European Stars and Stripes (Newspaper) - June 12, 1991, Darmstadt, Hesse                                Wednesday. June 12. 1991 the stars and stripes a b Page 17__ Money matters today s tip 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. The contract went to a joint bid by France telecoms and Amer tech International of Chicago. _ 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  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.1.7705 a 1,767 French franc6.0005 5.9877 dutch Guilder. 1.992 1.9902 belgian franc. 36.36 36.34 italian lira. 1,314.551,312.00 Swiss franc .1.5135 1.5105 greek drachma19283 192.70 turkish lira. 4,183.10 4,181.10 saudi arabian Riyal 3.7501. 3.75 Spanish peseta. 109.27 a 109.32 portuguese escudo. 153.73 155.72 Canadian Dollar. 1.149 1.1451 austrian Schilling. 12.444 12.433 norwegian Krone. 6.893 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 Fivi Arnew York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on monday. Slock sales last net chg. Occi Drill petrol 2,036,700 22% up 1 it Pepsico inc 1,965,700 30 it off it Rwjr Nabisco hid. 1,653,500 10% unch Philip Morris 1,632,500 66 it Oft it Home St mining 1,459,300 16 Ita up it Johnson 8. Jhn Sii. 1,381,400. 86 it unch Amer express 1,34.5.100 24. Off it Pac Gas amp elec 1,254,100 25 off it Tel Fonos de my 1,232,800 27 it off it Masinter Lnch 1,125,300 8ftunch blockbuster ent. 1,093,200 9ft unch Uniss corp. 993,200 3.ft off it ism corp 985,300 102ft up it Exxon corp t 958,200 58 up it Baxter inti inc. 945,900 32 off it american Exchange new York up a the ten most Active stocks in american Stock Exchange composite trading monday. Slock sales last net chg. Echo Bay mines .636,800 9% up it Energy service 512,400 "3ft unch Conti air Hodgs a 501,800 2 off it Viacom inc b 348,400 29 it unch Pegasus Gold 306,800 13 it up it Ivan corp 253,000 24 it off Ftp group web 226,700 8 it up it Elan corp pc 193,200 32 it. Unch Forest labs inc 171,600. 34 it Quot unch Amdahl corp 153,300 16%  Dow Jones  of ones closing Range of averages 30 industrials ?0 transport 15 let Klitses 65 stocks High 2992.84 1234.13 a 210.26 1078.94 Low 2958.41 121721 207.81 1065 80 close 2975.40 1223 91 208.75 1071 66 change off 1.34 off 3 52 of 0 51 of 1 55 auditors criticize accounting at a amp a bailout corporation Washington apr congressional auditors complained monday that management and accounting lapses by the savings and loan bailout Agency arc 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 f. 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 set Aid a it can gain better control Over the accountability and management of its  the lapses that the Gao cited in dude a 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. A the Etc lacks penalties when contractors fail to perform As required and needs to improve the monitoring of contractors. -. ,. A the Agency loses opportunities to package and sell Loans and other assets because its information system does 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 some Etc offices Lack proper procedures for Jianling wire transfers and checks. Etc spokesman Steve Katsanos said the Agency pointed out most of the problems mentioned by the Gao. A the Etc is doing things 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 Hoard is committed to minimizing the taxpayers Cost of the Thrift Industry cleanup. As part of that of fort we will pursue every available Avenue to continue the improvement of the it cd a  but rep. Henry b. Gonzalez a Texas chairman of the mouse banking committee said the report a makes it Clear the Etc lacks even the most Basic  a a Etc is an unguided missile headed for certain disaster. He said. A a Etc must be brought under control before additional funding is  a . Businesses launching operation Kuwait Market Bisonni Efron los Angeles times Kuwait a four Hundred american business executives landed Here like an invading army last week along with three plane loads of merchandise 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. ,. Easel 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 easel 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  before the iraqi invasion aug. 2, . Companies held 15 percent of the contracts Kuwait had with foreign companies. But Commerce department officials 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 j. 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 $50 to $800,000 annually in recent years. A. A /. A. Robert s. Connan commercial Counselor with the . Embassy in Kuwait said a a we re looking at around-$2.5 billion easily this year a triple . Exports a and considering this was a marketplace we did no to really go after aggressively we re doing pretty  unemployment percent of work Loco seasonally adjusted j j a s o n d j f m am 1990 1991 May 90 apr.�?T91 may�?T91 5.3% 11 6.6% j i 6.9% i source . Dept of labor 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 corporations. 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. Fogel 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 owe. 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 w-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 we Are not yet at the Point where we can make a recommendation that a full scale business information returns pro Gram is necessary or needed a lie 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 no wage income such As interest and capital gains. The irs estimates that failure to report corporate income accounts for $500 million of the $ 1 h billion a year Gap Between the income taxes that individuals and businesses owe and what they pay voluntarily. Quot since a corporate Matching program would eliminate Only a fraction of this compliance Gap these estimates do not 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 businesses