European Stars and Stripes (Newspaper) - October 3, 1994, Darmstadt, Hesse                                Page 14 the stars and stripes Money matters monday october 3,1994 pc today s rates following arc fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use v British Pound. 1.62 1.69 1.51 dutch Guilder German Mark. Nurto the rates above apply within the heist country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar l following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies a austrian Schilling 10.808 Bahrain Dinar 0.3770 belgian franc .31.825 British pound1.5795 Canadian Dollar 1.3421 danish Krone 6.0742 dutch Guilder 1.7340 French franc 5.2810 German Mark 1.5479 greek drachma 236.19 italian lira 1,556.00 Kuwait Dinar 0.2970 norwegian Krone 6.7730 portuguese escudo. 157.77 saudi rial. 3.7508 Spanish peseta. 128.25 Swiss franc 1.2857 turkish lira. 34,065.00 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $395 35 an ounce. Silver quote $5.63 an ounce _ sources merchants National Bank amp Trust co and the associated press . Tactics in Trade talks leave indignant pm Promise to hire staff prompts end to walkout Flint Mich. A striking autoworkers who said they were forced to build too Many cars with too few people voted overwhelmingly saturday to end their walkout in Exchange for general motors Promise to hire hew employees. Several thousand workers applauded cheered and whistled when United Auto workers leaders explained the Deal at an auditorium near the Buick City Complex. Employees then voted l,85 Mo-t51 in favor. A the 11,500 workers who walked out tuesday build new general motors corp. Cars but More important they also make transmission and suspension parts used in most pm vehicles. The shutdown at Flint threatened to hamstring pm operations nationwide and by saturday had forced several plants to close or Cut Back operations. Pm said it hoped to resume parts production saturday night and run the plants Alt Day sunday. If that occurred the company expected Only four plants to be Down today because of parts shortages. A under the settlement,1.gm would hire More than 500 new workers from the ranks of Long Laid off Union members whose benefits and Call Back rights have expired. It could set a pattern for resolving similar disputes Over staff size and overtime that threaten to disrupt other pm plants. A it think in the future you re going to see that solved across the country a a. Dave Yettaw president of striking Law local 599, told his members at saturdays session. Gmys communications director James Crellin said production would increase with the extra workers sending 70 cars an hour rolling off the line instead of the current 65. Tokyo apr Japan on sunday accused the United states of using pressure tactics in Trade talks that capped a 20-hour negotiating Marathon in Washington the night before and Tokyo called the lingering possibility of Trade sanctions a extremely regrettable a j. After intense negotiations in Washington with foreign minister Yohei Konou a. Trade representative Mickey Kan Tor said Early sunday that Tokyo would not be cited As an unfair trader under the super 301 Law which would Call for imminent sanctions. V ,. But. Japan still could be listed As a country to be watched closely and sane tons still could result if further negotiations failed. A v a. Tokyo took that As a threat. A the United states has decided to unilaterally initiate procedures totally in consistent with the multilateral free Trade system a said Kozo Igarashi the japanese governments top spokesman. Top Trade officials from both countries agreed Early sunday on ways of partially opening japanese telecommunications medical equipment insurance and Glass markets. But that took 15 months of often acrimonious often stalled negotiations As Well As a .-imposed sanctions deadline of Midnight Friday. And the two nations still failed to reach agreement on automobiles and Auto parts which account for about two thirds of the $6q billion annual . Trade deficit with Japan. V negotiations on autos and Auto parts will continue during the next 12 to 18 months Clinton administration officials said. The threat of sanctions will arise again if those talks do not produce a Market opening agreement. 7 a. / / Igarashi called that possibility a extremely regret t table. A the . Ambassador to Japan Walter Mondale tried to Calm nerves in Tokyo by saying that the United states might manage to avoid imposing super 301/ sanctions on Japan a Auto parts Trade he noted that sanctions were avoided in the construction intellectual property and government procurement sectors in japanese foreign minister Yohei Kono left and Trade minister Ryu Taro Hashimoto wait to announce a breakthrough in .-japanese Trade talks to members of the japanese Media saturday morning in Washington. A. The past even when initial negotiations didst succeed. Super 301 sanctions would require import barriers to be slapped on .-bound japanese goods in retaliation for the business . Companies lose because of closed japanese markets. A Mondale a comments dubbed in japanese on the Asahi television network talk show sunday project noted that Japan. Agreed in principle to increase purchases of competitive foreign products although it did not allow specific measures of Market Access into the Trade agreement. Japan says Access measures would be misconstrued As targets resulting in managed Trade. Mondale also indicated that the United states will continue to negotiate bilaterally outside the International framework of the rules under the general agreement on tariffs and Trade. Kono said before leaving Washington for Tokyo that the Success of the talks had eliminated much of their Mutual distrust but the talks followed a familiar pattern in which . And japanese negotiators lock horns Over an Issue a in this Case whether to write objective Market Access measures into a Trade agreement a until the United states forces a partial agreement at the last minute to break the deadlock. Not to win big increase in world financial Aid Madrid Spain a the United states Germany and other economic powerhouses were ready sunday to reuse demands from poorer nations for a hefty increase in assistance to fuel their weak economies. _. Finance ministers representing the 179 nations in the International monetary fund opened a Daylong meeting in the Spanish capital to consider proposals for greater Aid to developing nations but before the meeting opened the United states Britain Canada France Germany Italy and Japan a the influential group of seven a endorsed a plan for Only a modest increase in help. A a it a a difficult Issue a italian treasure minister Lamberto Dini said. A View s differ very considerably especially among the less developed countries a on saturday Dini and other finance chiefs of the g-7 said they were witling to authorize 4the if to create $23.4 billion in its official reserves. The extra Money would be used by poor nations and former communist countries in Eastern Europe to buy imports pay interest on foreign debts and cover other financial needs it. The i mfg a managing director Michel Ca Dessus w ants a much larger package of assistance a the equivalent of $52   reserves. That proposal has won the backing of nations in Asia Africa and latin America _ .1 _. But Cam Dessus plan was unlikely to gain acceptance. A the position of the g-7 was very Clear a Dini said. A i was . A Hans Tietmeyer president of Germany a powerful Central Bank the Bun de Shank. Said the g-7 proposal amounted to a a take it or leave it offer because of the nations enormous weight in the if. A German authorities have refused to support a bigger increase for fear that too much new Money in the global Economy would fuel inflation. Ca Dessus appealed for Compromise at a meeting Early sunday with the Rich nations. But a that would be difficult a sail Henning Christophersen economics chief of the 12-nation european Union. He said though it was important that the nations reach a decision because the former soviet bloc countries need the Money to develop free Market systems. The discussions by the finance ministers of the i mfg a interim committee its policy making Board were held in Advance of the annual meetings tuesday and wednesday of the fund and its sister Agency the world Bank. The two institutions lend billions of dollars annually to developing nations. In doing Soj they require the nations to adopt Tough programs to reduce inflation rates Cut government spending and reduce Trade barriers. R. A . Treasury Secretary Lloyd Bent sen in a speech to the policy making Board underscored the West a desire for More sweeping economic changes in Riis Sia. A a remarkable transformation is under Way in Russia. Bentsen said. A but russians gains Are not secure. Inflation is too High. The budget is under  he said the United states a stands ready to Back an ambitious program to repair its damaged Economy. Sergei Dubinin russians acting finance minister said the government was considering a a a Radical program to pare the inflation rate to 1 percent a month by next Spring. September a rate was nearly 8 percent. But he said such a plan would require additional assistance from the if and world Bank. A