European Stars and Stripes (Newspaper) - January 4, 1994, Darmstadt, Hesse                                Page 14 the stars and stripes Money matters j i tuesday january 4,1994 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 a a a a a a a a a a a a a a a a a a a 1.69 British Pound. 1.53 dutch Guilder 1.88 greek drachma. 238.0998 Noto 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 \. A italian lira. 1,709.50 turkish lira 14,497.80 Spanish peseta a a a a a a a a a a a a a a a a a a a 142.70 portuguese escudo a a a a a a a a a a a a a 176.50 austrian Schilling a a a a a a a a a a a a a a 12.1910 saudi Royal 3.75 bahraini Dinar 0.3767 kuwaiti Dinar a a a a a a a a a a a a a a a a a a a a a a a a 0.298 norwegian Krone 7.5120 danish Krone 6.7725 British Pound a a a a a a a a a a a a a a a a a a a a 1.4820 German Mark 1.7345 Swiss franc 1.4785 French franc a a a a a a a a a a a a a a a a a a a a a a 5.9040 dutch Guilder 1.9407 belgian franc. 36.19 Canadian Dollar. 1.3240 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $386.35 an ounce Silver quote $5.115 an ounce. Names to show new a new York a some Well known companies switched names in 1993 to reflect changes in their Structure and identity and More a christenings Are expected this year. The trend is particularly evident in health care and telecommunications two industries scrambling to prepare for futures made Uncertain by government initiatives and rapid technological advances. A a what a triggering this is the two major news events of the year a said Joel Portugal a partner in Anspach Grossman Portugal inc., the identity consultant firm conducting a Survey of corporate names. For one president Clinton a healthcare plan has led to rapid consolidation among health care companies in preparation for a National system dominated by giant health management organizations. For example Damon corp., a medical services company became Corning met path after a $575 million merger with Corning  me path network of clinical laboratories. Anspach Grossman Portugal also found name changes stemming from mergers Between Cable and phone companies seeking to join the technologies of entertainment and communications. Well off retirees face increased taxes in 94 by Jim Luther the associated press. Washington a High wage earners and better off retirees Are about to be hit with a new tax increase. But most workers with steady incomes could actually pay less in 1994 than they did in 1993. A. A a. Millions of Low income families Are getting an expanded tax break that rewards them for staying off welfare. And taxpayers will pick up a smaller share of the Tab for businesses fabled a three Martini  these Are among several tax changes that took effect with the Start of the new year on saturday most growing out of a plan that president Clinton and fellow democrats pushed through Congress last August in an Effort to Cut the Federal deficit by $500 billion Over five years. Other changes which a a Index elements of the tax system to prevent inflation from raising taxes occur automatically each year under an earlier Law. It is these changes that will reduce next years tax Burden for workers who earn the same As they did in 1993. The Well to do will pay the biggest share of the tax increase. Those who earn More than $135,000 will find More deducted from their week the two phone units of Rynex corp. A new York Telephone and new England Telephone a Are dropping their names in favor of the parents Moniker. The changes Are part of a plan to broaden the phone company a image As it begins to deliver Cable to Over phone lines in the next few years. A separate Survey by a rival new York naming firm found a Rise in the number of companies that changed their names in 1993. The increase was cited As evidence that the . Economy is picking up steam. The Schechter group Survey of More than 6,000 publicly traded companies found that 122 rechristened themselves last year up 12 percent from the 1992 total. The Well to do will pay the biggest share of the tax increase. In paychecks for the Hospital insurance portion of their social Security payroll tax. The $135,000 pay ceiling on the 1.45 percent tax will be lifted making All wages subject to the tax. Both employers and employees must pay the 1.45 percent. For the self employed the Levy will be 2.9 percent. About 1.2 million people Are affected by the change. Another major tax increase a about $5 billion a year a will be paid by the 5.5 million social Security beneficiaries with the highest incomes. This will affect Only retirees and disabled people who already pay some tax on a share of their benefits. Starting saturday up to 85 percent of social Security benefits Are subject to income tax if the recipients total income including half the benefits exceeds $34,000 for a single person or $44,000 for a couple. Singles with total incomes Between $25,000 and $34,000 and couples in the $32,000-to-$44,000 Range will continue to be taxed on up to 50 percent of their social Security. The american association of retired persons calculates for example that a single Retiree who is paid $12,000 by social Security this year and has other income totalling $30,000 will pay an extra $196 in tax. A couple with $20,000 social Security and $40,000 other income would pay $400 most of the huge Middle class need not worry about a Federal income tax increase this year. The new Laws Only bite for most was a 4.3-cent-a-gallon gasoline tax increase which went into effect oct. 1 and has been partially offset by falling Oil prices. In fact the Coopers amp Lybrand accounting firm calculates that a typical family in the $50,000-a-year Range will pay $143 less income tax in 1994 than in 1993. A $30,000-a-year single person could pay about $85 less. That is because the personal exemption and Standard deductions have been increased slightly and the tax brackets widened to tax More income at the lower rates. This is done each year to prevent taxpayers from being squeezed into a higher bracket simply because they received a Cost of living raise to offset inflation. Merge secret Deal struck with Macy s creditor Cincinnati a Bloomingdale a Parent company has bought a share of . Macy amp co. Inc. With an Eye toward eventually combining the two into the nations biggest department store company. Federated department stores inc. Said sunday that it had closed a $449.3 million Deal with Prudential insurance co. Of America to buy half of the insurer s 15 percent claim in the chapter 11 bankruptcy reorganization of Macy a. The insurance company had been Macy a largest single creditor. Federated negotiated the Deal without Macy a knowledge and Only told Macy a about it on the Day that it was announced publicly said Carol Singer a spokeswoman for Cincinnati based Federated. Macy a spokesman Michael Freitag did not immediately return a phone Call left at his new York Home. The Deal makes Federated a creditor of Macy a. That allows Federated a voice in what happens to the privately owned company As it tries to emerge from the bankruptcy reorganization it entered in january 1992. Sanger said it was premature to discuss what changes Federated would make if it acquired Macy a. Both companies Are heavily concentrated in some retail markets particularly new York and new Jersey. Federated paid Prudential $109.3 million in Cash for the 7.5 percent stake with the balance to be paid with interest in three years. It also took an option to buy Prudential a remaining 7.5 percent within three years. New York based Macy a had $6.3 billion in sales for fiscal 1993. The retailer operates 111 Macy a and Bullocks department store branches As Well As i. Magnin Aero Postale and charter club Macy son 34th Street in new York City is shown in a photo last january. Specially stores. Federated has $7 billion in annual sales. It operates 219 stores in 26 states under the names Bloomingdale a Abraham amp Straus the Bon Marche Bur diners Goldsmiths Jordan Marsh Lazarus riches and Sterns. Allen i. Questrom Federated a chairman and chief executive officer said the Purchase is a sound investment for Federated a shareholders and gives Federated a platform that with support of other creditors could Lead to an ultimate combination of Federated and Macy a. He said Federated which emerged two years ago from its own chapter 11 reorganization knows that the Complex bankruptcy process May not allow the two companies to Combine. A but if As we get further into the process we continue to believe that it will be in everyone a Best interests. Then the end result of a combined Federated and Macy a department store operation will be Well Worth whatever Effort is required a Questrom said