European Stars and Stripes (Newspaper) - November 6, 1993, Darmstadt, Hesse                                Pago 14 the stars and stripes Money matters saturday. Navy Ntow 6,1993 re today a rates following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to  personnel for personal use Gorman Mark British Pound 1.52 dutch Guilder 85 greek drachma ease Faaee 235.3231 nolo the Rales above apply within Ibe Host country figures Are eve pressed m dollars to the British Pound other currencies to the Dollar a a a ,. A following arc Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies italian . 1.841.75 turkish lira 13,159.90 Spanish Pesata 135.95 portuguese escudo a Siisi Swissh 174.20 austrian Schilling 11.9425 saudi Royal a a a a a a a a a a a a a a a a a a a a a a a a a a a me 3.75 bahraini Dinar 0.37681 kuwaiti Dinar a  0.2987 norwegian Krona 7.372 danish Krona 6.772 British Pound 1.4795 Norman Mark 1.6987 Swiss franc  1.5037 French franc 5.907 dutch Guilder 1.9042 belgian franc. 36.30 Canadian Dollar a . 1.2015 note figures Are expressed in Defars to the British Pound other eur Randes to tha Dollar ,. Gold quote 1374.40 an ounce a Silver quote $4.42 an ounce new York Exchange new York up a the 15 most so tit stocks in new Stock a a 8 met Ute not Kcf. Citicorp 3,396,000 34% 0 1% car fwd credit 3,300,000 25% 0 12% ism corp 3,023,300 49% off Vowal Mart stores a 3,000,200. 27% up 0 1% Merck a co inc 2,993,100 32%  2.794,500 53% unch Motorola inc 2,395,700 97 off 2% us Westlic 2.383.400 49% 0 1% Chrysler corp 2.340.10054% o 2% general motors 2.337.600 48% 0 1% chemical Bank 2,329,800 37% of la British petrol 2,285,700 63% up 1% tech holdings 2,051,500 34% 0 1% stat company Citicorp pop a. 2.020.000 55% Oil 1 % 2,005,600 19% unch american Exchange new York up the 10 most so tvs stocks in Amati can Stock Ewh Ango composite trading thursday. Stock atari corp Echo Bay mines Boyd Oak mines pries comm corp Hasbro inc Energy service Heron Stolcs inc fruit of loom Cost Entell aint Hanover direct Biles �?�2.709.000 t,560,800 1,481,000 739.200 622.000 585.600 512.000 427,300 413,500 405.000 10% 12% 5% 4 35% 3% 6v� 35% 3% 6% net chg. Oft1% up up up Oit a up 1-16 up unch Oft 5-te Oft % Dow Jones new York up a Doe Jones closing Range of a rages on thursday web lae Giese chases 3681.99 3609 61 3624.98 off 36.89 1734.12 1699.08 1705.70 of 18.38 23220 225 22 226 40 off 5.28 136203 1332 99 1338 70 Oft 16 36 30 industrials 20 trans pod 15 utilities 65 stocks. Air France says it lost $176 million in strike Paris apr air France said thursday that it lost about $176 million during a strike last month that All but grounded the National Carrier. A air France said that 87 percent of its scheduled flights took off thursday and that full service would be in place monday. The strike by freight and ground Crew workers threw Paris two airports into chaos As protesters invaded runways in sometimes violent confrontations with police. Calm was returned when Premier edouard Balladur withdrew a contested Cost saving plan for the Money losing Carrier that would have Cut 4,000 jobs by the Start of 1995. Grumman s warplane work shot Down by the Washington Post Washington Grumman corp., one of the defense departments Premier contractors for six decades is abandoning its combat aircraft design business. Thursdays decision Means Grumman is the first major defense contractor forced by the end of the cold War to leave its Core military business. It will not be the last Industry officials said. Its a Little  motors getting out of the automobile business or ism making its last computer. Grumman will now concentrate on information technologies and High tech surveillance for the Pentagon and other customers a businesses with a promising future but without the sexiness of top gun the 1986 movie that featured Tom cruise piloting Grumman a Carrier based f-14 tomcat. A we simply can to retain the ability to compete As an Airframe prime contractor when there Are no opportunities out there for the balance of the decade a a Grumman chairman and chief executive Cerisoli Caporali told employees in a recent internal company newsletter. Caporali said in an interview in a Grumman world that defense Secretary Les Aspin told officials of top Pentagon contractors that Only two of the nations five fighter aircraft builders will survive the decade. A a it a obvious that Lockheed and Mcdonnell Douglas Are the Odds on favourites a he said. A a they have the programs and the resources to ride it out. We just done to. There a no room for us a or for Many of our competitors a in the air Apfl to a Grumman f-14 fakes off from the aircraft Carrier Theodore Roosevelt to route to Bosnia and Herzegovina in april. Frame business. The nation just does no to need the capacity  the company has been relying on old programs for years. The f-14, the last plane it designed from scratch first flew in 1970. The company now foresees no new aircraft to build. Grumman a announcement anticipated in fire Industry for More than a year is the most recent step in the consolidation of the combat aircraft business. In March general dynamics corp. Sold its Jet fighter division to Lockheed. Rockwell International corp. Is out of that Field. Northrop  fighter operation also faces an Uncertain future although it and Mcdonnell Douglas corp. Rejoiced when the Pentagon recently decided to build the f/a-18 e and f Jet. Mcdonnell Douglas is the prime contractor but Northrop has a Large stake too. Grumman a decision wont bring additional layoffs but Only because so Many of its employees have been let go already. Its work Force 33,000 in 1986, is How. About 19,000. Its expected to be about 17,000 a year from now. And continue to decline thereafter. Debt Relief amid Stormy Navy seas Tampa of a. Apr american ship building co. Sought bankruptcy Protection thursday after the Navy threatened to scrap its remaining contract with the company headed by George Steinbrenner. It Wasny to Clear How or whether Stein Brenner a other business ventures would be affected by the bankruptcy filing which also covered the company a Tampa shipyards inc. Subsidiary. Steinbrenner principal owner of professional baseball a new York Yankees has Long been associated with the shipbuilding company founded in the 1880s by a member of the family. Steinbrenner is chairman of its executive committee and the largest single shareholder with an 11 percent stake. American ship building lawyers announced the move at a news conference after filing a chapter 11 petition at . Bankruptcy court in Tampa the company a Hometown. Under chapter 11, a business is a Way to pay Bills and reorganize. The company a Stock has plunged Over its financial travails. On thursday it fell 18.75 cents a share to 50 cents on the new York Stock Exchange. Steinbrenner  immediately be reached for comment. Steinbrenner a interests in the company represent 2 percent of his net Worth company spokesman Tom Denham said. The Navy said it was concerned about the company a finances and performance. Although Steinbrenner has often cited his acumen at running the company major league baseball officials said it has borrowed heavily from the Yankees franchise in recent years. Harley Riedel a bankruptcy lawyer for the company said american ship building sought Protection after the Navy warned monday that it would cancel the company a Only remaining contract a $63 million Deal to build a 282-foot surveillance ship unless financial and Quality protected from creditors while it works out problems were resolved. In August the Navy cited concerns Over company finances when it scrapped a $176 million agreement for two Oil tankers said sue Fili spokeswoman for naval sea sys terns come. Navy Secretary John h. Dalton said last week that he would not reverse those cancellations. The company billed the Navy but has not been paid about $10 million on the contracts said Bob banker another american ship building lawyer. The company owes an estimated $30 million to vendors Banks and other creditors. In a statement Steinbrenner said he believes there is More to the matter than he Navy has said a it is becoming More and More evident through reports we Are getting that the Navy has no use for these ves Selsand does not want these vessels a a company attorneys said Steinbrenner had offered $11 million of his own Money to keep the Tanker contracts and prevent 1,000 layoffs at the shipyard. The Navy did not agree to the offer they said. Bentsen sees 3% growth in Quarter Washington up Treasury Secretary Lloyd Bentsen predicted thursday that . Economic growth will exceed a 3 percent annual rate in the fourth Quarter of 1993. Last week the government reported that Gross Domestic product the official measure of economic growth increased at a 2 8 percent annual rate in the third Quarter a stronger than the two previous quarters. A the third Quarter we went to 2.8, and fourth Quarter i la bet you Well go Over three a Bentsen said in a speech to soft drink Industry executives. A not something to brag about but compared to the rest of the world of ail things we be become the engine of  Bentsen made the remark while discussing the Virtues of the proposed North american free Trade agreement who faces a critical congressional vote to month. In trying to promote naft Bentsen praised the . Economy is ing it is doing better than the econom of Japan or Europe. A a a look at Europe Zero growth. Look Japan Zero growth a he said. A a but to what a beginning to happen Here. We s beginning to get this deficit under control