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colonial clbga to acquire pensacola bank colonial bancgroup said it and the liberty bank of pensacola fla signed a letter of intent for colonial to acquire liberty terms of the acquisition were not dislcosed colonial said the acquisition was its first move toward acquiring and out of state bank under alabama s regional interstate banking law liberty has total assets of mln dlrs reuter | 0acq
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super rite foods inc srfi sets qtrly payout qtrly div five cts vs five cts prior pay april record april | 2earn
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milton roy co mrc sets quarterly qtly div cts vs cts prior pay june record may reuter | 2earn
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goldsil and golden rule agree to merge golden rule resources ltd and goldsil resources ltd said they had agreed to merge the merged company will issue to each golden rule shareholder shares and one warrant the warrant will be for a term of two years payment of dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company the companies said each goldsil shareholder will receive one share and one half warrant the warrant will be for a term of two years payment of dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company reuter | 0acq
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fed sets two day system repurchases the federal reserve entered the government securities market to arrange two day repurchase agreements for system account a spokeswoman for the new york fed said fed funds were trading at pct at the time of the direct injection of temporary reserves dealers said most economists had expected a less aggressive injection of reserves via customer repurchase agreements reuter | 5money-fx
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colonial bancgroup inc clbga st qtr net shr cts vs cts net mln vs note st qtr includes loan write offs at banking subsidiary the colonial bank of mobile due to loan losses of mln dlrs or cts a share reuter | 2earn
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dresdner to propose dividend marks vs same one for bonus share issue | 2earn
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japan cuts chip supply may produce shortage japan is attempting to cut back semiconductor production to forstall the mln dlrs in u s tariffs on japanese electronic goods set to take effect april industry analysts said the move is likely to create a sharp price rise and a possible shortage of the key computer components in the next few weeks the analysts said prices have gone up for memory components the mainstay of the japanese semiconductor industry analyst drew peck of donaldson lufkin and jenrette said but analysts said the price rises have been slight so far and some questioned whether japan would be successful in forcing japanese companies to cut production in the long run others however were more optimistic saying evidence was already in hand that japan has cut back prodution and halted sales to the grey market the third country brokers that sell chips at below production costs we ve seen the grey market begin to dry up for d rams and it has virtually dried up for eproms said merrill lynch analyst thomas kurlack of the two key memory chips used in computers prices are inching up and lead times on deliveries are stretching kurlack added industry analysts said japan s ministry of international trade and industry or miti had requested the cut backs in production to meet the terms of last year s semiconductor accord with the u s the reagan adminsitration recently proposed tariffs on japanese electronic goods alleging that japan had failed to live up to the accord and continued to dump the computer components in the u s market but some analysts said japan s attempt to mollify the u s was a double edged sword and might be read at a subtle form of trade retaliation for the tariffs proposed by the u s as production in japan is cut these analysts argue prices will rise in the u s and few american semiconductor manufactures will be able to take up the slack since most long ago exited the market for memory chips u s computer makers that use the chips in their machines will then be pressured the japanese are looking for ways to reduce trade pressures from washington but at the same time they re demonstating their muscle analyst peck said the cut backs in japanese production are expected to benefit u s chip makers i think this could be a very important factor for u s semiconductor manufacturers industry analyst elliot levine of ladenburg thalmann co said but analyst peck said it will take a few weeks to see whether japan has genuinely cut production he said japanese manufactures were likely to view miti s request unfavorably because chip capacity was still high and production cut backs would lead to significant write offs in plant and equipment reuter | 7trade
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investors raise stake in purolator pcc two new york management investment firms told the securities and exchange commission they had increased their holdings in purolator courier corp to pct from pct mutual shares corp and mutual qualified income fund inc said they were weighing offers to buy purolator shares from pc acquisition inc a unit of e f hutton lbo inc for dlrs a share and from eaf acquisitions corp inc a unit of emery air freight corp at dlrs they told the commission they had bought their new purolator shares march for dlrs each reuter | 0acq
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u s grain certs save mln dlrs amstutz the use of generic commodity certificates or certs for fiscal years will save the government to mln dlrs department of agriculture undersecretary daniel amstutz said speaking at a house agriculture subcommittee hearing on the use of the certificates amstutz said that the issuance of billion dlrs of certificates during fiscal years could result in government outlays of up to mln dlrs however the use of certificates preclude the need for to mln dlrs in storage and handling costs resulting in net savings for the government of mln dlrs he said without the use of certificates amstutz said nearly the entire crop which had been put under loan would have been forfeited to the commodity credit corporation ccc in addition mln bushels of grain that have been redeemed from ccc inventory through certificate exchanges would have remained in the goverment inventory he said when asked to comment on a recent study by the general accounting office that concluded certificates result in a net cost to the government amstutz said gao underestimated the benefits and overstated the costs of the certificate program amstutz said while certificates encourage more loan entries they also encourage heavier loan redemptions rather than forfeitures gao underestimated this net loan activity amstutz said there is no question in the mind of the department of agriculture that these certificates have been very useful amstutz said immediate benefits of certificates include greater market liquidity improved market price competitiveness higher farm income and improved debt situation and decreased carrying costs he said certificates are an integral part of usda s long range market oriented farm policy he said amstutz told subcommittee chairman rep dan glickman d kans that usda is in the process of preparing an official response to the gao study on certificates and will submit it to the subcommittee when completed reuter | 3grain
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volcker says fed policy not responsible for prime rate rise | 4interest
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u s urges surplus nations to boost growth leading industrial nations will be reviewing the paris agreement to stabilize exchange rates foster increased worldwide growth and reduce trade imbalances but the u s thinks the accord has been successful so far a senior u s treasury official said the paris accord will be reviewed at this meeting it has been successful and continues to be succesfull a senior u s treasury official told reporters in a briefing ahead of this week s semiannual imf and world bank meetings he also said the u s was looking to west germany and japan to bolster their economic growth the official said both surplus countries like west germany and japan and deficit countries like the u s agreed to play a role in bringing about more balanced economic growth he reaffirmed the u s would press ahead with efforts to reduce its budget deficit resist protectionism and boost u s competitiveness the official also said that he expected trade issues like the dispute between the u s and japan over microchips to be included in the discussions the official made no direct comment on the content or schedule of forthcoming group of five and group of seven discussions he said that industrial countries are concerned that the large external imbalances remain a threat to the international monetary system he added that the meetings will also provide an opportunity to discuss economic policy coordination efforts the official said indicators would be used to measure policy objectives of industrial countries and their economic projections they would also be used to assess progress of policy goals asked whether the u s was proposing a new initiative regarding the indicators the official said the issue would be reported to the venice summit in june monetary sources said the u s proposal envisages using the indicators to make policy coordination agreements like the paris accord more binding reuter | 7trade
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acme precision acl sets holder vote on buyout acme precision products inc said it set its annual meeting for may for shareholders to vote on the proposed management led leveraged buyout of the company the record date for the meeting will be april with proxy materials to be sent to shareholders on or before april the buyout proposal which was previously announced will be structured as a one for reverse stock split it must be approved by a majority of shareholders acme precision has shares outstanding reuter | 0acq
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volcker says fed policy not linked to rate rise federal reserve board chairman paul volcker said that he did not believe there was a connection between the fed s policies and the recent rise in the prime interest rate by most major u s banks asked by reporters following testimony before the senate banking committee whether the fed had anything to do with the rise to pct in the prime he replied not that i was able to detect reuter | 4interest
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weis markets wmk in three for two stock split weis markets inc said its board declared a three for two stock split for holders of record may with a distribution date of may the company also said a regular quarterly dividend of cts per share on the pre split shares will be paid may to shareholders of record may reuter | 2earn
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mccormick capital mkor year net shr primary cts vs cts shr diluted cts vs cts net vs revs mln vs reuter | 2earn
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u s says no pact on relief for poorest states there is no consensus so far among industrial countries on an agreement providing debt relief for the world s poorest nations a senior u s treasury official said the official said there has not been a consensus reached yet when asked about reports the paris club of western creditors had agreed to long term stretch outs of african debt at concessional interest rates the official briefing reporters on this week s semiannual imf meetings said the issue would be discussed this week and the u s had an open mind on the proposal but it did object to concessional interest rate relief reuter | 4interest
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family health systems fhsy to make purchase family health system inc said the federal bankruptcy court in fort worth texas has approved its offer to purchase sheppard dental centers inc s assets from a chapter bankruptcy proceeding for about dlrs fhs administers and markets multiple office dental practices in the dallas metropolitan area as well as dental offices in the dallas metroplex the company said it plans to open locations in dallas by the end of reuter | 0acq
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old fashion foods inc offi rd qtr feb net shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs mln vs mln avg shrs vs reuter | 2earn
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consolidated bathurst sees better market consolidated bathurst inc said it expects improvement in the pulp and paper sector shown in the second half of to continue this year the continued improvement would be due to good market demand better product prices and high operating capacity the company said in its annual report consolidated bathurst which reported operating profit of mln dlrs last year on sales of billion dlrs said its joint venture acquisition of a market pulp mill at castlegar b c last year broadens its product range and will contribute to equity earnings last year s results were up from operating profit of mln dlrs and sales of billion dlrs the company said it views its near term prospects with improved optimism it said results from its bridgewater newsprint mill in the u k should improve greatly this year due to stronger capacity and production and more favorable market conditions it said it anticipates a return to profitability in for its diamond bathurst inc dbh subsidiary which lost mln u s dlrs and underwent a reorganization last year and expects higher sales and earnings for its other north american packaging divisions consolidated bathurst said the outlook for its europa carton unit is mixed it said the effect of trade disputes between the united states and the european economic community on the west german economy and the higher value of the mark may lead to increased costs which could not be offset by price increases reuter | 2earn
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more u s grain certificates needed study says more generic grain certificates should be released onto the market in order for the u s certificate program to have its full effect on commodities according to a study by sparks commodities inc the agriculture department should make grain deficiency payments and paid land diversion payments in a two third certificate one third cash ratio through fiscal year carroll brunthaver president of sparks commodities told a house agriculture subcommittee hearing on certificates thereafter government payments should be issued in roughly a split between cash and certificates brunthaver said the sparks study on certificates examined two possible scenarios through the growing season a zero certificate case where no certificate program was assumed and an alternative case labeled adequate certificate case in which sufficient certificates would be released so that grain prices would not be artificially supported by market shortages due to acreage reduction programs or government holdings the study showed that total grain use under the adequate certificate scenario would exceed the zero certificate scenario by pct usage would be markedly more in and when grain usage under a certificate program was estimated to exceed the zero certificate case by to pct for the five year period examined government expenditures under the adequate certificate case were billion dlrs or pct less than under the zero certificate case the sparks study said that billion dlrs or pct of those savings resulted from smaller government storage costs the study also estimated that government grain stocks under the adequate certificate case would be billion bushels below the zero certificate case at the end of the period examined the sparks study said that while certificates permit market prices to fall below loan levels these lower prices increase commodity usage and reduce the net costs of certificates versus cash reuter | 3grain
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cummins engine cum sees improved earnings cummins engine co said it told shareholders higher engine orders to the north american heavy duty truck market will result in improved earnings in the first quarter cummins said the company should make progress this year and next toward its goal of five pct profitability cummins recorded net income of dlrs or cts per share on sales of mln dlrs it said it expects north american heavy duty truck production to total units an pct increase from cummins said it expects capital expenditures to total about mln dlrs down from mln dlrs the year before reuter | 2earn
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north west telecom nowt makes acquisition north west telecommunications inc said it acquired the assets and customer base of com tel systems inc a telephone interconnect firm that operates in la crosse and stevens point wis and rochester minn it said the purchase only includes the businesses in la crosse and rochester terms were not disclosed reuter | 0acq
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milton roy co mrc sets regular dividend qtly div cts vs cts prior pay june record may reuter | 2earn
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ohio mattress co omt st qtr feb net shr cts vs cts net vs revs mln vs mln note aggregate judgments in antitrust and other suits of mln dlrs not included in year ago or st qtr results company said any portion of this amount including related interest or attorneys fees would be proportionately reflected as a reduction in its minority interest of sealy recorded on its consolidated balance sheet upon final settlement of litigation note consolidated balance sheet as of end of st qtr reflects after tax impact of mln dlr settlement won by sealy licensee in michigan results include all operations of all acquired sealy brand licensees and pct of sealy remaining pct of sealy is recorded as minority interest proceeds of mln dlrs from sale of stock and debt were used to reduce balance of revolving credit agreement to mln dlrs accordingly mln dlr obligation to banks under credit agreement was recorded as a long term liability as of end of st qtr note in april company intends to acquire michigan sealy licensee and fund transaction with mln dlrs in cash and borrow balance required from banks reuter | 2earn
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ussr crop weather summary usda noaa gradual warming continued in most regions of western soviet union in the week ended april the joint agricultural weather facility of the u s agriculture and commerce departments said in its international weather and crop summary the agency said most of the region s precipitation fell as rain the southern snow cover boundary continued to slowly retreat northward and eastward it said moderate to deep snow cover the northern half of the ukraine northern north caucasus and the lower volga about one month later than usual it said the agency said average weekly temperatures were below normal in the southeast near normal in the southwest and northeast and above normal in the northwest winter grains remained dormant over the region but warm weather promoted greening in crop areas adjacent to the black sea coast it said reuter | 3grain
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general partners is terminating offer for gencorp inc | 0acq
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burlington northern inc st qtr shr profit cts vs loss dlrs | 2earn
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iowa grain elevator explodes burns an explosion and fire today damaged a grain elevator in bancroft iowa destroying thousands of bushels of grain authorities said the pre dawn explosion ripped the wooden elevator open and a fire that followed continued burning at late morning but had been contained according to a dispatcher at the algona police department no injuries were reported at the lone rock coop facility the dispatcher said the elevator was filled with corn and a nearby drying building holding soybeans was on fire the explosion was the second in four days in iowa following the destruction of an archer daniels midland elevator in burlington last friday reuter | 3grain
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artistic greetings artg sees recovery in net artistic greetings inc said it expects a rebound in profits and an increase in sales in as costs connected with computerization staffing traning and catalog sales start to taper off today it reported earnings of dlrs down from dlrs a year before on revenues of dlrs up from dlrs reuter | 2earn
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partnership buys pct orange co oj stake parsow partnership ltd an elkhorn neb investment partnership said it bought a pct stake in orange co inc common stock as an investment in a filing with the securities and exchange commission parsow said it had bought all its orange co shares in the open market with funds from its working capital the partnership whose sole general partner is elkhorn investor alan parsow said it has no present intention of effecting any change in the control of orange co inc reuter | 0acq
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cooperative energy tests oil at two wells cooperative energy development corp said two exploratory oil wells in the zama area of alberta tested and barrels a day and will increase the company s daily oil production by pct the company did not immediately elaborate on total production figures the wells flowing oil from the keg river formation will be constrained to combined production of about barrels a day to optimize reserve recovery the company said permanent production facilities are being installed and the wells will produce to pipeline by mid april reuter | 1crude
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cummins engine co inc cum sets payout qtly div cts vs cts prior pay june record june reuter | 2earn
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central bancshares cbss st qtr net shr cts vs cts net mln vs assets billion vs billion deposits billion vs billion loans billion vs billion note full name of company is central bancshares of the south inc reuter | 2earn
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textron txt plans sale of avco division textron inc said it plans to sell its avco specialty materials division as part of its debt reduction and restructuring the company said it will use proceeds from the sale to reduce the debt incurred by its acquisition of ex cell o corp last year textron said morgan stanley and co will represent it in the sale reuter | 0acq
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green tree acceptance inc gnt st qtr net shr cts vs cts net vs rev mln vs mln avg shrs vs note per share results adjusted for two for one common stock split in june reuter | 2earn
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avon says it to buy giorgio inc a fragrance company for mln dlrs | 0acq
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avon products avp to buy giorgio for mln avon products inc said it reached an agreement in principle to purchase giorgio inc a fragrance company for mln dlrs in cash giorgio s annual revnues are more than mln dlrs avon said the acquisition has been approved by avon s board with the closing set for may the transaction would have no impact on avon s current dividend rate it said giorgio s boutique in beverly hills calif will be sold back to fred hayman one of the shareholders who will continue to operate it independently avon said avon said it identified giorgio more than a year ago as a preferred acquisition candidate it said it is launching a prestige fragrance developed in conjunction with catherine deneuve this spring giorgio will be operated as a separate subsidiary avon said and would not compete with avon s direct selling beauty products business reuter | 0acq
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gencorp gy says buyback better than takeover gencorp inc said the decision by general partners comprised of afg industries and wagner and brown to end its hostile offer for the company supports its belief that the buy back offer it announced yesterday was a financially superior alternative gencorp said it would annouce details of its plans to buy back pct of its stock for billion dlrs or dlrs a share later this week gencorp s buy back was made to fend off the hostile billion dlr dlr a share tender offer by afg and wagner and brown earlier today afg and wagner and brown said that without the benefit of additional information available to gencorp s management it cannot compete economically with gencorp s proposal the group said it is ending its tender offer for gencorp and promptly return to tendering shareholders all shares tendered pursuant to its offer the group owns pct or shares of gencorp s outstanding shares reuter | 0acq
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berry petroleum norris oil noil to merge berry petroleum co said its board and the norris oil co board approved a merger agreement that calls for norris to become a wholly owned berry subsidiary berry a privately owned company which already owns pct of norris oil s stock said the agreement calls for norris public shareholders to receive berry common shares for each norris share held reuter | 0acq
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total system services inc tsys st qtr net shr nine cts vs seven cts net vs revs mln vs mln reuter | 2earn
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hubco inc hco st qtr net shr cts vs cts net vs assets mln vs mln reuter | 2earn
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wilderness experience inc th qtr loss period ended jan shr loss three cts vs loss two cts net loss vs loss sales vs year shr loss cts vs loss cts net loss vs loss sales vs reuter | 2earn
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total systems services tsys st qtr net shr nine cts vs seven cts net vs revs vs reuter | 2earn
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bermuda star bsl leases vessel bermuda star line inc said it has leased a ton passenger vessel from orley shipping co inc of liberia for a term with options extending for years the vessel ss liberte will be renamed the canadian star and will be used for cruises to montreal from new york beginning in june orley shipping is partially owned by common brothers plc a u k maritime firm which owns pct of bermuda star s shares and arranged debt financing for the ship s purchase orley acquired the vessel from banstead shipping ltd terms were not disclosed reuter | 6ship
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premdor plans two for one stock split premdor inc said it planned a two for one common stock split subject to shareholder approval at the may annual meeting it said the split if approved would take effect on may premdor manufactures and sells wood doors reuter | 2earn
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teletrak advanced technology th qtr loss shr loss two cts vs loss two cts net loss vs loss rev vs avg shares vs year shr loss five cts vs loss five cts net loss vs loss rev vs avg shares vs note company s full name is teletrak advanced technology systems inc and it is a unit of helm resources h net loss includes loss from discontinued operations of dlrs reuter | 2earn
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cannon can sells stake in hbo cannon venture cannon group inc said it agreed in principle to sell its pct interest in the hbo cannon video joint venture to the home box office unit of time inc tl the company said it is making the sale because in the near future all of its video products will be licensed in the united states and canada to either the warner brothers unit of warner communications inc wci or to media home entertainment reuter | 0acq
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houston oil trust ho halts royalties houston oil trust said there will be no royalty funds available for distribution to unit holders in april it also said that based on recent independent petroleum engineers estimates of oct there may be no amounts avialable for distribution the rest of the year reuter | 2earn
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upper peninsula power co upen sets payout qtly dividend cts vs cts pay may one record april reuter | 2earn
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itt corp itt declares dividend qtly div cts vs cts prior pay july record may reuter | 2earn
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pacific lighting corp plt qtly dividend shr cts vs cts prior qtr pay may record april reuter | 2earn
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staley continental sta regular dividend set qtly div cts vs cts previously pay june eight record may reuter | 2earn
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itt corp itt regular qtrly dividend qtly div cts vs cts prior payable july one record may reuter | 2earn
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sportscene acquires christophe van houtte chain sportscene restaurants inc said it acquired cafe christophe van houtte inc a cafe chain with ten franchises and one corporate restaurant for an unspecified amount of cash and sportscene shares reuter | 0acq
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ronson corp ronc th qtr dec shr loss cts vs loss seven cts net loss vs loss revs mln vs mln year shr loss cts vs profit cts net loss mln vs profit revs mln vs mln note loss includes reserves of includes tax benefit of and dlrs th qtr includes dlrs writedowns dlr gain from sale net includes extraordinary items of and gain on sale of mln dlrs tax carryforward gain of dlrs reuter | 2earn
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manufacturers mhc in building foreclosure manufacturers hanover corp said its ofp inc unit acquired a dallas office building through foreclosure the company said it foreclosed on the allied bank tower a mln square feet office building at one fountain place dallas reuter | 0acq
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hi shear industries inc hsi sets payout qtrly div cts vs cts prior pay april record april reuter | 2earn
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coca cola bottling coke terminates talks coca cola bottling co consolidated said it terminated negotiations with the proposed purchaser of its wholly owned subsidiary headquartered in vancouver b c the company said it is vigorously continuing its efforts to sell its canadian operations substantially on the terms and conditions previously announced reuter | 0acq
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careplus cpls seeks approval in acquisition careplus inc said it will seek shareholder approval of its proposed acquisition of certain assets and assumption of certain liabilities of professional care inc pci in connection with the acquisition shareholders will be requested to approval the merger of careplus into its newly formed delaware subsidiary careplus said careplus said its board has tentatively determined that its stock would be exchanged for common stock of the new corporation at the rate of seven for one reuter | 0acq
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group to buy more intermedics itm shares an investor group including bessemer securities corp and cilluffo associates told the securities and exchange commission it asked federal antitrust regulators for advance clearance to hold more than mln dlrs of intermedics inc common stock the group said it currently holds mln shares or pct of the total outstanding following purchases of shares march april a group spokesman would not disclose the total purchase price of its current holdings the group has said it is accumulating intermedics stock for investment purposes reuter | 0acq
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seagate technology sgat rd qtr march net shr cts vs cts net vs sales mln vs mln avg shrs vs nine mths shr dlrs vs cts net vs sales mln vs mln avg shrs vs reuter | 2earn
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group raises texstyrene foam stake to pct an investor group led by dart container corp a sarasota fla plastic utensil maker told the securities and exchange commission it raised its stake in texstyrene corp to common shares or of the total outstanding the group said it bought the shares for investment and intends to continue to buy texstyrene stock in the future the group said its most recent purchases included shares bought march in ordinary brokerage transactions reuter | 0acq
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enro holding buys enro shirt and foxcroft enro holding corp said it acquired enro shirt co and foxcroft ltd from wilson bros for mln dlrs enro holding is owned pct by investors and pct by management and others the investor group bought pct of the common equity and supplied five mln dlrs in mezzanine financing management bought the other pct congress financial group supplied mln dlrs in senior financing and the seller took back a note for mln dlrs enro shirt has annual sales of about mln dlrs and foxcroft has sales of about mln dlrs reuter | 0acq
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spartech sptn reverse stock split approved spartech corp said shareholders at the annual meeting approved a reverse stock split of the common stock on a one for five basis the company said the split was necessary in preparation for an offering of mln dlrs in convertible subordinated debentures expected to be made soon through kidder peabody and co it said the new common stock will begin trading april under the symbol sptnd separately spartech said its board appointed bradley buechler as president filling a vacancy it said lawrence powers remains as chairman buechler prior to his promotion was executive vice president and chief operating officer he will retain his duties as chief operating officer reuter | 2earn
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people ridesharing systems ride st qtr net shr primary profit two cts vs loss nine cts shr diluted profit one cent vs loss six cts net profit vs loss revs vs avg shrs vs note full name of company is people ridesharing systems inc reuter | 2earn
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desjardins group lowers visa interest rate la confederation des caisses populaires et d economie desjardins the quebec credit union group said it is lowering the interest rate on unpaid balances on its visa credit card to pct from pct effective with june billing statements the move follows cuts in credit card interest rate charges by several canadian banks reuter | 4interest
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seeq technology inc seeq nd qtr march shr profit eight cts vs loss dlrs net profit vs loss revs mln vs avg shrs vs six mths shr loss nine cts vs loss dlrs net loss vs loss revs mln vs mln avg shrs vs reuter | 2earn
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nacco industries nc to report nd qtr gain nacco industries inc said it will report a gain in the second quarter of about mln dlrs or dlrs a share from the sale of stock of a subsidiary nacco said its north american coal corp unit has received notice that consolidation coal co a unit of du pont co dd will exercise an option to buy all of the stock of quarto mining co a subsidiary of north american coal for the stock north american coal will receive about mln dlrs mln of which will be paid at closing april and the rest in installments the company said in addition quarto will pay a dividend to north american coal of about mln dlrs from retained earnings before closing the funds were previously used to finance mining operations consolidation coal got the option from the capco group of utilities which received the option from nacco in nacco reported earnings of mln dlrs or dlrs a share in last year s second quarter in quarto generated mln dlrs in net income equal to cts a share of nacco s total earnings of dlrs a share quarto produced about mln short tons of the mln tons produced by north american coal in nacco said reuter | 2earn
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buffton buff to post investigation charge buffton corp said it will conduct an investigation on a plant designated as a superfund site which will result in a charge of about six cts per share in its second quarter in the year ago second quarter buffton reported net income of cts a share or dlrs on sales of mln dlrs the study should be completed in nine months and will determine any clean up or remedial action that may be required robintech inc the plant s former owner will split the cost buffton said its share will cost dlrs reuter | 2earn
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american dynamics amdc to sell pct stake american dynamics corp and meridian reserve inc said they signed a definitive agreement under which meridian will buy mln shares or pct of american dynamics common stock under terms of the agreement santa ana calif based meridian said it will pay columbus based american dynamics one mln dlrs in cash and notes over five years and about shares of its common stock meridian said it has the option to issue an additional shares of its common over the next two years in payment of certain of the notes meridian an oil and gas company whose operations are primarily in oklahoma said the acquisition will increase its its consolidated assets to mln dlrs and its contractually committed gas reserves to more than mln dlrs at discounted present value american dynamics is engaged in gas gathering transmission and liquids extraction also in oklahoma the companies said they have five extracting plants and about miles of transmission lines in five adjoining oklahoma counties reuter | 0acq
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ussr exchange rates soviet state bank effective april roubles per hundred unless stated u s stg bfr dmk dfl lit can dkr nkr ffr skr unch fin mrk unch sfr yen aus sch aus dlr unch pak rup unch ind rup unch irn ryl unch lib din one unch mrc drhm unch | 5money-fx
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republicbank rpt to reclassify brazil loans republicbank corp said it has placed mln dlrs of all intermediate and term loans to brazil on a non accrual basis as of march it said the reclassification will reduce first quarter earnings by mln dlrs after taxes and mln dlrs after taxes for all of if brazil does not change its position of a moratorium on interest payments republicbank also said its net income for the first quarter is expected to be about mln dlrs or cts a share on a fully diluted basis in the year ago first quarter the company earned mln dlrs or cts a share the company also said its first quarter results are expected to include a provision for loan losses of mln dlrs about mln dlrs over net loan charge offs of about mln dlrs it said the provision will increase loan losses to about mln dlrs or pct of loans republicbank with total assets of about billion dlrs announced in december an agreement with interfirst corp ifc to form first republicbank corp if the merger is approved by regulatory agencies and stockholders it would create the th largest bank holding company in the united states reuter | 2earn
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amoskeag bank amkg to seek rehearing amoskeag bank shares inc and portsmouth savings bank said they will file motions for a rehearing with the new hampshire supreme court of its march ruling that overturned state regulatory approval of amoskeag s acquisition portsmouth the ramifications of this decision we believe go well beyond the affiliation of amoskeag and portsmouth savings bank said amoskeag chairman william s bushnell the transaction was opposed by a group of portsmouth investors who wanted the bank to remain independent according to press reports reuter | 0acq
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trilon declares stock dividend trilon financial corp said it declared a stock dividend of one class a share for each two class a shares held payable may to shareholders of record on april reuter | 2earn
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allegheny ag prefered shareholders file suit allegheny international inc which has agreed to a merge with a jointly formed first boston inc affiliate in a deal worth mn dlrs said shareholders of its preferred stock have filed a class action complaint against the company the complaint alleges among other things that the company and its board agreed to pay first boston an illegal seven mln dlr topping fee if it received a higher offer for the company prior to the buyout the suit contends that this fee hampers allegheny s ability to attract other offers or take other actions that would benefit holders of preferred stock the complaint also alleges federal securities laws violations and breach of fiduciary duty the suit requests an injunction against proceeding with the pending offer being made by sunter acquisition to acquire allegheny sunter acquisition corp and sunter holdings corp were formed by first boston and allegheny allegheny said it and the sunter concerns intend to vigorously defend the complaint s charges the complaints were filed by robert moss and other parties who are believed to own about shares of allegheny s preferred stock reuter | 0acq
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canadians urge exemption from u s trade bill a group of canadian lawmakers from ontario today asked their u s counterparts to exempt canada from the mandatory trade retaliation provisions in a major trade bill being considered by the u s congress at a meeting of the northeast midwest coalition an organization of u s legislators david cooke chairman of the ontario parliament s select committee on economic affairs said the exemption would help trade relations the trade legislation to be considered by the full house in late april would require president reagan to retaliate against foreign unfair trade practices unless the trade actions would harm the u s economy currently reagan can reject trade sanctions on any grounds cooke a member of the liberal party told the u s congressmen i can understand the trade bill i think it has to do with concerns you have with the other parts of the world i would suggest to you that we are your best friends you do not have those concerns with canada and you should sincerely consider exempting our country from that bill he added canada is the united states largest trading partner with two way trade more than billion dlrs in according to the coalition but the u s ran up a billion dlr deficit in manufactured goods that year compared to a billion dlr surplus in services trade with its neighbour reuter | 7trade
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american agronomics corp agr nd qtr feb shr profit one cts vs loss three cts net profit vs loss revs mln vs mln six months shr profit six cts vs loss six cts net profit mln vs loss mln revs mln vs mln note six months includes gain of four cts from change in accounting principle reuter | 2earn
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helig meyers co hmy increases dividend qtly div eight cts vs seven cts prior payable may record april reuter | 2earn
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helig meyers co hmy year feb shr dlrs vs dlrs net mln dlrs vs mln revs mln vs mln note results reflect year month period because company changed fiscal year to end february from march reuter | 2earn
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kelly oil and gas partners kly year dec shr cts vs cts net mln vs mln revs mln vs mln reuter | 2earn
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japan seeks to strengthen paris currency accord japan will seek to strengthen the paris accord on currency stability at the meeting of the group of seven leading industrial nations tomorrow japanese officials said however the officials travelling with japanese finance minister kiichi miyazawa and who asked not to be identified would not provide any details of how they wanted the accord which was signed by the six leading industrial democracies in february to be strengthened currency target zones or reference ranges will not be discussed at the g meeting which is scheduled for tomorrow the japanese officials said the meeting which is being held in conjunction with this week s international monetary fund world bank sessions will reaffirm the currency pact and there is no need for changing the language used in the paris accord the officials said miyazawa met with u s treasury secretary james baker early in this afternoon and discussed the dollar yen exchange rates officials said but they declined to disclosed the details of that discussion the japanese officials also declined to detail what miyazawa and baker discussed on the subject of greater joint intervention in currency markets to stabilize the dollar or on independent american intervention the officials said such a money market action to stabilize the dollar is not only for the benefit of japan which is suffering from a sharp appreciation in its currency but also for the benefit of the united states as well as to u s urgings for japan to take steps to boost its domestic demand to reduce its trade surplus japan will explain economic measures to the g the officials said however miyazawa failed to outline the size of the japanese economic package in his meeting with baker today because the japanese budget has not been authorized by the diet or parliament despite the new fiscal year which started april one the officials said japan s ruling liberal democratic party revealed its own economic package today calling for more than billion yen in additional spending reuter | 5money-fx
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tcw convertible securities cvt sets dividend tcw convertible securities fund inc said its board declared an initial quarterly dividend of three cents per share payable april to shareholders of record april tcw said it anticipates paying a regular quarterly dividend the company made its initial public stock offering march five reuter | 2earn
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south korean won fixed at month high the bank of korea said it fixed the midrate of the won at to the dollar its highest level since february when it was the won was set at yesterday the won has risen pct against the dollar so far this year after rising pct in reuter | 5money-fx
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australian unions launch new south wales strikes australian trade unions said they have launched week long strikes and other industrial action in new south wales nsw to protest against new laws that would reduce injury compensation payments union sources said talks with the state government broke down last night but the two sides are scheduled to meet later today in an attempt to find a compromise rail freight and shipping cargo movements in the country s most populous state were the first to be affected and union officials said almost every business sector will be hit unless there is a quick settlement the state government recently introduced a new workers compensation act which would cut the cash benefits to injured workers by up to a third the act is now awaiting parliamentary ratification nsw state premier barrie unsworth has said workers compensation has risen steeply in recent years and the proposed cuts would save hundreds of mlns of dollars a year union officials said industrial action could spread to other states as the federal government also plans to make sharp cuts in workers compensation reuter | 6ship
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