European Stars and Stripes (Newspaper) - December 27, 1991, Darmstadt, Hesse                                Page 16 b the stars and stripes Friday december 27,1991money matters today s tip Britain a Trade Gap widened by 26 million pounds $48 million in november. The current account Trade deficit in november increased to 587 million pounds billion compared with 561 million pounds $1.04 Billon the previous month the Central statistical office said. The figures represented Britain a worst trading balance since March injecting a mood of gloom into the Stock Market. 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 $359.75 an ounce Silver at $3,91. _ dec 23 dec. 24 Briti Sti pound.1,8765 1 8782 German Mark .1.5165 1.5180 French iranc.5,1940 5.1855 dutch guilder.1.7126 a belgian iranc.31,25 3125 italian lira.1,151.40 1,151.80 Swiss franc.1.3495 1.3500 Greak drachma.174.95 a turkish lira.5,016.00 saudi arabian riyal.-3.7501 a Spanish peseia.96.78 a portuguese escudo .135,22 a Canadian dollar.1.1568 austrian schilling.10.7475 norwegian krone.6,00 a danish krone.i.6.94 a these arc 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 he 1.48 through Friday based on mondays noontime Price fixing. Pm workers get millions in bonuses by the los Angeles times Detroit a general motors corp. Paid its salaried employees millions of dollars in Merit bonuses before it announced plans to close 21 plants and slash its work Force by 74,000 last week the company said tuesday. Pm spokesman John Maciarz said that the bonuses part of a White Collar compensation package announced at the beginning of the year were distributed earner this month to such non executive professionals As engineers supervisors and clerical employees who had demonstrated extra Effort Over the year. Critics said the Bonus payments approved even As the no. 1 automaker struggled to Stem losses expected to total $2.6 billion in 1991, sent a signal that some sacrifices were More equal than others. The Oakland press of Pontiac mich., said the White Collar bonuses totalled $80 million but Maciarz would not confirm the amount. Dow Jones new York a fat a Dow Jones dosing Range of averages tuesday 30 industrials 20 transport 15 ush Les 65 stocks High 3q87.8s 1300.26 222.02 1122.78 Low 3015.65 1261,77 218.95 1096.09 Clou Chang 3050.96 up 26.40 1286.06 up 26.03 219.95 06 0.76 1110.13 up 12.24 lethargic . Economy shows faint signs of life new York a the nearly moribund Economy showed a faint signals of recovery this week following a three Day surge on Wall Street that experts tied to the financial Medicine of lower interest rates. On Wall Street which historically has been one of the most accurate economic forecasters Stock prices rallied before the Market closed for Christmas. And Christmas sales improved in the final Days of the shopping season with several big name stores a including Kmart corp., Wal Mart stores inc. And Sears Roebuck and co. A reporting big crowds. A i think there Are very faint signals that things Are getting a Little bit better a said Kenneth Goldstein a labor economist at the conference Board a new York business research group that tracks consumer Confidence and employment trends. A nowhere in the country does it appear that things Are getting  behind the improved Outlook was the Federal reserves stunning move last week to Cut interest rates sharply by lowering its lending fee to Banks a full per i think there Are very faint signals that things Are getting a Little bit better a economist Kenneth Goldstein cent age Point to a 27-year Low. That marked an abrupt change from the series of smaller reductions the Central Bank engineered to Stop the economic slide that began in the summer of 1990. The move also suggested that escaping the recession has become Washington Stop priority. Many Banks have since responded by cutting their own lending rates to businesses and Consumers a move that could generate billions of dollars for spending expanding and investing. The Dow Jones Industrial average of 30 big name stocks closed up 28.40 Points tuesday to 3,050.98, giving the Best known Stock Market barometer a gain of More than 135 Points since the feds action on Friday. A a what a happened in the past three Days is the Market got More confident the financial Medicine being administered will get us out of the recession and eventually make corporate profits go up a said Lawrence a. Veit an economist at investment firm Brown Brothers Harri Man amp co. The new sense of optimism was reinforced by a Christmas eve report from the Commerce department that showed factory orders for big ticket durable oods Rose 1.2 percent in november Fol owing a 2.6 percent october Advance. It was the first consecutive monthly Advance in six months and suggested that even if the Economy is not growing it Isnit shrinking. Still not everyone interpreted the Christmas eve economic news As a Good sign. Some economists remain sceptical that the cuts in interest rates by themselves will provide an immediate infusion of spending Power. And though Christmas sales improved in the final Days of the shopping season the results Arentt expected to show any improvement Over last year. Major banking overhaul appears doubtful in 92 Washington a like the Long suffering fans of a losing baseball team advocates of modernizing the banking system Are vowing a a wait la next  a i have that Faith that Well have something definite this next year a said rep. Henry b. Gonzalez a Texas. It has become a familiar cry for the past decade following each collapse of congressional attempts to comprehensively overhaul the nations financial taws. But according to most Industry analysts and lobbyists the chances of major overhaul in 1992 will be even worse As election pressures mount on oth president Bush and the Congress. A we May have Gonzalez hearings and lots of noise but i would bet against a Bill a said economist Bert Ely a consultant to the association of Bank holding companies one of the chief backers of the Bush plan. E _ _ pumping billion into the fund protecting commercial Bank depositors. However lawmakers dropped virtually every provision the Bush administration had recommended for restoring Banks sagging profits. A in february Bush proposed what would have been the most sweeping change in banking Laws since the depression opening the insurance and securities industries to Banks dismantling barriers to interstate banking and permitting commercial companies to own Banks. Opponents argued that those changes were dangerous and could trash an Al ready shaky banking system. That fear plus jurisdictional rivalries within the House and infighting among financial Industry groups doomed the Bush plan. A the dynamics that screwed everything up in 1991 will be present in 1992,�?� said Kenneth Guenther executive vice president of the Independent Bankers association of America which opposed the administration plan. Nevertheless Guenther said he expected the administration to keep banking alive As a political Issue if Only to remind voters of who was responsible for defeating its plan. Rob Dugger chief economist of the american Bankers association predicted Bank Laws would not be comprehensively modernized unless the financial system Falls into a crisis forcing action or until buoyant economic growth resumes easing fears that an overhaul would precipitate a crisis. Second guessing administration strategy is rampant with some experts concluding it would have been better for the Treasury department to have conceded defeat on most of its goals and pushed strongly for interstate banking which was considered the most passable of the reforms. A i done to know whether they could have done it but i think they administration officials should have tried to Cut a Deal with some of the forces lined up against them said a William Seidman former chairman of the Federal Deposit insurance corp. With no Compromise in Advance each of the financial interests involved a Small Banks Large Banks securities firms and insurance companies a proved to have enough influence to Block legislation they disliked but not enough to pass what they advocated. Forbes releases Survey of most efficient firms new York a Wal Mart Honda Union Pacific and Liz Claiborne Are among the most efficient american companies according to a new list released by Forbes Magazine. The business publication identified one company in each of the 21 industries it surveyed in list released sunday As a standout for such things As Revenue per employee return on equity and lowest debt Levels. One company it highlighted Overall is King world productions a distributor of first run syndicated television shows. Forbes said it has fewer than 500 employees but earned nearly As much last year As the Abc network. Forbes said its becoming harder to distinguish american companies from foreign ones operating in this country so it added 15 foreign based companies to its annual report on . Industry. It rated one of them Honda motor As the most efficient a a american car company. Other companies on the list include text Ron in aerospace and defense deluxe in business services and suppliers Cooper industries in capital goods Monsanto in chemicals Novell in computers and communications Jacobs engineering in construction Liz Claiborne in consumer non durables Duke Power m electric utilities Williams cos in Energy. Also Golden West financial in financial sen rices Archer Daniels Midland in food drink and Tobac a in Quot Ker International in food distribution Union Camp in Forest hot Iuchs and packaging and a Dott laboratories in health