European Stars and Stripes (Newspaper) - May 08, 1991, Darmstadt, Hesse Wednesday May 8, 1991 today s tip the legendary secret Swiss Bank accounts that for years sheltered the Money of Crooks corrupt dictators and secretive International financiers Are largely being abolished by Switzerland a banking authorities. A a. Under increasing pressure to combat Money laundering Switzerland a Federal banking commission has announced that starting in july All Bank account holders must identify themselves. But Banks would still be allowed to open Anonymous accounts if the deposits Stem from ongoing Legal proceedings such As divorces or in Cri Tancos. I conversion rates London up tuesdays closing rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $357.25 an ounce Silver at $4.07. May 6 May 7 British Pound. A 1.7225 German Mark. 1.743 1.7225 French franc. 5.875. 5.837 dutch Guilder. .1.9575 1.9431 belgian franc 35.87 35.49 italian lira. 1,283.90 1,276.65 Swiss franc. 1.475 1.4585 greek drachma. 189.12 188.00 turkish lira. .3,938.90 3,938 90 saudi arabian Riya .3.7502 3.7503 Spanish peseta., 107.37 106.49 portuguese escudo ,148.89 148.25 Canadian Dollar 1.1505 1.1506 a austrian Schilling .12.288 12.13 norwegian Krone ,.6.767 a 6.743 danish Krone �?z.�?z.6.6465 6 59 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.68 through wednesday based on tuesdays noontime Price fixing. New York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock sales last net chg. Alcan aluminium 3,796,300 20% up % blockbuster ent a 2,800,200 9% a off Rwjr Nabisco hid 2,399,000 10% off a Nat hath labs 2,121,300 19% up 1 % at amp to company 2,079,800 36% Oft a Amer express 1,853,10025%�.off % nor corp 1,811,000 103% up % Duracell inti a 1,646,200 21% up Exxon corp 1 .1,556,900 58%. Off % Pepsico inc a 1,449,700. 32 up % us shoe corp 1,129,700 13 up 1% ism corp. 1,088,700 103% up 1 get corp. 1.066,500 30%0 1% computer Assoc 1,058,600 7%. Up % storage techno .997,700 46 up american Exchange new York up the 10 most Active stocks in. American Stock Exchange composite trading monday. Stock go video inc fruit of loom Wang labs inc b Americus t. Dow chemical it Lionel corp Americus disc Hill Haven corp tubes de Acero Macneal Schwend sales last net chg. 444,800 2 off 1% 383,600 15% up % 367,200 3% off % 2 so 295,900 8% off % 256,900 7%. Unch 202.400 1% off a 178,000 8% up % 168,700 2% unch 159,400 9 up % 151,400 14% off % Dow Jones new York up a Dow Jones closing Range of averages monday a. A 30 Indus nals m transport 2 5 utilities 05 stocks High 2956.84 1185 12 212 84 1060 84 Low 2911.45 1162 38 209 32 1043.20 close 2941 64 1177 54 211 96 1055.16 change up 2 78 up 5 82 up 0 50 up 2.74 the stars and stripes a Page 17money matters at amp to gets foot in computer door with $7.4 billion nor merger by Cindy Skrzycki the Washington Post Washington a american Telephone amp Telegraph hard fought Bat tic to become a major presence in the computer world was realized monday when nor corp., the nations fifth largest computer maker agreed to a $7.4 billion merger of the two companies. A the company that will emerge will be uniquely equipped to meet what customers will need in the future global computer networks As easy to As accessible As the Telephone network is today a said Robert e. Allen chairman of at amp to in a joint statement with Charles e. Exley jr., the chairman of nor. After months of stubborn resistance from the Dayton Ohio based nor the two companies struck a Deal that provides for an All Stock transaction in which nor shareholders will receive $110 Worth of at amp to Stock for each nor share they hold. The merger will position at amp to in the ranks of the nations biggest computer companies such As International business machines corp., digital equipment corp., Uniss corp. And Hewlett Packard co. At amp to and nor also announced that Exley will retire when the merger is completed probably in four or five months when nor shareholders vote on the merger. Exley will stay on As a consultant overseeing the transition of nor into at amp to the nations largest Long distance Telephone company with $37 billion in Revenue. Gilbert a Williamson president of nor who has been with the company since 1962, was tapped As Exley a successor. Exley led a Lively defense against at amp to and owns 328,000 shares of nor Worth some $36 million As a result of the merger. Nor is a 107-year-old company that built its reputation with Cash registers a base it has been building on As it develops and launches a Broad array of new computer products from a a imaging systems that convert paper to electronic data bases to Large scale computing systems that use High Speed parallel processors. With $6.3 billion in Revenue and 55.000 employees nor has been considered an for at amp to because of its advances in computing As Well As its Strong sales overseas. Allen repeatedly has justified at amp to s Pursuit of nor As a a strategic imperative a which monday he expressed in a letter to Exley a we both be a Day when almost every transaction a whether an information request a financial Exchange or a retail Sale a will be done electronically. Vast global networks will connect islands of information throughout the but there is More than poetry in the Deal. At amp to which has been running its own computer division at a loss of about $200 million annually was impatient to move ahead in the ranks of computer makers and begin marrying its. Telecommunications prowess with Ncry a state of the Art computer capability. A there Are legitimate reasons for at amp to being in the computer business a said Charles w. Schelke managing director of Smith Barney Harris Upham amp co., a new York brokerage firm. A they have a better shot at it with nor than going it alone a the Challenge How Ever is overcoming a history of failed or struggling computer company mergers. A emerging these two cultures will be the hardest part a said Robert Kidd a telecommunications analyst with Dat quest inc. In san Jose Calif. A these mergers have not been whirling by anticipating such problems. At amp to has been planning for months How to integrate the two businesses and capitalize on the strengths of both. For example. At amp to has been reducing its of n computer work Force to ensure that nor people will not have to leave. Nor w ill retain its name. While the organizational planning was going on. There was less Success with Iron ing out a fundamental disagreement a How much should at amp to pay for nor. The bargaining opened at $90 a share but eventually it was Clear Exley would accept no less than $110. Exley also insisted on a Price guarantee that would protect nor shareholders if at amp to Stock dropped significantly in the period before the merger. Under the terms of the final agreement which is tax free to nor shareholders the number of at amp to shares exchanged Lor nor Stock will be based on a 20-Day trading period in at amp to Stock that ends live Days before the stockholder meeting to approve the merger. At amp to said in its joint announcement with nor that it Hopes the All Stock transaction can be Given special tax treatment by the government known As a a pooling of if that strategy fails. Nor shareholders will receive 40 percent in Cash and 60percent i Stock. When at amp to launched its bid for nor last december it was met with an array of defense strategies from nor Poison pills an employee Stock ownership plan and a change in Ncry a corporate bylaws that allowed it to expand the size of its Board even after at amp to was v victorious in voting in four of its nominees to the nor Board of directors. A i think Exley did a pretty Good Job for holding out for the right kinds of conditions a data quest a Kidd said. Even As the Ink was drying on the agreement Exley appeared to have some fight left in him. Quot its no secret that nor management has not sought this transaction. This is now a fact of life a he said. But the at amp to nor merger May turn out to be the prototype for corporate takeovers in the 1990s. Though at amp to was never a reluctant suitor it made it dear from the beginning that accommodations would be made. There would be no Lance financing. Nor would remain intact and not be dismembered. Its workers would not be considered a Burden on the balance Sheet. Disasters up and Money Down but americans still Aid charities by Mariann Caprino a business writer new York a an unusually High number of disasters is tugging at the purse strings of americans who Are showing surprising generosity toward the victims despite a stubborn recession and dwindling savings. People who Are feeling the economic Pinch a understand a Little better what it Means to be in need a said Hope Rosenberg spokeswoman for care. A they dig a Little but numerous disasters Are spreading americans charitable donations thinner Relief officials say and once the suffering moves off the front pages and the television news donations Are Likely to Wane. A i done to remember there being a time when there were so Many things afoot at once a said Steve Norman of the Ameri cares organization a private Relief group in new Canaan Conn. In the last two weeks earthquakes have ravaged Costa Rica Panama and soviet Georgia while a Cyclone has killed Over 125,000 people in Bangladesh. With so Many Calls for Aid there is concern that americans will fall into what Relief experts Call a compassion fatigue a they become so overwhelmed by pleas for help that they become paralysed and Stop giving. Overall however the level of giving is up said Barry Nickelsberg. Executive director of the funding Center in Alexandria va., a non profit group. A a what a happening concerns a broader base a More people giving smaller contributions a he said. Kurdish refugees have attracted the most Money. Amer cares has airlifted about s6 million in food and Medicine to Iran where kurd massed after fleeing avenging iraqi forces at the end of the persian Gulf War. Care has raised More than s400.000 for the kurd with contributions averaging under a Lex. Still soliciting Money far the kurd has t been easy. The . Military s presence in the Region has left the impression that things Are taken care of. Many experts say. Save the children f r cup. Collected just s 10u. A it re Het n the persian Gulf acc Remc chronicle of philanthropy. 0.r Usa. A los Angeles reef Gro p a elected just s15. I. Bangladesh Aid is become in As j a is the Cyclone Ruva gee other spots of or Quot evoke National sympathy. A cholera epidemic in Peru has spread and drought and famine in Africa Are reaching new Heights of devastation but these crises Are failing to attract much Money. Nickelsberg said. The principal reason is people there simply Quot Don t look like he said. But John Hammock executive director of the Boston based Relief group Oxnam America said Over the past four Days his group has raised s2fw.oo0 earmarked for Bangladesh from individuals m Britain and North America. A for an initial response. It s he said. No one underestimates the ability of television to set the Agenda. Film footage of kurd homeless bangladeshis and is Arsing africans Are powerful images that drive people to die into their Wail Els. V. Hen r a. L. Re itt Luces fads. P. P c Tor Quot a u a a i in iss5. R. M ulc Civ Amer cares Ted t nere sate t i Al i t f r a j to. Dav. A a a Jar a red the w i in
