European Stars and Stripes (Newspaper) - November 22, 1991, Darmstadt, Hesse                                Friday november 22, 1991 the stars and stripes b Money Page 17a i  v $3.6 billion in soviet debts the internal Revenue service has decided not to spoil the Christmas Holiday this year As it has for More than a decade by delivering income tax forms on the Day after Christmas. Instead the irs will spoil the new years Holiday by having the forms delivered on Jan. 2. A this is a continuation of our policy to put some time Between the holidays and the tax package a said a spokesman for the irs Frank  rates t London Fuji thursdays 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 $364.50 an ounce Silver at $4.09. Nov. 20 nov. 21 British pound.1.7955 1.7975 Gentian Mark 1.6005 French franc5.4745 5.4850 dutch guilder.1.8035 1.8084 belgian tranc33.05 32.93 italian lira1,210.95 1,213.40 Swiss tranc.1.4230 1.4200 greek  182.39 turkish lira. 4,949.10 saudi arabian Riyal 3.7498 Spanish  101.67 portuguese  140.01 Canadian  1.1326 austrian Schilling 11.2950 norwegian  6,3080 danish  6.3080 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.57 through Friday based on thursdays noontime  York Exchange new York Dpi the is Mart Acta Jecki in new Stock named enter Glam holdings at amp to company Colgate Palm co for motor co Bristol Myersq general motor Burlington Obrn it corp Philip Monts Rwjr Nabisco hid Merck amp co inc Teelon Ostema Amer express Humana inc Tain let not cig. 4,247,500 13 0111 4,001,700 28 on 2,637,boo 36 up 2,785,300 40 up on 2,121.800 24 2,112,600 61 up 2,066.100 30 0111 2,004,500 36 up off 1,923,000 31 1,825.000 67 on 1,789.700 9 up 1,730,200 145 up 6 1,621,000 42 up 1,587.500 18 off 1,563,700 23 up Askin Range �4 averages Tianga Ott 1.56 up 2.62 Dow Jones new York up Dow Jones wednesday High tip onto 30 industrials 2973.61 2912/12 2930.01 20 transport 1215.43 11932 1202.73 15 utilities 215.70 215.26 213 82 up 0.19 65 stocks 1073.56 1053.10 1060.03 up 0.46salomon charged in Bond lawsuit Chicago up four Chicago based partnerships have filed suit against Salomon Brothers inc. Wednesdays lawsuit charges the new York brokerage House with manipulating prices of Treasury Bonds by submitting illegal bids at government auctions. The suit which seeks unspecified damages also accuses Salomon of racketeering and violating Federal securities rules. Salomon Brothers inc. A admitted making illegal bids at Treasury department Bond auctions. The plaintiffs Are Sis financial fund a Sis financial fund a Apollo i and Apollo ii All Illinois limited partnerships Sis final Cial services inc. Stenhouse Weiner Sherman Ltd. And Hickey financial services inc. Deferred in g-7 Aid package Moscow a the worlds richest democracies agreed thursday to defer $3.6 billion in soviet debt payments to help restore the crumbling soviet Economy. The group of seven Industrial democracies also offered a $1 billion loan to eight soviet republics but said this depended on some soviet Gold holdings being used As collateral. Earlier Ivan Ilayev the Central soviet governments top economist said the group of seven countries had dropped a demand that half of the soviet Gold reserves be put up As collateral for the $1 billion loan. Later however . Representative David Mulford said the $1 billion loan offer was in fact contingent on a Gold Swap Deal. Under it the republics would sell Gold with an option to buy it Back later at a fixed Price he said. A their feeling was that they would like that option a Mulford said of the Republic leaders. The package coupled with other Western Aid is designed to help the disintegrating country survive the Winter and begin the difficult transition to a Market Economy. The agreement illustrates the degree to which the Power in the soviet Union has now All but passed from the Kremlin to the republics. For their part the eight republics promised to radically reduce fiscal deficits and Public expenditures As Well As to free Price controls and the foreign Exchange rate said a communique issued after four Days of talks. The g-7 demanded wednesday that the soviets put up 104 metric tons of Gold As collateral for the debt Relief package or about $1 billion Worth at current world prices. The group a the United states Japan Germany France Britain Italy and Canada a is trying to help the soviet Union stay on its feet financially and eventually pay Back its foreign debt which one soviet Bank official estimated this week at More than $100 billion. Soviet president Mikhail s. Gorbachev met with the g-7 finance experts wednesday but the negotiations were conducted by the republics. They have gained control Over the soviet unions resources a and debt a since the August coup attempt which led to the fall of the communist party. The soviet Union has had increasing difficulty paying off its foreign Loans because of the collapse of the centrally directed Economy. The aug. 18-21 coup added to the problem by accelerating the unions breakup. . Ambassador Robert Strauss said earlier thursday that aiding the soviet Union was in the West a Best interests. A if we can keep it afloat get through this Winter we have a Chance for this to be a great democratic free society Quot the Texas Democrat said in an interview on abcs night i inc. Raise taxes on Rich Trump advises Washington a real estate Developer Donald Trump on thursday offered Congress a new prescription for a sick Economy raise income tax rates on the Rich to give them incentives for investment. A the higher it the maximum income tax rate is the More incentive there is a Trump told a House budget committee panel. A a in a talking about people who Are making a great Deal of Money. A a in a talking about a substantial increase. It would create a lot of jobs a Trump said. Trumps advice flies directly in the face of the 1986 tax Reform act which reduced or eliminated various investment incentives in order to Cut income tax rates As Low As possible. The maximum rate on top earners was reduced from so percent to 33 percent and since has been Cut further to 31 percent. In return for those Low rates Congress and president Reagan took away the 10 percent tax credit for investment eliminated Many tax shelters for High income investors and reduced the special tax treatment for capital gains which Are profits from the Sale of investments. Trump called that Law a catastrophe for the Economy especially the real estate Industry. A people with Money have to have incentives to invest a doctors and dentists a Trump said. Quot we re no different now from the soviet Union. They have no incentive we have no  Trump reasoned that if wealthy people Are Given proper incentives they will put their Money into risk taking Job creating ventures. There is no such incentive if a person can make As much Money buying a certificate of Deposit As by investing in a new idea he suggested. Aircraft makers look to Asia for Money Tokyo apr the worlds largest aircraft makers pressed for Cash to develop High tech planes Are increasingly seeking out asian partners to keep their competitive Edge. The clearest evidence came late tuesday when defense contractor Mcdonnell Douglas corp. Announced from its St. Louis Headquarters a $2 billion preliminary agreement to sell 40 percent of its commercial aircraft manufacturing operations to a Taiwan led investor group. The worlds two other leading Jet makers european consortium Airbus industries and Boeing co. Of Seattle wash., also have been courting broader business links with Asia. Western aircraft makers have Long Farmed a portion of manufacturing operations out to plants in Asia where production costs Are lower than at Home. Mcdonnell Douglas has estimated that manufacturing costs in Taiwan Are about 20 percent lower than in the United states. But the need for Cost cutting has intensified amid ballooning development expenses. This has benefited fast growing asian carriers often government affiliated businesses that link aircraft sales to local production. For Cash Short Mcdonnell Douglas the chief advantage of its marriage of convenience appears to be Taiwan a More than $76 billion in foreign reserves. The . Defense manufacturer needs Cash to launch its new Long Range wide body md-12 Airliner. Hero is a breakdown of the estimated costs for the development of the md-12, the new Airliner planned by Mcdonnell Douglas corp. Research and development. $1 5 billion fooling Cost of machinery to assemble plane $1 billion wording a $1.5 billion capital expenditures building Plant computers test equipment $1 -6 billions amps Sharon Kilday Tarrant the preliminary Deal would set up new . And Taiwan operations to produce md-12s. Final Assembly would be in the United states. A the development Cost for a new aircraft now is so enormous it simply is not prudent to mortgage a company a future a said Steve Marvin an Industry analyst at Jardine Fleming securities. A it just makes sense to diversify your  Mcdonnell Douglas new partner Taiwan aerospace corp., is not the Only asian company jumping into the fray. Mcdonnell Douglas Aid it also approached South Korea aircraft makers about its wide body Jet project. For its part Airbus industries has approached japanese aircraft makers about a stake in the development of a huge supersonic Jet Able to scat 600-800 passengers. Mitsubishi heavy industries spokesman Junichiro Yamada said his company had not yet received a formal invitation to get involved in the project but that Mitsubishi s ties to Boeing would make participation unlikely. Mitsubishi is one of several japanese manufacturers working with Boeing on the 777 wide body Jet. Japanese partners have a 21 percent share in development and production of that Jet. In addition to Cash Asia can Supply aircraft makers with the latest electronics and new materials technology Marvin said. Yang Shih Chien director general of the Industrial development Bureau of Taiwan said government leaders think the Deal with Mcdonnell Douglas will help the nation churn out $2 billion to a billion in annual aerospace production. However analysts caution that such deals Are not Likely to immediately push Asia to the forefront of the Industry. A but in the aviation Industry you never know what you might be Able to use for commercial spinoffs and a foothold in a crucial Industry will probably Benefit them in the Long run Marvin said