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Publication: European Stars and Stripes Wednesday, August 11, 1993

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     European Stars and Stripes (Newspaper) - August 11, 1993, Darmstadt, Hesse                                Page 12 the stars and stripes a Money matters wednesday August 11,1993 a today a rates following Are fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use German Mark. 1.66 British Pound .1.52 dutch Guilder .1.86 greek drachma. 230.10 note the rates 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 currencies italian lira. 1,624.00 Tyr Klah lira. 11,540.10 Spanish peseta .141.90 portuguese escudo a a a a a a a a a a see 175.50 austrian Schilling .11.986 saudi rial. 3.75 Bahrain Dinar. 0.3768 Kuwait Dinar. 0.301 norwegian Krone .7.4215 danish Krone 6.917 British Pound. 1.4855 German Mark. 1.7034 Swiss franc. 1.5075 French franc 5.995 dutch Guilder. 1.9189 belgian franc  36.60 Canadian Dollar .1.2925 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $382.20 an ounce Silver quote $477 an ounce new York Exchange new York up the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock Sale late net cog. Eastman Kodak 4,472,200 59 up Lek Yff Sociedade 3,171,200 20�?T up 4k Oft a Bristol Myersq 2,906,800 51 Merck amp co inc 2,731,900 301 off Sunshine mining 2,126,300 3�?T up 4k off Mylan labs inc a Wal Mart stores 2,105,600 22�?T 2,054,300 25 off a a Chrysler corp 2,008,200 43 uple Compaq computer 1,885,400 52� up 2�?T Kmart corp Glaxo holdings 1,714,600 2iv� off be 1,650,500 154k offy Johnson amp Johnsn 1,628,800 36v. Of fax general motors 1,610,500 48v up 1 Pfizer inc 1,593,300 59vk up Sara Lee corp 1,513,000 2iy� up 4k american Exchange new York up the 10 most Active american Stock Exchange composite trading on Stock Echo Bay mines Royal Oak mines inter Tel common Themio Gold mine Energy service pm corp fruit of loom Pegasus Gold Enro Bochem Elan corp Pic sales 1,458,600 t,244,100 764.600 422.600 404.200 390,700 388.600 363,800 a 308,000 281.200 inst 12v� 5 a 11 10h 31-16 6�?T 28�?T 24v. 11�?T 30�?T stocks in monday. Net chg. Up Yak a pvt up 1vk up Viup i up i off i up in Elf i up Vidow Jones new York up a Dow Jones closing Range of averages on monday nigh. Low close change 30 industrials 3599.83 3541.15 3576.08 up 15.65 20 transport 1630.48 1599.50 1617,66 up 14.32 15 utilities 252.24 249.34 251.12 up 0.26 65 clocks 1335.98 1314.05 1327.06 up 6.97 in . Can t Mee costs of buying House Agency says Washington up More than half of All americans could not afford to buy a House during 1991, the . Census Bureau reported tuesday. The Bureau said 51.3 percent of americans a 63.1 million people a could not afford the median priced Home in their area. That percentage was up from 48.6 percent in 1988 and 48.5 percent in 1984. Quot one of the primary reasons that peo pie were unable to buy a House in 1991 was their Lack of Cash for Down payment and closing costs Quot said Howard Savage who wrote the report with Peter fron Czek. Quot with an additional $2,500,1.6 million More families and unrelated individuals could have afforded a median priced House.�?�. That Price is the amount at which half the houses in the area sold for More and half for less. Because of declining interest rates the census Bureau said housing should have become More affordable Between 1984 and 1991. However that did not happen because housing prices generally increased More than income did. Since 1991, though interest rates have fallen about 2 percentage Points which would return affordability to 1984 Levels Savage said. Housing out of reach percentage of americans who could not afford a median priced House in their area 48.5% 48.6% 51.3% 1984 1988 1991 source . Census Bureau s4s not surprisingly renters had a much tougher time affording the median priced House than people who already had owned a House. More than 91 percent of renting families and 92 percent of renting individuals could not afford to buy the median priced House compared with 35.6 percent of Home owning families and 57 percent of Home owning individuals. Quot again additional Cash could have made a big difference. But renters needed More help than people who a ready owned a Home Savage said. Quot renters generally needed an additional $5,000 in. Cash to Purchase a median priced  the Midwest had the most affordable housing and the West had the least affordable. For families in the Midwest 29.9 percent of homeowners and 87 percent of renters could not afford the median priced House in the Northeast 33.8 percent of owners and 91.8 percent of renters in the South 38.2 percent of owners and 92.2 percent of renters and in the West 40.8 percent of owners and 92.9 percent of renters. Down payments were a problem even for people considering cheaper Homes. Nationwide 51.3 percent of families could not afford a median priced Home the by Price 37 percent were unable to afford a Low 42 percent could not put the Money together for a modestly priced House and priced building. Nintendo journeys into travellers Market new York a bored travellers will soon be Able to pass the time with the likes of super Mario Bros As Nintendo of America inc. Installs its video games and other services on air plane scats hotel rooms and cruise ships. The move represents a reach to new markets for Nintendo which like other electronics companies is interested in putting interactive technology in Homes and offices As optical fiber satellite and other transmission methods improve. Nintendo said it has reached agreements with Northwest airlines Sheraton hotels and Holland America line West ours inc. It planned to announce the new system tuesday. Beyond video games the interactive system is supposed give travellers More choices for movies in flight shopping and audio. The system will not provide services such As fax and computer connections because of a Lack of a digital link for passengers Between air planes and the  travel executives however said the lure of being Able to play the latest video game is not Likely to make the difference in a traveler a Choice of an airline or hotel. Nonetheless Northwest airlines has added personal video screens on Economy class seats of two jets and will have a third in the air by months end said Jon Austin a company spokesman. The company which has been testing the system on a 747, plans to install the Nintendo equipment on 20 planes before years end. Quot passengers would not be allowed to use the equipment during Takeoff and \ landings though. Most airlines prevent the use of personal computers compact disc players and other electronic items at those times. Prices for the various services will be determined by airlines hotels and cruise lines. Nintendo will collect a Royalty. For Nintendo the system puts its games into the hands of More people who might be More inclined to go to a toy store and buy a unit for Home said Jim Silver publisher of the toy Book an Industry publication. But questions remain As to whether travellers want new gadgets rather than other services such As More frequent flights and better in flight meals. Quot in flight entertainment tends to be one of the last things ranked by travellers As important a said Nick Athanasiou senior consultant for Arthur d. Little accounting and consulting. Generic drug firm challenges Patent Elizabeth City . A attorneys for Glaxo inc. Defended the drug company a rights to the worlds bust sell ing prescription drug As a Patent infringement trial began monday. . District judge Terrence Boyle heard testimony about atoms molecules and the chemical Structure of the ulcer treatment drug Santac. Glaxo is being sued by Canadian drug maker novo pharm ltd., which wants to manufacture a cheaper generic form of the drug. Zan tack a 1992 sales totalled $3.2 billion worldwide. Nov pharm contends that a second Patent issued on Santac set to expire in 2002, is invalid because the patented formula too closely resembles the first Patent that will expire in 1995. Quot if you follow the recipe for form one and follow the recipe for form two you get the same thing a said Bob Gunter president of nov pharm inc., the company a subsidiary based in Schaumburg 11. Gunter said a generic company can sell drugs for half the Price charged by Patent holders but he would not say whether nov pharm would sell the generic form of Santac that cheaply. Drug to help cystic fibrosis victims backed Rockville my. A the first new drug therapy for cystic fibrosis in 30 years won unanimous approval monday from a food and drug administration advisory committee. The committees approval is not binding on the Fra but the Agency usually follows the recommendations. The drug Donase Alfa was found to reduce infections and to improve the lives of stable cystic fibrosis patients older than 5. The drugs manufacturer Gene tech inc. Of san Francisco reported that Donase Alfa reduces lung infections by breaking up the mucous accumulation that is the major complication of cystic fibrosis. Gene tech which conducted a study on More than 900 patients Over six months is applying for a License to Market Donase Alfa under the Brand name Pulm ozime. Cystic fibrosis is the most common lethal inherited disease among caucasians. It affects about 30,000 americans and usually first appears in Early childhood. There is no cure. The disease is caused when a baby inherits a flawed Gene from each Parent. The disorder causes the buildup of dense Niu us in the Walls of the breathing Airway and in the digestive tract. The fogged airways Lead to frequent bacterial infections and eventual damage to lung  store to end sunday openings Paris a the Virgin Mega store the cavernous seller of music and books on the champs-�lys6es, will suspend opening on sundays the store said tuesday. The Virgin Mega store has been waging a High profile Campaign against French Law that restricts business on sundays  
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