European Stars and Stripes (Newspaper) - March 1, 1991, Darmstadt, Hesse                                Friday March 1, 1991 the stars and stripes b Page 17 Money matters 1 / today s tip a recent Federal court ruling Al lowing Sears Roebuck amp co. To go ahead with plans to Issue visa cards with no annual fee is. Expected to intensify Competition in the credit card business now dominated by Banks Industry analysts say. Sears intends to begin advertising its card soon to 7 million households in the United states. Sears card will be called prime option visa and will be offered in addition to the retail giants discover card. The visa organization has been attempting to Block scars entry into the Market. Conversion rates London up thursdays closing rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $363.25 an ounce Silver at $3.69. Feb. 27 a a feb. 28 British pound.,.1.9170 1.9110 German Mark. .1.5250 1.5240 French franc a. 5.18,10 5.1770 dutch Guilder  1.7135 belgian franc. .31.38 31.26 italian lira. 1,138.50 1,136.50 Swiss franc .,.1.3185 1.3235 greek drachma .163.20 163.42 turkish lira., .3.310.70 3,321.70 saudi arabian Riyal. 3.7503 3.7504 Spanish peseta.i.,.94.60. 94.65 portuguese escudo., .,132.88 133.00 Canadian Dollar. .1,1510. 1.1506 austrian schilling.10.6975 10.6860 norwegian Krone .5.9430 5.8450 danish Krone. 5.8390. 5.8450 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.48 Friday based on thursdays noontime Price fixing. New York Exchange new York up a York Stock Exchange Stock v a. Westinghouse Al Laidlaw inc b Boeing co Philip Morris a. V. Gent electric. Quot Natl Semi conduct us amp a corp Ford motor co Fluor corp Glaxo holdings global Marine Exxon corp the 15 most Active. Stocks in new composite trading on wednesday. Ism corp Upjohn co a a Ltd corp sales last Nat chg. 5,186.400 27 a Oft 1 % 4,036,300 16 v5 unc i 2.797,800 47 i up 1 % 2,735,300 66 i off vow 2,493,400 69% up 2,332,700 7 a a a a up % 2.302.000 8% off 1 a a 2,287,700 30 i up1 2,210.300 52% up 4 % 2,156,700 36 % up. 2,115,100 a 4 a a up i 2,113,300 55 a. Up 2 2,039,200 130% up1 i 1,969.000 45 up 1 1,929,200 1% up i military seeking revamped go unemployment benefits let a american Exchange new York up the-10 most Active stocks in american Stock Exchange composite trading wednesday. Stock sales last net chg. Energy service 1,416,100 2% up it Amdahl corp 1.392,100 14 % _ off 1 fruit o loom 1,027,600 12%. Upyt Nabors Industry 957,000 7 a up % cont air Hodgs 852,100 3%. Up i Weatherford inc. _ 662,000 6% / up % Bat industries 518.700 12%jap % Hill Haven Corn Bolar pharm co 471,800 2 a. Oft a 407,800 5% off a Salomon it 93apr 370 ,400 4 i up i i Dow Jones new York up a Dow Jones dosing Range of averages wednesday. High Low Clow 2915 35 2839.85 1135 93 1107 02 214 60 211.71 10-0.50 1015.73 30 industrials 20 transports 15 utilities 65 stocks change 2389.11 up 24 51 1131.17 up 22.39 213 47 up 0 38 1033.19 up 11.11 by Janet Howells-t1erney Washington Bureau Washington the Pentagon is urging Capitol Hill to  bars the same unemployment benefits As other workers. A we believe As a matter of equity that involuntarily separated service members should be eligible for the same number of weeks As their civilian counterparts a a army it. Gen. Donald w. Jones told the Senate finance committee wednesday. Current Law permits unemployed citizens excluding members of the armed forces up to 26 weeks of unemployment compensation beginning a week after they lose their jobs. Service members must wait four weeks after leaving Active duty to begin collecting 13 weeks of unemployment pay. Officials think the Law could cause hardships for those who might be forced out when the services begin drawing Down personnel Levels said Jones the Pentagon a chief of military manpower and personnel policy. The services plan to trim 500,000 peo ple from the Active duty Rolls Over the next five years he said. Jones also told the committee that the Pentagon strongly supports expansion of a the earned income tax credit to about 25,000 lower ranking military families overseas with incomes under $21,245 a year. Currently taxpayers can claim the credit Only if they maintain a Home in the United states for a child who lives with them for More than half the year. That Rule eliminates virtually All Servic Mem Bers stationed abroad. Several other proposals discussed at the hearing focused on modifying benefits for veterans of the persian Gulf War. One proposal would Grant a Federal tax exemption for All income earned by prisoners of War and those missing in action for As Long As they were listed in either status. Another would allow officers $2,000 in tax free income a month instead of the current $500 per month while on duty in the Middle East theater. Enlisted personnel in the theater have All their income excluded from Federal taxes. Lawmakers Are finding it difficult to coordinate the flood of military benefits proposals and Bills that have been unveiled in recent weeks. A Senate finance committee staffer said some of the proposals discussed at the hearing Widnes. Day have been introduced As Bills while others Are simply Pentagon proposals at this Point. A but some of the Pentagon proposals have already been introduced As Bills on the House Side a the staffer said. House and Senate lawmakers plan to meet soon to assemble a concise package of proposals for final congressional consideration the staffer said. Among other pending legislation is elimination of penalties for Early withdrawal of Money from individual act inc ment accounts and a proposal that would allow states to Issue veterans mortgage Bonds to Gulf War veterans. Defense department officials reacted warily to some of the  Are concerned. That Well meaning efforts to address problems of one group May create inequities for others a the Pentagon a Jones said. Contributing to Tala report staff writer Chuck Vinch in Wash Langton and tha Alao Clauad press. Cafes plans to age rates for Auto repair service re by Steve Taylor _ Munich Bureau Munich Germany a the army and air Force Exchange service in Germany is planning a new two step increase in its Auto labor rates just four months after the service raised its rates by More than 50 percent. The latest first stage increase will begin in May the second stage to take of feet in late september. The increases Are designed to generate extra Money that the Exchange service can use to help attract better qualified mechanics and improve the Speed and Quality of work an Exchange spokesman said. A b As a result of those increases customers in some areas will pay More than double the 1990 rates. The last boost in hourly labor rates took effect Jan. 29, in Munich for example the january increase pushed the Price from 42 Marks per hour to 68 Marks. At current Exchange rates that a More than $45 per hour. A in contrast to  rates the new charges will vary by location. The rates in Munich Are to increase to costly car repairs hourly labor rates at cafes audio repair shops Are on the Way up. Following is a look at How much it will Cost to get a car fixed in various cities in the months to come Frankfurt Munich Stuttgart Jan. 1991 42 do $28 42 do $28 42 do $28 March 1991 68 do $45.60 68 do $45.60 58 do $38.90 May 1991 79 do $53 79 do $53 68 do $45.60 sept. 1991 90 do $60.40 90 do $60.40 78 do. $52.35. A. A amps Susan Harris 90 Marks an hour in late september said air Force master sgt. Dayton Strickland the cafes spokesman. Other rates include 90 Marks for the Frankfurt area and about 78 Marks for Stuttgart All to be phased in through two Price increases sex by Sylvia Nasar the new York times with so Many american competitors reluctant to lend foreign Bankers Are expanding their portfolios of business Loans in the United states. _ a foreign Banks Are providing a Shock absorber for the . Banking system a said Herbert l. Baer an economist at the Federal Reserve Bank of Chicago. Last year As american Banks held Back on new Loans foreign Banks in the United states expanded their portfolios of commercial and Industrial Loans by robust 18 percent according to the fed eral Reserve. Some foreign financial institutions expanded loan volume by As much As one third in America last year. But that Pell Mell Pace May not be matched this year several analysts said. German Banks for example Are More anxious to open branches in Leipzig than los  As 1992 approaches British Banks Are Emph. Sizing the european Community not americans East coast. Liberalization of Tokyo a financial markets is making the Home Market More alluring for japanese Banks. And of course foreign Banks Are re by tween late May and late september he said. A. A a a. A a a a a a cafes charges for its labor in Marks but customers pay in dollars. The new rates arc based on Market surveys conducted by cafes area automotive managers. The Exchange labor rates Are set at 10 percent below the average charge for similar work at off Post garages Strickland said. About 97 percent of cd change service mechanics Are germans who Are paid in Marks in a highly competitive labor mar Ket he said. A unfortunately the dismal state of the Dollar versus the Deutsch Mark amplifies this Cost to the consumer which we Are sensitive to a Strickland said. Customers who Are Able to shop around for Auto work May save Money. A spot Check of repair shops in Munich for example showed labor rates of 80 to 105 Marks per hour depending on the work to be done. The five garages contacted which included Ford and Volkswagen dealers indicated that the More complicated the work the higher the charge. The lowest rate available at a Mercedes garage was 190 Marks per hour. Loans in . Spor iding to the recession in the United states by raising their lending standards. Still foreign Banks which have most of the better credit ratings have enough capital to avoid a big retrenchment. Japanese Banks Are More richly capitalized than some american Money Cente. Banks said Masaru Kakutani an and St for Moody a investor service inc. Quot a a the cheaper Dollar a Down 15 percent against other major currencies since last summer a helps stretch capital allocations in foreign currencies. Besides most of the foreigners Are in the american Market for the Long haul