European Stars and Stripes (Newspaper) - May 22, 1991, Darmstadt, Hesse                                Wednesday May 22, 1991 the stars and stripes a Page 17__ Money matters today a tip second Quarter . Car production will Mark a 33-year Low wards automotive reports said monday reflecting the severe sales slump that has plagued the Industry for More than six months. . Car production for the current Quarter including the latest adjustment for actual april output is estimated at 1,475,000 units up 13 percent from first Quarter 1991 output but Down 15.6 percent from 1,747,000 cars made in the year ago second Quarter wards said. The latest second Quarter output would be the lowest since 1,003,653 cars were built during the second Quarter of 1958, wards said. Conversion rates London up a tuesdays midday 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 $356.75 an ounce Silver at $4.05. May 17 May 21 British Pound. 1.7165 1.7195 German mark.1.7280 1.7275 French franc .5.7800 5.8585 dutch Guilder. 1.9188 1.9455 belgian franc. 35.10. A 35.63 italian lira. 1,269.50 1,283.00. Swiss franc .1.4605 1.4610 greek drachma.,. 186.48. 188.30 turkish lira.3,965.80 4,012.40 saudi arabian Riyal. 3.7501 3.75 Spanish peseta.105.52 106.50 portuguese escudo. .149.03 150.06 Canadian Dollar. .1,1499 1.1486 austrian Schilling .11.983 12.1070. Norwegian Krone. .6.635. 6.6940 danish Krone.,. .6.510 6.56 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 1.67 through wednesday based on tuesdays noontime Price fixing. Ltd putting aircraft unit up for Sale by the new York times Dallas Ltd corp., which had Long insisted it would not sell its once renowned aircraft and military electronics operations said monday that it was putting those Glamour assets on the Block to help meet future pension obligations. The decision to sell Ltd aerospace and defense co., raised fresh anxieties for the aircraft divisions 16,100 employees. It also underscored the High Price Ltd must pay to make Good on pledges made More than 10 years ago to pay income and health benefits to its current and future retirees. Current projects of the aerospace and defense company include making parts of the b-2 stealth bomber and parts of the c-17 cargo aircraft. Major airlines reduce fares to boost summer bookings by the los Angeles times new York a major airlines monday began a new round of discounted air fares a Matching lower fares initiated by Northwest airlines Over the weekend a in an Effort to boost still sluggish summer bookings. The latest fare cuts come on the heels of the Industry a recent Spring discount promotions which analysts said were Only Mode rate successful in increasing advanced bookings for the summer. A my sense is that Advance bookings arc still mediocre a said Paul Karos an analyst with the first Boston corp. A you done to usually discount going into the summer period. That is when you Are usually guaranteed that people Are going to Fly. The Economy is recovering but it is a slow  the four week Spring promotions which ended april 9, were initiated at the end of the persian Gulf War a a period when air travel dropped to dismal lows. The air transport association the Industry Trade group said recently that april traffic was off 4.2 percent com pared to the same period a year ago. A this is part of a ratcheting downward of some of the fares that had been raised because the increase in fuel prices in the Winter a said Timothy Peticc airline analyst with Alliance capital group. Said Robert Decker airline analyst with Duff amp Phelps in Chicago a the airlines want to get More people on the planes and Are willing to discount to do  on sunday Northwest Cut its fares 60 percent for children travelling with an adult and 17 percent for adults on trips within the Continental United states. Tickets must be purchased seven Days in Advance and before May 31, for travel through sept. 8. In response to Northwest a cuts american airlines on monday lopped 15 percent to 20 percent off its current discounted fares. Americans tickets must be purchased by june 1 for travel through sept. 30. The Carrier said the fares arc being offered in More than 14,000 Domestic markets with the precise percentage discount varying by Market. American said its current lowest Firre Between los Angeles and new York is for a 14-Day Advance Purchase ticket. The new discounts will reduce that fare to $358, from $385,1 round trip during hours when travel is slowest. The Peak hours fare on that route will be reduced to $398 from $425, american said. United airlines said it would match both the Northwest and american discounts. Delta air lines Continental airlines and pan american world airways said they would match the Northwest discounts. Meanwhile Southwest airlines on monday extended its promotion allowing anyone 17 years old and under to Fly free when accompanied by an adult paying full fare. The original promotion allowed tickets to be purchased by May 22, 1991, for travel through aug. 12, 1991. Under the new a a a a rules Southwest said customers have until june 4 to buy the tickets and can Fly through sept. 4. Southwest said tickets purchased under its promotion Are refundable and Are Good for travel seven Days a week. Sec approves extended hours for new York Stock Exchange by the new York times Washington taking the first big step toward round the clock trading on the new York Stock Exchange the securities and Exchange commission on monday approved a request to extend the exchanges hours beyond the 4 . Closing Bell. The big Board made the request last year in response to its steady loss of Market share to other exchanges in the United states and abroad. A at first Blush the proposal before us today May seem incremental but its effect will be Felt around the world As a sign that United states markets Are changing their habits to meet the needs of an increasingly globalized marketplace a said Richard c. Breeden the chairman of the Sec. Quot a in fact we already have a 24-hour securities marketplace because at almost any hour of the Day anyone can buy or sell securities of . Companies that Are listed in Tokyo London and other  a a a a a  a a a a a the Extension of trading a to 5 . For individual stocks and 5 15 for Large a a baskets of different securities is the first phase of the exchanges decade Long plan to offer 24-hour trading ultimately. But it is a Clear departure from the auction Type trading that now exists on the floor of the Exchange Between 9 30 . And 4 ., which leads to Price fluctuations throughout the trading Day. The after hours trading will not have varying prices for each Security. Instead computers will be used to match buyers and Sellers based on the Price of the Stock at 4 pm., which will remain at the official Exchange closing Price. Officials at the Exchange said they would begin the two new and overlapping trading sessions for individual stocks and baskets of securities on june 13. While the Exchange charges members based on the size of their trading activity officials said they would waive fees in the after hours trading for the first six months of the new trading activity. Catherine Kinney an executive vice president of the Exchange said that the waiver of fees for six months was intended to attract new business. She predicted that the additional trading time could add volume of 15 million to 20 million shares roughly 10 percent of the average trading Day. No. Leading brokerages have said whether the reduced rate would be passed on to individual and institutional customers. Stock Exchange traders will be working longer hours effective june 13. To Cut 10% from wire reports. San Francisco a Apple computer inc. Confirmed monday that it would reduce its work  10 percent or about 1,560 people As part of the company a efforts to reduce costs. Apple said the w Ork Force reduction the fourth and largest in the company a history would affect All Job classifications worldwide including contractors and temporary employees. Apple shares fell $2 Friday on rumours of the reduction and closed monday at $44.25, off an additional $2.75, in Over the counter trading. A Apple made its announcement monday after the markets close. The work Force reduction which will be accomplished by layoffs and attrition primarily during the current fiscal Quarter is part of a restructuring designed to reflect apples new business strategy. Apple said that restructuring costs would be taken in the third Quarter which ends june 28. Barbara Krause an Apple spokeswoman declined to comment on the size of the charge or on whether it might result in a loss for the Quarter. A with the introduction of a number of new lower priced macintosh models last fall Apple shifted from a Low volume maker of High profit products to a manufacturer seeking a larger Market share at lower profits. A a a historically Apple charged a Premium for its computers and was3ft$e to use its High Gross profit margins to support a higher level of spending than competitors. Now it must Cut costs to remain profitable. An 85 percent increase in macintosh shipments indicates Apple has succeeded in gaining sales but has n by been Able to reduce costs rapidly a nought to accommodate the lower profits on each Sik