European Stars and Stripes (Newspaper) - July 27, 1991, Darmstadt, Hesse                                Saturday july 27, 1991 the stars and stripes c Page 17money matters if you re in the Market for traveler a checks keep in mind that there Are some bargains to be found if. You shop around among european financial institutions. Merchants National Bank which has the military banking contract to provide banking services in Germany the Netherlands the United kingdom and Greece charges a $1 fee for every $100 of traveler a checks sold. Credit unions in Europe though generally provide traveler a checks free of charge to their  rates London up a fridays 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 $364.75 an ounce Silver at $4.11. A a a. July 25. July 26 British pound.1.676 1.6895 German mark.1.752 1.7385 French franc5.939 5 9425 dutch Guilder. 1.9675 1.9682 belgian franc35.96 35.955 italian lira1,302.80 1,303 00 Swiss franc.1.5275 1.5125 greek drachma191.60 19169 turkish lira4,365.00 4,374 30 saudi arabian riyal3.7502 3 7502 Spanish peseta.108.80 109.44 portuguese escudo149.50 149 86 Canadian dollar1.1523 1 1493 austrian Schilling 12.285 12 291 norwegian krone.6.8015 6 812 danish krone6.741 6.751 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 1.70 through monday based on fridays noontime Price fixing Dow Jones new York up a Dow Jones dosing Range of avenges Friday High Low Closa change 30 industrials 2994.86 2953.26 2972.50 off 7.60 20 transports 1219.15 1195.70 1206.10 off 2.64 15 utilities 203.60 200.96 202.97 up 1.32 Oft 1.27 65 stocks 1070.66 1054.25 1062.30disney reports earnings Down by the new York times los Angeles the Walt Disney co. Said thursday that its net income for the third fiscal Quarter fell 30.6 percent As the recession Cut attendance at its theme Parks. Disney said it earned $165.5 million or $1.24 a share in the Quarter that ended june 30, Down from $238.4 million or $1.75 a share a year earlier. Revenues slipped 1.8 percent to $1.51 billion Down from $1.54 billion. Disney a earnings were depressed in part by the weak performances of two films. The marrying Man and one Good cop. But most of the company a problems were in the theme Park business which Disney said was Hurt by the recession and a general decline in air travel. Operating profits for the theme Park and resorts segment fell 39 percent to $176.4 million. Disney said the decline was a result of lower attendance at Walt Disney world in Florida and Disneyland in California. Revenues for the segment declined 12 percent to $759 million. Pm Ford report big losses continue in second Quarter Detroit apr the worlds two biggest automakers reported a combined $1.1 billion second Quarter loss thursday less disastrous than the first Quarter loss but still graphic evidence of the recessions Impact on a critical . Industry. Both general motors corp. And Ford motor co. Said gains in their financial and other non automotive businesses paled in comparison to staggering losses in their critical Core operations the manufacture and Sale of cars and trucks. Chrysler corp., the other member of the big three is scheduled to report second Quarter financial results Friday. Together the three companies Are expected to show a loss of about $1.4 billion for the period. In the first Quarter of this year the big three lost $2.3 billion the worst financial Quarter in automotive history. None of the big three expects recovery in the near future largely because Consumers spooked by the recession remain reluctant to buy expensive items like cars. A the Adverse Impact of the recession in the United states at the consumer level has been More severe and More prolonged than Many anticipated a pm chairman Robert Stempel said. A we do expect to see a gradual improvement in . Retail demand in the second half of 1991.�?� big three retail car and Light truck sales the first six months of this year totalled about 4.4 million vehicles Down 16.3 percent from last year. Sales of vehicles with japanese nameplates were Down 7.5 percent to about 1.6 million. Pm the worlds largest automaker said it lost $784.5 million or $1.44 per common share on revenues of $31.3 billion in the second Quarter. That compares with a profit of $900.1 million or $1.32 a share on revenues of $33.9 billion last year. Ford the no. 2 automaker lost $323.5 million or 68 cents a share on revenues of $23.8 billion compared with earnings of $770.7 million or $1.67 a share on revenues of $26.8 billion last year. For the first half of this year pm lost $1.2 billion or $2.22 per share of common Stock on $60.5 billion in revenues. During the same time last year the automaker earned $1.6 billion or $2.34 per share on revenues of $64.1 billion. Ford also lost $1.2 billion or $2.56 a share during the first half of this year on revenues of $45.2 billion. Last year Ford earned $1.3 billion or $2.77 a share on revenues of $50.5 billion. The second Quarter losses were generally in line with what Wall Street analysts had estimated and had Little Impact on the automakers Stock prices. Ford said its financial services business earned $243.4 million for the second Quarter. But that was overwhelmed by a $566.9 million loss in automotive operations a All but $2 million of that coming in the United states. A a Fords overseas losses came mostly from the United kingdom where new vehicle sales Are Down sharply and where Ford has been pouring Money into Jaguar pc the luxury automaker it acquired in late 1989 for $2.5 billion. A Europe actually had a profit in the second Quarter excluding Jaguar. Including Jaguar there was a modest  Ford vice president and treasurer David Mccammon said. Reasons for the losses were fairly straightforward a incentives such As fac tory to customer rebates to stimulate sales weak demand and a Large percentage of Fleet sales. Quot automakers Are wholesalers who make Money on vehicles sold to dealers. Incentives which have been averaging about $1,000 a car come directly from profits. Executives Are hoping that strengthening in the Economy and the coming new Model year will Case incentive Competition among the automakers. A was the Economy picks up and sales pick up that a the Opportunity from our Point of View to Lessen incentives Quot Mccammon said. A from the customers Point of View probably the better time to buy is right  judge reluctantly rules baby Bells May provide information services from wire report Washington a a Federal judge reluctantly agreed thursday to give regional Telephone companies sweeping new Powers to provide a Broad array of sophisticated information services potentially placing them in Competition with newspapers and other Media outlets. The ruling which is subject to Appeal would allow the so called a baby Bells to provide such services As Home shopping Stock Market quotes a electronic yellow pages a and new forms of classified advertising by Means of 900 numbers and other Telephone links. The decision was hailed by the regional phone companies and Bush administration officials who contend it will increase Competition within the rapidly expanding information services Field. But it was denounced by a number of opponents who fear that the baby Bells will quickly dominate the Market and shove other companies aside. The ruling was issued by . District judge Harold h. Greene who wrote the landmark 1982 antitrust decision requiring the breakup of the Bell system into regional concerns. In 1987, Greene turned Down a request by the phone companies to enter the information services Market but an appeals court later overturned that order. Although he said he had no Choice but to allow the baby Bells into the Field Greene delayed the effect of the new order until opponents have a Chance to file appeals. In the ruling Greene made it Clear he believes that allowing the regional phone companies to provide information services will actually Lessen Competition because of their dominance Over local Tele communications markets. Scott Ticer a spokesman for Atlanta based Bel South corp., said the Telephone companies were uniquely qualified to make the delivery of voice and computer based information simple. Quot what does the Telephone company do really Well a he asked. A we make extremely complicated technology simple to  reaction against Greene a ruling was Quick and pointed from the american newspaper publishers association. President Cathleen Black said Greene ruled a against fair Competition and the right of  the ruling by Greene was Quot a Nice win for the Telephone companies but the fight is far from Over a said David e. Easterly president of Atlanta based Cox newspapers which owns the Cox news service and publishes daily newspapers in six states. Panel told ecu will reduce Dollar s clout Washington a the . Dollar is losing its worldwide clout but americans will be Hurt Little or indirectly three experts told Congress. A monetary and financial integration under Way in Europe Point clearly to a new world financial scene where a european asset will emerge that is at least rival to the Dollar if not dominant a said Rudiger Dornbusch an economist at Massachusetts Institute of technology. The european asset is the european currency unit or ecu a an English acronym that corresponds to the name of an old French Coin. The ecu does not now exist As a Coin or As paper currency but is used in Many Bank transactions. It is Worth about $1.17. Dornbusch called the ecu a moderate bad news for the United states saying that losses in business opportunities would not be dramatic. A the larger costs come from the appearance in world business and politics of a dynamic Europe and a staggering United states a he said. Matthew b. Canzoneri head of the economics department at Georgetown University said the . Government will probably have to make some adjustments but he saw no cause for alarm. He pointed to compensations for the loss of influence. A if . Policy loses its Power relative to european policy then the . May lose some of its bargaining Power in International organizations Quot he said. A on the other hand the . May not be asked to do As much for the world Economy at times when it May be inconvenient at  Polly Reynolds Allen who teaches economics at the University of Connecticut said it was not important that the Dollar remain dominant. . Economic welfare will depend far More on the underlying economic factors that contribute to our competitiveness than on the International use of the Dollar a she said. All three testified before the House banking committees Domestic monetary policy subcommittee