European Stars and Stripes (Newspaper) - May 22, 1992, Darmstadt, Hesse                                Friday May 22, 1992 the stars and stripes b Page 17money matters Philip Morris has agreed to pay $413 million for control of the czechoslovak cigarette manufacturer Tabak beating a rival offer from . Reynolds in a bidding War. Contractual details Are being worked out but officials of Philip Morris and the czechoslovak government said there was no doubt the Sale would go through. It is a sign of growing . Interest in Czechoslovakia. Mark Bakal a senior . Adviser to the privatization ministry said american companies had committed $1.4 billion to czechoslovak investments. He said the investments include $89 million by coca cola in the Praszker soft drink company $118 million by Kmart in the prior and maj department store and $250 million by Dow chemical in the Chemick Zavodny Sokolov  rates London up 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 $336.75 an ounce Silver at $4.07 May 20 May 21 British Pound.1.6339 1.8189 German mark.1.5990 1.6140 French franc.5 3690 5.4225 dutch Guilder. 1.7960 1.8180 belgian franc.32.91 33.27 italian lira.�?�.1.202.00 1.215.30 Swiss franc.1.4675 1.4850 greek drachma.189.58 191.28 turkish lira.5.673.70 6.718.40 saudi arabian riyal.3.7498 3.7498 Spanish peseta.99.84 100.49 portuguese escudo.132.61 133.87 Canadian dollar.1.1945 1.1942 austrian schilling.11.2250 11.3185 norwegian krone.6.2260 6.2760 danish krone.6.1700 6.2185 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 1.57 Marks to a Dollar and $1.87 for a Pound through Friday based on thursdays noontime  York Exchange new York up York Stock Exchange Stock general motors Walt Disney co Rwjr Nabisco hid limited inc adv Micro docs ban America Humana inc coca cola co Mcdonalds corp Phila electric at amp to company Ford motor co Heinz he co Union Carbide Glaxo holdings a the 15 most Active stocks in new composite trading on wednesday. Salas 16.921,200 5.229.000 2.965.200 2,401,700 2,395,600 2.221.200 2.142.400 1.630.100 1,596,200 1.416.000 1.338.400 1.323.100 1.318.000 1.289.400 1.279.000 last 39 39 i 10 20 a 14 i 48 a 23 44 a 46 a 26 44 44 a 37 a a 28 i 27 a net chg. Off a a off 1 a up a off a off 1 a up 1 off 2 it off i up 1 i unch up i off a up a up i off i american Exchange new York up american Slock exam the ten most Active stocks in me composite trading wednesday. Stock Salas Lait Nat chg. Western digital 816,500 5 Vuk up expo rate co la 781,700 1 Viup 1-16 tax corp 532,500 22 a of a a Hill Haven corp 412,600 2 a unch Energy Sivc of Paar corp 403,500 17 a up a 369,800 17 w up 1 font of loom 345,700 36 a up i Macneal Schwep 331,400 11 off a Hasbro inc 312,400 27 �?T-5 unch tabs de Acero 305,800 6 a up a Dow Jones new York up Dow Jones dosing Range of averages Yte Day a Lino i 4 15 or Janis r a sport fives High 3421 42 1386 21 215 26 a o 65 Low 33/6 03 1360 43 212 51 i169 79 close 3393 84 13/3 32 213 45 119 41 Chang Oti up 0 19 on 0 50 Oti i �?T6 death of fighter project could help . Industry by Nick Cook Jane a defence weekly the Fate of the european fighter Jet could have a major Impact on the lagging . Aerospace Industry. Germany is now on the Brink of deciding whether to go on supporting the cold War Era project. If Bonn withdraws from the costly production phase a leaving its partners Britain Italy and Spain to shoulder the work and expenses a the project May collapse. That would be a blow to the idea of International economic cooperation with Money outlay and aerospace expertise spread among the european nations. But it might leave  defense firms in the Wake of their own budget crises in a position to Benefit from increased sales. A if the european Community has at their disposal the Best fighter planes in the world then Why reinvent the wheel a said Jim Reed a spokesman for Mcdonnell Douglas maker of the Fa-18 Hornet. A Why reinvent the wheel a a Jim Mcdonnell Douglas spokesman and f-15 Eagle. Both those . Fighters As Well As the Lockheed f-22 advanced tactical fighter have been mentioned As alternative buys to the european Jet. Defense department spokesman it. Ken Satterfield also mentioned another plus. The Overall unit Cost of . Warplanes would fall As the number of sales increases whether those sales arc Domestic or to foreign allies he said. Germany has already invested $3.6 billion in developing the european Jet. But the project has become increasingly politically unpopular there Given the absence of a soviet threat the fighter s skyrocketing Price tag Ami the costs of German reunification. By preliminary budgets each european fighter was to have Cost about $39 million but new estimates Are about $81.8 million per plane. Even if Germany withdrew from production it could still decide to Purchase the european Jet in 1998 to replace its 30-year-old f-4fs, set to retire by 2000. A committee of German coalition parties set to recommend a Choice for its next fighter is set to meet june 1. The Cabinet is expected to rubber stamp the panels decision june 17. In the mid-1980s when the International consortium to build the european fighter was formed the Pentagon lobbied hard against the decision. It argued that the european air forces would be better off purchasing upgraded . Fighters. But the europeans expressed fears about losing aerospace expertise and sacrificing jobs. Canadian Leader airs Trade complaints Brian Mulroney took complaints to the White House by the Washington Post Washington a Canadian prime minister Brian Mulroney took his complaints of . Harassment on Trade disputes to the Oval office on wednesday and president Bush assured him of attention to prevent them from tearing apart the 3-year-old .-Canada free Trade agreement. But Bush avoided a commitment that he would Block complaints from . Industries that contend they re injured by Canadian import restrictions or government subsidies. Nonetheless Mulroney said he had gotten what he wanted from Bush whom be described As a a free trader and a fair  the Mulroney government is angered particularly Over two Trade issues. One is a Commerce department ruling last week that Canada illegally subsidized lumber for Sale in the United states. T he other is a . Customs service finding that Honda cars assembled in Canada had less than the 50 percent .-Canadian Content needed to qualify for duty free entry into the United states. The fact that Mulroney made Trade the Centrepiece of his meeting with Bush shows the political importance canadians give to their commercial and economic ties with the United states and the concerns by canadians that the United states is taking them for granted. Mulroney said he told Bush that canadians Are a troubled and angered by lobbyists and interest groups that he blamed for actions against Canada on Trade issues. In a news conference at the White House Mulroney complained that a the tendency was to retaliate against Canadian products. Commission May ease rules on Mutual funds Washington apr Federal Stock Market regulators Are planning to make it easier and possibly cheaper to buy into Mutual funds. The securities and Exchange commission thursday unveiled a hefty set of proposals that would a allow investors to buy into Mutual funds without having to Send away for a formal sales offering or prospectus. A allow investors to negotiate commissions with their brokers. Brokers could charge anywhere up to the current limit of 8.5 percent. At present brokers have to stick to the Load listed in a funds prospectus. A create new kinds of funds that can invest in smaller companies and present new opportunities to investors. A simplify the fees that funds charge investors for managing their Money. The  can implement some of the changes itself through its Rule making authority other changes will require Congress to Amend a 1940 Law. Mutual funds Are investment companies run by professional Money managers that Pool the Money of Many shareholders investing it in a wider portfolio of stocks Bonds or other securities than any one individual could afford. The Industry has grown enormously from the 1940s, when the rules were first codified by Congress. From 436 firms with just Over $2 billion in assets half a Century ago there Are today 3,500 investment companies with More than $1.4 trillion under management. Business charges of Van dumping blamed on Japan bashing from wire reports Tokyo a automakers said Washington a charge they Are dumping japanese minivans at artificially Low prices in the United states was another example of Japan hashing. . Figures released tuesday estimated the dumping margins a the percentage below the prices charged Lor the same vehicles in Japan a at 12.70 percent for Mazda motor corp., 6.75 percent for Toyota motor corp. And 9.88 percent for All other japanese automakers. Selling items below Cost violates Trade agreements. If the International Trade commission finds the japanese imports damaged american automakers duties could be levied on the japanese minivans. Macy s stores to close new York a . Macy amp co. Inc. Began paring its laggard department stores wednesday announcing seven Macy a stores and one Bullocks Branch will close by aug. 1. As part of its bankruptcy reorganization the retailer said it would close branches in Brooklyn and new Rochelle . Newark and Plainfield . Hunt Valley my. Avondale a. And Columbia . T he Bullocks in la Habra calif., also will be shut