Datasets:

ajay141

/

ds_articles

like 0

PAXAR CORP <PAKS> MAKES ACQUISITION

Paxar Corp said it has acquired Thermo-Print GmbH of Lohn, West Germany, a distributor of Paxar products, for undisclosed terms. Reuter 

<MARK'S WORK WEARHOUSE LTD> YEAR JAN 31 NET

Shr 10 cts vs 32 cts Net 975,000 vs 3,145,000 Sales 159.1 mln vs 147.3 mln Reuter 

KEY TRONIC <KTCC> GETS NEW BUSINESS

Key Tronic corp said it has received contracts to provide seven original equipment manufacturers with which it has not done business recently with over 300,000 computer keyboards for delivery within the next 12 months. The company said "The new contracts represent an annual increase of approximately 25 pct in unit volume over last year." Reuter 

CANADIAN BASHAW, ERSKINE RESOURCES TO MERGE

Canadian Bashaw Leduc Oil and Gas Ltd said it agreed to merge with Erskine Resources Ltd. Terms were not disclosed. Ownership of the combined company with 18.8 pct for the current shareholders of Canadian Bashaw and 81.2 pct to the current shareholders of Erskine, the companies said. Reuter 

ENTOURAGE <ENTG> HAS FIRST QUARTER LOSS

Entourage International Inc said it had a first quarter loss of 104,357 dlrs, after incurring 70,000 dlrs in costs for an internal audit, a report for shareholders and proxy soliciation and 24,000 dlrs in startup expenses for opening London offices. The company went public during 1986. Entourage also said it has started marketing a solid perfume packaged in a lipstick tube called "Amadeus," retailing at 15 dlrs. The company also said it has acquired North Country Media Group, a video productions company. Reuter 

<MR. JAX FASHIONS INC> YEAR FEB 28 NET

Shr 58 cts vs 29 cts Net 3,141,000 vs 1,440,000 Sales 24.7 mln vs 13.0 mln Reuter 

DIGITAL COMMUNICATIONS<DCAI> NAMES NEW PRESIDENT

Digital Communications Associates Inc said its board has named James Ottinger president and chief operating officer. The company said Ottinger replaces Bertil Nordin as president. Nordin will become chairman and chief executive officer, Digital Communications added. Reuter 

DIGITAL <DEC> IN TERADYNE <TER> LICENSING PACT

Teradyne Inc said Digital Equipment Corp signed a multi-license purchase agreement valed at over one mln dlrs for Teradyne's Lasar Version Six Simulation System. The company said the agreement includes the option for futrue lasar purchases by Digital. Reuter 

HOME INTENSIVE <KDNY> EXTENDS DIALYSIS AT HOME

Home Intensive Care Inc said it has opened a Dialysis at Home office in Philadelphia, its 12th nationwide. Reuter 

BACHE CANADA BUYS TORONTO STOCK EXCHANGE SEAT

Bache Securities Inc, 80 pct owned by Prudential Bache Securities Inc, said it acquired its third Toronto Stock Exchange seat for 301,000 Canadian dlrs. The company said the price was the highest yet paid for an exchange seat. A Toronto Stock Exchange spokesman said an exchange seat last sold for 195,000 dlrs in March, which was acquired by <Toronto Dominion Bank>. Bache Securities said it needed a third exchange seat as part of an extensive plan to provide an enhanced level of service to clients. The seat will be used to further build its professional trading area, the investment dealer said. Reuter 

F.W. WOOLWORTH CO SAYS IT HIKES DIVIDEND TO 33 CTS A SHARE FROM 28 CTS

F.W. WOOLWORTH CO <Z> HIKES DIVIDEND

Qtly div 33 cts vs 28 cts prior Pay June 1 Record May 1 Reuter 

DUTCH SUGAR BEET PLANTING HALF FINISHED

Roughly half of this year's expected 130,000 hectare Dutch sugar beet crop is already in the ground, a spokesman for Suiker Unie, the largest sugar processor in the Netherlands, told Reuters. Conditions are generally good and the average sowing date for the crop is expected to be around April 11, against April 23 last year, and a 10-year average of April 14, the spokesman added. "It is far too early yet to say what kind of output we can expect when it comes to harvest in September, but at least the crop is off to a very good start," he said. Last year, the Netherlands planted a record 137,600 hectares of sugar beet and produced a record 1.2 mln tonnes of white sugar, substantially more than the country's combined "A" and "B" quota of 872,000 tonnes. This year, however, a self-imposed quota system has been introduced with the aim of cutting plantings to 130,000 hectares and reducing white sugar output to around 915,000 tonnes to minimise the amount of non-quota "C" sugar produced. Only farmers with a record of growing suger beet have been allotted quotas. This is expected to prevent the area being boosted by dairy or cereal farmers moving into sugar. Reuter 

U.K. EXPECTS SUBSTANTIAL DEMAND FOR ROLLS SHARES

Demand for shares in state-owned engine maker <Rolls Royce Plc> is expected to be substantial when the government privatises it at the end of April, Christopher Clark of the group's bankers Samuel Montagu and Sons Ltd said. He told a press conference after the release of an initial prospectus for the float that the issue would be offered to U.K. Institutions, company employees and the general public. As in previous flotations, clawback arrangements would be made if public subscriptions exceeded initial allocations. He declined to say how the shares would be allocated beyond saying that a "significant proportion" would go to institutions. A decision on what percentage would go to each sector would be made shortly before the sale price was announced on April 28. Minimum subscription would be for 400 shares with payment in two tranches, again a method broadly in line with previous privatisations. Chairman Sir Francis Tombs denied suggestions that Rolls was a stock that should be left to the institutions. He noted that although the aircraft industry was cyclical, Rolls had several operations -- such as spare parts and military equipment -- that evened out the swings. Rolls' 1986 research and development expenditure in 1986 was 255 mln stg and could be expected in the future to vary according to changes in turnover. He noted that net research and development expenditure was written off in the year it occurred, a policy that received "inadequate recognition in one or two of the more extravagant forecasts of future profits." He made no forecast himself. In 1986, Rolls reported that pretax profit rose 48 pct to 120 mln stg on turnover 12 pct higher at 1.8 billion. Reuter 

NV PHILIPS SHARES GET NYSE QUOTE FROM APRIL 14

NV Philips Gloeilampenfabrieken <PGLO.AS> shares are due to start trading on the New York Stock Exchange on April 14, Philips chairman Cor van der Klugt told the annual shareholders meeting. In March, the Dutch electronics group announced it would end its current over the counter listing on the New York NASDAQ system and move to the NYSE. Philips said the "big board" listing in New York is expected to boost its profile in the U.S., Where 10 pct of all outstanding Philips shares are held. Reuter 

J.P. MORGAN AND CO INC 1ST QTR SHR 1.22 DLRS VS 1.28 DLRS

EC COMMISSION DETAILS SUGAR TENDER

The EC Commission confirmed it granted export licences for 118,350 tonnes of current series white sugar at a maximum export rebate of 46.496 European Currency Units (ECUs) per 100 kilos. Out of this, traders in France received 34,500 tonnes, in the U.K. 37,800, in West-Germany 20,000, in Belgium 18,500, in Spain 5,800 and in Denmark 1,750 tonnes. REUTER 

PANCONTINENTAL OIL HAS PRIVATE FINANCING

<Pancontinental Oil Ltd> said it arranged a 10 mln dlr private financing with Pemberton Houston Willoughby Bell Gouinlock Inc. The private placement consists of special warrants to purchase seven pct convertible redeemable preferred shares. The shares will be convertible for five years into common shares at five dlrs per share. The preferred shares are not redeemable for 2-1/2 years. Net proceeds will be used to increase working capital and finance exploration and development. Reuter 

FEDERAL REALTY CONVERTIBLE INCREASED, PRICED

Today's dollar convertible eurobond for Federal Realty Investment Trust has been increased to 100 mln dlrs from the initial 75 mln, lead manager Salomon Brothers International said. The coupon has been fixed at 5-1/4 pct compared with the indicated range of 5-1/4 to 5-1/2 pct. The conversion price has been fixed at 30-5/8 dlrs compared with last night's close in the U.S. Of 25-1/2 dlrs. This represents a premium of 20 pct. The put option after seven years was priced at 120 pct to give the investor a yield to the put of 7.53 pct. REUTER 

VOLKSWAGEN DIVIDEND DECISION DUE TOMORROW

Volkswagen AG <VOWG.F>, VW, is due to make a formal announcement about its 1986 dividend tomorrow after saying the 1985 level of 10 marks per ordinary share would be held, despite massive losses because of a suspected foreign currency fraud. A spokesman said VW's supervisory board will meet tomorrow to discuss the payout. A statement will be made afterwards. VW has also said disclosed profits for 1986 will reach their 1985 level, despite provisions of a possible 480 mln marks linked to the currency affair. The figure is virtually the same as the 477 mln mark 1985 parent company net profit. When VW first confirmed the currency scandal on March 10 it said the management board would propose an unchanged 10-mark dividend to the supervisory board. A dividend of 11 marks would be proposed for the company's new preference shares. Share analysts said they saw supervisory board approval of the management board proposal as virtually a formality. "Anything else would be more than a surprise," one said. Company sources said VW would have to dig into reserves to maintain the disclosed profit. Parent company reserves stood at around three billion marks at end-1985. Reuter 

TORONTO DOMINION UNIT ISSUES AUSTRALIAN DLR BOND

Toronto Dominion Bank, Nassau Branch is issuing a 40 mln Australian dlr eurobond due May 15, 1990 paying 14-1/2 pct and priced at 101-3/8 pct, lead manager Hambros Bank Ltd said. The non-callable bond is available in denominations of 1,000 Australian dlrs and will be listed in London. The selling concession is one pct, while management and underwriting combined will pay 1/2 pct. The payment date is May 15. REUTER 

TORONTO DOMINION UNIT ISSUES AUSTRALIAN DLR BOND

Toronto Dominion Bank, Nassau Branch is issuing a 40 mln Australian dlr eurobond due May 15, 1990 paying 14-1/2 pct and priced at 101-3/8 pct, lead manager Hambros Bank Ltd said. The non-callable bond is available in denominations of 1,000 Australian dlrs and will be listed in London. The selling concession is one pct, while management and underwriting combined will pay 1/2 pct. The payment date is May 15. Reuter 

CITYTRUST BANCORP INC <CITR> 1ST QTR NET

Shr 1.40 dlrs vs 1.16 dlrs Net 5,776,000 vs 4,429,000 Avg shrs 4,132,828 vs 3,834,117 Reuter 

SOUTHMARK <SM> ACQUIRES 28 NURSING HOMES

Southmark Corp said it acquired 28 long-term care facilities containing for approximately 70 mln dlrs in cash. It said the facilities, which contain approximately 2,500 beds in seven western states, were bought from Don Bybee and Associates, of Salem,Ore. The acquistion brings to 57 health care facilities acquired in the last three months, the company said. Reuter 

HELEN OF TROY <HELE> FILES CONVERTIBLE OFFERING

Helen of Troy Corp said it filed with the Securities and Exchange Commission a registration statement covering a 20 mln dlr issue of covertible subordinated debentures due 2007. Proceeds will be used for general corporate purposes, including possible repayment of bank debt, product development and possible acquisitions, Helen of Troy said. The company named Drexel Burnham Lambert Inc as sole underwriter of the offering. Reuter 

J.P. MORGAN AND CO INC <JPM> 1ST QTR NET

shr 1.22 dlrs vs 1.28 dlrs net 226.4 mln vs 233.9 mln assets 80.45 billion vs 70.23 billion loans 35.16 billion vs 35.99 billion deposits 45.22 billion vs 39.68 billion return on assets 1.14 pct vs 1.35 pct return on common equity 18.20 pct vs 22.08 pct NOTE: 1987 qtr net was reduced by 20 mln dlrs because 1.3 billion dlrs of loans to Brazil were placed on non-accrual. loan loss provision 35 mln dlrs vs 70 mln year earlier. Reuter 

FIRSTBANC CORP OF OHIO <FBOH> 1ST QTR NET

Shr 74 cts vs 67 cts Net 8,067,000 vs 7,317,000 Reuter 

MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR NET

Qtr ends Feb 28 Shr Class A 61 cts vs 48 cts Shr Class B 59 cts vs 46 cts Net 2,358,000 vs 1,876,000 Revs 122,508,000 vs 105,871,000 Six mths Shr Class A 1.15 dlrs vs 86 cts Shr Class B 1.13 dlrs vs 84 cts Net 4,485,000 vs 3,378,000 Revs 242,453,000 vs 210,117,000 NOTE: qtr and six mths prior figures reflect two-for-one stock split in August 1986. Reuter 

HANOVER INSURANCE <HINS> GET SPLIT APPROVAL

Hanover Insurance Co said its stockholders approved a two-for-one stock split. As a result of the split, Hanover said it increases the number of authorized shares of capital stock from 10.4 mln, having a par value of one dlr, to 20.9 mln, also having a par value of one dlr. The stock split is payable April 30 to stockholders of record April 10, Hanover said. Reuter 

FEDERAL PAPERBOARD <FBO> ENTERS AGREEMENT

Federal Paperboard Co Inc said it has entered into an agreement with Ozaki Trading Co Ltd of Osaka, Japan, allowing Ozaki to represent Federal Paperboard's bleached paperboard sales in Japan. Federal added it will be opening an office in Japan in the near future. Reuter 

NATIONAL GUARDIAN <NATG> MAKES ACQUISITIONS

National Guardian Corp said it has acquired a number of security services companies recently, with aggregate revenues of about 3,500,000 dlrs, for an aggregate cost of about 2,700,000 dlrs. It said it acquired guard service companies C.S.C. Security Gaurd Service of Paramus, N.J., from Cartel Security Consultants Inc, the Guard Services Division of Security Services of America of Wayne, N.J., Capital Investigations and Protective Agency of Hackensack, N.J., and Meyer Detective Agency Inc of National Park, N.J. The company said it bought alarm service operations Certified Security Services Inc of Key West, Fla., Custom Security Services of Myrtle Beach, S.C., A-T-E Security Group Inc of Houston and the Louisville, Kent and Nashville, Tenn, offices of Wells Fargo Alarm Services. Reuter 

UNIVERSAL MEDICAL <UMBIZ> DISTRIBUTION SET

Qtly distribution 7-1/2 cts vs 7-1/2 cts prior (excluding 2-1/2 cts special) Pay April 30 Record April 22 NOTE: Full name is Universal Medical Buildings L.P. Reuter 

ZAMBIA DOES NOT PLAN RETAIL MAIZE PRICE HIKE

The Zambian government has no immediate plans to follow last week's increase in the producer price of maize with a hike in the retail price of maize meal, an official of the ruling party said. Last December, a 120 pct increase in the consumer price for refined maize meal, a Zambian staple, led to food riots in which at least 15 people died. That price increase, which President Kenneth Kaunda later revoked, followed pressure by the International Monetary Fund (IMF) to reduce the government's subsidy bill. However, if the producer price rise, from 6.10 dlrs to 8.67 dlrs per 90-kg bag, is not accompanied by a retail price increase, the government will have to spend more on subsidies, a practice discouraged by the IMF. "There is no way out but to raise the subsidy levels of meal. It (the government) would have to choose between the demands of the IMF and those of the people," a Ministry of Agriculture economist said. Reuter 

BLOCKER ENERGY <BLK> SHARE OFFERING UNDERWAY

Blocker Energy corp said an offering of 20 mln common shares is underway at 2.625 dlrs per share through underwriters led by <Drexel Burnham Lambert Inc> and Alex. Brown and Sons Inc <ABSB>. The company is offering 19.7 mln shares and shareholders the rest. Before the offering it had about 33.6 mln shares outstanding. Reuter 

ASARCO <AR> COMPLETES SHARE OFFERING

Asarco Inc said it completed the sale of four mln shares of Asarco common stock to an underwriting group led by First Boston Corp. The underwriters sold the shares to the public at a price of 22.50 dlrs a share, the minerals and energy company said. Proceeds of about 86 mln dlrs will be used to reduce outstanding debt, it said. The offering included 3.5 mln shares announced April 1 and 500,000 to cover overallotments. Reuter 

AMERICAN MIDLAND <AMCO> SETS OPERATOR FOR CASINO

American Midland Corp said <Braodway Casinos Inc> has entered into a letter of intent for a new company to be formed by <Carnival Cruise Lines Inc> and <Continental Hotel Cos> to operate Broadway's planned hotel/casino in the Marina area of Atlantic City, N.J. American Midland has agreed to spin off its 8.2 acre Atlantic City property to Broadway, a new company in which American Midland shareholders would initially own an 85 pct interest. Reuter 

WEDGESTONE REALTY <WDG> ACQUISITION APPROVED

Wedgestone Realty Investors Trust said shareholkders have approved the acquisition of its advisor, Wedgestone Advisory Corp, for 600,000 shares. It said completion is expected to take place April 10. Reuter 

SUN <SUN> CUTS HEATING OIL BARGE PRICE

Sun Co's Sun Refining and Marketing Co subsidiary said it is decreasing the price it charges contract barge customers for heating oil in ny harbor by 0.50 cent a gallon, effective today. The 0.50 cent a gallon price reduction brings Sun's heating oil contract barge price to 50 cts a gallon, the company said. Reuter 

MOODY'S AFFIRMS AVCO FINANCIAL'S LONG-TERM DEBT, CUTS COMMERCIAL PAPER

MEDICAL JOURNAL REPORTS NEW INTERLEUKIN PROMISE

Promising new findings in the use of a controversial experimental drug called Interleukin-2 as a cure for cancer will be published in the April 9 issue of the prestigious New England Journal of Medicine, according to a Wall Street analyst who has obtained an advance copy of the magazine. Among interleukin's principal U. S. makers are Cetus Corp <CTUS>, headquartered in Emeryville, Calif., and Immunex Corp <IMNX>, based in Seattle, Wash. The journal, to be released late today, contains two articles reporting high remission rates several cancer types. The journal also contains a signed editorial concluding that the new results mark a significant milestone in the search for a successful immunotherapy for cancer. Interleukin-2, also known as IL-2, is a substance naturally produced by living cells in the laboratory. The drug is controversial because it was widely praised as a promising cancer treatment in early reports on its effectiveness in late 1985, only to come under criticism a year later for its failure to live up to its promise and due to its ravaging side effects. One of the new studies, conducted by Dr. William West of Biotherapeutics Inc of Franklin, Tenn., is particularly significant because it found far fewer harsh side effects after it changed the way in which the drug is administered. In that study, researchers administered IL-2 to 48 cancer patients and found a 50-pct remission rate for kidney cancers and a 50 pct remission rate for melanoma, a type of skin cancer, according to Prudential-Bache Securities' Stuart Weisbrod, who obtained the advance copy of the magazine. For rectal and colon cancer, the researchers found no remissions, but none of the 48 patients treated had side effects serious enough to be placed under intensive hospital care, according to the article. In the second study, whose principal author is Dr. Steven Rosenberg of the National Cancer Institute, researchers administered IL-2 to 157 cancer patients and found a 33 pct remission rate in cancers of the kidney, a 27 pct rate in melanomas and a 15 pct rate in cancers of the colon and rectum. In the National Cancer Institute trials, a total of four patients died, the magazine reported, confirming the harshness of the drug's side effects as originally administered. "Perhaps we are at the end of the beginning of the search for successful immunotherapy for cancer," said the editorial, signed by John Durant of Philadelphia's Chase Cancer Center. "These observations reported by Rosenberg and West surely did not describe successful practical approaches ready for widespread applications in the therapy of cancer patients," the editorial said. "On the other hand, if they reflect, as seems possible, a successful manipulation of the cellular immune system, then we may be near the end of our search for a meaningful direction in the immunuotherapy of cancer," the editorial concluded. Reuter 

REPORT SEEKS TO DISALLOW SOUTHERN <SO> COSTS

An audit submitted to the Georgia Public Service Commission claims that between 944 mln dlrs and 1.8 billion dlrs of the costs of the Plant Vogtle nuclear power station should be disallowed, a Southern Co spokeswoman said. Southern's Georgia Power Co subsidiary has a 45.7 pct interest in the plant and estimated earlier this year it would cost a total of 8.87 billion dlrs. Last year, the plant's owners pledged to Georgia regulators they would limit the cost passed on to rate payers to 8.4 billion dlrs. The Southern spokeswoman said the company feels the report by O'Brien-Kreitzberg is "flawed and biased." She said the report was released yesterday by the state attorney general. Responding to the report today, Georgia Power Chairman Robert W. Scherer told a news conference the conclusions drawn by the firm "are not only wrong -- they also reflect the same bias against nuclear power that these auditors have demonstrated in similar cases accross the country." Saying he was not suggesting Georgia power was without fault, Scherer said "the audit identified several things I wish we had done differently." Scherer pointed out a report O'Brien-Kreitzberg submitted to Georgia regulators in March 1986 projected Georgia Power would not finish Plant Vogtle unit one before the end of 1987. Noting "unit one is finished, and we expect it to be in commercial operationg by June," he said the firm's latest report ignored the earlier projection, gave the utility no credit for the completion and "actually penalized us by suggesting that costs to maintain t he schedule be disallowed." Scherer said the latest audit alleges Georgia Power could have saved 95 mln dlrs if it had stopped using four shifts, seven days a week to speed construction three years sooner. He said this would have delayed completion of the plant for another year "and it would have cost several hunderd million dlrs more." Noting the audit said costs were increased 600 mln dlrs by schedule delays totaling 20.5 months, he said "First, we have the best concrete placement record in the industry, Second new government regulations after the Three Mile Island incident significantly increased construction time. Reuter 

FINAL TERMS SET ON ATARI CORP CONVERTIBLE EUROBOND

The coupon on the 75 mln dlr, 15-year, convertible eurobond for Atari Corp has been set at 5-1/4 pct compared with indicated range of five to 5-1/4 pct, lead manager Paine Webber International said. The conversion price was set at 32-5/8 dlrs, representing a premium of 20.38 pct over yesterday's Atari share close of 27 dlrs. REUTER 

FURTHER ARGENTINE COARSE GRAIN LOSSES FEARED

Argentine grain producers adjusted their yield estimates for the 1986/87 coarse grain crop downward in the week to yesterday after the heavy rains at the end of March and beginning of April, trade sources said. They said sunflower, maize and sorghum production estimates had been reduced despite some later warm, dry weather, which has allowed a return to harvesting in some areas. However, as showers fell intermittently after last weekend, producers feared another spell of prolonged and intense rain could cause more damage to crops already badly hit this season. Rains in the middle of last week reached an average of 27 millimetres in parts of Buenos Aires province, 83 mm in Cordoba, 41 in Santa Fe, 50 in Entre Rios and Misiones, 95 in Corrientes, eight in Chaco and 35 in Formosa. There was no rainfall in the same period in La Pampa. Producers feared continued damp conditions could produce rotting and lead to still lower yield estimates for all the crops, including soybean. However, as the lands began drying later in the week harvesting advanced considerably, reaching between 36 and 40 pct of the area sown in the case of sunflower. Deterioration of the sunflower crop evident in harvested material in Cordoba, La Pampa and Buenos Aires forced yield estimates per hectare to be adjusted down again. The season's sunflowerseed production is now forecast at 2.1 mln to 2.3 mln tonnes, against 2.2 mln to 2.4 mln forecast last week and down 43.9 to 48.8 pct on the 1985/86 record of 4.1 mln. Area sown to sunflowers was two to 2.2 mln hectares, 29.9 to 36.3 pct below the record 3.14 mln hectares last season. Maize harvesting has also reached 36 to 40 pct of the area sown. It is near completion in Cordoba and Santa Fe and will begin in La Pampa and southern Buenos Aires later in April. Production estimates for maize were down from last week at 9.5 mln to 9.8 mln tonnes, against 9.6 mln to 9.9 mln estimated previously. This is 22.2 to 23.4 pct below the 12.4 mln to 12.6 mln tonnes estimated by private sources for the 1985/86 crop and 21.9 to 25.8 pct down on the official figure of 12.8 mln tonnes. Maize was sown on 3.58 mln to 3.78 mln hectares, two to seven pct down on last season's 3.85 mln. Sorghum was harvested on 23 to 25 pct of the area sown in Cordoba, Santa Fe and Chaco. Harvest will start in La Pampa and Buenos Aires in mid-April. The total area sown was 1.23 mln to 1.30 mln hectares, 10.3 to 15.2 pct down on the 1.45 mln sown last season. The new forecast for the sorghum crop is 2.9 mln to 3.2 mln tonnes compared with three mln to 3.3 mln forecast last week, and is 23.8 to 29.3 pct down on last season's 4.1 mln to 4.2 mln tonne crop. The soybean crop for this season was not adjusted, remaining at a record 7.5 mln to 7.7 mln tonnes, up 4.2 to 5.5 pct on the 7.2 mln to 7.3 mln estimated by private sources for 1985/86 and 5.6 to 8.5 pct higher than the official figure of 7.1 mln. The area sown to soybeans this season was a record 3.7 mln to 3.8 mln hectares, 10.8 to 13.8 pct up on the record 3.34 mln sown in 1985/86. The soybean crop is showing excessive moisture in some areas and producers fear they may discover more damage. Some experimental harvesting was carried out in Santa Fe on areas making up only about one pct of the total crop but details on this were not available. Preparation of the fields for the 1987/88 wheat crop, which will be sown between May and August or September, has so far not been as intense as in previous years. Reuter 

TOP OFFICIALS ARRIVE AT U.S. TREASURY TO BEGIN GROUP OF FIVE MEETING

DUTCH ADJUSTED UNEMPLOYMENT RISES IN MARCH

Dutch seasonally adjusted unemployment rose in the month to end-March to a total 693,000 from 690,600 at end-February, but was well down from 730,100 at end-March 1986, Social Affairs Ministry figures show. The figure for male jobless rose by 2,000 in the month to 436,500 compared with 470,700 a year earlier. The figure for women was 256,500 at end-March against 256,100 a month earlier and 259,400 at end-March 1986. On an unadjusted basis total unemployment fell by 16,500 in the month to end-March to 692,200. In March 1986 the figure was 725,000. A ministry spokesman said the unadjusted figures showed a smaller than usual seasonal decrease for the time of year, because of particularly cold weather delaying work in the building industry. He said this explained the increase in the adjusted statistics. Total vacancies available rose by 1,900 to 26,300 at end-March. A year earlier the figure was 28,763. REUTER 

MOODY'S AFFIRMS AVCO UNIT'S LONG-TERM DEBT

Moody's Investors Service Inc said it affirmed the long-term debt ratings but cut the commercial paper to Prime-2 from Prime-1 of Avco Financial Services Inc, a unit of Avco Corp. Avco Financial has 2.5 billion dlrs of debt outstanding. For the paper cut, Moody's cited a higher risk profile inherent in the company's core business. Moody's said the affirmation reflected its assessment of a less diversified risk profile in the company's receivables. Affirmed were Avco Financial's A-3 senior debt, Baa-2 senior subordinated debt and Baa-3 junior subordinated debt. Reuter 

TOP OFFICIALS ARRIVE AT TREASURY FOR G-5 TALKS

Top officials of leading industrial nations arrived at the U.S. Treasury main building to begin a meeting of the Group of Five. Officials seen arriving by Reuter correspondents included West German Finance Minister Gerhard Stoltenberg and Bundesbank President Karl Otto Poehl, French Finance Minister Edouard Balladur and his central banker Jacques de Larosiere. Also seen arriving were Japanese Finance Minister Kiichi Miyazawa and Japan's central bank governor Satoshi Sumita and British Chancellor of the Exchequer and central bank governor Robin Leigh Pemberton. There was no immediate sign of Italian or Canadian officials. Monetary sources have said a fully blown meeting of the Group of Seven is expected to begin around 3 p.m. local time (1900 gmt) and last at least until 6 p.m. (2200 gmt), when a communique is expected to be issued. Italian sources said Italian acting Finance Minister Giovanni Goria met Treasury Secretary James Baker last night. At those talks Baker apparently convinced Goria, who declined to attend the February meeting of the Group of Seven in Paris, that Italy would participate fully in any meaningful decisions. Reuter 

FED EXPECTED TO SET CUSTOMER REPURCHASES

The Federal Reserve is expected to intervene in the government securities market to supply temporary reserves indirectly via customer repurchase agreements, economists said. Economists expect the Fed to execute 2.0-2.5 billion dlrs of customer repos to offset pressures from the end of the two-week bank reserve maintenance period today. Some also look for a permanent reserve injection to offset seasonal pressures via an outright purchase of bills or coupons this afternoon. The Federal funds rate opened at 6-3/8 pct and remained at that level, up from yesterday's 6.17 pct average. Reuter 

BEST BUY <BBUY> MARCH SALES RISE

Best Buy Co Inc said its sales for March rose to 26.1 mln dlrs from 11.9 mln dlrs in the comparable 1986 period. It said sales for the fiscal year ended March 31 rose to 329.5 mln dlrs from 113.1 mln dlrs a year earlier. The company said sales performance was based on the addition of 12 new retail facilities. Reuter 

AUTOSPA <LUBE> TO REDEEM WARRANTS

AutoSpa corp said it will redeem all its common stock purchase warrants on May Five at 7.5 cts each. Through May Four, each warrant may be exercised into one common share at 1.75 dlrs. Reuter 

READER'S DIGEST ASSOCIATION SELLS UNIT

<The Reader's Digest Association Inc> said it sold its subsidiary, Source Telecomputing Corp, to the venture capital firm of <Welsh, Carson, Anderson and Stowe>. The purchase price was not disclosed, Reader's Digest said. It said it purchased an 80 pct stake in Source in 1980 and earned an unspecified profit on 14 mln dlrs in revenues in 1986. Reuter 

WEIS MARKETS INC <WMK> 1ST QTR MARCH 28 NET

Shr 59 cts vs 51 cts Net 18.0 mln vs 15.6 mln Revs 278.6 mln vs 272.2 mln Reuter 

AVNET INC <AVT> FILES FOR DEBENTURE OFFERING

Anvet Inc said it filed with the Securities and Exchange Commission a registration statement for a proposed public offering of 150 mln dlrs of convertible subordinated debentures due 2012. Avnet said it will use the net proceeds for general working capital purposes and the anticipated domestic and foreign expansion of its distribution, assembly and manufacturing businesses. The company said an investment banking group managed by Dillon Read and Co Inc will handle the offering. Reuter 

CONTINENTAL BANK INITIAL DISTRIBUTION APPROVED

Continental Bank of Canada said shareholders approved a capital reorganization to allow an initial payout by the end of May to common shareholders from last year's 200 mln Canadian dlr sale of most Continental assets to <Lloyds Bank PLC>'s Lloyds Bank Canada. The bank said the initial distribution would take the form of a stock dividend of cumulative redeemable retractable class A series two preferred shares entitling holders to monthly floating rate dividends at 72 pct of prime and to 12.75 dlrs a share on retraction. Continental said the initial payout was subject to Canadian government approval. The bank reiterated that total distributions to common shareholders would range from 16.50 dlrs a share to 17.25 dlrs including the initial stock dividend and a final distribution in late 1988 or early 1989. The payout of existing preferred shareholders will be completed just before next month's initial distribution to common shareholders, Continental added. Reuter 

ATLAS CONSOLIDATED MINING AND DEVELOPMENT <ACMB>

4th qtr Shr loss 17 cts vs loss 22 cts Net loss 14.5 mln vs loss 18.0 mln Revs 27.3 mln vs 23.7 mln Year Shr 58 cts vs 1.01 dlrs Net loss 48.3 mln vs loss 84.2 mln Revs 111.7 mln vs 141.9 mln NOTE: Atlas Consolidated Mining and Development Corp of Manila. Translated from Philippine pesos at 20.3489 pesos to dollar vs 18.5571 in quarter and 20.2315 vs 18.2743 in year. Reuter 

FORD <F> EXTENDS INCENTIVES ON LIGHT TRUCKS

Ford Motor Co said it extended its buyer incentive program on light trucks to April 30 from April 6, the program's previous expiration date. Ford, which saw a 23 pct rise in its March truck sales over the March 1986 level, said the incentives were extended to "maintain its truck sales momentum." The program itself was not changed. Customers have a choice of 3.9 to 9.9 annual percentage rate financing or a cash rebate of 300 dlrs or 600 dlrs, depending on the type of transmission chosen. Ford last week extended to April 30 from March 12 its incentive program on its compact trucks and the Ford Taurus and Mercury Sable cars. Reuter 

FAO REPORTS BETTER CROPS IN DEVELOPING COUNTRIES

World output of staple foods maintained growth in 1986, following a record harvest the year before, and most of the increase was in developing countries, the director general of the U.N.'s Food and Agriculture Organisation (FAO) said. Speaking to FAO's committee on world food security, Edouard Saouma said sub-Saharan Africa registered a cereal production increase of 3.6 pct in 1986 and the Far East also continued to increase production. Despite ample supplies worldwide, many countries face problems in paying for all the food they need, he said. Saouma said many of the developing world's food problems were the result of "chaotic" world trade. He said it was vital to promote employment to improve the "food-security situation" of the poor, with policy reforms in developing countries to remove existing disincentives to production so that agriculture could play a greater role in stimulating economic growth. Reuter 

AVX CORP <AVX> FILES FOR DEBENTURE OFFERING

AVX Corp said it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 75 mln dlrs prinicipal amount of convertible subordinated debentures. AVX said a syndicate managed by Shearson Lehman Brothers Inc will underwrite the offering. Reuter 

SCI-MED <SMLS> BOARD AGREES TO BRISTOL<BMY>DEAL

Sci-Med Life Systems Inc said its directors approved a previously proposed agreement of merger with Bristol-Myers Co. The proposed transaction is subject to completion of a due diligence investigation, including a review by Bristol-Myers of a patent infringement suit served on Sci-Med by Advanced Cardiovascular Systems Inc on March 31, 1987. Bristol-Myers has the right to call off the agreement under certain circumstances, it said. Sci-Med said it continues to believe the patent suit is without merit. Reuter 

FIDELCOR <FICR> COMPLETES SALE OF UNIT

Fidelcor Inc said it has completed the sale of its Industrial Valley Title Insurance Co subsidiary to a group of investors including the unit's management for undisclosed terms. Industrial Valley has assets of about 37.6 mln dlrs and was acquired last year along with IVB Financial Corp. Reuter 

DATA TRANSLATION INC <DATX> 1ST QTR FEB 28 NET

Shr 18 cts vs 13 cts Net 575,000 vs 379,000 Sales 6,625,000 vs 4,537,000 Avg shrs 3,173,000 vs 2,977,000 Reuter 

ENERGY/U.S. PETROCHEMICAL INDUSTRY

Cheap oil feedstocks, the weakened U.S. dollar and a plant utilization rate approaching 90 pct will propel the streamlined U.S. petrochemical industry to record profits this year, with growth expected through at least 1990, major company executives predicted. This bullish outlook for chemical manufacturing and an industrywide move to shed unrelated businesses has prompted GAF Corp <GAF>, privately-held Cain Chemical Inc, and other firms to aggressively seek acquisitions of petrochemical plants. Oil companies such as Ashland Oil Inc <ASH>, the Kentucky-based oil refiner and marketer, are also shopping for money-making petrochemical businesses to buy. "I see us poised at the threshold of a golden period," said Paul Oreffice, chairman of giant Dow Chemical Co <DOW>, adding, "There's no major plant capacity being added around the world now. The whole game is bringing out new products and improving the old ones." Analysts say the chemical industry's biggest customers, automobile manufacturers and home builders that use a lot of paints and plastics, are expected to buy quantities this year. U.S. petrochemical plants are currently operating at about 90 pct capacity, reflecting tighter supply that could hike product prices by 30 to 40 pct this year, said John Dosher, managing director of Pace Consultants Inc of Houston. Demand for some products such as styrene could push profit margins up by as much as 300 pct, he said. Oreffice, speaking at a meeting of chemical engineers in Houston, said Dow would easily top the 741 mln dlrs it earned last year and predicted it would have the best year in its history. In 1985, when oil prices were still above 25 dlrs a barrel and chemical exports were adversely affected by the strong U.S. dollar, Dow had profits of 58 mln dlrs. "I believe the entire chemical industry is headed for a record year or close to it," Oreffice said. GAF chairman Samuel Heyman estimated that the U.S. chemical industry would report a 20 pct gain in profits during 1987. Last year, the domestic industry earned a total of 13 billion dlrs, a 54 pct leap from 1985. The turn in the fortunes of the once-sickly chemical industry has been brought about by a combination of luck and planning, said Pace's John Dosher. Dosher said last year's fall in oil prices made feedstocks dramatically cheaper and at the same time the American dollar was weakening against foreign currencies. That helped boost U.S. chemical exports. Also helping to bring supply and demand into balance has been the gradual market absorption of the extra chemical manufacturing capacity created by Middle Eastern oil producers in the early 1980s. Finally, virtually all major U.S. chemical manufacturers have embarked on an extensive corporate restructuring program to mothball inefficient plants, trim the payroll and eliminate unrelated businesses. The restructuring touched off a flurry of friendly and hostile takeover attempts. GAF, which made an unsuccessful attempt in 1985 to acquire Union Carbide Corp <UK>, recently offered three billion dlrs for Borg Warner Corp <BOR>, a Chicago manufacturer of plastics and chemicals. Another industry powerhouse, W.R. Grace <GRA> has divested its retailing, restaurant and fertilizer businesses to raise cash for chemical acquisitions. But some experts worry that the chemical industry may be headed for trouble if companies continue turning their back on the manufacturing of staple petrochemical commodities, such as ethylene, in favor of more profitable specialty chemicals that are custom-designed for a small group of buyers. "Companies like DuPont <DD> and Monsanto Co <MTC> spent the past two or three years trying to get out of the commodity chemical business in reaction to how badly the market had deteriorated," Dosher said. "But I think they will eventually kill the margins on the profitable chemicals in the niche market." Some top chemical executives share the concern. "The challenge for our industry is to keep from getting carried away and repeating past mistakes," GAF's Heyman cautioned. "The shift from commodity chemicals may be ill-advised. Specialty businesses do not stay special long." Houston-based Cain Chemical, created this month by the Sterling investment banking group, believes it can generate 700 mln dlrs in annual sales by bucking the industry trend. Chairman Gordon Cain, who previously led a leveraged buyout of Dupont's Conoco Inc's chemical business, has spent 1.1 billion dlrs since January to buy seven petrochemical plants along the Texas Gulf Coast. The plants produce only basic commodity petrochemicals that are the building blocks of specialty products. "This kind of commodity chemical business will never be a glamorous, high-margin business," Cain said, adding that demand is expected to grow by about three pct annually. Garo Armen, an analyst with Dean Witter Reynolds, said chemical makers have also benefitted by increasing demand for plastics as prices become more competitive with aluminum, wood and steel products. Armen estimated the upturn in the chemical business could last as long as four or five years, provided the U.S. economy continues its modest rate of growth. Reuter 

FEDERAL PAPER BOARD <FBO> IN MARKETING DEAL

Federal Paper Board Co Inc said it has named Ozaki Trading Co Ltd of Osaka to represent it it Japan on the sale of bleached paperboard. Federal said it plans to open its own Japanese office in the near future. Reuter 

FIDATA CORP <FID> 4TH QTR LOSS

Shr loss two cts vs profit 38 cts Net loss 90,000 vs profit 1,685,000 Revs 1,826,000 vs 29.3 mln Year Shr profit 3.37 dlrs vs profit 46 cts Net profit 15.0 mln vs profit 2,047,000 Revs 26.2 mln vs 123.6 mln NOTE: Net includes pretax securities sale gain 10,000 dlrs vs loss 1,000 dlrs in quarter and gain 486,000 dlrs vs loss 112,000 dlrs in year. Net includes pretax gains on sale of businesses of nil vs 4,656,000 dlrs in quarter and 26.0 mln dlrs vs 4,656,000 dlrs in year. Net includes pretax losses on disposition of product line of nil vs 3,150,000 dlrs in quarter and 3,300,000 dlrs vs 3,150,000 dlrs in year. Quarter net includes tax credits of 102,000 dlrs vs 736,000 dlrs. Net includes reversal of tax loss carryforwards of 259,000 dlrs vs 264,000 dlrs in quarter and tax loss carryforwards of 8,635,000 dlrs vs 579,000 dlrs in year. Reuter 

CMS <ACMS> UNVEILS FIRST IBM SYSTEM/2 ADD ONS

CMS Enhancements Inc said it has introduced the first add-on mass storage products for the new International Business Machines Corp <IBM> IBM Personal System/2 Model 30 personal computers. CMS said the products are available immediately and include hard disk drives, tape backup subsystems and a hard disk drive on an expansion card. It added it plans to introduce more products for higher- end models of the IBM personal computers within the next two months. Prices for the new products range from 795 dlrs for a tape backup subsystem, to 5,695 dlrs for a mass storage subsystem. Reuter 

MARBLE FINANCIAL CORP <MRBL> 1ST QTR NET

Oper shr 26 cts vs not given Oper net 866,000 vs 480,000 NOTE: 1987 net excludes 157,000 dlr gain from termination of pension plan. Company went public in August 1986. Reuter 

NANTUCKET <NAN> NAMES NEW HEAD FOR UNIT

Nantucket Industries Inc said James Adams has been named president of its hosiery division, replacing John Wineapple, and Terry Hampton has been named vice president of manufacturing for the division, replacing Howard Fromkin. No reason was given for the changes. Reuter 

DOMINION TEXTILE CALLS REPORT OF BID FOR BURLINGTON RUMOR

RAYTHEON CO 1ST QTR SHR 1.37 DLRS VS 1.19 DLRS

FREEPORT <FTX> TO ACCRUE INTANGIBLE COSTS

Freeport-McMoRan Inc said it has decided to begin accruing a portion of its estimate of the intanmgible drilling and development cost recapture amount as a cost in determining payments to be made to Freeport-McMoRan Oil and Gas Royalty Trust <PMR> unitholders. Freeport said this is expected to reduce monthly payments by about two cts per unit starting with the distribution payable July 10 to holders of record May 29. Reuter 

ATT <T> DEVELOPS SUPERCONDUCTING WIRE

American Telephone and Telegraph Co said it has developed superconducting wires that can easily be formed into coils. It said when cooled to 91 degrees Kelvin, or 296 degrees below zero Fahrenheit, the wires conduct electricity without resistance. ATT said the wires are made of a barium-yttrium-copper oxide compound. It said while many engineering details remain to be worked out, "The ability to draw the material into fine wire and to wind the wire into coils and other forms is key for many superconductor applications now being considered." Reuter 

JAL BOEING CRASH CAUSED BY FAULTY REPAIRS-REPORT

Faulty repair work by The Boeing Company <BA.N> was a contributary cause to a Japan Air Lines Co Ltd <JAPN.Y> 747 crash on August 12, 1985, that killed 520 people, the final draft of a Ministry of Transport report says. There were only four survivors when the aircraft crashed into a mountain north of Tokyo. The report said inadequate inspection of the aircraft by Japanese inspectors after the repairs was another factor in the crash. The crew were cleared of any responsibility for the disaster. The report, which was sent on March 23 to the U.S. National Transportation Safety Board for comment, should be released in late May. Under an international convention the draft must be submitted for final comments to the relevant authorities. Boeing spokesmen were unavailable for comment. On April 4, a Boeing spokesman at the firm's headquarters said the company would probably make no comment on the Japanese investigation team's report until it was officially released. On September 6, 1985, Boeing said in a statement that the 1978 repairs it had undertaken were faulty. This statement did not, however, connect the faulty repairs with the cause of the crash. Reuter 

FLEET FINANCIAL GROUP 1ST QTR SHR 73 CTS VS 60 CTS

MCI <MCIC> ENTERS JOINT MARKETING AGREEMENT

<Shared Network Technologies Inc> said it entered into a cooperative marketing agreement with MCI Communications Corp involving services designed specifically for the university market. Under the agreement, the companies will jointly promote and support TelNet Plus, a combination of MCI's PRISM family of services, and TelNet, Shared Network's telephone billing and network management services, the company said. TelNet Plus keeps track of all calls made through a university's telephone system, rates the calls and produces monthly invoices for each student or departmental account, Shared Network said. The system also offers a variety of reportes, which aid college telecommunications directors in controlling and managing their telephone systems, it added. Reuter 

REYNOLDS <REYNA> FILES COUNTER SUIT

Reynolds and Reynolds said that it filed a coutersuit in the U.S. District Court in Detroit against Advanced Voice Technologies and that it denied all allegations in Advanced's March lawsuit against Reynolds. As previously reported, Advanced's suit charges Reynolds with pirating a computer-based voice messaging system for auto dealer departments using confidential information it received while test marketing the system for Advanced. In the countersuit, Reynolds claimed that Advanced used its proprietary inofrmation contrary to an agreement between the companies. Reynolds also said Advanced interfered with its plans to enter the market and compete with Advanced through a public relations campaign and other activities. Reynolds said its suit asked the court for injunctive and monetary relief based on Advanced's activities. Reuter 

DIEBOLD INC <DBD> DECLARES DIVIDEND

Qtly div 30 cts vs 30 cts prior Pay June 8 Record May 18 Reuter 

INDEPENDENT BANK CORP <IBCP> REGULAR DIVIDEND

Qtly div 10 cts vs 10 cts previously Pay April 20 Record April 10 Reuter 

RAYTHEON CO <RTN> 1ST QTR NET

Shr 1.37 dlrs vs 1.19 dlrs Net 101.8 mln vs 92.3 mln Revs 1.750 billion vs 1.725 billion Avg shrs 74.2 mln vs 77.8 mln Reuter 

LICENCE OF AUSTRALIAN FUTURES TRADER SUSPENDED

The Victorian Corporate Affairs Commission, CAC, said it had suspended the futures trading licence of G H Shintoh (Australia) Ltd after a receiver was appointed to the company's South Australian branch. The one month suspension followed consultation with the Sydney Futures Exchange, SFE, which was liaising with Shintoh concerning the open positions of its clients, the CAC said. The South Australian CAC had applied for the appointment of a receiver and manager over the Adelaide office of Shintoh, an associate member of the SFE, the CAC said. Shintoh's is the first licence suspended under a Futures Industry Code introduced by Australian states from July 1, 1986, SFE chief executive Les Hosking told Reuters. Asiavest Pty Ltd, a commodities futures trader associated with Shintoh and incorporated in Queensland, was placed in receivership earlier this year, he said. Reuter 

SHOPSMITH <SHOP> REMOVES PRESIDENT

Shopsmith Inc said its board has released Joseph DiGaicomo Jr. as president, but he will remain on the board. The company said the post of president will not be filled at present. "With very disappointing sales results during the quarter just ended, adjustments are appropriate," the company quoted chairman John R. Folkerth as saying. Reuter 

WALTHAM SAVINGS BANK <WLBK> INITIAL DIVIDEND

Qtly div eight cts vs N.A. Payable May 11 Record April 24 Reuter 

EASTMAN KODAK ISSUES AUSTRALIA DOLLAR BOND

Eastman Kodak Co is issuing a 200 mln Australian dlr zero-coupon bond due May 12, 1992 and priced at 54-3/8 for an effecitve yield of 13.52 pct, said Merrill Lynch Capital Markets as lead manager. The securities, which are available in denominations of 1,000 and 10,000 dlrs, will be listed on the Luxembourg Stock Exchange. Eastman Kodak's outstanding issues are rated AAA/AA. There is a 7/8 pct selling concession and 1/2 pct combined management and underwriting fee. Payment is due May 12, 1987. REUTER 

TEXACO <TX> RECOMMENDED BY FIRST BOSTON

First Boston Corp analyst William Randol recommended the purchase of Texaco Inc today, saying "the discount that investors have made in the share price to reflect the ongoing litigation with Pennzoil has been overdone relative to how we expect the case to conclude." Texaco's stock rose 1/8 to 34-1/8. On Monday, the stock tumbled four points after the Supreme Court overturned a lower court decision that cut Texaco's bond in the 10.3 billion dlr legal dispute with Pennzoil Co <PZL> to one billion dlrs. Yesterday, a Texas court granted a temporary injunction on the bond issue pending a hearing next week. The current litigation arose from Texaco's buyout of Getty Oil Co in 1984. Pennzoil sued, arguing its earlier agreement to buy Getty was binding. Two Texas state courts upheld Pennzoil's position. Randol, noting that the stock has suffered a great deal in the two years since the litigation was filed, said "we recognize the legal problems but think investors have overdone it." He said "the stock is selling at 48 pct of its asset value, and we think it represents a good value at this level." Reuter 

PHILIPS SEES HIGHER FIRST QUARTER TURNOVER

NV Philips Gloielampenfabrieken <PGLO.AS> expects volume turnover to show "a satisfactory increase" in the first 1987 quarter, chairman Cor van der Klugt told the annual shareholders meeting. But an average dollar rate of only 2.07 guilders against the 2.69 guilders in the first quarter of 1986 would take turnover for January to March this year in guilder terms to less than the 13.06 billion guilders posted in the comparable 1986 period. He said all the first quarter figures were not yet available and would be released on April 29. Reuter 

DATA I/O <DAIO> HAS SOFTWARE FOR MOSAIC SYSTEMS

Data I/O Corp said it unveiled a software package that helps engineers design complex integrated circuits that fit on circuit boards built by <Mosaic Systems Inc>. It said the Mosaic boards allow engineers to develop the circuits at one-tenth their present size. The software will be marketed in conjuction with the circuit boards, the company said. Reuter 

PHOTOGRAPHIC SCIENCES <PSXX> FORMS NEW UNIT

Photographic Sciences Corp said it has formed a new Metrology Division for the production and marketing of surface profiler measurement equipment. It said the equipment, a new market area, should add significantly to company revenues in the next few years. Reuter 

MERCK <MRK> COMBINATION HEART DRUG AVAILABLE

Merck and Co Inc said a combination heart drug is available by prescription in the U.S. The drug is Vaseretic, a once-a-day medication combining an angiotensin converting enzyme inhibitor (ACE) and a diuretic to treat high blood pressure. The inhibitor is a new class of antihypertensive drugs. Last year Merck introduced Vasotec, an ACE inhibitor. The new drug combined Vasotec and HydroDiuril, a frequently prescribed diuretic. Reuter 

U.K. SEEKS MORE GLOBAL SECURITIES CO-OPERATION

Britain intends to negotiate further agreements on international securities regulation to match those now in force with the U.S. And Japan, government sources said. The Department of Trade and Industry said earlier it had concluded a memorandum of understanding with Japan's Finance Ministry to swap supervisory and investigatory information. The agreement covers stocks, shares and government bonds, but not commodity futures, whose regulation in Japan does not come under the Finance Ministry. It therefore does not cover some transactions on the London International Financial Futures Exchange and the London commodities and metal exchanges. The DTI said it hoped to seek further understandings with other countries which met in the U.K. Last December. The meeting involved delegates from the U.K., Switzerland, the U.S., Canada, Australia, Hong Kong, Japan, France, West Germany and Holland. Government sources said the deal with Japan completes arrangements linking Tokyo, the U.S. And London. A U.K. Agreement with the U.S. Securities and Exchange Commission (SEC) was signed last September. Today's agreement will deal with requests for information on a "case by case" basis, U.K. Government sources said. It is not legally binding and comes into force immediately. REUTER 

FLEET FINANCIAL GROUP <FLT> 1ST QTR NET

Shr primary 73 cts vs 60 cts Shr diluted 70 cts vs 58 cts Net 38,528,000 vs 31,680,000 Avg shares 52,087,634 vs 51,294,652 NOTE: Qtr net interest income is 130.7 mln dlrs vs 114.8 mln dlrs. Earnings per share reflects two-for-one common stock split on March 15. Reuter 

DOMINION CALLS BURLINGTON <BUR> REPORT RUMOR

<Dominion Textile Inc> considers a published report that it has bought a stake in Burlington Industries Inc and is considering making a joint bid for the company to be a rumor, a company spokesman said. "As far as I am concerned and the company is concerned, they are rumors and we're not commenting on rumors," spokesman Michel Dufour told Reuters in response to a query. "All the information that has been given out publicly is that, yes, Dominion Textile is interested in making an acquisition that big...probably based on that people are starting all sorts of rumors," he said. Dufour said yes when asked whether the report was only a rumor, but said the company was not prepared to comment further. Dominion Textile president and chairman Thomas Bell was out of town and unavailable for comment. Dominion Textile last year made an unsuccesful 104-mln- U.S.-dlr bid for Avondale Mills and has maintained a 120-mln- U.S.-dlr line of credit to be used for an American acquisition. Dufour said the company has been negotiating with "many" U.S. textile companies but would not say whether Burlington Industries was one of them. Burlington's stock rose sharply this morning on the report, which said Dominion Textile had joined with U.S. investor Asher Edelman to buy a stake in the company and to consider making a takeover offer. Dominion Textile, which reported operating profit of 11.1 mln Canadian dlrs last year on sales of 926.5 mln dlrs, has repeatedly said it will concentrate on expanding into the U.S. The company has said it plans to diversify into new product and market areas in addition to expanding its textile operations. Reuter 

FED SETS OVERNIGHT SYSTEM REPURCHASES, FED SAYS

RAYTHEON <RTN> NET RISES ON OPERATIONS

Raytheon said a 10 pct rise in its first quarter net to 101.8 mln dlrs reflected improved operations and a lower effective tax rate. The company said revenue gains in electronics, major appliances and other lines were offset by decreases in energy services and aircraft products. Revenues in the quarter rose 1.4 pct to 1.75 billion dlrs, it said. The company said backlog stood at 7.520 billion dlrs, down from 7.912 billion dlrs a year earlier. It said a five year 3.55 billion dlr U.S. defense contract was awarded shortly after the close of the first quarter. Reuter 

GENERAL INSTRUMENT CORP <GRL> 4TH QTR LOSS

Ended Feb 28 Shr loss 2.80 dlrs vs profit 17 cts Net loss 90.5 mln vs profit 5,271,000 Revs 240.9 mln vs 159.4 mln Year Shr loss 2.49 dlrs vs loss 2.07 dlrs Net loss 80.4 mln vs loss 66.5 mln Revs 787.9 mln vs 612.4 mln NOTE: Includes loss of 89.6 mln dlrs vs loss 14.5 mln dlrs in year and loss of 91.6 mln dlrs in current qtr from discontinued operations. 1986 qtr includes pretax gain of five mln dlrs from settlement of litigation and tax gain of 5.1 mln dlrs from change in estimated effective tax rate. Reuter 

COCOA EXPORTERS EXPECTED TO LIMIT SALES

Major cocoa exporters are likely to limit sales in the weeks ahead in an effort to boost world prices, sources close to a meeting of the Cocoa Producers Alliance (CPA) said. The sources said the depressed world market had been one of the main topics discussed in a closed door meeting of the 11-member CPA which began on Monday. They said producers agreed that cutting sales would aid the buffer stock manager of a new international cocoa pact in his effort to support prices. Major cocoa producing and consuming nations agreed operation rules for the buffer stock at a meeting in London last month and the stock manager is expected to enter the market soon. Prices, under the weight of three successive cocoa surpluses, recently fell to the level at which the manager has to buy cocoa under stock rules. The buffer stock aims to keep prices within a pre-set range by buying when prices fall and selling when they rise. "The world's cocoa price at present is just not interesting," commented one delegate representing a major CPA producer. Another source said that with much of the 1986/87 (October-September) world cocoa crop sold, limiting sales in the near term concerns essentially next year's harvest. The sources noted, however, that the cocoa industry in Brazil, the world's number two producer, is in private hands. This means limiting sales is more difficult than in major West African producers, where sales are made or authorized by commodity marketing boards. The CPA includes the world's top three producers, Ivory Coast, Brazil and Ghana, and accounts for 80 pct of all output. The meeting here is due to end tomorrow evening. Reuter 

FED ADDS RESERVES VIA OVERNIGHT REPURCHASES

The Federal Reserve entered the U.S. Government securities market to arrange overnight System repurchase agreements, a Fed spokesman said. Dealers said that Federal funds were trading at 6-3/8 pct when the Fed began its temporary and direct supply of reserves to the banking system. Reuter 

HONDURAS SEEKING PL-480 BULK WHEAT APRIL 13

Honduras will tender April 13 under Public Law 480 for approximately 52,500 tonnes of various wheats in bulk, an agent for the country said. The agent said Honduras is seeking U.S. no. 2 or better northern spring/DNS, with 14 pct protein minimum and 13 pct moisture maximum, and U.S. no. 2 or better hard red winter, with 12 pct protein minimum and 13 pct moisture maximum. The agent said NS/DNS laydays include July 1-10 for 7,500-9,500 tonnes, Aug 1-10 for 8,000-10,000 tonnes, and Sept 15-25 for 12,500-14,500 tonnes. HRW laydays include June 20-30 on 5,000-7,000 tonnes, July 15-25 for 6,500-8,500 tonnes, and September 15-25 for 7,000-9,000 tonnes. Offers are due by 1550 hrs EDT, April 13, and will remain valid until 1000 hrs EDT, April 14, the agent said. Reuter 

PAN AM <PN> BEGINS HIRING PILOTS

Pan Am Corp's Pan Am World Airways said it began hiring pilots and flight engineers for the first time in 19 years. The need for about 130 to 150 new pilots has been created by the Pan AM shuttle, it said. Processing of applicants began March 30 and the first class of new-hire pilots will begin training on APril 15. Pan Am said it also completed the recall of more than 250 pilots. Most of the new hires will begin as flight engineers, but as many as 50 will move directly into the first officer position, it said. Reuter 

THERMWOOD <THM> EXTENDS DATE ON WARRANTS

Thermwood Corp said it is extending the expiration date of its 620,000 common stock warrants through Dec 31, 1987. It said the warrants to purchase one share of common stock, which have an exercise price of 3.00 dlrs, were to expire April 11. The company noted that its stock price has more than doubled since late last year and "is now much closer to the exercise price of the warrants." Thermwood is trading at 1-7/8, off 1/8. Reuter 

AMERIBANC <ABNK> SELLS CONVERTIBLE CAPITAL NOTES

Ameribanc Inc is raising 15 mln dlrs through an offering of convertible subordinated capital notes due 1995 with an eight pct coupon and par pricing, said lead manager Stifel, Nicolaus and Co Inc. The debentures are convertible into the company's common stock at 18.75 dlrs per share, representing a premium of 27.1 pct over the stock price when terms on the debt were set. The issue is non-callable for two years. It was not rated by Moody's Investors or Standard and Poor's at the time of the pricing, Stifel said. Burns, Pauli and Co Inc co-managed the deal. Reuter