European Stars and Stripes (Newspaper) - May 11, 1991, Darmstadt, Hesse                                Saturday May 11, 1991 v the stars and stripes a Page 17 Money matters i today s tip Litton systems inc. Has paid the government $2.4 million to avoid a trial on charges of defense contracting fraud the Justice department said. Litton was awarded six Navy contracts in 1983 and 1,984 for systems that Supply oxygen to crewmen aboard Carrier based aircraft primarily the harrier av-8. An audit uncovered company memos indicating that workers were ordered to add to labor costs without cause. The memos were written in january 1984 and disco cred in a 1987 audit. Conversion rates London up fridays 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 $356.75 an ounce Silver at $4.04. May 9 May 10 British Pound. 1.7065 1.7160 German Mark. A. 1.7245 French. A 5.8650 dutch Guilder .,1.9455 1.9525 belgian franc. A a. A a italian lira,1.288.20 1,283.60 Swiss franc a. A a1.4620 greek drachma 188 40 189.15 turkish lira .3.933.90 a 3,964.60 saudi arabian Nyal ,.3.7503 3.7503 Spanish peseta .,.106.60 107.04 portuguese escudo. 148 50 151.04 Canadian Dollar .,.1.1502 1.1524 austrian Schilling .12.104 12.195 norwegian Krone. 6717 6.735 danish Krone. 6 605 6.620 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 1.69 through monday based on fridays noontime Price fixing. New York Exchange new York up York Stock Exchange a the 15 most Active stocks in new composite trading on thursday. Stock sales last net chg. Amer express a 3,040,200 24 up % Rwjr Nabisco hid 2,538,500 11 % a a a a a up y8 occident a petrol 2,430,100 21 %. Up % con Edison co 2,345,600 24 % Oil /4ford motor co 2,050,000 33 up % Wal Mart stores 2,001,800 42 up 2 a Philip Morris 1,821,900 68 % up % get corp ,. 1,706.600 30% a up % United telecoms 1,671,300 28% up % at amp to company1.639,400. 36%. Up % blockbuster ent 1,583,400 9%off % Mobil Oil. 4,554,600 69 v4. Up 1 a ism corp 1,543,500 105% up 2 % Boeing co 1,513,600 a 48 % a up 1 Schering plough 1,461,200 53 % up 1 % american Exchange new York i american Stock e Stock americ us do Amdahl corp Lionel corp Dow chemical it carnival cruise fruit of loom Weatherford inc metro Mobile b. Bat industries pall corp Pic the 10 most Active stocks in change composite trading thursday. Sales last net chg. So 792,000. 9 % up % 500,000 16% up 1 % 493,300 1 % 0f1% 489,200 6>/4 \ up 443,900 25% up 356,700 15% Oft % -314.900 5 % u p a 305,300 16 �?T/4 up 1 % 228,800 121-16 up % 213,400 32 v4 up % Dow Jones new York up a Dow Jones closing Range of averages thursday. 30 industrials 00 transports 5 utilities. 65 Stock High 2903.68 1208 39 21504 1073 89 Low 2926 88 1180.89 212.34 1053.29 close change 2971.15 up 40 25 1202 57 up 24. 33 21410 up 0.69 1069 16 up 14. 96 . Firms face Slimmer Hope of getting fatter in Kuwait new York apr the reconstruction of Kuwait is turning out to be less a Bonanza than a Boondoggle for Many american companies. Early projections of $100 billion in business have been reduced to $25 billion communications with the War ravaged country remain unpredictable and political instability in Kuwait has slowed Progress. Growing numbers of . Companies have spent thousands of dollars telephoning faxing and visiting the Middle East but have been hampered by intense Competition bureaucracy and a culturally alien environment. A a there a a tremendous amount of frustration because people want answers from people who done to have the answers yet a said David Gump executive editor of the Gulf reconstruction report a newsletter in Arlington a. A people Are gradually realizing that the Middle East is a difficult place to do business a he said. The kuwaitis a did no to just fall off a turnip truck. They know what they re doing. They re not about to hand out Cash  the kuwaiti government has awarded about $600 million in contracts for emergency work about two thirds to american companies the Commerce depart ment said. But assessing the damage from the 6 /2-month iraqi occupation is taking longer than expected with Resly ration of Basic services expected to Urt six to nine months rather than three. As of last week 10,505 . Companies seeking kuwaiti business were listed with the Commerce departments Gulf reconstruction Center which has fielded More than 400,000 Calls since the persian Gulf War ended in late february. A data base compiled by kuwaiti government officials contains thousands More names. Companies Are becoming frustrated. For example three months ago zyrtec industries of Tolono 111., thought it had a buyer for thousands of its storage and housing shelters. But the saudi company it was Nego dating with suddenly backed out. A Yacc has faxed dozens of letters and sent packages to embassies and government agencies in the Region. Now its giving information to a woman returning to Kuwait who knows government officials. A the communications Are an absolute Nightmare a zyrtec president Bill Jones said. A a we re using every inroad we Possi a aside from . Oil Well firefighting companies few american firms have aired Well in Kuwait since the persian Gulf War ended. Competition for contracts in the reconstruction of Kuwait has been fierce. Bly can to get the information to the proper  lines at the Border to get goods into Kuwait have stretched for Miles. Materials and people often arc turned away and issuance of new visas was suspended last month for 90 Days Kuwait a main port is badly damaged and another offers Only limited service. Many business deals occur in saudi hotel rooms where kuwaiti officials sign contracts and award others on a handshake. Companies with tics in the Region have fared Best and Trade experts said kuwaiti officials have been accessible and ready to talk if Only briefly. A a it Sall confusion still a said Joseph papa a vice president of sys Orex International inc., a Mountain View calif., computer systems company seeking business. A they Are laying some contracts out but its really hard to find the decision Mak a cars a a a a a a a. A a a the Commerce department is encouraging companies to attend Trade shows and develop links in the entire Middle East not Only in Kuwait which can be costly and offer no guarantees. I he department also Hopes to Contact companies directly about specific opportunities As Kuwait a five year rebuilding phase gets under Way in late summer or fall. Quot Trade experts generally say companies making personal Contact in the Middle East a looser business culture will Tare better than ones relying on. Long distance communications. A a a the Over whelming majority of people who Are going to go after this arc going to fail Quot said George Fisher,.who.publishes a business newsletter about the Middle East a you have to have historical  Money Market funds losing identity by Chet Currier a business writer new York a once you look past the name on the prospectus its getting harder these Days to distinguish one Money Market Mutual fund from another. ,. A a the differences in the yields these popular Money management vehicles can earn As they compete with one another have been shrinking of late As Short term interest rates have fallen. And the funds will take another step toward generic status in june when new securities and Exchange commission strictures go into effect on the investment choices they can make. Under the rules Money funds will have to keep the average maturity of the Money Market securities in their portfolios at 90 Days or less and adhere to stringent limits on their holdings of corporate commercial paper that does no to carry a top level credit rating. A what this does is make these funds even More similar than they were a says Steven Norwitz a spokesman for the Baltimore investment management firm of t. Rowe Price associates. One result of this trend will be a modest reduction in the general level of Money fund yields at just about any stage of the up and Down Cycle of interest rates. For one thing funds will have less leeway to lengthen their maturities when they expect declining interest rates or to stretch their Quality standards a Little to try to earn a Little extra. For another their demand for top Quality investments will probably result in lower rates paid by the . Treasury and Blue Chip corporations when they borrow Money. Managers who run Money funds Point out that there Are Only so Many elite issuers of Money Market securities and that their ranks cannot readily increase just to meet enhanced demand. But financial observers say this prospective negative for Money find investors is probably at least counterbalanced by an added measure of safety and Stabil try a / in less than two decades since the organization of the first Money fund the Reserve fund iivl972, these funds have become a part of the foundation of the investment and savings system. With assets of about half a trillion dollars they have gained de Facto standing As a mod Corfi version of the traditional Bank Sav Ings account. As Safe As they May be however they still Lack any explicit guarantee like the government insurance that covers Bank deposits