European Stars and Stripes (Newspaper) - May 6, 1992, Darmstadt, Hesse                                Wednesday May 6, 1992 the stars and stripes c Page 17money matters 1 Rockwell International corp. And Honeywell inc. Have teamed up to bid on the . Air forces minuteman Iii guidance replacement program. The program is designed to upgrade the minuteman Iii intercontinental ballistic missile with re placement electronics to extend its Ife beyond the year 2020. The program and other measures Are planned by the defense department to help compensate for reductions in the nations icbms Force which were announced by president Bush in september Ana january. Rockwell which is the team Leader has worked with Honeywell on the peacekeeper and Small icbms programs. Rockwell has been the air forces icbms guidance and control system integrator for All three generations of the minuteman missile and for the peacekeeper and Small icbms programs. 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 $337.00 an ounce Silver at $4.04. May 4 May 5 British  1.7839 German mark.1.8423 1.6380 French franc.5.5550 5.5285 dutch guilder.1.8480 1.8455 belgian franc.33.81 33.73 italian lira.1,238.25 1,231.90 Swiss franc.1.5030 1.5050 greek drachma.193.31 193.08 turkish lira.6,615.00 6,623.00 saudi arabian rtyal.3.7487 3.7485 Spanish peseta.103.38 103.04 portuguese escudo.133.38 137.73 Canadian dollar.1.1892 1.1915 austrian schilling.11.5975 11.5620 norwegian krone.6.4340 6.4120 danish krone.6.3745 6.3575 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates apply to the Sale of German Marks and British pounds to . Personnel for personal use and these will be 1.60 Marks to a Dollar and $1.83 for a Pound through wednesday based on tuesdays noontime Price fixings. New York Exchange new York up York Stock Exchange Stock Saatchi Saatchi Glaxo holdings Boeing co ism corp Ford motor co us Ltd inc Pepsico inc Ark Ianc waste mgt inc chemical Bank at amp to company general motors Baker Hughes Philip Morris Dupont amp co the 15 most Active stocks in new composite trading on monday. Sales test not 2,843,800 1h -------26% 43% 92% 44% 23% 36% 8% 38% 37% 43% 40% 20% 78% 54% 2.777.100 2.383.300 2,341,200 1,722,600 1.564.100 1.464.400 1.300.400 1,272,000 1.265.100 1.239.300 1,218,900 1.208.400 1.177.400 1.156.100 chg. Uncan up off up 1% up up up up up 1% up 1% up off unch up 1% up american Exchange new York american Stock Stock Wang labs inc b Hill Haven corp Chambers Dev a Amdahl corp fruit of loom go video inc Kirby corp Echo Bay mines pal corp inti Corona a it 10 most so tvs stocks in Iango composite trading monday. Set last not pkg. 978,000 3% off 623,700 2% 0 1% 516,900 6% 0 1% 375,000 18 up 1 356,900 36 unch 295,000 3% up % 292,600 14% up off % 275,500 5% 232,800 25% off % 232,500 313-16 up 1-16 Dow Jones new York up Dow Jones closing Range of avenges monday 30 industrials 20 transport 15 utilities 65 stocks 339415 1389.20 213.38 1201.75 3340.79 1359.49 209 88 1180.69 3378.13 1380.79 212.19 1195.37 chm a 42.04 up 21.30 up 1.44 up 15.00 California Economy May suffer Long term effects from rioting Sacramento Calif. A the rioting brought on by the acquittal of four police defendants in the Rodney g. King beating could Hurt californians shaky finances Long after the damage is cleaned up state officials said monday. One state senator on monday proposed increasing the sales tax by one Quarter cent for a year to raise $750 million to help victims of rioting and recent earthquakes. The state which already faces a $9 billion budget shortfall will lose tax revenues and see More demand for social services in ravaged neighbourhoods said Cynthia Katz a spokeswoman for the state department or finance. A a it a going to be a huge property tax loss a Katz said. A the Job loss is going to be incredible. Nothing s Good. It s really a  direct costs to the state included about $2 million in damages to 17 government buildings and an undetermined share of the $5-million-a-Day Bill for police fire and other emergency services said Nancy Hardaker spokeswoman for the state office of emergency services. Officials May not know for another year How much the state will lose in income corporate sales and property tax revenues. Overall damage is estimated at $700 million. Franz Wisner a spokesman for Republican gov. Pete Wilson said its too soon to know How much of an Impact the riots will have on the states revenues and the need for budget cuts. State sen. Art Torres a los Angeles who proposed the sales tax hike also urged a $1 billion Bond measure to improve roads sewers Street lighting and other services. Californians sales taxes vary county by county from in percent to 8v2 percent. A my concern is that unless we Deal with these issues now we re going to have More severe problems in the future a he said. State Assembly speaker Willie Brown a Democrat said the state s options would be discussed this week. A your reaction ought to be equal to if not greater than it would be for a natural disaster a he said. Lynn Reaser chief economist for first interstate ban corp in los Angeles said the effect on the state would be a relatively modest because fortunately it was a Short lived  however she said the violence could scare away tourists and discourage businesses from building in the area for months. Kirk West head of the California chamber of Commerce said he shared that worry. A a we be had a real Sharp recession the drought earthquakes and now this a West said. A we still have a wonderful state. Its important for people to talk about the Good and to work on correcting the  executives vow to help rebuild . Los Angeles up More than a dozen major California based corporations promised monday to continue operations and rebuild damaged businesses in riot ravaged areas of los Angeles. The pledge came following a two hour meeting Between corporate executives and gov. Pete Wilson in los Angeles to Deal with the corporate response to the riots. The executives included those from three of the hardest hit companies a Ren Burkle chairman of the food 4 less supermarkets inc. Chain which operates the boys and Viva markets. A Rodwrick Cook chairman of Atlantic Richfield co., which reported that 11 Arco stations were burned Down and another 36 looted causing Between $5 million and $10 million in damages. A Willis Wood chief executive officer of Pacific enterprises which had five Thrifty drug stores destroyed and another 14 looted. Wilson said at a news conference following the meeting that the executives strongly believe the governments process on issuing permits should be eased to Speed up the rebuilding of facilities that were damaged or destroyed in the riots following the Rodney g. King verdict. The executives also called for tax incentives to help them rebuild in the Trou bled areas. Meanwhile criticism continued to mount against the still embryonic redevelopment efforts headed by former baseball commissioner Peter v. Ueberroth. At least one local Community Leader called for him to step aside. Clyde Johnson president of the Black employees association in los Angeles a 6,000-member labor and Community group said Ueberroth a does no to have a history of doing things to Benefit minority people. Blacks didst do very Well in the olympics and he did t enhance Black management when he was commissioner of  new Hertz Alamo rates target business travellers Park ring of . Apr Hertz corp., the nations largest rental car company has broadened its system of simpler rates in a move to Appeal to business travellers. Alamo rent a car inc., which initiated simpler fares for Leisure travellers two weeks ago followed Hertz a Lead monday by announcing similar business oriented fares. The new system sets Basic same Day and Advance rental terms that Are Good nationwide simplifying an array of conditions and prices that varied widely from City to City. The moves follow a simplified fare Structure initiated by the airline Industry earlier last month. Under the new system Hertz will charge customers one daily rate for cars reserved at least three Days in Advance and a higher rate for a car rented the same Day. The system is aimed at millions of business travellers who do not have Access to discount corporate accounts said Joseph w. Russo a Hertz spokesman. The simplified airline ticketing plans sparked a significant jump in Small business bookings for rental cars Russo said. Last month Alamo and Hertz announced uniform National rates for different classes of cars used Over the weekend. But the discount rates in requiring that a car be rented Over saturday night shut out Many business travellers. The new terms done to require a saturday rental. The new Hertz rates for an Advance booking Start at $24.99 a Day for a Ford festival to $42.99 for a full sized Ford Taurus the company said. Under the old system a festival rented in Advance in Minneapolis for example Cost $32 a Day. The new same Day rates Start at $28.99 a Day for a festival to $45.99 for a full sized car. Typical same Day rates started at $35 for festival in Minneapolis under the old rental schedules Russo said. The new daily rates will be available at All 800 Hertz  locations and about 700 Independent affiliates Russo said. Business Pfizer Selling Coty subsidiary to germans for $440 million from wire reports new York a Pfizer inc. Became the latest . Pharmaceutical maker to quit the cosmetics business agreeing to sell its Coty subsidiary to a German consumer products company for $440 million. The divestiture monday of Coty one of the Best known names in the Beauty Industry had been expected since Pfizer announced in March it had received an offer from an unidentified suitor. Fewer passengers on planes new York a american airlines said its traffic was up in april but its planes were less full despite the carriers sweeping fare changes. Americans latest traffic results reflect less than three weeks Worth of business under the new fare Structure. But one travel executive said monday that he has seen no Industry wide surge in demand for air travel. American the nations most influential airline said in a statement that it flew paying passengers 7.1 billion Miles last month up 11.4 percent from april 1991. Developer s Tower Sale blocked new York a real estate Developer Olympia amp York missed another Bond payment and said it plans to sell additional pieces of its Empire to raise Cash to meet debt payments. In another setback monday the Canadian government refused to Back the Sale of a Toronto office Tower owned by Olympia amp York developments Ltd. Donald f. Mazankowski Canadas finance minister said in Ottawa that the government  help Lessen risk for potential buyers of of Ampy a Exchange Tower building in Toronto