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U.S. TAX INCREASE PROPOSED ON BEER AND WINE

Rep. Anthony Beilenson, D-Cal, said he introduced legislation to triple the federal excise taxes on beer and on two types of wine which have the least alcohol. His bill would raise the tax on beer from nine dlrs to 27 dlrs per 31-gallon barrel, an increase of about 32 cents per six pack. The tax on the two types of wine would go from 17 cents to 51 cents per gallon and from 67 cents to 2.01 dlrs per gallon respectively, he said in a statement. "Raising the tax rates on beer and wine is an entirely justifiable means of reducing the deficit. It would also modestly discourage excessive drinking," Beilenson said. Reuter 

MEDITRUST <MTRUS> RAISES QUARTERLY

Qtly div 43 cts vs 38 cts prior Pay May 15 Record April 30 Reuter 

MONSANTO <MTC> UNIT SEES OPERATING LOSS IN 1987

Monsanto Corp's G.D. Searle and Co unit said it will report an operating loss for 1987, mainly due to expenses for research and development. Searle chairman Sheldon Gilgore said Searle's operating loss in 1987 will be less than the 87 mln dlr operating loss in 1986. He said Searle's first quarter sales will be up 21.8 pct to 179 mln dlrs from 147 mln dlrs in the year ago quarter. In 1986 Searle's sales were 665 mln dlrs. Gilgore said the company intends to have sales of three billion dlrs by the mid-1990s. He said the company anticipates approval in Japan, the U.S., Italy, Spain and the U.K. for its ulcer treatment drug Cytotech. He also said that in a paper not yet published the drug was shown to prevent a flare-up of ulcers for a longer period of time than Tagamet, made by SmithKline Beckman Corp <SKB>. Other drugs in Searle's pipeline include tissue plasminogen activator (TPA), made by a different process than Genentech's <GENE> TPA, expected to be approved for marketing this year. Reuter 

STATUS GAME CORP <STGM> 3RD QTR FEB 28 NET

Oper shr six cts vs one ct Oper net 194,109 vs 28,751 Revs 2,731,688 vs 347,134 Avg shrs 3,360,527 vs 2,295,359 Nine mths Oper shr 11 cts vs five cts Oper net 356,571 vs 111,545 Revs 5,923,907 vs 1,491,852 Avg shrs 3,296,982 vs 2,289,762 NOTE: Share adjusted for 10 pct stock dividend in December 1986. Prior year net excludes tax credits of 5,775 dlrs in quarter and 17,325 dlrs in nine mths. Net excludes discontinued amusement game operations gains 144,095 dlrs vs 70,194 dlrs in quarter and loss 2,952,814 dlrs vs gain 196,872 dlrs in nine mths. Reuter 

INT'L SURGICAL <SURG> TO OFFER TEST

International Surgical and Pharmaceutical Corp said it will offer diagnostic testing services to hospitals, clinics and private medical practices in the metropolitan New York area. The company said it has leased a vascular diagnostic testing mobile unit to conduct a test for early indicators of potential stroke. Medicare/Medicaid and other insurance programs have approved the test and are paying up to 500 dlrs for the diagnostic procedures, it said. Reuter 

EUROPEAN AIRLINES REPORT RECORD PASSENGER RESULTS

European airlines, hit by a drop in business across the North Atlantic for much of last year, today reported record passenger traffic for February. The 21-member Association of European Airlines said passenger traffic in February was 11 pct higher than a year earlier, allowing carriers to fill just under 60 pct of seat capacity, the highest ever recorded in the month. On the North Atlantic route, where 1986 business suffered because American visitors were deterred by the falling dollar, fears of terrorism and the Chernobyl nuclear accident, passenger traffic was up 15.5 pct. Improvements were also registered on South and Mid-Atlantic, European, Asian and Middle East routes. "If the momentum is maintained AEA airlines can anticipate sustained growth this summer -- in marked contrast to last year," Henderson said in a statement. Reuter 

UNIVERSAL FOODS CORP <UFC> VOTES DIVIDEND

Qtly div 20 cts vs 20 cts prior qtr Pay 6 May Record 21 April Reuter 

BETZ LABORATORIES INC <BETZ> SETS QUARTERLY

Qtly div 35 cts vs 35 cts prior Pay May 14 Record April 30 Reuter 

NORTHWESTERN NATIONAL LIFE <NWNL> UPS PAYOUT

Qtly div 24 cts vs 21-1/2 cts prior Pay May 15 Record April 24 NOTE: Northwestern National Life Insurance Co. Reuter 

GRAIN SHIPS WAITING AT NEW ORLEANS

Ten grain ships were loading and 14 were waiting to load at New Orleans elevators, trade sources said. ELEVATOR LOADING WAITING Continental Grain, Westwego 1 6 Mississippi River, Myrtle Grove 1 0 ADM Growmark 1 4 Bunge Grain, Destrehan 1 0 ELEVATOR LOADING WAITING ST CHARLES DESTREHAN 1 1 RESERVE ELEVATOR CORP 1 0 PEAVEY CO, ST ELMO 1 0 CARGILL GRAIN, TERRE HAUTE 2 1 CARGILL GRAIN, PORT ALLEN 0 0 ZEN-NOH 1 2 reuter 

CENTEL <CNT> SELLS DEBENTURES AT 9.233 PCT

Centel Corp is raising 50 mln dlrs through an offering of debentures due 2017 yielding 9.233 pct, said lead manager Smith Barney, Harris Upham and Co Inc. The debentures have a 9-1/8 pct coupon and were priced at 98.90 to yield 117 basis points over comparable Treasury securities. Non-callable for five years, the issue is rated A-3 by Moody's Investors Service Inc and A by Standard and Poor's Corp. E.F. Hutton and Co Inc and UBS Securities Inc co-managed the deal. Reuter 

AMES DEPARTMENT STORE <ADD> MARCH SALES UP

Ames Department Stores Inc said sales for the five weeks ended April Four were up 8.2 pct to 164.0 mln dlrs from 151.6 mln dlrs a year earlier, with same-store sales up 6.5 pct. The company said for the first nine weeks of its fiscal year, sales were up 16.3 pct to 277.6 mln dlrs from 238.7 mln dlrs a year before, with same-store sales up 14.5 pct. Reuter 

FOOTHILL <FGI>, SIERRITA IN STANDSTILL ACCORD

Foothill Group Inc said it reached a standstill agreement with Santa Cruz Resources Inc and its parent, Sierrita Resources Inc, that bars the companies from acquiring more than a 30 pct interest in Foothill, except through a business combination approved by Foothill's board. The company also said Santa Cruz has advised it that it owns 24.7 pct of Foothill's outstanding common stock. In addition, Santa Cruz and Sierrita have agreed to vote their shares in accordance with instructions from the Foothill board in connection with certain business combinations and certain anti-takeover matters, Foothill said. Foothill said the arrangement also bars Santa Cruz and Sierrita fron tendering any Foothill securities owned by them into any tender offer unless certain unspecified conditions are met. Reuter 

SHOE-TOWN <SHU> MARCH SALES RISE 19 PCT

Shoe-Town Inc said sales for the five weeks ended April four, 1987 rose 19 pct to 16.8 mln dlrs from 14.1 mln dlrs a year ago. It said year-to-date rose 19.4 pct to 36.3 mln dlrs from 30.4 mln dlrs a year ago. Reuter 

FIRST FEDERAL OF MICHIGAN <FFOM> 1ST QTR NET

Shr 3.33 dlrs vs 3.39 dlrs Net 37,069,000 vs 36,902,000 Avg shrs 10.95 mln vs 10.05 mln Reuter 

WASTE RECOVERY <WRII> IN DEAL WITH BLUE CIRCLE

Waste Recovery Inc said it has received an exclusive license to use <Blue Circle Industries PLC's> refuse-derived fuel technology in the U.S. The company said it plans to modify a 750 short ton per day resource recovery plant in Miami to use the technology and will sell refuse-derived fuel from the Miami plant to Lone Star Industries Inc's <LCE> Hialeah, Fla., cement plant, to take the place of about 20 pct of the Hialeah plant's coal usage. Waste Recovery said initial demonstration trials are scheduled for the fourth quarter. Waste Recovery said it also plans to build two new scrap tire processing plants to produce tire-derived fuel in Atlanta and in the Philadelphia area. It said Goodyear Tire and Rubber Co <GT>, its main shareholder, has agreed to supply Waste Recovery with scrap tires for raw materials for fuel. It said tire-derived fuel trials by major cement and paper companies in the Southeast are scheduled for the second and third quarters of 1987, with fuel for the trials to come from its Houston plant. Reuter 

COLONIAL BANCGROUP <CLBGA> MAKES ACQUISITION

Colonial BancGroup said it has signed letter of intent to acquire Community Bank and Trust of Hartselle, Ala., with assets of 26 mln dlrs, for undisclosed terms, subject to approval by regulatory authorities and Community Bank shareholders. Completion is expected within the next year, it said. Reuter 

U.S. TO PUSH STRONG SUMMIT AGRICULTURE STATEMENT

The United States will push for a strong statement from Western heads-of-state at the June economic summit in Venice, urging "comprehensive" negotiations on agriculture begin immediately to reduce domestic farm subsidies, the senior U.S. planner for the summit said. "Agriculture has really become the number one international economic problem," Allen Wallis, undersecretary of state for economic affairs, told Reuters in an interview. At the Tokyo economic summit last year, western leaders identified agriculture as a major international problem but made no specific recommendations. This year, Wallis said the U.S. will press for a statement instructing trade ministers to begin negotiating on the issue, and include domestic programs. While the Western leaders, including president Reagan, will not conduct specific negotiations, Wallis said they can give a push to the agriculture talks under the General Agreement on Tariffs and Trade (GATT). Wallis said the leaders should endorse a "comprehensive" negotiation, which is interpreted as including domestic policies as well as import restraints and export subsidies. Reuter 

FAB INDUSTRIES INC <FIT> 1ST QTR FEB 28 NET

Shr 69 cts vs 67 cts Net 2,488,000 vs 2,435,000 Revs 27.6 mln vs 26.5 mln Reuter 

EC COMMISSION AUTHORISED TO BUY MAIZE IN JUNE

The European Commission was authorised to buy up to one mln tonnes of maize into intervention stores in the second half of June, although sales into intervention normally end on April 30, Commission sources said. They said approval was given by the EC's Cereals Management Committee because of the possible disturbance of the market due to heavy imports of maize under the agreement between the EC and the United States. The agreement guarantees access to the Spanish market for two mln tonnes of non-EC maize a year for the next four years. The sources said the intervention price for the maize would be 201.49 Ecus a tonne. They said at this price it seemed unlikely that the full They added the decision is also designed to prevent massive offers of maize for intervention just ahead of the normal April 30 deadline, which could be caused by speculation about the implementation of the accord with the United States. Reuter 

JAPAN BUYS 5,000 TONNES CANADIAN RAPESEED

Japan bought 5,000 tonnes Canadian rapeseed overnight at an undisclosed price for May shipment, trade sources said. Reuter 

CORROON/BLACK <CBL> SAYS UNIT IN LLOYD'S FUND

Corroon and Black Corp said <Minet Holdings PLC>, of which it owns 25 pct, agreed to participate in a 103 mln stg fund set up by Lloyd's of London to cover part of the claims faced by PCW underwriting agencies. The company said Minet and several other companies were involved in the syndicate, which faces 235 mln stg in claims due to fraud and mismanagement. The fund was proposed by Lloyd's to cover a portion of the claims in return for a contribution of 34 mln stg from PCW members. The offer is subject to acceptance by 90 pct of the PCW members by May 30. Lloyd's 103 mln stg offer, including 48 mln stg from Lloyd's and 55 mln stg from brokers, is designed to cover the reinsurance costs on the 235 mln stg of net liabilities. Minet was unable to disclose the amount of its proposed contribution to the fund, Caroon and Black said. However, Minet was confident that the losses could be funded from existing cash resources. Under the terms proposed, Lloyd's would take over all members' future obligations connected with PCW, and members would agree not to pursue the matter in court. Reuter 

NORTHERN TRUST CORP <NTRS> 1ST QTR NET

Shr 87 cts vs 73 cts Net 14.7 mln vs 11.7 mln Assets 8.38 billion vs 7.43 billion Loans 3.91 billion vs 3.40 billion Deposits 5.60 billion vs 5.08 billion Reuter 

RIO TINTO SEES MODEST INCREASE IN METALS DEMAND

The consumption of some base metals, along with dollar prices, are showing signs of modest improvement, according to Rio Tinto-Zinc Corp Plc (RTZ). However, the company said, iron ore markets have weakened. RTZ commodity specialist Philip Crowson told reporters he thought base metals industry forecasts for 1987 were erring on the side of caution, whereas forecasts for the last several years had proven over-optimistic. RTZ said it expected to benefit from a rise in U.S. And industrial production in 1987. Earlier, RTZ reported 1986 net attributable profit of 245 mln stg against 257 mln in 1985. Reuter 

COLOMBIA JAN EXPORTS UP BUT COFFEE VALUES FALL

The value of colombian exports other than coffee rose 55 pct in january compared with the same period last year, apparently setting a trend for the trade balance in 1987, government statistics institute figures show. They amounted to 180.8 mln dlrs fob compared with 147.5 mln dlrs for coffee, a drop of 42 pct from last year. The trade balance registered a 35 mln dlr surplus, compared with a 56 mln dlr surplus in january 1986. The national planning department forecast that in 1987 coffee, colombia's traditional major export, will account for only one-third of total exports, or about 1.5 billion dlrs. Reuter 

LONDON GRAIN FREIGHTS

27,000 long tons USG/Taiwan 23.25 dlrs fio five days/1,500 1-10/5 Continental. Trade Banner - 30,000 long tons grain USG/Morocco 13.50 dlrs 5,000/5,000 end-April/early-May Comanav. Reference New York Grain Freights 1 of April 8, ship brokers say the vessel fixed by Cam from the Great Lakes to Algeria at 28 dlrs is reported to be the Vamand Wave. Reference New York Grain Freights 2 of April 8, they say the Cory Grain maize business from East London at 22 dlrs is to Japan and not to Spain as reported. Reuter 

LONDON SUGAR FREIGHTS

TBN 14,00 mt bulk sugar Fiji/Prai 16 dlrs fio 10,000/1,000 1-10/5 Fiji Sugar Marketing. TBN 15,000 mt bulk sugar Queensland/Japan 14.65 dlrs fio 10,000/1,000 20-30/4 CSR. ENQUIRIES - Antwerp/1-3 ports Greece 40,000 mt bagged sugar indications 750/750 in shipments of 10,000/15,000 tonnes spread from May to July a/c unnamed charterer. Inchon/India 12,600 mt bagged sugar 1,000/1,000 20/4-5/5 a/c Kaines. Reunion/1-2 ports Portugal 10,000 mt bulk sugar about 20 dlrs 2,000/750 1-10/5 a/c French charterer. Reuter 

LONDON GRAIN FREIGHT ENQUIRIES

Antwerp/Libya 5,500 mt bagged flour 14 daps 24-27/4. New Orleans/Guanta 9,387 mt bulk hss 3,000/13 days 25-4/5-5. Naantali/Saudi Red Sea 30,000/35,000 mt barley 4,000/3,000 20-30/4 or early May. Dunkirk/Xingang 12,000 mt bagged flour 1,500/1,700 13-20/4. Toledo/Seaforth 17,000 mt hss offers 18.50 dlrs four days/8,000 13-15/4. River Plate/Malaysia 20,000/22,000 long tons hss 2,000/2,000 Apr. Reuter 

HOME SAVINGS BANK <HMSB> 1ST QTR NET

Shr 51 cts vs not given Net 6,089,000 vs 7,310,000 NOTE: Company went public in November 1986. Net includes loan loss provisions of 75,000 dlrs vs 30,000 dlrs and gains on sale of securities of 756,000 dlrs vs 2,468,000 dlrs pretax. 1986 net includes tax credit 1,022,000 dlrs. 1987 net includes 2,400,000 dlr gain from tax credit resulting in reduction of goodwill. Reuter 

ISRAEL IN NINTH AIR RAID OVER LEBANON THIS YEAR

Israeli helicopter gunships attacked Palestinian guerrilla positions near Sidon in southern Lebanon today in the ninth air raid over Lebanon this year, the military spokesman said. "All our aircraft returned safely to base and the pilots reported accurate hits," he said. The aircraft returned ground fire, he said. The targets, three buildings on the outskirts of Ain el-Hilweh refugee camp, were command posts for planning guerrilla attacks, the military said. The army says Israel's air raids on its northern neighbour, averaging two a month, are aimed mostly at Palestinian guerrilla bases, weapons depots and launching posts for attacks against Israel. The last Israeli Air Force attack was on March 23. Reuter 

ROSS STORES <ROST> FIVE WEEK SALES UP FIVE PCT

Ross Stores Inc said its five-week sales for the period ended April 4 totaled 44 mln dlrs, up five pct from a year earlier. The company said for the two months ended April 4, sales totaled 85 mln dlrs, up nine pct from a year ago. Ross stores operates 121 retail stores. It closed 25 of its stores earlier this year. It said comparing sales to a year ago, not counting the 25 stores now closed, sales were up 22 pct in the five-week period and up 29 pct in the two month period. Reuter 

AMOSKEAG BANK SHARES INC <AMKG> 1ST QTR NET

Shr 70 cts vs 67 cts Net 6,416,000 vs 6,057,000 NOTE: Net includes pretax securities sales gains of 5,900,000 dlrs vs 5,900,000 dlrs. Reuter 

MSR EXPLORATION LTD <MSR> YEAR LOSS

Shr loss five cts vs profit 10 cts Net loss 381,391 vs profit 736,974 Revs 6,161,391 vs 9,241,882 NOTE: Canadian dollars. Proved oil reserves at year-end 3.3 mln barrels, up 39 pct from a year earlier, and natural gas reserves 4.7 billion cubic feet, off nine pct. Reuter 

SEARS <S> SALES REFLECT COMPETITIVE PRICING

Analysts who follow Sears, Roebuck and Co said the company's 4.2 pct sales gain in March by its Merchandise Group reflects more competitive pricing and continues a pattern of growth started in late 1986. Sears said sales for the five weeks ended April 4 rose to 2.62 billion dlrs from 2.51 billion dlrs a year earlier. Linda Kristiansen of Paine Webber Inc called the numbers "impressive," and said she looks for a full-year sales gain of five pct for the nation's largest retailer. reuter^M 

ISRAELI HELICOPTERS RAID SOUTH LEBANON - RADIO

Beirut radio stations said Israeli helicopter gunships raided south Lebanon and that one of the craft was downed. State owned Beirut Radio quoted witnesses as saying one helicopter was apparently shot down by heavy anti-aircraft fire as it attacked targets in the Ain al-Hilweh area east of the port of Sidon. The Sunni Moslem Voice of the Homeland radio said the helicopter was seen falling into the sea. There was no immediate independent confirmation of the reports. REUTER 

SOUTHMARK <SM> TO OFFER SPECIAL DIVIDEND

Southmark Corp said it will issue its shareholders a special dividend right to acquire 22 shares of American Realty Trust <ARB> for each 100 shares of Southmark they own. Each right entitles the holder to buy one share of beneficial interest of American Realty Trust at a price of 3.75 dlrs per share, Southmark said. Southmark said the offer's record date is May 1, with an ex-dividend date of April 27, adding that the it will issue the rights to shareholders on May 6 and the offer will expire on May 22. Southmark said it received the rights on April 6 as the holder of about 84 pct of American Realty Trust's outstanding shares. Holders of fewer than 455 Southmark shares who would receive rights to acquire fewer than 100 American Realty shares will be paid cash in lieu of the rights distribution, the company said. Southmark said it will compute the cash price paid based on the average closing market price of the rights on the American Stock Exchange for the first ten days the rights are traded, beginning April 6. In order to get the dividend for these rights a Southmark shareholder must own common stock on the ex-dividend date, April 27, the company said. After that, Southmark said its common stock will be traded on an ex-rights basis. Reuter 

EXPORTS OTHER THAN COFFEE RISE SHARPLY IN COLOMBIA

Colombian exports other than coffee rose 55 pct in January compared with the same period last year, figures from the government statistics institute show. Non-coffee exports amounted to 180.8 mln dlrs fob compared with 147.5 mln dlrs for coffee, a drop of 42 pct from last year. The trade balance registered a 35 mln dlr surplus, compared with a 56 mln dlr surplus in January 1986. The national planning department forecast that in 1987 coffee, Colombia's traditional major export, will account for only one third of total exports, or about 1.5 billion dlrs. REUTER 

U.S. TO PUSH STRONG SUMMIT AGRICULTURE STATEMENT

The United States will push for a strong statement from Western heads-of-state at the June economic summit in Venice, urging "comprehensive" negotiations on agriculture begin immediately to reduce domestic farm subsidies, the senior U.S. planner for the summit said. "Agriculture has really become the number one international economic problem," Allen Wallis, undersecretary of state for economic affairs, told Reuters in an interview. At the Tokyo economic summit last year, western leaders identified agriculture as a major international problem but made no specific recommendations. This year, Wallis said the U.S. will press for a statement instructing trade ministers to begin negotiating on the issue, and include domestic programs. While the Western leaders, including president Reagan, will not conduct specific negotiations, Wallis said they can give a push to the agriculture talks under the General Agreement on Tariffs and Trade (GATT). Wallis said the leaders should endorse a "comprehensive" negotiation, which is interpreted as including domestic policies as well as import restraints and export subsidies. "They (GATT talks) really have to deal with domestic policies, as well as trade arrangements," Wallis said. Trade Representative Clayton Yeutter has said a summit statement of support for agriculture talks is part of an overall U.S. strategy to build momentum for the GATT farm talks. Public statements in recent weeks by several members of the Reagan cabinet have stressed the agriculture issue. Yeutter and Agriculture Secretary Richard Lyng will repeatedly discuss agriculture during a visit to Japan starting next week. Yeutter said agriculture will also be on the agenda of the trade ministers "quadrilateral" talks among Japan, the European Community, the U.S. and Canada this month. And the ministerial meeting of the Paris-based Organization for Economic Cooperation and Development, OECD, in May will highlight the agriculture problem, Yeutter said. The OECD in May is expected to release a study of domestic farm subsidies which shows that Japan has the highest subsidies among industrial countries, but aid to farmers is also generous in the EC and United States. The controversial OECD study calculated a measure of farm subsidies called the Producer Subsidy Equivalent, PSE, which allows farm aid to be compared across countries. Some officials including British Agriculture Minister Michael Jopling, have said the PSE could be useful as a method of negotiating lower domestic farm subsidies worldwide. However, the State Department's Wallis said while the PSE can be useful in negotiations, it has shortcomings and "its not definitive." He and other U.S. officials said the Reagan administration has not yet reached a decision on a specific U.S. agriculture proposal to present to the GATT. "I would expect it (U.S. proposal) to be in the fall," after the series of international meetings, Wallis said. At preliminary meetings of the GATT agriculture committee, the United States has pushed for the so-called "freeze and rollback" approach. Subsidies would first be frozen at current levels, then rolled-back jointly in stages. However, the Reagan administration perplexed some trade analysts recently by reacting cooly to a plan by Australian prime minister Bob Hawke calling for a similar approach. Hawke unveiled a seven-point plan to freeze and subsequently reduce the gap between high farm price supports and world prices. Australia is leading a the so-called Cairns group of 13 coutries pressing for freer agriculture trade. "The proposals that the so-called Cairns group are coming up with seem to be focusing on short-run, quick fixes which is not what we think is what's called for here," Wallis said. Wallis and other said the U.S. wants a "long-range" solution to the agriculture problem. U.S. officials also have criticized the Australian proposal because they said it deals primarily with the difference between domestic prices and world levels in the EC and U.S., but fails to focus on the question of market access. At the same time the U.S. is rejecting the Australian "quick fix", Wallis said the U.S. will press at the summit for a declaration urging that agriculture talks be completed "expeditiously", or within two years. The unstated U.S. strategy, U.S. officials said, is to keep the pressure on the EC this year through the export enhancement program and lower value of the dollar, in the hope that a sweeping agriculture agreement is possible in 1988. Reuter 

TAFT BROADCASTING <TFB> COMPLETES STATION SALE

TVX Broadcast Group Inc <TVXG> said it has completed the previously-announced purchase of five Taft television stations. Last week, TVX said the sale, which was scheduled to close then, had been delayed. Taft said the purchase price was 240 mln dlrs, as previously announced. The price is subject to final adjustments, Taft said. Taft did not indicate the size of the gain, if any, it would post on the sale. It said the stations are WTAF-Philadelphia, WDCA-Washington, WCIX-Miami, KTXA-Dallas and KTXH-Houston. Reuter 

ISRAELI HELICOPTERS RAID SOUTH LEBANON - RADIO

Beirut radio stations said Israeli helicopter gunships raided south Lebanon and that one of the craft was downed. State owned Beirut Radio quoted witnesses as saying one helicopter was apparently shot down by heavy anti-aircraft fire as it attacked targets in the Ain al-Hilweh area east of the port of Sidon. The Sunni Moslem Voice of the Homeland radio said the helicopter was seen falling into the sea. There was no immediate independent confirmation of the reports. Reuter 

EC EXPERTS TO STUDY POSSIBLE ACTION AGAINST JAPAN

European Community trade experts will meet in Brussels tomorrow to discuss possible EC action against Japan over trade, British Prime Minister Margaret Thatcher said. She told Parliament the officials would examine ideas put forward by the U.K. Last weekend. "Trade matters and trade initiatives have to be taken by the Community," Thatcher said. She said the experts would focus "on more effective action against the dumping of components (by Japan), possible unbinding of tariffs on certain products (to allow each EC country to set their own tariffs) ... And measures which might be necessary to avoid diversion if the United States acts against Japan." REUTER 

U.S. MARCH RETAIL SALES CUT BY LATE EASTER

U.S. retailers' lackluster March sales were due to a late Easter, according to analysts who expect a recovery in April. "Sales look soft because of the Easter shift, but underlying business is better than the numbers indicate," said Bear Stearns analyst Monroe Greenstein. Analysts generally average the sales results of March and April to account for the variation of Easter's occurance. This year, Easter is being observed on April 19, which is three weeks later than last year. Analyst Edward Johnson of Johnson Redbook Associates said sales for March rose an unadjusted 2.5 to 3.0 pct, and a seasonally adjusted 5.5 pct to six pct, compared to an adjusted 5.7 pct last year. "The obvious question is whether these numbers indicate that the consumer activity is slowing, but it does not appear to be because liquidity and employment are rising," said analyst Jeff Edelman, analyst of Drexel Lambert and Burnham. Overall, analysts said first half sales are coming in according to expectations. Sales for all of 1987 are expected to rise about 5.5 pct to six pct, up a bit from 1986's rise. In March, sales of housewares, furniture and big ticket items were stronger than apparel sales, signaling to many analysts that apparel sales will be strong in April as the holiday nears. "Sales gains in home appliances and home fashions reflect a continuing strength in the housing market," said Edward Brennan, chairman of Sears Roebuck and Co <S> which reported an overall sales gain of 4.2 pct. Brennan said sales of women's sportswear were also excellent. "Sears' total apparel sales was up only modestly, but even a modest improvement in apparel is a very good accomplishment due to the fact that most people will buy apparel in April," said C.J. Lawrence analysts Harry Mortner. J.C. Penney Co Inc <JCP> and Dayton Hudson Corp <DH> were among the weaker performers with comparable stores sales declining 1.5 pct and 4.9 pct, respectively. Penney's store and catalog sales declined 1.3 pct overall and Dayton Hudson's overall sales rose 4.8 pct. Penney chairman William Howell said, "Sales continued strong for catalog operations and, geographically, ranged from very active in the east to weak in the economically depressed southwest." "Penney's been shifting away from leisure time activity wear to other apparel lines, which yield higher profit margins, but are currently hurting sales," said Greenstein of Bear Stearns. Hudson chairman Kenneth Mackes cited the late Easter for the decline. Edelman of Drexel said that "Hudson had a tougher comparison because it had an exceptionally good 1986." Most analysts agreed that promotions are slightly lower than last year. "Retailers are not planning for much - inventories are being kept lean, markdowns are lower than last year, but sales are coming through anyway," said CJ Analyst Harry Mortner. Mortner said he expects profits in the first quarter to be better than he had originally expected in the beginning of the year. Most retailers report their first quarter in the middle of May. MARCH RETAIL SALES FOR MAJOR U.S. RETAILERS STORE PCT 1987 1986 SEARS 4.2 2.6 BIL 2.5 BIL K MART 4.6 2.2 BIL 2.1 BIL JC PENNEY (1.3) 1.1 BIL 1.1 BIL WAL-MART 32 1.1 BIL 855 MLN FEDERATED 4.9 934 MLN 891 MLN MAY 3.5 885 MLN 855 MLN DAYTON 4.8 792 MLN 756 MLN WOOLWORTH 0.2 591 MLN 590 MLN ZAYRE 12.7 522 MLN 464 MLN Reuter 

LONDON EURODOLLAR BONDS CLOSE LOWER

Eurodollar bonds closed as much as a full point lower as the dollar fell to a post-war low against the yen and interest rates on U.S. Treasuries rose almost to eight pct. The dollar fell to 144.30 yen and recovered only slightly after foreign exchange traders in New York said the Federal Reserve intervened to buy dollars for yen. But despite the dollar's woes, Japan Development Bank, wholly owned by the Japanese government, raised 150 mln dlrs in a seven-year eurobond carrying an eight pct coupon. Lead manager for the issue, Bank of Tokyo, said the deal, at the time of pricing, was to yield 60 basis points over comparable maturity Treasuries. However, by the close of trading, that spread had narrowed to 55 and continued to slide in aftermarket activity. Dealers noted that the spread to Treasuries is wide for a newly-priced AAA-rated borrower like Japan Development Bank. For example, earlier this week, the World Bank raised U.S. Dlrs at only 25 basis points over Treasuries. Dealers said that because the borrower comes to market fairly infrequently -- the last time was about nine months ago, the spread appears wide. But officials at Bank of Tokyo said the spread is intended to compensate for the lack of liquidity and for the uncertainty currently associated with owning dollar securities. The officials said the borrower opted to raise funds in dollars, despite the currency's weakness, because it is the only market deep enough to accommodate an issue of that size. Japan Development Bank is not allowed to raise euroyen. Market sources said the deal is likely to be swapped into yen as the borrowers previous issues were. Late in the day, the deal was trading just inside its fees at less 1.75 less 1.55. Also issued today was a 40 mln dlr five-year offering from Toshiba International Finance (Netherlands) carrying a 7-3/8 pct coupon and priced at 101-1/2. Three equity linked dollar denominated deals were offered, the largest of which was a 200 mln dlr offering by Sekisui Chemical Co and guaranteed by Sanwa Bank Ltd. The issue has equity warrants attached and late in the day it was quoted on brokers' screens at 106-1/2, bid only. The Australian dollar market continued active, with Canadian Imperial Bank of Commerce offering a bond of 125 mln five-year with a zero coupon priced at 54. Late in the day, the deal was quoted at less 1-1/4 bid. A similar deal yesterday by Toronto Dominion, priced slightly higher at 54.37 pct for an effective yield of 13.52 pct, was quoted slightly lower at less 1.37 less 1.25 pct. Dealers said that investors are apparently willing to accept zero-coupon bonds yielding 50 to 100 basis points less than annual-pay bonds because their are tax benefits for retail buyers. Also, the bonds are more volatile and if interest rates fall in Australia as many analysts expect, the potential for capital gains is greater with a zero-coupon. The bonds are also better for those who expect the australian dlr to appreciate. Dealers said that the Australia dlr zero coupon bonds are apparently being placed with retail accounts on the European continent with very little placement being done in Japan. Euroyen issues sank slightly in line with prices on domestic Japanese bond markets but recovered in late trade as the yen soared. After the markets closed, the dollar fell to 144 yen. The European Investment Bank (EIB) issued a 40 mln euroyen issue paying 4-5/8 pct over seven years. This is the second seven-year yen issue in two days -- a sector of the yield curve in Japan that dealers feel has not yet become overpriced. REUTER 

WORLD BANK TO SEND ECONOMIC MISSION TO BRAZIL

World Bank President Barber Conable said his agency plans to send a mission to Brazil next week to explore economic conditions. Speaking to reporters at the International Monetary Fund and World Bank annual meeting, Conable said that he felt positive and optimistic that something between Brazil and its creditors will be worked out. Conable met last night with Brazilian officials and told reporters that "We agreed to send a mission to Brazil next week to explore further the state of progress and to get clarifications." Reuter 

LOWER U.S. FARM PAYMENT BASE EYED FOR SAVINGS

Reducing the amount of crop base a farmer can receive deficiency payments on is being looked at as one way to cut the U.S. agriculture budget for fiscal year 1988, congressional aides and lobbyists said. Rep. Charles Stenholm (D-Tex.) has suggested that the planted crop base a producer receives deficiency payments on be reduced by five pct, an aide to Stenholm said. The aide said no official proposal has yet been drawn up, but that as it becomes more clear exactly how much agriculture spending will have to reduced, specific numbers will be discussed and a proposal could "very likely" be drafted. Under the proposal, if a farmer idled 20 pct of his acreage base and was eligible to plant the remaining 80 pct, he would receive payments on only 75 pct of his total base. Current regulations provide farmers with deficiency payments on 100 pct of their non-idled acreage. Reducing the payment base by five pct could save around 400 to 500 mln dlrs, but would have to be applied to the 1987 crop programs in order for any savings to accrue in fiscal year 1988, an Agriculture Department economist said. Stenholm's aide said when the proposal is officially offered, it would likely be an amendment to the budget reconciliation bill. Other options currently being talked about as a way to cut one to two billion dlrs from the farm budget include increasing acreage reduction programs, limiting farm payments, implementing a 0/92 acreage set-aside program or limiting the use of generic in-kind certificates. Reuter 

GILLETTE CANADA ISSUES 70 MLN STG BOND

Gillette Canada Inc is issuing a 70 mln stg bond due October 30, 1993 carrying a coupon of 9-5/8 pct and priced at 101-1/2, Morgan Stanley Ltd said as lead manager. The issue is guaranteed by Gillette Co and is available in denominations of 1,000 and 5,000 stg. Payment date is April 30 and there is a long first coupon. The issue will be listed in Luxembourg. There is a selling concession of 1-1/4 pct and a combined management and underwriting fee of 5/8 pct. REUTER 

GILLETTE CANADA ISSUES 70 MLN STG BOND

Gillette Canada Inc is issuing a 70 mln stg bond due October 30, 1993 carrying a coupon of 9-5/8 pct and priced at 101-1/2, Morgan Stanley Ltd said as lead manager. The issue is guaranteed by Gillette Co and is available in denominations of 1,000 and 5,000 stg. Payment date is April 30 and there is a long first coupon. The issue will be listed in Luxembourg. There is a selling concession of 1-1/4 pct and a combined management and underwriting fee of 5/8 pct. Reuter 

EC EXPERTS STUDY POSSIBLE ACTION AGAINST JAPAN

European Community trade experts will meet in Brussels tomorrow to discuss possible EC action against Japan over trade, British Prime Minister Margaret Thatcher said. She told Parliament the officials would examine ideas put forward by the U.K. Last weekend. "Trade matters and trade initiatives have to be taken by the Community," Thatcher said. She said the experts would focus "on more effective action against the dumping of components (by Japan), possible unbinding of tariffs on certain products (to allow each EC country to set their own tariffs) ... And measures which might be necessary to avoid diversion if the United States acts against Japan." Reuter 

FIRST INTERSTATE EXPECTS BRAZIL, ECUADOR LOAN ACTIONS TO CUT 1987 NET BY 15.4 MLN DLRS

WORLD BANK TO SEND ECONOMIC MISSION TO BRAZIL

World Bank President Barber Conable said his agency plans to send a mission to Brazil next week to explore economic conditions. Speaking to reporters at the International Monetary Fund and World Bank annual meeting, Conable said that he felt positive and optimistic that something between Brazil and its creditors will be worked out. Conable met last night with Brazilian officials and told reporters, "We agreed to send a mission to Brazil next week to explore further the state of progress and to get clarifications." Reuter 

MOROCCO TENDERS FOR 55,000 TONNES PL 480 SOYOIL

Morocco is scheduled to tender April 14 for a total of 55,000 tonnes of U.S. soyoil under PL-480 for shipments from May through September, private export sources said. The tender calls for shipment of 6,100 tonnes in May, 12,200 tonnes each in June, July and August and 12,300 tonnes in September, they said. Reuter 

REAGAN DECLARES MAINE DISASTER AREA

President Reagan declared that a major disaster existed in the State of Maine in following severe storms and flooding there, paving the way for federal relief and reconstruction assistance. In announcing Reagan's action, the White House said in a written statement that Androscoggin, Franklin, Kennebec, Oxford, Penobscot, Piscataquis and Somerset counties would be eligible for federal aid. Those counties were hit by storms and flooding in late March and early April. Reuter 

MIDLANTIC CORP <MIDL> 1ST QTR NET

Shr diluted 1.18 dlrs vs 1.04 dlrs Net 45.0 mln vs 39.2 mln Assets 16.7 billion vs 15.2 billion Deposits 13.0 billion vs 12.1 billion Loans 11.9 billion vs 10.1 billion NOTE: Results restated for merger of Midlantic Banks Inc and Continental Bancorp Inc on January 30, 1987. Reuter 

YOUNG AND RUBICAM IS DEFENDENT IN ATT <T> SUIT

<Worldwide 800 Services Inc>, whose Service 800 unit recently filed a lawsuit against American Telephone and Telegraph Co for false advertising and anti-competitive practices, said it has named <Young and Rubicam>, an advertising firm, as a defendent in the case. Worldwide said Young and Rubicam designed and placed the ATT advertisements in question. The amended complaint, filed in the U.S. District Court for the Northern District of Illinois Eastern Division, seeks injuctive relief damages, the company said. The suit charges Young and Rubicam with misrepresenting ATT's involvement in the toll-free international dialing service network through a series of false and misleading advertisements. Reuter 

CANADIAN AIRLINES, FLYING TIGER IN PACT

(Canadian Airlines International Ltd) said it signed an agreement with (The Flying Tiger Line Inc), that will offer Canada's first around-the-world cargo service. The service, from Mirabel airport, will link Canada to a large network of worldwide air freight markets using wide-body B747 freighter aircraft, Canadian Airlines said. It said the agreement calls for the two companies to share aircraft capacity on a 50/50 basis and compete independently for cargo on the route. The airline said the joint operating agreement will give Canadian shippers a fast, reliable and cost effective way of moving their products to major markets, including the U.S. Reuter 

A.T. BROD NAMES NEW PRESIDENT

A.T. Brod and Co Inc, an investment banking firm, said Michael L. Brod has been named president and chief operating officer, succeeding his father Albert T. Brod, who remains chairman and chief executive officer. Reuter 

COMMUNITY BANK SYSTEM INC <CBSI> 1ST QTR NET

Shr 46 cts vs 49 cts Net 1,101,551 vs 831,398 NOTE: Share adjusted for two-for-one stock split in May 1986. Reuter 

GOLDMAN SACHS SELLS 'PERLS' AT 13-1/4 PCT RATE

Sole underwriter Goldman, Sachs and Co said it is publicly offering 40.05 mln dlrs of principal exchange rate linked securities, or "PERLS," due 1991 that it purchased from Westinghouse Electric Corp <WX>. The securities have a 13-1/4 pct coupon and par pricing. Interest will be paid in U.S. dlrs. At maturity, investors will receive the principal amount of their holdings in New Zealand dlrs, Goldman Sachs detailed. Non-callable for life, the issue is rated A-1 by Moody's and AA-minus by Standard and Poor's. PERLS are relatively new in the domestic debt market. Reuter 

FITCHBURG GAS <FGE> RAISES QUARTERLY

Qtly div 38 cts vs 35 cts prior Pay May 15 Record May One Reuter 

FITCHBURG GAS <FGE> PLANS TO ISSUE NOTES

Fitchburg Gas and Electric Light Co said its Board of Directors authorized a filing with the Massachusetts Department of Public Utilities seeking authority to issue up to 27 mln dlrs of long-term notes. Proceeds will be used to redeem, after June one, all outstanding shares of the company's cumulative preferred stock, four dlr series, redeem certain outstanding long-term indebtedness and repay outstanding short-term indebtedness. Fitchburg said this would lower its cost of capital in the future and give the utility an opportunity to reduce existing lines of credit. Reuter 

U.S., JAPANESE TRADE OFFICIALS OPEN TALKS

A senior Japanese trade official met U.S. negotiators in an emergency effort to try to head off new high American tariffs on Japanese semiconductor goods set to go into effect on April 17. The vice minister of Ministry of International Trade and Industry, Makoto Kuroda, flew in from Tokyo for the talks with Deputy U.S. Trade Representative Michael Smith. A second round of talks is set for tomorrow. U.S. officials have said Japan has failed to live up to its semiconductor agreement with the U.S. and there was little that could be done now to avert the 300 mln dlrs in tariffs. reuter 

NORTHERN TRUST <NTRS> NET HURT BY BRAZIL LOANS

Northern Trust Corp said its first quarter earnings were reduced by 875,000 dlrs by placing 53.2 mln dlrs of loans to Brazil and six mln dlrs in loans to Ecuador on a cash basis. Should these loans remain on nonperforming basis for the rest of 1987, net income for year will be cut by about 3.2 mln dlrs, the bank said. Earlier it posted net income for the period of 14.7 mln dlrs or 87 cts a share, up from 11.7 mln dlrs or 73 cts a share. Total nonperforming assets were 114.1 mln dlrs at March 31, up from 53.4 mln dlrs at December 31 and 79 mln dlrs at March 31, 1986 the bank said. The provision for loan losses for the first quarter was eight mln dlrs compared to 11 mln a year ago. Net loan charge offs were six mln dlrs, down from 11 mln dlrs a year ago. The reserve for loan losses was 78.1 mln dlrs, or two pct of outstanding loans, higher than the 56 mln dlrs of 1.65 pct of loans outstanding at March 31, 1986. Reuter 

GERMAN BANKER CALLS FOR MORE TAX CUTS

A further cut in West German taxes to overcome the current weakness of the domestic economy has been called for by Thomas Wegscheider, management board chairman of Bank fuer Gemeinwirtschaft AG. He said in an interview due in tomorrow's Die Welt newspaper that tax cuts already decided by the government should be expanded by implementation of the "Stability Law," which allows tax cuts of up to 10 pct for a limited period. Wegscheider also said a temporary rise in state borrowing resulting from such cuts would be tolerable, according to excerpts of his remarks released early by Die Welt. In line with a pledge made at the Paris monetary conference in February, the government announced in March that 5.2 billion marks worth of tax cuts would be added on to reductions of some nine billion marks already scheduled for next year. Wegscheider said the Bundesbank should pursue its policies aimed at lower interest rates and said a reduction in money market rates could encourage private capital market investment. Earlier today the Bundesbank's vice-president Helmut Schlesinger said the central bank saw no current reason to change its monetary course. REUTER 

GE <GE> GETS PORTUGUESE ENGINE ORDER

General Electric Co said it has received a 60 mln dlr order to provide CF6-80C2 engines for three <Airbus Industrie> A310-300 aircraft bought by TAP Air Portugal. It said aircraft deliveries are scheduled to start in late 1988. Reuter 

SWISS AGREE ON NEW PROSPECTUS RULES FOR NOTES

Swiss franc notes issued after May 1 must be provided with a prospectus, virtually erasing the difference in information requirements between notes and public bonds, according to a convention drafted by the Bankers' Federation. The convention requires that lead managers draw up a prospectus naming all syndicate members and providing certain details about the borrower. In contrast to public issues, though, the prospectus must merely be made available to clients on request via all syndicate banks rather than published and distributed in printed form. The convention, which was approved by banks earlier this month, replaces an earlier convention dating from 1984 and deals with what had been widely seen as an increasingly anachronistic distinction between notes and public issues. Its publication follows a long debate among bankers on the amount of information that should be provided by borrowers, heightened by difficulties with Swiss franc issues here on recent occasions . It applies to all notes in units of at least 50,000 Swiss francs, the usual denomination, which are placed directly with customers by the syndicate and not quoted on the bourse. Anything smaller than 50,000 francs will be governed by the unchanged, more demanding rules that apply to public issues. Bankers contacted by Reuters said they did not envisage that the new requirement would present them with problems or push up fees. Many banks said that they had for some time been providing more than the legal minimum of information. Traditionally, notes or private placements, as they were also known, were medium term instruments denominated in 50,000 francs and placed largely with institutional investors. They were normally not brought onto the open market and never quoted on the stock exchange. But over the years the distinction between notes and the publicly quoted and traded bonds gradually broke down. The National Bank therefore last May abolished all remaining restrictions on maturities and denominations which still formally divided them. However, it was not in the competence of the National Bank to rule on prospectuses and banks have since continued largely as before: public issues, generally quoted on stock exchanges, have been provided with detailed prospectuses, while notes, virtually always not-quoted, have been equipped only with "information memorandums" with varying degrees of detail. The new convention attempts to put an end to this. It says each notes prospectus must contain the following seven points: - The precise terms of the issue - Details of the company performance if it is more than six months since the last annual report - Naming of all guarantors - The source of the information - Details of ratings, insofar as they have been made - For equity linked notes, details of where the company's shares are listed and price high and lows over at least the last three years. - That the lead manager has required the borrower to provide information during the lifetime of the notes on the progress of his business. According to figures from Swiss Bank Corp, total note issues by foreign borrowers reached 18.6 billion Swiss francs last year, compared with 23.6 billion francs borrowed in the form of public bonds. A majority of the note issues were for Japanese borrowers. REUTER 

BRAZIL GOVERNORS CALL FOR REMOVAL OF FUNARO

Brazil's political crisis appears to be deepening as powerful state governors are calling for the removal of Finance Minister Dilson Funaro, chief architect of economic policy. Commentators said their call, front-page headlines in today's press, laid bare President Jose Sarney's political weakness and highlighted Brazil's economic planning turmoil. The demand for Funaro's resignation came last night from four governors with much combined political clout, those of Sao Paulo, Rio de Janeiro, Minas Gerais and Mato Grosso do Sul. At a news conference in Sao Paulo, they delivered a blunt message -- the economy was in crisis and they wanted a new ministerial team to shape policy. Otherwise there was a risk of social chaos. Reuter 

DOE RUN RAISES LEAD PRICE 0.50 CT TO 26.50 CTS

Doe Run Company said it is increasing the price of its corroding grade lead by one-half cent to 26.50 cents a lb, effective immediately. The price is quoted FOB, Herculaneum, Mo., and FOB, Boss, Mo., with freight allowed for carload quantities. Reuter 

SPAIN'S FOREIGN RESERVES RISE IN FEBRUARY

Spain's foreign reserves rose by 905 mln dlrs in February to total 17.05 billion dlrs, compared with 14.11 billion dlrs in February 1986, Bank of Spain figures show. Under a new accounting system introduced this month, Spain's foreign reserves now exclude foreign currency held by financial institutions. Under the previous system, Spain's foreign reserves would have risen by 391 mln dlrs in February, taking into account a fall of 514 mln dlrs in financial institutions' foreign currency position. In January this year, the Central Bank's foreign reserves rose by 143 mln dlrs, while financial institutions' foreign currency position fell by 118 mln dlrs. REUTER 

<SULPETRO LTD> 1ST QTR JAN 31 LOSS

Shr not given Net loss 9,900,000 vs loss 17,300,000 Revs 14.7 mln vs 29.8 mln Note: Previous loss restated. Reuter 

S/P MAY DOWNGRADE GENERAL INSTRUMENT <GRL>

Standard and Poor's Corp said it may downgrade the A-2 commercial paper of General Instrument Corp. S and P cited the firm's 80 mln dlr loss for fiscal 1987 and a 90 mln dlr loss on discontinued micro-electronic and opto-electronic businesses and venture investments. These losses, coupled with restructuring and re-evaluation actions, have led to poor earnings and cash flow since fiscal 1985. Stockholders equity fell 25 pct since fiscal year-end 1984 to a 465 mln dlr pro forma level, S and P said. S and P said it will assess the effects of management's restructuring plans on credit quality and profit improvement. Reuter 

GENERAL PHYSICS <GPHY> FORMS NEW UNIT

General Physics Corp said it has formed a new business unit called HP Technical Services to furnish health physics technicians and radiological engineers and scientists to the electric utility industry for use in nuclear power plants. Reuter 

WESTERN FEDERAL SAVINGS BANK <WFPR> 1ST QTR NET

Shr 74 cts vs 92 cts Net 1,300,450 vs 1,600,258 NOTE: Share adjusted for 10 pct stock dividend in July 1986. Company based in Mayaguez, Puerto Rico. Reuter 

FEDERATED GROUP <FEGP> POSTS HIGHER MARCH SALES

Federated Group Inc said its sales for the five weeks ended April five totaled 33.9 mln dlrs, compared with 33.8 mln during the same period last year. Comparable store sales fell eight pct to 29.4 mln dlrs from 32.1 mln a year earlier, the company said. Federated said it now has 65 stores in operation compared with 59 during the like period a year ago. Reuter 

USAIR <U> CUTS ATLANTA COACH FARES

USAir Group Inc said it is reducing coach fares up to 62 pct between Atlanta and 21 destinations for travel April 12 through June 15. The fares are non-refundable and applicable to roundtrip flights. Reservations must be made at least two days in advance and tickets purchased within 24 hours after reservations are made, the company said. Roundtrip fares between Atlanta and Pittsburgh, for example, would be 178 dlrs instead of 478 dlrs, USAir said. Reuter 

NUTMEG INDUSTRIES <NUTM> IN LICENSING DEAL

Nutmeg Industries Inc said it has agreed in principle on a license deal with United Media/United Feature Syndicate Inc under which it would have the right to sell a line of men's spectator sportswear bearing the likenesses of characters from Charles M. Schulz' "Peanuts" comic strip. The company said the license runs through December 1988 and has renewal options for two more years. Reuter 

FIRM TO OFFER TELEVISION PROGRAMMING FOR SHIPS

Shipboard Satellite Network Inc <SSN> said it will offer television service delivered by satellite to ships at sea beginning June 1. The company, whose initial public offering began yesterday, said its programming will include a mix of general and financial news, sports and talk shows. In addition, the company said it plans to offer first-run movies, sports and entertainment specials. The company said its programming will be transmitted several times a day to passenger cabins and lounges. Reuter 

FINAL TEST INC <FNLT> 4TH QTR LOSS

Shr loss six cts vs loss 88 cts Net loss 123,840 vs loss 1,298,377 Revs 1,333,416 vs 385,146 Year Shr profit six cts vs loss 1.47 dlrs Net profit 124,872 vs loss 2,171,011 Revs 4,618,232 vs 2,959,141 Reuter 

PROTECTIVE LIFE <PROT> IN ACQUISITION

Protective Life Corp said it has signed a letter of intent to assume <Liberty Life Insurance Co's> group insurance on July 1, subject to regulatory approvals. Terms were not disclosed. Reuter 

DIGITAL COMMUNICATIONS <DCAI> SELLS SWITCHES

Digital Communications Associates Inc said Bank South Corp <BKSO> purchased several of its recently introduced System 9000 intelligent T-1 switching systems. DCA said the switching systems will be used to transmit voice and data between the bank's downtown banking location here and its new operations center near Atlanta's Hartsfield International Airport. Reuter 

A.O. SMITH CORP <SMC> SETS QUARTERLIES

Qtly divs Class A and B 20 cts vs 20 cts Pay May 15 Record April 30 Reuter 

SONY CHAIRMAN PLAYS DOWN TRADE CONFLICT

Sony Corp <SNE.T> chairman Akio Morita played down the U.S.-Japanese trade conflict, saying that direct investment abroad was the most effective way to reduce Japan's trade surplus. Morita was speaking at the official opening of a 100 million franc (16.4 million dollars) compact disc player factory in eastern France. He said trade friction between the U.S. And Japan over high-technology was a very complicated and delicate issue but that Sony intended to invest directly throughout the world. Referring to the European Community's stance against turnkey plants, he said: "I know Brussels is not very favourable to these so-called new Japanese 'screwdriver factories', but in Sony's case our policy is quite different." The Colmar plant, Sony's third in France, would eventually use local components and be a purely French factory, he said. Sony France SA was established in 1973. Its 1986 sales were two billion francs (327 mln dlrs) and the company says it expects sales of 2.7 billion francs (443 mln dlrs) in 1987. Sony's other two French plants, in the south west of the country, export over 80 per cent of their production. Company officials say that production from Sony's European factories currently accounts for over 30 per cent of the group's European sales and they expect this to increase. In 1986 over 20 per cent of Sony's eight billion dollar worldwide sales were made in Europe. At the beginning of 1987, Sony employed about 1,100 people in Europe. The group plans to open a compact disc software factory in Austria this summer and an audio cassette plant in Italy next year. Reuter 

CENTRAL BANCORP INC <CBAN> 1ST QTR NET

Shr 1.02 dlrs vs 78 cts Net 14.4 mln vs 11.0 mln NOTE: 1987 net includes gain 2,222,000 dlrs from termination of pension plan. Results restated for pooled acquisitions and share adjusted for stock dividends. Reuter 

NEW JERSEY STEEL FILES FOR INITIAL STOCK SALE

<New Jersey Steel Corp> said it filed a registration statement with the Securities and Exchange Commission for the initial public offering of 1.8 mln shares of common stock at an estimated price of 20 dlrs to 22 dlrs a share. The company said it would sell one mln shares and that <Von Roll Ltd>, would sell the remaining 800,000 shares. Proceeds from the offering, to be made through an underwriting group managed by PaineWebber Inc, will be used for capital expenditures and repayment of long-term debt owed to Von Roll, the company said. Reuter 

MARS STORES <MXXX> MARCH SALES FALL

Mars Stores Inc said sales for the five weeks ended April 4 were off 22.3 pct to 8,242,525 dlrs from 10.6 mln dlrs a year earlier. The company said sales for the first nine weeks of its fiscal year were off 14.5 pct to 14.1 mln dlrs from 16.5 mln dlrs a year before. Results exclude the discontiued Big Value Outlet division, it said, and are not directly comparable because Easter fell in March last year and will fall late in April this year. Reuter 

<EMCOR> COMPLETES SALE OF STOCK TO INVESTORS

Emcore said it completed the sale of 4.1 mln dlrs of stock to Citicorp Venture Capital Ltd, Concord Ventures of Dillon Read and Co and private investors. Reuter 

FHLBB HIRES ADVISOR FOR FINANCIAL CORP <FIN>

The Federal Home Loan Bank Board has retained Salomon Bros to seek ways to inject new capital into Financial Corp of America, a Financial Corp spokeswoman said. Financial Corp, which recently has held preliminary talks with unidentified parties concerning a possible acquisition of the company, is also negotiating with a firm to advise and represent it in matters regarding potential acquisition matters as they may arise, Financial Corp said last month. The Financial Corp spokeswoman said there have been no new developments since the company announced the preliminary talks on March 27. Financial Corp, parent of American Savings and Loan Association, the nation's largest thrift, has repeatedly said it would give serious consideration to a merger as a means of rapidly improving its capital position. The company has also said it would need more than one billin dlrs of capital to bring its regulatory net worth up to regulatory requirements. Reuter 

SEC TO HOLD HEARING AGAINST BROKER

The Securities and Exchange Commission said it will hold a public hearing against Martin Saposnick, who was a co-underwriter of a 1983 public offering of North Atlantic Airlines Inc. The SEC claims that Saposnick, chairman of Marsan Securities Co Inc, knew the offering prspectus failed to adequately disclose the company's delinquent federal and state taxes and its inability to pay debts when due. No specific date was set. The SEC said the hearing will determine whether Saposnick misrepresented compliance with NASDAQ and if so, will determine remedial action. Reuter 

MICHIGAN GENERAL <MGL> EXTENDS EXCHANGE OFFER

Michigan General Corp said it has extended its exchange offer for its 10-3/4 pct senior subordinated debentures due December 1, 1988 until April 23. It said the offer is being extended to allow it to conclude talks with its lender and with representatives of the holders of 75 pct of the debentures on the terms of the offer. The holders have indicated their intention to tender and to reach an agreement with the company, Michigan General said. Reuter 

ENDOTRONICS <ENDO> NAMES NEW PRESIDENT

Endotronics Inc said Richard Sakowicz has been named president, chief executive officer and a director, effective April 13. Sakowicz, recently vice president at Control Data Corp <CDA>, succeeds John Wright who will be resigning, it said. In other action, the company said that Burton Merical has been retained as a consultant to provide management and financial advisory services and to act as chief financial officer. Merical has provided consulting services to companies who have successfully reorganized under Chapter 11 bankruptcy proceedings, Endotronics noted. In late March, Endotronics reported that its auditing firm said its opinion for the fiscal year ended September 30, 1986 "should no longer be relied upon." The company also reported at the time, that it was the subject of a formal private investigation by the Securities and Exchange Commission and the Federal Bureau of Investigation. Reuter 

VLSI TECHNOLOGY INC <VLSI> 1ST QTR NET

Shr seven cts vs six cts Net 1,612,000 vs 1,406,000 Revs 38.2 mln vs 34.3 mln Avg shrs 23,742,000 vs 22,945,000 Reuter 

U.S. HEALTHCARE <USHC> TO RUN HMO IN DELAWARE

U.S. Healthcare Inc said it has been granted a certificate of authority to operate a health maintenance organization in Delaware by the Delaware Department of Health and Social Services. Reuter 

UGANDAN ASKS FOR MORE MONEY TO KEEP up SERVICES

Ugandan Finance Minister Chrispus Kiyonga has asked the National Resistance Council, the country's interim parliament, to approve 1,000 billion shillings (714 mln dlrs) in extra government spending over the last three months of this financial year, council sources said. Kiyonga told the council that because of high inflation, estimated to be running at over 150 per cent a year, the government needed extra money to keep its services running until the financial year ends on June 30. The new appropriation requested by the minister is almost as much as the 1,127 billion shillings (805 mln dlrs) the government expected to spend during the whole year. Kiyonga said the government was having trouble keeping to the deficit target of 350 billion shillings (250 mln dlrs) contained in the original budget announced last August. The deficit was to be financed by borrowing. The minister did not give a new budget deficit estimate. Reuter 

BELGIAN CURRENT ACCOUNT SURPLUS WIDENS IN 1986

Belgium's current account surplus, measured on a cash basis, widened sharply to 134.9 billion francs last year from 17.5 billion in 1985, the Finance Ministry said. The increase was due almost entirely to a sharp rise in the goods trade surplus to 126.1 billion francs from 20.4 billion. The services trade surpluses increased to 52.4 billion francs from 38.9 billion while the deficit on transfers rose slightly to 43.6 billion from 41.8 billion. Private sector capital operations showed a steeply higher deficit of 160.7 billion francs after 56.9 billion in 1985. Reuter 

WARD CRITICISES GUINNESS'S FEE COMPLAINT

Guinness Plc <GUIN.L> director Thomas Ward told a High Court hearing that the company's action against him and ex-chairman Ernest Saunders sought to give the impression of an international hunt for Ward's 5.2 mln stg fee in connection with the Distillers Co Plc <DIST.L> takeover, the Press Association news agency reported. In a sworn statement, Ward, a U.S. Lawyer, said Guinness had failed to acknowledge that his attornies in March had offered to put the money, less tax and various expenses, into an escrow account where it could only be touched under agreed circumstances. Ward said Guinness had made a transparent attempt to belittle his services, the PA reported. "I wish to emphasise that the fee paid for my services was, when considered out of context, admittedly very large." But every aspect of the (Distillers) bid - the size of the target, the benefit to Guinness from success, the potential damage from failure, the difficulties of the issues raised and the cost for all services - were not merely large but virtually unprecedented in the history of English takeovers," Ward said. Failure would have cost Guinness between 25 mln stg and 100 mln stg, he added. Ward said it was his idea to have a merger agreement with Distillers under which Distillers agreed to pay Guinness's bid costs, the PA reported. Ward's statement was read to the court by his lawyer Peter Curry. Ward and ex-Guinness chairman Saunders want to end a temporary court freeze of their assets up to the disputed amount of the 5.2 mln stg fee which Guinness is trying to recover. Guinness acquired Distillers in a fierecly fought 2.7 billion stg battle during 1986. The U.K. Government is also probing the affair and has yet to report. Reuter 

MEMBERS OF JAPAN'S RULING PARTY SHUN NAKASONE

Members of prime minister Yasuhiro Nakasone's ruling Liberal Democratic Party (LDP) have shunned his support in their campaigns for upcoming local elections. "His presence will do more harm than good," an LDP candidate in Tokyo told Reuters. The candidate is one of several conservatives who have rebelled and joined the public outcry against Nakasone's proposal for a five pct sales tax. Political analysts said Nakasone might have to step down before the Venice summit of industrial democracies on June 8-10 if the LDP lost too many major local seats. Nakasone's popularity has dropped sharply since he led his party to its greatest-ever election victory last July, and analysts said the proposed tax was one reason for the decline. Over 2,500 local seats will be filled during two rounds of polling. The first round is on Sunday, the second on April 26. Political analysts said a seat to watch would be the governorship of Fukuoka, southern Japan. The LDP and two centre parties are challenging the incumbent governor, Hachiji Okuda, who is supported by the opposition socialist and communist parties. The proposed tax is a key campaign issue. "The LDP and the centrist parties should have about 1,350,000 votes against 700,000 for Okuda. But Okuda is the incumbent and has the sales tax weapon," said Rei Shiratori, professor of political science at Dokkyo University. "Nakasone will serve out his term to the end of October if the LDP wins in Fukuoka," he said. Analysts believe the opposition is likely to win the governorship of the northern island of Hokkaido. But Kenzo Uchida, professor of political science at Hosei University, said, "Nakasone can afford to get fairly tough if the LDP loses only in Hokkaido." The opposition parties are campaigning to scrap the sales tax proposal. The tax is one of the main pillars of Nakasone's plan to overhaul the tax system, which has remained unchanged for 36 years. It is also a key element in plans to boost Japanese domestic demand and cut back on exports. Without the tax revenue the government would have less to spend on stimulating the economy. REUTER 

DENPAC <DNPC> PLACES PROCESSOR ASSEMBLY ORDER

Denpac Corp said it placed an order for the assembly of the first 100 production units of its Sinterloy processor, which will begin delivery later this year. The company said two pre-production units have been placed for clinical and laboratory evaluations, with an additional six pre-production units to be placed shortly. The company said the Sinterloy processor is used by dental laboratories to fabricate dental appliances such as bridges and crowns. Reuter 

SILICON SYSTEMS INC <SLCN> 2ND QTR MARCH 28

Shr profit five cts vs profit two cts Net profit 325,000 vs profit 105,000 Revs 19.5 mln vs 16.1 mln Six Mths Shr profit nine cts vs loss 35 cts Net profit 627,000 vs loss 2,280,000 Revs 36.9 mln vs 27.4 mln Reuter 

DISEASE PUTS ZIMBABWE BEEF EXPORTS IN JEOPARDY

Zimbabwe's beef exports to the European Community (EC), potentially worth 70 mln Zimbabwean dlrs this year, may be jeopardised by an outbreak of foot and mouth disease in southwestern Matabeleland, industry sources said. The country has temporarily suspended beef exports to the EC because of the outbreak and awaits a decision from the EC veterinary committee, which is considering a formal ban. The outbreak in the country's main ranching province has already led neighbouring beef-producing Botswana and Zambia to bar beef and dairy imports from Zimbabwe, threatening the dairy industry with a loss of at least one mln dlrs in export revenue. "The situation is still uncertain at the moment. Normally when an outbreak occurs there is an automatic suspension of beef exports," one industry source said yesterday. Commenting on EC policy, he explained, "Depending on the seriousness of the outbreak the (veterinary) committee then decides on three options, allowing us to continue exporting beef from disease-free areas, clamping a three-month suspension on exports or banning us from exporting for a year. We are still awaiting their decision," he added, asking not to be identified. Zimbabwe was granted an export quota of 8,100 tonnes of high-grade beef to EC markets in 1985 after the country had spent millions of dollars erecting disease-control fences and upgrading abattoirs to meet stringent EC rules. Should the EC ban Zimbabwean exports, the country will be forced to sell its beef on glutted world beef markets at low prices, the source said. Projected earnings from beef sales could fall about 23 mln dlrs as a result, he said. Reuter 

CRAXI SAYS HE IS RESIGNING

Italian Prime Minister Bettino Craxi, whose five-party coalition government fell apart yesterday, told the Senate he was resigning. Craxi said at the end of a Senate (upper house) debate on the government that he would go tonight to hand his resignation to President Francesco Cossiga. Craxi's government collapsed when the majority Christian Democrats withdraw their 16 ministers from the 30 member cabinet yesterday. Craxi had been prime minister for three and a half years. Reuter 

SHAWMUT CORP <SHAS> 1ST QTR NET

Shr 1.32 dlrs vs 1.26 dlrs Net 21.2 mln vs 17.4 mln Avg shrs 16.1 mln vs 13.8 mln Assets 10.0 billion vs 8.4 billion Deposits 7.2 billion vs 6.1 billion Loans 6.7 billion up 26 pct NOTE: Results restated for pooled acquisitions of Shawmut Home Bank and Fidelity Trust Co and include First Gibraltar Mortgage Corp from December 30, 1986 purchase. Loan loss provision 8,800,000 dlrs vs 6,300,000 dlrs. Reuter