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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 previ...
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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 iss...
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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 e...
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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...
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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 investm...
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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. ...
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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 ha...
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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 outlini...
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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 in...
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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 ...
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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 w...
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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 390,00...
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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 talk...
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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 h...
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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 t...
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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 cust...
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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 ...
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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 ot...
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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 facilit...
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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. REUTER
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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...
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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...
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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 n...
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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 surp...
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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...
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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...
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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...
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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 fir...
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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>, wh...
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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 Ju...
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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. REUTER
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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 sanc...
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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/...
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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 Schul...
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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 ...
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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 he...
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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 ...
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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 t...
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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 secon...
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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 propose...
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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 ...
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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 sa...
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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 com...
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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. ...
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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 ...
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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, bu...
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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...
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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-...
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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...
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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,...
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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, ...
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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 on...
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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 ...
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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 ON...
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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 expe...
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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. Reuter
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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 p...
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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...
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Shr loss 11 cts Loss 739,146 Revs 11,754,251 Note: initial public listing December, 1986 Reuter
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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...
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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...
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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 abo...
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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 exclude...
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Qtly div 35 cts vs 35 cts in prior qtr Payable April one Record March 14 Reuter
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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 ...
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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...
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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 ...
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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 satisfact...
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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, ...
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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 ...
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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 assu...
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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,...
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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...
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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 Reuter
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Qtly div three cts vs three cts prior Pay April six Record March 20 Reuter
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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 Reuter
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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 Reuter
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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. Reuter
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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 Reuter
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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...
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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 ...
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