European Stars and Stripes (Newspaper) - March 20, 1992, Darmstadt, Hesse                                Friday March 20, 1992 the stars and stripes b Page 17money matters Federal express corp. Stock tumbled $6 wednesday on the new York Stock Exchange two Days after the company announced plans for dramatic cuts in its european affairs. The air freight company announced plans monday to Cut its european work Force by 70 percent and contract with other cargo shippers to make Many of its deliveries within Europe. A for those who have a Short term focus they sold their Stock today a said Kevin Murphy a Market analyst with Morgan Stanley amp co. Of new York. Federal express has struggled with overseas expansion since 1985, and the company a efforts in Europe have proved More difficult and expensive than expected. Federal express Stock dropped from $55.25 per share to $49.25. Conversion rates London up a 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 $336.50 an ounce Silver at $4.04. March 18 March 19 British Pound.1.730850 1.71135 German mark.1.6495 1.6700 French franc.5.6070 5.6585 dutch guilder.1.8622 1.8795 belgian tranc.34.08 34.36 italian lira.1,242.05 1,254.15 Swiss franc.1.4960 1.5120 greek drachma.191.20 192.04 turkish lira.6,087.40 6,133.00 saudi arabian riyal.3.7501 3.7503 Spanish peseta.104.55 105.00 portuguese escudo.142.45 143.04 Canadian dollar.1.1925 1.1930 austrian schilling.11.6425 11.6920 norwegian krone.6.494 6.522 danish krone.6.4225 6.4510 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates concerns the Sale of German Marks and British pounds to . Personnel for personal use and these will be 1.62 Marks to a Dollar and $1.76 for a Pound through Friday based on thursdays noontime Price fixings. New York Exchange new York up York Stock Exchange the 15 most Active stocks in new composite trading on wednesday. Stock sales Laet net chg. Waste mgt inc 4,976,900 40% off 2 % blockbuster ent 3,547,000 13 i off % Glaxo holdings 2,312,400 26% off % Ford motor co 2,302,800 39 up Rwjr Nabisco hid 1,997,100 9v� Oft % at amp to company 1,976,400 39% up % Rwjr Nabisco pop 1,885,600 10% unch Chrysler corp Eastman Kodak 1,768,000 17% off Vic 1,675,300 40% up % limited inc 1,515,300 29% up % Uniss corp 1,492,200 10% up % Philip Morris 1,276,900 77% off 1 % Amer express co general motors 1,205,700 22 unch 1,184,600 38 it up Pepsico inc 1,183,900 32% Oft % american Exchange new York up a the ten most Active stocks in Ange composite trading wednesday. American Stock Stock Chambers Dev a Lull Corona Alra corp us Bio science Wang labs inc b new York times Chambers Dev b font of loom Echo Bay mines Elan corp pc Sale 16,568,100 550.600 495,800 416,000 402.200 355,900 328.200 271,400 210,700 202.600 last 11 % 4 3-16 45 % 16 % 6 % 30 a a 11 % 34 6 % 48% Nat chg. Off 19 % up 1-16 up Oft % off Vuk off % off 19 Vuk up Vuk up Vuk up 1 Vuk Dow Jones new York up a Dow Jones closing Range of averages mean essay High Low close. Industrials 3281 98 3230.10 3254 25 off a j transport 1422.65 1388.45 1401.72 off 7.10 15 utilities 205 62 203.24 204.62 off 0.25 i stocks 1181 01 1160 09 1169.38 0 12.30 change 1.79 foreign revenues play big role in movie Industry s 91 growth by Dave Mcnary up business writer los Angeles a All the growth in the . Movie Industry last year came from a 9 percent increase in foreign revenues while Domestic performance was Flat a study released tuesday showed. That trend should continue and keep the Industry healthy predicted Jeffrey b. Logsdon an entertainment Industry analyst with Seidler a dec securities of los Angeles. A while everyone Learned the Industry is not recession proof it fared much better in 1991 than Many other industries under the Broad a consumer umbrella a Logsdon said. A going Forward the Industry May not be in As bad a shape As the fires continues to articulate and specs ate  Overall foreign revenues from . Movies totalled $6.6 billion last year compared with $6.1 billion in 1990. Domestic revenues remained at $7.8 billion. Logsdon predicted that by 1994, foreign revenues will exceed Domestic revenues. International revenues consisted of $2.4 billion from Heaters $2.7 billion from Home video $1.2 billion from television acid $350 million from pay television. A it is logical to ask when might maturity visit the foreign markets. We do not believe any time soon a Logsdon said citing investments of More than $100 million to build new Heaters the opening of Large new markets and an increase in video Cable and satellite services. Hollywood has been rocked in recent years by the movement of foreign Money into studios including 20th Century Fox in 1985, Columbia Tri Star in 1989, Mem in 1990 and Universal at the Start of last year. Logsdon said the increase in foreign Revenue growth a adds credibility Quot to the foreign equity that has come into the business and May motivate More such investment. A we have yet to detect any noticeable uncertainties created by foreign ownership of four of the seven major studios a he said. The study noted that costs have been coming under major constraints at several studios notably Disney and Paramount with film production costs off 10 percent and distribution costs Down by 5 percent. �?o1991 was the year in which the entertainment Industry attempted to bring financial sanity to their Basic business a Logsdon said. Continued big spending by Columbia Tri Star and Carol co service inc., which produced terminator 2 judgment Day the costliest and Best performing film of 1991, kept average costs up Logsdon said. Tri Star also had the biggest Money loser of 1991, Hudson Hawk. Columbian a Best 1991 Effort was City slickers but it has been embarrassed so far this year with the Back to Back release of two flops radio flyer and gladiators. Logsdon noted that the costs of towline Talent will not go Down. A the Denand for key Talent is too High and the stakes Are too great for the system too change a he said. A what is changing is a shift by some away from buying a packages a obtaining Multi film options from Talent and More selectively utilizing special effects stunts and other Cost intensive production activities a Logsdon said. These changes should help lower the Cost of the annual  last years Domestic Box office total fell about 3 percent to about $4.8 billion but the reports said consumer demand should pick up As the recession abates. A this could make for Good years in 1992 and 1993 if there is any upward consumer momentum in the product at All Quot vill Chi Warners Batman returns Ana lethal p1 Logsdon said. A we think there will  Logsdon said that three sequels a weapon 3 and foxes Home alone ii a have the possibility of outperforming the originals. That would be an impressive feat since Batman grossed More than $250 million domestically and Home alone topped $280 million. A this is the most optimistic product year since 1989,�?� he said. Merchants takeover by National City corp. Of d by regulators from wire and staff reports Cleveland a Federal Bank regulators approved National City  takeover of merchants National corp. Of Indianapolis National City announced tuesday. The takeover will have Little effect on merchants customers overseas merchants officials said. National City a $24 billion Cleveland based Bank holding company with operations in Indiana Kentucky and Ohio said the Federal Reserve approved National City a application monday. Shareholders of merchants National will meet april 21 and National City shareholders Are to meet april 27 to vote on the $641 million Deal. W. Glenn Smith National City executive vice president in charge of military banking said in a Telephone interview thursday from Indianapolis that the merger will not affect merchants overseas military contract in Europe. A the merger of National City and merchants will be transparent to overseas merchants customers Smith said. A we Are satisfied that merchants has been doing a great Job managing the defense contract. There will be no change in management approach or  Smith also said that the military Community Banks overseas will continue to be called merchants despite a move Over the next 36 months to rename several Banks in Ohio Kentucky and Indiana As National City. National City said it expects to Complete the takeover by May 1. The merged Bank will have assets of $29.6 billion making it among the 25 largest Banks in the country. The expanded National City corp. Will have 588 branches in Ohio Kentucky and Indiana. About 600 of the 3,500 merchants National employees will lose their jobs National City said. Most of the cuts will come from administrative and support offices. Staff writer Kevin Robinson contributed to this report vow will Lay off 300 in . Auburn Hills Mich. A Volkswagen of America says it will Lay off 25 percent or 300 employees of its 1,200-member . Work Force this Spring. A the intent is we want to streamline management a said Maria Leon Hauser a spokeswoman for Auburn Hills based Volkswagen of America. A it obviously will reduce costs and Well become More  Layoff notices will be issued april 1, with departures expected by May 1, she said. Business Japan says it will Cut vehicle exports to . From wire reports Tokyo a the ministry of International Trade and Industry announced wednesday a drastic tightening of the voluntary limit on car exports to the United states in a bid to ease mounting Trade friction. Trade minister Kozo Watanabe told a news conference that Japan will trim the quota from 2.3 million vehicles a year to its no. 1 trading partner to 1.65 million for the fiscal year starting april 1, in Hopes of bolstering the american Auto Industry a sluggish performance. Trump to share Plaza new York a Donald Trump who once vowed never to sell new Yorkus fabled Plaza hotel has agreed to give lenders a 49 percent share of it As part of a big debt restructuring the hotels president said wednesday. The announcement came a week after two of Trumps financially troubled casinos in Atlantic City n.j., filed for bankruptcy court Protection to restructure $538 million in debt. Trump the flamboyant real estate Developer bought the new York City landmark hotel in 1988 for $390 million calling it a the ultimate trophy in the  but after pouring millions of dollars into hotel improvements he was forced to relinquish a substantial ownership share As part of his broader attempt to Salvage his weakened real estate and gambling Empire. Nike earnings increase Beaverton Ore. A the athletic shoe and apparel marketeer Nike inc. Said monday that its earnings Rose 17 percent in the third Quarter help Aby Strong International sales. Nike a net income for the three month period which ended feb. 29, was $82.5 million or $1.08 per share up from $70.7 million or 93 cents per share in the same period last year. Sales in its third fiscal Quarter increased 8 percent to $886 million from $802.2 million in the same period last year