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colombia s main oil pipeline attacked state run oil company ecopetrol said colombia s main oil pipeline was bombed again and pumping of barrels per day was suspended a spokeswoman for the company said that the early morning dynamite attack was the st in the last nine months on the cano limon covenas pipeline which links colombia s biggest oilfied at cravo norte to the caribbean she said about barrels of crude were spilled and could not indicate when pumping would resume the attack was near magangue in northeastern bolivar province ecopetrol is exploiting cravo norte in association with occidental petroleum corp oxy and shell petroleum n v a unit of the royal dutch shell group rd st ecopetrol said in a communique that bombings since last july led to a loss of more than barrels of crude or the equivalent of mln dlrs reuter | 1crude
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loctite loc sees better than expected net loctite corp said it expects third quarter earnings to be higher than security analysts forecasts of to cts a share last year the company earned cts per share in the third quarter it attributed its better than expected forecast to sales growth which it said were particularly strong overseas it also said it will have a lower effective tax rate reuter | 2earn
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time tl sees dilution from scott foresman time inc said the acquisition of scott foresman and co last year will dilute earnings per share by about cts a share for the full year in for the first quarter the acquisition will have a negative impact of about cts per share chief financial officer thayer bigelow told security analysts he said scott foresman a textbook publisher will contribute more than mln dlrs in operating income before depreciation and amortization for the full year n j nicholas president and chief operating officer said soctt foresman will have over mln dlrs in revenue in bigelow said the textbook business which normally has its highest profit in the third quarter and incurs a loss in the first quarter will have an adverse impact of mln dlrs on book publishing income for the first quarter first quarter performance for the rest of time inc will be better than last year bigelow said the dilution of cts per share for includes the effects of financing the acquisition bigelow also said the company is comfortable with estimates that earnings will be between dlrs and dlrs per share for the year reuter | 2earn
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cyacq terminates tender for cylcops cly cyacq corp said it terminated its february six tender offer for cyclops corp cyacq was unsuccessfully bid against dixons group plc for control of cyclops as of march dixons group plc had acquired more than pct the stock under an increased tender offer reuter | 0acq
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investor lifts myers myr stake to pct leonard chavin a chicago real estate developer who has said he is considering seeking control of l e myers co group said he raised his stake in the company to shares or pct from or pct in a filing with the securities and exchange commission chavin said he bought myers common shares between march and at prices ranging from to six dlrs a share last january chavin said he retained investment banker r g dickinson and co to advise him on his myers stock dealings he has also said he would be unable to seek control of myers unless he gets financing reuter | 0acq
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u s company earnings highlights first quarter anchor financial corp shr cts vs nine months biomet inc shr cts vs federal co shr dlrs vs richardson electronics shr cts vs year eac industries inc oper shr loss cts vs loss cts fine art acquisitions shr cts vs mangood corp oper shr loss dlrs vs loss reuter | 2earn
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freedom savings and loan ass n frdm year end shr loss dlrs vs loss dlrs net loss mln vs loss mln note loss includes operating loss of mln dlrs or dlrs a share including an additional loan loss provision of mln dlrs write downs in the value of real estate of mln dlrs and an extraordinary loss of mln dlrs for early retirement of long term debt reuter | 2earn
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investor mulls kappa kpa radiation rads merger michael krupp a golden colo businessman and major shareholder of kappa networks inc said he and kappa s management are considering seeking a merger between kappa and radiation systems inc in a filing with the securities and exchange commission krupp said companies he controls and kappa acquired a combined radiation system shares or pct of the total krupp who has a pct stake in kappa said he and kappa management believe a kappa radiation systems combination would be good for both companies but no decision has been made on whether or how to proceed with a merger attempt he added reuter | 0acq
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olin oln unit acquires image technology olin corp s olin hunt specialty products inc said it acquired image technology corp for undisclosed terms image technology makes chemicals for the semiconductor industry reuter | 0acq
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key centurion keyc to buy bank of buckhannon key centurion bancshares inc said it reached an agreement in principle to acquire central national bank of buckhannon in w virginia terms call for an exchange of shares of centurion shares for each share of central national the transaction is valued at mln dlrs reuter | 0acq
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sturm ruger submits bid for smith and wesson sturm ruger and co inc said it submitted a bid in excess of mln dlrs for smith and wesson a manufacturer of law enforcement firearms and a unit of lear siegler smith and wesson is among a number of companies being sold by forstman and little after its recent acquisition of lear siegler reuter | 0acq
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freedom savings frdm may seek sale or merger freedom savings and loan association said it may seek a possible sale or merger of the association as it reported a net loss of mln dlrs or dlrs a share for the loss included a number of charges including additions to its loan loss provision of mln dlrs and write downs on the value of its real estate of mln dlrs it said it is continuing to work with investment bankers to find sources of new capital return its non performing assets to earning status and reduce operating expenses and liabilities among other things reuter | 0acq
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brazil makes second amazon oil discovery the brazilian state oil company petrobras has made a second oil discovery in the amazon region president jose sarney said he said the well had an initial flow of cubic meters of gas and barrels of oil per day it is situated kilometres from the first well to be discovered in the region last year which is currently yielding cubic meters of gas and barrels of oil daily the wells the biggest onshore well in the country are on the banks of the river uruc in the amazon basin kilometres miles north of brasilia reuter | 1crude
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telebyte technology inc tbti year shr loss cts vs loss cts net loss vs loss revs mln vs mln reuter | 2earn
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houston oil royalty trust rth distribution monthly dist cts vs cts prior payable april record april reuter | 2earn
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publishers equipment pecn trentonian in deal publishers equipment corp said it reached an agreement to incorporate flexo printing technology into the tentonian an ingersoll newspaper in trenton n j it said that mid will be the target date for start up for the new equipment which will double the size of its present press reuter | 0acq
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gabelli group cuts gencorp gy stake to pct a group led by new york investor mario gabelli told the securities and exchange commission it cut its stake in gencorp inc to shares or pct of the total from shares or pct the gabelli group said it sold gencorp common shares between march and at prices ranging from to dlrs a share reuter | 0acq
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gabelli explains sale of gencorp gy shares mario gabelli head of new york investment firm mario gabelli and co said he sold some shares of gencorp inc gy as part of a portfolio rebalancing process to meet the needs of his more than clients he said as the stock moved up following acquisition proposals from a group formed by afg industries inc afg and wagner and brown some of his clients were overweighted regarding the company s shareholders meeting tuesday gabelli told reuters there was nothing said that caused me to sell or buy he still thinks values are dlrs per share or more and has clients that asked to buy more gabelli said he amended certain filings with the securities and exchange commission because his clients are now passive investors we wanted to remove our clients from the process unfolding between gencorp and wagner and brown he said he said he was pleased that chairman a william reynolds stated at the meeting that he found the concept of greenmail to be repugnant greenmail refers to a corporation buying out a shareholder at a premium not available to others reuter | 0acq
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investor boosts first western fwes stake poul erik moller a santa monica calif investor said he raised his stake in first western financial corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission moller said he bought first western common shares between jan and march at prices ranging from to dlrs a share moller said he bought the stock as a long term investment and may buy more but has no plans to seek control of the company reuter | 0acq
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investor boosts first western fwes stake poul erik moller a santa monica calif investor said he raised his stake in first western financial corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission moller said he bought first western common shares between january and march at prices ranging from to dlrs a share moller said he bought the stock as a long term investment and may buy more but has no plans to seek control of the company reuter | 0acq
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comterm inc year jan loss oper shr loss cts vs profit eight cts oper net loss vs profit revs mln vs mln note net excludes extraordinary gain of mln dlrs or cts shr from settlement of provision for discontinued operations vs yr ago tax gain of dlrs or three cts shr reuter | 2earn
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sabine royalty trust sbr sets monthly payout cash distribution cts vs cts prior pay april record april reuter | 2earn
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providence energy corp pvy regular dividend qtly div cts vs cts prior pay may record april reuter | 2earn
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gulf states gsu sees end to cash by may gulf states utilities co said its condition has significantly deteriorated and that its operating cash reserves will be inadequate by may unless it receives additional financing or rate relief from state public utilities commissions in texas and louisiana in the company s newly released annual report and k filing gulf states said its bank lenders had notified the utility last month that no additional credit would be granted gulf states said the banks had requested the utility to begin making prepayments by the end of april of mln dlrs more than the estimated lease payments of mln dlrs the circumstances increase the likelihood that the company may have to seek protection from its creditors under the bankruptcy code gulf states said the utility had previously said it might be forced to consider filing for bankruptcy because of limited rate increases granted by state regulators in connection with gulf states billion dlr river bend nuclear plant in louisiana if the regulatory commissions approve the company s proposed rate moderation plan and grant the increases provided for in such plan during the initial three year phase in period the company believes it could achieve financial stability gulf states said in february the texas public utilities commission granted gulf states an interim rate increase of mln dlrs contingent upon the utility obtaining a new mln dlr line of credit to pay operating expenses the utility had sought mln dlrs in rate hikes in texas gulf states has appealed a decision by louisiana state regulators rejecting its application for mln dlrs in emergency rate relief in gulf states earned mln dlrs on revenues of billion dlrs compared to profits of mln dlrs on sales of billion in the previous year reuter | 2earn
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hk shanghai bank standard chartered bank raise prime one half point to pct | 4interest
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hong kong banks raise prime one half point to pct hongkong and shanghai banking corp and standard chartered bank raised their prime rate one half point to pct effective tuesday the association of banks said the association said in a statement deposit rates have also been increased by to percentage point the banks last announced an adjustment on february when they raised the prime rate by one point to six pct the deposit interest rates are now savings and hours two pct seven day call one week and two weeks pct one month and two months pct three and six months pct nine months pct and months four pct reuter | 4interest
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lawson says u k election not only ems bar british chancellor of the exchequer nigel lawson said the next u k election was not the only element standing in the way of full british membership of the european monetary system ems but he added that arguments against joining had weakened prime minister margaret thatcher widely believed to be the strongest government opponent of full ems membership has made clear she does not expect to consider joining until after the next uk election due by mid at the latest but lawson in answer to a question told reporters after an informal european community finance ministers meeting here that other factors apart from the upcoming election stood in the way of full membership in addition to the question of the exchange rates at which britain should enter the ems s core exchange rate mechanism there was also the impact of sterling membership on the system to be considered he said british entry would change the ems from a monopolar system based on the west german mark to a bipolar mark sterling system he noted we have to make sure it would work but lawson added that some of the considerations that had made it difficult for britain to join in the past now posed less of a problem as an example he cited sterling s role as a petrocurrency which he said was diminishing that argument has clearly weakened he said lawson restated that the government was keeping the question of membership under review reuter | 5money-fx
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ec agrees on need to strengthen ems european community ec finance ministers and central bankers agreed on the need for greater cooperation to strengthen the european monetary system ems against international market turbulence officials said there was a general will to reinforce the european monetary system with all that implies belgian finance minister mark eyskens said yesterday after hosting a one day session of informal talks at this belgian coastal resort the gathering was the first such discussion since the second major realignment of ems parities within nine months in january the system has come under severe strain as funds have flowed out of the slumping dollar and into the dominant ems currency the west german mark sending it soaring against weaker currencies in the system but eyskens said february s agreement between leading western industrialised nations to stabilise exchange rates at around current levels was working and this would allow the ec to speed up its efforts to boost the internal stability of the ems he told a news conference yesterday s meeting agreed on the need for closer coordination among ems member governments of interest rate policies and of interest rate differentials between different countries they also agreed they needed better coordination of exchange market intervention to hold currencies stable both when they reached their fixed ems limits and within their agreed margins but eyskens said this coordination raised a whole range of technical problems and ministers would discuss these further in luxembourg in june on the basis of proposals from the ec s monetary committee and committee of central bank governors he said the ec needed a set of indicators of economic convergence betwen community countries and it was important that interest rates fulfilled this role together with exchange rates and inflation rates the belgian minister whose country presently holds the presidency of the community made clear the meeting had not produced any agreement to move radically forward in developing the ems towards the ec s long term goal of economic and monetary integration we have committed ourselves to reestablishing the normal functioning of the system eyskens said eyskens has repeatedly stressed that he believes the ems has to be reinforced if the ec s plans to liberalise all movements of capital across national borders by are to go ahead ec executive commission president jacques delors told the meeting the authority would put forward proposals for a final phase of capital market liberalisation in october that would include safeguard clauses for member countries for which the move would create difficulties eyskens said the ministers and central bankers also discussed the need to dedramatise realignments of ems parities by letting high ranking monetary officials carry them out by telephone rather than calling a meeting of finance ministers however west german sources said bonn finance minister gerhard stoltenberg was unenthusiastic about the idea british chancellor of the exchequer nigel lawson told journalists that one of the technical issues raised by greater coordination of exchange market intervention was the question of which currencies should be used to intervene and held in central bank reserves he said several ems member countries believed the ems would work better if central banks held each other s currencies an issue of particular importance regarding west germany since the bundesbank holds only dollars in its foreign exchange reserves he said the debate on dedramatising ems realignments reflected a general feeling among participants that the way the january reshuffle had been conducted was unsatisfactory the realignment was marked by acrimony between france and west germany with each side blaming the other for strains in the system that forced the parity overhaul reuter | 5money-fx
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zambian currency falls at foreign exchange auction the zambian currency further depreciated yesterday at the second auction since the introduction of a two tier foreign exchange system last month the central bank of zambia said the kwacha was pegged at to the dollar compared to last week s rate of to the dollar the bank which offered six mln dlrs at the auction reported demand for mln dlrs at the previous auction the government offered eight mln dlrs last month the government set a fixed exchange rate of nine kwacha per dollar subject to adjustment against a basket of five currencies for certain official transactions it also introduced a new weekly foreign exchange auction only for parastatal organisations and the private sector where the exchange rate is allowed to float in accordance with market demand the new auction system is designed to be more restrictive than the previous one suspended in january after the central bank fell weeks in arrears to successful bidders under the new system no bidder except the the state oil company zimoil and the national airline zambia airways is allowed to bid for more than five pct of the foreign exchange on offer reuter | 5money-fx
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u s navy said increasing presence near gulf defence secretary caspar weinberger has ordered the u s navy to increase its presence near the gulf in an effort to fulfil president reagan s pledge to keep oil flowing to europe and japan the new york times reported the newspaper quoted pentagon officials as saying the navy would keep the aircraft carrier kitty hawk on station in the arabian sea and the rest of the indian ocean until may three months longer than planned the navy would then have a carrier battle group of six to eight warships in the area at all times rather than part of the time as happens now the paper said the paper said that last month u s intelligence sources said they had spotted land based anti ship missiles of a chinese design known in the west as the hy near the strait of hormuz it said their purpose was seen as a signal iran was ready to continue and perhaps step up the gulf shipping war against iraq u s carriers or battleships would sail out of range of those missiles but within striking distance the paper quoted officials as saying from several hundred miles at sea carriers could launch aircraft bombing runs or missile strikes and battleships could fire long range missiles the paper said reuter | 6ship
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iea sees one pct growth in oecd oil demand growth in oil consumption in the western industrialised countries is likely to slow to around one pct this year compared with pct in the international energy agency iea said oil use in the countries of the oecd increased by around one pct in first quarter to mln bpd the iea said in its monthly oil market report growth in oecd countries is expected to come primarily from transport fuels as in but if average consumer prices are higher than the rate of growth for these fuels may be below last year s pct it said the iea said that assuming crude oil and product prices stay close to current levels some destocking by end users can be expected if that happens natural gas will also regain some of the market share it lost to heavy fuel in and there may be slightly less growth in transport fuels iea estimates on april put oil stocks in the oecd area at mln tonnes representing days of forward consumption this is about the same level as at the begining of the year the agency said this flat trend is explained by the projected seasonal consumption decline in the second quarter of the year which offset a reduction in stocks it said initial estimates indicate that company stocks fell by mln bpd in oecd countries in the first quarter of the year this followed a small rise in january of mln bpd but a decline of mln bpd in february and mln bpd in march it is possible that final data will show a larger draw particulary for march it said as crude production also fell there is likely to have also been a decline in non reported stocks particularly at sea the iea said company stocks on land in the oecd rose to mln tonnes on april against mln on april governments built up strategic stocks to mln tonnes against mln in the period the year on year trend of government stock building is continuing with year on year company stocks also rising more or less in line with consumption after declining for five years the iea noted oil stocks on land in the u s and canada were put at mln tonnes on april down from the mln tonnes on january and equivalent to and days of consumption respectively oil stocks in western europe were mln tonnes on april down from the mln on january but still equivalent to days of consumption world oil supply fell in the first quarter by about two mln bpd to mln bpd from mln bpd in last quarter this drop was mostly due to a decline in opec crude production to around mln bpd in february march from mln bpd in january and to the seasonal drop in exports from centrally planned economies the iea said total opec crude oil supply was mln bpd in the first quarter plus mln bpd of ngls compared with mln bpd of crude in the last three months of and mln average for the whole of supply from non opec countries totalled mln bpd against mln bpd in the fourth quarter a drop in saudi arabian output to a tentatively forecast mln bpd in march from mln bpd in february was the largest factor behind the opec production decline the iea said saudi arabia s opec assigned output quota is mln bpd reuter | 1crude
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u s credit market outlook cautious trading u s bond trading is likely to remain cautious in the near term with a possible downward price bias as market participants focus on trends in the dollar the economy and federal reserve policy economists said most expect the economy to continue showing modest gains that the dollar has more room to fall and that the fed will keep policy essentially steady perhaps for several months until trends are clearer the market can only attempt to to establish and hold a new trading range at higher interest rates said economists at merrill lynch capital markets merrill lynch economists raymond stone and ward mccarthy said that while the fundamentals generally bode for a healthy investment climate the market will have no confidence in this environment until there is illumination of and confidence in u s dollar trade policy salomon brothers henry kaufman said the bond market highly sensitized to dollar movements could be encouraged if currency markets seem to be stabilizing or if u s and overseas economic growth is perceived as slowing sharply the crucial question however is how soon either of these developments is likely to occur kaufman said market uncertainties and the erosion of portfolio manager confidence could continue portfolio selling pressure a while longer said philip braverman chief economist at irving securities corp however braverman said that from a longer term perspective current bond prices provide a buying opportunity despite a nearly one point bond price rebound friday on unexpectedly weak march employment data key year treasury bonds lost points in price for the week as a whole and thursday s pct closing yield was a high braverman said historical evidence suggests that a long bond yield in the pct area provides a basis for optimism bonds closed at pct on friday the irving economist noted that three times last year in a similar paroxysm of pessimism the key bonds reached a similar closing yield high within three to six weeks in each instance however braverman said bond prices recovered to bring the yield down sharply by to basis points mitchell held of smith barney harris upham and co inc said that many portfolio managers now believe yields could approach nine pct by midyear which he considers unlikely held said that since late smith barney analysts have spoken about the risk that interest rates could move higher and they continue to believe that an upward bias is likely to persist over the next few months held said that in conversations with portfolio managers last week there appeared to be increasing belief that the rate rise had just begun and that yields could approach nine pct by midyear naturally that would mean a sharp bond price fall yields could rise further over the next few months but the rise should be less than the basis point rise we ve seen since the start of the year held said most expect fed policy to be neutral for bonds near term the fed is currently frozen into a fixed stance said economists at aubrey g lanston and co inc they said the fed cannot tighten policy and push up interest rates as might be appropriate to stabilize the dollar and head off renewed inflationary psychology that might harm the fragile u s economic expansion the lanston economists said the fed cannot ease its policy stance to both foster more rapid economic growth and calm domestic and third world debt jitters without the threat of causing a further decline in the dollar minutes of february s federal open market committee fomc meeting released friday showed that while the fomc left policy unchanged it was more inclined to firm rather than ease policy later if conditions in the economy foreign exchange or credit markets warranted a policy shift however economists generally believe that continued fairly sluggish u s economic growth and the financial strains on u s banks resulting from their problem loans to developing countries rule out any fed policy firming there is broad agreement among economists that the fomc at last tuesday s meeting also left fed policy unchanged this week s u s economic data are expected to have little impact february consumer instalment credit numbers are due on wednesday with march producer price data out friday there may be mild relief in some quarters that the u s purchasing managers composite index a closely watched economic indicator rose only to pct in march from pct a friday rumor had put the number far higher the index s first quarter average also was pct translating into real gnp growth of about three pct if continued through federal funds traded at pct late friday and are expected to open about there today with no fed action seen reuter | 5money-fx
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national australia bank lowers benchmark prime national australia bank ltd naba s said it lowered its benchmark prime lending rate to pct from effective today but left its base rate at the benchmark reduction brings the rate into line with the prime rates of most of australia s trading banks including those of two of the other three major trading banks however the rate is above the pct the lowest ruling rate set by the other major the australia and new zealand banking group ltd anza s on friday and effective today the benchmark is based on short term interest rate movements while the base rate is tied to longer term trends reuter | 4interest
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caesars world board approves recapitalization caesars world inc caw said its directors unanimously approved a recapitalization plan under which stockholders will get a cash distribution of dlrs per share via a one time special cash dividend and will retain their common stock ownership in caesars world caesars world said it expects to raise the approximately one billion dlrs needed to pay the dlr per share dividend and the expenses of recapitalization through around mln dlrs in bank borrowings and a public sale of approximately mln dlrs of debt some outstanding debt will be retired drexel burnham lambert inc caesars financial advisor has told the company it is confident it can arrange the entire financing needed for the recapitalization henry gluck chairman and chief executive officer of the hotel casino and resorts company said in a statement the board believes the recapitalization plan is financially superior to a dlr a share tender offer by martin sosnoff gluck said the caesars world board once again recommends that shareholders reject the sosnoff offer the stock closed at dlrs a share on friday our ability to restructure along these lines is possible primarily because of the financial stability and the strong operating results achieved by management in recent years gluck said he said that after the recapitalization takes effect proforma net income for the fiscal year ended july is expected to be about mln dlrs fiscal primary earnings per share are projected to be cents based on about mln in post recapitalization common and common equivalent shares outstanding commenting on the company s longer term earnings outlook gluck said we project net income to increase to mln dlrs in reflecting increased operating income and lower interest expense due to the retirement of mln dlrs of debt incurred in connection with the recapitalization he said the company does not usually release projections but has done so now beause of the significance of the recapitalization gluck said the recapitalization plan will be submitted for stockholder approval at a special meeting expected in june the plan will require the approval of stockholders and that of the nevada and new jersey gaming regulatory authorities as part of the plan the company will change its state of incorporation from florida to delaware by means of a merger of caesars world into a wholly owned subsidiary of the company the new incorporation certificate and bylaws will provide for among other things a fair price provision requiring that certain transactions with interested pct stockholders be approved by an pct vote of stockholders excluding shares held by such interested stockholders caesars world said in a statement that the cash distribution will result in a substantial deficit in stockholders equity it did not give an estimate of the size of this deficit but the company said its financial advisors have said they believe that after the recapitalization caesars world should have the financial flexibility and resources necessary to finance its current and projected operating and capital requirements reuter | 2earn
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australian gas light co counter bids for tmoc the australian gas light co agl said it will offer one share plus one dlr cash for every two shares in oil and gas producer tmoc resources ltd in a counter bid to the previously reported takeover offer by santos ltd stos s the offer values tmoc shares at dlrs each based on agl s closing price of dlrs on friday tmoc shares jumped to dlrs on the announcement from its friday closing price of the agl offer the third to be made for tmoc this year compares with the santos cash offer of dlrs a share based on tmoc s issued capital of mln shares the agl offer values the entire company at mln shares agl said in a statement that it already holds pct of tmoc s issued capital this compares with the santos stake of pct when it announced its bid in march elders resources ltd began the auction for tmoc about three months ago with an unsuccessful dlrs a share on market offer that has since lapsed agl said its offer is above the upper end of the range of values placed on tmoc by its advisers in the company s response urging rejection of the elders resources bid agl said it will make the same offer for tmoc s convertible notes accepting share and note holders will participate in agl s planned one for one bonus issue it said tmoc is already a partner with agl in the alice springs to darwin gas pipeline and has a number of businesses complementary with those of agl agl is the new south wales natural gas utility while tmoc has extensive onshore holdings mainly in queensland where it owns the moonie oil field and in the northern territory where it operates and holds of the mereenie oil gas field it also has interests in a number of gas or oil pipelines reuter | 0acq
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iea forecasts slower growth in oecd oil demand growth in oil consumption in the western industrialized countries is likely to slow to around one pct this year compared with pct in the international energy agency said oil use in the member countries of the organization for economic cooperation and development oecd increased by around one pct in the first quarter of to mln barrels a day the iea said in its latest monthly report growth in oecd countries is expected to come primarily from transport fuels as was the case in but if average consumer prices are higher than the rate of growth for these fuels may be below last year s pct the iea said assuming crude and product prices remain nar current levels some destocking by end users can be expected if that takes place natural gas will also regain some of the market share it lost to heavy fuel in it said iea estimates on april one put oil stocks held in the oecd area at mln tonnes or days of forward consumption this is about the same as at the begining of the year the agency said this flat trend is explained by the projected seasonal consumption decline in the second quarter of the year which offset a reduction in stocks company stocks on land in the oecd rose to mln tonnes on april one this year compared with mln tonnes in calender while governments also built up their strategic stocks to mln tonnes against mln in the year on year trend of government stock building is continuing with company stocks rising more or less in line with consumption after declining for five years iea said oil stocks on land in the united states and canada were put at mln tonnes down from the mln tonnes on january one and equivalent to and days of consumption respectively oil stocks in western europe were mln tonnes down from the mln tonnes on january one but still equivalent to days of consumption the iea said that initial estimates indicate that company stocks fell by mln bpd in oecd countries in the first quarter of the year this followed a small rise in january of bpd but a decline of bpd in february and bpd in march and it is possible that final data will show a larger draw particulary for march it said as crude production also fell there is likely to have also been a decline in non reported stocks particularly at sea the iea said world oil supply fell through the first quarter by about two bpd to bpd from bpd in the last quarter of this drop was mostly due to a decline in opec crude production to around bpd in february march from bpd in january and to the seasonal drop in exports from centrally planned economies the iea said total opec oil supply totalled bpd in the first quarter of compare with bpd in the last three months of while supply from non opec countries totalled bpd as against bpd in the same period a drop in saudi arabian output to a tentatively forecast bpd in march from bpd in february was the largest factor behind the opec production decline the iea said reuter | 1crude
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miyazawa sees big nations reaffirming paris pact finance minister kiichi miyazawa told a parliamentary committee he expects major nations to reafffirm the currency pact they struck in paris when they meet this week in washington political sources said the minister also was quoted as saying he expects major nations to take coordinated action to ensure exchange rate stability finance ministry officials were unavailable for immediate comment in paris on february six nations britain canada france japan the u s and west germany pledged to cooperate to hold their currencies stable reuter | 5money-fx
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chase amp bank to lower australian prime rate to pct from tomorrow | 4interest
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kuwait may re register gulf tankers newspaper kuwait may re register part of its tanker fleet with foreign flag jurisdictions including the u s and ussr in an attempt to protect them from iranian missile attacks in the gulf war zone u s officials were quoted by the new york times as saying the transfers would allow the country of registration to escort kuwaiti owned ships in the gulf kuwait had earlier declined an offer of u s naval escorts as too public an admission of its need for protection they said kuwait is also looking at flagging out to european registries the officials said soviet flag tankers transporting kuwaiti oil through the gulf may get soviet escorts the officials said kuwait had earlier considered having both ussr and u s escorts but the u s was unwilling to give the soviet union a naval role in the region the newspaper quoted the officials as saying kuwait has backed iraq in the seven year war against iran and its ships have increasingly been the target of iranian attacks the u s and kuwait have been negotiating for over a month on methods of protecting kuwaiti ships reuter | 6ship
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chase amp bank cuts australian prime to pct chase amp bank ltd said it will lower its prime lending rate to pct from effective tomorrow the bank is the first to lower its prime rate below the pct set by a few banks in the last few days in a continuation of a downward trend which began late last month other prime rates range from to pct with the majority on the bank said the reduction reflected the recent downturn in money market rates the improved economic outlook and adequate liquidity in the second quarter tax rundown period reuter | 4interest
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nixdorf world group net profit mln marks vs mln div marks | 2earn
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tesco extends hillards offer tesco plc tsco l said it was extending its mln stg contested bid for hillards plc until may it said it now controlled pct of hillards shares comprising acceptances of the offer for mln or pct and mln or pct owned by itself its pension fund or its associates it also controlled convertible preference shares or pct hillards shares were unchanged at p while tesco was two pence firmer at p reuter | 0acq
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bundesbank sets day securities repurchase tender at fixed pct | 5money-fx
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bundesbank sets new repurchase tender the bundesbank set a new tender for a day securities repurchase agreement offering banks liquidity aid at a fixed bid rate of pct a central bank spokesman said banks must make their bids by gmt today funds will be allocated by gmt tomorrow and credited to accounts later in the day banks must repurchase securities pledged on may reuter | 5money-fx
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moet hennessy proposes higher dividend year to end dec proposed dividend francs vs francs note full name of company is moet hennessy sa mhsp pa reuter | 2earn
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soviet grain products ministry criticised the soviet communist party has criticised the country s grain products ministry for failing to ensure proper grain storage turning out poor quality bread and for unsatisfactory book keeping pravda said the party daily said that losses in the industry owing to waste and theft amounted to mln roubles over the last two and a half years the situation was particularly bad in the central asian republic of kazakhstan which has been severely criticised since the ousting of its veteran leader dinmukhamed kunayev last december its new leader gennady kolbin has said that at times the grain growing republic has performed so badly that it has been obliged to seek grain supplies from national reserves tass news agency announced yesterday that grain products minister grigory zolotukhin was being retired and replaced by alexander budyka a senior food industry official pravda added today that the crisis in the industry had been drawn to zolotukhin s attention and two of his deputies reprimanded reuter | 3grain
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taiwan trade surplus widens in first quarter taiwan s trade surplus widened to billion u s dlrs in the first quarter of from billion a year ago the government statistics department said first quarter exports rose to billion u s dlrs from billion in the same period in imports rose to billion from billion last year the march trade surplus was billion dlrs compared with billion in february and billion in march exports rose to billion u s dlrs from billion in february and billion in march last year imports were billion dlrs against billion in february and billion in march reuter | 7trade
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bank of japan to sell billion yen in bills the bank of japan will sell tomorrow a total of billion yen worth of financing bills from its holdings to help absorb a projected money market surplus of billion yen money traders said of the total billion yen will yield pct on sales from money houses to banks and securities houses in a day repurchase accord maturing on may another billion yen will yield pct in a day repurchase pact maturing on april they said the repurchase agreement yields compare with the pct one month and pct three week commercial bill discount rates today tomorrow s surplus is attributable to government tax allocations to local governments and public entities the operation will put outstanding bill supply at about billion yen they said reuter | 5money-fx
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wormald to acquire stake in holmes protection fire protection and security group wormald international ltd woia s said british listed holmes protection group inc has agreed to issue it with mln common shares of one u s cent par value at stg each the two groups have also begun exploratory talks on a possible merger of the holmes business with the compatible businesses of wormald comprising some or all of its fire protection and security businesses in the americas and europe wormald said in a statement the issue of shares in the new york based holmes is conditional upon shareholder approval at a general meeting wormald said its stake will represent pct of holmes existing issued shares and pct of the enlarged capital the issue will raise mln stg which will be used for further development of the holmes business wormald said the businesses of the two groups are largely complementary in terms of both geographical spread and the nature of their activities with holmes concentrating on burglar alarms and wormald on fire systems holmes s operations are concentrated in and around new york amd miami it earned mln u s dlrs pre tax in its last reported full year and mln in first half reuter | 0acq
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chase amp bank cuts australian prime to pct chase amp bank ltd said it will lower its prime lending rate to pct from effective tomorrow the bank is the first to lower its prime rate below the pct set by a few banks in the last few days in a continuation of a downward trend which began late last month other prime rates range from to pct with the majority on the bank said the reduction reflected the recent downturn in money market rates the improved economic outlook and adequate liquidity in the second quarter tax rundown period reuter | 4interest
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u k money market given mln stg assistance the bank of england said it had provided the money market with mln stg help in the morning session this compares with the bank s forecast of a shortage in the system today of around mln stg which it earlier revised up from mln the central bank bought bank bills comprising mln stg in band one at pct mln stg in band two at pct and mln stg in band three at pct it also purchased three mln stg of treasury bills and two mln stg of local authority bills in band three at pct reuter | 5money-fx
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occidental oxy in big peru heavy oil find occidental petroleum corp said the shiviyacu development well on block ab in the peruvian amazon jungle is producing barrels of degree gravity oil per day from depths of to and to feet the company said it is drilling a new exploration well on the block southeast shiviyacu miles away reuter | 1crude
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lieberman enterprises inc rd qtr feb net shr cts vs cts shr diluted cts vs cts net vs sales mln vs mln nine mths shr dlrs vs dlrs shr diluted dlrs vs dlrs net vs sales mln vs mln reuter | 2earn
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bp scottish refinery set to restart this week the british petroleum bp l co plc s refinery at grangemouth scotland shut down after an explosion and fire in the hydrocracker on march will probably be back in operation towards the week end a refinery spokesman said he said the refinery will resume at about half its barrels per day bpd capacity as work on overhauling the north side of the complex which began at the end of january will not be completed before the end of april he said the refinery had been closed for longer than originally expected due to the lengthy safety checks being carried out prior to restarting the explosion and fire in which one worker was killed caused extensive damage to the central part of the hydrocracker and the spokesman said today this unit would be out of operation for several months the remainder of the refinery including the catalytic cracker was undamaged he said inquiries into the accident which happened while the hydrocracker was not in operation were continuing in an earlier incident two people were killed in an explosion and fire at the refinery on march reuter | 1crude
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britain warns japan over trade row british corporate affairs minister michael howard told japan to resolve the row over the u k firm cable and wireless plc s cawl l shareholding in a new japanese telecommunications company or face an abrupt deterioration in trade relations in meetings with both the foreign and telecommunications ministers howard said he expressed deep concern about the way tokyo had handled the dispute and about the continuing trade imbalance between the two countries i put it to the post and telecommunications minister that i was sure he did not want to be responsible for an abrupt deterioration in the trading relations of our countries which would have widespread reverberations elsewhere in the world howard told reporters he listened very carefully and i have little doubt the message got home he added british frustration over the lopsided trade balance nearly six billion dlrs in japan s favour last year has reached boiling point over the telecommunications issue howard said howard has accused japan of trying to shut out cable and wireless from having a major role in the international telephone market in japan i want a fair crack of the whip for cable and wireless as i want a fair crack of the whip for britain generally in trading relations howard said we simply aren t prepared to continue to accept the imbalance which has been the position for such a long time post and telecommunications ministry officials were unable to comment on howard s meeting with their minister but foreign ministry officials said foreign minister tadashi kuranari said that british exports to japan are increasing but acknowledged the continuing imbalance in trade kuranari said he wants everyone in the telecommunications dispute including cable and wireless to be satisfied howard told reporters that britain was actively considering possible retaliatory measures if it did not get its way on the telecommunications issue there are measures which are under consideration if we continue to suffer from the imbalance in our trading relations he added but gave no details he said he had received a reassuring response from the japanese he has spoken with but of course we ve had reassuring signs from the japanese for quite some time he added what i ve made plain is we expect to see action howard ruled out using powers in britain s financial services bill to retaliate against unfair trade practices those powers which allow london to ban foreign financial firms like banks from britain are designed to ensure u k firms equal access to overseas financial markets reuter | 7trade
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cardinal industries cdni restates net lower cardinal industries inc said it restated earnings for the first nine months of to dlrs or nine cts per share from dlrs or cts reported previously due to the failure of an automated accounting system installed in mid year and replaced in the fourth quarter the company said its reliance segment sustained a significant operating loss for the full year due to the accounting problems and increased promotional and advertising expenses for the full year it said it earned dlrs or cts a share up from dlrs or cts in cardinal industries said revenues for the year were mln dlrs up from mln dlrs in the company said for the first quarter of earnings were about dlrs up from dlrs or nil per share in the year ago period the year ago first quarter earnings however have been restated from dlrs or four cts per share it said sales for the first quarter were about dlrs up from dlrs for the first half of the company said it restated earnings to dlrs or five cts per share from dlrs or cts per share reported previously reuter | 2earn
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brazil seamen s strike ends a brazilian seamen s strike which began on february and has been tapering off for weeks has now ended a seamen s spokesman said the spokesman said the seamen had signed an agreement with the state owned lloyd brasileiro company on saturday for a pct salary rise the national strike had been tailing off since mid march as seamen struck individual accords with companies at the height of the stoppage seamen said about ships were strike bound reuter | 6ship
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interco inc th qtr shr cts vs cts | 2earn
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whittaker wkr completes sale of medical unit whittaker corp said it has completed the previously announced sale of its wholly oiwned whittaker general medical corp subsidiary to r a b holdings inc for undisclosed terms whittaker general medical has annual revenues of about mln dlrs reuter | 0acq
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startel stas to have loss sales drop startel corp said it expects to report a first quartter loss on a to pct revenue fall from the year earlier dlrs the company earned dlrs in last year s first quarter reuter | 2earn
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datron systems dtsi sees lower year net datron systems inc said it expects to report a falloff in earnings for the year ended march of about pct from fiscal levels in fiscal datron earned dlrs the company said new orders for the year just ended however rose pct to mln dlrs bringing backlog at year end to mln dlrs reuter | 2earn
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data general to take mln dlr pretax charge to redeem mln dlrs of debt | 2earn
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enterra corp en sells two units enterra corp said it has completed the sale of its hale fire pump co and macomson machine co subsidiaries to a company formed by los angeles investment firm mcbain rose partners for about mln dlrs in cash both hale and macomson make fire pumps and related equipment reuter | 0acq
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fmd inc in merger agreement fmd inc said it has agreed to acquire bankers protective financial corp for common shares subject to approval by the texas state board of insurance bankers protective is a life insurance company based in texas reuter | 0acq
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bedford computer corp year net shr not given net profit vs loss sales vs note company operating in chapter bankruptcy sales exclude contract revenues of dlrs net includes reversal of dlrs of reserves no longer deemed necessary and tax credit dlrs reuter | 2earn
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interco inc iss th qtr feb net shr cts vs cts net vs sales mln vs mln year shr dlrs vs dlrs net vs sales billion vs billion note results reflect two for one stock split of july reuter | 2earn
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household int l hi projects earnings rise household international inc said it expects its fully diluted earnings per share for the first quarter to be about pct above the same year ago period it also looks for full year fully diluted earnings to be about pct higher than the record dlrs a share reported for chairman donald clark in remarks prepared for delivery to new york security analysts cited increased earnings from household financial services and excellent return on equity from household manufacturing combined with the impact of our share repurchase program will result in higher earnings per share and improved return on equity in reuter | 2earn
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data general dgn to take nd qtr charge data general corp said it expects to record an extraordinary pretax charge of about mln dlrs in the second quarter ended march the company said the charge will result from a redemption of debt on may data general said it will redeem mln dlrs of outstanding pct sinking fund debentures due the redemption price will be pct of the total principal amount of notes then outstanding plus accrued interest to the redemption date it said no interest will accrue or will be payable on the debentures starting may the computer and communications company said data general reported a loss of mln dlrs or six cts a share for the second quarter ended march the loss included a charge of mln dlrs from redemption of debentures in the year ago quarter revenues fell less than one pct to mln dlrs reuter | 2earn
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u k money market given further mln stg help the bank of england said it provided the money market with a further mln stg assistance in the afternoon session this takes the bank s total help so far today to mln stg and compares with its revised estimate of a mln stg shortage in the system which it earlier revised up from mln the central bank made outright purchases of bank bills comprising mln stg in band one at pct mln stg in band two at pct mln stg in band three at pct and mln stg in band four at pct reuter | 5money-fx
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bow valley bvi to sell norwegian subsidiary bow valley industries ltd said it agreed to sell its wholly owned norwegian subsidiary to elf aquitaine norge a s of stavanger norway for mln canadian dlrs the principal asset of the subsidiary bow valley exploration norge a s is an eight pct interest in the heimdal gas and condensate field offshore norway the sale is expected to conclude by the middle of april bow valley said reuter | 0acq
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emery air freight said hutton group ends offer for purolator courier | 0acq
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noranda buys shares of sanivan group noranda inc said it agreed to buy an initial treasury shares of sanivan group inc at dlrs per share noranda also has an option until june to acquire an additional sanivan treasury shares at dlrs per share sanivan is the largest hazardous waste management company in canada reuter | 0acq
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hutton efh ends purolator pcc bid emery air freight corp said it has entered into an agreement with e f hutton group inc efh under which hutton will terminate its merger agreement with purolator courier corp and its pending dlr per share tender offer effective april under its merger agreement hutton has the right to unilaterally terminate the merger agreement under certain circumstances including its receipt of less than pct of purolator shares or the start of a higher competing tender offer such as emery s competing dlr per share offer for purolator stock yesterday hutton s pc acquisition corp subsidiary extended its tender offer which was to have expired at midnight for two more days it said it only about shares or pct of purolator shares had been tendered and not withdrawn down from an pct interest held earlier emery s bid expires april emery said pending the termination of pc acquisition s merger agreement pc has released purolator from an agreement not to discuss emery s acquisition proposal with emery emery said as a result it is renewing its request that purolatr enter into merger negotiations with it emery said if it were to acquire pct of purolator shares or control of the purolator board it has agreed not to dispute pc acquisition s right to receive fees that purolator agreed to pay if pc were unsuccessful in acquiring control of purolator due to the acquisition of control by another party the company said it has also agreed to let purolator pay all of pc acquisition s documented expenses in connection with the merger agreement up to three mln dlrs and emery has agreed to pay the amounts itself should purolator fail to do so reuter | 0acq
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volcker says exchange rate adjustment enough to narrow u s trade deficit | 7trade
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volcker says reducing u s budget deficit needed to improve trade balance | 7trade
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volcker says more stimulus abroad needed for adjustments in trade balances | 7trade
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on line software osi rd qtr feb net shr primary cts vs cts shr diluted cts vs cts net vs rev mln vs mln nine months shr primary cts vs cts shr diluted cts vs cts net vs rev mln vs mln note company s full name is on line software international inc the qtr and year to date results include the operations since the end of october of a business purchase from martin marietta corp ml in fiscal ending may the company initially adopted fasb statement number and as required capitalized certain software deveopment costs during the qtr and nine months period ended febraury the company capitalized pre tax amounts of dlrs and dlrs of development costs respectively reuter | 2earn
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carolyn bean cben completes acquisition carolyn bean publishing ltd said it has completed the acquisition of greeting card company millen cards which had sales of over dlrs in for undisclosed terms the company said pct of millen s cards have been sold in the northeast and mid atlantic states but bean expects to increase sales to dlrs this year by distributing the line nationally millen specializes in jewish religious cards and also sells traditional greeting cards reuter | 0acq
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chesapeake csk seeks to sell unit chesapeake corp said it has retained salomon inc sb to help it sell plainwell paper co inc a maker of premium coated and uncoated printing papers and technical specialty papers with a capacity of short tons a year the company said it has decided to sell plainwell in ordfer to focus on the production of kraft and tissue products containers and treated wood products reuter | 0acq
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volcker urges industrial nations to keep trade markets open to foster growth | 7trade
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tyco laboratories tyc rd qtr feb net shr primary cts vs cts shr diluted cts vs cts net mln vs mln revs mln vs mln avg shrs mln vs mln nine mths shr primary dlrs vs dlrs shr diluted dlrs vs dlrs net mln vs mln revs mln vs mln avg shrs mln vs mln note prior qtr and nine mths include mln dlrs or cts per share from gain on partial settlement on an insurance claim nine mths includes seven cts gain for partial settlement on an insurance claim results of flow control operations have been included since its acquisition from itt corp on jan nine mths prior includes extraordinary gain mln dlrs or cts per share for replacement of a pension plan reuter | 2earn
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gold fields of s africa profit falls in quarter st qtr to march working profit mln rand vs mln tax mln vs mln net mln vs mln tonnes milled mln vs mln gold production kgs vs kgs gold revenue mln rand vs mln working costs mln vs mln avg price per kg rand vs note full name of company is gold fields of south africa ltd gldf j reuter | 2earn
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wall street stocks marion labs mkc marion laboratories inc s stock rose sharply today after the company presented a bullish earnings scenario at a meeting for pharmaceutical analysts monday traders and analysts said the company said it expects earnings for fiscal ending june to rise more than pct over a year ago that pronouncement encouraged analyst david crossen of sanford c bernstein and co to raise his earnings estimates for the company to dlrs a share in compared to his previous estimate of dlrs a share last year the company earned cts a share marion s stock gained to at the meeting of pharmaceutical analysts marion s president fred lyons jr said wall street eanrings estimates of dlrs a share for fiscal are expected to cause even the aggressive side of this range to be to cts low lyons said the strong performance in the second half of this year will result from the fourth quarter introduction of mg and mg cardizem tablets analyst crossen said that cardizem which treats angina is also expected to be approved for the treatment of hypertension by the end of the year crossen said because marion is still just a small company the growth of cardizem is having a big impact on the bottom line he raised fiscal earnings estimates to dlrs a share from his previous estimate of dlrs a share the company has a broad new product pipeline in the industry and as far as i am concerned it is the most innovative company in the business he said for the five years through crossen expects marion to have a growth rate of pct reuter | 2earn
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u s calls for greater gatt checks on trade the united states has appealed for stronger powers for the general agreement on tariffs and trade gatt to enforce world trade rules the call by u s deputy trade representative michael smith at a special committee meeting into the future of gatt follows a series of bilateral trade rows which have clouded efforts by the nation body to promote fair trade today s meeting was part of the uruguay trade round launched by ministers last september the round which covers areas of trade in agriculture manufactured goods and services will take four years to negotiate smith called for boosting gatt s links with financial institutions such as the international monetary fund and world bank he also urged greater involvement of trade ministers to ensure the success of the uruguay round the gatt as an institution needs to be strengthened to assure that the gatt plays its proper role in management of the world trading system and the global economy smith said rules can and will be ignored if the institution is weak or perceived as unable to adapt to the changing world economy he also also urged that member states be accountable to each other for their trade policies smith who flies to brussels today for talks with european community ec officials told reuters the committee wanted to stress gatt s importance and did not discuss specifics we are interested in more periodic ministerial involvement whether in formal or informal meetings he said gatt s ruling council is due to hear a complaint from the nation ec on april about the u s japanese accord on semiconductors the ec charges the accord breached gatt trade rules by allowing tokyo to set minimum prices for japanese chips sold in third countries and is requesting a gatt dispute panel be set up to review the agreement president reagan who strongly supported the uruguay trade round to promote freer trade has said washington will impose tariffs against japanese electronic goods he said tokyo had not shown willingness to open its markets to u s exports reuter | 7trade
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volcker urges quick aid to debtor nations federal reserve board chairman paul volcker said that debtor nations have made much progress in laying the groundwork for economic growth but a solution to world debt difficulties was endangered by inaction on new financing there is clearly a danger that adequate financing arrangements are not being negotiated and put in place in a timely way volcker told the senate banking committee the borrowing countries need to be able to proceed with confidence that the necessary funds will be available to them he said brazil has the potential for becoming a leading world economic power but it is in a difficult position today volcker said he said it will take a concerted effort to regularize brazil s external payments the key prerequisite is clearly in the hands of brazilian authorities he said both brazil and its creditors have a strong incentive to work together volcker said regarding trade imbalances volcker said that it was critically important that markets be kept open by the industrial nations in addition the united states must reduce its budget deficit and foreign nations need to provide stimulus to their domestic economies volcker said we need time for those actions and the earlier depreciation to work their effects he said reuter | 7trade
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volcker urges greater exchange rate stability federal reserve board chairman paul volcker said international policymakers should make improving the stability of exchange rates a major priority in testimony before a senate banking subcommittee volcker said he does not have any specific proposals for improving exchange rate stability but thought it was worthy goal i do think we ought to be thinking about and working toward greater exchange rate stability volcker said i think that the objective of greater exchange rate stability ought to loom larger among our various policy priorities reuter | 5money-fx
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italy says g gives chance to verify tokyo accord this week s group of seven g meeting in washington provides an opportunity to verify an accord reached at the tokyo summit last may to include italy and canada in group of five g talks on management of the international monetary system and related issues the italian treasury said it said in a statement the g meeting which italy plans to attend will provide a forum for considering the tokyo accord in the light of events in paris in february this year on february italy boycotted a meeting in paris of its g partners the united states japan west germany france britain and canada after being excluded from an earlier session of talks involving g members today s statement from the italian treasury said nobody denies the existence of g but we should like it to be remembered that the tokyo accords provided for the enlargement of the group to italy and canada whenever the management or the improvement of the international monetary economic policy measures are to be discussed or dealt with italy refused to attend the paris g meeting on the grounds that g grouping the united states japan west germany france and britain had reduced italy s role to rubber stamping agreements already taken the italian treasury said today that italy was certain that this time incidents would not occur but it said it would be opportune to look in depth at the role and the procedures of g in relation to those of g reuter | 5money-fx
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rolls approaches float with profits set to rise state owned engine maker rolls royce plc launches its prospectus for privatisation tomorrow with many analysts forecasting higher profits this year but it is likely to miss contracts to power the proposed airbus industrie a aircraft the company s so called pathfinder prospectus gives all the details of its stock market flotation except for the price at which shares will be offered last month the company announced that pretax profits rose in to mln stg from mln the year before brokers barclays de zoete wedd bzw sees mln profit for analyst tim harris of phillips and drew said rising profits and a low tax charge would be offset by the fact that rolls operated in a sector which traditionally attracted low ratings assuming the company was valued at around eight times earnings this would give a selling price valuing it at about billion though he said the recent good performance of the aerospace sector could nudge this figure upwards bzw is currently forecasting a higher sale price at between billion and billion the price will be increased by it being likely to have much of its debt wiped off by a government anxious to assure the company s health when it has to fend for itself rolls was rescued from bankruptcy and taken into state ownership in when the government announced the sale it said it would inject permanent capital equivalent to net debt around mln stg at end into the company analysts noted this was necessary to ensure rolls a credit rating to match those of its main competitors such as general electric co ge n and united technologies corp s utx n pratt and whitney unit reuter | 2earn
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volcker pushes spending cuts over trade bill federal reserve board chairman paul volcker said reducing the federal budget deficit was a more important goal for congress than drafting trade legislation reduce the budget deficit volcker responded when asked by a member of the senate banking committee about trade legislation priorities if you don t deal with the budget deficit everything else you do is going to be counterproductive he said reuter | 7trade
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american sports advisors piks to liquidate american sports advisors inc said it has agreed to sell its sports handicapping and publication business to professor enterprises for about dlrs and intends to liquidate after closing the transaction is subject to shareholder approval professor is owned by american sports president edward c horowitz and mike warren it said reuter | 0acq
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volcker says restrictive monetary policy would hurt investment | 5money-fx
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volcker sees tight policy hurting investment federal reserve board chairman paul volcker said a restrictive monetary policy would be damaging to investment and that a better course would be to restrain spending a restrictive monetary policy would hit investment you don t want to put interest rates up unless you have to volcker told the senate banking committee that is not a constructive way to proceed he said volcker said that given a choice between squeezing the budget deficit or squeezing investment he would favor squeezing the budget deficit in response to a question about banks volcker said he would be pleased if congress decided to give banks a tax writeoff as an incentive for them to take greater reserves against loans to debtor countries if you give a tax writeoff for reserving against loans then we will see more reserving and that would make me happy volcker told committee chairman sen william proxmire d wisc reuter | 5money-fx
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new bedford institution for savings nbbs year net mln vs note company went public in march reuter | 2earn
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photronics corp phot year feb net shr cts vs cts net vs sales mln vs reuter | 2earn
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ocean bio chem inc obci year net shr eight cts vs seven cts net vs sales vs reuter | 2earn
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tele communications tcoma sells cable systems knight ridder inc kri said its tkr cable co joint venture with tele communications inc has signed a letter of intent to acquire cable television systems with basic subscribers in wildwood n j and ramapo and warwick n y from tele communications for undisclosed terms reuter | 0acq
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environmental power corp powr year net shr profit cts vs loss cts net profit vs loss revs vs reuter | 2earn
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brokerage firm ups stake in allegheny ag the new york brokerage firm of spear leeds and kellogg told the securities and exchange commission it had increased its preferred stock in allegheny international inc to pct from pct it said it may buy additional shares but had not decided whether to offer its shares in response to a tender offer by sunter acquisition corp a unit of first boston inc the brokerage firm said it bought the allegheny shares march april for dlrs each reuter | 0acq
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fed sets two day system repurchases fed says | 5money-fx
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corroon and black cbl complete acquisition corroon and black corp said it completed the acuqisition of contractors planning group inc in an exchange of shares contractors is headquartered in garden city n y and has branch offices in philadelphia boston and cheshire conn reuter | 0acq
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