European Stars and Stripes (Newspaper) - July 30, 1993, Darmstadt, Hesse                                Page 12 the stars and stripes Money matters Friday Juty 30,1993 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 1.68british Pound dutch Guilder 1.88greek drachma 230.3145 Nof the rate oboe ppr a Fth it hos country. Figures of the British Pound or no available to Milf edition following arc Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies italian lira t ,599.00 turkish lira 11,404.50 Spanish is sets 139.80 portuguese escudo. 173.95 austrian Schilling. 12.0925 saudi rial 3.7s Bahrain Dinar. 0.3768 Kuwait Dinar 0.3013 norwegian Krone. 7.3425danish Krone. 6.68 British Pound. 1.495 German Mark. 1.7205 Swiss franc. 13155 French franc. 6.856 dutch Guilder. 1.9305 belgian franc. 35.62 Canadian Dollar 1.2853 note figures arc expressed in dollars to of British Pound other currencies to the Dollar Gold quote $394.30 an ounce Silver quote $5.15 an ounce new York Exchange new York up1 the 15 most to tit stocks in Newyork Slock Exchange composite trading on wednesday sleek Les Utt net Merck co toe 12.467,200 304 off 1chrysler corp 9.485,600 42h off own los 8,037.600 30v. Up ism corp 4.216.700 44 eff a Tai Cwm steel 3,321.100 14% Oft Glaxo holdings 2,815.700 16tt up. Rwjr Nabisco hid 2,789.300 5 a  2,437.000 Isth of Fly Lagno Steklac 2,337,500 10v putt tax cos 2,251,000 27 a Fth general motors 2,192,400 47 Lunchford motor co 2,121,200 52 putt Eastman Kodak 2,044,300 52h. Up hit Mart stores 1,898,400 25 up us us steel or 1,824,000 31h Offutt american Exchange new York up the 10 most Active stocks i american Stock Exchange composite trading on wednes Day. Sleek sales last net of. Royal Oak mines 1,402.600 5 off Echo Bay mines 1,351,600 13 off  922.200 19v off Amdahl corp 400,300 5h putt Olsten corp 350,200 26%  255.000 29 / 4 Odhner York times 249,800 25h up Cheyenne Sotter 243,000 31h  229.200 a up Energy service 219.100 2r/t up Dow Jones new York up Dow Jones closing Range of averages on wednesday his Lew Clesil ckmft30 industrials 3588.36 3524.38 351ms off Lut 20 transport 1601.42 1570.43 i9ff81 up 7.6915 utilities 25026 247.17 246.81 up 0.46 65 stocks 1324.591301.49131129 unch ism s strategy will focus on computers chief says new York a now that ism has said How Many jobs it will eliminate during the next 18 months the question is what will the company be making and Selling when the cuts Are completed. Pretty much the same thing it does now chairman Louis v. Gerstner or. Says which is a wide Range of computers and software along with expertise to put them together. Some computer Industry analysts have criticized Gerstner the first outsider to run International business machines corp., for not laying out a Broad product and technology vision since arriving 3v4 months ago to help Rescue the leading computer maker. But Gerstner who on tuesday announced Job cuts totalling about 85,000 by the end of 1994, said the company does t need a vision now As much As Market driven strategies to respond to customers. The computer Industry is moving to fast and is too Complex to say for exam ple that ism will focus on hardware More than software in coming years he said. There s no commitment Here to keep the current product line or the current business units Gerstner said. But there s also no preconceived notion that we can t make Money in these businesses until we prove that to  he declined to offer any specific about what segments will grow or fade during the next few years. But he said he s set a target for ism employees. Everybody in the company under stands we be got to get the economics of the business to the Point that whatever they re responsible far is producing re sults equivalent to the nest competitor they be got Gerstner Saff in response Jim Cass a analyst for Gartner group a computer Industry re search concern in Stamford conn., said those Are things you d expect any major Vendor to say. Wha i did t Here him Saywas the kind of things James a. Unruh would say we be got to focus this com Pany and let me Tell you How we re going is a record loss in i and a bit of Hope i Brett $8 to lion second Quarter toss was its worst Ever however the company announced tuesday cuts in jobs and dividends giving investors Hope for the future. Profit loss Revenue profit loss billions of dollars 155 workforce i thousands j 406 Alt time Peak 255 225ii 2ndqtr 93 1985 1992 1993 1994year end estimate2ndqtr 92 charges. 1 second Quarter restructuring charge of $8.9 billion pays for Early retirement of i 50,000 workers this year double earlier projection and 35,000 More i employees next year along with closing offices and factories. Intended to save $4 billion per year. No further restructuring charges Are anticipated. Source ism to focus this company " Unruh is the chief executive officer of Uniss. Uniss also a maker of Large computers has turned around from deep losses in 1989,1990 and 1991. But Cassell said Gerstner is not doing things capriciously and added you be got to give the Guy some  Gerstner even asked reporters who pressed him for More specifics tuesday to be patient. Ism s costs should be Low enough for it to make a profit in All its businesses by the end of 1994, if assumptions that were made for the. Latest cuts prove right he said. Ism took an $8.9 billion charge to pay for the cuts which executives Hope will be the last painful bite in a series of re a we. J castello Steve Sakson structuring moves that have shrunk the company s work Force from its All time High of 406,000 in 1985.by the end of next year ism expects to employ 225,000 people. About 85,000will leave by the end of next year. The charge resulted in the company Sworst quarterly loss Ever. But ism s of crating loss was not As deep As Wal Street analysts expected. The company said its personal computer business was modestly profitable and workstation and software sales  addition services Revenue climbed 27 percent. Sales of All computers including main frames brought in half of the company s $15.5 billion in Revenue during the Quarter that ended june 30. Software rep resented 17 percent. . Sees Auto feud As espionage test Case Washington a . Officials want their investigation of the bitter Dis Pute Between two of the world s largest automakers to serve As a test Case in the fight against Industrial espionage the Washington Post reported 1 thursday. Justice department officials told the newspaper that they were eager for a test Case and that the investigation of the Dis Pute Between general motors corp. And Volkswagen a was guaranteed to be a major one. German authorities Are investigating confidential pm papers found in an apartment in Germany that had been of. Copied by an aide to jos6 Ignacio Lopez de Arr Ortua former pm Supply chief who defected to vow last March. The papers which have not been linked directly to Lopez involved the development of a new opel Model. Opel is a German subsidiary of pm and one of vows chief competitors. Vow denies that it has received any such documents. What s really at stake is the whole question of Industrial espionage one unidentified Justice department official was quoted As saying. The dispute underscores rising concern among . Officials about Industrial espionage. In april the Cia warned . Companies planning to attend the Paris International air show that their secrets had been targeted by intelligence agents. The Post quoted a Justice department official As saying that since then authorities have been looking for a test Case to take to court As a warning to other corporations and countries. Coca co a producing a mail order Catalon Atlanta a the coca Colaco. Is putting the finishing touches on a mail order Catalon that will offer More than 400 items emblazoned with the com Pany s logo. Officials at Atlanta based Coke con firmed wednesday that the Catalon is in the works but declined to discuss details. Trade publications have reported that mail order items will Range from apparel to a restored coca cola delivery truck from the 1920s Selling for $85,000. Coke expects to mail about 500,000catalogs next month. Further tests arc expected in october and november. ./ Canada Mexico appear near on Trade revisions Washington a North american negotiators Hope Success is near at last on talks aimed at sealing proposed continent wide Trade agreement with new provisions to protect the environment and worker rights. . Trade representative micke Kantor was scheduled to meet thursday with mexican Trade minister Jaime Serra Puche and Canadian Trade min ister Thomas Hockin for two Days of talks. Their negotiations Are addressing Side agreements to the proposed North american free Trade agreement. Kantor told reporters that the talks could be concluded by the end of next week. The proposed Trade agreement would create the world s largest and richest free Trade zone covering 360 million people living in the United states Mexico and Canada. If approved by the Legislatures of Al three nations it would remove virtually All barriers to the movement of goods serv ices and investment beginning Jan. 1. While the Basic agreement was completed almost a year ago by the Bush administration. President Clinton demanded the negotiation of supplemental deals Cov ering the environment worker rights an Protection against sudden import surges. He said those protections were needed to make sure that american companies were not penalized by lax mexican enforcement of its environmental and worker rights Laws. But both Mexico and Canada have objected to . Demands that the Side deals allow use of Trade sanctions if a country is found to be persistently failing to enforce its Laws. As an alternative to Trade sanctions mexican negotiators have proposed that a country be allowed to impose fines against the offending country s agencies for failing to enforce environmental or worker safety Laws