European Stars and Stripes (Newspaper) - June 27, 1994, Darmstadt, Hesse                                Pago 14 the stars and stripes Money matters a i a a. Monday june 27, 1994today s rates jul following Are fixed rates at which Community banking and credit Union facilities will sell foreign currencies to . Personnel for personal use British Pound. 1.59 dutch Guilder. 1.74 Gorman Mark. 1,56 greek drachma .234,585 nolo Tho rates above apply within the Host country. Figures Aro 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 austrian Schilling. 11.20 Bahrain Dinar. 0.37675 belgian franc. 32.80 British Pound. 1.5495 Canadian Dollar. 1.3887 danish Krone 6.251 dutch Guilder.1.7657 French franc .5.451 German Mark .1.5912 italian lira. .1,571.00 Kuwait Dinar. 0.296 norwegian Krone .6.9255 portuguese escudo. 164.60 saudi rial. 3.7501 Spanish peseta .131.88 Swiss franc .1.334 turkish lira .31,000.00 note figures arc of pressed in dollars to the British Pound Othor currencies to Tho Dollar a Gold quote $390.70 an ounce Silver quote $5.41 an ounce a sources merchants National Bank amp Trust Cote associated press United Pross International French Start news Paris apr meeting a growing French demand for breaking news the nations leading private to network launched a 24-Nour All news Channel. Sci or la Chaine info the news Channe started up Friday night with coverage of Rwanda As French troops carry out a Somalia style humanitarian Mission. Created by the tf-1 network Sci has a staff of 160, including 80 journalists and an annual budget of $32 million. It docs not expect to turn a profit for up to five years Quot but its a bet Worth making Quot Etienne Mougeotte president of Sci and vice president of tf-1, said. The network broadcast via Cable and satellite is going head to head with can Britain s sky news and the Lyon based euro news a network largely funded by european governments. But Sci is the Only news Channel completely in French with the top stories every half hour and headlines every 15 minutes. Meeting the French love of discourse it plans Quot four or five talk shows a Day. There will be two debates a Day. There will be 3,000 guests a year a Mougeotte said. The French taste for fast news As Well As fast food has grown in recent years. The government owned France info news radio has the country a fifth largest list Norship at an estimated 4.5 million Sec expected to close Gap on Mutual fund disclosures by Brett d. From son. Washington Post. New York the Sec disturbed by a Lack of information is about to re quire that Mutual funds disclose More details about the securities that make up their portfolios according to official sources. The officials said that the securities and Exchange commission will re Institute quarterly reporting rules that were eliminated in 1981 As part of the Reagan administrations deregulatory efforts. As a second step the Sec is considering asking Congress for legislation authorizing the commission to require fund reports Cyan More frequently according to the sources. Congressional concerns about recent Mutual fund losses linked to financial derivatives have helped prompt Sec chairman Arthur Levitt or. To move More quickly than planned to ensure that the information Gap is closed promptly. The derivatives worrying Washington Are instruments whose value is based on changes in the prices of underlying securities such As stocks or on variations in in Crest rates such As mortgage rates. The reporting requirements Are expected to be disclosed this summer. Quot How can we regulate intelligently if we done to know what is going on Industry wide a one regulatory source said. Some securities regulators wondered whether it would solve the problem of inappropriate risks taken by Mutual fund How can we regulate intelligently if we done to know what is going on Industry wide a regulatory source managers with other people s Money. Quot normally the Sec relies on improved disclosure to regulate Quot said one official. Quot we do not like to ban kinds of  americans have $2.1 trillion in Mutual fund  number of Mutual funds have announced losses lately caused by bad derivative bets. The Sec becomes aware of such losses Only if funds Tell it or if the fund management company buys the Money losing instruments from the fund to bail it out. Recently rep. Edward Markey d-mass., chairman of the House subcommittee on telecommunications and finance and rep. Jack Fields a Texas sent a six Page letter to Levitt requesting that the Sec re examine the rules governing the use of derivatives by Mutual funds. The new rules will be announced As part of the commissions reply to Markey and Fields sources said. Bond and Money Market fund managers have used High octane derivatives to boost their funds yields. The bets paid off when interest rates were declining from 1990 to 1993, but they have come a Cropper in the rising interest rate environment of 1994. Not Only have the derivatives lost value but also Many have become almost Untra Dable because no one wants to buy them at anything other than Rock Bottom prices. While the secs division of investment management which oversees Mutual funds has flagged derivatives As a problem existing reporting rules prevent it from knowing How widespread the problem is. Funds Are required to report investment positions twice a year. The Mutual fund Industry does not oppose better reporting in principle but it May balk Over the extra expense of More frequent and detailed disclosure according to Industry representatives. Quot what would be gained a said Greg Smith of the investment company Institute the Industry research and lobbying Arm. A Quot not much unless there is a substantial increase in the number of Sec employees to Analyse the flow of data. If the commission could demonstrate that it had the people to Analyse the data the Industry would be cooperative a he said. Fund shareholders remain in the dark about How their fund managers use derivatives according to Joe Kolman editor of derivatives strategy a new York newsletter. A s a  a vip at pm russian prime minister Viktor Chernomyrdin right prepares to Liam Hoglund left who is helping adjust a translation Headset Uriu nits me country s nun car gust tour general motors Cadillac Assembly Plant in Detroit Ham Hoglund said pm is discussing building sport Utility vehicles in ship at an estimated 4.5 million. Track last week. With him is Gmys executive vice president Wil Russia and testing pm locomotives on russian railroads. Ico Bell spurns offers will stay in California by the los Angeles times the announcement which will preserve 1,000 jobs in tons. Fornia has won a Victory in its efforts to Stop Busi Southern California followed a concerted Effort by the mexican style. Fast food Chain had been offered by the los Angeles times California has won a Victory in its efforts to Stop businesses from leaving the state Taco Bell corp. Announced that it will keep its Headquarters in the Southern californian City of Irvine rejecting aggressive overtures from other states. Offered half Price on its office rent and a $4 million remodelling package by its hard pressed japanese landlord Taco Bell said i would stay in the same 12-Story Headquarters in Orange county that it had earlier declared to be too Small for its expansion plans. The announcement which will preserve 1,000 jobs in Southern California followed a concerted Effort by state and local officials to keep one of Orange county a Best known corporations from leaving the state. Quot we Are delighted Quot gov. Pete Wilson said. In deciding to stay put Taco Bell executives turned aside a lucrative offer from Texas and a personal sales Effort by its governor Ann Richards. The Texas package included $10 million in tax Breaks As Well As the Standard fare no income tax inexpensive land and less onerous government regulations. The mexican style fast food Chain had been offered dozens of Sites in California Texas Georgia and North Carolina Taco Bell employees were generally jubilant Over the  a it san emotional thing that a been hanging on forever a said Tim Johnson who designs the signs and image of Taco Bell restaurants. Quot the Rumor Mill has been rampant and so there a a great Deal of Relief