European Stars and Stripes (Newspaper) - April 19, 1994, Darmstadt, Hesse                                Page 14 the stars and stripes Money matters tuesday april 19,1994today�?Ts rates following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to . Personnel for personal use British Pound. 1.51 dutch Guilder 1.86 German Mark .1.67 greek drachma. 243.9428 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 a a Quot austrian Schilling. 12.0365 Bahrain Dinar 0.37675 belgian franc a a a a a a a a a a a a a a a a a a a a a a 35.23 British Pound 1.4716 Canadian Dollar 1.3847 danish Krone. 6.701 dutch Guilder. 1.9218 French franc. 5.8565 German Mark. 1.7112 italian lira. 1,630.75 Kuwait Dinar 0.2976 norwegian Krone a a a a a a a a a a a a a a a a a 7.411 portuguese escudo 174.58 saudi rial. 3.7502 Spanish peseta. 139.37 Swiss franc. 1.4531 turkish lira. .32,000.00 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $377.35 an ounce Silver quote s5.24 an ounce sources merchants National Bank amp Trust co., the associated press United press International germans urged to push creeping recoveries Grumman shares sent to Northrop in merger by new Day new York a Northrop corp. Has moved one step closer in its bid to acquire Grumman corp. And create the nations largest defense contractor. Officials of the los Angeles based Northrop said sunday that the company had received nearly 94 percent or 32.7 million shares of Grumman a outstanding common Stock As of Midnight on Friday when its $2.1 billion tender offer expired. Grumman shares that Are still outstanding will be converted into the right to receive $62 per share in Cash according to officials. Both companies Are still expected to hold shareholder meetings to approve the Sale. In a monthlong Battle with Martin Marietta corp., Northrop offered to pay $62 per share for All of Grumman a outstanding common shares and some preferred Stock Purchase rights. Its bid topped Martin Marietta a offer of $55 per share. After 64 years of Independence Long islands largest employer based in Beth Page n.y., will now be known As the Northrop Grumman corp. A Grumman a Stock Symbol will be removed from the new York Stock Exchange this week. Its name will be eliminated from Standard amp poor a 500 Index. Northrop chairman Kent Kresa said planned layoffs at Grumman will continue. Grumman has eliminated 14,000 jobs in the last six years bringing employment to 9,000 on Long Island and 18,000 nationally. Northrop employs about 20,000. By Martin Crutsinger the associated press Washington a the world Economy is still not firing on All cylinders and Japan and Germany should be doing More to lift their nations out of recession the International monetary fund says. The i mfg a Outlook due to be released officially wednesday has boosted its growth estimate for the United states significantly while lowering the estimates for Japan and Germany if officials say. A  a a a a. A a a a a a a a. A the if projects that the . Economy will expand by 3.8 percent this year a significant boost from the 2.6 percent growth that it forecast last september. However the if is now forecasting that Japan will grow by a barely discernible 0.7 percent this year compared with a september forecast of 2 percent and that German output will expand by 0.8 percent Down from 1.2 percent forecast last september. The trouble is that the recessions in the worlds second and third largest economies have been More severe and longer lasting than expected and that this sluggishness is holding Back Overall global growth prospects. A senior if official said that while the United states Canada and Britain Are doing Well Many other Industrial countries including Germany Japan France and Italy Are suffering prolonged periods of weakness. A we still have below average growth in Industrial countries because we have Only one or two engines working while two or a we still have below average growth in Industrial countries because we have Only one or two engines working. If official three others Are still stuck in first gear a said the official speaking to reporters in Advance of the annual Spring meetings of the if and the world Bank starting this week. The official praised the Cut in interest rates announced last week by Germany scentral Bank and said further reductions would be needed something the Clinton administration has also encouraged. The if official also echoed the views of the United states when he said Japan needs to keep its tax cuts in place for longer than is now envisioned and he said the japanese Central Bank should also consider reducing interest rates further. A a a a a. A a a a a a a a a a a a. A a japanese policy makers need to be vigilant to a avoid the tragedy of a double dip recession the official said. A prime topic of discussion at the Spring meetings will be the economic Reform in Russia and the West a role in aiding it. J if officials indicated that the Agency a executive Board is Likely to approve a hailing new cab Britain s transport minister Stephen Norris takes the Drivers seat to launch London a newest style of taxicab last week at Marylebone station. The design based on blueprints drawn up in the 1930s, Marks Only the second new Hilly certified Type of taxi introduced since the end of world War in the cabs which will Cost about $45,000 apiece use Ford components. Northwest cutting summer air fares Eagan Minn. Apr Northwest airlines is slashing summer fares by up to 40 percent the airline said sunday. The fares Are Good for travel Between May 18 and sept. 12 in All states except Alaska and in Canada Cancun Mexico and most of the Caribbean. The nonrefundable tickets were to go on Sale monday and must be bought a Midnight april 27. They also must be bought at least 30 Days before travel and most destinations require a saturday night stay. Twa will match the Sale fares in competitive markets spokesman Don Fleming said. The airline was to announce other fare reductions monday officials with Delta United and american airlines said they would have to study the Northwest offer but traditionally the airlines have matched discounted fares in competitive markets. The Northwest discounts for example would allow passengers to Fly round trip Between Between Detroit and san Francisco for As Low As $398, a $224 savings and Between new York and Seattle for As Low As $398, a $245 savings. \ $1.5 billion loan wednesday that should open the Way for billions of dollars of delayed Western assistance to Russia. The if action would represent a surprising turnabout since the leading architects of russians Reform resigned from their Cabinet posts in january after Ultra nationalists posted Strong showings in december elections for a new parliament. Their departure prompted warnings that russians Economy already in chaos would spiral further out of control. But last month if managing director Michel Ca Dessus was Able to reach agreement with the government of president Boris Yeltsin on a package of proposals aimed at cutting inflation which soared by 950 percent last year to 7 percent a month and restraining the governments budget deficit. While Russia has missed other similar targets an if official said he was optimistic that the new program would allow the country to get control of inflation and finally Stop the Steep drop in economic output. A the official said the $1.5 billion loan could be followed later this year with the Start of $4 billion in More permanent if support. He said such a program a could make a decisive contribution to allow Russia to stabilize its Economy to Start  i the if official said he believed increased optimism was justified in part because the key members of the new parliament seemed committed to keeping economic Reform on  to get a Good look at . Wares Hanoi Vietnam a it a from computers to Fried Chicken vietnamese Consumers will have a Chance to test and taste american products at Vietnam a first Trade fair for . Companies. The exhibition opening thursday comes less than three months after the United states lifted its 19-year economic embargo against Vietnam. It heralds the return of american business to a nation once considered a bitter enemy. A now the War is Over and we re coming to a new chapter of markets Money and profit a said Giang Tran a . Businessman of vietnamese descent. Tran s company Vietnam investment information and consulting of san Diego is organizing the four Day show billed As Vietnam Erica expo 94. Pepsico inc., which has its Headquarters in Pur Chase n.y., is the corporate sponsor. Sixty companies have registered to exhibit their products and an additional 10 will distribute brochures at Hanoi a Giang to exhibition Hall. All Hope to capitalize on rising incomes among Vietnam a 72 million people. Free Market reforms in the late 1980s breathed life into Vietnam a enfeebled socialist Economy. While still one of the worlds poorest countries Vietnam has experienced average annual economic growth of 7.1 percent Over the last three years. Many american goods Are already Well known in Vietnam partly because of the Large . Military presence during the War. Brands such As coca cola and Marlboro remained popular after 1975, when the South vietnamese government fell to North Vietnam. Traders imported the items from other countries