European Stars and Stripes (Newspaper) - August 06, 1993, Darmstadt, Hesse                                Friday augusts 1jj93 Money matters the stars and stripes Page 11 today s rates following Are fixed rates at which Community banking and credit Union facilities will sell for eign currencies  . Personnel for personal use German Mark 1.67 British Pound. 1.53 dutch Guilder. 1.87 greek drachma 231.3899 note the rates above apply within the Host country. Figures Are expressed in dollars  the British Pound other currencies  the Dollar following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar  foreign Curren cies italian lira 1,602.90 turkish lira 11,492.60 Spanish peseta 139.60 portuguese escudo 173.50 austrian Schilling 12.04 saudi rial 3.75 Bahrain Dinar 0.3768 Kuwait Dinar 0.3011 norwegian Krone 7.385 danish Krone 6.788 British Pound 1.4992 German Mark 1.7125 Swiss franc 1.5075 French franc 5.935 dutch Guilder 1.9243 belgian franc 36.10 Canadian Dollar 1.2899 note figures Are expressed in dollars  the British Pound other currencies  the Dollar Gold quote $396.45 an ounce Silver quote $5.17 an ounce new York Exchange new York up the 15 most Active stocks in Newyork Stock Exchange composite trading on wednesday. Stock sales list  corp 5,229,900 21v Dpi Merck & co inc 4,075.100 31v up Tamer express co 2,968,300 34  Rwjr Nabisco hid 2.916,000 5 unc Chrysler corp 2,198,300 43% off Etc corp 2,172,400 28 up1vlimited inc 2,096,700 20% off Wal Mart stores 1,939,100 25v up Walt Disney co 1,925,600 36vi off Citicorp Pip 1.886,200 19v off1/Philip Morris 1,823,100 47 off a general motors 1,809,500 49%  de my 1,754,800 51 up Home depot inc 1,752,800 46m up7/sears Roebuck 1,741,600 52v up 2 american Exchange new York up the 10 most Active american Stock Exchange composite trading on Day. Stock Echo Bay mines Royal Oak mines Tertel common Hill Haven corp atari Cor Energy service inter Magnet Genarc common corp charter med or Pegasus Gold sites1,426,600 1.180,900. 722,300 446,800380,500 356,2003?4,700 298,700288,400 264,400 lnl12 5%9v 31-16 37-16 31-16 14h 24v 20v 2g stocks i wednes Nucho. Or off up1%off/ off up 1-16 upv4 up % up1% off1% Dow Jones new York up Dow Jones closing Range of averages on wednesday. High Low clot Ching 30 industrials 3579.99 3530.25 3552.05 off 9.2220 transport 1624.71 1601.21 1612.75 up 0.65 15 utilities 252.70 249.87 251.25 ofio.33 65 stocks 1330.96 1312.79 1321.19 off 1.92 senator assails food stamp offer Washington a the chair Man of the Senate agriculture commit tee is upset with the Clinton administration for inviting foreign owned companies  print food Stamps. The United states secret service is worried and i m worried sen. Patrick Leahy do t., said wednesday in introducing legislation that would prohibit the food stamp printing contract from going overseas. The risks of counterfeiting and Coupon Security Are very  Leahy had urged agriculture Secretary Mike Espy  restrict production of food Stamps  the United states. Study  Rise Brussels Belgium a the european Community foresees unemployment rising  numbers unparalleled in decades among its 12 member nations and economic output declining for the first time in years. No Concrete signs of recovery Are appearing on the horizon the huge trading bloc said in its latest Survey of economic trends released wednesday. About 17.4 million people 10.3 per cent of the work Force now Lack jobs As the recession grips Many dec economies including its largest Germany. The unemployment rate is expected  Peak at More than 12 percent by mid 1994, the highest since the dec began keeping records in the 1960s. The pre sent record High of 10.8 Peugent was set in 1985. The study said in 1993, employment is forecast  suffer the largest reduction in Community history namely a fall of 1.75 percent the dec was formed in 1957. Ness  fall in leg no Concrete signs of recovery Are appearing on the horizon european Community report with prospects of Only a moderate re covery in output growth an additional fall of 0.25 percent is projected for next year the study said. Dec leaders opted at a late june sum Mit  counter the. Bad economic hews with a Long term strategy of investment and training but they quickly admitted they had Little Cash themselves  boost any recovery. The dec nations shy from tampering with social Benefit programs that have driven up wage costs  made some International companies hesitant about in vesting in Europe. The study warned of the dangers of a air fares discounted up  35% by Delta by the associated press Delta air lines said wednesday it is cutting Advance Purchase air fares up  35 percent with the biggest Dis counts going  passengers who buy tickets by mid August. Children Ages 2 through 17 travel ing with an adult get another 20 per cent off the discounted fare. The country s two largest airlines american and United had decided whether  match the promotion wednesday evening but Continental Northwest and America West said they would offer similar discounts. Airlines traditionally Cut ticket prices in the fall when Leisure travel drops off  entice tourists  take trips. Delta spokesman Neil Monroe said the company assumed there would be a fare Sale this fall and wanted  put a discount program into effect Early. Tickets bought Between aug. 18 and aug. 31 will be discounted 30 per cent while the fare Cut for purchases Between sept. 1 and sept. 15 will be 25 percent. Delta said. For instance a 14-Day Advance round trip ticket Between los Angeles and new York normally costs $578. For tickets bought through aug. 17, the fare. Will be $376 with a 35 percent discount rising  $405 on aug. 18 and climbing  $433 from sept. 1 until the Sale s scheduled end on sept. 15. The Sale applies  flights Between sept. 15 and dec. 15  most . Destinations including Alaska and Hawaii As Well As san Juan puerto Rico the . Virgin islands Canada Ber Muda and Nassau Bahamas. Tickets must be purchased at least 14 Days be fore departure. Lockheed missile company slashing 1,600 More jobs Sunnyvale Calif. Up lock heed missiles & space co., citing reductions in Federal spending will Cut about 1,600 jobs from its work Force by year s end. The operation a unit of Lockheed corp., has already Cut about 1,600 jobs this year  bring employment  about 19,800, including 15,100 in the san fran Cisco Bay area. We Are trying  spread out the cuts As Best we can Given the reduced Federal funding spokesman Robert Burgess said wednesday. Burgess said slightly More than half of this year s cuts has come from layoffs with the rest coming from retirement and attrition. We expect the same pattern for the rest of the year he said. The unit headquartered in the Silicon Valley Community of Sunnyvale Cut 1,308 jobs last summer when it offered a retirement incentive program  the 3,200 employees who had at least 10 years deficit driven recovery. It said the recession was helping swell the Community s Overall budget deficit  6.25 percent of the Gross Domestic product the total value of goods and services produced by an Economy. The previous High of 5.2 percent came in 1982. In 1989, it stood at 2.7 percent. Such prospects will further hamper the dec nations in trying  keep Pace with the United states and Japan in creating More jobs officials said. From 1970  1990, the . Economy produced nearly 30 million new jobs. Japan created 12 million. The dec produced 9 million v and indications arc that any recovery will be painfully slow. The study forecast that economic out put which grew a healthy 3.4 percent in 1989, will contract 0.4 percent this year the first decline since 1975. � a worse outcome cannot be excluded it said. Of i d Morris service and were at least 55 years old. Lockheed missiles & space produces Trident ii missiles for submarines and works on classified missile and satellite systems. It receives virtually All of its funding from the department of defense and Nasa both of which have been forced  Cut spending in recent years. The unit s employment peaked at 30,300 in August 1986, with 24,800 in the san Francisco Bay area. The Pentagon Cut its request for Tri Dent missiles  21 this year from 28 last year. That is Down from 52 in 1991. The congressional appropriation for the pro Gram was reduced  $984 million this year from $1.96 billion last year. Lockheed missiles & space contributed $4.58 billion of the $.10.1 billion in Lockheed corp s revenues last year. Its program profits of $401 million rep resented More than 60 percent of the company s 1992 operating profit. Decides  drop cigarette prices new York a Philip Morris Usa has rescinded a planned Price in crease and is cutting prices instead  stay competitive the company said wednesday. The move by the nation s biggest  Bacco marketer keeps a cigarette Price War alive in both the Premium and Dis count ends of the Domestic Market. Philip Morris made a move last month  halt the Price cutting that has been evident in the lower end of the Market even As it stoked the fight among More expensive Premium brands. The company said it was making per manent a promotional Effort that had reduced the Price of its Premium brands like Marlboro by an average of 40 cents a pack since late May but was raising prices on its lowest priced smokes. The Price hike would have boosted the average Price of its Basic and famous value line of private Label cigarettes by about 6 cents a pack  about $1.31. The idea was  narrow the Price Dif Ference Between its Premium and Dis count brands so that smokers would not be so sorely tempted  switch  lower priced but less profitable brands. But Philip Morris said its main competitors . Reynolds tobacco co. And american brands inc., failed  go along with the increase on their least expensive brands. Philip Morris notified distributors Laic tuesday that it was rescinding the in creases slated  take effect on monday and would Cut the prices of its discount brands by about 5.5. Cents a pack from current Levels. We decided we weren going  sell our share for Short term income gain said Philip Morris spokesman Victor Han. We Are Matching the net invoice Price of Rwjr private labels cigarettes and closing the Gap that exists with american brands private labels he said. Private Label cigarettes Are brands that the major manufacturers make for other companies which then Market the cigarettes themselves. In late trading on the new York Stock Exchange Philip Morris was Down 50 cents a share at $47, Rwjr Nabisco hold Ings was steady at $5 a share and Ameri can brands was off 12 a cents a share at $31.75