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Thailand exported 84,960 tonnes of rice
in the week ended February 24, up from 80,498 the previous
week, the Commerce Ministry said.
It said government and private exporters shipped 27,510 and
57,450 tonnes respectively.
Private exporters concluded advance weekly sales for 79,448
tonnes against 79,014 the previous week.
Thailand exported 689,038 tonnes of rice between the
beginning of January and February 24, up from 556,874 tonnes
during the same period last year. It has commitments to export
another 658,999 tonnes this year.
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The Italian treasury said annual coupon
rates payable March 1988 on two issues of long-term treasury
certificates (CCTs) would be cut by about four percentage
points compared with rates this March.
Coupon rates on 10-year certificates maturing March 1995
will fall to 9.80 pct from 13.65 pct and rates on 10-year
issues maturing in March 1996 would fall to 10.05 pct from
14.30 pct.
The Treasury also cut by 0.60 point six-monthly coupons
payable this September on six issues maturing between September
1988 and September 1991.
The issues carry terms of between five and seven years and
will have coupon rates of between 4.85 and 5.65 pct in
September compared with 5.45 and 6.25 pct this March.
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Indonesia"s agriculture sector will grow
by just 1.0 pct in calendar 1987, against an estimated 2.4 pct
in 1986 as the production of some commodities stagnates or
declines, the U.S. Embassy said in a report.
Production of Indonesia"s staple food, rice, is forecast to
fall to around 26.3 mln tonnes from an embassy estimate of
26.58 mln tonnes in 1986, according to the annual report on
Indonesia"s agricultural performance.
The government officially estimates 1986 rice production at
26.7 mln tonnes, with a forecast 27.3 mln tonnes output in
1987.
The report says wheat imports are likely to fall to 1.5 mln
tonnes in calendar 1987 from 1.69 mln tonnes in 1986 because of
a drawdown on stocks.
"Growth prospects for agriculture in 1987 do not look
promising as rice production is forecast to decline and the
production of sugarcane, rubber and copra show little or no
gain," the report says.
"The modest overall increase which is expected will be due
to significant gains in production of corn soybeans, palm oil
and palm kernels."
Constraints to significant overall increases in
agricultural output include a shortage of disease resistant
seeds, limited fertile land, insect pests and a reluctance by
farmers to shift from rice production to other crops, the
report underlines.
The fall in rice production is caused by an outbreak of
pests known as "wereng" or brown plant hoppers in 1986 which
largely offset gains in yields.
The outbreak has forced the government to ban the use of 57
insecticides on rice because it was believed the wereng are now
resistant to these varieties, and to use lower-yielding, more
resistant rice types.
The government is depending on increased production of
export commodities such as coffee, tea, rubber, plywood and
palm oil to offset revenue losses brought on by falling crude
oil prices.
Palm oil production is expected to increase by over 7.0 pct
in 1987 to 1.45 mln tonnes from 1.35 mln, with exports rising
to an estimated 720,000 tonnes from 695,000 tonnes in 1986, the
report says.
But while production of soybeans in 1987/88 (Oct-Sept) will
rise to 1.075 mln tonnes from 980,000 in 1986/87, imports will
also rise to supply a new soybean crushing plant.
The report says that imports of wheat, soybeans, soybean
meal and cotton are not likely to decline as a result of last
September"s 31 pct devaluation of the rupiah because of a rise
in domestic demand.
The report said that Indonesia"s overall economic
performance in calendar 1986 was about zero or even a slight
negative growth rate, the lowest rate of growth since the
mid-1960s. It compares with 1.9 pct growth in 1985 and 6.7 pct
in 1984.
The dramatic fall in oil prices last year was responsible
for the slump.
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Kuwait"s Oil Minister, in remarks
published today, said there were no plans for an emergency OPEC
meeting to review oil policies after recent weakness in world
oil prices.
Sheikh Ali al-Khalifa al-Sabah was quoted by the local
daily al-Qabas as saying: "None of the OPEC members has asked
for such a meeting."
He denied Kuwait was pumping above its quota of 948,000
barrels of crude daily (bpd) set under self-imposed production
limits of the 13-nation organisation.
Traders and analysts in international oil markets estimate
OPEC is producing up to one mln bpd above a ceiling of 15.8 mln
bpd agreed in Geneva last December.
They named Kuwait and the United Arab Emirates, along with
the much smaller producer Ecuador, among those producing above
quota. Kuwait, they said, was pumping 1.2 mln bpd.
"This rumour is baseless. It is based on reports which said
Kuwait has the ability to exceed its share. They suppose that
because Kuwait has the ability, it will do so," the minister
said.
Sheikh Ali has said before that Kuwait had the ability to
produce up to 4.0 mln bpd.
"If we can sell more than our quota at official prices,
while some countries are suffering difficulties marketing their
share, it means we in Kuwait are unusually clever," he said.
He was referring apparently to the Gulf state of qatar,
which industry sources said was selling less than 180,000 bpd
of its 285,000 bpd quota, because buyers were resisting
official prices restored by OPEC last month pegged to a marker
of 18 dlrs per barrel.
Prices in New York last week dropped to their lowest levels
this year and almost three dollars below a three-month high of
19 dollars a barrel.
Sheikh Ali also delivered "a challenge to any international
oil company that declared Kuwait sold below official prices."
Because it was charging its official price, of 16.67 dlrs a
barrel, it had lost custom, he said but did not elaborate.
However, Kuwait had guaranteed markets for its oil because
of its local and international refining facilities and its own
distribution network abroad, he added.
He reaffirmed that the planned meeting March 7 of OPEC"s
differentials committee has been postponed until the start of
April at the request of certain of the body"s members.
Ecuador"s deputy energy minister Fernando Santos Alvite said
last Wednesday his debt-burdened country wanted OPEC to assign
a lower official price for its crude, and was to seek this at
talks this month of opec"s pricing committee.
Referring to pressure by oil companies on OPEC members, in
apparent reference to difficulties faced by Qatar, he said: "We
expected such pressure. It will continue through March and
April." But he expected the situation would later improve.
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Indonesia appears to be nearing a
political crossroads over measures to deregulate its protected
economy, the U.S. Embassy says in a new report.
To counter falling oil revenues, the government has
launched a series of measures over the past nine months to
boost exports outside the oil sector and attract new
investment.
Indonesia, the only Asian member of OPEC and a leading
primary commodity producer, has been severely hit by last year"s
fall in world oil prices, which forced it to devalue its
currency by 31 pct in September.
But the U.S. Embassy report says President Suharto"s
government appears to be divided over what direction to lead
the economy.
"(It) appears to be nearing a crossroads with regard to
deregulation, both as it pertains to investments and imports,"
the report says. It primarily assesses Indonesia"s agricultural
sector, but also reviews the country"s general economic
performance.
It says that while many government officials and advisers
are recommending further relaxation, "there are equally strong
pressures being exerted to halt all such moves."
"This group strongly favours an import substitution economy,"
the report says.
Indonesia"s economic changes have been welcomed by the World
Bank and international bankers as steps in the right direction,
though they say crucial areas of the economy like plastics and
steel remain highly protected, and virtual monopolies.
Three sets of measures have been announced since last May,
which broadened areas for foreign investment, reduced trade
restrictions and liberalised imports.
The report says Indonesia"s economic growth in calendar 1986
was probably about zero, and the economy may even have
contracted a bit. "This is the lowest rate of growth since the
mid-1960s," the report notes.
Indonesia, the largest country in South-East Asia with a
population of 168 million, is facing general elections in
April.
But the report hold out little hope for swift improvement
in the economic outlook. "For 1987 early indications point to a
slightly positive growth rate not exceeding one pct. Economic
activity continues to suffer due to the sharp fall in export
earnings from the petroleum industry."
"Growth in the non-oil sector is low because of weak
domestic demand coupled with excessive plant capacity, real
declines in construction and trade, and a reduced level of
growth in agriculture," the report states.
Bankers say continuation of present economic reforms is
crucial for the government to get the international lending its
needs.
A new World Bank loan of 300 mln dlrs last month in balance
of payments support was given partly to help the government
maintain the momentum of reform, the Bank said.
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China's wheat crop this year is seriously
threatened by plant pests and diseases, the New China News
Agency said.
More than 5 mln hectares of wheat-producing land in North
China could be affected because relatively warm and dry weather
had allowed bacteria and insect eggs to survive the winter, the
agency added.
China"s Ministry of Agriculture, Animal Husbandry and
Fisheries has called for measures including the timely supply
of pesticides to farmers to combat the threat, it said.
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Saudi riyal interbank deposits were
steady at yesterday's higher levels in a quiet market.
Traders said they were reluctant to take out new positions
amidst uncertainty over whether OPEC will succeed in halting
the current decline in oil prices.
Oil industry sources said yesterday several Gulf Arab
producers had had difficulty selling oil at official OPEC
prices but Kuwait has said there are no plans for an emergency
meeting of the 13-member organisation.
A traditional Sunday lull in trading due to the European
weekend also contributed to the lack of market activity.
Spot-next and one-week rates were put at 6-1/4, 5-3/4 pct
after quotes ranging between seven, six yesterday.
One, three, and six-month deposits were quoted unchanged at
6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively.
The spot riyal was quietly firmer at 3.7495/98 to the
dollar after quotes of 3.7500/03 yesterday.
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The Gulf oil state of Qatar, recovering
slightly from last year's decline in world oil prices,
announced its first budget since early 1985 and projected a
deficit of 5.472 billion riyals.
The deficit compared with a shortfall of 7.3 billion riyals
in the last published budget for 1985/86.
In a statement outlining the budget for the fiscal year
1987/88 beginning today, Finance and Petroleum Minister Sheikh
Abdul-Aziz bin Khalifa al-Thani said the government expected to
spend 12.217 billion riyals in the period.
Projected expenditure in the 1985/86 budget had been 15.6
billion riyals.
Sheikh Abdul-Aziz said government revenue would be about
6.745 billion riyals, down by about 30 pct on the 1985/86
projected revenue of 9.7 billion.
The government failed to publish a 1986/87 budget due to
uncertainty surrounding oil revenues.
Sheikh Abdul-Aziz said that during that year the government
decided to limit recurrent expenditure each month to
one-twelfth of the previous fiscal year's allocations minus 15
pct.
He urged heads of government departments and public
institutions to help the government rationalise expenditure. He
did not say how the 1987/88 budget shortfall would be covered.
Sheikh Abdul-Aziz said plans to limit expenditure in
1986/87 had been taken in order to relieve the burden placed on
the country's foreign reserves.
He added in 1987/88 some 2.766 billion riyals had been
allocated for major projects including housing and public
buildings, social services, health, education, transport and
communications, electricity and water, industry and
agriculture.
No figure was revealed for expenditure on defence and
security. There was also no projection for oil revenue.
Qatar, an OPEC member, has an output ceiling of 285,000
barrels per day.
Sheikh Abdul-Aziz said: "Our expectations of positive signs
regarding (oil) price trends, foremost among them OPEC's
determination to shoulder its responsibilites and protect its
wealth, have helped us make reasonable estimates for the coming
year's revenue on the basis of our assigned quota."
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Gulf money markets have grown reasonably
well during the past decade, but bond and stock markets remain
to a large extent fragmented and lag behind, <Gulf
International Bank BSC> (GIB) said.
The bank's economist Henry Azzam said in a review of Gulf
capital markets that investors have to relinquish traditional
investment vehicles such as real estate, foreign currency bank
accounts and precious metals.
"Greater financial sophistication is needed coupled with
more diversified capital market instruments and a change in the
disclosure requirements on company accounts," he said.
The GIB study reviewed capital markets under three
categories -- money markets, stock and bond markets.
Azzam said Gulf states had been making greater use of
short-term money market instruments and banks in the region had
floated various euronotes and underwriting facilities.
"Nevertheless, bond and stock markets remain, to a large
extent, fragmented and lagging behind," he said.
Most debt in the region is still raised by syndicated loans
and bank facilities and very few companies had made use of
stock or bond issues. Only Kuwait has an official stock
exchange, while other Gulf nations have yet to establish
exchanges.
But with dwindling financial surpluses in the Gulf,
governments are actively pursuing ways to develop capital
markets and set up domestic stock exchanges, Azzam said.
He said recession stemming from sliding oil prices had
"clearly had a negative impact on the development of capital
markets in the region."
In addition, family firms are reluctant to go public,
financial awareness among investors is still lacking and
investment analysis and corporate reporting standards lack
depth. A sharp fall in share prices in the early 1980s prompted
investors to hold on to shares hoping for an eventual recovery.
Azzam said the absence of proper commercial law in some
Gulf countries and authorities' apparent reluctance to adopt
financial innovations had also hampered capital markets.
He called for clearly defined laws governing incorporation
of joint stock companies and the flotation of debt instruments.
Azzam said capital market instruments should be made
available to all citizens and institutions of Gulf Cooperation
Council (GCC) states -- Bahrain, Kuwait, Qatar, Oman, Saudi
Arabia and the United Arab Emirates (UAE). Some moves had been
taken in this direction, with Bahrain allowing GCC nationals to
own up to 25 pct of locally incorporated companies.
Azzam said Gulf money markets had received greater depth
from the introduction of treasury bill offerings in Bahrain and
the expansion of securities repurchase regulations in Saudi
Arabia.
But he added there is "no bond market to speak of" in Saudi
Arabia, Qatar, Oman or the UAE, with the last Saudi riyal
denominated bond issued in 1978.
While Bahrain plans an official stock exchange and trading
in Saudi Arabia has picked up, establishment of formal
exchanges in Qatar, Oman and the UAE does not appear imminent,
Azzam said.
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Saudi Arabian Oil Minister Hisham Nazer
reiterated the kingdom's commitment to last December's OPEC
accord to boost world oil prices and stabilise the market, the
official Saudi Press Agency SPA said.
Asked by the agency about the recent fall in free market
oil prices, Nazer said Saudi Arabia "is fully adhering by the
... Accord and it will never sell its oil at prices below the
pronounced prices under any circumstance."
Nazer, quoted by SPA, said recent pressure on free market
prices "may be because of the end of the (northern hemisphere)
winter season and the glut in the market."
Saudi Arabia was a main architect of the December accord,
under which OPEC agreed to lower its total output ceiling by
7.25 pct to 15.8 mln barrels per day (bpd) and return to fixed
prices of around 18 dlrs a barrel.
The agreement followed a year of turmoil on oil markets,
which saw prices slump briefly to under 10 dlrs a barrel in
mid-1986 from about 30 dlrs in late 1985. Free market prices
are currently just over 16 dlrs.
Nazer was quoted by the SPA as saying Saudi Arabia's
adherence to the accord was shown clearly in the oil market.
He said contacts among members of OPEC showed they all
wanted to stick to the accord.
In Jamaica, OPEC President Rilwanu Lukman, who is also
Nigerian Oil Minister, said the group planned to stick with the
pricing agreement.
"We are aware of the negative forces trying to manipulate
the operations of the market, but we are satisfied that the
fundamentals exist for stable market conditions," he said.
Kuwait's Oil Minister, Sheikh Ali al-Khalifa al-Sabah, said
in remarks published in the emirate's daily Al-Qabas there were
no plans for an emergency OPEC meeting to review prices.
Traders and analysts in international oil markets estimate
OPEC is producing up to one mln bpd above the 15.8 mln ceiling.
They named Kuwait and the United Arab Emirates, along with
the much smaller producer Ecuador, among those producing above
quota. Sheikh Ali denied that Kuwait was over-producing.
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Canadian and Egyptian wheat negotiators
failed to conclude an agreement on Canadian wheat exports to
Egypt during talks last week, but the Canadian team will return
to Cairo for further negotiations, Canadian embassy officials
said.
An embassy official declined to identify which issues
remained to be resolved and when the talks would resume.
In a five-year protocol signed in 1985, Cairo agreed to
purchase 500,000 tonnes of Canadian wheat a year.
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Indonesia's wheat imports are expected
to fall to 1.5 mln tonnes in calendar 1987 from 1.69 mln in
1986, the U.S. Embassy's annual agriculture report said.
It said the drop was expected, because there will be a
drawdown on stocks built up near the end of 1986.
It said wheat stocks at the end of 1986 were 390,000
tonnes, up from 223,000 at end-1985. It forecast end-1987
stocks at around 290,000 tonnes.
The main suppliers in 1986 were Australia (44 pct), the
U.S. (29 pct), Canada (12 pct), Argentina (8 pct) and Saudi
Arabia (5 pct).
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Zambia will retain its foreign-exchange
auction system despite the suspension of weekly auctions since
January 24, President Kenneth Kaunda said.
"We have not run away from the auction. It hasn't been
abolished at all," he told Reuters in an interview.
He said the system would be reintroduced after current
talks with the World Bank and the International Monetary Fund
and, he hoped, would be backed by fresh foreign aid funds.
Kaunda dismissed central bank statements the new auction
system would be used to allocate foreign exchange to private
bidders but not to fix the exchange rate.
Kaunda said the auction system had faltered because of the
government's shortage of foreign exchange to meet demand.
It was suspended when the kwacha's rapid devaluation and
strong fluctuations made economic planning almost impossible
for the government and the private sector, he said.
Weekly foreign-exchange auctions began in October 1985. The
kwacha fell from 2.20 to the dollar to about 15 in 16 months.
In January 1987 the government was more than two months in
arrears in paying foreign currency to successful bidders, and
the auction was suspended and replaced with a fixed exchange
rate of nine kwacha to the dollar.
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Toshin Steel Co Ltd <TOSS.T> and <Azuma
Steel Co Ltd>, affiliates of Nippon Kokan KK <NKKT.T>, are
considering a merger, company spokesmen said.
Toshin Steel, owned 41.9 pct by Nippon Kokan, and Azuma
Steel, owned 41.3 pct by Nippon Kokan, are expected to decide
by the end of March, they said. Both firms have been struggling
with losses caused by the recession in the steel industry and
the yen's appreciation.
Azuma Steel's current losses are estimated at 3.1 billion
yen in the year ending March 31 against a 6.99 billion loss a
year earlier, a spokesman said. The firm employs 1,100 workers
Toshin Steel, with 1,700 workers, has given no forecast for
the year ending March 31.
But industry sources said they expected the company to show
current losses of about five billion yen or more in 1986/87
compared with a 2.98 billion loss in 1985/86.
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Japan's customs-cleared trade surplus in
the first 20 days of February jumped to 3.58 billion dlrs from
1.94 billion a year earlier, the Finance Ministry said.
The February interim surplus was sharply up from a 965.04
mln dlr surplus in the same January period.
FOB exports rose 14.6 pct from a year earlier in the first
20 days of February to 10.91 billion, while CIF imports fell
3.2 pct to 7.33 billion.
The average dollar/yen rates were 152.32 for exports and
152.31 for imports against 196.61 for exports and 196.27 for
imports a year earlier.
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Saudi crude oil output last month fell
to an average of 3.5 mln barrels per day (bpd) from 3.8 mln bpd
in January, Gulf oil sources said.
They said exports from the Ras Tanurah and Ju'aymah
terminals in the Gulf fell to an average 1.9 mln bpd last month
from 2.2 mln in January because of lower liftings by some
customers.
But the drop was much smaller than expected after Gulf
exports rallied in the fourth week of February to 2.5 mln bpd
from 1.2 mln in the third week, the sources said.
The production figures include neutral zone output but not
sales from floating storage, which are generally considered
part of a country's output for Opec purposes.
Saudi Arabia has an Opec quota of 4.133 mln bpd under a
production restraint scheme approved by the 13-nation group
last December to back new official oil prices averaging 18 dlrs
a barrel.
The sources said the two-fold jump in exports last week
appeared to be the result of buyers rushing to lift February
entitlements before the month-end.
Last week's high export levels appeared to show continued
support for official Opec prices from Saudi Arabia's main crude
customers, the four ex-partners of Aramco, the sources said.
The four -- Exxon Corp <XON>, Mobil Corp <MOB>, Texaco Inc
<TX> and Chevron Corp <CHV> -- signed a long-term agreement
last month to buy Saudi crude for 17.52 dlrs a barrel.
However the sources said the real test of Saudi Arabia's
ability to sell crude at official prices in a weak market will
come this month, when demand for petroleum products
traditionally tapers off. Spot prices have fallen in recent
weeks to more than one dlr below Opec levels.
Saudi Arabian oil minister Hisham Nazer yesterday
reiterated the kingdom's commitment to the December OPEC accord
and said it would never sell below official prices.
The sources said total Saudi refinery throughput fell
slightly in February to an average 1.1 mln bpd from 1.2 mln in
January because of cuts at the Yanbu and Jubail export
refineries.
They put crude oil exports through Yanbu at 100,000 bpd
last month, compared to zero in January, while throughput at
Bahrain's refinery and neutral zone production remained steady
at around 200,000 bpd each.
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<Nippon Telegraph and Telephone Corp>
(NTT) expects its profits to fall to 328 billion yen in the
year ending March 31, 1988 from a projected 348 billion this
year, the company said.
Total sales for the same period are expected to rise to
5,506 billion yen from a projected 5,328 billion this year, NTT
said in a business operations plan submitted to the Post and
Telecommunications Ministry.
NTT said it plans to make capital investments of 1,770
billion yen in 1987/88, including 109 billion for research and
development, as against a total of 1,600 billion this year.
An NTT spokesman said increased competition from new
entrants to the telecommunications field and the effect of a
sales tax scheduled to be introduced next January, were the
major factors behind the projected decrease in profits.
The Japanese telecommunications industry was deregulated in
1985.
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China has signed a 130 mln dlr loan
agreement with the World Bank to partly finance 12 new berths
with an annual capacity of 6.28 mln tonnes at the 20 mln tonne
a year capacity Tianjin port, the New China News Agency said.
China will provide 370 mln yuan for the project and a
Chinese company won a bid against 12 other firms from seven
countries to do the foundation work, it said.
It said 11 of the new berths will be able to handle ships
of more than 10,000 tonnes, three will handle containers and
the expansion will enable the port to handle coke, non-metal
mineral ores and mining equipment for the first time.
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The Dutch Central Bank said it has
accepted bids totalling 4.8 billion guilders at tender for new
seven-day special advances at 5.3 pct covering the period March
2 to 9 aimed at relieving money market tightness.
Subscriptions to 300 mln guilders were met in full, amounts
above 300 mln at 50 pct.
The new facility replaces old five-day advances worth 8.0
billion guilders at the same rate.
Dealers expect this week's money market shortage to be
around 12 billion guilders.
Reuter
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|
Shr 3.25 H.K. Dlrs vs 1.40
Final div 52 cents vs 38, making 75 cents vs 57
Net 1.28 billion dlrs vs 551.7 mln
Note - Earnings excluded extraordinary gains of 983.6 mln
dlrs vs 81.3 mln. Bonus issue one-for-four vs nil. Share split
four-for-one. Dividend payable June 3, books close May 11-21.
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Sweden's Wallenberg group fought back
a bid by the London-based Swedish financier Erik Penser to
secure a large stake in Swedish Match <SMBS ST>, one of the
companies at the core of their business empire.
A statement issued by the Wallenberg holding companies AB
Investor and Forvaltnings AB Providentia said they had taken
over an option held by Nobel Industrier Sweden AB to acquire 33
pct of the voting rights in Swedish Match.
Thre Wallenbergs paid Nobel Industrier <NOBL ST>, in which
Penser group has a 72 pct stake, about 20 pct over the market
price for the Swedish Match option, the statement said.
Swedish Match's B shares open to foreign buyers closed at
424 crowns on Friday. The A shares -- with increased voting
rights -- closed at 450 crowns for the restricted and 455 for
the free shares.
The statement said the deal increased Investor's stake to
49.4 pct of the voting rights and 14.8 pct of the share capital
while Providentia is left holding 34.1 pct of the voting rights
and 14.5 pct of the share capital in Swedish Match.
The Wallenbergs' stake in Swedish Match had previously
amounted to 52 pct of the voting rights in the company.
The Swedish Match deal will cost the Wallenbergs about 400
mln crowns, share analysts said, making it one of the most
expensise moves the group has undertaken in the last four years
to defend its far-flung interests from outside predators.
The Wallenbergs originally sold Nobel Industrier, an arms
and chemicals group, to Penser in 1984 to pay for buying Volvo
<VOLV ST> out of two other key group companies, Atlas Copco
<ASTS ST> and Stora Koppabergs <SKPS ST>.
Since then, the Wallenbergs were ousted as the largest
shareholders in SKF (SKFR ST> by Skanska AB <SKBS ST> and
Frederik Lundberg wrested control of Incentive AB from them.
Lundberg, a Zurich-based Swedish property tycoon, also
managed to acquire a 25 pct stake in another Wallenberg
company, the diary equipment firm Alfa -Laval AB <ALFS ST>.
During 1986, the Wallenbergs have been concentrating on
building up their stake in Investor and Providentia to prevent
any raid on the heart of their business empire.
But analysts say the Wallenbergs' position in the
electrical engineering firm ASEA AB <ASEA ST> is also too small
at 12.6 pct of the voting rights and there has been growing
speculation that the group will be forced to sell off fringe
interests to protect its core activities.
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<SHV (United Kingdom) Holding Co Ltd>
said it was making a tender offer for up to 33 mln ordinary
shares in Imperial Continental Gas Association.<ICGS.L>.
It said in a statement the offer was on the basis of 700p
for each IC Gas ordinary and 252p for every one stg nominal of
IC Gas loan stock.
SHV already holds 6.8 mln IC Gas ordinary stock units
representing around 4.9 pct of the current issued share
capital.
Successful completion of the offer would increase SHV's
stake in IC Gas to 39.8 mln shares, representing around 27.9
pct of issued share capital, it said.
The offer capitalises IC Gas at around one billion stg.
It said it was tendering for both ordinary stock and loan
stock, which when fully converted, gave a total of 33 mln IC
Gas ordinary. It is making the tender offer through N.M.
Rothschilds.
IC Gas said in a statement it noted the SHV tender offer
and the terms were being considered.
It said a further statement would be made as soon as
possible.
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The Bank of England said it forecast a
shortage of around 800 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.61 billion stg.
Partly offsetting this outflow, exchequer transactions and
a fall in note circulation will add around 425 mln stg and 360
mln stg respectively. In addition, bankers' balances above
target will add some 20 mln stg to the system today.
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South Korea plans to take steps to keep
its 1987 current account surplus below five billion dlrs,
Economic Planning Board Minister Kim Mahn-je said.
Kim told reporters the government would repay loans ahead
of schedule and encourage firms to increase imports and
investment abroad to prevent the current account surplus from
rising too quickly.
Last year South Korea's current account surplus was 4.65
billion dlrs. It widened to 622 mln dlrs in January from 484
mln in December and compared with a deficit of 334 mln in
January 1986, Bank of Korea figures show.
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<Sale Tilney Plc> said it has purchased
80 pct of the ordinary share capital of <B and R International
Inc.>, a U.S. Insurance broker, for 5.6 mln dlrs.
Sale is paying 3.6 mln dlrs in cash on completion, with the
balance plus interest to be paid in equal instalments over the
next six years.
B and R posted pretax profit of 855,000 dlrs in the year to
Dec 31, 1986 when it had net tangible assets of 563,000 dlrs.
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The combined profits of Japan's major
corporations, excluding financial institutions, are forecast to
fall 19.2 pct in the 1986/87 year ending March 31, compared to
the 19.9 pct decline projected in late November, Wako Research
Institute of Economics said.
The private research body also said in a statement that 437
of the 1,084 firms listed on the first section of the Tokyo
Stock Exchange foresee an 11.6 pct fall in sales in the year
against an 11.4 pct fall estimated last November.
Current profits are projected to fall 4.4 pct in 1987/88 on
sales seen increasing by 4.2 pct, it said.
Rationalisation measures taken by manufacturing industries
to cope with the yen's sharp rise are beginning to brighten
their business outlook, the institute said.
It said lower interest rates, which are expected to reduce
corporate borrowing costs, are also behind the improved
performance outlook.
Earnings performance in the non-manufacturing sector will
be supported by firm demand in the real estate and construction
businesses, it said.
The forecast was based on average exchange rate estimates
of 160 yen to the dollar in 1986/87 and 155 yen in 1987/88.
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The Bank of Japan decided at a policy
board meeting to promote further interest rate liberalisation
by lowering the minimum denomination of regulation-free large
deposits and by raising the interest rate ceiling on money
market certificates (MMCs), a central bank official said.
The new guideline will go into effect on April 6, the bank
said.
Under the guideline, the minimum denomination of
regulation-free large deposits will be lowered to 100 mln yen
from 300 mln.
The interest rate ceiling of MMCs with maturities of
between one year and two years will be set at 0.5 percentage
point below the prevailing certificate of deposit rate, the
bank said.
But the ceiling on MMCs with maturities of one year or less
will remain the same, or 0.75 percentage point below the CD
rates.
The minimum denomination of MMCs will be lowered to 10 mln
yen from 30 mln.
The bank also said time deposit rates will be lowered by
0.37 point, effective March 16, in line with the half-point cut
in the official discount rate on February 23.
New interest rates on two-year and one-year deposits at
banks, for example, will be 3.64 pct and 3.39 pct per annum,
respectively.
Demand deposit rates, however, will remain the same.
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Dutch animal feed usage in the first
half of the current season from July through December 1986 fell
7.6 pct to 6.5 mln tonnes from 7.1 mln in the same period of
1985, figures in the latest newsletter from the co-operative
Cebeco-Handelsraad show.
Tapioca usage fell 9.1 pct to 1.4 mln tonnes from 1.6 mln
in the first half of the 1985/86 season.
Grain usage fell 6.1 pct to 1.1 mln tonnes from 1.2 mln,
while soymeal usage fell 10 pct to 967,000 tonnes from 1.1 mln.
Cornglutenfeed usage fell 17.8 pct to 729,000 tonnes from
887,000, but cornfeedmeal usage nearly doubled to 399,000
tonnes from 201,000.
Citruspulp usage dropped 62.8 pct to 149,000 tonnes from
400,000 tonnes, while rapeseed and meal usage rose 9.6 pct to
217,000 tonnes from 198,000 and sunmeal rose 25.6 pct to
216,000 tonnes from 172,000 tonnes.
During the whole of the season from July 1985 to June 1986,
Dutch soymeal usage fell 12 pct to 1.9 mln tonnes from 2.1 mln
the previous season, while sunmeal usage rose 25 pct to 408,000
tonnes from 325,000.
Rapeseed and meal usage during the season also rose 14 pct
to 409,000 tonnes from 360,000, but citruspulp fell 37 pct to
516,000 tonnes from 826,000.
Meanwhile, the value of exports of agricultural products
from the Netherlands in calendar 1986 fell 5.4 pct to 48.7
billion guilders from 51.5 billion in calendar 1985, figures
from the Ministry of Agriculture show.
During the same period imports of agricultural products
dropped 13.1 pct to 31.2 billion guilders from 35.8 billion.
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<Exco International Plc>, a subsidiary of
British and Commonwealth Shipping Co Plc <BCOM.L>, said it had
agreed in principle to buy an 80 pct stake in <RMJ Holdings
Corp> for about 79 mln dlrs.
Exco Chairman Richard Lacy told Reuters the acquisition was
being made from Bank of New York Co Inc <BK.N>, which currently
holds a 50.1 pct, and from RMJ partners who hold the remainder.
Bank of New York and the partners will retain about 10 pct
each and these stakes will be bought over the next six years.
RMJ is the holding company of RMJ Securities, one of the
largest U.S. Government securities brokers.
It is also involved in broking notes, obligations and other
instruments sponsored by U.S. Federal agencies.
Lacy said Exco had been considering buying a U.S.
Government securities broker for the past four years and had
made an offer for RMJ when it was sold by Security Pacific Corp
<SPC.N> in 1985. RMJ was then valued at about 50 mln dlrs.
B and C managing director Peter Goldie said RMJ would be
bought at about the same multiple as Exco, suggesting net
income of around 16 mln dlrs.
The company's earnings had not been hit by the halving of
brokerage fees some 14 months ago as volumes had since doubled.
Lacy said that RMJ employed some 300 people, with 200 in
the brokerage business and about 70 in its <SMS> unit, which
provided computer software for the financial services
community.
RMJ Securities had offices in New York, where total market
turnover of U.S. Government securities was 110 billion dlrs a
day, and in London where it has 15 billion.
It was also given permission last week to open an office in
Tokyo where total market turnover had lifted rapidly to about
five billion dlrs a day.
The acquisition would contribute between five and 10 pct of
B and C's share earnings in 1987 on a proforma basis.
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<Coloroll Group Plc> said it has entered
into a conditional agreement to acquire the business and assets
of <Wallco Inc> and related companies for 14.5 mln dlrs.
Miami-based Wallco manufactures and distributes
wallcoverings and showed a pretax profit of 1.5 mln dlrs on
turnover of 37 mln in the year ending June 1986. The total U.S.
Market was estimated to be worth 840 mln dlrs in 1986, having
grown by 47 pct in the previous five years, Coloroll said.
The combined sales and profit of the enlarged Coloroll U.S.
Business would be 67 mln and four mln dlrs respectively.
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The Bank of England said it revised its
forecast of the shortage in the money market down to around 700
mln stg from its original estimate of 800 mln.
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Sweden's ruling Social Democratic
Party gave full power to the government to decree unilateral
trade sanctions against South Africa, Prime Minister Ingvar
Calrsson said.
Carlsson told a news conference the party decided the fight
against apartheid took priority over Sweden's traditional
policy of only adopting sanctions with the backing of the U.N.
Security Council.
The government will decide later what form the trade
boycott will take and when it will come into force.
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The Bank of England said it had provided
the money market with 37 mln stg assistance in the morning
session. This compares with the Bank's downward revised
estimate of the shortfall in the system today of around 700 mln
stg.
The central bank purchased bank bills outright comprising
four mln stg in band one at 10-7/8 pct and 33 mln stg in band
two at 10-13/16 pct.
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Japan and the U.S. Kick off top-level
trade talks tomorrow amid signs officials from both sides are
growing increasingly irritated with each other.
The talks, held annually at sub-cabinet level to review the
whole gamut of U.S./Japan economic relations, will pave the way
for American Secretary of State George Schultz's one day
stop-over here at end-week on his way home from China.
Faced with growing Congressional protectionist pressure,
the U.S. Administration is pressing Japan for speedy action to
reduce its still huge trade surplus, U.S. Officials said.
"We appreciate their frustration," a senior Japanese
government official said. "But we are also frustrated."
The official said the 40 pct rise of the yen over the last
18 months has hit Japan hard, forcing exporters to slash
spending and lay off workers to make up for lost sales abroad.
That has not yet shown up in dollar-based statistics on trade,
but it will, he said.
He said the U.S. Administration was ignoring the progress
that has been made and instead emphasizing the problems that
remain when it talks with Congress.
"It would only take five minutes to list their
accomplishments," a senior U.S. Official replied.
The talks begin tomorrow with high-level discussions on the
economic structures of both countries and how they affect the
bilateral trade imbalance, which last year amounted to 51.48
billion dlrs in Japan's favour.
On the following two days, the topics will range from
multilateral trade talks under the auspices of the General
Agreement on Tariffs and Trade (GATT) to such bilateral trade
problems as super computers.
The structural talks are intended to be free-wheeling
discussions among senior officials. Tomorrow's topics include
savings and investment issues such as consumer credit and
housing, and the implications of government budget deficits.
These talks come at a particularly delicate time for the
Japanese government, which is facing increasing domestic
pressure to abandon its tight-fisted fiscal policy and
stimulate the sagging economy by spending more.
Some U.S. Officials complained Japan has no intention of
boosting domestic demand and imports, as Washington wants.
Japanese officials in turn pointed the finger at the huge
U.S. Budget deficit as one of the main culprits for the trade
imbalance. That budget deficit has meant that the U.S. Is
buying more imports.
Japan seems particularly peeved at being singled in a draft
trade bill before the Senate as a nation following adverserial
trade practices. "It condemns Japan without due process," one
Japanese official said.
That reference spoils what is otherwise a well-thought-out
bill introduced by Democratic Senator Lloyd Bentsen, he said.
Japan is also not totally happy with the administration's
trade bill, particularly its proposal to establish reciprocal
access to foreign markets as one criteria for retaliatory trade
action by the U.S., Officials said.
Nevertheless, Japanese officials said they remain in a weak
bargaining position, especially with the threat of a trade bill
overhanging them.
"We have no leverage," one official admitted.
As a result, Tokyo is striving to meet U.S. Complaints
about its trade practices in a variety of fields, including
super computers.
The U.S. Is pressing for greater access to the Japanese
super computer market.
The Japanese government has sent a long questionnaire to
public institutions like universities which buy the
sophisticated machines in hopes of eventually setting up
informal bidding procedures easily understood by all potential
sellers, officials said.
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<Carlton Communications Plc> has started
the current financial year well, with accounts for the first
four months showing a healthy increase on the same period last
year, and Chairman M.P. Green told the annual meeting he looked
forward to 1987 with optimism.
The issue of 4.6 mln shares in ADR form had now been
successfully completed, he added.
Carlton intended to increase its presence in the U.S. Which
represented 50 pct of the world television market. Conditions
worldwide in the television industry continued to look buoyant,
the Chairman noted.
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Deputy oil ministers from six Gulf
Arab states will meet in Bahrain today to discuss coordination
of crude oil marketing, the official Emirates news agency WAM
reported.
WAM said the officials would be discussing implementation
of last Sunday's agreement in Doha by Gulf Cooperation Council
(GCC) oil ministers to help each other market their crude oil.
Four of the GCC states - Saudi Arabia, the United Arab
Emirates (UAE), Kuwait and Qatar - are members of the
Organiaation of Petroleum Exporting Countries (OPEC) and some
face stiff buyer resistance to official OPEC prices.
Reuter
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Saudi Arabian Oil Minister Hisham Nazer
reiterated the kingdom's commitment to last December's OPEC
accord to boost world oil prices and stabilize the market, the
official Saudi Press Agency SPA said.
Asked by the agency about the recent fall in free market
oil prices, Nazer said Saudi Arabia "is fully adhering by the
... accord and it will never sell its oil at prices below the
pronounced prices under any circumstance."
Saudi Arabia was a main architect of December pact under
which OPEC agreed to cut its total oil output ceiling by 7.25
pct and return to fixed prices of around 18 dollars a barrel.
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Kuwait's oil minister said in a newspaper
interview that there were no plans for an emergency OPEC
meeting after the recent weakness in world oil prices.
Sheikh Ali al-Khalifa al-Sabah was quoted by the local
daily al-Qabas as saying that "none of the OPEC members has
asked for such a meeting."
He also denied that Kuwait was pumping above its OPEC quota
of 948,000 barrels of crude daily (bpd).
Crude oil prices fell sharply last week as international
oil traders and analysts estimated the 13-nation OPEC was
pumping up to one million bpd over its self-imposed limits.
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Taiwan plans another round of deep tariff
cuts this year to help narrow its trade surplus with the U.S.,
A senior economic planner said.
Wang Chao-Ming, vice-chairman of the council for economic
planning and development, told Reuters Taiwan would further
reduce import tariffs on 1,700 products sometime in the second
half of this year.
Cuts of up to 50 pct on those items were made last year and
Wang said further cuts would go much deeper.
"We have to speed up liberalisation and cut import tariffs
faster and more substantially," he said.
The United States, Taiwan's main trading partner, has said
the island's import tariffs, still ranging from a high of
almost 60 pct, were unacceptable. It has criticised the cuts as
too selective.
Taiwan's trade surplus with the United States hit 13.6
billion dlrs last year. The surplus has boosted foreign
exchange reserves to 50 billion dlrs, which Wang said made
Taiwan a target for U.S. Protectionism.
Wang said the trade surplus and the reserves weakened
Taiwan's position in talks with Washington over export quotas,
particularly for shoes, textiles and machine tools which are
among the island's main export-earners.
A special Taiwanese trade delegation leaves for Washington
tomorrow to try to renegotiate an agreement signed last year
limiting exports of Taiwan textiles.
Under the accord, Taiwan's textile export growth was
limited to 0.5 pct each year until 1988. Taipei has said it is
losing markets to South Korea and Hong Kong which were given
more generous terms.
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Hutchison Whampoa Ltd <HWHH.HK>
expects satisfactory profits in 1987 and will pay a higher
dividend for the year, chairman Li Ka-shing said.
He did not make any specific projections for the company's
earnings this year but he said the firm will pay a dividend of
not less than 32.5 cents per share after a proposed
four-for-one stock split and a one-for-four bonus issue.
It paid total dividends of 1.30 dlrs per share last year,
equal to 26 cents per share, adjusting for the bonus and share
split.
Hutchison, which has operations ranging from trading to
property and container terminals, earlier reported after-tax
profits of 1.62 billion dlrs against 1.19 billion dlrs in 1985.
The 1986 total excluded extraordinary gains of 563 mln
dlrs, partly from the sale of some of its stake in the South
China Morning Post, the leading English language newspaper,
compared with 369 mln dlrs the previous year. It said it
expects another 277 mln dlr gain in 1987 from the sale of the
remaining shares.
Li said Hong Kong's property market remains strong while
its economy is performing better than forecast with its largely
export-led growth.
Gross domestic product grew by nearly nine pct last year
against an initial government projection of 4.5 pct.
But he said Hong Kong's large trade deficit with the U.S.
May result in protectionist measures that will adversely affect
the British colony.
He said all of the company's major operations showed
improved results in 1986.
Hutchison said earlier it will sell its entire 23.5 pct
interest in Hongkong Electric Holdings Ltd <HKEH.HK> to
<Cavendish International Holdings Ltd>, itself a spin-off from
Hongkong Electric.
Under a reorganisation announced separately, Hongkong
Electric will spin off all its non-electricity related
activities into Cavendish, which will be listed on the local
stock exchange. Hongkong Electric shareholders will receive one
share in Cavendish for every Hongkong Electric share.
Cavendish will buy the 348.2 mln Hongkong Electric shares
from Hutchison by issuing 975 mln new shares.
The spin-off and the sale of Hongkong Electric shares will
give Hutchison a 53 pct stake in Cavendish.
Li said the decision to spin-off Cavendish is to relieve
Hongkong Electric of public criticism of the power company for
making risky investments. But he denied there was pressure from
the government for the spin-off.
He said Cavendish will have seven billion dlrs of assets
and will be almost debt free, with 340 mln dlrs of liabilites.
Its major assets are the Hong Kong Hilton Hotel, property
development, and interests in Husky Oil Ltd <HYO.TO> of Canada
and Pearson Plc <PSON.L> of Britain.
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Scientific Micro Systems Inc said it
has acquired Supermac Technology, a rapidly growing supplier of
enhancement products and disc drive subsystems for the Apple
personal computer market.
Scientific Micro said it acquired all the common stock of
Supermac in exchange for 1.05 mln shares of its own common
stock. The stock closed at 5.50 dlrs bid on Friday.
Supermac, a privately held firm based in Mountain View,
California, as is Scientific Micro, reported a net profit of
300,000 dlrs on revenue of 9.5 mln dlrs in fiscal 1986. It
expects its revenue to approximately double in 1987.
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American Express Co, rumored to be
considering a spinoff of part of Shearson Lehman Brothers Inc,
said it is studying a range of options for its brokerage unit
that could improve Shearon's access to capital and help it meet
broadening international competition.
In a joint statement, American Express and Shearson said
the actions under consideration are an integral part of
American Express' worldwide financial services strategy and
that the two companies have been having both internal and
external discussions on the matters.
American Express said no decision has been reached on the
strategic options and that it and Shearson could ultimately
decide to follow growth plans already in place.
Last week, rumors circulated on Wall Street that the
financial services giant was considering a spinoff of part of
Shearson and there was speculation it may be considering
selling a stake to a Japanese firm. Analysts said the
speculation also focused on American Express selling 20 pct of
the profitable brokerage firm to the public.
There was some speculation that American Express had also
considered a total spinoff of Shearson, but the plan was
considered highly unlikely, analysts said.
American Express said in the statement on Sunday that it
will not comment on rumors and speculation and a spokesman
would not go beyond the statement. The company also remained
silent last Thursday and Friday, as rumors drove American
Express stock up a total of 5-1/2 dlrs in two days to bring it
to a Friday close at 74.
It said it issued the statement on Sunday because a
similar statement was being circulated to employees.
Analysts have been divided on whether it makes sense for
American Express to give up a stake in the wholly-owned
brokerage, which improved its after-tax earnings by about 50
pct in the last year.
Some analysts said American Express may consider spinning
off part of Shearson because it is concerned that its stock
price does not fully reflect the value of the brokerage firm.
Shearson contributed 316 mln dlrs of American Express'
1.25 billion dlr net in 1986.
American Express' ambitious plans for international growth
may be also enhanced by the added cash that spinning out part
of Shearson would bring. Analysts speculated that all of
Shearson would have a market value of about 3.5 billion dlrs.
To some however, the need for added capital is puzzling.
"(American) Express is in a position where they can raise
capital if they need to," said Larry Eckenfelder of
Prudential-Bache Securities.
Analysts said rumors were fed by the reorganization of
Shearson management Wednesday. Chief operating officer Jeffrey
Lane got the added, previously vacant, post of president.
The reorganization also created four new positions for
chairmen of Shearson's operating divisions, a move analysts
speculated would allow Shearson to be a stand alone company.
Analysts, contacted on Sunday said the statement does
little to clarify last week's market speculation. It does
confirm, however, that the financial services firm, which
unsuccessfully attempted to expand Shearson with a major
acquisition last year, is looking beyond its own walls for
growth and positioning in the global market competition.
Late last year, Shearson's takeover offer to the E.F.
Hutton Group Inc was rejected by Hutton, and analysts said
there had been speculation that Shearson also was rebuffed when
it approached another major Wall Street brokerage.
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Ropak Corp said it received
and accepted about 456,968 common shares and 527,035 Series A
convertible preferred shares of Buckhorn Inc at four dlrs and
5.75 dlrs each respectively in response to its tender offer
that expired Friday, and it now owns 34.4 pct of Buckhorn
voting power.
The company had owned 63,000 common and 25,100 preferred
shares before starting the hostile tender. Ropak said it is
borrowing the funds needed to buy the Buckhorn shares from its
bank lender and will not need to use any funds that another
bank had committed to provide under a margin loan.
Ropak said it waived minimum acceptance requirements to buy
the shares and intends to evaluate a number of possible ways of
completing an acquisition of Buckhorn. It said it hopes that
Buckhorn's board will reevaluate its position and enter into
meaningful negotiations.
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The port of Philadelphia was closed
when a Cypriot oil tanker, Seapride II, ran aground after
hitting a 200-foot tower supporting power lines across the
river, a Coast Guard spokesman said.
He said there was no oil spill but the ship is lodged on
rocks opposite the Hope Creek nuclear power plant in New
Jersey.
He said the port would be closed until today when they
hoped to refloat the ship on the high tide.
After delivering oil to a refinery in Paulsboro, New
Jersey, the ship apparently lost its steering and hit the power
transmission line carrying power from the nuclear plant to the
state of Delaware.
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0,
0,
0,
0,
1,
0,
0
] |
Penril Corp said it is seeking to
sell its Triplett Electrical Instrument Corp subsidiary in
Bluffton, Ohio, and Triplett's Alltest division in Hoffman
Estates, Ill., as part of a plan to concentrate on its three
profitable division and reduce its debt load.
The company also said it is evaluating a plan to satisfy
its obligations under its 10-7/8 pct subordinated notes but
gave no details. Interest on the notes is due today.
Penril further said director Clifford L. Alexander Jr. has
resigned from the board. It gave no reason.
Penril said shareholders at the annual meeting approved the
limitation of directors' liability.
Reuter
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Dale Burdett Inc said it
faces damages claims totalling about 420,000 dlrs from the
former owners of Burdett Publications Inc.
The company said on February 20, 1986, its predecessor
Nolex Development Inc acquired Burdett Publications Inc in an
exchange of 17 mln common shares for all Burdett Publications
shares, but the transaction was not qualified with the
California Department of Corporations.
As a result, it said, the former Burdett Publications
owners have a claim for damages against Dale Burdett as
successor to Nolex for one yuear starting January 21, 1987,
with the damages measured by the difference in values of shares
exchanged plus interest from February 20, 1986.
Reuter
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New Jersey-based overnight messenger
Purolator Courier Corp said it has agreed to be acquired for
about 265 mln dlrs by a company formed by E.F. Hutton LBO Inc
and certain managers of Purolator's U.S. courier business.
Analysts have said that Purolator has been for sale for
some time. Purolator announced earlier it was mulling a
takeover bid, but analysts wrongly predicted the offer was from
another courier company.
Hutton LBO, a wholly owned subsidiary of E.F. Hutton Group
Inc, will be majority owner of the company.
Hutton said the acquiring company, PC Acquisition Inc, is
paying 35 dlrs cash per share for 83 pct of Purolator's stock
in a tender offer to begin Thursday. The rest of the shares
will be purchased for securities and warrants to buy stock in a
subsidiary of PC Acquisition, containing Purolator's U.S.
courier operations.
If all the shares of Purolator are tendered, shareholders
would receive for each share 29 dlrs cash, six dlrs in
debentures, and a warrant to buy shares in a subsidiary of PC
Acquisition containing the U.S. courier operations.
Hutton said in the merger shareholders would get 46 mln
dlrs aggregate amount of guaranteed debentures due 2002 of PC
Acquisition and warrants to buy 15 pct of the common stock of
the PC courier subsidiary. Hutton said the company has valued
the warrants at two to three dlrs per share.
Purolator's stock price closed at 35.125 dlrs on Friday.
While some analysts estimated the company was worth in the mid
30s, at least one said it would be worth 38 to 42 dlrs.
This follows sales of two other Purolator units. It agreed
recently to sell its Canadian Courier unit to Onex Capital for
170 mln dlrs, and previously sold its auto filters business.
Purolator retains its Stant division, which makes closure
caps for radiators and gas tanks. A Hutton spokesman said the
firm is reviewing its options on Stant.
Purolator's courier business has been lagging that of its
U.S. rivals because of the high price it paid in the past
several years to add air delivery to its ground fleet.
E.F. Hutton will provide 279 mln dlrs of its funds to
complete the transaction. This so-called "bridge" financing
will be replaced later with long-term debt most likely in the
form of bank loans, Hutton said. Hutton LBO is committed to
keeping the courier business, its president Warren Idsal said.
"Purolator lost 120 mln dlrs over the last two years
largely due to U.S. courier operations, which we believe the
management is turning around. We belive it will be a very
serious competitor in the future," said Idsal.
William Taggart, chief executive officer of U.S. Courier
division, will be chief executive officer of the new company.
The tender offer will be conditioned on a minimum of two
thirds of the common stock being tendered and not withdrawn to
the expiration of the offer as well as certain other conditions.
The offer will begin Thursday, subject to clearances from
the staff of the Interstate Commerce Commission and will expire
20 business days after commencement unless extended.
Reuter
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Financial Corp of Santa
Barbara said it has signed a definitive agreement to purchase
Stanwell Financial, the lending operations unit of mortgage
banking company <Stanwell Mortgage>, for undisclosed terms.
Reuter
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Parent Company net profit 12.8 mln Swiss francs vs 7.5 mln.
Orders received 2.21 billion francs vs 2.61 billion.
Sales 2.25 billion francs vs 2.49 billion.
Group sales 13.83 billion francs vs 13.88 billion.
Group orders 11.03 billion francs vs 13.00 billion.
REUTE
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<Four Seasons Hotels> said it and <VMS
Realty Partners> of Chicago have agreed to purchase the Santa
Barbara Biltmore Hotel from Marriott Corp for an undisclosed
amount.
It said the venture will rename the hotel the Four Seasons
Biltmore at Santa Barbara and invest over 13 mln dlrs in
improvements on the 228-room property.
Reuter
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BBC AG Brown Boveri und Cie
<BBCZ.Z> said it will omit dividend in 1986 for the second
consecutive year.
It said it planned to invite shareholders and non-voting
stockholders to subscribe to a warrant bond issue of around 150
mln Swiss francs to be made after the June 2 annual meeting.
The value of the stock subscription rights should
correspond roughly to the dividend of 30 francs per share paid
in 1984. The company also plans to issue participation
certificates with a par value of 70 mln Swiss francs, from
which existing shareholders are excluded.
Reuter
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Investor David F. La Roche of North
Kingstown, R.I., said he is offering to purchase 170,000 common
shares of NECO Enterprises Inc at 26 dlrs each.
He said the successful completion of the offer, plus shares
he already owns, would give him 50.5 pct of NECO's 962,016
common shares.
La Roche said he may buy more, and possible all NECO
shares. He said the offer and withdrawal rights will expire at
1630 EST/2130 gmt, March 30, 1987.
Reuter
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Period ended December 31, 1986
Oper shr loss 1.08 dlrs vs loss 84 cts
Oper loss 7,700,000 vs loss 1,700,000
Revs 11,800,000 vs 9,800,000
Note: Current shr and net exclude extraordinary gain of
300,000 dlrs or five cts shr, versus extraordinary gain of
200,000 dlrs or four cts shr
Reuter
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<Senior Engineering Group Plc> said it
reached agreement with <Cronus Industries Inc> to acquire the
whole share capital of <South Western Engineering Co> for 12.5
mln dlrs cash. This sum is being financed by a term loan.
South Western is one of the U.S.'s leading manufacturers of
heat transfer equipment, with a turnover of 54.86 mln dlrs and
pre-tax profits of 1.72 mln in 1986.
Completion of the deal is conditional on approval under
U.S. Hart-Scott-Rodino regulations which is expected within 30
days. Some 350,000 dlrs is payable immediately, 12 mln dlrs
payable on completion with the balance due by June 30, 1987.
Reuter
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Cheung Kong (Holdings) Ltd <CKGH.HK>
is expecting strong results this year after reporting better
than expected profits in 1986, chairman Li Ka-shing said.
He did not give a specific earnings projection but he told
reporters the firm will pay total dividends of not less than 19
cents a share this year after a one-for-four bonus issue and a
four-for-one stock split.
The company earlier declared total dividends equal to 15
cents a share for 1986, adjusting for the stock split and bonus
issue.
Cheung Kong's earnings rose to 1.28 billion H.K. Dlrs in
1986, well above market expectations of 920 mln to one billion
dlrs. They compared with profits of 551.7 mln dlrs in 1985.
Cheung Kong also reported extraordinary gains of 983.6 mln
dlrs mainly from the firm's sale of the Hong Kong Hilton Hotel
to Hongkong Electric Holdings Ltd <HKEH.HK> for one billion
dlrs. It had gains of 81.3 mln dlrs in 1985.
Li attributed the surge in 1986 earnings to a buoyant local
property market and substantial increases in contributions from
associated companies.
"Looking ahead, 1987 should be another year of stability for
the property market," Li said. "The growth in (Hong Kong's)
exports is expected to stimulate the demand for industrial
buildings."
Cheung Kong is cash rich and is looking for new projects in
the British colony, Li said, noting the firm is interested in a
land reclamation project along the Hong Kong harbour and is
exchanging views with the government on a proposal to build a
second airport.
Reuter
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|
Viacom International Inc said it
received revised merger offers from <National Amusements Inc>
and <MCV Holdings Inc>.
The company said the special committee plans to meet later
today to review both offers.
Viacom said National Amusements' Arsenal Holdings Inc
raised the value of its offer for the Viacom shares not held by
National Amusements in three areas. National Amusements holds
19.6 pct of Viacom's stock.
The cash value of the offer was raised to 42.00 dlrs from
the 40.50 dlrs a Viacom share offered February 23 while the
value of the fraction of a share of exchangeable preferred
being offered was increased to 7.50 dlrs a share from six dlrs.
The interest rate to be used to increase the cash value of the
merger, if delayed beyond April 30, was raised to nine pct from
eight pct and 12 pct after May 31.
A Viacom spokesman said the Arsenal Holdings's offer
continues to include a 20 pct interest in Arsenal for present
Viacom shareholders.
Viacom said MCV Holdings, a group which includes the
company's senior management and the Equitable Life Assurance
Society of the United States, raised the value of its offer by
increasing the value of the preferred being offered to 8.50
dlrs from 8.00 dlrs a share and raising the ownership in the
new company to be held by present Viacom shareholders to 45 pct
from 25 pct. MCV called its previous offer, made February 26,
the "final" proposed revision of its agreement with Viacom.
Reuter
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The French Cereals Intervention Board,
ONIC, left its estimate of French 1986/87 (July/June) soft
wheat deliveries unchanged from its last forecast at 21.98 mln
tonnes.
This compared with deliveries of 24.38 mln tonnes in
1985/86 (August/July).
Estimated 1986/87 maize deliveries were also left unchanged
from ONIC's previous forecast at the beginning of February at
9.91 mln tonnes against 10.77 mln the previous season.
Barley deliveries were also unchanged at 6.62 mln tonnes
against 7.7 mln in 1985/86.
Reuter
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|
Shr 1.19 dlrs vs 1.46 dlrs
Net 3,150,185 vs 2,665,284
Revs 27.9 mln vs 24.1 mln
Avg shrs 2,653,646 vs 1,826,858
Year
Shr 1.45 dlrs vs 1.37 dlrs
Net 3,611,802 vs 2,502,443
Sales 62.2 mln vs 52.8 mln
Avg shrs 2,489,978 vs 1,826,858
Reuter
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<Miller Tabak Hirsch and Co> said it
has received an accepted 3,424,729 common shares of Penn
Traffic Co in response to its 31.60 dlr per share tender offer
that expired Friday, and together with the 380,728 shares it
already owned, it now has about 91.8 pct of Penn Traffic.
The company said Penn Traffic is expected to hold a special
shareholders' meeting later this month to approve a merger into
Miller Tabak at the tender price.
It said two Miller Tabak representatives will be named to
the Penn Traffic board on March Four to serve as the only
directors with Penn Traffic president and chief executive
officer Guido Malacarne.
The company said it received financing for the transaction
from First National Bank of Minneapolis and Salomon Inc <SB>.
Reuter
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Waste Management Corp said its
board voted a two-for-one stock split payable April 21, record
March 30.
In other action, Waste Management directors approved an
increase in the quarterly dividend to 18 cts from 14 cts,
payable April three, record March 18.
Reuter
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Porex Technologies Corp said its
board declared an initial annual dividend of 10 cts per share,
its first payout, payable March 26 to holders of record March
12.
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Davis Water and Waste
Industries Inc said its board declared a 33-1/3 pct stock
dividend, payable March 23 to holders of record March 12.
Reuter
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Medco Containment Services
Inc said its board declared an initial annual dividend of 10
cts per share, its first payout, payable March 19 to holders of
record March 12.
Reuter
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Pittston Co said it has
tentatively agreed to acquire WTC International N.V. in a
tax-free exchange of stock.
Pittston said it agreed to exchange 0.523 common share for
each of the about 8,612,000 WTC common shares outstanding.
Pittston said WTC's three principal shareholders, who own
62 pct of its stock, are parties to this agreement. They have
granted Pittston the right of first refusal to their shares.
WTC has granted Pittston an option to buy WTC shares equal
to 18.5 poct of its outstanding stock. The agreement is subject
to approval of both boards and WTC shareholders.
Pittston said described WTC as a fast growing air freight
forwarding company with operations throughout the world. Its
revenues totaled nearly 200 mln dlrs in the year ended November
30 and for the quarter ended on that date it earned 1.3 mln
dlrs on revenues of 55.8 mln dlrs.
Pittston said its Burlington Air Express subsidiary
generates about two-thirds of its 450 mln dlrs in annual
revenes with its domestic air freight services.
Reuter
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<SDC Sydney
Development Corp>, earlier reporting an increased nine month
operating loss, said a cost control review now underway may
result in cost reduction and elimination of unprofitable and
non-strategic products and services.
The company's operating loss for the nine months ended
December 31, 1986 increased to 7.7 mln dlrs from a loss of 1.7
mln dlrs in the prior year, it said earlier.
Revenues increased by 20 pct to 11.8 mln dlrs from
year-earlier 9.8 mln dlrs.
Reuter
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Shr loss 11 cts
Loss 739,146
Revs 11,754,251
Note: initial public listing December, 1986
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The Bank of England said it had offered
borrowing facilities to those discount houses wishing to use
them at 1430 GMT.
The Bank also said it provided the money market 456 mln stg
assistance in the afternoon session bringing its total help so
far today to 493 mln stg. This compares with its forecast of a
shortage in the system today of around 700 mln stg.
The central bank purchased bank bills outright comprising
41 mln stg in band one at 10-7/8 pct 361 mln stg in band two at
10-13/16 pct and 54 mln stg in band three at 10-3/4 pct.
Money market dealers said the Bank of England has recently
used the offer of borrowing facilities to signal that it does
not want to see an early reduction in U.K. Base lending rates.
The Bank does this by lending to the discount houses at
rates of interest higher than its prevailing money market
dealing rates.
REUTER
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USDA LIFTS CROSS-COMPLIANCE FOR 1987 CROP OATS
REPEAT FROM LATE FRIDAY
WASHINGTON, Feb 27 - The USDA said it is lifting the
limited cross-compliance requirement for 1987 crop oats.
Deputy Secretary Peter Myers said the action was being
taken to help alleviate the short supply of oats.
Under limited cross compliance, the plantings of other
program crops on the farm may not exceed the crop acreage bases
of those crops.
The lifting of the cross-compliance on oats permits the
planting of oats in excess of the oat acreage base without
sacrificing eligibility for other crop program benefits.
Myers said soybean plantings are expected to decrease as a
result of the action on oats, planting of which are expected to
increase by two to three mln acres.
Reuter

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Oper shr 17 cts vs 25 cts
Qtly div 15 cts vs 15 cts prior
Oper net 1,522,000 vs 3,501,000
Sales 98.0 mln vs 86.3 mln
NOTE: Prior year net excludes loss from discontinued
operations of 1,817,000 dlrs.
Company said common shares outstanding down significantly
to 7,814,000, reflecting retirement of about 5,200,000 shares
since start of restructurining in August 1986.
Dividend pay April 30, record April 16.
Reuter
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Oper shr 1.80 dlrs vs 1.46 dlrs
Oper net 25.0 mln vs 20.2 mln
Sales 1.09 billion vs 996.4 mln
Avg shrs 13.9 mln vs 13.8 mln
Year
Oper shr 3.20 dlrs vs 2.57 dlrs
Oper net 44.4 mln vs 35.4 mln
Sales 3.87 billion vs 3.43 billion
Avg shrs 13.9 mln vs 13.8 mln
NOTES: Operating net excludes losses of 12.1 mln dlrs, or
87 cts a share, vs 321,000 dlrs, or two cts a share, in quarter
and 6.0 mln dlrs, or 43 cts a share, vs 5.1 mln dlrs, or 37 cts
a share, from discontinued operations. This includes provision
in latest quarter of 12.2 mln dlrs for closing of Almys
Department Store Co.
Operating net in latest quarter and year includes 750,000
dlrs charge for restructuring announced in early January
Reuter
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Qtly div 35 cts vs 35 cts in prior qtr
Payable April one
Record March 14
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Diagnostic Retrieval Systems Inc
said it has made an offer to acquire, through a wholly owned
unit, all outstanding shares of Rospatch Corp's common stock
for 22 dlrs a share cash, or about 53 mln dlrs.
DRS, a warfare systems producer, said it would make the
transaction through a cash tender offer for all, but not less
than 51 pct, of Rospatch's outstanding common stock followed by
a merger with Rospatch, a labels, high technology and wood
producer, at the same purchase price per share.
DRS said the deal is subject to approval by the Rospatch
board, and the tender offer expires on March 6, 1986.
Reuter
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The volume of contracts traded on the
New Zealand Futures Exchange (NZFE) reached a record 25,559
contracts in February, the International Commodities Clearing
House (ICCH) said.
The previous high was 22,583 contracts in December 1986.
The ICCH said the value of the contracts traded in February
was 2.90 billion N.Z. Dlrs.
The seven contracts currently traded on the NZFE are:
five-year government bonds, the share price index, 90-day bank
bills, 90-day prime commercial paper, the U.S. Dollar,
crossbred wool, and wheat.
Reuter
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Whittaker Corp said it will have a
gain on the sale of discontinued businesses after any operating
losses from the businesses up until the dates of disposition,
but it will defer reporting the gain until its restructuring
program hsa been substantially completed.
The company said in the first quarter ended January 31,m it
completed the divestiture of its health maintenance
organization operations to Travelers Corp <TIC> , sold its
Whittar Steel Strip operations to <DofascoxInc> and sold its
equity investment in Bertram-Trojan Inc to an affiliate of
<Investcorp>.
The company said it has entered into definitive agreements
to sell Whittaker General Medical Corp, Bennes MArrel SA of
France and Juster Steel Corp as well.
The company said to date it has received proceeds of about
90 mln dlrs from divestitures and has used the funds to reduce
debt incurred in the repurchase of its common shares.
Whittaker today reported first quarter earnings from
continuing operations fell to 1,522,000 dlrs from 3,501,000
dlrs a year before. The year-earlier figure excluded a
1,817,000 dlr loss from discontinued operations.
Reuter
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The Japan Fund Inc said it has received
an unsolicited offer from <Sterling Grace Capital Management
LP>, acting together with certain other persons and entities,
to purchase all the assets of the fund at five pct below its
aggregate net asset value.
The Japan Find said tne deal is subject to obtaining
satisfactory financing and a due diligence review.
It added that the proposal has been referred to its Board
of Directors for consideration.
Reuter
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Div 50 won vs 50 won
Net profit 6.91 billion won vs 6.10 billion
Sales 4,275.4 billion vs 3,801,7 billion
Note - Company has set 1987 sales target of 4,800 billion
won.
Reuter
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Div 50 won vs 50 won
Net profit 35.4 billion won vs 34.2 billion
Sales 4,214.9 billion won vs 3,779.2 bilion
Note - company has set 1987 sales target of 5,200 billion.
REUTER
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Bank of New York Co said it and the
management of RMJ Securities Corp have agreed to sell 80 pct of
their interests in RMJ Holding Corp to <British and
Commonwealth Holdings PLC> and Bank of New York expects to
realize a substantial gain on the transaction.
RMJ Holding is the holding company for RMJ Securities, a
large broker of U.S. government securities and agency
obligations Bank of New York owns a majority interest in RMJ
Holding and management of RMJ Securities the remainder.
Bank of New York said the sale is expected to be completed
during the second quarter.
It said it and RMJ Securities management will continue to
own 20 pct of RMJ Holding for now, but the agreement provides
for the sale of that remaining interest to British and
Commonwealth over the next six years.
Reuter
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Corning Glass Works said the
exchange ratio for its previously announced acquisition of
Hazleton Laboratories Corp has been established at 0.5165
Corning common share for each Hazleton common share.
Corning said the prospectus regarding the merger is
expected to be mailed tomorrow to all Hazleton holders of
record February 18. Hazleton shareholders will vote on the
proposed merger at a special meeting on March 31.
Reuter
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Bally Manufacturing Corp said it
completed the acquisition of the Golden Nugget Casino Hotel in
Atlantic City, New Jersey from Golden Nugget Inc.
Bally also acquired from Golden Nugget various parcels of
real estate in Atlantic City, it noted.
The transaction included 140 mln dlrs in cash and stock and
the assumption of a 299 mln dlrs mortgage.
Reuter
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<Consolidated TVX Mining Corp> said it
agreed to issue 7.8 mln treasury shares to acquire interests in
three gold mining companies in Brazil and an option to increase
the company's interest in a platinum property.
The company said the transactions will bring immediate
production and earnings to Consolidated TVX, enhance its
precious metal potential and is expected to improve cash flow
and earnings on a per share basis. The company did not give
specific figures.
Consolidated TVX said it will acquire 29 pct of CMP, a
public gold mining company in which TVX already holds a 15 pct
interest, making TVX the largest single shareholder.
The company also agreed to acquire a 19 pct stake in Novo
Astro, a private company, and a 16 pct interest in Teles Pires
Mining, increasing the TVX's ownership to 51 pct.
In addition, Consolidated TVX said it will acquire the
right to add a 10 pct interest to a platinum property in which
it already owns a 29.4 pct stake.
CMP earned 11 mln Canadian dlrs in 1986 and expects to
produce 42,000 ounces of gold in 1987 at a cost of 160 U.S.
dlrs an ounce, Consolidated TVX said.
Novo Astro operates Brazil's richest gold mine located in
Amapa State, with an average grade of 0.8 ounces of gold a ton
in a hardrock quartz vein, Consolidated TVX said. Mining of
eluvial surface material produced 25,000 ounces in 1986 and is
expected to produce 60,000 ounces in 1987.
It also said Teles Pires Mining controls rights to a 350
kilometer section of the Teles Pires River, where one dredge is
expected to produce 10,000 ounces of gold in 1987.
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Oper shr 17 cts vs 19 cts
Oper net 636,000 vs 358,000
Revs 10.6 mln vs 7,024,000
Avg shrs 3,808,000 vs 1,924,000
Year
Oper shr 73 cts vs 65 cts
Oper net 2,467,000 vs 1,199,000
Revs 31.5 mln vs 22.9 mln
Avg shrs 3,372,000 vs 1,785,000
NOTE: Net excludes investment gains 20,000 dlrs vs 86,000
dlrs in quarter and 586,000 dlrs vs 195,000 dlrs in year.
1985 year net excludes 304,000 dlr tax credit.
Share adjusted for one-for-two reverse split in November
1985.
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Shr 22 cts vs 17 cts
Net 1,232,000 vs 834,000
Sales 24.1 mln vs 20.9 mln
Avg shrs 5,609,000 vs five mln
Year
Shr 97 cts vs 69 cts
Net 4,985,000 vs 3,426,000
Sales 92.4 mln vs 77.9 mln
Avg shrs 5,153,000 vs five mln
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Qtly div three cts vs three cts prior
Pay April six
Record March 20
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Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr
including capital gains of 2.978 dlrs
Payable March 27
Record February 27
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Shr 35 cts vs 25 cts
Net 1,590,000 vs 1,140,000
Revs 32.2 mln vs 23.0 mln
YEAR
Shr 1.16 dlrs vs 68 cts
Net 5,300,000 vs 3,100,000
Revs 110.0 mln vs 85.4 mln
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American Nursery Products Inc
said it purchased Miami-based Heinl's Nursery Inc, for
undisclosed terms.
Heinl's Nursery has sales of about 4.5 mln dlrs and owns
100 acres, of which 75 are in shade houses and about 58,300
square feet cover greenhouses, shipping and office facilities.
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Semi-annual div from income of 7.3 cts vs 1.0 cent in prior
period
Payable March 27
Record February 27
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<Multi-Step Products Inc>, earlier
reporting an initial six month loss, said it agreed to sell
wholly owned Multi-Step Manufacturing Inc for 100,000 dlrs
cash, subject to shareholder and regulatory approval.
Multi-Step also said it will pay 900,000 dlrs to cancel
711,192 of its own shares, which will be acquired from Michael
Penhale and his benficiaries. Penhale will control and manage
Multi-Step Manufacturing, following the transactions.
Multi-Step had a 739,146 dlr loss for the six months ended
December 31. The company received its initial public listing in
December.
The company said its ladder-making unit has been losing
300,000 dlrs quarterly.
The sale, expected to close in April, also calls for
retirement of the unit's 400,000 dlr bank debt, Multi-Step
said. The unit also has agreed to pay a debt of 400,000 dlrs to
Tarxien Company Ltd, which is 40 pct owned by Multi-Step.
Multi-Step previously said it agreed to acquire the
remaining 60 pct of Tarxien it does not already own.
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Esselte Business Systems Inc's
Esselte Meto division said it has acquired the Antonson America
Co, a subsidiary of <Antonson Machines AB>, of Sweden.
Esselte said the Antonson unit, based in LaPorte, Indiana,
manufactures scales and label printers. The company said the
purchase is part of a plan to increase the range of retail
electronic scales being offered by Esselte in the U.S.
It said the acquisition will enble Esselte to increase its
distribution base in its effort to grow in the U.S.
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Subsets and Splits