European Stars and Stripes (Newspaper) - January 12, 1993, Darmstadt, Hesse Page 16 b the stars and stripes 1 Money matters tuesday january 12, 1993 a i today s rates following Are fixed rates at which Community banking and credit Union facilities will sell for sign currencies to . Personnel for personal use German Mark 1.59 British Pound .1.59 dutch Guilder 1.79 greek drachma 213.6981. Nolo tie Rafoil above apply within the Host country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies italian lira 494.00 turkish lira 8.690.70 Spanish peseta 116.03 portuguese escudo 146.61 austrian Schilling 11.4975 saudi rial 3.7495 Bahrain Dinar a 0.37675 Kuwait Dinar. 0.3040. Norwegian Krone .7.359 danish Krone British Pound German Mark 1.6270 Swiss franc. 1.4b45 French franc .5.553 dutch Guilder ./., 1.8374 belgian franc .33.53 Canadian Dollar. 6.3195 1.5535 1.2762 note figures Ere expressed in dollars to the British Pound other currencies to the Dollar Gold quote $328.00 an ounce Silver quote $3.68 an ounce. Kim merger with Northwest is Washington a the depart mint of transportation agreed monday to allow Northwest airlines and Kim Royal dutch airlines to merge their services and operate As if they Are a single Carrier. The department also granted antitrust immunity to the carriers. The transportation department tentatively approved the plan nov 16. Monday s action was made possible by an Quot open skies Accord reached in september Between the United states and the Netherlands. Under the pact the carriers of both countries have unlimited Access to the others International Market. Thus airlines of the two countries May Fly to any City in either country without restriction. A this agreement is an illustration of the benefits of open skies a transportation Sec retail Andrew h. Card said. Quot we Hope it will provide an impetus for open skies accords with other countries moving us further in the direction of a truly global aviation Kim owns about 49 percent of Northwest. The Deal was set up to satisfy . Laws barring foreign ownership of airlines. Approval of the Deal comes several weeks after american airlines Parent company received a one third stake in Canadian airlines International in Exchange for investing $195 million in the struggling Carrier. Similar plans by British airways and us air fell apart last month though the British Carrier has said it might try again. Northwest has been in financial trouble since 1989 because of a $3.65 billion leveraged buyout by its Parent company Nwa inc., which lost $19.7 million in the third Quarter of 1992. In Early december Northwest said it was borrowing $250 million from Banks suppliers and other investors to fund operations during the typically slow Winter travel season. Lenders also agreed to let the Carrier delay or cancel $6.2 billion in plane orders. It 93, but fewer than in last recovery Washington a economic forecasters predicted sunday that Ameri can businesses will create 1.59 million jobs in 1993, the most in four years but a weak showing compared with other economic recoveries. If the forecasters Are right president elect Clinton will enter the White House aided by the Best employment performance since payrolls grew by 2.11 million during president Bush a first year. The consensus prediction of the 50 economists surveyed by Blue Chip economic indicators compares with an anaemic 557,000 nonfarm payroll growth in 1992, the final year of the Bush administration. The eco Roomy lost 955,000 jobs in 199$ and 56,000 in 1990. The actual Job growth in 1992 and the projected payroll additions in 1993 ulus a trate the sluggishness of the recovery. Following the previous recession the number of new jobs grew by 3.5 million in 1983 and by 3.98 million in 1984. The Blue Chip Survey a the first of this year a projects the Economy will grow 2.9 percent this year. Although it would be the fastest Pace since a 3.9 percent expansion in 1988, it would be half of the average growth following other recessions since world War ii. The government will not Issue its estimate of 1992 growth until late this month. But Bush a budget projected last week that the Economy expanded by 1.8 percent. The Bush projections based on assumptions by the Blue Chip economists Call for 2.6 percent growth this year and 3 percent in 1994. The Blue Chip Survey projects economic growth at 3.2 percent next year. The Economy grew 3.9 percent in 1983 and 6.2 percent in 1984. But the modest growth Wilt continue to curb inflation the Survey predicted. The consensus Calls for. The consumer Price Index to increase 3.1 percent this year and 3.6 percent in 1994. For the first 11 months of 1992, inflation was rising at a 3.1 percent annual rate. Survey participants represent Banks businesses economic forecasting services universities and Wall Street firms. Economist Robert j. Eggert sr., who conducts the monthly Survey and edits the Sedona ariz., Blue Chip newsletter said increased business investment spending topped the list of factors that would contribute to growth this year. Quot the delayed effects of the a Sharp drop in interest rates during the past several years was rated As the second most important Factor Likely to Aid the Economy in 1993,�?� he said. A a aa the rebound in consumer and business Confidence was the third highest rated Factor. Among the new factors added to the list were improved business and consumer liquidity and the probable enactment of fiscal stimulus including an investment tax credit by the incoming Clinton Eggert said continued cuts in military spending and White Collar jobs were the Factor ranked most Likely to restrain growth this year. Second was continuing weakness in the economies of americans trading partners that will . Exports a major source of economic strength in recent years. A continued weakness in the commercial real estate sector was rated the third worst Factor a he said. A new additions to the unfavourable list include the slow rate of growth in disposable income and the Low savings rate and concern about tax increases Bank regulation and further intervention in the Market japanese companies had tone or the terse St exhibits at the electronics show a Las vegas which concluded sunday. Japanese electronic firms focus on . Las vegas apr Japan a big electronics manufacturers Are moving to boost . Sales to counteract Tough economic times at Home starting with a Strong showing last week at the 1993 Winter consumer electronics show. Sharp Sony Casio can on Sanyo Matsu Nita a Panasonic co. And others had some of the largest displays of consumer goods at the show which concluded sunday. Michael Williamson vice president for sales for Sharp electronics consumer electronics group said economic uncertainties in Japan and Europe Are a putting a lot of pressure on the american Market to offset a a we re going to have to work really hard to have a successful year a Williamson said. In 1992, consumer electronics in the United states saw a 7.9 percent jump in sales to $38.2 billion according to the electronic industries association. The Trade group predicts 3,5 percent growth this year. The Industry has come to be dominated by japanese producers among major television and videocassette recorder makers for instance there Are almost no american Brand names. _ but japanese and South korean companies Are increasingly building their products at factories in America. Sharp produces Many of its products in Memphis american made products it displayed contained tags pointing that out while the company s foreign made merchandise carried no comparable labels. South korean manufacturers also Hope for a slice of the american pie this year Gold Star electronics International a subsidiary of the korean giant Luck ool Star group had one of the Conven Tiona a biggest display areas. Jeff Mullarkey vice president for marketing at Gold Start a . Subsidiary said that with consumer debt remaining High around the world the United states is a a very very key Market because americans savings rates appear to be on the Rise. Some american companies have positioned themselves Well in relation to both the United states and Japan. International Jensen the maker of car and Home audio speakers Sells to both . And japanese car makers. So last week when Ford announced that its Taurus had for the first time outsold Honda a Accord in the United states h was great news for Ford but did no to mean As much to Jensen. Had to chuckle a said Robert g. Shaw it president and chief executive of the Chicago based company. A a we re in both of
