European Stars and Stripes (Newspaper) - November 26, 1993, Darmstadt, Hesse                                Page 18 the stars and stripes Money matters Friday november 26,1993 a i today s rates following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to  personnel for personal use German Mark. 1.66 British Pound. 1.53 dutch Guilder .1.85 greek drachma .238.816 note the rates above apply within the Host country. Figures Are expressed in Doi tars to the British Pound other currencies to the Dollar following arc Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies italian lira .1,687.50 turkish lira .13,606.40 Spanish peseta 138.76 portuguese escudo  172.53 austrian Schilling. 11.987 saudi Royal 3.759 bahraini Dinar 0.3767 kuwaiti Dinar  0.2982 norwegian Krona  7.412 Danalah Krona. 6.762 British Pound. 1.4855 Garman Mark a a a a a a a a a a a a a a a a a a a a it 1.7072 Swiss franc. 1.497 French franc. 5.921 dutch Guilder. 1.9122 belgian  36.08 Canadian Dollar .1.3265 note figures Are expressed in dollars to the British Pound other currencies to the Dollar god quota $377. To an ounce Silver quota $4.64 an ounce new York Exchange York Stock Exchange compos trailing on wednesday. Stock. Sent Ute net chg. British petrol 0.065.400 61 off ism corp 4,184,000 55 9. Off1? merry go round Wax technology 3.686,300 6 3,362,000 26 up Merck a co inc 3,273,600 34 up Paramount comm 2,866.200 80 up 3 Rwjr Nabisco hid 2,531,400 6 up Philip Morris Borden the 2.110,000 55 up 2.047,600 16 up Dominion re sour 1,951,900 44 up general motors 1.859,900 53 up up 1 Humana inc 1,846,800 16 Unilever no 1,776,900 110 off Tel Fonos de my 1,604,600 55 up a Oft at amp to company 1,573,900 55 american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading wednesday. Tick sales last Pitchf. Atari corp 1,198.800 6 off to Royal Oak mines 790,700 4 7-1$ off Echo by mints 689,100 12 off i Amdahl corp 650,900 so up 7-1$ Energy ser wee 400,300 3 9-1$ off 11$  391,300 2 off 316 Fig Aamold 363.600 19 off medevac to 272,700 7 off Vispi holdings 249.000 $ a up fruit of loom 216,200 35 /. Up i Dow Jones new York up a now Jones closing Range of averages on wednesday Utah lets close Charm 30 industrials 3709.94 3654.33 3687.5$ up13.it 20 transport 1722.37 1690 53 1 710 83 up 17.52 is utilities 22812 225.15 226 34 up 0.4$ 65 stocks 1361 10 1339.52 13522$ up 752 Volkswagen Union agree on 4-Day workweek plan Hannover Germany a Volkswagen and its biggest Trade Union agreed wednesday to the general terms for a four Day workweek to prevent massive layoffs. The plan is seen As a precedent in recession beset Germany for such industries As Coal mining which is also facing huge numbers of layoffs. The agreement came after five rounds of talks that began nov. 11 and ended with two straight overnight bargaining sessions in which Europe a biggest car maker sought a 20 percent decrease in personnel costs to avoid layoffs. Under the plan by workers will work 20 percent less than they do now and give up 10 percent of their pay according to a German radio report. The plan still must be approved by the company a Board and get Union consensus. Jurgen Peters a spokesman for the to metall Union said the agreement was for 1994-95 and provided Tor employees to work �?o7.2 hours per Day four Days a  Jochen Schumm Volkswagen a personnel chief and top negotiates said the agreement would reduce costs by $1.1 bit lion per year or about the 20 percent the company sought. He said the Accord was aimed at ensuring the jobs of about 30,000 of Volkswagen a 100,000 employees in Germany for the next two years. Both sides said the Shorter workweek would begin Jan. 1. Volkswagen said it wanted to introduce a four Dav workweek in an Effort to avoid laying off employees at a time of an Industry wide slump in be hide sales. The agreement is in contrast to repeated warnings by Chancellor Helmut Kohl that the Only Way out of Germany a economic slump was for citizens to work More rather than less. The National television network Adf said in a commentary late wednesday that if such an agreement could be reached it would be Quot a Milestone of the  Volkswagen has production Sites in Western and Eastern Europe Brazil Mexico South Africa and China. As worries still main Disney Stock takes nose dive Paris apr euro Disney a Stock collapsed wednesday on the Paris Exchange with share prices plunging 17 percent on pessimism that a Rescue package can be found for the Money losing theme Park. The meltdown which forced trading in euro Disneyland sea Stock to be suspended three times shocked traders and analysts. They said they believed that there is Little real value attached to the shares. 1 the collapse reflected pessimism toward the group As it struggles to cobble together a Rescue package with Banks and the . Parent the Walt Disney co. The theme Park outside Paris has been plagued by Low attendance unoccupied hotel rooms and poor sales of souvenirs since opening in april 1992. The de or cased real estate Market has put on old development of vast tracts around the Park that the French government ceded cheaply to the company to win a bidding War for the Park with Barcelona Spain. The Stock has been in free fall since euro Disney reported nov. 10 that it lost nearly $1 billion for the year ending sept. 30. After a Brief respite heavy Selling began again this week after articles in the British press reported that the Walt Disney co. Was attempting to Strong Arm Banks by threatening to pull out of euro Disney. Share prices fell 9 percent monday and tuesday. Euro Disney sea Stock opened at the equivalent of $5.66 wednesday on the Paris Exchange. It fell As Low As $4.61, or 18.6 percent in the afternoon before closing at $4.70. A a the Stock is technically worthless a said Simon Hopkins a trader in Paris with James Capel. A a there a no Way to put Sparks Fly out of Mickey mouse s hands Asho turns on the Christmas lights on the champs Lysles in Paris on wednesday. However things were not so Bright St mickeys French Home euro Disney where financial woes continue to mount a sensible value on it. I would t touch it with a Barge  Francesco Maio who handles institutional sales for French brokers Masso Naud Fontenay Keven said the sell off was fuelled by Day traders who typically hang onto positions for less than a Day Selling the Stock Short. The collapse virtually rules out the option that euro Disney will attempt to raise Cash through the Issue of new shares the analysts said. The uncertainty is Likely to continue until a refinancing package emerges Between euro Disney and More than 20 Banks and the Walt Disney co. Says whether it will stick with the Park Over the Long haul. So far the Parent company has agreed to help euro Disney a Cash flow until next  votes to keep Oil production steady Vienna Austria a open chronically unable to make its members conform to production limits is taking a new tactic in trying to drive its prices higher. The dozen nations of the organization of Petroleum exporting countries ended a two Day meeting late wednesday by deciding not to change its output betting that demand for crude Oil would increase in Winter tightening supplies and raising prices. In new York the Price of Light Sweet crude ii for january delivery fell 25 cents a barrel to close at $16.38. Hostile bid for Paramount advances Wilmington Del. A Paramount communications inc. Has been stripped of a key weapon against a hostile takeover by ivc network inc. A chancery court judge ruled wednesday at ivc a a request that Paramount be prevented from flooding the Market with new shares of Stock As a Way to drive up the Cost of the unwelcome takeover. Paramount trying to proceed with a Friendly merger with Viacom inc., said it will Appeal immediately to the state supreme court. Viacom which owns Cable channels including mtg and Showtime also plans an Appeal. The order from judge Jack Jacobs leaves Paramount with less of a defense against ivc which operates the Cable shopping Channel. Ivc a a Cash and Stock bid is valued at $1.3 million More than Viacom a Friendly bid. Jacobs ruled that flooding the Market with new shares  be fair. Ivc headed by former Paramount pictures Boss Barry Diller sought the injunction after Paramount a Board rejected the ivc bid. A we believe the chancery courts position is wrong on both the facts and the Law a Paramount said in a statement. A we Are appealing immediately and we Are confident that the chancery court decision will be reversed by the Delaware supreme  Jacobs ruled against Paramount a Grant of Stock options to Viacom saying they were improperly designed to deter hostile bids. The options would add hundreds of millions of dollars to ivc a a Cost in acquiring Paramount. The court supported a $100 million fee to Viacom should its proposed merger with Paramount collapse. A pcs bid is valued at about $10.6 billion compared with Viacom a offer of $9.3 billion