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training/7196
|
training/7196 |@title panama:1 canal:1 official:1 confirm:1 1988:1 toll:1 rise:1 |@word panama:1 canal:7 toll:2 charge:1 rise:2 year:4 end:1 september:1 1988:3 despite:1 last:1 october:1 landslide:5 dump:1 0:1 5:1 mln:4 cubic:1 yard:1 debris:1 waterway:1 commission:2 administrator:1 dennis:1 mcauliffe:2 say:4 tell:1 press:1 conference:1 confirm:1 early:1 announcement:1 unchanged:1 necessarily:1 imply:1 would:3 1989:1 probably:1 make:1 five:1 six:1 dlr:1 loss:1 current:1 financial:1 could:1 carry:1 meet:1 next:1 revenue:1 deficit:1 result:1 cost:2 15:1 dlrs:2 include:1 eight:1 nine:1 immediate:1 rest:1 spend:1 earth:1 move:1 operation:1 prevent:1 cause:1 deforestation:1 describe:1 grossly:1 exaggerated:1 report:1 threat:1 water:1 supply:1 foreseeable:1 future:1 study:1 concern:1 possibility:1 widen:2 gaillard:1 cut:1 affect:1 add:1 expect:1 board:1 determine:1 whether:1 need:1 january:1 late:1
|
PANAMA CANAL OFFICIAL CONFIRMS NO 1988 TOLL RISE
Panama Canal toll charges will not rise
in the year to end-September 1988, despite last October's
landslide which dumped 0.5 mln cubic yards of debris into the
waterway, Canal Commission Administrator Dennis McAuliffe said.
He told a press conference that in confirming the
Commission's earlier announcement of unchanged tolls for 1988,
he was not necessarily implying there would be a rise in 1989.
The canal would probably make a five to six mln dlr loss in
the current financial year but this could be carried over and
met from next year's revenues.
This year's deficit resulted from the landslide which cost
the canal about 15 mln dlrs, McAuliffe said. This included
eight to nine mln dlrs in immediate costs with the rest being
spent on earth-moving operations to prevent any further
landslides.
He said the landslide was not caused by deforestation and
he described as grossly exaggerated reports that there was any
threat to the canal's water supply in the foreseeable future.
Studies concerning the possibility of widening the Gaillard
cut would not be affected by the landslide, he said, adding
that he expected the canal board to determine whether and when
the canal needed widening by January 1988 at the latest.
|
training/7199
|
training/7199 |@title richardson:1 rell:1 buy:1 italian:1 semiconductor:1 firm:1 |@word richardson:1 electronics:2 ltd:1 say:1 agree:1 buy:1 undisclosed:1 term:1 g:1 e:1 b:1 giant:1 brand:1 florence:1 italy:1 base:1 distributor:1 electron:1 tube:1 semiconductor:1
|
RICHARDSON <RELL>TO BUY ITALIAN SEMICONDUCTOR FIRM
Richardson Electronics Ltd said it
agreed to buy for undisclosed terms, G.E.B., Giant Electronics
Brand, a Florence, Italy-based distributor of electron tubes
and semiconductors.
|
training/7204
|
training/7204 |@title fed:2 say:2 set:2 1:2 5:2 billion:2 dlrs:2 customer:2 repurchase:2 agreement:2 |@word
|
FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS
FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS
|
training/7205
|
training/7205 |@title ec:2 grant:2 25:2 000:4 tonne:2 barley:2 80:2 french:2 maize:2 licence:2 reject:2 wheat:2 trader:2 |@word
|
EC GRANTS 25,000 TONNES BARLEY, 80,000 FRENCH MAIZE LICENCES, REJECTS WHEAT - TRADERS
EC GRANTS 25,000 TONNES BARLEY, 80,000 FRENCH MAIZE LICENCES, REJECTS WHEAT - TRADERS
|
training/7207
|
training/7207 |@title fed:1 add:1 reserve:1 via:1 customer:1 repurchase:1 |@word federal:2 reserve:2 enter:1 u:1 government:1 security:1 market:1 arrange:1 1:1 5:1 billion:1 dlrs:1 customer:1 repurchase:1 agreement:1 fed:2 spokesman:1 say:2 dealer:1 fund:1 trade:1 six:1 pct:1 begin:1 temporary:1 indirect:1 supply:1 banking:1 system:1
|
FED ADDS RESERVES VIA CUSTOMER REPURCHASES
The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at six pct when the
Fed began its temporary and indirect supply of reserves to the
banking system.
|
training/7208
|
training/7208 |@title domtar:2 set:2 two:2 one:2 stock:2 split:2 take:2 effect:2 may:2 14:2 |@word
|
DOMTAR SETS TWO-FOR-ONE STOCK SPLIT TO TAKE EFFECT MAY 14
DOMTAR SETS TWO-FOR-ONE STOCK SPLIT TO TAKE EFFECT MAY 14
|
training/7209
|
training/7209 |@title public:1 service:1 co:1 n:1 h:1 pnh:1 omit:1 dividend:1 |@word public:1 service:1 co:1 new:1 hampshire:1 say:2 board:1 vote:1 omit:1 quarterly:1 dividend:2 would:1 pay:1 may:1 15:1 company:1 omission:2 thirteenth:1 consecutive:1
|
PUBLIC SERVICE CO OF N.H.<PNH> OMITS DIVIDEND
Public Service Co of New
Hampshire said its board voted to omit the quarterly dividend
which would have been paid on May 15.
The company said the omission is the thirteenth consecutive
dividend omission.
|
training/7212
|
training/7212 |@title rexnord:1 inc:1 rex:1 1st:1 qtr:1 jan:1 31:1 loss:1 |@word shr:1 loss:4 76:1 ct:2 vs:3 profit:3 50:1 net:3 19:2 186:1 000:2 12:1 438:1 sale:2 157:1 9:1 mln:7 149:1 2:2 note:1 fiscal:2 1987:1 include:2 pretax:2 charge:2 5:1 dlrs:5 restructure:1 tax:3 seven:1 debt:1 prepayment:1 premium:1 1986:1 gain:2 7:2 land:1 1:1 35:1 discontinued:1 operation:1 6:1 change:1 account:1 result:1 restate:1 exclude:1 five:1 business:1 divest:1 part:1 company:1 restructuring:1 program:1
|
REXNORD INC <REX> 1ST QTR JAN 31 LOSS
Shr loss 76 cts vs profit 50 cts
Net loss 19,186,000 vs profit 12,438,000
Sales 157.9 mln vs 149.2 mln
NOTE: Fiscal 1987 net loss includes a pretax charge of 19.5
mln dlrs from restructuring and an after tax charge of about
seven mln dlrs from debt prepayment premiums.
Fiscal 1986 net profit includes a pretax gain of 7.2 mln
dlrs on the sale of some land, an after tax loss 1.35 mln dlrs
from discontinued operations and an after tax gain of 6.7 mln
dlrs from a change in accounting.
All results restated to exclude five businesses divested as
part of the company's restructuring program.
|
training/7215
|
training/7215 |@title trader:1 detail:1 ec:1 grain:1 export:1 licence:1 |@word ec:1 commission:1 grant:1 25:2 000:2 tonne:3 free:1 market:1 barley:2 export:2 licence:1 today:1 tender:1 80:1 french:1 maize:2 grain:1 trader:1 say:2 maximum:1 rebate:1 set:1 137:1 ecus:2 129:1 75:1 per:1 bid:1 wheat:1 reject:1
|
TRADERS DETAIL EC GRAIN EXPORT LICENCES
The EC Commission granted 25,000 tonnes
of free market barley export licences at today's tender and
80,000 tonnes of French maize, grain traders said.
The maximum export rebate for barley was set at 137.25 Ecus
and for maize at 129.75 Ecus per tonne.
All bids for wheat were rejected, they said.
|
training/7216
|
training/7216 |@title carson:1 crn:1 cite:1 impact:1 tax:1 reform:1 act:1 |@word carson:3 pirie:1 scott:1 co:1 say:4 tax:2 reform:1 act:1 1986:2 repeal:1 investment:1 credit:1 negative:1 impact:1 22:1 ct:1 share:3 earning:2 year:3 end:1 january:1 31:1 early:3 report:1 yearly:1 per:1 1:4 83:1 dlrs:4 86:1 ago:1 average:1 increase:1 10:1 2:1 mln:2 9:2 sale:1 gain:1 41:1 billion:2 30:1 extremely:1 optimistic:1 improve:1 profit:1 performance:1 1987:2 first:2 half:1 hope:1 reduce:1 seasonal:1 type:1 loss:1 sustain:1 second:1 quarter:1 company:1 april:1 oak:1 brook:1 hills:1 hotel:1 conference:1 center:1 suburban:1 chicago:1 open:1 management:1 provision:1 startup:1 expense:1 make:1 add:1
|
CARSON <CRN> CITES IMPACT OF TAX REFORM ACT
Carson Pirie Scott and Co said the Tax
Reform Act of 1986, which repealed investment tax credits, had
a negative impact of 22 cts a share on earnings for the year
ended January 31.
Earlier, Carson reported yearly per-share earnings of 1.83
dlrs, down from 1.86 dlrs a year ago. Average shares increased
to 10.2 mln from 9.9 mln a year earlier. Sales gained to 1.41
billion dlrs from 1.30 billion dlrs.
Carson said it was 'extremely optimistic about improved
profit performance in 1987.'
It said in the first half of 1987 it hopes to reduce
seasonal-type losses sustained in the 1986 first and second
quarters.
The company said that in early April its Oak Brook Hills
Hotel and Conference Center in suburban Chicago will open under
its management. Provisions for startup expenses have been made,
it added.
|
training/7217
|
training/7217 |@title domtar:1 plan:1 two:1 one:1 stock:1 split:1 |@word domtar:3 inc:1 say:3 plan:1 two:2 one:2 stock:2 split:4 take:1 effect:1 may:1 14:1 company:1 shareholder:1 ask:1 approve:1 annual:1 meeting:1 april:1 29:1 director:1 believe:1 could:1 favorably:1 affect:1 marketability:1 share:2 encourage:1 wide:1 distribution:1 trade:1 recently:1 range:1 45:1 dlrs:1 previously:1 basis:1 june:1 1985:1
|
DOMTAR PLANS TWO-FOR-ONE STOCK SPLIT
<Domtar Inc> said it plans a
two-for-one stock split to take effect May 14.
The company said shareholders will be asked to approve the
split at the annual meeting on April 29.
Domtar said its directors believe the split could favorably
affect marketability of the shares and encourage wider
distribution.
The shares have been trading recently in a range of 45
dlrs. Domtar stock was previously split on a two-for-one basis
in June, 1985.
|
training/7218
|
training/7218 |@title financial:1 performance:1 fpcc:1 pursue:1 expansion:1 |@word financial:2 performance:1 corp:1 say:2 continue:1 rapid:1 expansion:1 signing:1 partnership:2 agreement:2 gold:1 sierra:1 advisor:1 found:1 former:1 bank:1 america:1 officer:1 capital:1 market:1 50:1 pct:1 enable:1 move:1 merger:1 acquisition:1 business:1
|
FINANCIAL PERFORMANCE <FPCC> PURSUES EXPANSION
Financial Performance Corp said it
continued its rapid expansion with a signing of a partnership
agreement with Gold Sierra Financial Advisors, founded by
former Bank of America officers in capital markets.
It said the agreement, under which it owns 50 pct of the
partnership, enables it to move into the mergers and
acquisitions business.
|
training/722
|
training/722 |@title albertson:1 inc:1 abs:1 raise:1 qtly:1 dividend:1 |@word shr:1 24:1 ct:2 vs:1 21:1 pay:1 may:2 25:1 record:1 eight:1
|
ALBERTSON'S INC <ABS> RAISES QTLY DIVIDEND
Shr 24 cts vs 21 cts
Pay May 25
Record May eight
|
training/7220
|
training/7220 |@title fed:1 approve:1 amsouth:1 aso:1 affiliation:1 |@word amsouth:4 corp:2 say:2 federal:1 reserve:1 board:1 approve:1 affiliation:3 first:2 tuskaloosa:2 approval:1 final:1 regulatory:1 step:1 process:1 begin:1 august:1 term:1 shareholder:1 receive:1 66:1 dlrs:2 value:2 stock:1 share:1 hold:1 total:1 consideration:1 105:1 6:1 mln:1
|
FED APPROVES AMSOUTH <ASO> AFFILIATION
AmSouth Corp said the Federal
Reserve Board approved the affiliation of First Tuskaloosa Corp
with Amsouth.
The approval was the final regulatory step in the
affiliation process which began in August, Amsouth said.
Under terms of the affiliation, each First Tuskaloosa
shareholder will receive 66 dlrs value of AmSouth stock for
each share held. The total consideration is valued at 105.6 mln
dlrs.
|
training/7221
|
training/7221 |@title french:1 february:1 official:1 reserve:1 rise:1 |@word french:1 official:1 reserve:3 rise:4 12:2 73:2 billion:6 franc:7 388:1 68:1 end:2 february:1 375:1 95:1 january:1 finance:1 ministry:1 say:2 statement:1 mainly:1 due:2 inflow:1 foreign:1 currency:2 exchange:1 stabilisation:1 fund:1 result:1 increase:1 41:1 european:1 unit:1 25:1 mln:2 27:1 interest:1 adjustment:1 gold:1 two:1 218:1 46:1
|
FRENCH FEBRUARY OFFICIAL RESERVES RISE
French official reserves rose 12.73
billion francs to 388.68 billion francs at the end of February
from 375.95 billion at the end of January, the Finance Ministry
said.
It said in a statement the rise was mainly due to inflows
of foreign currency through the exchange stabilisation fund,
which resulted in an increase of 12.41 billion francs.
Reserves of European Currency Units rose by 25 mln francs
to 73.27 billion francs, due to interest adjustments, while
gold reserves rose by two mln francs to 218.46 billion francs.
|
training/7222
|
training/7222 |@title french:1 institute:1 pessimistic:1 1987:1 growth:1 |@word french:3 gross:1 domestic:2 product:1 grow:2 1:6 5:8 pct:13 real:2 term:1 year:8 compare:1 government:2 forecast:2 two:2 2:5 growth:2 private:1 institut:1 des:2 prevision:1 economique:1 et:1 financiere:1 pour:1 le:1 developpement:1 entreprises:1 ipecode:3 say:4 however:2 expect:2 recover:1 next:1 1986:3 level:1 demand:3 production:2 would:2 develop:1 parallel:1 contrast:1 last:2 unable:1 keep:1 pace:1 strong:1 rise:6 unleash:1 high:1 import:1 claim:1 international:1 monetary:2 fund:2 imf:1 298:1 mln:1 franc:4 19:1 61:1 billion:2 due:2 net:1 withdrawal:1 member:1 nation:1 increase:1 reserve:1 special:1 drawing:1 right:1 sdrs:1 mainly:1 repayment:1 debt:1 deficit:1 european:1 cooperation:1 fecom:1 remain:2 unchanged:1 february:1 33:1 90:1 household:1 consumption:1 3:2 likely:2 1988:3 add:1 industrial:1 investment:1 4:1 6:1 inflation:2 run:1 end:3 9:1 institute:1 fall:1 back:1 provide:1 wage:1 cost:1 within:1 framework:1 productivity:1
|
FRENCH INSTITUTE PESSIMISTIC ON 1987 GROWTH
French gross domestic product will grow
by only 1.5 pct in real terms this year, compared with the
government's forecast of two to 2.5 pct growth, the private
Institut des Previsions Economiques et Financieres pour le
Developpement des Entreprises (IPECODE) said.
However, it expects growth to recover next year to the 1986
level of two pct.
IPECODE said demand and production would develop in
parallel this year, in contrast to last year when production
was unable to keep pace with the strong rise in domestic
demand, unleashing higher import demand.
Claims on the International Monetary Fund (IMF) rose by 298
mln francs to 19.61 billion francs, due to net withdrawals in
francs by member nations, and an increase in reserves of
Special Drawing Rights (SDRs) due mainly to the repayment of
French debts.
Its deficit with the European Monetary Cooperation Fund
(FECOM) remained unchanged in February at 33.90 billion francs.
French household consumption, which rose by 3.1 pct last
year, is likely to grow by just 1.1 pct this year and 1.5 pct
in 1988, it added.
Industrial investment is expected to rise by 4.3 pct this
year and 5.5 pct in 1988, down from 6.5 pct in 1986.
Inflation, which was running at 2.1 pct at the end of 1986,
is likely to rise to 2.9 pct at the end of this year, IPECODE
said, while the government has forecast 2.5 pct.
However, the institute said inflation would fall back to
2.5 pct at the end of 1988, 'provided that real wage costs
remain within the framework of productivity rises.'
|
training/7225
|
training/7225 |@title independence:1 bancorp:1 inbc:1 complete:1 merger:1 |@word independence:3 bancorp:1 inc:1 say:4 complete:1 merger:2 scranton:1 penn:1 base:1 third:2 national:2 bank:1 trust:1 co:1 asset:2 316:1 mln:1 dlrs:2 combine:1 2:1 5:1 billion:1 company:1 share:2 common:2 exchange:1 4:1 06:1 account:1 pooling:1 interest:1
|
INDEPENDENCE BANCORP <INBC> COMPLETES MERGER
Independence Bancorp Inc said
it completed its merger with Scranton, Penn.-based <Third
National Bank and Trust Co>, with assets of 316 mln dlrs.
Independence said its combined assets are now 2.5 billion
dlrs.
The company said that each share of Third National common
will be exchanged for 4.06 shares of its common. Independence
said the merger will be accounted for as a pooling of
interests.
|
training/7226
|
training/7226 |@title riverside:1 group:1 inc:1 rsgi:1 4th:1 qtr:1 |@word shr:2 55:1 ct:3 vs:6 93:1 net:3 1:4 6:2 mln:9 2:4 revs:2 5:1 3:2 year:1 73:1 36:1 dlrs:2 0:3 9:1 11:1 note:1 1985:1 include:2 7:1 gain:1 disposal:1 unit:1 1986:1 operation:1 dependable:1 insurance:1 gruop:1 inc:1
|
RIVERSIDE GROUP INC <RSGI> 4TH QTR
Shr 55 cts vs 93 cts
Net 1.6 mln vs 2.6 mln
Revs 5.3 mln vs 1.2 mln
Year
Shr 73 cts vs 1.36 dlrs
Net 2.0 mln vs 3.0 mln
Revs 9.1 mln vs 11.0 mln
NOTE:1985 net includes 2.7 mln dlrs gain on disposal of
unit. 1986 includes operations of Dependable Insurance Gruop
Inc.
|
training/7229
|
training/7229 |@title l:1 industries:1 ltd:1 1st:1 qtr:1 feb:1 28:1 net:1 |@word oper:3 shr:1 loss:2 two:1 ct:2 vs:5 profit:3 three:1 net:2 301:1 000:6 dlrs:5 130:1 rev:1 10:1 5:1 mln:2 eight:1 note:1 dividend:1 preferred:1 share:1 370:1 51:1 exclude:1 gain:1 tax:1 carryforward:1 247:1 118:1
|
<I.T.L. INDUSTRIES LTD> 1ST QTR FEB 28 NET
Oper shr loss two cts vs profit three cts
Oper net profit 301,000 dlrs vs profit 130,000
Revs 10.5 mln vs eight mln
NOTE: Dividends on preferred shares 370,000 dlrs vs 51,000
dlrs.
Oper net excludes gains on tax loss carryforward of 247,000
dlrs vs 118,000 dlrs.
|
training/7234
|
training/7234 |@title corroon:1 black:1 cbl:1 complete:1 acquisition:1 |@word carroon:2 black:1 corp:1 say:2 complete:2 acquisition:3 poggi:1 harrison:1 agency:2 inc:2 risk:1 control:1 term:1 disclose:1 separately:1 also:1 rosskopf:1 rapp:1 schmidt:1 insurance:1 base:1 el:1 monte:1 calif:1
|
CORROON AND BLACK <CBL> COMPLETES ACQUISITION
Carroon and Black Corp said it
completed the acquisition of <Poggi-Harrison Agency Inc> and
<Risk Control Inc>.
Terms of the acquisitions were not disclosed.
Separately, Carroon said it also completed the acquisition
of <Rosskopf, Rapp and Schmidt Insurance Agency>, based in El
Monte, Calif.
|
training/7235
|
training/7235 |@title tultex:1 ttx:1 increase:1 dividend:1 |@word qtly:1 div:1 nine:1 ct:2 vs:1 eight:1 prior:1 payable:1 july:1 one:1 record:1 june:1 12:1
|
TULTEX <TTX> INCREASES DIVIDEND
Qtly div nine cts vs eight cts prior
Payable July one
Record June 12
|
training/724
|
training/724 |@title wavehill:1 international:1 make:1 acquisition:1 |@word wavehill:1 international:1 ventures:1 inc:1 say:4 agree:1 acquire:1 personal:3 computer:4 rental:1 corp:1 coral:1 gables:1 fla:1 transaction:2 shareholder:1 receive:1 share:2 respresente:1 25:1 pct:1 interest:1 combine:1 company:2 two:1 mln:1 outstanding:1 fully:1 dilute:1 basis:1 acquisition:1 infuse:1 perconal:1 cash:1 expansion:1 26:1 franchised:1 location:1 plan:1 add:1 30:1 1987:1 seek:1 eventually:1 expand:1 420:1 market:1 u:1 abroad:1
|
WAVEHILL INTERNATIONAL TO MAKE ACQUISITION
<Wavehill International Ventures Inc>
said it has agreed to acquire Personal Computer Rental Corp of
Coral Gables, Fla., in a transaction in which shareholders of
Personal Computer will receive shares respresenting about a 25
pct interest in the combined company.
The company said it will have about two mln shares
outstanding on a fully-diluted basis after the transaction. It
said after the acquisition it will infuse Perconal computer
with cash for expansion. It said Personal Computer now has 26
franchised locations and plans to add over 30 in 1987, seeking
eventually to expand into 420 markets in the U.S. and abroad.
|
training/7240
|
training/7240 |@title benetton:1 italy:1 see:1 expansion:1 acquisition:1 |@word benetton:4 spa:1 italy:1 expect:1 diversify:1 financial:2 service:2 weigh:1 possible:1 acquisition:1 spokeswoman:4 say:6 think:2 diversification:1 outside:1 retail:1 line:2 look:3 manfacturing:1 company:6 however:1 target:1 u:3 plan:2 expansion:2 number:1 different:1 country:2 share:2 trade:1 american:1 depository:1 receipt:1 issue:3 offering:1 morgan:1 stanley:1 group:1 inc:1 ms:1 earlier:1 month:1 hold:3 talk:3 wall:1 street:1 firm:2 possibility:2 receive:2 quotation:1 new:1 york:1 stock:1 exchange:1 absolutely:1 timetable:2 may:2 even:1 happen:1 also:2 deny:1 report:1 consider:1 convertible:1 bond:2 warrant:1 global:1 effort:1 soviet:2 union:1 explore:1 opening:1 150:1 store:1 point:1 many:1 discussion:1 forward:1 response:2 add:1
|
BENETTON OF ITALY SEES EXPANSION, ACQUISITIONS
<Benetton SpA> of Italy expects to
further diversify into financial services and is weighing
possible acquisitions, a Benetton spokeswoman here said.
'We are thinking of diversification outside of the retail
line,' the spokeswoman said. 'We are looking at financial
services and other manfacturing companies.'
However, she said the company was not targeting the U.S.
for its planned expansion, but was looking at a number of
different countries.
The company's shares are traded in the U.S. as American
Depository Receipts, which were issued through an offering by
Morgan Stanley Group Inc <MS> earlier this month.
Benetton is now holding talks with Wall Street firms about
the possibility of receiving a quotation of its shares on the
New York Stock Exchange. 'There's absolutely no timetable. It
may not even happen,' the spokeswoman said.
She also denied reports that the company was considering an
issue of convertible bonds with warrants in the U.S. 'We're not
thinking of issuing bonds,' she said.
In line with its planned Global expansion efforts, Benetton
is also holding talks with the Soviet Union to explore the
possibility of opening up to 150 stores in the country. But the
spokeswoman pointed out that many companies are holding talks
with the Soviets.
'We are in discussions and are looking forward to some
response,' she said. She added the company had no firm
timetable on when a response might be received.
|
training/7244
|
training/7244 |@title tultex:1 corp:1 ttx:1 1st:1 qtr:1 feb:1 28:1 |@word shr:1 23:1 ct:2 vs:3 28:1 net:1 4:1 3:1 mln:4 5:2 1:2 revs:1 64:1 67:1 note:1 1986:1 reflect:1 two:1 one:1 stock:1 split:1 effective:1 july:1 31:1
|
TULTEX CORP <TTX> 1ST QTR FEB 28
Shr 23 cts vs 28 cts
Net 4.3 mln vs 5.1 mln
Revs 64.5 mln vs 67.1 mln
NOTE:1986 reflects two for one stock split, effective July
31
|
training/7245
|
training/7245 |@title federated:1 fin:1 l:1 savings:1 fedf:1 initial:1 payout:1 |@word federated:1 financial:1 saving:1 say:1 declare:1 initial:1 quarterly:1 dividend:2 85:1 ct:1 share:1 april:2 27:1 record:1 13:1 first:1 pay:1 federate:1 since:1 conversion:1 stock:1 company:1 mutual:1 jan:1 28:1 1987:1
|
FEDERATED FIN'L SAVINGS <FEDF> INITIAL PAYOUT
Federated Financial Savings
said it declared an initial quarterly dividend of 85 cts a
share April 27, record April 13.
This is the first dividend paid by Federated since its
conversion to a stock company from a mutual on Jan 28, 1987.
|
training/7247
|
training/7247 |@title rexnord:1 rex:1 see:1 may:1 merger:1 banner:1 bnr:1 |@word rexnord:2 inc:2 say:2 expect:1 merge:1 wholly:1 subsidiary:1 banner:2 industries:1 early:1 may:1 late:1 last:1 month:1 complete:1 tender:1 offer:1 hold:1 96:1 pct:1 common:1 share:1
|
REXNORD <REX> SEES MAY MERGER WITH BANNER <BNR>
Rexnord Inc said it expects to
merge with a wholly-owned subsidiary of Banner Industries Inc
in early May.
Late last month, Banner said it completed a tender offer
for and held 96 pct of Rexnord's common shares.
|
training/725
|
training/725 |@title security:1 pacific:1 spc:1 completes:1 merger:1 |@word security:3 pacific:3 corp:1 say:2 complete:1 planned:1 merger:1 diablo:3 bank:3 follow:1 approval:1 comptroller:1 currency:1 announce:1 intention:1 merge:1 headquarter:1 danville:2 calif:2 september:1 1986:1 part:1 plan:1 expand:1 retail:1 network:1 northern:1 california:1 office:1 san:1 ramon:1 alamo:1 also:1
|
SECURITY PACIFIC <SPC> COMPLETES MERGER
Security Pacific Corp said it
completed its planned merger with Diablo Bank following the
approval of the comptroller of the currency.
Security Pacific announced its intention to merge with
Diablo Bank, headquartered in Danville, Calif., in September
1986 as part of its plan to expand its retail network in
Northern California.
Diablo has a bank offices in Danville, San Ramon and Alamo,
Calif., Security Pacific also said.
|
training/7250
|
training/7250 |@title burke:1 parsons:1 bowlby:1 corp:1 set:1 regular:1 payout:1 |@word qtrly:1 div:1 three:2 ct:2 vs:1 prior:1 pay:1 may:1 15:1 record:1 april:1 24:1
|
<BURKE-PARSONS-BOWLBY> CORP SETS REGULAR PAYOUT
Qtrly div three cts vs three cts prior
Pay May 15
Record April 24
|
training/7253
|
training/7253 |@title warburg:1 begin:1 tender:1 offer:1 symbion:1 symb:1 |@word symbion:6 inc:1 say:2 warburg:3 pincus:1 capital:1 co:1 l:1 p:1 begin:1 tender:2 offer:4 purchase:1 2:1 5:1 mln:1 share:4 33:1 pct:3 3:1 50:1 dlrs:1 per:1 already:1 26:1 7:1 472:1 000:1 outstanding:1 company:1 make:1 artificial:1 heart:1 board:1 management:1 carefully:1 review:1 march:1 30:1 advise:1 shareholder:1 whether:1 accept:1 reject:1 successful:1 wll:1 59:1
|
WARBURG BEGINS TENDER OFFER FOR SYMBION <SYMB>
Symbion Inc said <Warburg,
Pincus Capital Co L.P.> began a tender offer to purchase up to
2.5 mln shares, or about 33 pct, of Symbion's shares at 3.50
dlrs per share. Warburg already owns about 26 pct of Symbion.
Symbion has 7,472,000 shares outstanding. The company makes
artificial hearts.
Symbion said its board and management are carefully
reviewing the offer and on or before March 30 will advise its
shareholders on whether it accepts or rejects the offer. If the
tender offer is successful, Warburg wll own about 59 pct of
Symbion.
|
training/7256
|
training/7256 |@title seagram:2 co:2 ltd:2 year:2 shr:2 4:2 45:2 dlrs:4 vs:2 3:2 44:2 |@word
|
SEAGRAM CO LTD YEAR SHR 4.45 DLRS VS 3.44 DLRS
SEAGRAM CO LTD YEAR SHR 4.45 DLRS VS 3.44 DLRS
|
training/7259
|
training/7259 |@title l:1 air:1 liquide:1 airp:1 pa:1 year:1 end:1 dec:1 31:1 |@word parent:1 company:2 net:1 profit:1 754:1 45:1 mln:4 franc:3 vs:2 674:1 1:1 dividend:3 19:1 50:1 note:1 say:1 would:1 apply:1 share:1 issue:1 capital:1 increase:1 1986:2 mean:1 32:1 pct:1 rise:1 total:1 payment:1 528:1 14:1 result:1 399:1 62:1 previous:1 year:1
|
L'AIR LIQUIDE <AIRP.PA> YEAR ENDED DEC 31
Parent company net profit 754.45 mln francs vs 674.1 mln.
Dividend 19.50 francs vs same.
NOTE - Company said the dividend would apply to shares
issued under capital increases during 1986. This means a 32 pct
rise in total dividend payments to 528.14 mln francs on 1986
results from 399.62 mln the previous year.
|
training/7260
|
training/7260 |@title solar:1 systems:1 ssdn:1 inkey:1 spain:1 set:1 pact:1 |@word solar:3 system:3 sundance:1 inc:1 say:11 agree:1 buy:2 45:3 pct:3 interest:2 company:7 sell:3 condom:8 produce:1 inkey:7 sa:1 spain:2 spermicide:4 use:2 contain:1 ingredient:5 may:1 help:1 prevent:1 sexual:1 transmission:1 aids:2 cite:1 article:2 west:1 german:1 publication:1 forschung:1 mention:1 make:3 also:2 change:1 name:2 eurocapital:1 corp:1 shortly:1 stake:1 u:3 base:1 europharmaceutical:5 co:1 affiliate:1 remain:1 share:1 set:1 distribute:1 vaginal:1 product:3 develop:1 agreement:2 call:1 two:1 mln:1 dlr:2 payment:3 distributorship:1 first:1 500:1 000:1 due:1 30:1 day:1 approve:1 food:1 drug:1 administration:1 plan:1 soon:1 file:1 fda:2 market:1 expect:1 approval:2 process:1 lengthy:1 one:3 active:1 currently:3 antiseptic:1 application:1 unrelated:1 far:1 know:1 test:1 brand:1 carlton:1 exclusive:1 distribution:2 contract:1 run:1 three:1 year:2 renewable:1 period:1 go:2 sale:1 european:1 country:1 resource:1 fund:1 study:1 necessary:1 obtain:1 marketing:1 talk:1 acquire:1 either:1 publicly:1 hold:1 little:1 asset:1 event:1 acquisition:1 would:1 dilute:1 current:1
|
SOLAR SYSTEMS <SSDN>, INKEY OF SPAIN SET PACT
Solar Systems by Sundance Inc said it
agreed to buy a 45 pct interest in a company that will sell
condoms produced by INKEY SA of Spain.
It said a spermicide used in INKEY's condoms contains an
ingredient that may help prevent the sexual transmission of
AIDS. The ingredient was cited in an article in the West German
publication, Aids Forschung. But it said the article was
about the ingredient and did not mention the spermicide or the
condoms made by INKEY.
The company also said it is changing its name to
Eurocapital Corp shortly.
Solar Systems said it was buying the 45 pct stake in a
U.S.-based <Europharmaceutical Co>. INKEY and an affiliate own
the remaining shares of the company, which was set up to
distribute condoms and vaginal products that are made, or are
being developed by INKEY.
The agreement calls for a two mln dlr payment to Inkey for
the distributorship. The first 500,000 dlr payment is due 30
days after the products are approved by the Food and Drug
Administration. It said Europharmaceutical plans to soon file
with the FDA to market the condom, but expects the approval
process to be a lengthy one.
The company said the active ingredient in the spermicide is
currently used in the U.S. in antiseptic applications unrelated
to condoms. As far as it knows, the ingredient has not been
tested in a spermicide.
Inkey's condoms will be sold in the U.S. under the brand
name, 'Carlton.' The exclusive distribution contract for the
products runs for three years and is renewable for one-year
periods, the company said.
It said the condoms are currently sold in Spain but have
not gone on sale in other European countries.
It said Europharmaceutical currently does not have the
resources to make the payments under the distribution agreement
or fund the studies necessary to obtain marketing approval from
the FDA.
The company also said Europharmaceutical is in talks to
acquire either one or more publicly held companies with little
or no assets. In the event an acquisition goes through, Solar
Systems' interest in Europharmaceutical would be diluted below
its current 45 pct.
|
training/7261
|
training/7261 |@title modulaire:1 industries:1 modx:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:2 12:1 ct:3 vs:7 profit:6 37:1 net:2 350:1 738:1 1:2 095:1 991:1 revs:2 18:1 8:2 mln:4 15:1 year:1 28:1 29:1 dlrs:1 831:1 901:1 3:1 000:1 716:1 60:1 6:1 48:1 2:3 avg:1 shrs:1 996:1 903:1 756:1 596:1 note:1 per:1 share:1 date:1 adjust:1 reflect:1 10:1 pct:1 stock:1 dividend:1 march:1 1986:1
|
MODULAIRE INDUSTRIES <MODX> 4TH QTR LOSS
Shr loss 12 cts vs profit 37 cts
Net loss 350,738 vs profit 1,095,991
Revs 18.8 mln vs 15.8 mln
Year
Shr profit 28 cts vs profit 1.29 dlrs
Net profit 831,901 vs profit 3,000,716
Revs 60.6 mln vs 48.2 mln
Avg shrs 2,996,903 vs 2,756,596
Note: Per share date adjusted to reflect 10 pct stock
dividend of March 1986.
|
training/7263
|
training/7263 |@title kentucky:1 smelter:1 get:1 relief:1 high:1 rate:1 |@word owner:3 two:2 aluminum:5 smelter:7 kentucky:2 receive:1 temporary:1 relief:1 high:1 electric:5 rate:9 decision:4 tuesday:1 state:1 regulator:1 deny:3 hike:1 big:3 river:3 corp:3 henderson:2 ky:1 smelters:1 national:4 southwire:4 co:2 alcan:2 aluminium:1 ltd:1 al:1 say:10 viability:1 operation:1 would:2 depend:1 part:1 upon:1 case:1 eventually:1 settle:1 hope:1 increase:4 sure:1 still:1 possible:1 close:2 spokesman:5 variable:1 consider:1 whether:1 continue:1 locate:1 hawesville:1 60:1 mile:2 west:2 louisville:2 intergroup:1 inc:1 nii:1 hold:2 55:1 pct:1 rest:1 montreal:1 base:1 48:1 page:1 long:2 legal:1 ese:1 certainly:1 time:1 make:1 mean:1 sebree:1 100:1 delight:1 request:2 utility:4 cooperative:1 generate:1 wholesale:1 electricity:1 four:1 distributor:1 7:1 5:1 mln:1 dlrs:1 year:1 1985:1 public:1 service:1 commission:3 ask:1 meet:1 creditor:2 include:1 manufacturers:1 hanover:1 mhc:1 irving:1 bank:1 v:1 renegotiate:1 plan:2 suggest:1 work:1 flexible:1 schedule:2 index:1 cost:1 price:1 always:1 amenable:1 try:1 far:1 assure:1 remain:1 viable:1 meeting:1 none:1 plant:1 set:1 hearing:1 issue:1 july:1 28:1
|
KENTUCKY SMELTERS GET RELIEF ON HIGHER RATES
Owners of two aluminum smelters in
Kentucky received temporary relief from higher electric rates
after a decision Tuesday by state regulators denying a rate
hike to (Big Rivers Electric Corp) of Henderson, Ky.
But the owners of the smelters, (National Southwire
Aluminum Co) and Alcan Aluminium Ltd <AL>, said further
viability of the operations would depend in part upon how the
rate case is eventually settled.
'We're hoping for no rate increases but we can't say for
sure. It's still possible we'll have to close the smelter,' a
National Southwire spokesman said. He said there were other
variables to consider in any decision whether to close or
continue the smelter, located in Hawesville, about 60 miles
west of Louisville.
National Southwire is owned by National Intergroup Inc
<NII>, which holds about 55 pct, and (Southwire Co), which
holds the rest, the spokesman said.
A spokesman for Montreal-based Alcan said, 'The decision is
48 pages long and is in legal-ese, so it certainly will be a
long time before we can make a decision' about what it means
for the Sebree smelter in Henderson, about 100 miles west of
Louisville. 'But we're delighted that Big Rivers Electric was
denied the requested rate increase.'
A spokesman for the utility, a cooperative that generates
and wholesales electricity to four distributors, said the
requested increase was 7.5 mln dlrs a year over 1985 rates.
The Kentucky Public Service Commission, in denying the
increase, asked the utility to meet with creditors, which
include Manufacturers Hanover Corp <MHC> and Irving Bank Corp
<V>, and the smelters, to renegotiate a rate plan, the utility
spokesman said.
The commission suggested that Big Rivers Electric work out
a flexible rate schedule with the smelters that would index
their electric costs to the price of aluminum, he said.
'We have always been amenable to try, as far as we can, to
assure that the two aluminum smelters remain viable,' he said.
No meetings are scheduled and none have been planned
between the utility, its creditors and the aluminum plant
owners. The commission has set a hearing on the rate issue for
July 28.
|
training/7264
|
training/7264 |@title seagram:1 co:1 ltd:1 vo:1 year:1 jan:1 31:1 net:1 |@word shr:2 4:2 45:1 dlrs:10 vs:7 3:3 44:1 dilute:1 30:1 34:2 net:3 423:1 5:1 mln:10 319:1 1:4 sale:2 billion:2 2:1 97:1 avg:1 shrs:1 95:1 92:1 6:1 note:1 u:2 fund:1 include:2 equity:1 earning:1 du:2 pont:2 co:1 dd:1 169:1 75:1 7:2 dividend:1 income:1 share:1 154:1 150:1 8:1 late:1 year:1 pretax:1 charge:1 35:1 0:1 wine:1 operation:2 reorganization:1 spirit:1 related:1 reduction:1 tax:1 expense:1 27:1
|
SEAGRAM CO LTD <VO> YEAR JAN 31 NET
Shr 4.45 dlrs vs 3.44 dlrs
Shr diluted 4.30 dlrs vs 3.34 dlrs
Net 423.5 mln vs 319.1 mln
Sales 3.34 billion vs 2.97 billion
Avg shrs 95.1 mln vs 92.6 mln
NOTE: U.S. funds.
Net includes equity in earnings of Du Pont Co <DD> of 169.1
mln dlrs vs 75.7 mln dlrs and dividend income from Du Pont
shares of 154.1 mln dlrs vs 150.8 mln dlrs.
Latest year net includes pretax charge 35.0 mln dlrs from
sale of wine operations and reorganization of spirits
operations in U.S. and related reduction in tax expense of 27.7
mln dlrs.
|
training/7266
|
training/7266 |@title air:1 product:1 chemicals:1 inc:1 apd:1 payout:1 |@word qtly:1 div:1 20:2 ct:2 vs:1 prior:1 pay:1 may:1 11:1 record:1 april:1 three:1
|
AIR PRODUCTS AND CHEMICALS INC <APD> IN PAYOUT
Qtly div 20 cts vs 20 cts prior
Pay May 11
Record April Three
|
training/7267
|
training/7267 |@title j:1 p:1 stevens:1 co:1 stn:1 payout:1 |@word qtly:1 div:1 30:3 ct:2 vs:1 prior:1 pay:1 april:2 record:1 three:1
|
J.P. STEVENS AND CO <STN> IN PAYOUT
Qtly div 30 cts vs 30 cts prior
Pay April 30
Record April Three
|
training/7272
|
training/7272 |@title tie:1 telecommunications:1 canada:1 ltd:1 4th:1 qtr:1 net:1 |@word oper:5 shr:2 one:1 ct:4 vs:6 six:1 net:3 48:1 000:6 556:1 revs:1 19:2 0:1 mln:4 26:1 5:1 year:2 46:1 1:2 586:1 3:1 971:1 rev:1 90:1 8:1 103:1 note:1 previous:1 exclude:1 404:1 dlrs:1 extraordinary:1 expense:1 qtr:1 991:1 dlr:1 gain:1 tie:2 communications:1 inc:1 hold:1 65:1 pct:1 interest:1
|
<TIE/TELECOMMUNICATIONS CANADA LTD> 4TH QTR NET
Oper shr one ct vs six cts
Oper net 48,000 vs 556,000
Revs 19.0 mln vs 26.5 mln
Year
Oper shr 19 cts vs 46 cts
Oper net 1,586,000 vs 3,971,000
Revs 90.8 mln vs 103.1 mln
NOTE: Previous oper net excludes 404,000 dlrs of
extraordinary expenses for qtr and 991,000 dlr gain for year.
TIE/communications Inc <TIE> holds 65 pct interest.
|
training/7275
|
training/7275 |@title peoples:1 savings:1 bank:1 pebw:1 raise:1 quarterly:1 |@word qtly:1 div:1 12:1 ct:2 vs:1 10:1 prior:1 pay:1 april:2 24:1 record:1 one:1
|
PEOPLES SAVINGS BANK <PEBW> RAISES QUARTERLY
Qtly div 12 cts vs 10 cts prior
Pay April 24
Record April One
|
training/7276
|
training/7276 |@title dep:1 corp:1 depc:1 2nd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 three:1 ct:4 vs:6 16:1 net:2 127:1 000:5 605:1 sale:2 14:1 4:1 mln:3 9:1 726:1 six:1 mth:1 17:1 30:1 678:1 1:1 141:1 24:1 6:1 19:1 2:1
|
DEP CORP DEPC 2ND QTR JAN 31 NET
Shr three cts vs 16 cts
Net 127,000 vs 605,000
Sales 14.4 mln vs 9,726,000
Six Mths
Shr 17 cts vs 30 cts
Net 678,000 vs 1,141,000
Sales 24.6 mln vs 19.2 mln
|
training/7277
|
training/7277 |@title federal:1 signal:1 corp:1 fss:1 regular:1 dividend:1 |@word qtly:1 div:1 20:2 ct:2 vs:1 previously:1 pay:1 june:1 two:1 record:1 may:1 12:1
|
FEDERAL SIGNAL CORP <FSS> REGULAR DIVIDEND
Qtly div 20 cts vs 20 cts previously
Pay June Two
Record May 12
|
training/7278
|
training/7278 |@title state:1 street:1 boston:1 corp:1 stbk:1 set:1 quarterly:1 |@word qtly:1 div:1 10:2 ct:2 vs:1 prior:1 pay:1 april:2 15:1 record:1 one:1
|
STATE STREET BOSTON CORP <STBK> SETS QUARTERLY
Qtly div 10 cts vs 10 cts prior
Pay April 15
Record April One
|
training/7279
|
training/7279 |@title marsh:1 mclennan:1 cos:1 inc:1 mmc:1 set:1 quarterly:1 |@word qtly:1 div:1 47:2 1:2 2:2 ct:2 vs:1 prior:1 pay:1 may:1 13:1 record:1 april:1 six:1
|
MARSH AND MCLENNAN COS INC <MMC> SETS QUARTERLY
Qtly div 47-1/2 cts vs 47-1/2 cts prior
Pay May 13
Record April Six
|
training/728
|
training/728 |@title u:1 intec:1 inc:1 intk:1 4th:1 qtr:1 net:1 |@word shr:2 six:1 ct:4 vs:8 five:1 net:3 188:1 000:7 130:1 revs:2 12:2 2:4 mln:4 10:1 1:2 avg:2 shrs:2 3:3 029:2 930:2 764:1 544:1 mth:1 81:1 45:1 dlrs:1 463:1 718:1 52:1 4:1 47:1 5:1 566:1 680:1 note:1 1985:1 include:2 500:1 20:1 per:1 share:1 proceed:1 life:1 insurance:1 policy:1 tax:2 benefit:1 prior:1 qtr:1 approximately:1 150:1 140:1 relate:1 low:1 effective:1 rate:1 base:1 operating:1 result:1 year:1 whole:1
|
U.S. INTEC INC <INTK> 4TH QTR NET
Shr six cts vs five cts
Net 188,000 vs 130,000
Revs 12.2 mln vs 10.1 mln
Avg shrs 3,029,930 vs 2,764,544
12 mths
Shr 81 cts vs 1.45 dlrs
Net 2,463,000 vs 3,718,000
Revs 52.4 mln vs 47.5 mln
Avg shrs 3,029,930 vs 2,566,680
NOTE: net for 1985 includes 500,000, or 20 cts per share,
for proceeds of a life insurance policy.
includes tax benefit for prior qtr of approximately 150,000
of which 140,000 relates to a lower effective tax rate based on
operating results for the year as a whole.
|
training/7286
|
training/7286 |@title john:1 wiley:1 sons:1 inc:1 willb:1 set:1 quarterly:1 |@word qtly:2 div:2 class:2 27:2 1:4 2:4 ct:4 vs:2 b:1 24:2 pay:1 april:2 10:1 record:1 three:1
|
JOHN WILEY AND SONS INC <WILLB> SETS QUARTERLY
Qtly div Class A 27-1/2 cts vs 27-1/2 cts
Qtly div Class B 24-1/2 cts vs 24-1/2 cts
Pay April 10
Record April Three
|
training/7287
|
training/7287 |@title api:1 say:1 u:1 crude:1 oil:1 ouput:1 year:1 ago:1 |@word american:1 petroleum:3 institute:1 say:5 u:3 crude:4 oil:4 production:5 february:4 decline:3 9:2 8:3 pct:7 year:6 ago:2 level:4 3:3 mln:4 barrel:4 day:4 monthly:1 report:1 supply:2 stock:1 api:4 domestic:3 demand:3 product:2 measure:1 continue:1 rise:2 reach:1 16:1 month:2 1:1 5:1 1986:3 note:1 drop:2 output:1 couple:1 natural:1 gas:1 liquid:1 11:1 represent:1 one:1 bring:1 import:2 six:1 30:2 increase:1 last:3 far:1 growth:2 2:1 date:1 slow:1 comparison:1 accelerated:1 half:1 first:1 two:1 1987:1 6:2 comparable:1 period:1
|
API SAYS U.S. CRUDE OIL OUPUT OFF FROM YEAR AGO
The American Petroleum Institute
said that U.S. crude oil production in February declined 9.8
pct from year-ago levels to about 8.3 mln barrels a day.
In its monthly report on U.S. oil supplies and stocks, API
said that domestic demand for petroleum products, as measured
by products supplied, continued to rise reaching 16.3 mln
barrels a day in the month, up 1.5 pct from February 1986.
API noted the drop in crude oil output coupled with a
drop in natural gas liquids production, which was off 11 pct
from February 1986 levels, represented a decline in U.S.
production of more than one mln barrels a day.
API said the decline in domestic production and the rise in
demand brought petroleum imports to about six mln barrels a day
in February, a 30.3 pct increase from last year's level.
So far this year, API said growth in domestic demand, which
was up 2.9 pct from last year's year-to-date level, has slowed
in comparison to the accelerated growth in the last half of
1986.
It said crude oil production for the first two months of
1987 was off 8.6 pct from the comparable year-ago period while
crude imports were up 30.6 pct.
|
training/7296
|
training/7296 |@title prime:1 medical:1 pmsi:1 say:1 merger:1 talk:1 end:1 |@word prime:2 medical:1 services:1 inc:1 say:1 merger:1 talk:2 national:2 hmo:2 corp:1 nhmo:1 terminate:1 give:1 reason:1 termination:1
|
PRIME MEDICAL <PMSI> SAYS MERGER TALKS END
Prime Medical Services Inc said merger
talks with National HMO Corp <NHMO> have been terminated.
Prime gave no reason for the termination of the talks with
National HMO.
|
training/7297
|
training/7297 |@title first:1 federal:1 savings:1 bank:1 montana:1 ffsm:1 div:1 |@word qtly:1 div:1 seven:2 ct:2 vs:1 prior:1 payable:1 april:2 28:1 record:1 three:1
|
FIRST FEDERAL SAVINGS BANK OF MONTANA <FFSM> DIV
Qtly div seven cts vs seven cts prior
Payable April 28
Record April three
|
training/730
|
training/730 |@title ici:2 seek:1 gain:1 specialty:1 business:1 |@word imperial:1 chemical:3 industries:2 plc:2 large:3 company:7 united:1 kingdom:1 expand:1 specialty:1 drug:9 business:4 year:6 well:1 1986:2 result:3 say:12 chairman:2 elect:1 denys:1 henderson:10 expect:4 shift:1 toward:1 high:2 value:1 add:1 continue:2 broaden:1 base:1 tell:1 reporter:1 informal:1 meeting:2 ici:10 today:1 announce:1 formation:1 new:5 u:6 pharma:1 stuart:1 pharmaceutical:6 unit:2 double:2 current:1 sale:6 1:3 billion:4 dlrs:8 1990:2 get:1 lose:1 way:1 glaxo:3 holdings:1 division:3 second:2 maker:1 behind:1 k:1 last:3 40:2 pct:3 worldwide:1 5:2 turn:1 bring:3 27:1 total:2 profit:2 estimate:1 would:4 account:1 30:1 far:1 away:1 rate:1 return:1 w:1 clement:1 finance:1 director:1 also:2 concern:2 basically:1 act:1 force:1 exposure:1 doctor:1 hire:1 145:1 salespeople:1 october:1 one:2 major:1 product:1 pipeline:1 200:1 mln:3 annually:1 statil:2 treatment:3 diabetic:1 complication:1 zoladex:2 advanced:1 prostate:1 cancer:1 carwin:2 mild:1 moderate:1 congestive:1 heart:1 failure:1 food:1 administration:1 approval:1 market:2 joint:1 licensing:1 agreement:1 merck:1 co:1 inc:2 mrk:1 1989:1 file:1 permission:1 later:1 1987:2 top:1 income:1 888:1 45:1 per:1 adr:1 15:1 decline:1 specify:1 much:1 boost:1 glidden:2 paint:1 buy:1 november:1 580:1 hanson:1 nine:1 available:1 acquisition:4 make:2 may:1 rule:1 expensive:1 role:1 effective:1 april:1 take:1 sir:1 john:1 harvey:1 jones:1 retire:1 big:1 challenge:1 ahead:1 lie:1 earning:1 momentum:1 establish:1 past:1 restructure:1 sell:1 unprofitable:1
|
ICI <ICI> SEEKS GAINS IN SPECIALTY BUSINESSES
Imperial Chemical Industries PLC, the
largest chemical company in the United Kingdom, will expand its
specialty chemicals and drug businesses this year, and better
its 1986 results, said chairman-elect Denys Henderson.
'We expect to shift our company toward higher value-added
businesses and continue to broaden our base,' Henderson told
reporters at an informal meeting here.
ICI today announced the formation of a new U.S.
drug company, ICI Pharma, which, with its Stuart
Pharmaceuticals unit, it said will double its current
pharmaceutical sales to 1.1 billion dlrs by 1990.
Henderson said, 'Our pharmaceutical business gets lost in
the way that Glaxo's (Glaxo Holdings PLC) does not.'
ICI's pharmaceutical division is the second largest drug
maker behind Glaxo in the U.K. Last year U.S. drug sales were
about 40 pct of its worldwide drug sales of 1.5 billion dlrs,
which in turn brought in 27 pct of its total profits.
He estimated that by 1990, ICI's pharmaceutical division
would account for about 30 pct of total company profits.
'The drug division far and away brings in the highest rate
of return,' said A.W. Clements, finance director of ICI, who
was also at the meeting.
Henderson said the new U.S. drug concern would basically
act as a second sales force to double the exposure of its drugs
to doctors. ICI will hire 145 new salespeople by October one.
Henderson said the major new products in the company's
pipeline, expected to each bring in sales of over 200 mln dlrs
annually, were Statil, a treatment for diabetic complications,
Zoladex, a treatment for advanced prostate cancer, and Carwin,
a treatment for mild to moderate congestive heart failure.
Henderson said U.S. Food and Drug Administration approval
to market Statil and Zoladex, both under joint licensing
agreements with Merck and Co Inc <MRK>, is not expected until
about 1989. ICI expects to file for permission to market Carwin
in the U.S. later this year.
Henderson said the company's 1987 results would top 1986
income of 888 mln dlrs or 5.45 dlrs per ADR on sales of 15
billion dlrs, but he declined to specify by how much.
Henderson said 1987's results would be boosted by Glidden
Paints, which ICI bought last November for 580 mln dlrs from a
unit of Hanson Industries Inc.
Henderson also said that ICI has about nine billion dlrs
available for acquisitions. Last year the company made 40
acquisitions, the largest being Glidden. He said that more
acquisitions may be made this year but he ruled out an
acquisition of a pharmaceutical concern as 'too expensive.'
Henderson said that in his new role of chairman, effective
April one when he takes over from Sir John Harvey-Jones who
will retire, the biggest challenge ahead lay in continuing the
earnings momentum ICI has established over the past few years
after restructuring and selling off unprofitable businesses.
|
training/7302
|
training/7302 |@title ccr:1 video:1 corp:1 1st:1 half:1 feb:1 28:1 net:1 |@word shr:1 profit:2 10:1 ct:2 vs:3 loss:2 one:1 net:2 647:1 390:1 75:1 967:1 sale:1 2:1 120:1 027:1 1:1 666:1 908:1 note:1 current:1 year:1 include:1 456:1 004:1 dlr:1 gain:1 debt:1 extinguishment:1
|
<CCR VIDEO CORP> 1ST HALF FEB 28 NET
Shr profit 10 cts vs loss one ct
Net profit 647,390 vs loss 75,967
Sales 2,120,027 vs 1,666,908
NOTE: Current year net includes 456,004 dlr gain from debt
extinguishment.
|
training/7304
|
training/7304 |@title new:1 rubber:1 pact:1 formally:1 adopt:1 tomorrow:1 |@word new:13 international:3 natural:2 rubber:2 agreement:7 inra:5 formally:1 adopt:1 tomorrow:1 chairman:1 negotiate:2 conference:4 manaspas:1 xuto:5 thailand:1 say:5 successful:1 negotiation:1 represent:1 significant:1 step:1 forward:1 economic:1 cooperation:1 tell:1 news:1 replace:1 current:2 one:1 expire:1 october:1 delegate:1 renegotiation:1 hold:1 auspex:1 u:2 n:1 trade:1 development:1 unctad:1 reach:2 central:1 element:1 accord:3 last:2 weekend:2 retain:1 reference:6 price:17 201:1 66:1 malaysian:3 singapore:3 cent:4 per:1 kilo:1 indicative:2 set:3 present:6 pact:5 level:1 continue:1 express:1 joint:1 currency:1 add:2 also:2 maintain:2 basic:1 structure:1 range:1 may:4 sell:3 buy:3 point:1 plus:2 minus:2 15:2 pct:8 well:1 must:2 zone:1 20:1 objective:1 important:1 stabilise:1 achieve:1 balanced:1 growth:1 demand:1 supply:1 buffer:3 stock:3 remain:1 sole:1 instrument:1 market:2 intervention:3 stabilisation:1 maximum:1 capacity:1 unchanged:1 550:1 000:4 tonne:4 month:4 session:1 fourth:1 attempt:1 two:1 year:1 main:1 issue:1 resolve:1 concerned:1 mechanism:1 adjust:1 agree:2 conduct:1 review:1 every:1 instead:1 18:1 interval:1 extent:1 adjustment:4 modify:1 daily:1 indicator:1 upper:1 currently:2 231:1 low:1 171:1 six:1 revise:1 five:2 whatever:1 amount:2 council:3 decide:3 circumstance:1 unless:2 high:2 similarly:1 purchase:1 sale:1 300:1 would:1 automatic:1 three:1 percentage:1 throughout:1 talk:1 begin:1 march:1 9:1 producer:1 strongly:1 oppose:1 consumer:1 proposal:2 lower:2 floor:1 150:1 360:1 450:1 initiate:1 withdraw:1 friday:1 stage:1 compromise:1 since:1 negotiator:1 work:1 fine:1 detail:1 question:1 condition:1 entry:1 force:1 tentatively:1 government:1 account:1 75:2 world:2 export:1 import:1 approve:1 ratify:1 become:1 operational:1 figure:1 80:1
|
NEW RUBBER PACT TO BE FORMALLY ADOPTED TOMORROW
A new International Natural Rubber
Agreement (INRA) will be formally adopted tomorrow, chairman of
the negotiating conference Manaspas Xuto of Thailand said.
'The successful negotiation of the new agreement represents
a significant step forward in international economic
cooperation,' he told a news conference. The new INRA is to
replace the current one which expires in October.
Delegates at the renegotiation conference, held under the
auspices of the U.N. Conference on Trade and Development
(UNCTAD), reached agreement over the central elements of a new
accord last weekend.
Xuto said the new INRA retains the reference price -- of
201.66 Malaysian/Singapore cents per kilo -- and indicative
prices set in the present pact.
Price levels will continue to be expressed in the joint
Malaysian/Singapore currency, he added.
The new agreement also maintains the basic structure of
price ranges -- the 'may sell' and 'may buy' points at plus and
minus 15 pct of the reference price, as well as the 'must sell'
and 'must buy' zones at plus and minus 20 pct of it.
Xuto said the new pact maintains the same objectives that
were set in the present accord. 'The most important of these are
to stabilise prices and to achieve a balanced growth between
demand and supply,' he said. The buffer stock remains the sole
instrument of market intervention for price stabilisation and
its maximum capacity is unchanged at 550,000 tonnes, Xuto
added.
At this month's session, which was the fourth attempt in
two years to negotiate a new INRA, the main issue to be
resolved concerned the mechanism for adjusting the reference
price.
It was agreed to conduct reviews of the reference price
every 15 months -- instead of the current 18-month intervals.
The extent of the adjustment was also modified.
Under the present agreement if the daily market indicator
price has been above the upper intervention ('may sell') price
(currently 231 Malaysian/Singapore cents) or below the lower
intervention price ('may buy') price (171 cents at present) for
six months, the reference price is then revised by five pct or
whatever amount the International Natural Rubber Council
decides.
Under the new pact, the adjustment under these
circumstances will be five pct unless the Council decides on a
higher adjustment.
Similarly, when buffer stock purchases or sales amount to
300,000 tonnes, there would be an automatic adjustment of three
pct under the new accord unless the Council decides on a higher
percentage.
Throughout the talks, which began on March 9, producers had
strongly opposed a consumer proposal to lower the reference
price and the 'lower indicative price' (or floor price) of 150
cents in the present pact if the buffer stock, currently
360,000 tonnes, reached 450,000 tonnes.
The proposal, initiated by the U.S., was withdrawn last
Friday, setting the stage for compromise at the weekend.
Since then negotiators have worked on the finer details of
the new pact.
On the question of conditions for entry into force of the
new INRA, Xuto said it was tentatively agreed that governments
accounting for 75 pct of world exports and 75 pct of world
imports approved or ratified the new agreement before it became
operational.
The present agreement had a figure of 80 pct.
|
training/7305
|
training/7305 |@title investment:1 group:1 moore:1 handley:1 mhco:1 stake:1 |@word group:2 new:1 york:1 investment:2 company:1 tell:1 securities:1 exchange:1 commission:1 acquire:1 173:1 000:1 share:2 moore:2 handley:2 inc:1 6:1 9:1 pct:1 total:1 outstanding:1 common:1 stock:2 firm:1 robert:1 h:1 barker:3 co:1 j:1 r:1 foundation:1 quaker:1 hill:1 associates:2 l:2 p:2 upland:1 james:1 trust:1 say:2 buy:2 two:1 mln:1 dlrs:1 soley:1 purpose:1 may:1
|
INVESTMENT GROUP HAS MOORE-HANDLEY <MHCO> STAKE
A group of New York investment
companies told the Securities and Exchange Commission they have
acquired 173,000 shares of Moore-Handley Inc, or 6.9 pct of the
total outstanding common stock.
The firms, Robert H. Barker and Co, J.M.R. Barker
Foundation, Quaker Hill Associates L.P., Upland Associates L.P.
and James M. Barker Trust, said they bought the stock for two
mln dlrs soley for investment purposes.
But the group said it might buy more Moore-Handley shares.
|
training/7308
|
training/7308 |@title ec:1 may:1 offer:1 intervention:1 sugar:1 local:1 market:1 |@word sugar:7 ec:6 producer:6 plan:2 sell:2 intervention:6 may:5 offer:3 european:2 commission:6 sale:1 within:1 community:1 broker:1 c:1 czarnikow:8 say:8 late:1 review:1 propose:2 nominal:1 premium:1 0:1 01:1 currency:1 unit:1 ecu:1 price:8 detrimental:1 consequence:1 return:1 move:2 see:2 attempt:1 persuade:1 take:3 back:1 surrendered:1 also:3 step:2 dissuade:1 choose:1 course:1 remove:2 time:1 limit:1 storage:1 contract:1 presently:1 mean:1 stock:1 end:1 september:1 possibility:1 production:2 quota:1 reduce:2 decide:1 trader:2 export:5 restitution:2 would:2 high:1 recent:1 tender:4 note:2 match:1 difference:1 world:2 market:2 extra:1 cost:3 much:1 20:1 ecus:1 per:1 tonne:3 repay:1 levy:2 special:1 elimination:1 several:1 month:1 could:1 recover:1 rule:1 primary:1 cause:1 775:1 000:1 france:1 dissatisfaction:1 program:1 increasingly:1 fail:1 bridge:1 gap:1 french:1 thus:1 form:1 protest:1 design:1 force:1 hand:1 west:2 germany:1 79:1 250:1 motive:1 ensure:1 1986:2 87:1 pay:1 produce:1 addition:1 two:1 pct:1 cut:2 german:1 face:1 reduction:1 july:1 probable:1 revaluation:1 green:1 mark:1 even:1 immediate:1 crisis:1 resolve:1 problem:1 expect:1 disappear:1 permanently:1 appear:1 year:1 policy:1 insufficiently:1 responsive:1 change:1 pattern:1 demand:2 weekly:1 respond:1 fluctuate:1 increase:1 tonnage:1 award:1 suggest:1 amount:1 unnecessary:1 bureaucracy:1 surround:1 system:1
|
EC MAY OFFER INTERVENTION SUGAR TO LOCAL MARKET
Sugar which EC producers plan to sell
into intervention may be offered by the European Commission for
sale within the Community, broker C. Czarnikow says in its
latest sugar review.
The Commission will propose to offer the sugar at a very
nominal premium of 0.01 European Currency Unit (Ecu) to the
intervention price, with detrimental consequences for
producers' returns, Czarnikow says. The move is seen as an
attempt to persuade the producers to take back the surrendered
sugar.
The Commission may also take other steps to dissuade
producers from their chosen course, such as removing the time
limit on storage contracts, which presently means that
intervention stocks have to be removed by the end of September,
Czarnikow says. There is also the possibility of production
quotas being reduced.
If the Commission decided to offer the sugar to traders for
export, the restitutions would have to be higher than those at
recent export tenders, Czarnikow notes. To match the difference
between the EC price and the world market price, the extra
costs might be as much as 20 Ecus per tonne, it says.
The producers might have to repay these costs through
production levies and the proposed special elimination levy,
Czarnikow says, but it would be several months before any costs
could be recovered under EC rules.
The primary cause of the plan to sell 775,000 tonnes of
sugar into intervention in France is dissatisfaction with the
EC export program as the restitution has increasingly failed to
bridge the gap between the EC price and the world market price,
Czarnikow notes. The French move is thus seen as a form of
protest designed to force the Commission's hand.
In West Germany, 79,250 tonnes have been tendered for
intervention, but Czarnikow says the motive here is to ensure
that the 1986/87 price is paid for sugar that was produced in
1986. In addition to a two pct cut in the intervention price,
West German producers face a further price reduction in July
with a probable revaluation of the 'green' mark.
Even if the immediate crisis is resolved, the problem is
not expected to disappear permanently. It has appeared to
traders for some years that the EC's export policy is
insufficiently responsive to changing patterns of demand, it
says.
The weekly tenders should respond to fluctuating demand by
increasing or reducing the tonnage awarded, Czarnikow says,
suggesting that the Commission might also take steps to cut
down the amount of 'unnecessary bureaucracy' surrounding the
export tender system.
|
training/731
|
training/731 |@title int:1 l:1 hydron:1 corp:1 hyd:1 4th:1 qtr:1 oper:1 net:1 |@word oper:4 shr:2 profit:6 six:1 ct:6 vs:8 loss:4 20:1 net:3 734:1 000:7 2:1 312:1 revs:2 16:1 8:1 mln:4 13:1 9:1 year:2 30:1 three:1 3:1 342:1 0000:1 318:1 67:1 5:1 52:1 6:1 note:1 exclude:1 41:1 dlrs:4 nil:2 gain:3 7:1 qtr:1 247:1 two:1 88:1 one:1 operating:1 carryforward:1
|
INT'L HYDRON CORP <HYD> 4TH QTR OPER NET
Oper shr profit six cts vs loss 20 cts
Oper net profit 734,000 vs loss 2,312,000
Revs 16.8 mln vs 13.9 mln
Year
Oper shr profit 30 cts vs profit three cts
Oper net profit 3,342,0000 vs profit 318,000
Revs 67.5 mln vs 52.6 mln
NOTE: Excludes loss of 41,000 dlrs or nil vs gain 7,000
dlrs or nil in qtr and gain 247,000 dlrs or two cts vs gain
88,000 dlrs or one ct in year from net operating loss
carryforwards.
|
training/7310
|
training/7310 |@title german:1 bank:1 see:1 low:1 interest:1 rate:1 continue:1 |@word association:4 german:1 cooperative:1 bank:1 say:7 financial:1 survey:1 domestic:3 interest:5 rate:8 would:5 continue:2 remain:2 low:3 time:2 bundesbank:3 could:4 hold:2 despite:1 strong:2 foreign:2 influence:2 see:3 strain:1 factor:1 economy:4 affect:1 long:3 term:6 capital:3 market:5 inflation:2 one:1 pct:1 also:2 give:2 occasion:1 high:1 nominal:2 probable:1 rise:2 late:1 year:3 slight:1 ground:1 end:1 next:1 generally:1 prospect:1 taxis:1 stable:1 dollar:1 expect:1 demand:1 lead:1 believe:1 investment:2 climate:1 friendly:1 slow:1 sure:1 growth:1 manage:1 successfully:1 keep:1 short:3 money:6 although:1 policy:3 exert:1 little:2 effect:1 important:1 financing:1 thus:1 course:1 view:1 limit:1 possibility:1 monetary:2 sense:1 want:1 boost:1 expansionist:1 hand:1 reason:1 stick:1 dogmatically:1 supply:2 target:1 whole:1 1987:1 show:1 extent:1 speculative:1 invest:1 distort:1 development:1 highly:1 effective:1 instrument:1 sale:1 repurchase:1 transaction:1
|
GERMAN BANKS SEE LOW INTEREST RATES CONTINUING
The Association of German Cooperative
Banks said in a financial survey that domestic interest rates
would continue to remain low for the time being.
It said the Bundesbank could hold them down despite strong
foreign influence and it saw no interest-straining factors in
the economy that could affect the long-term capital market.
The inflation rate of one pct also gave no occasion for
higher nominal interest rates. But a probable rise in inflation
late this year could give very slight grounds for a rise in
nominal rates at year's end and next year, it said.
The association said generally low interest rates,
prospects of lower taxes, a stable dollar rate and expected
strong domestic demand led it to believe that the investment
climate would remain friendly and the economy would continue
its slow but very sure growth.
The Bundesbank had managed successfully to keep interest
rates down on the short-term money market although its policies
had exerted little effect on the long-term capital market,
which was so important for investment financing and thus for
the course of the economy, it said.
In view of the limits to the possibilities monetary policy
had in influencing the longer-term capital market, the
association saw little sense in wanting to boost the economy
through a short-term and expansionist monetary policy.
On the other hand it also saw no reason for sticking
dogmatically to the money supply target for the whole of 1987.
The association said time would show to what extent
speculative foreign money and short-term invested domestic
money would distort money supply developments. The Bundesbank
could hold down money market rates with the highly effective
instrument of sale and repurchase transactions, it said.
|
training/7311
|
training/7311 |@title icco:1 examine:1 buffer:1 stock:1 detail:1 tomorrow:1 |@word international:1 cocoa:1 council:2 icco:2 adjourn:1 day:1 detailed:1 proposal:2 buffer:2 stock:2 rule:2 distribute:1 executive:3 committee:2 official:1 elect:2 delegate:2 say:3 producer:1 ec:1 consumer:2 schedule:1 hold:1 separate:1 meeting:1 tomorrow:1 review:1 write:1 director:1 kobena:1 erbynn:1 work:1 group:1 meet:1 monday:1 morning:1 full:1 reconvene:1 tuesday:1 heinz:1 hofer:1 switzerland:1 chairman:2 mette:1 mogstad:1 norway:1 vice:1 add:1
|
ICCO TO EXAMINE BUFFER STOCK DETAILS TOMORROW
The International Cocoa Council, ICCO,
adjourned for the day after a detailed proposal on buffer stock
rules was distributed and executive committee officials were
elected, delegates said.
Producers, EC consumers and all consumers are scheduled to
hold separate meetings tomorrow to review the proposal, written
by ICCO executive director Kobena Erbynn, they said.
The buffer stock working group is to meet again on rules
Monday morning, and the full council is to reconvene Tuesday,
delegates said.
Heinz Hofer of Switzerland was elected executive committee
chairman and Mette Mogstad of Norway vice chairman, they added.
|
training/7312
|
training/7312 |@title fed:1 johnson:1 urge:1 stronger:1 ally:1 growth:1 |@word federal:1 reserve:1 board:1 vice:1 chairman:1 manuel:1 johnson:5 say:6 u:4 main:1 industrial:1 partner:1 expand:1 domestic:2 growth:3 speech:1 woman:1 group:1 room:1 strong:2 country:2 enough:1 absorb:1 export:1 market:1 also:1 well:2 alignment:2 exchange:4 rate:3 paris:2 agreement:2 stabilize:1 currency:1 bring:1 western:1 nation:1 long:1 way:1 towards:1 establish:1 goal:1 fed:1 support:1 pattern:1 see:1 lead:1 convergence:1 trade:1 quite:1 possibly:1 achieve:2 stimulus:1 major:2 surplus:1 improvement:1 step:1 right:1 direction:1 add:1 ally:1 look:1 strongly:1 budget:2 deficit:2 cut:2 always:1 potential:1 risk:1 breakdown:1 international:1 cooperation:1 without:1
|
FED'S JOHNSON URGES STRONGER ALLIED GROWTH
Federal Reserve Board Vice Chairman
Manuel Johnson said that the U.S.'s main industrial partners
should expand their domestic growth.
In a speech to a women's group here, Johnson said, 'There is
room for stronger domestic growth in those countries ... strong
enough to absorb growth in U.S. export markets.'
Johnson also said there was a better alignment of exchange
rates now and the Paris agreement to stabilize currencies has
brought western nations a long way towards establishing that
goal.
Johnson said, 'The Fed supports this pattern of exchange
rates ... and we'll see if it leads to a convergence in trade.
Quite possibly it can be achieved.'
Johnson said the Paris agreement achieved a better
alignment of exchange rates in exchange for stimulus by the
major surplus countries.
He said this was 'a major improvement and a step in the
right direction' and added U.S. allies look very strongly to a
U.S. budget deficit cut. 'There will always be a potential risk
of breakdown in international cooperation' without a budget
deficit cut.
|
training/7313
|
training/7313 |@title u:1 k:1 money:1 datum:1 may:1 ease:1 rate:1 cut:1 analyst:1 say:1 |@word slow:1 expect:5 growth:4 britain:1 narrow:2 m0:10 money:3 supply:2 measure:4 february:5 help:1 spur:1 cut:5 u:3 k:3 interest:3 rate:8 surge:2 sterling:7 value:1 require:1 move:3 economic:1 analyst:7 say:9 target:8 leave:2 chancellor:2 exchequer:1 nigel:1 lawson:3 scrap:2 official:1 broad:1 m3:4 1987:3 budget:3 speech:1 tuesday:1 fall:2 adjusted:1 3:1 4:2 one:1 pct:7 annual:2 basis:1 put:1 four:1 1:1 2:3 middle:1 two:1 six:1 datum:2 much:1 well:3 robert:1 thomas:4 economist:3 greenwell:1 montagu:1 security:1 figure:2 alone:2 would:1 sufficient:1 trigger:1 new:1 remove:3 obstacle:2 note:2 rise:1 keep:1 check:1 despite:1 buoyant:1 retail:1 sale:1 advance:1 adjust:1 size:1 january:1 reflect:1 variation:1 consumer:1 demand:3 rather:1 real:1 inflation:1 prospect:1 adequate:1 indicator:1 determine:1 authority:1 still:1 seem:2 want:1 pretend:1 important:1 practice:1 likely:1 exchange:3 election:1 call:1 tune:1 lloyds:1 merchant:1 bank:1 chief:1 roger:1 bootle:1 write:1 comment:2 richard:1 jeffrey:1 stockbroker:1 hoare:1 govett:1 unlikely:1 respond:1 signal:2 reinforcement:1 trend:1 necessary:1 action:1 take:2 make:2 clear:1 policy:2 manoeuvre:1 response:1 variable:1 city:1 force:1 seriously:1 add:2 point:3 market:1 fear:1 end:1 last:2 year:1 overshoot:1 disappear:1 potential:1 base:2 lending:1 foreign:4 push:2 pound:1 unofficial:1 believe:1 secretly:1 agree:1 finance:1 minister:1 group:1 five:1 canada:1 paris:2 meeting:1 month:2 twice:1 half:2 since:1 agreement:1 march:2 11:2 yesterday:1 reaction:1 sharp:1 government:1 borrowing:1 contain:1 stand:1 10:1 dealer:1 shed:1 another:1 come:1 week:2 shrug:1 largely:1 irrelevant:1 high:1 increase:1 almost:1 19:1 previous:1 15:1 indicate:1 improvement:1 witness:1 past:1 reverse:1 firm:1 conclusion:1 could:1 draw:1 revise:1 release:1 31:1 investor:1 long:1 cease:1 watch:1 altogether:1 earlier:1 whatever:1 credibility:1 key:1 factor:1 monetary:1
|
U.K. MONEY DATA MAY EASE RATE CUT, ANALYSTS SAY
Slower than expected growth in Britain's
narrow M0 money supply measure in February will help spur a
further cut in U.K. Interest rates if a surge in sterling's
value requires such a move, economic analysts said.
M0, the only targeted money supply measure left after
Chancellor of the Exchequer Nigel Lawson scrapped the official
target for the broad sterling M3 measure in his 1987 budget
speech on Tuesday, fell an adjusted 3/4 to one pct in February.
On an annual basis, this put M0 growth at four to 4-1/2
pct, in the middle of the 1987 target of two to six pct.
'The M0 data are much better than we expected,' said Robert
Thomas, economist at Greenwell Montagu Securities.
He and other analysts said while the better than expected
M0 figures alone would not be sufficient to trigger a new
interest rate cut, they removed an obstacle to such a move.
Thomas noted the rise in M0 had been kept in check despite
buoyant retail sales in February, advancing an adjusted 2.2 pct
after a fall of the same size in January.
Analysts said the M0 measure, reflecting variations in
consumer demand rather than real inflation prospects, was not
an adequate indicator to determine interest rates.
'The authorities still seem to want to pretend that M0 is
important ... In practice, it is likely to be the exchange rate
and the election which call the tune,' Lloyds Merchant bank
chief economist Roger Bootle wrote in a budget comment.
Richard Jeffrey, economist at stockbrokers Hoare Govett,
said in a comment: 'It is unlikely that (Lawson) will respond to
signals from M0 alone ... Reinforcement from exchange rate
trends is necessary before action is taken.'
'With the Chancellor making clear that policy manoeuvres are
made in response to signals from this narrow money variable,
the City has been forced to take it seriously,' he added.
Noting this point, Thomas said market fears at the end of
last year of an M0 overshoot had now disappeared.
This removed a potential obstacle to a further cut in U.K.
Base lending rates if foreign demand for sterling pushed up the
pound above unofficial targets, analysts said.
Such targets are believed to have been secretly agreed
between finance ministers of the Group of Five and Canada at
their Paris meeting last month, they added.
U.K. Base rates have been cut twice by half a point since the
Paris agreement, once on March 11, and again yesterday when
foreign demand for sterling surged in reaction to a sharp cut
in 1987 government borrowing targets contained in the budget.
They stand at 10 pct now, and foreign exchange dealers and
analysts expect them to shed another half-point in the coming
week.
Analysts shrugged off as largely irrelevant a higher than
expected increase in February sterling M3, which pushed the
annual growth rate to almost 19 pct, well above the previous
target of 11 to 15 pct.
Thomas said the February figures seemed to indicate the
improvement in sterling M3 growth witnessed over the past few
months had been reversed, but firm conclusions could only be
drawn after revised data are released on March 31.
Some analysts said foreign investors had long ceased to
watch the sterling M3 target, and Lawson's move to scrap it
altogether earlier this week removed whatever was left of its
credibility as a key factor in monetary policy.
|
training/7314
|
training/7314 |@title fed:1 johnson:1 see:1 inflation:1 control:1 |@word federal:1 reserve:1 board:1 vice:1 chairman:1 manuel:1 johnson:2 say:2 inflationary:1 pressure:4 control:1 note:1 wage:1 price:1 moderate:1 tell:1 woman:1 group:1 u:1 see:1 kind:1 cost:1 past:1 trade:1 imbalance:1 serious:1 trouble:1 spot:1 strong:1 protectionist:1 translate:1 policy:2 could:1 ultimately:1 lead:1 high:2 inflation:1 interest:1 rate:1 fed:1
|
FED'S JOHNSON SEES INFLATION CONTROLLED
Federal Reserve Board Vice Chairman
Manuel Johnson said inflationary pressures are under control
and noted 'wage and price pressures are very moderate.'
Johnson told a women's group that the U.S. was not seeing
the kind of cost pressures of the past.
He said the trade imbalance was a serious trouble spot and
strong protectionist pressures, if translated into policies,
could ultimately lead to higher inflation and a high interest
rate policy by the Fed.
|
training/7315
|
training/7315 |@title greyhound:1 g:1 buy:1 general:1 motors:1 gm:1 bus:1 unit:1 |@word greyhound:2 corp:2 say:2 sign:1 definitive:1 agreement:4 buy:2 general:1 motors:1 u:1 transit:3 bus:3 part:2 business:2 undisclosed:1 sum:1 tentatively:1 set:1 january:1 include:1 production:2 tooling:1 design:1 equipment:1 urban:1 inventory:1 trademark:1 identification:1 also:1 incude:1 right:1 gm:1 canadian:1 contingent:1 satisfactory:1 labor:1 relocate:1 facility:1 currently:1 pontiac:1 michigan:1 undetermined:1 location:1
|
GREYHOUND <G> BUYS GENERAL MOTORS <GM> BUS UNIT
Greyhound Corp said it has
signed a definitive agreement to buy General Motors Corp's U.S.
Transit Bus and Parts business for an undisclosed sum.
The agreement, tentatively set in January, includes
production tooling, design and equipment for urban transit
buses, inventories and trademark identification.
The agreement also incudes the right to buy GM's Canadian
Transit Bus and Parts business, contingent on a satisfactory
labor agreement.
Greyhound said it will relocate the production facilities,
currently in Pontiac, Michigan, to an undetermined location.
|
training/7317
|
training/7317 |@title excel:1 bancorp:1 xcel:1 set:1 initial:1 dividend:1 |@word excel:1 bancorp:1 inc:1 say:1 board:1 declare:1 initial:1 dividend:1 10:1 ct:1 per:1 share:1 payable:1 april:2 20:1 holder:1 record:1 six:1
|
EXCEL BANCORP <XCEL> SETS INITIAL DIVIDEND
Excel Bancorp Inc said its board
declared an initial dividend of 10 cts per share, payable April
20 to holders of record on April Six.
|
training/7318
|
training/7318 |@title champion:1 cha:1 expand:1 alberta:1 mill:1 |@word champion:3 international:1 corp:1 base:1 stamford:1 conn:1 say:2 expand:1 mill:2 hinton:1 alberta:1 cost:1 285:1 mln:1 canadian:1 dlrs:1 expansion:1 double:1 facility:2 pulp:2 operation:1 424:1 000:1 short:1 ton:1 per:1 year:1 produce:1 softwood:1 kraft:1 sell:1 open:1 market:1 estimate:1 project:1 complete:1 end:1 1989:1
|
CHAMPION <CHA> TO EXPAND ALBERTA MILL
Champion International Corp, based in
Stamford, Conn., said it will expand its mill in Hinton,
Alberta, at a cost of about 285 mln Canadian dlrs.
The expansion will double the facility's pulping operation
to 424,000 short tons per year. The mill produces softwood
kraft pulp which is sold to other Champion facilities and on
the open market.
Champion said it estimates the project will be completed by
the end of 1989.
|
training/7319
|
training/7319 |@title mark:1 iv:1 say:1 plan:1 baird:1 batm:1 buy:1 |@word mark:7 iv:8 industries:1 inc:1 say:6 mull:1 bid:1 seek:2 control:2 baird:9 corp:1 present:1 plan:2 acquire:1 25:3 pct:4 company:1 total:2 outstanding:2 common:3 stock:3 filing:1 securities:1 exchange:1 commission:1 top:1 official:1 tell:1 executive:1 march:2 17:2 meeting:2 may:1 buy:1 presently:1 intend:1 hold:2 limit:1 first:1 disclose:1 stake:1 interest:1 10:1 report:1 391:1 800:1 share:1 6:1 also:3 agree:3 decide:1 would:3 negotiate:1 merger:1 business:1 combination:1 tender:2 offer:2 least:2 24:2 hour:2 notice:2 turn:1 take:1 defensive:1 measure:1 without:1 give:1 confirm:1 takeover:1 defense:1 already:1 trigger:2 accumulation:1 party:1 adjourn:1 pende:1 litigation:1 one:1 another:1 add:1
|
MARK IV SAYS IT DOES NOT PLAN BAIRD <BATM> BUY
Mark IV Industries Inc <IV>, which
has said it is mulling a bid to seek control of Baird Corp,
said it has no present plans to acquire more than 25 pct of the
company's total outstanding common stock.
In a filing with the Securities and Exchange Commission,
Mark IV said its top officials told Baird executives at a March
17 meeting that while Mark IV may buy more Baird common stock,
it presently intends to hold it to the 25 pct limit.
Mark IV, which first disclosed its stake and interest in
Baird on March 10, has reported it holds 391,800 Baird common
shares, or 17.6 pct of the total outstanding.
Mark IV said it also agreed at the meeting that if it
decides to seek control of Baird, it would be through a
negotiated merger or business combination or through a tender
offer in which Baird would have at least 24 hours notice.
Baird, in turn, agreed not to take any defensive measures
without giving Mark IV at least 24 hours notice, it said.
Baird also confirmed that a takeover defense plan it
already has which is triggered by the accumulation of more than
25 pct of its stock, would not be triggered by a tender offer,
Mark IV said. Both parties also agreed to adjourn pending
litigation they have against one another, it added.
|
training/732
|
training/732 |@title albertson:1 abs:1 adopt:1 stockholder:1 right:1 plan:1 |@word albertson:1 inc:1 say:1 board:1 adopt:1 stockholder:2 right:4 plan:2 intend:1 protect:1 event:1 propose:1 takeover:1 company:1 receive:1 dividend:1 distribution:1 one:2 share:2 common:3 stock:4 hold:1 march:1 23:1 exercisable:1 ten:1 day:1 person:1 group:1 acquire:1 20:1 pct:2 alberston:2 announce:1 tender:1 offer:1 30:1 entitle:1 shareholder:1 buy:1 newly:1 issue:1 150:1 00:1 dlrs:1
|
ALBERTSON'S <ABS> ADOPTS STOCKHOLDER RIGHTS PLAN
Albertson's Inc said its board has
adopted a stockholder rights plan intended to protect them in
the event of any proposed takeover of the company.
Under the plan, stockholders will receive a dividend
distribution of one right for each share of common stock held
on March 23.
The rights are exercisable ten days after a person or group
acquires 20 pct or more of Alberston's common stock or
announces a tender offer for 30 pct or more of the stock.
Each right will entitle the shareholder to buy one newly
issued share of Alberston's common stock for 150.00 dlrs.
|
training/7320
|
training/7320 |@title harris:1 teeter:1 properties:1 inc:1 htp:1 set:1 payout:1 |@word qtly:1 div:1 24:2 ct:2 vs:1 prior:1 pay:1 may:1 eight:1 record:1 april:1 17:1
|
HARRIS-TEETER PROPERTIES INC <HTP> SETS PAYOUT
Qtly div 24 cts vs 24 cts prior
Pay May Eight
Record April 17
|
training/7321
|
training/7321 |@title canada:2 91:2 day:2 bill:2 average:2 6:2 89:2 pct:4 make:2 bank:2 rate:2 7:2 14:2 |@word
|
CANADA 91-DAY T-BILLS AVERAGE 6.89 PCT, MAKING BANK RATE 7.14 PCT
CANADA 91-DAY T-BILLS AVERAGE 6.89 PCT, MAKING BANK RATE 7.14 PCT
|
training/7322
|
training/7322 |@title dresser:1 industries:1 di:1 see:1 return:1 profit:1 |@word dresser:2 industries:1 inc:1 say:1 expect:1 joint:1 venture:1 enter:1 gradual:1 improvement:1 energy:1 market:1 allow:1 regain:1 profitability:1 end:2 current:1 year:2 earn:1 9:1 600:1 000:1 dlrs:1 october:1 31:1 95:1 0:1 mln:2 dlr:2 gain:1 change:1 accounting:1 pension:1 plan:1 curtailment:1 25:1 3:1 writedown:1 oilfield:1 asset:1
|
DRESSER INDUSTRIES <DI> SEES RETURN TO PROFIT
Dresser Industries Inc said it expects
the joint ventures it has entered into and a gradual
improvement in the energy market to allow it to regain
profitability before the end of the current year.
Dresser earned 9,600,000 dlrs for the year ended October 31
-- after a 95.0 mln dlr gain from a change in accounting and
pension plan curtailment and a 25.3 mln dlr writedown of
oilfield assets.
|
training/7323
|
training/7323 |@title ec:1 minister:1 announce:1 plan:1 steel:1 closure:1 |@word european:1 community:1 ec:3 industry:3 minister:3 agree:1 plan:1 voluntary:1 steel:3 plant:1 closure:3 draw:2 lobby:1 group:1 eurofer:3 calculate:1 lead:1 loss:1 22:1 000:1 job:1 resolve:1 propose:1 bring:1 production:2 capacity:4 line:1 weak:1 demand:1 remain:1 considerably:1 surplus:1 ask:1 executive:1 commission:3 consult:1 major:1 company:1 government:1 pinpoint:1 scope:1 reduction:1 beyond:1 annual:1 15:1 26:1 mln:2 tonne:2 identify:1 new:2 system:3 quota:1 protect:1 vulnerable:1 firm:1 full:1 rigor:1 open:1 competition:1 source:2 say:2 would:1 cover:1 heavy:1 product:1 represent:1 45:1 pct:2 market:1 instead:1 65:1 present:1 hope:1 approve:1 program:1 meet:1 brussels:1 june:1 1:1 commissioner:1 karl:1 heinz:1 narjes:1 tell:1 ministers:1 30:1 excess:2 requirement:1 ought:1 eliminate:1 end:1 1990:1
|
EC MINISTERS ANNOUNCE PLAN FOR STEEL CLOSURES
European Community (EC) industry
ministers agreed on a plan for voluntary steel plant closures,
drawn up by industry lobby group Eurofer, and calculated to
lead to the loss of about 22,000 jobs.
The ministers resolved that the proposed closures, which
should bring production capacity more in line with weak demand,
'remain considerably below the surplus in capacity.'
They asked the EC Executive Commission to consult with
Eurofer, major steel companies and with governments, to
pinpoint scope for further capacity reductions beyond the
annual 15.26 mln tonnes identified by Eurofer.
The Commission will draw up a new system of steel
production quotas to protect vulnerable EC firms from the full
rigors of open competition.
Commission sources said any new system would cover only
heavy products representing about 45 pct of the market, instead
of 65 pct under the present system.
Ministers hope to approve a closure program when they meet
again in Brussels on June 1, the sources said.
Industry Commissioner Karl-Heinz Narjes told ministers
capacity was 30 mln tonnes in excess of requirements and that
this excess ought to be eliminated by the end of 1990.
|
training/7326
|
training/7326 |@title u:1 grain:1 trade:1 call:1 shultz:1 remark:1 significant:1 |@word statement:2 yesterday:1 secretary:3 state:3 george:1 shultz:9 meet:1 wheat:19 grower:4 u:9 agricultural:1 product:2 must:2 competitively:1 price:8 significant:2 recognize:1 importance:1 soviet:7 market:3 need:1 world:3 level:2 grain:4 trade:3 industry:3 official:5 say:15 comment:9 explicitly:1 endorse:1 subsidized:1 sale:1 ussr:2 noteworthy:1 negative:2 towards:3 action:2 response:1 query:1 department:2 position:1 sell:3 subsidize:2 moscow:4 tell:2 leader:2 national:2 association:1 competitive:3 go:2 union:4 large:1 importer:1 buy:2 year:3 complain:1 far:1 offer:5 last:2 fall:1 soviets:3 lower:1 export:1 enhancement:1 program:1 eep:8 also:1 rebuff:1 due:1 adamantly:1 report:2 one:1 major:2 obstacle:1 make:2 another:2 subsidy:1 overture:1 source:3 intense:1 speculation:1 may:2 fresh:1 boost:1 significantly:1 recent:1 trading:1 session:1 kansas:1 city:1 hard:1 future:1 rise:1 2:5 1:5 4:2 cent:2 midday:1 88:1 dlrs:2 per:1 bushel:1 cbt:1 march:1 92:1 sure:1 face:1 clearly:1 recognition:1 unless:1 win:1 lobbyst:2 commodity:2 group:2 ridiculous:1 somebody:1 get:1 thing:1 low:1 somewhere:1 else:1 farm:1 approach:1 negotiation:1 signal:1 longer:1 oppose:1 selling:1 certainly:1 improve:1 chance:2 take:1 cautious:1 attitude:1 discourage:1 judgment:1 promise:1 immediate:1 note:1 however:1 significance:1 fact:1 see:1 commentary:1 idea:1 meeting:1 exporter:1 week:1 agriculture:1 richard:1 lyng:3 refuse:1 request:1 administration:1 aide:2 usda:1 undersecretary:1 daniel:1 amstutz:2 strongly:1 opposed:1 consistent:1 teach:1 economist:1 necessarily:1 relate:1 could:1 reach:1 would:1 hopeful:1 indicate:1 movement:1 potentially:1 positive:1 development:1
|
U.S. GRAIN TRADE CALLS SHULTZ REMARK SIGNIFICANT
A statement yesterday by Secretary
of State George Shultz after he met with wheat growers that
U.S. agricultural products must be competitively priced was
significant in that he recognized the importance of the Soviet
market and the need for U.S. prices to be at world market
levels, U.S. grain trade industry officials said.
They said that Shultz's comments, while not explicitly
endorsing subsidized wheat sales to the USSR, were noteworthy
because they were not negative towards such action.
In response to a query on what the State Department's
position is on selling subsidized wheat to Moscow, Shultz told
the leaders of the National Association of Wheat Growers that
prices must be competitive if the U.S. is going to trade.
The Soviet Union, the world's largest grain importer, has
bought no U.S. wheat for more than a year, complaining the
price was far above world market levels. A U.S. offer last fall
to sell the Soviets lower-priced wheat through the export
enhancement program, EEP, was also rebuffed due to the price.
Shultz was said to be adamantly against the U.S. wheat
offer last year and has been reported to be one of the major
obstacles in making another subsidy overture to the Soviet
Union, grain industry sources said.
Intense speculation the U.S. might make a fresh EEP wheat
offer to the Soviets has boosted grain prices significantly in
recent trading sessions. Kansas City hard wheat futures rose
another 2-1/4 cents by midday at 2.88-1/4 dlrs per bushel,
while CBT March wheat was up 1-1/2 cents at 2.92-1/2 dlrs.
'I'm not sure this is an about-face, but it's clearly a
recognition that unless we're competitive, we won't sell to the
Soviet Union,' said a lobbyst for a major commodity group.
'We have to be competitive. It's ridiculous to say that
somebody is going to buy your product if they can get the same
thing at a lower price somewhere else,' Shultz told the farm
leaders. 'That is our approach in negotiations with the
Soviets,' he said.
If those comments do signal that the State Department is no
longer opposed to the U.S. selling wheat to the USSR under EEP,
it certainly improves the chances for an EEP wheat offer to
Moscow, an industry lobbyst said.
National Wheat Grower's officials were taking a cautious
attitude towards the secretary's comments.
'His comments were not discouraging, but they didn't in our
judgment promise any immediate action on EEP,' an official with
the wheat group said.
The Wheat Growers official noted, however, that 'there is
significance in that fact that we haven't seen any significant
negative commentary on the idea of EEP wheat to the Soviets.'
In a meeting with exporters this week, Secretary of
Agriculture Richard Lyng refused to comment on their request
that the administration offer subsidized wheat to Moscow, the
officials said.
An aide to USDA undersecretary Daniel Amstutz, who is
reported to be strongly opposed to EEP wheat to the Soviets,
said that the Shultz comments 'are consistent with what he
(Shultz) has taught for years as an economist,' but said they
don't necessarily relate to the Soviet Union.
Amstutz could not be reached for comment, and an aide to
Lyng said Lyng would not comment on Shultz's statements.
But trade sources were hopeful that the Shultz comments may
indicate some movement towards EEP wheat to Moscow.
'If he didn't say no, then there's a chance. This is
potentially a positive development,' a commodity source said.
|
training/7329
|
training/7329 |@title nynex:1 increase:1 qtrly:1 div:1 95:1 ct:2 87:1 |@word end:2 body:2 nynex:1 increase:1 qtrly:1 div:1 95:1 ct:2 87:1
|
NYNEX INCREASES QTRLY DIV TO 95 CTS FROM 87 CTS end of body
NYNEX INCREASES QTRLY DIV TO 95 CTS FROM 87 CTS end of body
|
training/733
|
training/733 |@title rospatch:1 rpch:1 reject:1 diagnostic:1 drs:1 bid:1 |@word rospatch:4 corp:1 say:4 reject:1 proposal:1 diagnostic:5 retrieval:4 systems:1 inc:1 acquire:1 stock:1 22:1 dlrs:1 share:1 board:1 believe:1 long:1 term:1 interest:2 shareholder:1 best:1 serve:1 continue:1 independent:1 public:1 company:2 time:1 response:1 unsolicited:1 offer:3 february:1 27:1 variation:1 previous:1 january:1 nature:1 disclose:1 advise:1 would:1 contrary:1 good:1 corporation:1 engage:1 discussion:1 concern:1 business:1 combination:1
|
ROSPATCH <RPCH> REJECTS DIAGNOSTIC <DRS> BID
Rospatch Corp said it
rejected a proposal by Diagnostic Retrieval Systems Inc to
acquire its stock at 22 dlrs a share.
Rospatch's board believes that the long term interests of
its shareholders will be best served by continuing as an
independent public company at this time, the company said in
response to an unsolicited offer from Diagnostic Retrieval.
Rospatch said Diagnostic's offer of February 27 is a
variation of a previous offer in January, the nature of which
was not disclosed.
Rospatch said it advised Diagnostic Retrieval that 'it
would be contrary to the best interests of the corporation
to engage in any discussions concerning a business combination
with Diagnostic Retrieval.'
|
training/7330
|
training/7330 |@title burnup:1 sims:1 inc:1 bsim:1 3rd:1 qtr:1 jan:1 31:1 net:1 |@word shr:2 profit:4 five:1 ct:4 vs:8 loss:4 40:1 net:3 669:1 000:6 4:1 256:1 revs:2 46:1 1:2 mln:7 43:1 8:1 avg:2 shrs:2 13:2 9:2 10:1 5:2 nine:1 mth:1 42:1 23:1 529:1 2:2 219:1 152:1 139:1 6:1 3:1 489:1 note:1 current:1 year:1 period:1 include:1 800:1 dlr:1 gain:1 sale:1 property:1
|
BURNUP AND SIMS INC <BSIM> 3RD QTR JAN 31 NET
Shr profit five cts vs loss 40 cts
Net profit 669,000 vs loss 4,256,000
Revs 46.1 mln vs 43.8 mln
Avg shrs 13.9 mln vs 10.5 mln
Nine mths
Shr profit 42 cts vs loss 23 cts
Net profit 5,529,000 vs loss 2,219,000
Revs 152.2 mln vs 139.6 mln
Avg shrs 13.3 mln vs 9,489,000
NOTE: Current year net both periods includes 1,800,000 dlr
gain from sale of property.
|
training/7331
|
training/7331 |@title aaron:1 brothers:1 art:1 marts:1 inc:1 aarn:1 4th:1 qtr:1 net:1 |@word qtr:1 end:1 jan:1 31:1 shr:2 48:1 ct:4 vs:6 38:1 net:2 1:2 171:1 000:4 794:1 revs:1 15:1 6:1 mln:4 14:1 0:1 year:1 85:1 eight:1 831:1 266:1 rev:1 50:1 4:1 46:1 5:1
|
AARON BROTHERS ART MARTS INC <AARN> 4TH QTR NET
Qtr ended Jan 31
Shr 48 cts vs 38 cts
Net 1,171,000 vs 794,000
Revs 15.6 mln vs 14.0 mln
Year
Shr 85 cts vs eight cts
Net 1,831,000 vs 266,000
Revs 50.4 mln vs 46.5 mln
|
training/7332
|
training/7332 |@title quaker:1 state:1 ksf:1 arrange:1 100:1 mln:1 dlr:1 credit:1 |@word quaker:7 state:1 oil:1 refining:1 corp:1 say:7 sign:1 100:1 mln:8 dlr:1 revolving:1 credit:2 term:2 loan:2 agreement:2 group:1 six:1 bank:2 mellon:1 n:1 agent:1 four:2 year:3 arrangement:1 additional:1 amortization:1 line:1 use:1 finance:1 expansion:1 plan:1 total:2 capital:2 spending:2 program:1 1987:3 expect:2 exceed:1 125:1 dlrs:7 1986:3 company:3 71:1 0:2 also:1 cost:2 new:3 store:2 opening:1 product:1 introduction:1 depress:1 earning:2 first:3 half:3 report:3 net:2 income:2 26:1 sale:2 473:1 5:1 two:1 month:1 open:1 25:1 add:1 150:1 minit:1 lube:1 fast:1 lubrication:1 service:1 center:1 75:1 optimistic:1 recover:1 second:1 high:1 full:1 fiscal:1 50:1 3:1 899:1 1:1
|
QUAKER STATE <KSF> ARRANGES 100 MLN DLR CREDIT
Quaker State Oil Refining Corp
said it signed a 100 mln dlr revolving credit and term loan
agreement with a group of six banks, for which Mellon Bank N.A.
is agent.
The four-year arrangement has an additional four-year term
loan amortization agreement, Quaker said.
Quaker said the credit line will be used to finance
expansion plans. Quaker's total capital spending program for
1987 is expected to exceed 125 mln dlrs, it said. In 1986, the
company's capital spending totaled 71.0 mln dlrs.
Quaker also said costs of new store openings and new
product introductions will depress earnings in the first half.
For the first half of 1986, Quaker reported net income of 26.0
mln dlrs on sales of 473.5 mln dlrs.
In the first two months, Quaker opened about 25 new stores.
It said it expects to add 150 Minit-Lube fast lubrication
service centers in 1987 at a cost of 75 mln dlrs.
The company said it is optimistic it will recover in the
second half and report higher earnings for full year fiscal
1987. The company reported net income of 50.3 mln dlrs on sales
of 899.1 mln dlrs for 1986.
|
training/7336
|
training/7336 |@title ec:1 abolish:1 tax:1 spanish:1 maize:1 export:1 |@word european:1 community:1 commission:3 decide:1 abolish:1 special:1 tax:4 eight:2 ecus:2 per:2 tonne:6 impose:1 export:3 spanish:3 maize:6 source:3 say:3 apply:1 sale:3 ec:6 non:2 country:3 alike:1 would:1 longer:1 require:1 port:1 south:1 valencia:1 decision:1 take:1 meeting:2 authority:1 cereals:1 management:1 committee:3 today:1 introduce:1 last:1 september:1 time:1 subsidy:2 bring:1 spain:4 member:1 aim:1 prevent:1 import:2 state:1 help:1 reexporte:1 back:1 add:1 receive:1 answer:1 request:2 tender:1 open:1 third:1 450:1 000:2 consider:1 next:2 madrid:1 estimate:1 need:1 1:1 7:1 mln:2 year:2 u:1 accord:1 guarantee:1 producer:1 two:1 300:1 sorghum:1 annually:1 four:1
|
EC TO ABOLISH TAX ON SPANISH MAIZE EXPORTS
The European Community Commission has
decided to abolish a special tax of eight Ecus per tonne
imposed on exports of Spanish maize, Commission sources said.
They said the tax, which applies to Spanish sales to EC and
non-EC countries alike, would no longer be required on exports
from Spanish ports south of Valencia.
The decision was taken at a meeting of the authority's
cereals management committee today.
The tax had been introduced last September at the same time
as a subsidy of eight Ecus per tonne was brought in for exports
of maize to Spain from other EC member countries.
The aim of the tax was to prevent the maize imported into
Spain from the other EC states with the help of subsidies from
being reexported back to them.
The sources added that Spain had received no answer from
the committee to its request that tenders be opened for the
sale to third countries of 450,000 tonnes of maize.
The request will be considered at the committee's next
meeting, the commission sources said.
Madrid estimates that it needs to import 1.7 mln tonnes of
maize this year, while an EC-U.S. accord guarantees non-EC
producer sales to Spain of two mln tonnes of maize and 300,000
tonnes of sorghum annually for the next four years.
|
training/7337
|
training/7337 |@title great:1 gami:1 buy:1 standard:1 srd:1 unit:1 asset:1 |@word great:2 american:2 management:1 investment:1 inc:2 say:2 80:1 pct:1 subsidiary:4 agree:2 buy:1 certain:3 asset:2 two:1 standard:2 oil:2 co:2 40:1 mln:1 dlrs:1 assumption:1 liability:1 industrial:1 group:1 acquire:1 u:1 united:1 kingdom:1 pfaudler:2 stock:1 brazilian:1 mexican:1 west:1 german:1 kennecott:2 mining:1 corp:1
|
GREAT <GAMI> TO BUY STANDARD<SRD> UNITS' ASSETS
Great American Management and
Investment Inc said its 80 pct-owned subsidiary agreed to buy
certain assets of two subsidiaries of Standard Oil Co, for 40
mln dlrs and the assumption of certain liabilities.
Great American Industrial Group Inc agreed to acquire all
the U.S. and United Kingdom assets of Pfaudler Co and the stock
of certain Brazilian, Mexican, and West German subsidiaries of
Kennecott Mining Corp, it said. Pfaudler and Kennecott are
subsidiaries of Standard Oil.
|
training/7338
|
training/7338 |@title kms:1 industries:1 inc:1 kmsi:1 year:1 net:1 |@word oper:2 shr:1 three:4 ct:4 vs:5 net:1 511:1 000:6 550:1 revs:1 19:1 7:2 mln:2 17:1 avg:1 shrs:1 15:1 777:1 16:1 074:1 note:1 earning:1 exclude:1 gain:1 utilization:1 tax:1 loss:1 caryforward:1 398:1 dlrs:2 share:2 455:1
|
KMS INDUSTRIES INC <KMSI> YEAR NET
Oper shr three cts vs three cts
Oper net 511,000 vs 550,000
Revs 19.7 mln vs 17.7 mln
Avg shrs 15,777,000 vs 16,074,000
NOTE: Earnings exclude gains from utilization of tax loss
caryforwards of 398,000 dlrs, or three cts a share vs 455,000
dlrs, or three cts a share
|
training/7339
|
training/7339 |@title wickes:2 cos:2 inc:2 4th:2 qtr:2 shr:2 loss:2 two:2 ct:3 vs:2 profit:2 14:2 cts:1 |@word
|
WICKES COS INC 4TH QTR SHR LOSS TWO CTS VS PROFIT 14 CTS
WICKES COS INC 4TH QTR SHR LOSS TWO CTS VS PROFIT 14 CTS
|
training/734
|
training/734 |@title syntech:1 interenational:1 inc:1 syne:1 4th:1 qtr:1 net:1 |@word shr:2 profit:4 six:1 ct:2 vs:6 loss:4 4:1 51:1 dlrs:2 net:2 815:1 167:1 12:1 955:1 562:1 revs:2 7:2 981:1 022:1 2:2 954:1 488:1 year:1 16:1 22:1 446:1 100:1 19:1 175:1 931:1 23:1 6:2 mln:2 14:1
|
SYNTECH INTERENATIONAL INC <SYNE> 4TH QTR NET
Shr profit six cts vs loss 4.51 dlrs
Net profit 815,167 vs loss 12,955,562
Revs 7,981,022 vs 2,954,488
Year
Shr profit 16 cts vs loss 7.22 dlrs
Net profit 2,446,100 vs loss 19,175,931
Revs 23.6 mln vs 14.6 mln
|
training/7341
|
training/7341 |@title fitness:1 tfit:1 distribution:1 deal:1 |@word fitness:1 inc:2 say:1 name:1 exclusive:1 florida:1 distributor:1 hardpack:1 version:1 frozen:1 dessert:1 tofutti:2 brands:1 tof:1 replace:1 pillsbury:1 co:1 psy:1 haagen:1 dazs:1
|
TO-FITNESS <TFIT> IN DISTRIBUTION DEAL
To-Fitness Inc said it
has been named exclusive Florida distributor for the hardpack
version of the frozen dessert Tofutti by Tofutti Brands Inc
<TOF>, replacing Pillsbury Co's <PSY> Haagen Dazs.
|
training/7342
|
training/7342 |@title first:1 financial:1 ffmc:1 bid:1 comdata:1 cdn:1 |@word first:6 financial:5 management:1 corp:1 say:6 offer:3 acquire:2 comdata:9 network:1 inc:2 18:2 dlrs:7 per:3 share:10 cash:5 stock:2 total:2 342:1 7:1 mln:4 company:2 would:4 exchange:1 half:1 data:1 enough:1 bring:1 value:1 provide:1 market:2 price:2 less:1 28:1 payment:1 base:1 average:1 period:1 shortly:1 close:1 pursue:1 board:1 reject:1 already:2 agree:1 partnership:2 either:1 15:2 least:1 10:1 uniut:1 security:1 make:1 welsh:1 carson:1 anderson:1 stowe:1 previously:1 enter:1 agreement:1 collapse:1 repurchase:1 six:1 14:1 50:1 sale:1 one:1 director:1 mason:2 good:1 co:1 best:1 1:1 800:1 000:1 group:1 lead:1 rosewood:1 also:2 disclose:1 ownership:1 6:1 2:1 pct:2 19:1 0:1 outstanding:1 may:1 seek:1 increase:1 interest:1 shareholder:1 approval:1 require:1 proposal:1
|
FIRST FINANCIAL <FFMC> BIDS FOR COMDATA <CDN>
First Financial Management corp said it
has offered to acquire Comdata Network Inc for 18 dlrs per
share in cash and stock, or a total of about 342.7 mln dlrs.
The company said for each Comdata share it would exchange
half a First Data share and enough cash to bring the total
value up to 18 dlrs per share, provided that the market price
of First Financial stock were not less than 28 dlrs per share.
It said the cash payment would be based on the average
market price of First Financial during a period shortly before
closing.
First Financial said it would not pursue the offer if
Comdata's board rejected it. Comdata has already agreed to be
acquired by a partnership for either 15 dlrs a share in cash or
at least 10 dlrs in cash and uniuts of securities.
The partnership that made the first offer for Comdata was
Welsh, Carson, Anderson and Stowe. Comdata had previously
entered into an agreement, which collapsed, for a repurchase of
six mln shares at 14.50 dlrs each and for the sale of one mln
shares by a director to <Mason Best Co>. Mason Best already
owns 1,800,000 Comdata shares.
A group led by <Rosewood Financial Inc> has also disclosed
ownership of 6.2 pct of Comdata's 19.0 mln shares outstanding
and said it might seek to increase its interest to over 15 pct.
The company said Comdata shareholder approval would also be
required for its proposal.
|
training/7344
|
training/7344 |@title pop:2 radio:1 popx:1 get:1 rite:1 aid:1 rad:1 |@word radio:2 corp:2 say:1 sign:1 seven:1 year:1 agreement:1 provide:1 rite:1 aid:1 store:2 customize:1 disc:1 jocky:1 host:1 program:1 result:1 increase:1 50:1 pct:1 total:1 number:1 pop:1 contract:1 value:1 disclose:1
|
POP RADIO <POPX> GETS RITE AID <RAD>
POP Radio Corp said it has signed a
seven-year agreement to provide Rite Aid Corp with in-store
customized disc jocky-hosted radio programs, resulting in an
increase of more than 50 pct in the total number of stores POP
now has under contract.
Value was not disclosed.
|
training/7346
|
training/7346 |@title alliance:1 financial:1 corp:1 alfl:1 dividend:1 set:1 |@word qtly:1 div:1 22:2 ct:2 vs:1 previously:1 pay:1 april:1 15:1 record:1 march:1 31:1
|
ALLIANCE FINANCIAL CORP <ALFL> DIVIDEND SET
Qtly div 22 cts vs 22 cts previously
Pay April 15
Record March 31
|
training/7349
|
training/7349 |@title nynex:1 nyn:1 increase:1 qtrly:1 cash:1 dividend:1 |@word nynex:1 corp:1 say:2 raise:2 quarterly:2 dividend:2 95:1 ct:2 87:1 payable:1 may:2 1:1 1987:1 shareholder:1 record:1 march:1 31:1 company:1 third:1 consecutive:1 year:1 cash:1 add:1 two:1 one:1 stock:1 split:1 1986:1
|
NYNEX <NYN> INCREASES QTRLY CASH DIVIDEND
Nynex Corp said it is raising its
quarterly dividend to 95 cts from 87 cts payable May 1, 1987,
to shareholders of record March 31.
The company said this was the third consecutive year it has
raised its quarterly cash dividend. It added it had a
two-for-one stock split in May 1986.
|
training/735
|
training/735 |@title int:1 l:1 minerals:1 igl:1 buy:1 animal:1 product:1 unit:1 |@word international:2 minerals:1 chemical:2 corp:1 say:2 complete:1 acquisition:2 johnson:2 co:1 pitman:2 moore:2 unit:2 producer:1 animal:2 health:2 product:2 term:1 disclose:1 mineral:1 annual:1 sale:1 45:1 mln:1 dlrs:1 make:1 pet:1 farm:1 feedstock:1
|
INT'L MINERALS <IGL> BUYS ANIMAL PRODUCTS UNIT
International Minerals and
Chemical Corp said it completed its acquisition of Johnson and
Johnson Co's Pitman-Moore unit, a producer of animal health
products.
Terms of the acquisition were not disclosed. International
Minerals and Chemical said annual sales of the unit are about
45 mln dlrs.
Pitman-Moore makes health products for pets and for farm
and feedstock animals.
|
training/7352
|
training/7352 |@title vulcan:1 vul:1 withdraw:1 jones:1 vine:1 jnsv:1 bid:1 |@word vulcan:4 corp:1 say:2 discontinue:1 effort:1 negotiate:1 purchase:1 common:2 stock:1 jones:4 vining:1 inc:1 february:1 6:1 cincinnati:1 maker:1 shoe:3 last:2 product:1 offer:1 five:1 dlrs:1 share:2 vine:3 subject:1 certain:1 condition:1 drop:1 proposal:1 believe:1 subsequent:1 action:1 hostile:1 interested:1 friendly:1 transaction:1 make:1 component:1 3:1 7:1 mln:1 outstanding:1
|
VULCAN <VUL> WITHDRAWS JONES/VINING <JNSV> BID
Vulcan Corp said it was
discontinuing its efforts to negotiate a purchase of the common
stock of Jones and Vining Inc.
On February 6, Vulcan, a Cincinnati maker of shoe lasts and
other products, offered five dlrs a share for all of Jones and
Vining common, subject to certain conditions.
Vulcan said it is dropping the proposal because it believes
subsequent actions by Jones and Vining are hostile and Vulcan
is only interested in a friendly transaction.
Jones and Vining makes shoe lasts and shoe components. It
has about 3.7 mln shares outstanding.
|
training/7353
|
training/7353 |@title tempo:1 tpo:1 sell:1 cable:1 system:1 eagle:1 |@word tempo:1 enterprises:1 inc:1 say:1 sign:1 letter:1 intent:1 sell:1 seven:1 cable:2 television:1 system:1 represent:1 5:1 000:1 subscriber:1 eagle:1 term:1 acquisition:1 disclose:1
|
TEMPO <TPO> TO SELL CABLE SYSTEMS TO EAGLE
Tempo Enterprises Inc said it
signed a letter of intent to sell seven cable television
systems, representing about 5,000 subscribers, to <Eagle
Cable>.
Terms of the acquisition were not disclosed.
|
training/7354
|
training/7354 |@title erbamont:1 erb:1 acquires:1 antibioticos:1 |@word erbamont:1 n:1 v:1 say:1 major:1 shareholder:1 montedison:1 spa:1 85:1 pct:2 common:1 farmitalia:1 carlo:1 erba:1 75:1 subsidiary:2 acquire:1 antibioticos:1 related:1 term:1 acquisition:1 disclose:1
|
ERBAMONT <ERB> ACQUIRES ANTIBIOTICOS S.A.
Erbamont N.V. said its major
shareholder <Montedison SpA>, which owns 85 pct of its common,
and Farmitalia Carlo Erba, its 75 pct owned subsidiary, have
acquired <Antibioticos S.A.> and related subsidiaries.
Terms of the acquisition were not disclosed.
|
training/7355
|
training/7355 |@title uk:1 cross:1 field:2 prt:1 relief:1 favour:1 small:1 |@word cross:3 field:20 allowance:3 relief:3 petroleum:1 revenue:1 tax:2 prt:12 announce:1 u:2 k:2 chancellor:1 exchequer:1 nigel:1 lawson:1 week:1 favour:1 small:3 non:2 pay:6 accord:1 stockbroker:2 wood:1 mackenzie:1 co:1 offset:3 10:1 pct:5 qualify:1 spending:1 new:4 oil:2 liability:4 restrict:1 offshore:1 development:4 outside:1 southern:1 basin:1 yet:1 gain:1 annex:1 b:1 approval:1 report:5 say:5 due:2 size:1 would:2 directly:1 benefit:3 save:1 exist:2 mainly:1 participator:1 add:2 timing:2 may:1 advance:1 government:1 effect:1 subsidise:1 7:2 5:1 capital:1 expenditure:1 corporation:1 likely:1 future:3 although:1 reduce:1 immediately:1 large:2 rise:4 loss:1 study:1 probable:1 rate:1 return:1 examine:1 miller:1 undeveloped:1 north:1 sea:1 18:1 19:1 kittiwake:1 15:1 9:2 17:1 cost:3 able:1 early:1 unavailable:1 profit:1 uplift:1 35:1 lose:1 thus:1 saving:1 100:1 start:1 match:1 135:1 later:1 time:1
|
UK CROSS FIELD PRT RELIEF FAVOURS SMALLER FIELDS
The 'cross field allowance' relief on
Petroleum Revenue Tax (PRT) announced by U.K. Chancellor of the
Exchequer Nigel Lawson this week will favour smaller non-PRT
paying fields, according to stockbrokers Wood Mackenzie and Co.
The cross field allowance offsets up to 10 pct of
qualifying spending on a new oil field against PRT liability of
other fields. It is restricted to new offshore developments
outside the southern basin and yet to gain Annex B approval.
A report by the stockbrokers said that on a new field not
paying PRT due to its small size, the relief would directly
benefit in PRT saving on an existing field.
'The cross field allowance will mainly benefit participators
in those fields which have no PRT liability,' the report said,
adding that the timing of development of such fields may be
advanced.
The government would in effect be subsidising these
developments at 7.5 pct of capital expenditure before
corporation tax, the report said.
On fields likely to pay PRT in the future, the benefit is
of timing. Although liabilities on other existing fields will
be reduced immediately, liabilities on larger new fields will
rise in the future due to the loss of offsets, it said.
In a study on probable fields, the report said that when
the rates of return are examined, the rise for a PRT-paying
field such as Miller, the largest undeveloped oil field in the
U.K. North Sea, is from 18.7 to 19 pct, while the rise for a
small non-PRT paying field such as Kittiwake is 15.9 to 17.9
pct.
The report added that in fields which pay PRT, there will
be a cost in being able to have this early relief. Not only
will these costs be unavailable for offset against the field's
future profits, but uplift of some 35 pct on these costs will
be lost.
Thus, a saving of PRT of 100 when field development starts
will have to be matched by a rise in PRT of 135 at a later
time.
|
training/7356
|
training/7356 |@title congressman:1 urge:1 u:1 soybean:1 program:1 change:1 |@word several:1 lead:1 farm:3 state:1 congressman:2 say:13 press:1 u:6 agriculture:4 department:2 implement:2 kind:2 marketing:10 loan:17 make:3 soybean:22 export:1 competitive:1 protect:1 income:3 speak:1 house:2 grains:1 subcommittee:2 hearing:3 chairman:2 dan:1 glickman:4 kan:1 propose:1 representative:2 grower:2 meet:2 usda:7 subject:1 next:1 two:2 week:1 let:1 see:1 try:1 push:1 something:1 without:1 legislation:1 tell:2 current:2 rate:6 effectively:1 4:1 56:1 dlrs:7 per:5 bushel:1 protection:1 david:1 haggard:11 american:1 association:1 asa:4 president:1 must:3 change:5 program:7 give:3 bad:1 world:1 1987:2 high:1 relative:1 corn:1 encourage:1 expansion:1 production:2 south:1 america:1 time:1 low:1 provide:2 support:3 farmer:1 need:2 market:3 add:1 1985:1 bill:1 authority:2 secretary:1 far:1 resist:1 pressure:1 use:1 earlier:1 month:1 official:1 indication:1 would:5 seriously:1 consider:2 offer:1 undersecretary:1 daniel:1 amstutz:1 yesterday:1 situation:1 dilemna:1 study:1 extensively:1 consideration:1 testimony:1 indicate:1 way:1 help:1 call:1 producer:1 option:1 payment:2 direct:1 bar:1 commodity:1 credit:1 corporation:1 ccc:2 stock:1 385:1 mln:3 bu:6 rise:1 500:1 end:3 august:1 100:1 could:4 forfeit:1 september:1 year:2 thus:1 equivalent:1 brazil:1 entire:1 crop:1 calendar:1 however:1 cautious:1 may:2 allow:1 european:1 community:1 challenge:2 general:1 agreement:1 tariffs:1 trade:1 gatt:2 note:2 ec:2 import:1 one:2 quarter:1 loss:1 devastate:1 reagan:1 administration:1 mix:1 signal:1 whether:1 believe:1 successfully:1 position:1 5:2 02:1 combine:2 also:2 endorse:2 proposal:2 rep:2 jerry:1 huckaby:2 la:1 set:1 six:2 apply:1 rank:1 republican:1 committee:2 edward:1 madigan:1 illinois:1 take:1 action:1 caution:1 mean:1 substantial:1 increase:1 budget:3 cost:3 cut:1 1:1 billion:2 fiscal:1 1988:1 therefore:1 fit:1 overall:1 price:2 fall:1 four:1 initially:1 government:1 maximum:1 decline:1 recover:1
|
CONGRESSMEN URGE U.S. SOYBEAN PROGRAM CHANGES
Several leading farm-state
Congressmen said they will press the U.S. Agriculture
Department to implement some kind of marketing loan to make
soybeans exports competitive while protecting farm income.
Speaking at a House grains subcommittee hearing, chairman
Dan Glickman, D-Kan., proposed that Congressmen and
representatives of soybean growers meet with USDA on the
subject in the next two weeks.
'Let's see if we can try to push them (USDA) to do
something without legislation,' Glickman told the hearing.
The current soybean loan rate effectively is 4.56 dlrs per
bushel with no income protection, or marketing loan.
David Haggard, American Soybean Association, ASA, president
said USDA must make changes in the soybean program.
The current soybean program 'gave us the worst of both
worlds,' ASA's Haggard told the hearing. The 1987 loan rate is
too high relative to corn and is encouraging an expansion of
soybean production in South America, he said. At the same time,
the U.S. soybean loan rate is too low to provide any income
support for soybean farmers, Haggard said.
'We need some kind of market loan,' he added.
The 1985 farm bill provides authority for the Agriculture
Secretary to implement a marketing loan for soybeans but USDA
so far has resisted pressure to use the authority.
Representatives of ASA met earlier this month with USDA,
but Haggard said USDA officials gave no indication if they
would seriously consider offering a marketing loan.
USDA undersecretary Daniel Amstutz yesterday said the
soybean situation is a 'dilemna' which has been studied
extensively by the department. But he did not say what, if any
changes, are under consideration.
In his testimony, Haggard indicated there are ways other
than a marketing loan which should be considered to help
soybean growers, such as a so-called producer option payment,
or a direct payment program.
Haggard said barring any program changes, Commodity Credit
Corporation, CCC, soybean stocks, now at 385 mln bu, will rise
to 500 mln by the end of August. A further 100 mln bu of
soybeans could be forfeited between September and end-year.
'Thus, CCC could own the equivalent of Brazil's entire
soybean crop by the end of calendar year 1987,' Haggard said.
However, Haggard said that the U.S. should be cautious in
making soybean program changes that might allow the European
Community to challenge the U.S. program under the General
Agreement on Tariffs and Trade, GATT.
He noted that The EC imports one quarter of U.S. soybean
production and loss of that market would be devastating.
The Reagan administration has given 'mixed signals' on
whether it believes a marketing loan for soybeans could be
successfully challenged in GATT by the EC, Haggard said.
While the ASA position is to support a 5.02 dlrs per bu
loan rate combined with a marketing loan, Haggard also endorsed
a proposal by Rep. Jerry Huckaby, D-La., which would set a six
dlrs per bu loan rate and apply a marketing loan.
The Huckaby proposal is also supported by the ranking
Republican on the House Agriculture committee, Rep. Edward
Madigan of Illinois.
Subcommittee chairman Glickman endorsed the need to take
some action on soybeans, but cautioned that the marketing loan
could mean a substantial increase in budget costs.
Glickman noted that the Agriculture Committee must cut one
to 1.5 billion dlrs from its fiscal 1988 budget and therefore
must fit any soybean program changes into the overall budget.
Haggard said at a soybean loan rate of six dlrs per bu
combined with a marketing loan, the U.S. soybean price might
fall to four dlrs per bu initially. This would cost the
government a maximum of two billion dlrs. But he said the costs
would decline as market prices recovered.
|
training/7357
|
training/7357 |@title raise:1 brazil:1 fcoj:1 export:1 price:1 confirm:1 |@word confirmation:1 brazil:1 major:1 processor:1 frozen:1 concentrated:1 orange:1 juice:2 fcoj:1 raise:2 export:1 price:4 product:1 1:3 375:1 dlrs:3 per:1 tonne:1 april:1 spokesman:1 brazilian:1 association:1 citrus:1 industries:1 abrassuco:2 say:3 ask:1 comment:2 report:1 new:2 york:2 cutrale:2 citrosuco:2 send:1 telex:1 customer:1 inform:1 jose:1 carlos:1 goncalves:1 aware:1 know:1 cacex:1 increase:1 dollar:1 amount:1 translate:1 fob:1 ex:1 dock:1 050:1 770:1 goncalve:1 official:1 available:1
|
RAISE IN BRAZIL FCOJ EXPORT PRICES NOT CONFIRMED
There is no confirmation
that Brazil's major processors of Frozen Concentrated Orange
Juice, FCOJ, will raise export prices of the product to 1,375
dlrs per tonne from April 1, a spokesman for the Brazilian
Association of Citrus Juice Industries (Abrassuco) said.
Asked to comment on a report from New York that Cutrale and
Citrosuco had sent telexes to customers informing of the price
raise, Jose Carlos Goncalves said Abrassuco was not aware of
it.
'All we know is that Cacex has increased the dollar amount
to translate FOB price to ex-dock New York price to 1,050 dlrs
from 770 dlrs,' Goncalves said.
Citrosuco and Cutrale officials were not available for
comment.
|
training/7358
|
training/7358 |@title alden:1 electronics:1 adnea:1 set:1 low:1 dividend:1 |@word alden:2 electronics:1 inc:1 say:1 board:1 declare:1 annual:1 dividend:2 15:2 ct:2 per:1 share:1 class:1 b:1 common:1 stock:1 25:1 last:2 year:3 due:1 expect:1 drop:1 earning:1 end:1 march:1 28:1 payable:1 april:2 holder:1 record:1 3:1 earn:1 1:1 357:1 000:1 dlrs:1
|
ALDEN ELECTRONICS <ADNEA> SETS LOWER DIVIDEND
Alden Electronics Inc said
its board declared an annual dividend of 15 cts per share on
Class A and B common stock, down from 25 cts last year due to
an expected drop in earnings for the year ended March 28.
The dividend is payable April 15 to holders of record on
April 3.
Alden earned 1,357,000 dlrs last year.
|
training/7359
|
training/7359 |@title wickes:1 cos:1 inc:1 wix:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:4 two:1 ct:4 vs:8 profit:6 14:1 net:2 2:4 515:1 000:4 28:1 569:1 sale:4 1:1 41:1 billion:3 885:1 mln:13 avg:2 shrs:2 239:1 104:1 4:2 year:6 33:1 47:1 83:1 750:1 76:1 130:1 77:1 81:1 198:1 8:1 98:1 3:3 note:1 current:2 qtr:5 figure:5 include:5 gain:5 security:2 9:5 dlrs:9 38:1 respectively:4 prior:3 extraordinary:1 6:5 mn:1 operate:1 carryforward:1 7:1 35:1 5:1 discontinue:1 operation:1 12:1
|
WICKES COS INC <WIX> 4TH QTR LOSS
Shr loss two cts vs profit 14 cts
Net loss 2,515,000 vs profit 28,569,000
Sales 1.41 billion vs 885.2 mln
Avg shrs 239.2 mln vs 104.4 mln
Year
Shr profit 33 cts vs profit 47 cts
Net profit 83,750,000 vs profit 76,130,000
Sales 4.77 billion vs 2.81 billion
Avg shrs 198.8 mln vs 98.3 mln
Note: Current qtr and year figures include gains on
securities sales of 3.9 mln dlrs and 38 mln dlrs, respectively.
Prior qtr and year figures include gain on securities sales
of 3.9 mln dlrs.
Current qtr and year figures include extraordinary loss of
6.9 mn dlrs and gain of 9.9 mln dlrs, respectively.
Prior qtr and year figures include operating loss
carryforward gains of 7.6 mln dlrs and 35.5 mln dlrs,
respectively.
Prior qtr and year figures include gains from discontinued
operations of 6.6 mln dlrs and 12.6 mln dlrs, respectively.
|
training/736
|
training/736 |@title jwt:3 approach:1 group:1 seek:1 share:1 |@word group:3 inc:1 approach:1 former:1 ted:2 bates:2 worldwide:1 chairman:1 robert:1 jacoby:3 possibility:1 syndicate:2 buy:1 35:2 pct:2 stake:2 jwt:3 friendly:1 basis:1 company:1 spokesman:1 say:2 would:1 comment:2 advertising:2 age:1 report:2 consider:1 head:1 venture:1 capital:1 purchase:1 immediately:1 available:1 saatchi:2 world:1 large:1 agency:1
|
JWT <JWT> NOT APPROACHED BY GROUP SEEKING SHARES
JWT Group Inc has not been approached
by former Ted Bates Worldwide Chairman Robert Jacoby about the
possibility of a syndicate buying a 35 pct stake in JWT Group
on a friendly basis, a company spokesman said.
He said JWT would have no comment on an Advertising Age
report that Jacoby is considering heading up a venture capital
syndicate to purchase a 35 pct stake in JWT group.
Jacoby was not immediately available for comment on the
report. Ted Bates is now owned by <Saatchi and Saatchi>, the
world's largest advertising agency.
|
training/7362
|
training/7362 |@title azure:1 venture:1 buy:1 advertising:1 unit:1 |@word azure:1 ventures:1 ltd:1 say:2 sign:1 letter:1 intent:1 acquire:1 john:2 paul:2 richards:2 associates:1 inc:1 company:3 merger:1 approve:1 shareholder:3 would:1 become:1 majority:1 60:1 pct:1 common:1 stock:1 new:1 public:1
|
AZURE VENTURES TO BUY ADVERTISING UNIT
<Azure Ventures Ltd> said it
signed a letter of intent to acquire John Paul Richards and
Associates Inc.
The company said if the merger is approved by shareholders
of both companies, the shareholders of John Paul Richards would
become majority shareholders, owning 60 pct of the common
stock, of the new public company.
|
training/7363
|
training/7363 |@title scott:1 scot:1 declare:1 first:1 payout:1 |@word scott:1 stringfellow:1 financial:1 inc:1 say:1 declare:1 first:1 quarterly:1 dividend:1 three:1 cent:1 per:1 share:1 payable:1 april:2 15:1 shareholder:1 record:1 one:1
|
SCOTT <SCOT> DECLARES FIRST PAYOUT
Scott and Stringfellow Financial
Inc said it declared its first quarterly dividend of three
cents per share payable April 15 to shareholders of record
April one.
|
training/7366
|
training/7366 |@title texas:1 commerce:1 tcb:1 see:1 improvement:1 1987:1 |@word texas:20 commerce:16 bancshares:2 inc:2 say:15 relatively:1 stable:1 oil:2 price:1 bank:13 plan:4 merger:5 chemical:6 new:4 york:1 corp:3 chl:1 would:4 help:1 1987:3 earning:2 increase:3 last:2 year:5 profit:2 20:1 mln:9 dlrs:11 chairman:1 ben:1 love:7 interview:1 reuters:1 elaborate:1 much:2 expect:1 anticipate:1 improvement:1 strong:1 refer:2 pende:1 1:4 19:1 billion:1 dlr:1 may:4 finalize:1 early:1 lower:1 cost:1 funding:1 estimate:1 10:2 15:1 basis:1 point:1 acquisition:2 major:3 state:4 since:1 lawmaker:1 approve:1 interstate:1 banking:4 effective:1 january:2 hard:1 hit:1 loan:8 loss:4 energy:5 real:7 estate:7 struggle:1 economy:2 able:1 report:1 1986:3 republicbank:3 earn:1 54:1 0:2 allied:1 albn:1 lose:4 17:2 6:1 mcorp:1 82:1 interfirst:3 326:1 5:1 first:1 city:2 bancorporation:1 fbt:1 actively:1 seek:1 form:1 capital:1 402:1 turn:1 corner:1 portfolio:1 problem:2 add:2 nonperforme:3 think:3 tidal:1 wave:1 pass:1 fact:1 market:2 still:1 move:1 away:1 suggest:1 could:2 continue:1 growth:1 42:1 pct:5 net:1 relate:1 lending:1 13:1 due:1 compare:1 1985:1 account:1 43:1 half:1 total:1 968:1 yearend:1 840:1 believe:1 peak:1 third:1 fourth:1 quarter:1 absorption:1 empty:1 office:1 building:1 houston:2 current:1 vacancy:1 rate:1 30:1 gradual:1 process:1 take:2 four:1 begin:1 stabilize:1 18:1 barrel:2 bring:1 confidence:1 retain:1 name:1 separate:1 subsidiary:1 aggressively:1 expand:1 holding:1 throughout:1 offer:1 additional:1 product:4 build:1 consumer:3 business:1 resume:1 best:1 offensive:1 position:1 acquire:1 fail:1 montgomery:1 county:1 adjacent:1 metropolitan:1 area:2 earlier:1 month:1 open:1 san:2 antonio:2 dallas:3 fort:1 worth:1 currently:1 16:1 member:1 one:2 day:1 announce:1 december:1 ifc:1 rpt:1 headquarter:1 agree:1 merge:1 deal:1 value:1 570:1 combination:1 former:1 archrival:1 give:2 two:1 virtual:1 lock:1 change:1 expansion:2 second:1 large:1 try:1 get:1 little:1 part:1 roost:1 partnership:1 also:1 edge:1 develop:1 always:1 wholesale:1 million:1 customer:1 show:1 advantage:1 enhance:1 exist:1 credit:1 card:1 investment:1
|
TEXAS COMMERCE <TCB> SEES IMPROVEMENT IN 1987
Texas Commerce Bancshares Inc said that
relatively stable oil prices and the bank's planned merger with
Chemical New York Corp <CHL> would help 1987 earnings increase
from last year's profits of 20 mln dlrs.
Texas Commerce chairman Ben Love, in an interview with
Reuters, did not elaborate on how much the bank expected
earnings to increase.
'We would anticipate that this year would be an improvement
over last because we are stronger,' Love said, referring to
Texas Commerce's pending 1.19 billion dlr merger with Chemical.
The merger, which may be finalized as early as May 1, will
lower Texas Commerce's cost of funding by an estimated 10 to 15
basis points, Love said.
The Texas Commerce-Chemical merger is the only acquisition
by a major out-of-state bank since Texas lawmakers approved
interstate banking effective January 1.
Hard-hit by loan losses in energy and real estate in Texas'
struggling economy, the only major Texas banks able to report
profits in 1986 were Texas Commerce and RepublicBank which
earned 54.0 mln dlrs. Allied Bancshares Inc <ALBN> lost 17.6
mln dlrs, MCorp <M> lost 82.1 mln dlrs, InterFirst lost 326.5
mln dlrs and First City Bancorporation <FBT>, which is actively
seeking a merger or other form of new capital, lost 402.0 mln
dlrs.
Love said Texas Commerce had turned the corner on its
energy loan portfolio problems, but added that the bank's
nonperforming real estate loans may increase during 1987.
'I think the tidal wave in energy has passed over us,' he
said. 'The fact that the real estate market is still moving
away suggests there could be some continuing growth of
nonperforming loans.'
In 1986, about 42 pct of Texas Commerce's net loan losses
related to real estate lending and 13 pct was due to energy
loan losses. That compares to 1985 when only 17 pct of the
bank's losses were in real estate and energy accounted for 43
pct.
More than half of Texas Commerce's nonperforming loans,
which totaled 968 mln dlrs at yearend 1986, up from 840 mln
dlrs the year before, were in real estate.
Love said he believed the real estate loan problems for
Texas Commerce and other major state banks would peak by the
third or fourth quarter of 1987. Absorption of empty office
buildings in Houston, which has a current vacancy rate of about
30 pct, will be a gradual process that could take up to four
years, he said.
'I think we may be beginning to stabilize this economy. Oil
at 18 dlrs a barrel brings much more confidence than 10 dlrs a
barrel,' he said.
Texas Commerce will retain its name as a separate
subsidiary of Chemical and plans to aggressively expand its
holdings throughout Texas, offering additional products to
build up its consumer banking business, Love said. 'We are
resuming what we did best for years -- an offensive position,'
he said.
In January, Texas Commerce acquired a failed bank in
Montgomery County, adjacent to the Houston metropolitan area,
and earlier this month opened a new bank in San Antonio. Texas
Commerce plans to add more banks in San Antonio and in the
Dallas-Fort Worth area where it currently has only 16 member
banks, he said.
One day after the Texas Commerce acquisition was announced
in December, InterFirst Corp <IFC> and RepublicBank Corp <RPT>,
both headquartered in Dallas, agreed to merge in a deal valued
at 570 mln dlrs.
The combination of former archrivals RepublicBank and
InterFirst, giving the two banks a virtual lock on the Dallas
banking market, has not changed Texas Commerce's expansion
plans for the state's second-largest city, Love said. 'We think
we can try to get a little part of their roost,' he said.
The Chemical partnership will also give Texas Commerce an
edge in developing new consumer products, he said.
'We have always been a wholesale bank but we have more than
one million customers all over the state. Chemical will show us
how to take advantage of enhancing our consumer products,' he
said, referring to expansion of such existing products as
credit cards and investment banking.
|
training/7367
|
training/7367 |@title csce:1 put:1 additional:1 margin:1 july:1 coffee:1 |@word additional:2 margin:2 1:2 000:2 dlrs:2 require:1 july:3 1987:1 delivery:1 coffee:2 c:1 contract:4 opening:1 trade:1 monday:1 march:2 23:1 sugar:1 cocoa:1 exchange:1 csce:1 say:1 end:1 trading:1 week:2 make:1 may:2 two:1 spot:2 unlimited:1 month:1 next:1 member:1 obtain:1 minimum:1 3:1 500:2 net:2 long:1 short:1 position:1 include:1 2:1 original:1 plus:1 dlr:1 charge:1
|
CSCE PUTS ADDITIONAL MARGIN ON JULY COFFEE
An additional margin of 1,000 dlrs
will be required on all July 1987 delivery coffee 'C' contracts
as of the opening of trade Monday, March 23, the Coffee, Sugar
and Cocoa Exchange, CSCE, said.
The March contract ends trading this week, making May and
July the two 'spot,' or unlimited, contract months next week.
Members will then have to obtain a minimum 3,500 dlrs for
net long or net short positions in the May and July contracts,
including a 2,500 original margin plus the additional 1,000 dlr
spot charge.
|
training/7370
|
training/7370 |@title odyssey:1 filmpartner:1 odyy:1 drop:1 merger:1 talk:1 |@word odyssey:1 filmpartners:1 ltd:1 say:1 terminate:1 discussion:1 acquire:1 united:1 color:1 labs:1 pursuant:1 jan:1 27:1 letter:1 intent:1 buy:1 company:1 stock:1 cash:1
|
ODYSSEY FILMPARTNERS <ODYY> DROPS MERGER TALKS
Odyssey Filmpartners Ltd
said is terminated discussions to acquire <United Color Labs>,
pursuant to a Jan 27 letter of intent for it to buy the company
for stock and cash.
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training/7375
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training/7375 |@title sprinkel:1 urge:1 great:1 growth:1 japan:1 europe:1 |@word beryl:1 sprinkel:6 chairman:1 president:1 council:1 economic:1 advisor:1 say:13 strong:3 domestic:4 demand:4 growth:5 japan:5 western:2 europe:3 need:4 help:2 stimulate:1 u:8 export:2 without:2 rely:2 futh:1 dollar:4 decline:1 major:2 foreign:1 industrial:2 country:2 engender:1 much:1 expansion:1 market:1 depreciation:2 tell:1 future:1 industry:1 association:1 recent:2 recovery:2 one:1 weak:2 post:1 war:1 period:1 would:1 give:1 balance:4 current:1 world:1 ask:1 live:1 commitment:1 make:1 last:1 month:1 trading:2 partner:2 figure:1 show:1 economy:1 grow:1 0:1 5:1 pct:1 fourth:1 quarter:1 1986:1 enough:1 sustain:1 employment:2 however:2 renege:1 pledge:1 move:2 toward:1 stimulative:1 policy:2 include:1 tax:5 reform:3 suspect:1 repeat:1 call:1 cut:1 government:3 spending:1 resistance:1 increase:2 reduce:2 federal:1 budget:1 deficit:2 expenditure:2 restraint:1 preserve:1 low:1 marginal:1 rate:3 achieve:1 add:1 vote:2 fall:1 substantially:1 restore:1 cost:1 competitiveness:1 deterioration:1 trade:6 appear:1 abate:1 sole:1 reliance:1 desirable:1 risk:1 inflation:1 united:1 states:1 recession:1 abroad:1 confident:1 improvement:3 performance:1 contribute:1 significantly:1 1987:1 come:1 largely:1 swing:2 manufacture:2 present:1 serious:1 adjustment:1 problem:1 output:1 promise:1 especially:1 hard:1 hit:1 defend:1 flexible:1 exchange:1 wide:1 fault:1 system:1 undesirable:1 produce:1
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SPRINKEL URGES GREATER GROWTH IN JAPAN, EUROPE
Beryl Sprinkel, chairman of
the president's council of economic advisors, said stronger
domestic demand growth in Japan and Western Europe is needed to
help stimulate U.S. exports without having to rely on futher
dollar declines.
'Stronger domestic demand growth in the major foreign
industrial countries is needed to engender the much needed
expansion of U.S. export markets without having to rely on
further dollar depreciation,' he told the Futures Industry
Association.
Sprinkel said the recent recovery of domestic demand in
Japan and Europe has been one of the weakest in the post-war
period.
'Stronger domestic demand growth in the major industrial
countries would help give balance to the current world
recovery,' he said.
Asked if Japan was not living up to commitments made last
month to trading partners, he said recent figures showed
Japan's economy grew by about 0.5 pct in the fourth quarter of
1986, 'Not enough to sustain employment growth.'
However, Sprinkel said Japan had not reneged on its pledges
and was moving toward more stimulative policies, including tax
reform. 'I suspect there will be further moves,' he said.
Sprinkel repeated his call for further cuts in U.S.
government spending and for resistance to tax increases.
'Reducing the federal government budget deficit by
expenditure restraint is needed to preserve the low marginal
tax rates achieved by tax reform,' he said, adding that 'a vote
to increase to government expenditures is a vote against tax
reform.'
Sprinkel said the fall of the dollar had substantially
restored U.S. cost competitiveness and that the deterioration
of the U.S. trade balance appeared to have abated.
However, he said that 'sole reliance on dollar depreciation
to reduce our trade deficit is not desirable,' as it risks
inflation in the United States and recession abroad.
'I am confident that further improvements in our trade
performance will contribute significantly to growth in 1987,' he
said. Improvements in the U.S. trade balance, he said, will
come about largely from a swing in manufactures trade and
present 'serious adjustment problems for U.S. trading partners.'
Western Europe, where manufactures output and employment
have been weak, promises to be especially hard hit by the
improvement in the U.S. trade balance, Sprinkel said.
He defended flexible exchange rates saying wide swings in
rates were not a fault of the system but of the undesirable
policies that produced them.
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