European Stars and Stripes (Newspaper) - May 5, 1992, Darmstadt, Hesse                                Tuesday May 5, 1992 the stars and stripes b Page 17money matters . Macy amp co. Inc. Expects to close about 10 of its 120 department stores during the course of its bankruptcy reorganization a spokesman for the department store company said sunday. A probably within the next 30 Days. They will announce which of the department stores will be closed a said Macy spokesman James Fingeroth. Macy executives have been reviewing the performance of the stores which include outlets of the flagship Macy Schain and the Cali fornia based Bullocks stores since the retailer filed for chapter 11 Protection from its creditors Jan. 27. Macy officials earlier announced they will close 52 specially shops and five of its upscale i. Magma  rates London up mondays 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 s337.35 an ounce Silver at $4.01. May 1 May 4 British Pound.1.7840 a German  1.6423 French franc.5.5955 5.5550 dutch guilder.1.8485 1.8480 belgian franc.34.03 33.81 italian lira.1,234.63 1,238.25 swissfranc.1.5015 1.5030 greek  193.31 turkish  6,615.00 saudi arabian  3.7487 Spanish  103.38 portuguese  138.38 Canadian  1.1892 austrian  11.5975 norwegian  6.4340 danish  6.3745 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 1.61 Marks to a Dollar through tuesday and $1.82 for a Pound through tuesday based on monday and Friday noontime Price fixings respectively. Monday was a Bank Holiday in  buys Back half of its old site san Francisco a ban America corp., in another display of its financial recovery has exercised an option to buy Back a half interest in its world Headquarters for $380 million. The Bank which last month completed a merger with Security Pacific corp. Of los Angeles sold the landmark Complex in 1985 when it was mired in severe financial problems. The $660 million paid by san Francisco real estate magnate Walter Shorenstein was a record Price for a . Office building. Four years later the Bank was in recovery and purchased an option to buy a half interest in the Shorenstein partnership that owns the Complex. The Bank said the option Deal which includes 1.7 million Square feet of office space amounts to More than $400 per Square foot. It includes space in three buildings including the Bank a 52-Story Tower san Francisco a tallest. Firms seek Federal guarantees before investing in Cis deals i by Louis Uchitelle the new York times Many american companies convinced that it is too risky to invest in the former soviet Union have appealed to the Bush administration for greatly enlarged Federal investment guarantees to protect them from losses. Without such guarantees corporate America appears to have decided that it will not of Forward now with extensive ventures in the Commonwealth of inde indent states a despite the potential or big profits in the future. A the risks in Russia Are greater than in any other part of the world a said Dexter Baker chairman of the National association of manufacturers and also of air products and chemicals inc., a multinational company based in Allentown a. A so if american Industry is to do business there it needs special government Protection and that can be done by expanding investment insurance and Export  the Bush administration has responded favourably because it regards Large corporate investments As crucial to a foreign policy that seeks to give the United states a leading role in shaping the commonwealths transition to capitalism. The administration has begun scrambling for Money including the possible diversion of general foreign Aid appropriations. The Money would guarantee not Only huge american investments in factories Oil Fields and the like but also payments to american companies for products exported to the Commonwealth. So far american companies have invested Only $400 million in Russia and the other former soviet republics. Last Xor goods to the soviet Union. I year they exported about $10 billion in while numerous american companies Are starting to operate in the Commonwealth no american or european corporation has yet spent $200 million on a factory an oilfield operation or other single project a the scale of investment that would give a company a Home nation an important presence in the Economy. The largest single investment so far is less than $80 million and most Are under $10 million. To encourage bigger outlays by businesses the administration included special provisions in a Bill to authorize some contribution by the United states to a $24 billion International Aid package. One provision would Channel More than $1.2 Pillion now earmarked for general foreign Aid a Road building in Africa for example a into Money to guarantee american ventures in the Commonwealth. A we regard it As important to take whatever Steps arc necessary to help promote the role of United states Trade and investment in developing the private sector in the former soviet Union a said a state department official who insisted on anonymity. The Bill a prospects in Congress Are Uncertain. Some democratic leaders have urged opposition until the president has a More effective Domestic policy. And in an age of huge budget deficits neither the administration nor anyone in Congress has called for new Money to support private sector operations in the Commonwealth. Baker and a dozen other chief executives along with representatives of the . Chamber of Commerce pressed their Case with Bush at a White House meeting in late april. Hong Kong manufacturer moving to Illinois Chicago up a Hong Kong based company is moving its entire operation to the United states in a move expected to bring As Many As 300 jobs to Illinois said sen. Paul Simon Diu. Cheer skill .a. Co. Ltd. Will become the first manufacturer to set up business in Illinois under a new visa program designed to attract foreign investors to the United states. The company plans to break ground this week in South suburban Park Forest for a Stone processing Plant and office building. A a it a Good news for Park Forest and its an example to other Illinois communities a said Simon a ranking majority member of the Senate judiciary subcommittee on immigration. Cheer skill will open the $2.5 million 27,000-Square-foot office and Stone processing Plant by september in a move expected to bring 50 jobs to the area. The company also plans to build another Assembly Plant that would employ 250 people to produce products such As office chairs and min blinds. The company is looking at other Sites in the area for future construction projects. Simon authored Many provisions in the immigration act of 1990, which updates . Legal immigration Law for the first time in 25 years. Under the Law 10,000 investor visas will be made available to investors and their immediate families if they Promise to help fund ventures that create at least 10 new jobs for . Workers for each investment. One provision written by Simon sets aside 3,000 of the visas for investors who locate in Rural or areas with High unemployment. The investor visa program is a first for Illinois Simon said. Canada new zealand and Australia have had similar programs for years. Applications for the visas have come from individuals from Many nations but there has been considerable interest from Hong Kong and Taiwan Simon said. He said that Many Hong Kong residents Are seeking to emigrate As the 1997 deadline approaches for the Colony a return to the Peoples Republic of China. Japanese tourism booms despite slow Economy Tokyo apr the economic downturn Hasni to yet induced japanese to Stop indulging their wanderlust. About 407,000 japanese have gone abroad during the Holiday studded Golden week that runs through today said Moto Hisa Tachikawa spokesman of Japan travel Bureau the nations largest travel agent. That is up 20 percent from last years Holiday season when tourism was sluggish after the persian Gulf War Tachikawa added. A despite the Economy a general slowdown spending on Leisure related activity remains unaffected a he said in a recent interview. However los Angeles is one place the japanese May not be visiting much in the near future. Jtb suspended its Tours there thursday expressing fears for tourists safety because of racial unrest. Another Jtb official Kaori Ishikawa said it was unclear whether japanese abroad would be As free spending As in the past. Most of those heading abroad still travel on package Tours largely because insular Japan is a group oriented society. Jtb alone offers about 4,000 different overseas package Tours with the latest addition a $6,700, 10-Day, body Beautiful tour to Switzerland seaweed Beauty treatment included for women. Nippon express co., another major travel agent operates a tour to the Netherlands for just under $5,000 for lessons on Flower arranging in Europe. Ikebana or japanese Flower arranging is a traditional Art form that dates to the 15th  Federal jury decides Nintendo was t playing video monopoly from wire reports san Francisco a a Federal court jury ruled in favor of Nintendo of America in a $160 million antitrust Case brought by atari corp., finding that Nintendo did not monopolize the . Video game Market. The nine member jury following an 11-week trial found that Nintendo a video game licensing program had not caused atari any damages. Former exec gets $15.75 million new York a time Warner inc. Gave $15.75 million in Severance pay to Nicholas j. Nicholas jr., the one time heir apparent at the Media and entertainment giant who left under pressure As co chief executive in february. The Severance payment was in addition to Nicholas $2.9 million in salary deferred compensation and a performance Bonus for 1991. The company disclosed the pay package in a filing with the securities and Exchange commission. British trading company fined Tampa Fla. A a Federal judge has fined a London trading company linked to the Bank of credit and Commerce International scandal for failing to respond to an indictment. . District judge William j. Castagna in Tampa fined Cap com financial services Ltd. $5, xxx for each Day it fails to answer the courts summons to appear