European Stars and Stripes (Newspaper) - August 29, 1991, Darmstadt, Hesse                                Thursday August 29, 1991the stars and stripes. Is s % n s \ a  v. Today a tip consumer Confidence slipped in August with a Reading of 76.3 Points Down from 77.7 last month the conference Board said tuesday. Economists had expected a dip in the Index and said it indicated an Economy that was struggling to recover from recession. The Index which the Independent business research firm set at 100 in 1985, continued to show pessimism about the . Economic recovery. A in the latest Survey people were somewhat More positive in their assessment of prevailing conditions but less optimistic in their expectations for the months ahead a said the Board. A buying plans were on balance marginally  conversion rates London up wednesdays 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 $354.25 an ounce Silver at $3.96. Aug. 27 aug. 28 British pound.1 .�805 1.6885 German mark.1.7500 1.7415 French franc. 5.9475 5.9645 dutch guilder.1.9715 1.9660 belgian franc .35.97 35.87 italian lira. 1,306.95 1.310.25 Swiss franc.1.5235 1.5155 greek drachma.193.38 194.18 turkish lira.4,586.70. 4,606.00 saudi arabian riyal.3.7501 3.7501 Spanish peseta.".109.01 109.21 portuguese escudo .149.75 150.17 Canadian dollar.1.1430 1412 austrian schilling.12.3120 12.3580 norwegian Krone. 6.8360 6.8565 danish Krone.6.7530 6.7735 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency  Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.71 through thursday based on wednesdays noontime Price fixing. American Exchange new York american Stock Stock Forest labs Dow chem it carnival cars Cal Energy Elk Sportun it Morgan food Kirby corp Echo Bay min Bat Indus am medal bldg up a the 10 most Active stocks in Salat Latt net chg. 2,564,300 37% off 3% 751,400 9 unch 297,600 21 off % 234,600 15 up % 209,600 9% up 208,700 1% up 201,900 14% up 198,000 8% unch 184,100 11% up % 174,500 9% Oft new York Exchange new York up York Stock Exchange Stock Telefoni de mex Triton Energy United inc St East bkg Black amp Docker at amp to company Salomon inc toys r us Pepsico inc us Marathon Philip to ism corp Conti Bank up Rwjr Nab bldg Uniss corp the 15 most Active stocks in new composite trading on tuesday. Sales last notch 5.238.800 36va 2,446,600 39 1.667.500 27% 1.666.500 .1% 1.545.100 18% 1.521.800 38% 1.507.800 25v 1,440,900 35 1.385.200 32% 1,374.000 30% 1.345.500 73% 1.258.200 95% 1.245.800 13% 1.211.100 12% 1.123.200 5% up 1 % 0�6% up off % up 1% off % off a unch off Vic off unch up off1% unch up Dow Jones new York up a Dow Jones closing Range of averages. Tuesday High 3047.41 1213.33 207.75 1082.74 30 industrials 20 transport 15 utilities 65 stocks Low 3007.83 1195.52 204.99 1068.11 Clou change 3026.16 Oil 13.20 1202.40 Oft 9.87 206.56 up 0.25 1074.75 off 5.04 . Sales to Iran Syria of d despite ban documents show Washington a the . Government lists Iran and Syria As nations that support terrorism. But that did no to prevent the Commerce department from approving sales of $300 million in High technology items to the two countries in recent years. The department used loopholes in Federal regulations to approve a variety of exports. Documents obtained by the associated press show that some of the items had potential military uses. From late 1987 through september 1990, . Companies got government permission to ship computers aircraft parts navigational radar and communications equipment to Iran and Syria according to the Commerce documents. One of the licenses granted in july 1990, allowed a major . Computer maker to sell $3.9 million Worth of equipment to Iran a Interior ministry. The License said the computers a will be used for accounting and payroll applications and. To perform a National census  it other licenses allowed sales to the syrian atomic Energy commission of . Computers and film processing chemicals. Federal Law generally bans the Sale of sensitive . Technology to Iran and Syria because both Are on the state departments terrorism list. Government officials Are supposed to a presume denial of such exports a but there Are exceptions. One recognizes the a a Sanctity of previous contracts which the Commerce de Arment said it used to approve a Range of High tech exports. The . Exporters to Iran and Syria included major computer makers Oil drilling companies medical equipment suppliers and other technology firms the Commerce department documents show. The documents were provided to the a on condition that the companies not be identified. The a asked Gary Milhollin director of the Wisconsin project on nuclear arms control to examine the documents. The Washington based project is funded by the University of Wisconsin. Milhollin and his associates who arc experts on dual use technologies identified the items on the list that had both civilian and military uses. Commerce department spokeswoman Mildred Cooper declined to comment on the Export licenses saying they involved confidential business information. She also declined to provide information about technology exports to Iran or Syria since september 1990, the latest month for which data were obtained by the a. Iran has been on the terrorist list since january 1984. The state department says it was for a general a a pattern of supporting International terrorism. Syrians presence on the list for the same reason dates Back to 1979. The United states Chilly relations with Iran and Syria have warmed in recent weeks. Two Western hostages were released from Captivity in Lebanon and Hopes have grown that More might be freed. Earlier this month president Bush publicly praised Iran Syria and Lebanon for their help in the release of american hostage Edward Tracy. Last month president Hafez Assad made a major change in syrians position to Spur renewed Hopes for a . Initiative involving an International Middle East peace conference. Early this year the Commerce department was stung by revelations that it had approved $1.5 billion in exports to Iraq of potentially dangerous technology from 1985 through aug. 2,1990 a the Day Iraq invaded Kuwait. Iraq was not on the state departments banned list when those exports were approved. The Commerce department said that under the a contract Sanctity exemption it approved the Export of logic Analysers oscilloscopes personal computers and fire detectors to Iran or Syria. Oscilloscopes Are used to measure electrical impulses. Experts say High Speed versions could be used to develop missile guidance systems and to process data from nuclear weapons tests. The a contract Sanctity exemption allows the Export of sensitive items under sales contracts signed before certain dates the Commerce department said. The dates Are oct. 22, 198/, for Iran and dec. 16,1986, for Syria. Milhollin said other exports apparently were approved because of the informal practice of allowing some .-made equipment to be repaired abroad a even in countries on the terrorist list. Another loophole allows the Sale of .-made parts built into foreign equipment As Long As the . Content is less than 20 percent of the item. The. Documents show that from late 1987 through september 1990, the Commerce department granted 501 Export licenses Worth $306 million to Iran and Syria. For Iran there were 372 licenses Worth $282.4 million. More than 300 of the licenses were for computers. For Syria there were 129 licenses Worth $23.5 million including 91 for computers. The data do not indicate How advanced or powerful the computers May be. During the same period Commerce rejected 123 proposed Export applications Worth $194.6 million to the two countries. An additional 303 applications valued at $140.6 million were neither approved nor rejected in a category called a returned without  relapse unlikely As  Economy recovers from slump experts agree Washington a talk among economists about the Prospect of a a double dip recession has pretty much died but most predict the current economic recovery will be modest at Best. Both the bush1 administration and private sector forecasters agree that the first recession in eight years is Over and they see Little Chance of a Quick relapse As has happened in five of the last eight economic downturns. However they disagree Over the strength of the rebound. The administration is counting on above average annual growth of better than 3 percent to help it reduce the budget deficit and improve the prospects of president Bush a re election. Private analysts meanwhile foresee weak growth that at first will not feel much different than the recession. A i done to believe we re going to have a so called double dip recession a said economist Bruce Steinberg of Merrill Lynch. A on the other hand i do think this recovery is going to be the weakest one we be seen in More than 50 years. Its going to be pretty  More information on the state of the Economy was expected with wednesdays release of the Commerce departments updated look at the Gross National product for the april june Quarter As Well As the first look at corporate profits for the period. Many analysts were looking for Little or no change from an original report a month ago that showed the Economy growing at a slight 0.4 percent annual rate in the second Quarter. That compared with a Sharp 2.8 percent decline in the first Quarter and a 1.6 percent drop in the last three months of 1990. Economists will be studying wednesdays revisions for clues As to How the Economy is performing in the current july september Quarter. For instance most analysts anticipate that production of goods for inventories was weaker in the second Quarter than estimated earlier. That May reduce the Gnu figure for that period but it is a favourable development for the future. Lean inventories mean that any pickup in sales will quickly translate into increased production at factories and eventually into More jobs. On the other hand the nations Trade performance in the Quarter Likely was somewhat better than thought previously. The Commerce department said tuesday that the merchandise Trade deficit on a balance of payments basis shrank to an eight year Low of $15.6 billion in the second Quarter. Among the threats to the recovery is the possibility that spreading weakness in the markets of Japan and Western Europe will Cut demand for . Exports one of the few areas of strength during the recession. Another area of concern is commercial construction. Overbuilding and the reluctance of struggling Banks and savings institutions to finance new projects has deeply depressed that sector. The most closely watched sector a and the largest representing two thirds of the Economy a is consumer spending. Consumer Confidence picked up earlier this year after the end of the persian Gulf War but economists said it will take a reduction in the 6.8 percent unemployment rate and income gains to sustain their spending. A Overall the Economy is growing slowly but within that there Are sectors doing Well and sectors doing poorly regions doing Well and regions doing poorly a said economist David Berson of the Federal National mortgage association. The Northeast and the Auto producing sections of the Midwest have been hardest hit in the recession while the Pacific Northwest and the Southwest have been doing relatively Well he said. Earlier this month the Federal Reserve Cut a key Short term interest rate to stimulate the Economy. Analysts said the Central Bank was prepared to Cut rates again in september but Only if the recovery stumbles. A clearly the fed is there and is willing to ease on the first sign that the Economy is faltering a said economist Mark Zandi of regional financial associates in West Chester a