World Stocks Climb; Tokyo Index Gains 4%

”The market should soon bottom out as it has already absorbed all the current negative factors,” said Toyoharu Tsutsui, managing director at CS First Boston (Japan) Ltd. Frankfurt’s 30-share DAX index staged its biggest one-day rise on record, closing up 95.76 points, or 6.1 percent, at 1,654.80. Yesterday’s rise all but wiped out a fall of 106.70 points on the DAX last week. In Paris, the CAC-40 index of leading shares soared 82.30 points, or 5.1 percent, to 1,699.72 in moderate trading. Dealers said big gains came from foreign buying and short-covering after last week’s sharp drop.
forex level 2

Reuters

Full text: [New York Times] Aug 28, 1990

forex signals

Dow Gains 78.71 Points, To 2,611.63

”I don’t think that everybody got up at 7 A.M. and decided to be bullish at the same time,” he said. ”To a great extent, most of the activity was related to program trading and professional activity and not to euphoric optimism the way Wall Street characterized it.” Mr. [Jack Barbanel] said that even with the 50-point circuit breakers, ”there’s still enough professional activity in the market” to lift it until it gets to that limit. Traders said heavy buying came both from private investors and from the big financial institutions. Much of it appeared concentrated in the safe, blue-chip ”big name” stocks, traders said, but the rise in the Standard & Poor’s index of 500 stocks showed that buying was widespread.
forex leading indicators

COLE, ROBERT J.

Full text: [New York Times] Aug 28, 1990

forex signals

4 Guilty in Guinness Takeover Scandal

After nearly a week of deliberations, the jury at Southwark Crown Court returned guilty verdicts on 19 of 20 counts against former Guinness Chairman and Chief Executive Ernest Saunders; Gerald Ronson, chairman of Heron International PLC; former stockbroker Anthony Parnes, and millionaire financier Sir Jack Lyons. Saunders, 54, was convicted of two charges of conspiracy to contravene the Prevention of Fraud (Investments) Act, eight charges of false accounting and two charges of theft. He was acquitted of illegally destroying documents. The four were accused of orchestrating an illegal operation to support Guinness’ stock price through undisclosed purchases of Guinness shares, and thus make the brewer’s $5.26-billion (2.7-billion-pound) offer of cash and stock more attractive than a rival bid from supermarket operator Argyll Group PLC.
forex island

Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 28, 1990

forex signals

DEVALUATION RUMORS BOOST STOCK PRICES

The foreign currency buying spree brought the shekel exchange rate down to NIS 2.03 to the dollar, a 0.69 per cent reduction in its value. The shekel also lost 0.81 per cent against the currency basket; the exchange rate now stands at 2.2736.
forex ice

By GALIT LIPKIS and ZIV HELLMAN

Full text: [Jerusalem Post] Aug 28, 1990

forex signals

Biggest rally of the year/Stock prices rocket 78 points

Additionally, over the weekend Iraq freed more than 50 dependents of staff members assigned to the U.S. Embassy in Kuwait. “We all went away with the news of the embassies being surrounded (in Kuwait), but they (the Iraqis) didn’t move in,” said Yamaichi International portfolio strategist Andrew Riley. “It was really predictable that eventually we would have a sharp rally from a deeply oversold condition,” said Joseph Feshbach, chief technical analyst at Shearson Lehman Bros. “A little good news can give a very sharp snap, but I think in four, five or six weeks we’ll see a retest of the lows.” Newmont Gold dropped 4 3/4 to 47, ASA Ltd. fell 4 3/8 to 48 1/8, Newmont Mining fell 3 5/8 to 47, AMAX Inc. lost 2 1/8 to 16 3/4, Homestake Mining slipped 2 1/8 to 19 3/4, Echo Bay Mines dropped 1 3/8 to 12 7/8, and Pegasus Gold fell 1 1/4 to 11 3/8.
forex hedging system

CHRISTINA TOH-PANTIN

Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 28, 1990

forex signals

Ex-chief guilty in Guinness case Jury finds stock-price manipulation in Distillers deal

Former Guinness PLC Chairman and Chief Executive Ernest Saunders and three co-defendants were found guilty Monday on 19 of 20 counts of misconduct in connection with the $5 billion-plus takeover of a Scottish distiller. A jury that deliberated for nearly a week convicted Saunders, 54, on two charges of conspiracy to contravene the Investment Fraud Act, eight charges of false accounting and two charges of theft. He was acquitted of illegally destroying documents.
forex graphics

Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 28, 1990

forex signals

Ebb in consumer confidence found

Americans, increasingly worried about the economy and pessimistic about the future, are demonstrating the lowest consumer confidence since the nation was recovering from recession more than seven years ago, a business group said Monday. The Conference Board’s Consumer Confidence Index fell dramatically to 83.8 in August from 101.7 in July. The index, based on a 1985 level of 100, is based on monthly surveys of 5,000 U.S. households. “Recession is more likely now than it has been in many years,” said Fabian Linden, executive director of the non-profit group’s Consumer Research Center. August’s level is the lowest the index has sunk since April, 1983, just five months after the economy hit its weakest level during the 1982 recession. The nearly 18-point drop in August was even greater than the fall recorded immediately after the October, 1987, stock market crash. Guinness ex-chairman convicted: A jury convicted four of Britain’s best-known business executives Monday for their roles in an illegal scheme to help brewing giant Guinness win a 1986 takeover battle. Ernest Saunders, former Guinness chairman and chief executive, was found guilty of conspiracy, false accounting and theft. Portrayed in testimony as a ruthless dealmaker, he appeared in the witness box a sad and broken man. He was accused, along with three other key figures, of illegally trying to push up the Guinness stock price – making it appear a stronger suitor in its successful $5.26 billion battle for Scottish drinks company Distillers.
forex confidential

Full text: [Chicago Sun - Times] Aug 28, 1990

forex signals

Markets Force More Banks to Private Equity

With capital ratios under pressure and rock-bottom stock prices making the markets unreceptive to public offerings, a number of large to mid-size banks are mulling the unpleasant prospect of raising equity privately.
forex billionaire

Vogelstein, Fred

Full text: [American Banker] Aug 28, 1990

forex signals

Tokyo Stocks Advance Amid Firmness in Bonds And Plunge in Oil Prices; London Also Climbs —- A Wall Street Journal News Roundup

Tokyo stocks finished higher for the third consecutive trading day Tuesday. Buying was encouraged by bond market firmness and oil price plunges linked to the prospect that an immediate break-out of war will be averted in the Persian Gulf, traders said. As a strong overnight advance on the New York Stock Exchange lifted sentiment, Tokyo stock prices advanced solidly from early in the morning session. But prices fluctuated widely in the plus side for the rest of the day as broad gains led by dealer buying prompted profit-taking by institutions, traders said. The second section index, which advanced 49.05 points Monday, was up 88.55 points, or 2.46%, to 3692.34. Volume in the second section was estimated at 10 million shares, up from 7.2 million Monday.
forex announcements

Full text: [Wall Street Journal] Aug 29, 1990

forex signals

Stock Prices End Mixed; Bonds Fall

Stock prices turned mixed as investors groped for reasons to extend the rally on Aug 28, 1990. The Dow Jones Industrial Average rose 3.22 points in very light trading to 2614.85.
millenium forex

Winans, Christopher

Full text: [Wall Street Journal] Aug 29, 1990

forex signals

Stock Prices End Mixed; Bonds Fall — Dow Advances 3.22 In Very Light Trade; Yen Continues Rally

Stock prices turned mixed as investors groped for reasons to extend the rally of Friday and Monday. Bond prices fell, also in light activity, with a rebound in oil prices disappointing investors. The dollar was mixed, as the yen continued to attract buyers. “After two big up days,” said Paul Hennessey, head of equities trading at Boston Co., “the market responded pretty well. The low volume indicates a lot of people are either away or cautious, awaiting more certainty on the Mideast situation or economic numbers.” August’s employment report, due at the end of next week, offers an early sign of U.S. economic strength after the Mideast upheaval began.
clal forex

By Christopher Winans

Full text: [Wall Street Journal] Aug 29, 1990

forex signals

Former Guinness Chairman Is Sentenced to Five-Year Term for Role in Takeover

By British standards, the sentences given to Ernest Saunders, 55 years old, and two of his co-defendants were unusually stiff and signaled tougher policing of London’s financial community, legal specialists said. The trial judge, Justice Sir Denis Henry, said the sentence sends “a clear message that those who seek commercial advantage by acting dishonestly can expect little leniency from the court.” The sentencing of Mr. Saunders and the two others closed a chapter in the longest-running British financial scandal of the 1980s. The case, with its three-year investigation and 113-day trial, helped prompt new laws to regulate practices in British boardrooms and brokerage houses. Mr. Saunders’ crime, according to the verdict Monday, occurred during the British spirits company’s #2.53 billion ($4.92 billion) takeover in 1986 of Scottish rival Distillers Co. To win the takeover battle, Mr. Saunders allegedly conspired to inflate his company’s stock price. Prosecutors said he authorized payments to three co-defendants, one of whom bought #25 million worth of Guinness stock. Supporting the stock’s price was important to Guinness’s takeover victory because the value of its offer for Distillers was tied to the price of Guinness’s shares.
destiny forex

Forman, Craig

Full text: [Wall Street Journal] Aug 29, 1990

forex signals

BUSINESS BRIEFS INTERNATIONAL

He had been found guilty Monday on several counts in a scheme to help the Guinness PLC brewing firm win the 1986 takeover fight for Distillers Co. Also Tuesday, the former chairman and chief executive of Guinness PLC, Ernest Saunders, 55, was sentenced to five years in prison for his role in the scandal. The scheme involved an effort to support Guinness’s stock price by buying shares to give Guinness’s stock-and-cash offer for Distillers a better chance of beating a rival offer from Argyll Group PLC.
cci indicator forex

Full text: [The Plain Dealer] Aug 29, 1990

forex signals

Court levies $10M fine in Guinness case

He had been found guilty Monday on several counts in a scheme to help the Guinness PLC brewing firm win the 1986 takeover fight for Distillers Co. Also Tuesday, the former chairman and chief executive of Guinness PLC, Ernest Saunders, 55, was sentenced to five years in prison for his role in the scandal. The scheme involved an effort to support Guinness’s stock price by buying shares to give Guinness’s stock-and-cash offer for Distillers a better chance of beating a rival offer from Argyll Group PLC.
jacko forex

Full text: [The Ottawa Citizen] Aug 29, 1990

forex signals

Bohemia says analysts misrepresented company Officials assure shareholders of financial strength but also warn of tough times ahead PAGE:D9

CAUTION FOLLOWS RALLY. Stock prices rose modestly Tuesday as Wall Street – its eyes trained on the Middle East and the oil markets – decided to play it safe following a 78.71-point rally Monday. Analysts said traders were unwilling to make large commitments, so prices fluctuated in a narrow range. The Dow Jones average of 30 industrial stocks edged up 3.22 points to 2,614.85. Jack Barbanel, an analyst with First Global Management Inc., said Tuesday’s trading made him “very suspect” about Monday’s rally. CONTINENTAL PICKS HOUSTON. Continental Airlines on Tuesday announced it will build its $190-million aircraft maintenance center as part of a world headquarters complex at Houston Intercontinental Airport. Several airports, including Tampa International, had competed for the repair facility, which will employ 4,000 people and have maintenance bays for 12 airliners. Tampa officials withdrew from the competition in July. The headquarters building will consolidate Continental’s offices and 4,000 employees from Houston, where it is based. UAW CHOOSES GM. The United Auto Workers union will focus national contract bargaining on General Motors Corp., the world’s largest and most profitable automaker, union officials said Tuesday. Contracts between the union and the Big Three automakers expire Sept. 14. Under pattern bargaining, the union will negotiate with GM until it reaches an agreement, and then use that as a model in negotiating with Ford Motor Co. and Chrysler Corp. GM’s new chairman, Robert Stempel, is seen as likely to try to avoid a strike during his first months in office. UNITED LOSES RULING. United Airlines promised Tuesday to comply with a federal judge’s order to make changes in schedules at Chicago’s O’Hare International Airport. American Airlines went to court Monday to press for the changes, contending United’s proposed schedule was misleading. U.S. District Judge John McBride ordered the change the same day. American said United schedules starting Oct. 1 reflect not-yet-approved deviations from federal guidelines on takeoffs and landings at O’Hare.
forex myr

KATHLEEN MONJE

Full text: [The Oregonian] Aug 29, 1990

forex signals

Tuesday’s Markets Series: BUSINESS DIGEST

CAUTION FOLLOWS RALLY. Stock prices rose modestly Tuesday as Wall Street – its eyes trained on the Middle East and the oil markets – decided to play it safe following a 78.71-point rally Monday. Analysts said traders were unwilling to make large commitments, so prices fluctuated in a narrow range. The Dow Jones average of 30 industrial stocks edged up 3.22 points to 2,614.85. Jack Barbanel, an analyst with First Global Management Inc., said Tuesday’s trading made him “very suspect” about Monday’s rally. CONTINENTAL PICKS HOUSTON. Continental Airlines on Tuesday announced it will build its $190-million aircraft maintenance center as part of a world headquarters complex at Houston Intercontinental Airport. Several airports, including Tampa International, had competed for the repair facility, which will employ 4,000 people and have maintenance bays for 12 airliners. Tampa officials withdrew from the competition in July. The headquarters building will consolidate Continental’s offices and 4,000 employees from Houston, where it is based. UAW CHOOSES GM. The United Auto Workers union will focus national contract bargaining on General Motors Corp., the world’s largest and most profitable automaker, union officials said Tuesday. Contracts between the union and the Big Three automakers expire Sept. 14. Under pattern bargaining, the union will negotiate with GM until it reaches an agreement, and then use that as a model in negotiating with Ford Motor Co. and Chrysler Corp. GM’s new chairman, Robert Stempel, is seen as likely to try to avoid a strike during his first months in office. UNITED LOSES RULING. United Airlines promised Tuesday to comply with a federal judge’s order to make changes in schedules at Chicago’s O’Hare International Airport. American Airlines went to court Monday to press for the changes, contending United’s proposed schedule was misleading. U.S. District Judge John McBride ordered the change the same day. American said United schedules starting Oct. 1 reflect not-yet-approved deviations from federal guidelines on takeoffs and landings at O’Hare.
valuuttakurssit forex

Anonymous

Full text: [St. Petersburg Times] Aug 29, 1990

forex signals

Stiff sentences imposed in Guinness fraud

Another defendant collapsed in court as the judge, Sir Denis Henry, was about to pronounce his sentence in the scandal, which stemmed from Guinness’ multibillion-dollar takeover of a Scottish distiller four years ago. Henry particularly criticized Saunders, 54, for what he called the former executive’s dishonesty in allowing the payment of illegal multimillion-dollar fees to prop up Guinness’ stock price. Henry said he ordered the stiff punishment for the lead defendant, Ernest Saunders, former Guinness chairman and chief executive officer, because of what the judge called his “dishonesty on a massive scale.”
dde forex

Full text: [Star Tribune] Aug 29, 1990

forex signals

More weakness showing in economy

The index of leading economic indicators, the government’s main barometer of future trends, was unchanged in July from June, the Commerce Department said today in a report that showed broad weakness in several key measures of economic activity. The department said seven of 11 indicators that make up the index fell in July, led by longer delivery times for vendors, a lower money supply, fewer unfilled orders, a shorter workweek, fewer building permits, more unemployment insurance claims and lower stock prices. Sales also fell in the West, down 4.9 percent to 135,000 units while they were unchanged at 237,000 units in the South.
meta4 forex

Full text: [San Diego Tribune] Aug 29, 1990

forex signals

Ex-Guinness chief is sentenced

The SEC reportedly got the information from [Ivan F. Boesky]. The Wall Street arbitrageur, who was cooperating with US authorities in the hope of obtaining an easier sentence, was allegedly involved in the Guinness scheme, and a British newspaper Tuesday published what it said were details of Boesky’s involvement in the case. The Guinness scheme involved an effort to support Guinness’ stock price by buying shares to give Guinness’ stock-and-cash offer for Distillers a better chance of bettering a rival offer from Argyll Group plc. The British newspaper The Independent says Guinness offered to pay off Boesky for his help by giving him a California vineyard or selling him property. But Boesky instead “insisted that the company invest $100 million in one of his investment funds.”
trix forex

Steven Prokesch:The New York Times

Full text: [Orange County Register] Aug 29, 1990

forex signals

Former Head of Guinness Is Given 5-Year Jail Term

The scheme involved an effort to support Guinness’s stock price by buying shares to give Guinness’s stock-and-cash offer for Distillers a better chance of bettering a rival offer from the Argyll Group P.L.C., In sentencing Mr. [Ernest W. Saunders] today, the judge told him he had been guilty of ”dishonesty on a massive scale” in authorizing illegal payments to those who had participated in the scheme. ”I am quite satisfied, as the jury by their verdicts have shown, that you were at the center of the dishonest conduct that occurred,” Justice Denis Henry said. From April 9, Mr. [Ivan F. Boesky] ”systematically put this strategy into reverse” by liquidating his short positions and by buying Guinness shares, the paper said. By April 19, the day after Guinness won control of Distillers, Mr. Boesky ”had built up a holding of 14 million Guinness shares at a cost of some 41 million pounds, had gone short of the rival bidder Argyll in a big way and had bought substantial quantities of Distillers shares at above the value Guinness was bidding,” the paper said. ”Guinness later offered to pay off the debt by giving him a California vineyard or selling him property” below its value, the paper said. But Mr. Boesky instead ”insisted that the company invest $100 million in one of his investment funds.”
vt forex

STEVEN PROKESCH, Special to The New York Times

Full text: [New York Times] Aug 29, 1990

forex signals