prices don't fall sharply lower and stay at lower levels for
several months. "Then, everyone would be looking at sales (of
assets), and we're no different from the others," Silas said.
In other areas, Silas looks for improved earnings from
Phillips chemical operations, which provided 299 mln dlrs in
earnings for 1986, up from 219 mln dlrs in 1985.
"This was our second best year pushed by a good supply and
demand balance for products, low feedstocks and energy costs
for our operations," Silas said, "In 1987 we think the market's
supply and demand balance will be just as good but feedstock
and energy costs will rise due to price recovery."
Reuter
| Phillips Petroleum Co will emphasize improving its short-term cash flow this year to pare its debt, C.J. "Pete" Silas, chairman, told Reuters in an interview.
"Our priority is to get cash flow increased from the assets already installed," he said, but he declined to estimate annual cash flow for 1987.
Analysts estimate Phillips" cash flow at over one billion dlrs for 1987, while long term debt, which resulted from restructuring to find off corporate raiders in 1985, hovers about 5.9 billion dlrs as of December 1986.
Silas said Phillips hope to achieve its goal by raising the capital expenditures budget to develop its oil and gas properties.
"We plan to develop the properties with short-term high cash flow prospects," he said. He projected a capital expenditure budget of 730 mln dlrs, up from the 1986 expenditure of 655 mln dlrs.
Nearly half of that will be spent on exploration and production, and most of that will be spend overseas, Silas said.
"Phillips' top priority in 1987 will be to get the waterflooding in Norway and jack up the (Ekofisk) oil fields to improve our ability to extract oil and increase earnings," Silas said.
Phillips estimates that the project, which is expected to cost 1.5 billion dlrs, will increase recovery by 170 mln gross barrels of oil over a period of 24 years.
Phillips is also pursue opportunities in China where Silas said he was seeking "a modification of terms with the Chinese government to make oil discoveries (in the offshore Xijang fields) commercially viable."
In the U.S. Silas said Phillips hopes to get the Point Arguello, Calif., field started up by the fourth quarter. "We expect to start up the first platform then," Silas said.
But emphasis on short-term cash flow has also forced the company to part with several oil and gas assets.
Phillips sold its interests in the T-Block in the U.K. North Sea and U.S. reserves totaling about 1.3 billion dlrs in 1986 as part of a two billion dlrs asset sales program that is now completed, Silas said.
"We sold high cost producing assets. They were not good value for us but possibly so for someone else," Silas said.
Silas said the 1986 assets sales will not affect earnings for the company.
"Everything we are doing is to manage our cash flow and we are using that to manage our debt. Even the asset sales, while regrettable, were necessary to reduce debt," Silas said.
He said no asset sales are planned this year as long as oil prices don't fall sharply lower and stay at lower levels for several months. "Then, everyone would be looking at sales (of assets), and we're no different from the others," Silas said.
In other areas, Silas looks for improved earnings from Phillips chemical operations, which provided 299 mln dlrs in earnings for 1986, up from 219 mln dlrs in 1985.
"This was our second best year pushed by a good supply and demand balance for products, low feedstocks and energy costs for our operations," Silas said, "In 1987 we think the market's supply and demand balance will be just as good but feedstock and energy costs will rise due to price recovery." |
YES | TRAIN | TRAINING-SET | 9,146 | 4,233 | 1987-03-12T10:19:08.670000 | ['acq'] | ['canada'] | [] | [] | [] | [] | null | MERRILL LYNCH<MER> CANADA MULLS BUYING BROKER | TORONTO, March 12 - | Merrill Lynch Canada Inc, wholly owned
by Merrill Lynch and Co, is considering acquiring another
Canadian securities company as the result of federal and
provincial government moves to lift investment dealer ownership
restrictions on June 30, according to a published report.
"We're talking to a number of people," Merrill Lynch Canada
deputy chairman E. Duff Scott told The Toronto Star. "Whether
we're going to do something, I don't know," he said.
A Merrill Lynch Canada spokesman declined to comment on the
newspaper report when queried.
Scott did not disclose which investment dealers Merrill
Lynch Canada was considering acquiring, but the Toronto Star
quoted unidentified industry sources as saying serious
discussions have already been held with Burns Fry Ltd.
Burns Fry chairman Jack Lawrence told the newspaper the
investment dealer has not made a final decision, but was
examining "three or four alternatives."
Discussions between brokers about possible mergers is to be
expected pending industry deregulation, one investment industry
source, who asked not to be named, told Reuters.
"It's silly not to take a look (at making a merger or
acquisition). If you're a businessman, you have to take a look,"
the industry source said.
Under federal and provincial government regulations
expected to be in place by June 30, banks, trust companies and
foreign companies will be allowed to acquire existing
investment dealers or establish their own securities
subsidiaries.
Reuter
| Merrill Lynch Canada Inc, wholly owned by Merrill Lynch and Co, is considering acquiring another Canadian securities company as the result of federal and provincial government moves to lift investment dealer ownership restrictions on June 30, according to a published report.
"We're talking to a number of people," Merrill Lynch Canada deputy chairman E. Duff Scott told The Toronto Star. "Whether we're going to do something, I don't know," he said.
A Merrill Lynch Canada spokesman declined to comment on the newspaper report when queried.
Scott did not disclose which investment dealers Merrill Lynch Canada was considering acquiring, but the Toronto Star quoted unidentified industry sources as saying serious discussions have already been held with Burns Fry Ltd.
Burns Fry chairman Jack Lawrence told the newspaper the investment dealer has not made a final decision, but was examining "three or four alternatives."
Discussions between brokers about possible mergers is to be expected pending industry deregulation, one investment industry source, who asked not to be named, told Reuters.
"It's silly not to take a look (at making a merger or acquisition). If you're a businessman, you have to take a look," the industry source said.
Under federal and provincial government regulations expected to be in place by June 30, banks, trust companies and foreign companies will be allowed to acquire existing investment dealers or establish their own securities subsidiaries. |
NO | TRAIN | TRAINING-SET | 9,147 | 4,234 | 1987-03-12T10:19:13.320000 | [] | ['usa'] | [] | [] | [] | [] | null | PERFECTDATA <PERF> IN JOINT LICENSING PACT | CHATSWORTH, Calif., March 12 - | PerfectData Corp said it
agreed to license certain disk cleaning related patents to the
<Texwipe Co>.
Reuter
| PerfectData Corp said it agreed to license certain disk cleaning related patents to the <Texwipe Co>. |
YES | TRAIN | TRAINING-SET | 9,148 | 4,235 | 1987-03-12T10:19:20.070000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | MOST AMERICAN AGGREGATES <AMAG> STOCK ACQUIRED | NEWPORT BEACH, Calif., March 12 - | <Consolidated Gold Fields
PLC>'s ARC America Corp subsidiary said it has acquired
7,521,643 American Aggregates Corp shares, about 95 pct of
those outstanding, as a result of its tender offer which
expired February 27.
As soon as is practicable, ARC America will acquire
American Aggregates, converting the company's remaining shares
into the right to receive 30.625 dlrs a share.
Reuter
| <Consolidated Gold Fields PLC>'s ARC America Corp subsidiary said it has acquired 7,521,643 American Aggregates Corp shares, about 95 pct of those outstanding, as a result of its tender offer which expired February 27.
As soon as is practicable, ARC America will acquire American Aggregates, converting the company's remaining shares into the right to receive 30.625 dlrs a share. |
NO | TRAIN | TRAINING-SET | 9,149 | 4,236 | 1987-03-12T10:19:32.050000 | [] | ['france'] | [] | [] | ['pse'] | [] | null | FRANCE PLANS TIGHTER SHAREHOLDING DISCLOSURE LEVELS | PARIS, March 12 - | The French government plans new
legislation this year which will lower the thresholds at which
investors in companies must declare their shareholdings, Bourse
officials said.
The new rules, part of a scheme to provide more openness in
corporate ownership structure, will lower the initial
declaration threshold to five pct of a company's capital.
Under current rules, an investor has to notify the Bourse
supervisory commission when a holding exceeds 10 pct, and again
at 33 pct and 50 pct. The officials said a 20 pct level has
also been added to the scale.
Reuter
| The French government plans new legislation this year which will lower the thresholds at which investors in companies must declare their shareholdings, Bourse officials said.
The new rules, part of a scheme to provide more openness in corporate ownership structure, will lower the initial declaration threshold to five pct of a company's capital.
Under current rules, an investor has to notify the Bourse supervisory commission when a holding exceeds 10 pct, and again at 33 pct and 50 pct. The officials said a 20 pct level has also been added to the scale. |
YES | TRAIN | TRAINING-SET | 9,150 | 4,237 | 1987-03-12T10:19:40.200000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | BIOTECH CAPITAL <BITC> TO BUY MAGAZINE | NEW YORK, March 12 - | Biotech Capital Corp said it agreed to
buy High Technology magazine from the Goldhirsh Group of
Boston.
Terms were not disclosed.
The magazine publishes information about emerging
technologies and their impact on business. It has a circulation
of 200,000 and is the largest of its kind in the world, the
company said.
Reuter
| Biotech Capital Corp said it agreed to buy High Technology magazine from the Goldhirsh Group of Boston.
Terms were not disclosed.
The magazine publishes information about emerging technologies and their impact on business. It has a circulation of 200,000 and is the largest of its kind in the world, the company said. |
YES | TRAIN | TRAINING-SET | 9,151 | 4,238 | 1987-03-12T10:19:55.900000 | ['trade'] | ['pakistan'] | [] | [] | [] | [] | null | PAKISTAN'S TRADE DEFICIT NARROWS IN FEBRUARY | KARACHI, March 12 - | Pakistan's trade deficit narrowed to
2.64 billion rupees (provisional) in February 1987 from 2.85
billion (final) in January and compared with 2.94 billion in
February 1986, the Federal Bureau of Statistics figures show.
Exports fell to 5.04 billion rupees (provisional) in
February from 5.34 billion (final) in January and compared with
3.90 billion in February 1986.
Imports fell to 7.68 billion rupees (provisional) in
February from 8.19 billion (final) in January and compared with
6.84 billion in February 1986.
REUTER
| Pakistan's trade deficit narrowed to 2.64 billion rupees (provisional) in February 1987 from 2.85 billion (final) in January and compared with 2.94 billion in February 1986, the Federal Bureau of Statistics figures show.
Exports fell to 5.04 billion rupees (provisional) in February from 5.34 billion (final) in January and compared with 3.90 billion in February 1986.
Imports fell to 7.68 billion rupees (provisional) in February from 8.19 billion (final) in January and compared with 6.84 billion in February 1986. |
YES | TRAIN | TRAINING-SET | 9,152 | 4,239 | 1987-03-12T10:21:36.780000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | CORRECTED-INSITUFORM OF NORTH AMERICA INC<INSUA> | MEMPHIS, Tenn., March 12 - | 4th qtr
Shr nine cts vs four cts
Net 658,159 vs 299,930
Revs 3,770,341 vs 2,614,224
Avg shrs 7,382,802 vs 6,747,442
Year
Oper shr 33 cts vs 18 cts
Oper net 2,287,179 vs 1,045,799
Revs 13.1 mln vs 8,577,853
Avg shrs 6,874,505 vs 5,951,612
NOTE: 1985 year net excludes 13,000 dlr tax credit.
Corrects March 11 item to exclude tax credit
Reuter
| 4th qtr
Shr nine cts vs four cts
Net 658,159 vs 299,930
Revs 3,770,341 vs 2,614,224
Avg shrs 7,382,802 vs 6,747,442
Year
Oper shr 33 cts vs 18 cts
Oper net 2,287,179 vs 1,045,799
Revs 13.1 mln vs 8,577,853
Avg shrs 6,874,505 vs 5,951,612
NOTE: 1985 year net excludes 13,000 dlr tax credit.
Corrects March 11 item to exclude tax credit |
YES | TRAIN | TRAINING-SET | 9,153 | 4,240 | 1987-03-12T10:21:43.730000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | COLGATE-PALMOLIVE CO <CL> SETS QUARTERLY | NEW YORK, March 12 -
| Qtly div 34 cts vs 34 cts prior
Pay May 15
Record April 24
Reuter
| Qtly div 34 cts vs 34 cts prior
Pay May 15
Record April 24 |
YES | TRAIN | TRAINING-SET | 9,154 | 4,241 | 1987-03-12T10:23:22.430000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | CO-OPERATIVE BANCORP <COBK> RAISES QUARTERLY | CONCORD, Mass., March 12 -
| Qtly div 12-1/2 cts vs 10 cts prior
Pay April 15
Record March 31
Reuter
| Qtly div 12-1/2 cts vs 10 cts prior
Pay April 15
Record March 31 |
YES | TRAIN | TRAINING-SET | 9,155 | 4,242 | 1987-03-12T10:23:42.490000 | [] | ['uk'] | [] | [] | [] | [] | null | HYDRO QUEBEC CANADIAN DLR BOND RAISED TO 150 MLN | LONDON, March 12 - | The Canadian dollar bond launched
earlier today for Hydro Quebec has been increased to 150 mln
dlrs from 125 mln, lead manager Merrill Lynch International
said.
REUTER
| The Canadian dollar bond launched earlier today for Hydro Quebec has been increased to 150 mln dlrs from 125 mln, lead manager Merrill Lynch International said. |
NO | TRAIN | TRAINING-SET | 9,156 | 4,243 | 1987-03-12T10:23:55.690000 | [] | ['usa'] | [] | [] | [] | [] | null | VISHAY INTERTECHNOLOGY <VSH> CLARIFIES OFFER | MALVERN, Pa, March 12 - | Vishay Intertechnology Inc said it
wished to clarify its pending offer to exchange shares of its
Class B stock for its outstanding common stock
The company said shareholders who already have or plan to
take advantage of the offer, may withdraw their offer by the
close of business March 25, 1987.
Reuter
| Vishay Intertechnology Inc said it wished to clarify its pending offer to exchange shares of its Class B stock for its outstanding common stock
The company said shareholders who already have or plan to take advantage of the offer, may withdraw their offer by the close of business March 25, 1987. |
NO | TRAIN | TRAINING-SET | 9,157 | 4,244 | 1987-03-12T10:24:06.780000 | [] | ['usa'] | [] | [] | [] | [] | null | CONSUMERS POWER<CMS> TO REDEEM PREFERRED STOCK | JACKSON, MICH., March 12 - | Consumers Power Co said it will
redeem 200,000 shares of its 3.85 dlr preference stock at 27.50
dlrs a share plus accrued dividends of 0.320833 dlrs a share.
It said the redemption will be made May One to holders of
record March 23, with shares selected by random lot.
It said some 100,000 of the shares are being redeemed under
mandatory sinking fund provisions. The balance will be redeemed
at the company's option as part of its efforts to reduce its
cost of capital.
Reuter
| Consumers Power Co said it will redeem 200,000 shares of its 3.85 dlr preference stock at 27.50 dlrs a share plus accrued dividends of 0.320833 dlrs a share.
It said the redemption will be made May One to holders of record March 23, with shares selected by random lot.
It said some 100,000 of the shares are being redeemed under mandatory sinking fund provisions. The balance will be redeemed at the company's option as part of its efforts to reduce its cost of capital. |
YES | TRAIN | TRAINING-SET | 9,158 | 4,245 | 1987-03-12T10:24:29.910000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | WILCOX AND GIBBS INC <WG> SETS PAYOUT | NEW YORK, March 12 -
| Semi div 7-1/2 cts vs 7-1/2 cts prior
Pay April 30
Record March 31
Reuter
| Semi div 7-1/2 cts vs 7-1/2 cts prior
Pay April 30
Record March 31 |
YES | TRAIN | TRAINING-SET | 9,159 | 4,246 | 1987-03-12T10:24:54.380000 | ['crude'] | ['saudi-arabia'] | ['king-fahd'] | ['opec'] | [] | [] | null | SAUDI OUTPUT SAID AT YEAR LOW TO HELP OPEC | RIYADH, March 12 - | Saudi Arabian oil output has fallen to
its lowest level in more than a year, giving fresh evidence of
the kingdom's determination to keep oil prices at 18 dlrs a
barrel, as agreed by Opec last December, oil industry sources
said.
They said Saudi output in the first eight days of March
averaged 2.6 mln barrels per day (bpd) including oil from the
neutral zone shared with Kuwait, compared to a February average
of 3.5 mln bpd.
They said Saudi Arabia was also selling oil from its crude
oil stocks in tankers around the world, which OPEC says must be
counted towards a member's production quota. Saudi Arabia's
quota is 4.133 mln bpd.
The lower production levels indicated Saudi Arabia, the
world"s largest oil exporter, was insisting on getting Opec
official prices, even at the cost of lower production, the
sources said.
King Fahd reiterated yesterday, in an interview with
Reuters and the television news agency Visnews, the Saudi
commitment to OPEC's December pact to boost oil prices to an
average 18 dlrs.
"Saudi Arabia is completely sticking to OPEC decisions," he
said.
The sources said the kingdom's exports from Gulf ports
averaged one mln bpd during the eight days ending last Sunday,
down from a February average of 1.9 mln bpd.
They said Saudi Arabia was allowing production to fluctuate
with lifting nominations and was not trying to maintain
artificially high levels by putting oil into storage.
The kingdom's main buyers, the four U.S. Oil firms with
past stakes in the national oil company Aramco -- Mobil, Exxon,
Texaco and Chevron -- enjoy considerable flexibility in the
timing and volume of their liftings but are bound to pay
official prices, the sources said.
Spot market prices have firmed in the past two weeks but
still remain below OPEC levels and major buyers have delayed
liftings in the hope they would improve, the sources said.
They expected low early March output to pick up towards the
end of the month as buyers sought to fulfill their contractual
obligations.
REUTER
| Saudi Arabian oil output has fallen to its lowest level in more than a year, giving fresh evidence of the kingdom's determination to keep oil prices at 18 dlrs a barrel, as agreed by Opec last December, oil industry sources said.
They said Saudi output in the first eight days of March averaged 2.6 mln barrels per day (bpd) including oil from the neutral zone shared with Kuwait, compared to a February average of 3.5 mln bpd.
They said Saudi Arabia was also selling oil from its crude oil stocks in tankers around the world, which OPEC says must be counted towards a member's production quota. Saudi Arabia's quota is 4.133 mln bpd.
The lower production levels indicated Saudi Arabia, the world"s largest oil exporter, was insisting on getting Opec official prices, even at the cost of lower production, the sources said.
King Fahd reiterated yesterday, in an interview with Reuters and the television news agency Visnews, the Saudi commitment to OPEC's December pact to boost oil prices to an average 18 dlrs.
"Saudi Arabia is completely sticking to OPEC decisions," he said.
The sources said the kingdom's exports from Gulf ports averaged one mln bpd during the eight days ending last Sunday, down from a February average of 1.9 mln bpd.
They said Saudi Arabia was allowing production to fluctuate with lifting nominations and was not trying to maintain artificially high levels by putting oil into storage.
The kingdom's main buyers, the four U.S. Oil firms with past stakes in the national oil company Aramco -- Mobil, Exxon, Texaco and Chevron -- enjoy considerable flexibility in the timing and volume of their liftings but are bound to pay official prices, the sources said.
Spot market prices have firmed in the past two weeks but still remain below OPEC levels and major buyers have delayed liftings in the hope they would improve, the sources said.
They expected low early March output to pick up towards the end of the month as buyers sought to fulfill their contractual obligations. |
NO | TRAIN | TRAINING-SET | 9,160 | 4,247 | 1987-03-12T10:26:49.070000 | [] | ['usa'] | [] | [] | [] | [] | null | LEWIS LEHRMAN TO JOIN MORGAN STANLEY <MS> | NEW YORK, March 12 - | Morgan Stanley Group Inc said Lewis E.
Lehrman will join the firm as senior advisor as a directory of
Morgan Stanley Asset Management.
It said Lehrman will concentrate on the growth and
development of Morgan Stanley's asset management business in
the U.S., Europe and Asia.
Lehrman, the former president and chairman of the executive
committee at Rite Aid Corpo <RAD>, ran against Mario Cuomo as
the Republican and Conservative Party Candidate for governor of
New York State in 1982.
Reuter
| Morgan Stanley Group Inc said Lewis E. Lehrman will join the firm as senior advisor as a directory of Morgan Stanley Asset Management.
It said Lehrman will concentrate on the growth and development of Morgan Stanley's asset management business in the U.S., Europe and Asia.
Lehrman, the former president and chairman of the executive committee at Rite Aid Corpo <RAD>, ran against Mario Cuomo as the Republican and Conservative Party Candidate for governor of New York State in 1982. |
NO | TRAIN | TRAINING-SET | 9,161 | 4,248 | 1987-03-12T10:27:50.310000 | [] | ['usa'] | [] | [] | [] | [] | null | PERLE SAID PREPARING TO ANNOUNCE RESIGNATION | WASHINGTON, March 12 - | Assistant Defense Secretary Richard
Perle is preparing to announce his resignation from the
Pentagon, possibly as early as today, Pentagon officials said.
The officials, who asked not to be identified, told Reuters
that Perle was expected to quit in order to become a private
defense consultant.
Perle, a staunch critic of U.S.-Soviet arms control
agreements and an influential spokesman for anti-Soviet
hardliners in and out of the Reagan Administration, has served
as assistant defense secretary for international security
policy since 1981.
Reuter
| Assistant Defense Secretary Richard Perle is preparing to announce his resignation from the Pentagon, possibly as early as today, Pentagon officials said.
The officials, who asked not to be identified, told Reuters that Perle was expected to quit in order to become a private defense consultant.
Perle, a staunch critic of U.S.-Soviet arms control agreements and an influential spokesman for anti-Soviet hardliners in and out of the Reagan Administration, has served as assistant defense secretary for international security policy since 1981. |
YES | TRAIN | TRAINING-SET | 9,162 | 4,249 | 1987-03-12T10:28:06.950000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | LEADER <LDCO> BUYS PETROSURANCE STAKE | COLUMBUS, Ohio, March 12 - | Leader Development Corp said it
has purchased 300,000 shares of convertible preferred stock in
<Petrosurance Inc> for 1,500,000 dlrs in cash and real estate.
Petrosurance specializes in property and casualty insurance
for the oil industry.
Leader said the stock is convertible into a Petrosurance
common. Leader said it already owns 12.5 pct of Petrorusrance
and conversion would give it about 45.0 pct.
The company said Petrosurance will use the sale proceeds to
support growth and improve the structure of its reinsurance
treaties to retain a larger part of premiums written.
Reuter
| Leader Development Corp said it has purchased 300,000 shares of convertible preferred stock in <Petrosurance Inc> for 1,500,000 dlrs in cash and real estate.
Petrosurance specializes in property and casualty insurance for the oil industry.
Leader said the stock is convertible into a Petrosurance common. Leader said it already owns 12.5 pct of Petrorusrance and conversion would give it about 45.0 pct.
The company said Petrosurance will use the sale proceeds to support growth and improve the structure of its reinsurance treaties to retain a larger part of premiums written. |
NO | TRAIN | TRAINING-SET | 9,163 | 4,250 | 1987-03-12T10:28:29.580000 | [] | ['usa'] | [] | [] | [] | [] | null | JAMESWAY <JMY> OPENS NEW STORE | LURAY, Va., March 12 - | Jamesway Corp said it has opened its
101st store, a 43,000 square foot unit in Luray, Va.
Reuter
| Jamesway Corp said it has opened its 101st store, a 43,000 square foot unit in Luray, Va. |
NO | TRAIN | TRAINING-SET | 9,164 | 4,251 | 1987-03-12T10:28:35.460000 | [] | ['usa'] | [] | [] | [] | [] | null | <TELCOM GENERAL CORP> PRESIDENT RESIGNS | SAN JOSE, Calif., March 12 - | Telcom General Corp, which
stopped operating a month ago, said Robert F. Friedman has
resigned as president, chief executive officer and a director.
Reuter
| Telcom General Corp, which stopped operating a month ago, said Robert F. Friedman has resigned as president, chief executive officer and a director. |
NO | TRAIN | TRAINING-SET | 9,165 | 4,252 | 1987-03-12T10:29:03.210000 | [] | ['usa'] | [] | [] | [] | [] | null | MONSANTO <MTC> RESPONDS TO CALL FOR LAWSUIT | SAUGET, ILL., March 12 - | Monsanto Corp said a call by the
Illinois Environmental Protection Agency requesting the
Illinois Attorney General file a lawsuit against the company is
"inappropriate and counterproductive."
The company said the suit seeks to force Monsanto to
replace the chlorosulphonic acid cooling system at its William
G. Krummrich plant in Sauget, Ill.
Monsanto said the basis for the agency's action was an
accident March Three in which the plant's acid unit experienced
an emission due to a failed expansion joint in the cooling
system.
Monsanto said when the environmental agency recommended
that the company replace the present cooling system, it
contacted the manufacturer of the system to seek outside
technical advice.
Monsanto said its analysis indicated that the present
system represents the safest technology for producing
chlorosulfonic acid, and removal of the system with expansion
joints would increase - not decrease - the chances of further
accidents.
Reuter
| Monsanto Corp said a call by the Illinois Environmental Protection Agency requesting the Illinois Attorney General file a lawsuit against the company is "inappropriate and counterproductive."
The company said the suit seeks to force Monsanto to replace the chlorosulphonic acid cooling system at its William G. Krummrich plant in Sauget, Ill.
Monsanto said the basis for the agency's action was an accident March Three in which the plant's acid unit experienced an emission due to a failed expansion joint in the cooling system.
Monsanto said when the environmental agency recommended that the company replace the present cooling system, it contacted the manufacturer of the system to seek outside technical advice.
Monsanto said its analysis indicated that the present system represents the safest technology for producing chlorosulfonic acid, and removal of the system with expansion joints would increase - not decrease - the chances of further accidents. |
YES | TRAIN | TRAINING-SET | 9,166 | 4,253 | 1987-03-12T10:32:34.220000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | FEDERAL REALTY INVESTMENT TRUST <FRT> IN PAYOUT | BETHESDA, Md., March 12 -
| Qtly div 27 cts vs 27 cts prior
Pay April 15
Record March 25
Reuter
| Qtly div 27 cts vs 27 cts prior
Pay April 15
Record March 25 |
NO | TRAIN | TRAINING-SET | 9,167 | 4,254 | 1987-03-12T10:35:25.810000 | [] | ['usa'] | [] | [] | [] | [] | null | BDM INTERNATIONAL <BDM> GETS AIR FORCE CONTRACT | MCLEAN, Va., March 12 - | BDM International Inc said it has
received a 26.7 mln dlr contract to provide operations,
maintenance and test support to the U.S. Air Force Weapons
Laboratory Nuclear Simulator Test Facilities at Kirtland Air
Force Base in Albuquerque.
The company said the contract covers a four-year peiod and
includes an option for another year.
Reuter
| BDM International Inc said it has received a 26.7 mln dlr contract to provide operations, maintenance and test support to the U.S. Air Force Weapons Laboratory Nuclear Simulator Test Facilities at Kirtland Air Force Base in Albuquerque.
The company said the contract covers a four-year peiod and includes an option for another year. |
YES | TRAIN | TRAINING-SET | 9,168 | 4,255 | 1987-03-12T10:38:23.370000 | ['retail'] | ['usa'] | [] | [] | [] | [] | null | WHITE HOUSE WELCOMES RETAIL SALES FIGURES | WASHINGTON, March 12 - | The White House welcomed the
February retail sales figures showing a 4.1 pct rise, following
a slow performance in January.
Spokesman Marlin Fitzwater told reporters: "The February
sales growth was broad-based and good news for the economy."
Commerce Department figures showed a larger than expected
rise following depressed levels of sales and factory orders in
January.
Reuter
| The White House welcomed the February retail sales figures showing a 4.1 pct rise, following a slow performance in January.
Spokesman Marlin Fitzwater told reporters: "The February sales growth was broad-based and good news for the economy."
Commerce Department figures showed a larger than expected rise following depressed levels of sales and factory orders in January. |
YES | TRAIN | TRAINING-SET | 9,169 | 4,256 | 1987-03-12T10:41:54.430000 | [] | ['usa', 'philippines'] | [] | [] | [] | [] | null | TREASURY OFFICIAL SAYS PHILIPPINE PACT VERY NEAR | NEW YORK, March 12 - | An agreement in the debt rescheduling
talks between the Philippines and its commercial bank advisory
committee seems to be close at hand, said David Mulford,
Assistant Secretary of the U.S. Treasury.
"The Philippines negotiations resumed in early March and
agreement now appears to be very near," Mulford told a debt
conference, organized by the Euromoney magazine.
Mulford gave no further details. He told reporters after
his speech that he had no information on the banks' response to
the Philippines' revised proposal, based on partial payment of
interest with investment notes instead of cash.
Progress in the Philippines talks, following recent
agreements with Mexico, Chile and Venezuela, will help to
dispel concerns of a new debt crisis, Mulford told the
conference.
However, he said there will continue to be difficulties and
periods of significant risk, requiring creative thinking on the
part of the banks.
In particular, he urged the banks to develop a "menu of
options for supporting debtor reforms as a means of maintaining
broad bank participation in new financing packages."
Mulford said the banks should be able to offer a range of
options to members of the lending syndicates, provided that the
liquidity value of the total transactions to the debtor nations
is equivalent to the banks' new money obligation.
He said it is more important to find ways of encouraging
banks to remain in the syndicates than to find ways of enabling
them to quit the lending groups.
Mulford said his menu of options could include more trade
credits, direct portfolio investments, debt/equity swaps,
project loans, co-financings and the invesmtent note concept,
which has been proposed by the Philippines.
Reuter
| An agreement in the debt rescheduling talks between the Philippines and its commercial bank advisory committee seems to be close at hand, said David Mulford, Assistant Secretary of the U.S. Treasury.
"The Philippines negotiations resumed in early March and agreement now appears to be very near," Mulford told a debt conference, organized by the Euromoney magazine.
Mulford gave no further details. He told reporters after his speech that he had no information on the banks' response to the Philippines' revised proposal, based on partial payment of interest with investment notes instead of cash.
Progress in the Philippines talks, following recent agreements with Mexico, Chile and Venezuela, will help to dispel concerns of a new debt crisis, Mulford told the conference.
However, he said there will continue to be difficulties and periods of significant risk, requiring creative thinking on the part of the banks.
In particular, he urged the banks to develop a "menu of options for supporting debtor reforms as a means of maintaining broad bank participation in new financing packages."
Mulford said the banks should be able to offer a range of options to members of the lending syndicates, provided that the liquidity value of the total transactions to the debtor nations is equivalent to the banks' new money obligation.
He said it is more important to find ways of encouraging banks to remain in the syndicates than to find ways of enabling them to quit the lending groups.
Mulford said his menu of options could include more trade credits, direct portfolio investments, debt/equity swaps, project loans, co-financings and the invesmtent note concept, which has been proposed by the Philippines. |
YES | TRAIN | TRAINING-SET | 9,170 | 4,257 | 1987-03-12T10:42:29.370000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | BEAUTICONTROL COSMETICS INC <BUTI> 1ST QTR NET | DALLAS, March 12 - | Qtr ends Feb 28
Shr 10 cts vs 17 cts
Net 411,275 vs 584,118
Revs 4,977,818 vs 4,714,581
Reuter
| Qtr ends Feb 28
Shr 10 cts vs 17 cts
Net 411,275 vs 584,118
Revs 4,977,818 vs 4,714,581 |
YES | TRAIN | TRAINING-SET | 9,171 | 4,258 | 1987-03-12T10:42:57.510000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | OLD DOMINION SYSTEMS INC <ODSI> 1ST QTR JAN 31 | GERMANTOWN, Md., March 12 -
| Shr loss 11 cts vs profit five cts
Net loss 279,726 vs profit 76,591
Revs 1,300,000 vs 2,200,000
Reuter
| Shr loss 11 cts vs profit five cts
Net loss 279,726 vs profit 76,591
Revs 1,300,000 vs 2,200,000 |
YES | TRAIN | TRAINING-SET | 9,172 | 4,259 | 1987-03-12T10:43:13.220000 | ['trade'] | ['sweden', 'south-africa'] | [] | [] | [] | [] | null | SWEDEN SETS OCTOBER DEADLINE FOR S.AFRICA BOYCOTT | STOCKHOLM, March 12 - | Sweden announced its promised program
of unilateral economic sanctions against South Africa and gave
firms an October deadline to cut trading links.
Foreign Trade Minister Anita Gradin said a trade boycott of
South Africa and neighbouring Namibia would take effect from
July 1, followed by a three-month period of grace to give
companies time to wind down their operations.
From October 1, no direct trade would be allowed in either
direction, with certain exceptions covering medical supplies
and printed matter, Gradin told a news conference.
She said exceptions would also be granted in cases where a
Swedish trade boycott would benefit South African firms and
disadvantage South Africa's black-ruled neighbours, the
front-line states.
Gradin cautioned that legislation upon which the boycott
would be based was not impossible to get round. She said a
parliamentary committee would investigate ways of closing some
of the bigger loopholes, including indirect trade with South
Africa via Swedish subsidiaries in third countries.
REUTER
| Sweden announced its promised program of unilateral economic sanctions against South Africa and gave firms an October deadline to cut trading links.
Foreign Trade Minister Anita Gradin said a trade boycott of South Africa and neighbouring Namibia would take effect from July 1, followed by a three-month period of grace to give companies time to wind down their operations.
From October 1, no direct trade would be allowed in either direction, with certain exceptions covering medical supplies and printed matter, Gradin told a news conference.
She said exceptions would also be granted in cases where a Swedish trade boycott would benefit South African firms and disadvantage South Africa's black-ruled neighbours, the front-line states.
Gradin cautioned that legislation upon which the boycott would be based was not impossible to get round. She said a parliamentary committee would investigate ways of closing some of the bigger loopholes, including indirect trade with South Africa via Swedish subsidiaries in third countries. |
NO | TRAIN | TRAINING-SET | 9,173 | 4,260 | 1987-03-12T10:43:27.430000 | [] | ['usa'] | [] | [] | [] | [] | null | GENERAL BUILDING INITIAL SHARE OFFER UNDER WAY | NEW YORK, March 12 - | <General Building Products Corp> is
offering one mln shares of stock at 11 dlrs a share, said
co-managing underwriters, PaineWebber Inc and Ladenburg
Thalmann and Co Inc.
Proceeds from the offering will be used to repay short-term
debt, to finance the opening of new locations and as working
capital, they said.
The company, headquarted in Medford, N.Y., sells lumber and
building supplies to building contractors and, through retail
outlets, to consumers.
Reuter
| <General Building Products Corp> is offering one mln shares of stock at 11 dlrs a share, said co-managing underwriters, PaineWebber Inc and Ladenburg Thalmann and Co Inc.
Proceeds from the offering will be used to repay short-term debt, to finance the opening of new locations and as working capital, they said.
The company, headquarted in Medford, N.Y., sells lumber and building supplies to building contractors and, through retail outlets, to consumers. |
YES | TRAIN | TRAINING-SET | 9,174 | 4,261 | 1987-03-12T10:49:56.740000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | FIDELITY NATIONAL FINANCIAL INC <FNF> 1ST QTR | SCOTTSDALE, Ariz., March 12 - | Jan 31 end
Shr profit 49 cts vs loss not given
Net profit 1,360,000 vs loss 241,000
Revs 20.8 mln vs 14.3 mln
Avg shrs 2,760,000 vs 1,970,000
Reuter
| Jan 31 end
Shr profit 49 cts vs loss not given
Net profit 1,360,000 vs loss 241,000
Revs 20.8 mln vs 14.3 mln
Avg shrs 2,760,000 vs 1,970,000 |
YES | TRAIN | TRAINING-SET | 9,175 | 4,262 | 1987-03-12T10:51:09.060000 | [] | ['france'] | [] | [] | [] | [] | null | FRANCE'S CENCEP ISSUES 1.9 BILLION FRANC BOND | PARIS, March 12 - | Centre National des Caisses d'Epargne et
de Prevoyance (CENCEP) said it is issuing a 1.9 billion franc
two-tranche, 12-year domestic bond led by Caisse des Depots et
Consignations.
One 1.3 billion franc tranche of 5,000 franc bonds will
have a fixed rate of 8.70 pct and issue price of 96.30 pct. A
600 mln franc tranche of 5,000 franc bonds will carry interest
of nine pct in the first year and then will have interest based
on 90 pct of average bond market yields (TMO) with a guaranteed
minimum of 5.5 pct. Issue price is 97.16 pct.
Payment date for both non-callable tranches is April 6.
REUTER
| Centre National des Caisses d'Epargne et de Prevoyance (CENCEP) said it is issuing a 1.9 billion franc two-tranche, 12-year domestic bond led by Caisse des Depots et Consignations.
One 1.3 billion franc tranche of 5,000 franc bonds will have a fixed rate of 8.70 pct and issue price of 96.30 pct. A 600 mln franc tranche of 5,000 franc bonds will carry interest of nine pct in the first year and then will have interest based on 90 pct of average bond market yields (TMO) with a guaranteed minimum of 5.5 pct. Issue price is 97.16 pct.
Payment date for both non-callable tranches is April 6. |
NO | TRAIN | TRAINING-SET | 9,176 | 4,263 | 1987-03-12T10:56:27.160000 | [] | ['usa'] | [] | [] | [] | [] | null | HERLEY MICROWAVE <HRLY> WINS CONTRACTS | LANDCASTER, Penn., March 12 - | Herley Microwave Systems Inc
said it won a series of contract additions and new awards worth
7.7 mln dlrs.
It said the contracts were from the U.S. Navy and Airforce,
Martin Marietta Corp <ML>, and Northrop Corp <NOC>. The orders
are scheduled to be delivered in 1987 and early 1988.
The company said its Jan 31 backlog was 20 mln dlrs against
21 mln dlrs a year ago.
Reuter
| Herley Microwave Systems Inc said it won a series of contract additions and new awards worth 7.7 mln dlrs.
It said the contracts were from the U.S. Navy and Airforce, Martin Marietta Corp <ML>, and Northrop Corp <NOC>. The orders are scheduled to be delivered in 1987 and early 1988.
The company said its Jan 31 backlog was 20 mln dlrs against 21 mln dlrs a year ago. |
YES | TRAIN | TRAINING-SET | 9,177 | 4,264 | 1987-03-12T10:58:25.020000 | [] | ['usa'] | [] | [] | [] | [] | null | SHOWBOAT <SBO> UNIT SELLS MORTGAGE-BACKED BONDS | NEW YORK, March 12 - | Ocean Showboat Finance Corp, a unit of
Showboat Inc, is raising 180 mln dlrs through an offering of
mortgage-backed bonds due 2002 with an 11-3/8 pct coupon and
par pricing, said sole manager Donaldson, Lufkin and Jenrette
Securities Corp.
Moody's Investors Service Inc rates the bonds B-1 and
Standard and Poor's Corp rates them B-plus.
Reuter
| Ocean Showboat Finance Corp, a unit of Showboat Inc, is raising 180 mln dlrs through an offering of mortgage-backed bonds due 2002 with an 11-3/8 pct coupon and par pricing, said sole manager Donaldson, Lufkin and Jenrette Securities Corp.
Moody's Investors Service Inc rates the bonds B-1 and Standard and Poor's Corp rates them B-plus. |
NO | TRAIN | TRAINING-SET | 9,178 | 4,265 | 1987-03-12T10:58:29.200000 | [] | ['usa', 'uk'] | [] | [] | [] | [] | null | VITRONICS <VITX> PLANS BRITISH PLANT | NEWMARKET, N.H., March 12 - | Vitronics Corp said it plans to
establish a plant in Plymouth, England, to serve European
customers.
Reuter
| Vitronics Corp said it plans to establish a plant in Plymouth, England, to serve European customers. |
YES | TRAIN | TRAINING-SET | 9,179 | 4,266 | 1987-03-12T10:59:05.960000 | ['earn'] | ['uk'] | [] | [] | [] | [] | null | BRITISH TELECOM CAUTIOUS ON EARNINGS PROSPECTS | LONDON, March 12 - | British Telecommunications Plc's <BTY.L>
profit growth prospects for the coming years will be reduced by
increasing competition and continued costs for replacing old
telephone systems, deputy chairman Graeme Odgers said.
Speaking at a news conference on the third quarter results
which were released earlier today, Odgers said the company
faced heavy costs for installing new digital telephone systems
in Britain for three to five years.
He said <Mercury Communications Ltd>, a Cable and Wireless
Plc <CAWL.L> subsidiary, was becoming a significant competitor.
Odgers said Mercury was seeking to make inroads into some
of British Telecom's most profitable areas.
One company official privately estimated that British
Telecom still had a 99 pct share of the U.K. Telecommunications
market but feared that this could slip to 95 or 90 pct.
The recent two-and-a-half-week engineering strike, which
lead to some disruption in service, could well have encouraged
clients to consider using the Mercury system, Odgers said.
However, he forecast that the last quarter's results
overall should not be adversely affected by the walkout.
He calculated salary savings as a result of the strike at
50 mln stg and while loss of income on telephone calls should
be limited revenue probably dropped on peripheral activities.
But on balance Odgers said that group's financial strength,
economies of scale and the fact that it operates in a growth
industry will help produce annual profit increases for the
forseeable future.
British Telecom will also seek to expand into
manufacturing, he said, adding that research and development
expenditure will rise both in terms of value and compared with
the current proportion of two pct of overall turnover.
Analysts said the company's downbeat forecasts helped
shares dip to 242p in mid-afternoon, down 4p from yesterday's
close and off an early high of 248p.
Philip Augar of stockbrokers Wood Mackenzie and Co Ltd said
the market expects slower profit growth, but forecast a seven
to eight pct rise in both earnings per share and pretax profit
over the next two years. In the 1985/86 financial year, pre-tax
profit rose to 1.81 billion stg from 1.48 billion.
Augar noted that a government-imposed formula linking
charges to inflation meant that the company's scope for raising
prices was limited as long as inflation remains low.
Reuter
| British Telecommunications Plc's <BTY.L> profit growth prospects for the coming years will be reduced by increasing competition and continued costs for replacing old telephone systems, deputy chairman Graeme Odgers said.
Speaking at a news conference on the third quarter results which were released earlier today, Odgers said the company faced heavy costs for installing new digital telephone systems in Britain for three to five years.
He said <Mercury Communications Ltd>, a Cable and Wireless Plc <CAWL.L> subsidiary, was becoming a significant competitor.
Odgers said Mercury was seeking to make inroads into some of British Telecom's most profitable areas.
One company official privately estimated that British Telecom still had a 99 pct share of the U.K. Telecommunications market but feared that this could slip to 95 or 90 pct.
The recent two-and-a-half-week engineering strike, which lead to some disruption in service, could well have encouraged clients to consider using the Mercury system, Odgers said.
However, he forecast that the last quarter's results overall should not be adversely affected by the walkout.
He calculated salary savings as a result of the strike at 50 mln stg and while loss of income on telephone calls should be limited revenue probably dropped on peripheral activities.
But on balance Odgers said that group's financial strength, economies of scale and the fact that it operates in a growth industry will help produce annual profit increases for the forseeable future.
British Telecom will also seek to expand into manufacturing, he said, adding that research and development expenditure will rise both in terms of value and compared with the current proportion of two pct of overall turnover.
Analysts said the company's downbeat forecasts helped shares dip to 242p in mid-afternoon, down 4p from yesterday's close and off an early high of 248p.
Philip Augar of stockbrokers Wood Mackenzie and Co Ltd said the market expects slower profit growth, but forecast a seven to eight pct rise in both earnings per share and pretax profit over the next two years. In the 1985/86 financial year, pre-tax profit rose to 1.81 billion stg from 1.48 billion.
Augar noted that a government-imposed formula linking charges to inflation meant that the company's scope for raising prices was limited as long as inflation remains low. |
YES | TRAIN | TRAINING-SET | 9,180 | 4,267 | 1987-03-12T10:59:14.450000 | ['coffee'] | ['brazil'] | [] | ['ico-coffee'] | [] | [] | null | NO NEAR TERM BRAZIL COFFEE MOVES EXPECTED | RIO DE JANEIRO, March 12 - | The Brazilian Coffee Institute,
IBC, is unlikely to disclose its future export policy until the
end of next week at the earliest, trade sources said.
IBC president Jorio Dauster is meeting government
ministers, producers, exporters and market analysts to assess
Brazil's position in the light of the failure of talks in
London earlier this month to set new International Coffee
Organization, ICO, export quotas.
"The failure of the talks means Brazil has got to rethink
its position completely," one Santos exporter said.
A meeting of the National Coffee Policy Council is set for
Thursday, March 19, and Dauster will almost certainly explain
his plan to members then before announcing any new measures.
Dauster told reporters on his return from London last week
that no decisions would be made on exports before he had held
talks with all sectors of the industry.
Exporters said Dauster is not under any great pressure to
start marketing coffee immediately. World prices have been
recovering from the lows which followed the collapse of the ICO
talks and Brazil has sold a reasonable 5.5 mln bags of 60 kilos
for export in the first four months of this year.
The exporters said the key factor in the eventual opening
of May and June export registrations will be the amount at
which the contribution quota is set.
With little expectation of other sales incentive mechanisms
such as discounts, bonuses and price fall guarantees being
introduced, the level of the quota will be decisive in
determining the competitiveness of Brazilian coffee on world
markets, they said.
They noted that on February 16, the eve of a planned
increase in the quota, April registrations were opened and
closed after 1.68 mln bags were registered for export, a record
amount for a single day.
If May/June registrations are opened under similar
conditions as before, Brazil would have no difficulty in
selling at least 2.0 mln bags per month.
"The problem would be how to limit sales," one exporter said.
Brazil's present foreign trade and payments problems mean
there are pressures from the government to boost exports to
maximise foreign exchange earnings.
However, the sources said they expect the IBC to adopt a
marketing strategy aimed at regaining Brazil's dominant
position as an exporter, but without causing a price war.
General opinion among exporters was that Brazil would plan
to export between 17 and 18 mln bags this year of which between
1.5 and 2.0 mln would be to non-members of the ICO.
The 15.5 mln to 16 mln bags sold to members would be around
the figure Brazil had offered to ship if ICO quotas were
reintroduced, although Dauster has said this offer expired with
the breakdown of talks.
With the prospects of a crop of at least 28 mln bags this
year, Brazil has the capacity to export up to 20 mln bags after
meeting local consumption of around 7.0 mln, the sources added.
However, the sources said Brazil is unlikely even to
consider exporting such quantities, as this would almost
inevitably lead to a fall in world prices as Brazil tried to
encroach on other producers' markets.
Maximum export earnings would be achieved by orderly
marketing of traditional amounts, thus re-establishing Brazil's
market share after last year's unusually low exports of 9.9 mln
bags, enabling it to rebuild stocks and maintaining cordial
relations with the producer group which backed Brazil's stance
at the ICO talks, they added.
Reuter
| The Brazilian Coffee Institute, IBC, is unlikely to disclose its future export policy until the end of next week at the earliest, trade sources said.
IBC president Jorio Dauster is meeting government ministers, producers, exporters and market analysts to assess Brazil's position in the light of the failure of talks in London earlier this month to set new International Coffee Organization, ICO, export quotas.
"The failure of the talks means Brazil has got to rethink its position completely," one Santos exporter said.
A meeting of the National Coffee Policy Council is set for Thursday, March 19, and Dauster will almost certainly explain his plan to members then before announcing any new measures.
Dauster told reporters on his return from London last week that no decisions would be made on exports before he had held talks with all sectors of the industry.
Exporters said Dauster is not under any great pressure to start marketing coffee immediately. World prices have been recovering from the lows which followed the collapse of the ICO talks and Brazil has sold a reasonable 5.5 mln bags of 60 kilos for export in the first four months of this year.
The exporters said the key factor in the eventual opening of May and June export registrations will be the amount at which the contribution quota is set.
With little expectation of other sales incentive mechanisms such as discounts, bonuses and price fall guarantees being introduced, the level of the quota will be decisive in determining the competitiveness of Brazilian coffee on world markets, they said.
They noted that on February 16, the eve of a planned increase in the quota, April registrations were opened and closed after 1.68 mln bags were registered for export, a record amount for a single day.
If May/June registrations are opened under similar conditions as before, Brazil would have no difficulty in selling at least 2.0 mln bags per month.
"The problem would be how to limit sales," one exporter said.
Brazil's present foreign trade and payments problems mean there are pressures from the government to boost exports to maximise foreign exchange earnings.
However, the sources said they expect the IBC to adopt a marketing strategy aimed at regaining Brazil's dominant position as an exporter, but without causing a price war.
General opinion among exporters was that Brazil would plan to export between 17 and 18 mln bags this year of which between 1.5 and 2.0 mln would be to non-members of the ICO.
The 15.5 mln to 16 mln bags sold to members would be around the figure Brazil had offered to ship if ICO quotas were reintroduced, although Dauster has said this offer expired with the breakdown of talks.
With the prospects of a crop of at least 28 mln bags this year, Brazil has the capacity to export up to 20 mln bags after meeting local consumption of around 7.0 mln, the sources added.
However, the sources said Brazil is unlikely even to consider exporting such quantities, as this would almost inevitably lead to a fall in world prices as Brazil tried to encroach on other producers' markets.
Maximum export earnings would be achieved by orderly marketing of traditional amounts, thus re-establishing Brazil's market share after last year's unusually low exports of 9.9 mln bags, enabling it to rebuild stocks and maintaining cordial relations with the producer group which backed Brazil's stance at the ICO talks, they added. |
NO | TRAIN | TRAINING-SET | 9,181 | 4,268 | 1987-03-12T11:01:28.460000 | [] | ['usa'] | ['reagan'] | [] | [] | [] | null | REAGAN SENDS CONGRESS FEDERAL CREDIT REFORM BILL | WASHINGTON, March 12 - | The White House said President
Reagan would send to Congress today proposed legislation
providing for sweeping reform of the budgetary treatment of the
federal credit program.
Called the Federal Credit Reform Act of 1987, the proposal
consists of a package of legislation and accompanying budget
amendments, said White House spokesman Marlin Fitzwater.
He noted that in fiscal 1986 the federal government
disbursed 42 billion dlrs in new direct loans and guaranteed
loans totalling 159 billion dlrs.
Under the reform bill, Fitzwater said the subsidy element
in direct loan and guaranteed loan programs would be
established and Congress would appropriate the amount of the
subsidy to the lending agency.
"This is kind of a truth in spending reform package,"
Fitzwater said.
Reuter
| The White House said President Reagan would send to Congress today proposed legislation providing for sweeping reform of the budgetary treatment of the federal credit program.
Called the Federal Credit Reform Act of 1987, the proposal consists of a package of legislation and accompanying budget amendments, said White House spokesman Marlin Fitzwater.
He noted that in fiscal 1986 the federal government disbursed 42 billion dlrs in new direct loans and guaranteed loans totalling 159 billion dlrs.
Under the reform bill, Fitzwater said the subsidy element in direct loan and guaranteed loan programs would be established and Congress would appropriate the amount of the subsidy to the lending agency.
"This is kind of a truth in spending reform package," Fitzwater said. |
NO | TRAIN | TRAINING-SET | 9,182 | 4,269 | 1987-03-12T11:09:17.070000 | [] | ['usa', 'taiwan'] | [] | [] | [] | [] | null | FOSTER WHEELER <FWC> UNIT SIGNS 90 MLN DLR PACT | LIVINGSTON, N.J., March 12 - | Foster Wheeler Corp said its
energy subsidiary signed a 90 mln dlr contract to design,
engineer and construct two 550 mega-watt steam generators to be
installed at the new Taichung Fossil Power project of Taiwan
Power Co, Taiwan.
The contract also includes an option for two additional 550
mega-watt units for the same site, the company said.
Taiwan Power Co's long range plans call for the
installation of a total of eight units at the station.
Commercial operation of the two units is scheduled for June
and December 1991, respectively, the company added.
Reuter
| Foster Wheeler Corp said its energy subsidiary signed a 90 mln dlr contract to design, engineer and construct two 550 mega-watt steam generators to be installed at the new Taichung Fossil Power project of Taiwan Power Co, Taiwan.
The contract also includes an option for two additional 550 mega-watt units for the same site, the company said.
Taiwan Power Co's long range plans call for the installation of a total of eight units at the station.
Commercial operation of the two units is scheduled for June and December 1991, respectively, the company added. |
YES | TRAIN | TRAINING-SET | 9,183 | 4,270 | 1987-03-12T11:10:37.710000 | [] | ['usa'] | [] | [] | [] | [] | null | FIELDCREST <FLD> SELLS CONVERTIBLE DEBENTURES | NEW YORK, March 12 - | Fieldcrest Cannon Inc is raising 110
mln dlrs through an offering of convertible subordinated
debentures due 2012 with a six pct coupon and par pricing, said
sole underwriter Kidder, Peabody and Co Inc.
The debentures are convertible into the company's common
stock at 44.25 dlrs per share, representing a premium of 26.43
pct over the stock price when terms on the debt were set.
Non-callable for two years, the debt is rated Ba-2 by
Moody's Investors Service Inc and BB-minus by Standard and
Poor's Corp. The issue was increased from an initial offering
of 100 mln dlrs because of investor demand.
Reuter
| Fieldcrest Cannon Inc is raising 110 mln dlrs through an offering of convertible subordinated debentures due 2012 with a six pct coupon and par pricing, said sole underwriter Kidder, Peabody and Co Inc.
The debentures are convertible into the company's common stock at 44.25 dlrs per share, representing a premium of 26.43 pct over the stock price when terms on the debt were set.
Non-callable for two years, the debt is rated Ba-2 by Moody's Investors Service Inc and BB-minus by Standard and Poor's Corp. The issue was increased from an initial offering of 100 mln dlrs because of investor demand. |
YES | TRAIN | TRAINING-SET | 9,184 | 4,271 | 1987-03-12T11:10:50.560000 | [] | ['uk'] | [] | [] | [] | [] | null | NORSK HYDRO ISSUES 100 MLN DLR BOND | London, March 12 - | Norsk Hydro is issuing a 100 mln dlr
bond due April 9, 1997 carrying a coupon of 8-1/4 pct and
priced at 101-5/8, said Swiss Bank Corp International as lead
manager.
The issue is non-callable and will be listed on the London
Stock Exchange. Payment date is April 9.
Fees for the issue include a 1-1/4 pct selling concession
and a 3/4 pct combined management and underwriting fee.
The securities are available in denominations of 5,000 dlrs
each. They are priced to yield 97 basis points over 10-year
U.S. Treasury notes.
REUTER
| Norsk Hydro is issuing a 100 mln dlr bond due April 9, 1997 carrying a coupon of 8-1/4 pct and priced at 101-5/8, said Swiss Bank Corp International as lead manager.
The issue is non-callable and will be listed on the London Stock Exchange. Payment date is April 9.
Fees for the issue include a 1-1/4 pct selling concession and a 3/4 pct combined management and underwriting fee.
The securities are available in denominations of 5,000 dlrs each. They are priced to yield 97 basis points over 10-year U.S. Treasury notes. |
YES | TRAIN | TRAINING-SET | 9,185 | 4,272 | 1987-03-12T11:10:57.840000 | [] | ['usa'] | [] | [] | [] | [] | null | PHILADELPHIA ELECTRIC <PE> TO SELL BONDS | NEW YORK, March 12 - | Philadelphia Electric Co said it filed
with the Securities and Exchange Commission a shelf
registration statement covering up to 250 mln dlrs of first and
refunding mortgage bonds.
Proceeds will be used for the company's construction
program and to reduce short-term debt that may be incurred from
time to time for interim financing of such building,
Philadelphia Electric said.
Reuter
| Philadelphia Electric Co said it filed with the Securities and Exchange Commission a shelf registration statement covering up to 250 mln dlrs of first and refunding mortgage bonds.
Proceeds will be used for the company's construction program and to reduce short-term debt that may be incurred from time to time for interim financing of such building, Philadelphia Electric said. |
YES | TRAIN | TRAINING-SET | 9,186 | 4,273 | 1987-03-12T11:11:23.380000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | TENNEY ENGINEERING INC <TNY> 4TH QTR NET | UNION, N.J., March 12 -
| Shr two cts vs nine cts
Net 86,469 vs 325,937
Revs 5,119,637 vs 6,390,995
12 mths
Shr 10 cts vs 33 cts
Net 354,820 vs 1,148,476
Revs 21.2 mln vs 23.2 mln
Reuter
| Shr two cts vs nine cts
Net 86,469 vs 325,937
Revs 5,119,637 vs 6,390,995
12 mths
Shr 10 cts vs 33 cts
Net 354,820 vs 1,148,476
Revs 21.2 mln vs 23.2 mln |
NO | TRAIN | TRAINING-SET | 9,187 | 4,274 | 1987-03-12T11:11:32.890000 | [] | ['usa'] | [] | [] | [] | [] | null | MEDIZONE INTERNATIONAL INC AQUIRES PATENT | NEW YORK, March 12 - | <Medizone International Inc> said it
acquired a patent that covers procedures for the use of the
Medizone Therapy in deactivating certain viruses commonly
associated with AIDS, hepatitis and herpes.
The company said the patent covers procedures for the
deactivation of the viruses in human and animal blood, and the
treatment of stored blood prior to transfusion.
Medizone said the acquisition is seen as a significant step
to enhance the company's proprietory position.
The company said the patent was acquired from an unnamed
company involved in medical research and development for one
million shares of its common stock.
Reuter
| <Medizone International Inc> said it acquired a patent that covers procedures for the use of the Medizone Therapy in deactivating certain viruses commonly associated with AIDS, hepatitis and herpes.
The company said the patent covers procedures for the deactivation of the viruses in human and animal blood, and the treatment of stored blood prior to transfusion.
Medizone said the acquisition is seen as a significant step to enhance the company's proprietory position.
The company said the patent was acquired from an unnamed company involved in medical research and development for one million shares of its common stock. |
YES | TRAIN | TRAINING-SET | 9,188 | 4,275 | 1987-03-12T11:11:40.830000 | ['money-fx', 'interest'] | ['usa'] | [] | [] | [] | [] | null | FED NOT EXPECTED TO ADD RESERVES | NEW YORK, March 12 - | The Federal Reserve is not expected to
intervene in the government securities market today, several
economists said.
They said the Fed does not have a much of an adding need
this week and may wait until tomorrow or Monday before
supplying reserves.
But a few economists said there was an outside chance that
the Fed may inject reserves indirectly via a small round of
customer repurchase agreements.
Federal funds hovered at 6-1/8 pct this morning after
averaging 6.32 pct yesterday.
Reuter
| The Federal Reserve is not expected to intervene in the government securities market today, several economists said.
They said the Fed does not have a much of an adding need this week and may wait until tomorrow or Monday before supplying reserves.
But a few economists said there was an outside chance that the Fed may inject reserves indirectly via a small round of customer repurchase agreements.
Federal funds hovered at 6-1/8 pct this morning after averaging 6.32 pct yesterday. |
YES | TRAIN | TRAINING-SET | 9,189 | 4,276 | 1987-03-12T11:11:45.550000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | MODERN CONTROLS INC <MOCON> 4TH QTR NET | MINNEAPOLIS, March 12 -
| Shr 10 cts vs 11 cts
Net 226,000 vs 236,000
Sales 1.3 mln vs 1.5 mln
Year
Shr 38 cts vs 45 cts
Net 819,000 vs 1,001,000
Sales 5.8 mln vs 6.4 mln
Reuter
| Shr 10 cts vs 11 cts
Net 226,000 vs 236,000
Sales 1.3 mln vs 1.5 mln
Year
Shr 38 cts vs 45 cts
Net 819,000 vs 1,001,000
Sales 5.8 mln vs 6.4 mln |
YES | TRAIN | TRAINING-SET | 9,190 | 4,277 | 1987-03-12T11:15:00.060000 | ['acq'] | ['usa'] | [] | [] | [] | [] | null | INSTINET <INET> SETS MEETING ON MERGER | NEW YORK, March 12 - | Instinet Corp said its board has
scheduled a special shareholders' meeting for May 21 to vote on
its proposed merger into Reuters Holdings PLC <RTRSY>.
It said shareholders of record as of April 10 will be
eligible to vote at the meeting.
Instinet said the meeting date is subject to adjustment,
based on the length of time needed for the U.S. Securities and
Exchange Commission to complete its review of the filing of
merger proxy materials, which Instinet expects to make before
the end of March.
Instinet said the filing of the preliminary merger proxy
materials is tied to the finalization of audited financial
statements of Instinet and Reuters for 1986.
Under a merger agreement entered into in November, Reuters
tendered for up to 5.10 mln Instinet common shares, or about 45
pct of those not already owned by Reuters. As a result of the
tender, Reuters now owns about 49 pct of Instinet shares.
In the merger, holders of remaining Instinet shares will
receive 8.50 dlrs of Reuters American Depositary Shares for
each Instinet share.
The ADS's will be valued at the average of their closing
prices in the 10 trading days before the effective date of the
merger.
Instinet said it expects the merger to become effective as
soon as possible after shareholder approval at the special
meeting.
Reuter
| Instinet Corp said its board has scheduled a special shareholders' meeting for May 21 to vote on its proposed merger into Reuters Holdings PLC <RTRSY>.
It said shareholders of record as of April 10 will be eligible to vote at the meeting.
Instinet said the meeting date is subject to adjustment, based on the length of time needed for the U.S. Securities and Exchange Commission to complete its review of the filing of merger proxy materials, which Instinet expects to make before the end of March.
Instinet said the filing of the preliminary merger proxy materials is tied to the finalization of audited financial statements of Instinet and Reuters for 1986.
Under a merger agreement entered into in November, Reuters tendered for up to 5.10 mln Instinet common shares, or about 45 pct of those not already owned by Reuters. As a result of the tender, Reuters now owns about 49 pct of Instinet shares.
In the merger, holders of remaining Instinet shares will receive 8.50 dlrs of Reuters American Depositary Shares for each Instinet share.
The ADS's will be valued at the average of their closing prices in the 10 trading days before the effective date of the merger.
Instinet said it expects the merger to become effective as soon as possible after shareholder approval at the special meeting. |
YES | TRAIN | TRAINING-SET | 9,191 | 4,278 | 1987-03-12T11:15:40.770000 | ['grain', 'wheat'] | [] | [] | ['ec'] | [] | [] | BRIEF | EC GRANTS 5,000 TONNES SOFT WHEAT EXPORT LICENCES AT 134.75 ECU REBATE - BRUSSELS TRADE
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,192 | 4,279 | 1987-03-12T11:15:50.350000 | ['earn'] | [] | [] | [] | [] | [] | BRIEF | DAYTON HUDSON CORP 4TH QTR OPER SHR 1.24 DLRS VS 1.55 DLRS
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,193 | 4,280 | 1987-03-12T11:18:08.440000 | ['grain', 'barley'] | [] | [] | ['ec'] | [] | [] | BRIEF | EC GRANTS LICENCES FOR 35,000 TONNES BARLEY AT 137.35 ECUS REBATE - BRUSSELS TRADE
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,194 | 4,281 | 1987-03-12T11:18:44.850000 | ['acq'] | [] | [] | [] | [] | [] | BRIEF | UNION PACIFIC SAYS WILL SIGN PACT IN CARACAS ON MARCH 17 FOR SALE OF HALF ITS CORPUS CHRISTI REFINERY
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,195 | 4,282 | 1987-03-12T11:19:39.660000 | ['acq'] | [] | [] | [] | [] | [] | BRIEF | CYACQ OFFERS TO RAISE CYCLOPS BUYOUT TO 92.50 DLRS/SHR FROM 80 DLRS
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,196 | 4,283 | 1987-03-12T11:20:03 | [] | ['switzerland'] | [] | [] | [] | [] | null | SWISS REGIONAL BANKS SET TWO BONDS | ZURICH, March 12 - | The Issuing Centre of the Swiss Regional
Banks said it is launching two bond issues of 90 mln and 58 mln
Swiss francs.
The 90 mln franc 1987/95 issue has a coupon of 4-1/2 pct
and issue price of 99.75 pct, while the 58 mln franc 1987/97
issue has a coupon of 4-5/8 pct and issue price of 99.75 pct.
Subscriptions close March 25. The funds will be partly used
to repay a 45 mln franc bond maturing on April 15.
REUTER
| The Issuing Centre of the Swiss Regional Banks said it is launching two bond issues of 90 mln and 58 mln Swiss francs.
The 90 mln franc 1987/95 issue has a coupon of 4-1/2 pct and issue price of 99.75 pct, while the 58 mln franc 1987/97 issue has a coupon of 4-5/8 pct and issue price of 99.75 pct.
Subscriptions close March 25. The funds will be partly used to repay a 45 mln franc bond maturing on April 15. |
YES | TRAIN | TRAINING-SET | 9,197 | 4,284 | 1987-03-12T11:20:19.110000 | ['acq'] | [] | [] | [] | [] | [] | BRIEF | WASTE MANAGEMENT SAYS WAITING PERIOD ENDS ON ITS CHEMLAWN BID
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,198 | 4,285 | 1987-03-12T11:21:32.110000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | PETRIE STORES CORP <PST> REGULAR PAYOUT | SECAUCUS, N.J., March 12 -
| Qtrly div 17.5 cts vs 17.5 cts prior
Pay April 20
Record April 2
Reuter
| Qtrly div 17.5 cts vs 17.5 cts prior
Pay April 20
Record April 2 |
YES | TRAIN | TRAINING-SET | 9,199 | 4,286 | 1987-03-12T11:24:43.840000 | ['earn'] | ['netherlands'] | [] | [] | [] | [] | null | UNILEVER FRAGRANCE UNIT HAS LOWER 1986 EARNINGS | NAARDEN, Netherlands, March 12 - | The flavours and
fragrances firm <Naarden International N.V.>, acquired by
Anglo-Dutch food and detergents group Unilever Plc N.V. <UN.AS>
last year, said net profits for 1986 fell 11.4 pct to 19.5 mln
guilders.
Naarden said earnings were hit by the fall in the value of
both the dollar and sterling, noting the figure was in line
with prior expectations. Net profit was 22.0 mln guilders in
1985.
Earnings per share fell to 4.64 guilders from 5.48 in 1985
on turnover of 627.8 mln, down from 662.6 mln. Naarden set a
cash dividend of 1.80 guilders, unchanged from last year but
without last year's share option for payment.
Reuter
| The flavours and fragrances firm <Naarden International N.V.>, acquired by Anglo-Dutch food and detergents group Unilever Plc N.V. <UN.AS> last year, said net profits for 1986 fell 11.4 pct to 19.5 mln guilders.
Naarden said earnings were hit by the fall in the value of both the dollar and sterling, noting the figure was in line with prior expectations. Net profit was 22.0 mln guilders in 1985.
Earnings per share fell to 4.64 guilders from 5.48 in 1985 on turnover of 627.8 mln, down from 662.6 mln. Naarden set a cash dividend of 1.80 guilders, unchanged from last year but without last year's share option for payment. |
NO | TRAIN | TRAINING-SET | 9,200 | 4,287 | 1987-03-12T11:26:10.770000 | [] | ['usa'] | [] | [] | [] | [] | null | HOUSE SUBCOMMITTEE POSTPONES FSLIC ACTION | WASHINGTON, March 12 - | The financial institutions
subcommittee of the House Banking Committee postponed
indefinitely a session to draft legislation on the Federal
Savings and Loan Insurance Corp, FSLIC.
The mark-up session was postponed after Democrats on the
subcommittee failed in a caucus to agree on several issues,
including the size of a financial rescue package for FSLIC, a
committee staff member said.
On Tuesday, the Senate Banking Committee passed a bill to
recapitalize FSLIC at 7.5 billion dlrs over two years.
Reuter
| The financial institutions subcommittee of the House Banking Committee postponed indefinitely a session to draft legislation on the Federal Savings and Loan Insurance Corp, FSLIC.
The mark-up session was postponed after Democrats on the subcommittee failed in a caucus to agree on several issues, including the size of a financial rescue package for FSLIC, a committee staff member said.
On Tuesday, the Senate Banking Committee passed a bill to recapitalize FSLIC at 7.5 billion dlrs over two years. |
YES | TRAIN | TRAINING-SET | 9,201 | 4,288 | 1987-03-12T11:28:34.140000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | EAGLE-PITCHER INDUSTRIES INC <EPI> 1ST QTR NET | CINCINNATI, March 12 -
| Shr 81 cts vs 81 cts
Net 8,750,024 vs 7,772,932
Revs 157.6 mln vs 162.4 mln
Avg shrs 10.8 mln vs 9.6 mln
Reuter
| Shr 81 cts vs 81 cts
Net 8,750,024 vs 7,772,932
Revs 157.6 mln vs 162.4 mln
Avg shrs 10.8 mln vs 9.6 mln |
YES | TRAIN | TRAINING-SET | 9,202 | 4,289 | 1987-03-12T11:33:29.550000 | ['grain', 'corn'] | ['portugal'] | [] | [] | [] | [] | null | PORTUGAL GRAIN AGENCY BARRED FROM IMPORT TENDERS | LISBON, March 12 - | A Portuguese court has made a
preliminary ruling that the state grain buying agency EPAC
should not be allowed to take part in public import tenders
open to private importers, grain traders and officials said.
Under the terms of Portugal's January 1986 accession to the
European Community, EC, a grain import monopoly held by EPAC
(Empresa Publica de Abastecimento de Cereais) is being reduced
by 20 pct annually until all imports are liberalised in 1990.
Private traders protested last year that EPAC was being
permitted to take part in tenders open to them for the first
liberalised 20 pct share of the country's annual import needs.
The grain and oilseed importers association ACICO opened legal
proceedings to stop EPAC participating in the public tenders.
Miguel Ascensao of ACICO told Reuters that Lisbon's civil
court, in a preliminary ruling, had decided EPAC should not be
allowed to take part in tenders open to private traders.
Trade sources said the ruling, though effective
immediately, was subject to appeal and would have to be
confirmed in further proceedings.
A member of the government Cereals Market Commission said
that, as a result of the court's decision, the Commission would
not be able to accept offers from EPAC in a public tender being
held today for the import of 80,000 tonnes of corn.
Ascensao said the court ruling stated that EPAC's
participation in the public tenders violated the clauses of
Portugal's EC accession treaty dealing with the gradual
dismantling of the state agency's import monopoly.
It also said the participation of EPAC, which still
controls the national grain storage and distribution network,
was unfair competition to the private traders.
Traders said they believed the EC's Executive Commission
was unlikely to get involved in the dispute, preferring to
leave the case to be resolved as an internal Portuguese issue.
"They (the EC Commission) will be keeping a low profile," one
trader said.
ACICO says it is ready to take its case to Brussels if
necessary.
Reuter
| A Portuguese court has made a preliminary ruling that the state grain buying agency EPAC should not be allowed to take part in public import tenders open to private importers, grain traders and officials said.
Under the terms of Portugal's January 1986 accession to the European Community, EC, a grain import monopoly held by EPAC (Empresa Publica de Abastecimento de Cereais) is being reduced by 20 pct annually until all imports are liberalised in 1990.
Private traders protested last year that EPAC was being permitted to take part in tenders open to them for the first liberalised 20 pct share of the country's annual import needs. The grain and oilseed importers association ACICO opened legal proceedings to stop EPAC participating in the public tenders.
Miguel Ascensao of ACICO told Reuters that Lisbon's civil court, in a preliminary ruling, had decided EPAC should not be allowed to take part in tenders open to private traders.
Trade sources said the ruling, though effective immediately, was subject to appeal and would have to be confirmed in further proceedings.
A member of the government Cereals Market Commission said that, as a result of the court's decision, the Commission would not be able to accept offers from EPAC in a public tender being held today for the import of 80,000 tonnes of corn.
Ascensao said the court ruling stated that EPAC's participation in the public tenders violated the clauses of Portugal's EC accession treaty dealing with the gradual dismantling of the state agency's import monopoly.
It also said the participation of EPAC, which still controls the national grain storage and distribution network, was unfair competition to the private traders.
Traders said they believed the EC's Executive Commission was unlikely to get involved in the dispute, preferring to leave the case to be resolved as an internal Portuguese issue.
"They (the EC Commission) will be keeping a low profile," one trader said.
ACICO says it is ready to take its case to Brussels if necessary. |
YES | TRAIN | TRAINING-SET | 9,208 | 4,290 | 1987-03-12T11:36:21.850000 | ['retail'] | ['usa'] | [] | [] | [] | [] | null | U.S. RETAIL SALES RISE MASKS WEAK TREND - ANALYSTS | NEW YORK, March 12 - | U.S. retail sales rose sharply in
February but many economists said the underlying consumer
spending trend remains weak.
February retail sales jumped 4.1 pct, more than the 2.5-3.0
pct rise the financial markets had anticipated. But January's
sales were revised down to a 7.4 pct drop, from a previously
reported 5.8 pct decline.
"The trend is toward continued spending but certainly at a
much more sluggish pace," said Don Maude of Midland Montagu
Capital Markets Inc.
Maude averaged out the wide swings in the retail sales data
over past four months to show that the pace of consumer
spending is slowing.
Combining the latest data with a 0.6 pct drop in November
and a 4.6 pct gain in December, the average retail sales gain
over the four months was 0.2 pct, he said, compared to to a 0.4
pct rise for year-over-year sales through February.
"You can see a pattern developing," Maude said. "I wouldn't
be surprised to see a fall-off in March, especially since sales
probably won't be boosted by auto sales as they were in
February."
Despite the weak underlying trend, economists were
impressed by a robust 1.5 pct gain in total sales excluding
autos in February. This compared to a revised 0.4 pct decline
in January, previously reported as a 0.1 pct decline.
"The increase in non-auto sales was broadbased, with gains
in durable goods as well as non-durables," noted Ward McCarthy
of Merrill Lynch Capital Markets Inc. "It was a pretty healthy
report."
He noted that building materials rose 1.8 pct in February
after falling 1.7 pct in January. General merchandise store
sales gained 1.4 pct after a 1.6 pct rise in January.
"There are signs of life in the economy," McCarthy said.
"But it's jumping to conclusions to extrapolate this report
into the future."
A 0.7 pct increase in disposable personal income in January
which may be linked to the new tax laws probably helped boost
spending in February, he said.
"A lot of people may be inadvertently under-withholding
taxes from their paychecks," he said. "When people in this
country get an increase in disposable income, the inclination
is to go out and spend it," he said.
Economists said tomorrow's release of U.S. auto sales for
the first 10 days of March will be an important indicator of
how much this sector will add to first quarter spending.
Auto sales accounted for the lion's share of total
February sales, rising 14.4 pct. This followed a 27.7 pct drop
in January, previously reported as a 22.4 pct fall, due largely
to the expiration of the sales tax deduction under new tax laws
January 1, the Commerce Department noted.
Some economists argued that the because the gain in total
sales excluding autos also followed a decline in January, the
strength in the February report is less than impressive.
"There is strength in the February data, but that's because
they were compared to low sales levels in January," said said
Beth Reiners of Dean Witter Reynolds Inc. "We don't see it as a
precursor of continued strength."
Durable goods sales rose 8.8 pct in February, after falling
17.7 pct in January. February non-durable goods sales gained
1.3 pct, after declining 0.2 pct in January.
Gasoline service station sales rose two pct in February,
following a 1.9 pct gain in January, but economists said higher
oil prices rather than an increased volume of gas sales
probably accounted for these gains.
Reiners also emphasized that the trend in consumer spending
is weakening. Total retail sales on average were 123 billion
dlrs in the fourth quarter of 1986, she said. In January, they
fell to a seasonally adjusted 117.52 bilion dlrs, and in
February rose to 122.29 billion dlrs.
"On average, it looks like they'll total 120 to 121 mln
dlrs in the first quartrer," she said. "We don't look at this
as indication that the economy is barrelling along."
"The number is not really that problematic for those of us
who are constructive on the bond market," agreed Elliot Platt
of Donaldsen Lufkin and Jenrette Securities Corp.
Platt does not foresee potential for tighter monetary
policy on the basis of the latest retail sales report.
"The Fed is on hold now because the data have been so
confusing," he said.
"Before the 337,000 gain in February non-farm payroll
employment, I would have looked for a discount rate cut in
March," he said. "But now Fed officials will have to wait for
the first quarter real U.S. gross national product data in
April to sort things out."
Reuter
| U.S. retail sales rose sharply in February but many economists said the underlying consumer spending trend remains weak.
February retail sales jumped 4.1 pct, more than the 2.5-3.0 pct rise the financial markets had anticipated. But January's sales were revised down to a 7.4 pct drop, from a previously reported 5.8 pct decline.
"The trend is toward continued spending but certainly at a much more sluggish pace," said Don Maude of Midland Montagu Capital Markets Inc.
Maude averaged out the wide swings in the retail sales data over past four months to show that the pace of consumer spending is slowing.
Combining the latest data with a 0.6 pct drop in November and a 4.6 pct gain in December, the average retail sales gain over the four months was 0.2 pct, he said, compared to to a 0.4 pct rise for year-over-year sales through February.
"You can see a pattern developing," Maude said. "I wouldn't be surprised to see a fall-off in March, especially since sales probably won't be boosted by auto sales as they were in February."
Despite the weak underlying trend, economists were impressed by a robust 1.5 pct gain in total sales excluding autos in February. This compared to a revised 0.4 pct decline in January, previously reported as a 0.1 pct decline.
"The increase in non-auto sales was broadbased, with gains in durable goods as well as non-durables," noted Ward McCarthy of Merrill Lynch Capital Markets Inc. "It was a pretty healthy report."
He noted that building materials rose 1.8 pct in February after falling 1.7 pct in January. General merchandise store sales gained 1.4 pct after a 1.6 pct rise in January.
"There are signs of life in the economy," McCarthy said. "But it's jumping to conclusions to extrapolate this report into the future."
A 0.7 pct increase in disposable personal income in January which may be linked to the new tax laws probably helped boost spending in February, he said.
"A lot of people may be inadvertently under-withholding taxes from their paychecks," he said. "When people in this country get an increase in disposable income, the inclination is to go out and spend it," he said.
Economists said tomorrow's release of U.S. auto sales for the first 10 days of March will be an important indicator of how much this sector will add to first quarter spending.
Auto sales accounted for the lion's share of total February sales, rising 14.4 pct. This followed a 27.7 pct drop in January, previously reported as a 22.4 pct fall, due largely to the expiration of the sales tax deduction under new tax laws January 1, the Commerce Department noted.
Some economists argued that the because the gain in total sales excluding autos also followed a decline in January, the strength in the February report is less than impressive.
"There is strength in the February data, but that's because they were compared to low sales levels in January," said said Beth Reiners of Dean Witter Reynolds Inc. "We don't see it as a precursor of continued strength."
Durable goods sales rose 8.8 pct in February, after falling 17.7 pct in January. February non-durable goods sales gained 1.3 pct, after declining 0.2 pct in January.
Gasoline service station sales rose two pct in February, following a 1.9 pct gain in January, but economists said higher oil prices rather than an increased volume of gas sales probably accounted for these gains.
Reiners also emphasized that the trend in consumer spending is weakening. Total retail sales on average were 123 billion dlrs in the fourth quarter of 1986, she said. In January, they fell to a seasonally adjusted 117.52 bilion dlrs, and in February rose to 122.29 billion dlrs.
"On average, it looks like they'll total 120 to 121 mln dlrs in the first quartrer," she said. "We don't look at this as indication that the economy is barrelling along."
"The number is not really that problematic for those of us who are constructive on the bond market," agreed Elliot Platt of Donaldsen Lufkin and Jenrette Securities Corp.
Platt does not foresee potential for tighter monetary policy on the basis of the latest retail sales report.
"The Fed is on hold now because the data have been so confusing," he said.
"Before the 337,000 gain in February non-farm payroll employment, I would have looked for a discount rate cut in March," he said. "But now Fed officials will have to wait for the first quarter real U.S. gross national product data in April to sort things out." |
YES | TRAIN | TRAINING-SET | 9,203 | 4,291 | 1987-03-12T11:37:11.730000 | ['earn', 'copper'] | ['usa'] | [] | [] | [] | [] | null | MAGMA <MGCPV> SEES PROFITABLE COPPER PRODUCTION | NEW YORK, March 12 - | Newmont Mining Corp <NEM> said Magma
Copper Co anticipates being able to produce copper at a profit
by 1991, assuming copper prices remain at their current levels.
In an information statement distributed to Newmont
shareholders explaining the dividend of Magma shares declared
Tuesday, Newmont said Magma had a net loss of 46.6 mln dlrs in
1986, adding this was equal to 1.22 cts a share.
Newmont holders will receive 80 pct of Magma's stock as a
dividend of one share for each of the 30,458,000 Newmont shares
now held. Newmont will retain 15 pct of the stock.
The 1986 net loss was on a pro forma basis, Newmont said.
On a historical basis, it added, Magma had a 1986 net loss of
58.1 mln dlrs on a loss from operations of 42.3 mln dlrs.
On Dec 31, 1986, Newmont said, Magma had about 85.0 mln
dlrs of net operating loss carryforwards expiring in 1999-2000
and about 4.0 mln dlrs of investment tax credit carryover
expiring in 2000-2001.
Newmont said Magma has pre-tax losses of 290 mln dlrs
during the 1981 through 1985 period, noting the five major U.S.
primary copper producers reported aggregate pre-tax losses of
1.9 billion dlrs during five year period.
Newmont said Magma had total sales of 347.3 mln dlrs last
year, including copper sales of 293.4 mln dlrs.
It said the copper sales value was up from 267.6 mln dlrs
in 1985 reflecting a 10.1 pct increase in quantity sold to
212,000 short tons and a 0.4 pct decrease in price.
Reuter
| Newmont Mining Corp <NEM> said Magma Copper Co anticipates being able to produce copper at a profit by 1991, assuming copper prices remain at their current levels.
In an information statement distributed to Newmont shareholders explaining the dividend of Magma shares declared Tuesday, Newmont said Magma had a net loss of 46.6 mln dlrs in 1986, adding this was equal to 1.22 cts a share.
Newmont holders will receive 80 pct of Magma's stock as a dividend of one share for each of the 30,458,000 Newmont shares now held. Newmont will retain 15 pct of the stock.
The 1986 net loss was on a pro forma basis, Newmont said. On a historical basis, it added, Magma had a 1986 net loss of 58.1 mln dlrs on a loss from operations of 42.3 mln dlrs.
On Dec 31, 1986, Newmont said, Magma had about 85.0 mln dlrs of net operating loss carryforwards expiring in 1999-2000 and about 4.0 mln dlrs of investment tax credit carryover expiring in 2000-2001.
Newmont said Magma has pre-tax losses of 290 mln dlrs during the 1981 through 1985 period, noting the five major U.S. primary copper producers reported aggregate pre-tax losses of 1.9 billion dlrs during five year period.
Newmont said Magma had total sales of 347.3 mln dlrs last year, including copper sales of 293.4 mln dlrs.
It said the copper sales value was up from 267.6 mln dlrs in 1985 reflecting a 10.1 pct increase in quantity sold to 212,000 short tons and a 0.4 pct decrease in price. |
YES | TRAIN | TRAINING-SET | 9,204 | 4,292 | 1987-03-12T11:37:26.940000 | ['earn'] | ['usa'] | [] | [] | [] | [] | null | RPT-INSITUFORM OF NORTH AMERICA INC <INSUA> NET | MEMPHIS, Tenn., March 12 - | 4th qtr
Shr nine cts vs four cts
Net 658,159 vs 299,930
Revs 3,770,341 vs 2,614,224
Avg shrs 7,382,802 vs 6,747,442
Year
Oper shr 33 cts vs 18 cts
Oper net 2,287,179 vs 1,045,799
Revs 13.1 mln vs 8,577,853
Avg shrs 6,874,505 vs 5,951,612
NOTE: 1985 year net excludes 131,000 dlr tax credit.
Reuter
| 4th qtr
Shr nine cts vs four cts
Net 658,159 vs 299,930
Revs 3,770,341 vs 2,614,224
Avg shrs 7,382,802 vs 6,747,442
Year
Oper shr 33 cts vs 18 cts
Oper net 2,287,179 vs 1,045,799
Revs 13.1 mln vs 8,577,853
Avg shrs 6,874,505 vs 5,951,612
NOTE: 1985 year net excludes 131,000 dlr tax credit. |
YES | TRAIN | TRAINING-SET | 9,205 | 4,293 | 1987-03-12T11:41:31.730000 | ['money-fx'] | [] | [] | [] | [] | [] | BRIEF | FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS
| null | null | null |
YES | TRAIN | TRAINING-SET | 9,206 | 4,294 | 1987-03-12T11:41:49.990000 | [] | ['usa'] | [] | [] | ['cbt'] | [] | null | SEC REMOVES OBSTACLE TO FOREIGN FUTURES TRADING | WASHINGTON, March 12 - | The Securities and Exchange
Commission removed a key regulatory obstacle to trading futures
on designated foreign debt securities on U.S. exchanges.
The move would allow the Chicago Board of Trade, CBT, to
apply to the Commodity Futures Trading Commission, CFTC, for
approval of a futures contract on yen bonds.
The CBT has said it may apply for approval of the yen bond
futures contract, a CFTC spokesman said.
The SEC's action, which was approved by a 4-0 vote,
specifically removes a regulation against trading futures on
designated foreign government debt securities on contract
markets that are not located in the country that issued those
securities.
Futures on the government debt securities of Japan, Canada
and Great Britain can already be marketed in the United States
under a designated exemption issued by the SEC.
But the new move would permit U.S. exchanges to apply to
the CFTC for approval of establishing futures contracts on
those securities, SEC officials said.
The new SEC move would also allow those foreign government
debt securities to be marketed in the United States by
countries other than those that issued the securities, the
officials said.
Since the foreign government securities underlying the
futures cannot be traded in the United States unless they are
registered with the SEC, settlement and delivery of the futures
would often take place in the foreign country, the SEC
officials said.
The SEC is also considering expanding futures trading of
additional countries' government securities to be marketed and
traded in the United States, the officials said.
Reuter
| The Securities and Exchange Commission removed a key regulatory obstacle to trading futures on designated foreign debt securities on U.S. exchanges.
The move would allow the Chicago Board of Trade, CBT, to apply to the Commodity Futures Trading Commission, CFTC, for approval of a futures contract on yen bonds.
The CBT has said it may apply for approval of the yen bond futures contract, a CFTC spokesman said.
The SEC's action, which was approved by a 4-0 vote, specifically removes a regulation against trading futures on designated foreign government debt securities on contract markets that are not located in the country that issued those securities.
Futures on the government debt securities of Japan, Canada and Great Britain can already be marketed in the United States under a designated exemption issued by the SEC.
But the new move would permit U.S. exchanges to apply to the CFTC for approval of establishing futures contracts on those securities, SEC officials said.
The new SEC move would also allow those foreign government debt securities to be marketed in the United States by countries other than those that issued the securities, the officials said.
Since the foreign government securities underlying the futures cannot be traded in the United States unless they are registered with the SEC, settlement and delivery of the futures would often take place in the foreign country, the SEC officials said.
The SEC is also considering expanding futures trading of additional countries' government securities to be marketed and traded in the United States, the officials said. |
NO | TRAIN | TRAINING-SET | 9,207 | 4,295 | 1987-03-12T11:42:14.370000 | [] | ['usa'] | [] | [] | [] | [] | null | NL INDUSTRIES INC <NL> CHAIRMAN AND CEO QUITS | NEW YORK, March 12 - | NL Industries Inc said its chairman
and chief executive officer Theodore Rogers resigned this
morning.
Rogers, who also resigned his posts as chairman and ceo of
the company's subsidiary, NL Chemicals, was immediately
replaced by Harold Simmons, the company said.
Simmons is president and chief executive officer of <Valhi
Inc>, which owns approximately 51 pct of NL Industries,
according to the company.
Fred Montanari will remain executive vice president of NL
Industries and president of NL Chemicals, the company said.
Rogers was the company chief executive officer since 1983
and its chairman since 1984, according to the company. He
retained both posts after a takeover in 1986 led by Simmons, th
company said.
Rogers will remain as a consultant in certain company
matters, NL said.
Reuter
| NL Industries Inc said its chairman and chief executive officer Theodore Rogers resigned this morning.
Rogers, who also resigned his posts as chairman and ceo of the company's subsidiary, NL Chemicals, was immediately replaced by Harold Simmons, the company said.
Simmons is president and chief executive officer of <Valhi Inc>, which owns approximately 51 pct of NL Industries, according to the company.
Fred Montanari will remain executive vice president of NL Industries and president of NL Chemicals, the company said.
Rogers was the company chief executive officer since 1983 and its chairman since 1984, according to the company. He retained both posts after a takeover in 1986 led by Simmons, th company said.
Rogers will remain as a consultant in certain company matters, NL said. |
YES | TRAIN | TRAINING-SET | 9,209 | 4,296 | 1987-03-12T11:44:14.090000 | ['grain', 'wheat', 'barley', 'corn'] | ['belgium'] | [] | ['ec'] | [] | [] | null | EC COMMISSION GRANTS EXPORT LICENCES - TRADE | BRUSSELS, March 12 - | The European Community's, EC, cereal
management committee granted export licences for 5,000 tonnes
of quality soft bread-making wheat at a maximum export rebate
of 134.75 European currency units, Ecus, per tonne, traders
said.
The committee also granted export certificates of 35,000
tonnes of barley at 137.35 Ecus per tonne, but rejected all
bids for the export of soft feed wheat, they said.
Certificates were also granted for the export of 15,000
tonnes of maize at a maximum rebate of 132.90 Ecus per tonne,
the traders said.
Reuter
| The European Community's, EC, cereal management committee granted export licences for 5,000 tonnes of quality soft bread-making wheat at a maximum export rebate of 134.75 European currency units, Ecus, per tonne, traders said.
The committee also granted export certificates of 35,000 tonnes of barley at 137.35 Ecus per tonne, but rejected all bids for the export of soft feed wheat, they said.
Certificates were also granted for the export of 15,000 tonnes of maize at a maximum rebate of 132.90 Ecus per tonne, the traders said. |
YES | TRAIN | TRAINING-SET | 9,210 | 4,297 | 1987-03-12T11:44:39.740000 | ['gnp'] | ['west-germany'] | [] | [] | [] | [] | null | GERMAN BANKS SAY UNCERTAINTY ABOUT ECONOMY GROWING | BONN, March 12 - | Uncertainty is growing about the prospects
for the economy as orders for industry fall and companies scale
back investment plans, the German Savings Banks and Giro
Association said.
Exporters expect foreign demand to remain weak, while
industry is less optimistic than it was, the association said
in a report.
However, last month's agreement among the six leading
western industrialized countries to keep currencies around
present levels was expected to be a stabilizing influence for
exporters, it added.
The banking association said the possibility of using
monetary policy to stimulate the economy should not be
overestimated.
Another small drop in already low interest rates could not
be expected to cause any significant rise in purchases of
consumer or capital goods, it said.
The Bundesbank's half-point cuts in the discount and
Lombard rates in January have largely exhausted the scope for
any further monetary moves, the association added.
On Tuesday the Federal Statistics Office said gross
national product stagnated in real, seasonally and calendar
adjusted terms in the fourth quarter of 1986 compared with the
third quarter.
The Economics Ministry, commenting on the figures, said GNP
in the 1987 first quarter was also expected to be relatively
weak.
Bank economists have forecast the economy will either
stagnate or contract slightly in the first quarter. Official
first-quarter figures are due in early June.
REUTER
| Uncertainty is growing about the prospects for the economy as orders for industry fall and companies scale back investment plans, the German Savings Banks and Giro Association said.
Exporters expect foreign demand to remain weak, while industry is less optimistic than it was, the association said in a report.
However, last month's agreement among the six leading western industrialized countries to keep currencies around present levels was expected to be a stabilizing influence for exporters, it added.
The banking association said the possibility of using monetary policy to stimulate the economy should not be overestimated.
Another small drop in already low interest rates could not be expected to cause any significant rise in purchases of consumer or capital goods, it said.
The Bundesbank's half-point cuts in the discount and Lombard rates in January have largely exhausted the scope for any further monetary moves, the association added.
On Tuesday the Federal Statistics Office said gross national product stagnated in real, seasonally and calendar adjusted terms in the fourth quarter of 1986 compared with the third quarter.
The Economics Ministry, commenting on the figures, said GNP in the 1987 first quarter was also expected to be relatively weak.
Bank economists have forecast the economy will either stagnate or contract slightly in the first quarter. Official first-quarter figures are due in early June. |
YES | TRAIN | TRAINING-SET | 9,211 | 4,298 | 1987-03-12T11:45:22.180000 | ['money-fx', 'interest'] | ['usa'] | [] | [] | [] | [] | null | FED ADDS RESERVES VIA CUSTOMER REPURCHASES | NEW YORK, March 12 - | The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a spokeswoman said.
Dealers said Federal funds were trading at 6-1/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
| The Federal Reserve entered the U.S. Government securities market to arrange two billion dlrs of customer repurchase agreements, a spokeswoman said.
Dealers said Federal funds were trading at 6-1/8 pct when the Fed began its temporary and indirect supply of reserves to the banking system. |
NO | TRAIN | TRAINING-SET | 9,212 | 4,299 | 1987-03-12T11:49:53.860000 | [] | ['usa'] | [] | [] | [] | [] | null | KODAK <EK> REAFFIRMS COMMITMENT TO PHOTOGRAPHY | ROCHESTER, N.Y., March 12 - | Eastman Kodak Co said it will
build a major facility here for the production of color film,
reaffirming its commitment to its core photographic business.
Kodak said the plant will cost more than 200 mln dlrs to
build and will be staffed by about 250 people who will be
transferred from existing manufacturing operations. It said the
plant should be operational by the fall of 1990.
Kodak said it does not intend to shut down any current
capacity as anticipated growth in demand for photography
products will "offset the additional capacity."
The company also said the facility will position it "well
into the 21st century," in the photography business. It said
the plant will initially produce color films for the
professional and motion picture industry.
Kodak also said it will maintain its Rochester site as the
center of its photographic technology operations. "We have been
encourgaged that in recent years this community and New York
state have been working hard to improve the business climate
for manufucturing," said William F. Fowble, Kodak's sernior
vice-presient and general manager of manufacturing. "We assume
thesse efforts will continue."
Reuter
| Eastman Kodak Co said it will build a major facility here for the production of color film, reaffirming its commitment to its core photographic business.
Kodak said the plant will cost more than 200 mln dlrs to build and will be staffed by about 250 people who will be transferred from existing manufacturing operations. It said the plant should be operational by the fall of 1990.
Kodak said it does not intend to shut down any current capacity as anticipated growth in demand for photography products will "offset the additional capacity."
The company also said the facility will position it "well into the 21st century," in the photography business. It said the plant will initially produce color films for the professional and motion picture industry.
Kodak also said it will maintain its Rochester site as the center of its photographic technology operations. "We have been encourgaged that in recent years this community and New York state have been working hard to improve the business climate for manufucturing," said William F. Fowble, Kodak's sernior vice-presient and general manager of manufacturing. "We assume thesse efforts will continue." |
NO | TRAIN | TRAINING-SET | 9,213 | 4,300 | 1987-03-12T11:50:04.590000 | [] | ['usa'] | [] | [] | [] | [] | null | COLOROCS <CLRX> SIGNS PACT WITH SHARP | NORCROSS, Ga., March 12 - | Colorocs Corp said it signed a
manufacturing agreement with Sharp Corp <SHRP> of Japan for
Sharp to build Colorocs' full-color copier.
No other details of the agreement were disclosed, but the
company said more details would follow shortly.
Reuter
| Colorocs Corp said it signed a manufacturing agreement with Sharp Corp <SHRP> of Japan for Sharp to build Colorocs' full-color copier.
No other details of the agreement were disclosed, but the company said more details would follow shortly. |
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