European Stars and Stripes (Newspaper) - October 02, 1994, Darmstadt, Hesse Sunday october 2p 1994 Money matters the stars and stripes Page 13 end of /. Magnin san francisc6 a the i. Magnin specially Chain could become a casualty of the pending merger Between its owner a. Macy & co. Inc., and Federated department stores inca published report said Friday. The original i. Magnin store in san Francisco founded in the Gold Rush Days and at least two other branches in the 12-store Chain will be re placed by Bloomingdale s branches after the hol iday season the san Francisco examiner said. A source close to Macy told the newspaper the plan is to close All the stores in november except Phoenix Beverly Hills Union Square and Sandiego v after Christmas the source said the Union Square san Diego and Phoenix properties will become part of the Bloomingdale s Chain owned by Federated. ,. v it is unclear whether the Beverly Mills site will become a Bloomingdale s because it s hard to put a Bloomingdale s in Beverly Hills the examiner said. In a statement Friday Macy said no final Deci Sion has been made on the Fate of i. Magnin. Published reports suggesting that Deib shave been made As to the future of i. Magnin Are incorrect and based on pure speculation the statement Saidl Macy of thursday acknowledged in bankruptcy papers that it was considering the Sale or other disposition of its i. Magnin stores after completing the merger. The documents did no give details. A pan . Iron out. Washington a the United states and Japan reached their first major Market opening accor saturday with the japanese agreeing to expand opportunities for american and other foreign firms to sell products to their government. Japanese foreign minister Yohei Kono said the two countries had reached an agreement on allowing . And other foreign firms to sell telecommunications products and medical equipment to the japanese government. the comments by the japanese were the first Wor Doisthe i outcome of the talks. . Officials were nonscheduled Tob Nef reporters until later in the Day. Saturday s Accord represents the first major agreement Between the two countries in a 15-Monthround of bargaining. The Deal was reached after Kono and japanese Trade minister Ryutaro Hashimoto bargained for nearly 20 hours with . Trade representative mickeykantor.-. A .-.". A japanese official said no Deal had been reached on autos or Auto parts a crucial sector that accounts for 60 percent of the record $60 billion . Trade deficit wit Japan ,. _. japanese officials also said that the two countries had reached agreement on opening Japan s insurance Market to foreign firms. Moreover they said the two sides had an agreement in principle on lowering barriers for the Sale of foreign Glass in Japan. I government purchases of telecommunications and medical equipment insurance autos and Auto parts and Glass were All priority negotiating areas in the talks. The United states had been pushing for deals in All of those areas by Midnight Friday with a threat tha it would move to impost Trade sanctions against Japart if satisfactory agreements could Nottre reached. The , Side gave no immediate statement on whether the Clinton administration would consider the package obtained sufficient to Ward off any Type of pro posed sanctions. At Issue in All the discussions was a . Demand for objective criteria to measure Progress in meeting the sales goals. The japanese have denounced this As a backdoor Way to establish Market quotas something they Brand As managed Trade. V Washington a if there is potential for conflict Over monetary policy Between Federal Reserve chairman Alan Greenspan and vice chairman Alan Blinder it apparently has not materialized at meetings of the Central Bank s policy makers. A summary of the panel s August meeting was mad Public Friday and All seemed harmonious. The 12-member Federal open Market committee was in general agreement about the state of the econ omy and there was no dissent when it voted to boost Short term interest rates for the fifth time this year. The committee was described As unanimous in be Lieving a half percentage Point increase in rates might reduce the need for further tightening a. ,. A. 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