European Stars and Stripes (Newspaper) - May 16, 1992, Darmstadt, Hesse                                Saturday May 16, 1992 the stars and stripes b Page 17money matters Adolph Coors co. Announced thursday that it plans to create a separate company of its non brewery businesses and spin it off to shareholders late this year. Bill Coors chairman said in Golden colo., that the plan will allow the company a brewing operations to focus on its business of attracting and retaining Beer drinkers. The non brewery business a Coors porcelain co., Golden aluminium co., graphic packaging corp. And three smaller companies a would be grouped under a new holding company tentatively called a technologies co. Coors said a technologies could concentrate on its own growth and could plan for the capital requirements of building relatively new  rates London up fridays 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 $339.25 an ounce Silver at $4.14. May 14 May 15 British Pound.1.8194 1.0200 German mark.1.6135 1.6070 French franc.5.4125 5.4360 dutch guilder.1.8163 1.8250 belgian franc.33.24 33.21 italian lira.1,214.30 1,217.75 swissfranc.1.4815 1.4750 greek drachma.190.41 191.10 turkish lira.6,662.40 6,701.00 saudi arabian riyal.3.7497 3.7497 Spanish peseta.100.60 101.06 portuguese escudo.133.81 134.31 Canadian dollar.1.2026 1.2085 austrian schilling.11.330 11.3775 norwegian krone.6.281 6.3190 danish krone.6.217 6.2525 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 1.58 Marks to a Dollar and $1.86 for a Pound through monday based on fridays noontime Price fixings. New York Exchange new York up a York Stock Exchange the 15 most Active stocks in new composite trading on thursday. Stock Salta Lait net Chol. Gap inc 3,986,300 3 7 i Oft 3% adv Micro docs 3,905,500 15% off 1% Citicorp 2,542,400 20 up % limited inc 2,541,400 21 0 1 1% Uniss corp 2,445,600 9% 0 1% coca cola co 2,329,700 43% 0 1% Glaxo holdings 2,160,100 26% 0 1% Amer express co 2,155,400 22% 0 1% Marion Merrell 2,018,400 32% up % Tel Fonos de my 1,671,900 56% unch Pepsico inc 1.639,300 36% unch at amp to company 1,599,400 43% up % ban America 1,543,600 49% Oft % get corp Hanson pc 1,515,700 32% up % 1,513,300 20% 0 11 american Exchange new York up american Stock to crib a the 10 most Active stocks in Inge composite trading thursday. Stock Salon Lett net chg. Inti Corona 943,800 4% up 3-16 Echo Bay mines 728,000 6% up % Plains resource 420,100 18% 0 11% Ivan corp 406,300 24% 0 1% expo rate co la 376,400 1 unch Hill Haven corp 329,100 2% unch Heck Gold mine 319,400 7% up % Jan Bell mtg 256,900 14% unch Sbarro inc 246.100 25% 0 1 1 Alza corp 234,300 44% off 1 Dow Jones new York up thursday 30 industrials 20 transport 15 utilities 65 stocks Dow Jones closing Range of averages High 3397 47 1403.77 214 13 1206 49 Low 3347 60 1368.65 211 44 1185 48 close change 3368 88 off 23 10 1376 49 0 1 28 78 212 63 off 132 1192 68 off 12 92 Developer Olympia amp York files for bankruptcy Protection London a Olympia amp York the worlds largest development company said Friday that it has filed for bankruptcy Protection in Canada and the United states while it struggles with More than $18 billion in debt. A Canadian judge late thursday granted the Toronto based company a request for Protection from its creditors to give it time to reorganize. It Wasny to immediately Clear How the move would affect the developers massive global holdings a including Manhattan a world financial Center Toronto a first Canadian place and other skyscrapers from London to Dallas. Nevertheless stocks tumbled on the London and Tokyo markets As a result of the news. The move thursday was a severe blow to the prestige of Olympia amp York developments Ltd. And a dramatic illustration of the severity of the worldwide property recession. At a news conference the company said Olympia amp York developments Ltd. And four of its Canadian based Compa Nies have filed petitions in new York for Protection from creditors under chapter 11 of the . Bankruptcy code. The company said the Canadian filing covered Olympia amp York developments Ltd. And 28 other companies in the group. The company stressed that its . Holding company Olympia amp York . And its other . Companies were unaffected by the filings. It also stressed that its British operations including the enormous Canaiy wharf office development in London remain unaffected. The company did no to disclose its assets or liabilities. However senior adviser Steve Miller said the filings covered about a third of the groups operations. Miller said that there would be no a fire Sale of Olympia amp York assets and that no one particular credit problem led to the bankruptcy filing. A it was rather the complexity and the multiplicity of them that led to this decision a Miller said. A it will permit More time to focus on the Long Range issues a Miller told the news conference. He described the bankruptcy Protection As an umbrella. A a it a like walking Down the Street and you notice its raining. You open the umbrella and you keep on walking a Miller said. Burdened by $12.2 billion in real estate debt and an extra $6 billion debt in other areas Olympia amp York could not keep up with payments on a number of loan and Bona deals that unravelled As its office towers lost tenants and huge projects drained away Cash. The firms president Gerald Green Wald confirmed the bankruptcy proceedings in a statement late thursday saying the moves a represent an appropriate step in Olympia amp Yorkus restructuring which will ensure the Long term viability of the  Olympia amp York sought Canadas equivalent for bankruptcy Protection to prevent losing a majority of its Canadian assets which include 14 million Square feet of office space in Calgary and Edmonton Alberta Toronto and Ottawa. Ford chief backs import curbs on Japan Dearborn Mich. A Ford motor co. Chairman Harold Poling reinforced his reputation thursday As an aggressive advocate of pressure on the japanese to liberalize their trading practices. At the automakers annual meeting Poling said Ford supports legislation that would limit imports and restrict sales of vehicles built by japanese companies in the United states. Poling a remarks came a few Days before a japanese-. Auto Summit. The Boss of the no. 2 . Automaker said Ford backs the legislation introduced in the House last week because of what Poling called a Lack of Progress in reducing the . Trade deficit with Japan. The Bills introduced by rep. Dan Rostonkowski d-ill., would restrict sales of japanese nameplate vehicles from 1993 to 1999 based on the number of . Vehicles sold in Japan. Three quarters of the $38.4 billion Trade deficit in 1991 was in autos and Auto parts. Poling told stockholders that the european Community a 16 percent Cap on japanese Auto sales Between 1993 and 1999 leaves Japan with Only one major Market for Selling the extra vehicles a the United states. Poling noted that japanese factories in the United states can build 2 million vehicles a year and arc expected to add enough capacity to make an additional 1 million. Japan a biggest automakers a Toyota Honda Nissan Mazda and Mitsubishi a have voluntarily lowered the number of cars they Export to the United states. But the mix of High Price High profit luxury vehicles is higher while Many lower Price japanese vehicles arc made at . Plants. Poling a announcement coincided with testimony before a House subcommittee on Trade by Fords vice president of corporate relations Peter Cstillo. But Poling said the timing had nothing to do with mondays scheduled meeting in Chicago Between executives for the United states big three and Japan a big five automakers. Sears shareholders vent anger at management from wire reports Atlanta a dissident shareholders jolted the management of Sears Roebuck and co. On thursday registering sizable votes on key issues at the annual meeting. A the message is that the shareholders Are holding management accountable for a higher level of performance a said activist shareholder Robert . Monks. Dissidents gathered More than 40 percent of the vote on two issues and about 20 percent or More on three others. Although protest proposals have become commonplace at shareholder meetings in recent years it has been unusual for them to attract As much As 10 percent of votes. The two dissident resolutions that garnered the most protest votes advocated confidential voting by shareholders and annual election of All directors. One analyst said the votes would probably not change policy. A there Are some frustrated shareholders who believe there is More value than the Price of the Stock has demonstrated and this is one of the times you can vent that frustration a said Samuel g. Liss a securities analyst for Salomon Brothers. The two hour meeting was often emotional with repeated bursts of applause from the audience of about 700 when management was challenged. Three employees who also hold Stock said the company was serving neither its customers nor its employees. Sears has dropped from the position of the nations leading retailer to third place behind Wal Mart and Kmart. The company Cut More than 33,000 jobs last year primarily from its retail division to try to streamline its operations. By the end of 1993, Sears expects to have eliminated 43,150 jobs for savings of $940 million a year. Business Bill limiting damages to Consumers is Defeated by the associated press Washington a the Senate has rejected a 10-year Effort by manufacturers and other business groups to limit the ability of Consumers to collect punitive damages Over faulty products. On a 53-45 vote thursday the Senate turned Down a measure by sen. Robert w. Kasten jr., r-wis., to establish nationwide standards on How much Consumers can recover in suits against manufacturers. Texas instruments to make chips Dallas a Texas instruments inc. Said it will make and sell microprocessors becoming the biggest company to Challenge Intel corp., the longtime leading maker of the chips that Are the a a brains of personal computers. The new Texas instruments Chip called the ti486slc, was designed by Cyril corp. It fits into the circuit Board spaces that Hola the now common 386 chips but it provides the Power of the More advanced 486 microprocessors. Ism seeking clone information new York a ism is dabbling in the a a clone personal computer Market to see if the makers of these Low Cost copies of its pcs know something the computer giant does no to. Ism is setting up subsidiaries to sell clones and wants to buy stakes in existing clone makers. Some Industry observers consider in my a activities an admission that the company cannot compete on prices with the upstart competitors