European Stars and Stripes (Newspaper) - June 12, 1991, Darmstadt, Hesse                                Wednesday june 12. 1991 the stars and stripes a b Page 17 Money matters a French american consortium has won the bidding to join Poland a Telephone company in building the country a first cellular Telephone network the polish news Agency has reported. Athe contract went to a joint bid by France telecoms and Amer itch International of Chicago. J cellular telephones Are considered a Quick fix for Poland a woeful Telephone system especially for use by businesses whose investments Are being hindered by telecommunications problems. Conversion rates London up tuesdays 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 $372 75 an ounce Silver at $4.52. June 10 june 11 British Pound. 1.6675. -1.6672 German mark.,.u i. 1.7705 a a a .1.767. French franc. .6.0005. 5.9877. Outch guilder.,.-. Or. 1.992 1.9902 8elgian franc. 36.36 a 36.34 italian lira .1.314.55. 1.312.00 Swiss franc -.1.5135 1.5105 a greek drachma. J92.83 a .-.�, 192.70 turkish lira .4,183.10 4.181.10 saudi arabian nyal.-.,3.7501 a a. 3,75 Spanish peseta .109.27 a 109.32 a portuguese escudo. 153.73 a. V. 155.72 Canadian Dollar. 1,149. A a a 1,1451 austrian Schilling. 12.444 a 12.433 a norwegian Krone 6.893 a a a a a. 6.349. Danish Krone ,.6.7875. 6.797 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 1.73 through wednesday based on mondays noontime Price fixing. New York Exchange i new y0hk up the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock. Sales last net chg. Occident a petrol. 2,036,700 22 it up 1 it. Pepsico inc 1.965,700 30 it off it Rwjr Nabisco hid. 1.653,500 i 10ft. A Urich Philip Morris 1,632,500 66 Vuk a. Off it Home St mining. 1,459,300 16ft a up it Johnson amp of tosh.1.381,400 86 it Quot unch Amer express 1,345,100 24 off it Paugas amp elec. 1,254,100 a 25 off it Tel Fonos de my 1,232,800 27 it soft it mrs inter inc 1,125,300. 8ft. A unch blockbuster ent. 1,093,200 9ft unch Uniss carp993,200 a 3. It Oft it ism corp a a a. 985.300. 102 it up it Exxon corp a a a 958,200 58 a. A up it Baxter inti inc. A 945,900 32 a off it american Exchange. New York up a the ten most Active stocks in american Stock Exchange composite trading monday. Stock. A. Sales last net chg. Echo Bay mines a a .636,800. 9ft-. A a up it Energy service. A a 512,400 3ft a unch Conti air Hodgsam. 501,800 2 off it Viacom inc 8 348,400. 29 it unch Pegasus Gold a. A 306,000 13 it a up it Ivan corp a 253,000 a 24 it off Ftp group web a a a a. 226,700 8 it up it Elan corp pc. 193,200 32 it a. Unch Forest labs inc 171,600 34 it unch Amdahl corp 153,300 a 16fta  Clow Jones monday a a 0n4s cos n9 ran9e averages 30 industrials 20 transport 15 utilities65 Stock High 2992.84 1234,13 210.26 1073.94 Low 2958.41 1217.21. 207.81 106580 close 2975.40 1223.91 20875 1071.66. Change off 1.34 Oft 3.52 off 0.51 of 1.55 _ Washington apr congressional auditors complained monday that management and accounting lapses by the savings and loan bailout Agency Are making it hard to gauge the Cost of the cleanup. Charles a., Bowsher head of the general accounting office said his Agency May not be Able to reach an opinion on the Resolution Trust  1990 financial statements. In a letter to Treasury Secretary Nicholas of Brady who serves As chairman of the Etc oversight Board Bowsher conceded that much of the difficulty stems from fluctuation of real estate prices and other factors Over which the Agency has Little control. But Bowsher said a it can gain better control Over the accountability and management of its  lapses that the Gao cited in elude a a in january the  a contract to manage $7.4 million in assets that it had already sold. The Agency is renegotiating with the contractor but could be liable for $144,000 in unnecessary fees. P the Etc lacks penalties when contractors fail to perform As required and needs to improve the monitoring of contractors. A Quot a a a a a the Agency loses opportunities to package and sell Loans and other assets because its information system docs not properly identify assets left behind with the government after it Sells failed thrifts. A for some contracts the Agency retains Little documentation to ensure there was proper Competition. A., a some Etc offices Lack proper procedures for handling wire transfers and checks. A a  spokesman Steve Katsanos said the Agency pointed out most of the problems mentioned by the Gao. A the Etc is doing tilings to Deal with most of what they identified Here. And Many of these things have been taken care of Quot he said. Brady in a letter replying to Bowsher. Said. A the oversight Board is committed to minimizing the taxpayers Cost of the Thrift Industry cleanup. As part of that Effort we will pursue every available Avenue to continue the improvement of the it cd a  but rep. Henry b. Gonzalez a Texus chairman of the House banking commit Tec said the report a makes it Clear the Etc lacks even the most Basic controls a a a a Etc is an i guided missile headed for certain disaster. Quot he said. Quot Etc must be brought under control before additional funding is  . Businesses launching operation Kuwait Market by Sonni Efron los Angeles times Kuwait four Hundred american business executives landed Here like an invading army last week along with three plane loads of merchandise a from trinkets to cake mix to High technology. They were ready to Battle for the estimated $20 billion in business to rebuild and resupply Kuwait. The disappointed retreated to the Airport monday morning. But under the bluest skies to Grace this Oil smeared emirate in a month the victors were digging. Excl International a marketing company based in Santa Ana calif., came to Kuwait hoping to find local agents and distributors for six California companies it represents. It did. The company also snagged a big computer Sale and has High Hopes for even bigger contracts a a we expect a minimum of $6 million in sales to upwards of $50 million from this trip a said excl president Raymond Korotie. A a we la be staying on probably three to five extra Days just to meet the people we have appointments with ill be Back in two weeks.�?�. Before the iraqi invasion aug. 2, . Companies held 15 percent of the contracts Kuwait had with foreign companies but Commerce department old facials Hope the Good will generated by the .-led liberation forces will translate into a permanent foothold in one of the Middle East a richest markets. A kuwaitis want to do business with american companies a said Timothy a. Mcbride assistant Secretary for Trade development. Mcbride estimated . Exports to Kuwait a contracts and sales a at $1.5 billion since the invasion compared with $500,000 to $800,000 annually in recent years. A / Robert s. Connan commercial Counselor with the . Embassy in Kuwait said a we re looking at around-$2.5 billion easily this year a a triple . Exports a and considering this was a marketplace we did no to really go after aggressively we re doing pretty  unemployment Perc amp no of work Force seasonally adjusted 7.0 j j As on 0 j f m a m 1990 1991 May 90 apr 91 May 91 5.3% 11 6.6% 11 6.9% source . Dept Olla or a irs urged to step up corporate scrutiny by Jim Luther the associated press Washington a congressional auditors say internal Revenue service computers which make it difficult for most individuals to under report taxable income should be turned Loose on Corpora. Tons. A \. Matching corporations tax returns against reports filed by Banks and other payers of income could bring the government an additional $1 billion a year at a Cost of about $70 million the general accounting office said in a report monday. A a thanks to wage withholding and information reporting our tax system is very effective in obtaining tax compliance by wage earners a Richard l. Fogl of the Gao told the House government operations consumer subcommittee. A growing budget deficits increasing corporate non compliance and declining audit coverage All Point to the need for a Matching program a Fogel said. / rep. Doug Barnard a Georgia Democrat who chairs the subcommittee said the irs estimated earlier this year that smaller corporations were now paying Only 61 percent of the income taxes they a owe. A Quot / a a Matching program would Cut into that tax Gap just As it has reduced noncompliance by individuals Barnard said a it troubles me a great Deal that the average earner gets More scrutiny from irs than a corporation a he said. The individual Matching program a in which 2 wage statements and form 1099 interest and dividend reports Are compared with tax returns a nets the Treasury about $1.7 billion a year. However irs commissioner Fred t. Goldberg or. Told the subcommittee that the irs still is not certain the program can be extended to corporations with similar results. A a we Are not yet at the Point where we can make a recommendation that a Fulu scale business information returns pro Gram is necessary or needed a he said. Goldberg said that corporations with assets under $10 million already report about 94 percent of income and that the largest companies report More than 99 percent. This is a considerably better record than individuals have in reporting non wage income such As interest and capital a gains. The irs estimates that failure to report corporate income accounts for $500 million of the $100 billion a year Gap Between the income taxes that individuals and businesses owe and what they pay voluntarily. A a s i Nee a co pro r a t e m a to h i no p Rora m would eliminate Only a fraction of this compliance Gap these estimates do no translate directly into dollars in the Bank a Goldberg said. He said the irs also is concerned with costs and paperwork burdens that a Matching program would impose on Husi . \ a a a a a a a a. A a a a a a