European Stars and Stripes (Newspaper) - November 22, 1993, Darmstadt, Hesse                                Page 18 the stars and stripes Money matters monday november 22,1993r-4 today s rates following arc fixed rates at which Community banking and credit Union facilities will sell for sign currencies to . Personnel for personal use Trman Mark a a a a a a a a a a a a a a a a a a a i 1.67 British Pound 1.52 dutch Guilder 1.67 Raak drachma 237.3571 Nota it mat above apply wet twin the Host country. Figures Art a press and in dollars to the British Pound other Eure notes 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 1,872.50 turkish lira 13,520.00 Span Lah peseta 138.02 Portu guava escudo 174.85 austrian Schilling a a a a a a a a a Iii 12.0525 saudi Royal 3.78 bahraini Dinar  0.3767 kuwaiti Dinar 03984 norwegian Krona 7.439 danish Krona 6.797 Bra blah Pound 1.4745 German Mark 1.7138 Salaa franc 1.5075 French Frane 8.9455 Outch Guilder 1.9253 belgian franc 36.49 Canadian Dollar a a a a a a a a a a a a a a a a a a 1.3227 note figures Are expressed m dollars to the British Pound other currencies to the Dollar. Hotd quote s37s.79 an ounce Silver quote Soo an ounce Gatt limps behind Naftal after 7 years world Trade talks struggle toward deadline a that Washington might be willing to reopen talks on the Blair House Accord. Even if Geneva a Naftal the worlds largest free Trade zone is finally set to be come reality. But an even bigger Deal to open markets worldwide remains a dream. The dream called Gatt has a nightmarish shimmer. Seven year old talks sponsored under the general agreement on tariffs and Trade face a dec. 15 deadline for the most far reaching package Ever to liberalize Trade. The aim is to Cut barriers to exports of everything from beef to Beer and from textiles to telecommunications. Potential economic gains Are huge a. More than $200 billion per year according to some estimates a and optimism is higher than at any time in the past. Quot its going to happen Quot said dec negotiator Hugo Kaemen. Quot i think we re going to make it Quot . Negotiator John Schmidt said after Congress cleared the North american free Trade agreement which would join the United states Mexico and Canada in the worlds largest trading bloc. But the list of obstacles to the Gatt Accord is daunting. Gatt chief Peter Sutherland and other free Trade proponents have warned that failure of the Uruguay round of talks will increase Trade wars prolong the world recession and Lead to a climate of instability As erstwhile political friends become i will do anything and  necessary to help this round come to a  thing i can to do is be a magician. A. / a Pater Sutherland Matt chef economic foes. "1 will do anything and everything that is necessary to help this round come to a conclusion Quot Sutherland said. Quot the Only thing i can to do is be a magician. Whereas one can bring horses to the water they have to decide themselves whether they want to drink or  the two main Quot horses Quot Are the United states and the european Community. Their Trade chiefs planned to meet in Washington today for further efforts to Hammer out the differences. High on the Agenda is a Long standing dispute Over cuts in farm subsidies. France has threatened to veto a .-ec Accord reached one year ago and has turned defense of its Farmers into a Point of National Honor. . Trade officials have denied reports Washington wanted to there would be Only limited scope for change. Agricultural nations such As Argentina Australia and Canada would oppose any attempt to trim the size of cuts in farm subsidies that have squeezed them off world markets. Another Bone of Contention is the european reluctance to drop restrictions in imported movies and to programs from the United states. Again France a seeing its cultural heritage threatened by Hollywood giants a is screaming the loudest. And then there is the deadlock on How to make Good on promises made in Tokyo in july to reduce import duties a perhaps the single most important part of the Uruguay round. The United states wants Europe to make a wider Range of Tariff cuts on items such As electronics. The dec is gunning for Quot Peak Quot tariffs on textiles that protect . Industry from imports. In trying to push through Naftal president Clinton reportedly promised the powerful textiles Industry that he would press for a phaseout of quotas against third world imports Over 15 years rather than 10 years As planned in the Uruguay round Accord. Quot no Way Quot was the Curt response of Indian ambassador Balkrishan Hutshi when asked whether this would be acceptable. Open to meet in new to raise prices Brussels Belgium a after open painstakingly crafted an agreement last september setting Oil production restraints crude prices were expected to rally from their lowest Levels in three years. Although the dozen Oil producing nations have controlled their pumping prices still Are weak and show no signs of improving much any time soon. Facing a Bleak Outlook ministers of the organization of Petroleum exporting countries will meet tuesday in Vienna Austria to decide what to try next to prop up prices. Analysts say there is Only one option slash production now running at about 24.7 million barrels of crude a Day. Quot the reasonable thing for them to do is have a very simple no nonsense Cut of 300,000 to 400,000 barrels a Day Quot said Vahan Zanoyan senior director of Petroleum finance co. In Washington. Quot that would fix  easier said than done. The fractious Cartel always has difficulties agreeing to lower production. But the nations May be so desperate to improve prices that they will be willing to Cut Back this Winter. Quot there is an awareness of How critical the situation is Quot said Peter Bogin associate director for Oil markets at Cambridge Energy research associates in Paris. The iranian news Agency reported last week that the ministers would discuss plans for a trim of As much As 5 percent in the current output Cap of 24.5 million barrels a Day. Iran considered a Price Hawk often presses for reduced output to try to drive prices up. Saudi Arabia the worlds largest crude producer and Opecz a most influential member has sent signals it would consider a reduction in the groups ceding. But there were no signs the kingdom Woula agree to pare its own production of 8 million barrels a Day. To try to boost prices it agreed last september to freeze output through the Winter. But it has in the past walked at going below that level. Crude prices have risen some on reports that the producers might turn Down the taps. But they still remain weak. The average Price of an open Marker slumped to $14.62 a 42-gallon barrel last week the lowest weekly level since june 1990 and Well under the groups $21 target. Low prices help Consumers but Pinch the finances of the producing nations Many of which depend heavily on Oil sales to fuel their developing economies. Fannie Mae Lowers and its off a a european ariane 44lp rocket rises from its launch pad in Kourou French Guiana on Friday. For its 61st flight the rocket successfully placed n mexican telecommunications satellite Solidaridad-1, and the european meteorological satellite Meteosat-6 in orbit. To refinance Homes Washington a the nations largest investor in Home mortgages has lowered the amount of equity that Many homeowners must have to refinance their residential Loans. The Federal National mortgage association said Friday that it will permit refinancing on Homes in which owners have As Little As 5 percent equity. Previously refinancing required at least 10 percent equity. Quot we Are extending the benefits of refinancing to a greater number of people a said James a. Johnson chairman of the association also known As Fannie Mae. Quot we believe this will be an enormous Benefit to Consumers especially those living in areas where Home prices have . Millions of homeowners have refinanced their mortgages in recent years As mortgage rates fell from double digit figures. Rates had dropped to a 25-year Low of 6.74 percent in october although they averaged 7.08 percent last week. Refinancing at a lower rate permits homeowners to reduce their monthly payments. For instance homeowners who took out a 30-year mortgage on a $100,000 Home when rates were 9.5 percent four years ago now pay $840 a month in principal and interest. By refinancing at a 7 percent rate their monthly payments would drop to $665. Association economists estimate $10 billion of savings will be pumped into the Economy through mortgage refinancing and the downward re figuring of adjustable rate mortgages this year. But Many owners Are unable to refinance because the value of their Homes has fallen. These usually Are people who bought Homes in the mid-1980s, when property values were reaching All time highs. Then came the recession overbuilding and tighter credit which sent prices tumbling in Many areas. Ivc says it has funding for Paramount bid new York a ivc network inc. Moved saturday to defuse a key argument against its hostile takeover bid for Paramount communications inc., saying it had obtained full financing for a tender offer Worth about $10.6  which already has accepted a vastly lower offer from Viacom inc., defended its rejection of ivc a a unsolicited bid in chancery court in Delaware last week partly by arguing that it was contingent on financing. Ivc said it had received financing commitments from six Banks for $3 billion that can be used for its hostile tender offer for Paramount a leading entertainment producer that makes movies and to shows owns sports teams and theme Parks and publishes books. Ivc said the regional phone company Bel South corp., which had earlier expressed an intention to invest $ 1.5 billion in q pc had now committed itself to do so. Ivc led by one time Paramount pictures Boss Barry Diller Felt Fiat its Effort to acquire Paramount has never received fair treatment from the Paramount Board