European Stars and Stripes (Newspaper) - March 5, 1992, Darmstadt, Hesse                                Page 18 c the stars and stripes thursday March 5,1992money matters two major airline reservation systems Apollo and Galileo plan to merge into a global system the new York times reported wednesday. The merger will be the first such global system not controlled by a major airline. Apollo is controlled by United and Galileo was formed by a group of major european carriers. Such a merger could potentially Benefit Consumers by making it easier for travel agents to look up the Best fares and the availability of seats. The merger was to be announced wednesday. Until now major carriers have controlled the biggest systems. American airlines controls Sabre which dominates the . Market and is distributed through about 85,000 terminals in 46 countries. Conversion rates London up wednesdays 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 $350.20 an ounce Silver at $4.11. March 3 March 4 British Pound.1.73930 1.72085 German mark.1.6550 1.6647 French ranc.5.6250 5.6430 dutch guilder.1.8640 1.8690 belgian franc.34.12 34.15 italian lira.1.240 45 1,246.10 Swiss franc.1.5085 1.5135 greek drachma.190.75 191.56 turkish lira.5,909.00 5,944.60 saudi arabian riyal.3.7502 3.7501 Spanish peseta.103.68 104.26 portuguese escudo.141.95 142.73 Canadian dollar.1.1890 1.1905 austrian schilling.11.6125 11.6790 norwegian Krone .6.44 6.50 danish krone.6.3685 6.4385 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates concerns the Sale of German Marks and British pounds to . Personnel for personal use and these will be 1.62 Marks to a Dollar and $1.78 for a Pound through thursday based on wednesdays noontime Price fixings. Dubai Bank takes beating Dubai United Arab emirates up a the United Arab emirates Middle East Bank Meb suffered losses of $159 million from a decline in business and accumulating bad debts the Bank said in a statement tuesday. Bad debts of $70.8 million were covered by the Bank a $136.2 million capital and $7.6 million provisions the statement said after a shareholders meeting. A after providing such sums the losses stood at $80.3 million at the end of 1991,�?� Meb chairman Ahmed Al Tayer told shareholders in Dubai. Emirates Bank International owned mostly by the Dubai government acquired 86.5 per cent of Meb in december. Dow Jones new York up a Dow Jones dosing Range of averages tuesday 30 industrials 20 transport Isuf Elliles 65 stocks High 3313 28 1468 80 205 75 1198 97 Tow 3258.50 1435 91 203 68 1178 01 Cotta a Kant 3290.25 up 14 98 1457 40 up 14 39 204 43 1190 43 up 0 56 up 6 23 analysts cautious in Wake of sunny economic reports Washington a reports of a big jump in the governments main economic barometer and a surge in new Home sales suggested tuesday the Economy is perking up. But analysts agreed that any recovery would be anaemic unlike the robust revivals that followed most other Post world War ii recessions. And federa Reserve chairman Alan Greenspan cautioned that a extraordinary forces still make the future Uncertain. A it looks like the economic recovery is under Way a said economist Sung won Sohn of the Norwest corp. In Minneapolis. But he added a it will be a very modest gradual  the Commerce department said its Index of leading economic indicators jumped 0.9 percent in january after two straight declines. Seven of the 11 Forward looking statistics posted gains led by soaring Stock prices. The Index is designed to forecast economic activity six to nine months in Advance. Three consecutive declines Are viewed As a fairly reliable signal of an approaching recession. The report also showed the november and december drops were not As Sharp As previously thought. They were revised upward to 0.2 percent for each month from the 0.3 percent declines originally estimated last month. A this tells us that the Economy is not Likely in fact to fall Back into another recession. Or a double dip a said Mark Obrinsky an economist with the Federal National mortgage corp. In a second report the departments of Commerce and housing and Urban development said sales of new Homes shot up 12.9 percent in january the steepest Advance in a year. It was the third increase in four months and More than wiped out a 4.6 percent decline in december. Except for the Northeast where Home sales were unchanged All regions posted advances including a huge 63 percent gain in the Midwest. Your own Back Yard May offer Best indicator of Economy by John Cunniff the associated press new York doubts about a significant recovery expressed from time to time by Alan Greenspan most recently in his description of . Economic Progress As a glacial a need not be taken As a forecast of things to come. Based on the accuracy and inaccuracy of earlier forecasts it May be anyone a guess what the Economy will do in 1992. As chairman of the Federal Reserve Greenspan a Greenspan perspective is better than most but it still does no to allow a look beyond the horizon. The fed along with so Many others has often failed to anticipate what is out there. In fact the forecasting Field is As littered with trash As a Meadow after a Rock concert. Picking through the rubbish can be revealing. You will find there for example White House denials that a recession was occurring when the country already was deep into it. You will also find that the esteemed conference Board announced on Jan. 18, 1990, that the . Economy was a setting the stage for a rebound a rather than recession a although the recession was underway. Government Wall Street business and Academia produce Brilliant analyses of various aspects of the Economy but relating them to each other and then producing the recipe for their use May be overwhelming. In addition there is the Challenge of the unknown factors. Among those unknowns or unmeasurable also Are such factors As the coming elections the attitude of japanese toward american goods the stability of Eastern Europe the Faith or Lack of it in the country a leadership. Even Greenspan conceded he had been unable to foresee Consumers depressed attitude which undid Many otherwise Brilliant but conventional economic analyses. In View of this As Good an indicator As any is the condition of your own Wallet your gut assessment of your neighbourhood a a Economy and your own fears or Lack of them. Analysts said the report was a sign the housing Industry had assumed its traditional role of leading the Economy out of the recession. Besides Stock prices other indicators boosting the leading Index were increased orders for new equipment increased building permits rising prices for raw materials suggesting increased de Mand rising orders for consumer goods stronger growth in the Money Supply and fewer initial claims for unemployment insurance. Those indicators were offset somewhat by a Shorter workweek a decline in an Index measuring consumer Confidence faster delivery times and a decrease in unfilled factory orders. Quick path to tax Compromise sought from wire reports Washington a outnumbered republicans Are urging Quick Senate passage of a democratic tax Cut for the Middle class so president Bush can veto it and Clear the Way for a Compromise More to the presidents liking. A this Bill is not a solution to the economic problems facing this country and we All know it a the nine gop members of the Senate finance committee said in a letter tuesday. A it will be vetoed by the president and the veto will be  republicans made their Case As the committee on an 11-9 party line vote approved the Bill. It would give 20 million Middle income families a permanent tax credit of $300 per child and pay for it by raising taxes on fewer than 1 million of the nations wealthiest people. Sen. Bob Dole of Kansas the Republican Leader said he would cooperate with having Only a Brief debate on the Senate floor next week so the Bill could reach Bush for a fast veto. While democrats would have their Issue of a class warfare a Dole said a a they be get to explain to the people Why they voted to raise  but the package the democrats put together will allow them to renew their arguments that Bush and his party Are inattentive to Domestic problems. Along with the tax credit for children and several Bill highlights for individuals and families the Senate committee s Bill would mean a a permanent $300-a-year tax credit for each child in families whose incomes Are under $50,000 and a smaller credit for those incomes from $50,000 to $70,000. A a new tax break for student loan interest. # liberalized individual retirement accounts. # a $5,000 credit for some people who buy newly built Homes this year and next. A amps growth provisions that Bush had demanded by March 20, their Bill includes health insurance legislation whose provisions Bush supports. A today we can Start putting fairness for Middle income american families Back into our tax code a said sen. Lloyd Bentsen a Texas the committees chair Man. He sounded the democrats Chiei goal of an election year tax Cut reversing some of the 1980s tax changes that especially benefited the Well off. The tax Cut for children would go to families with incomes under $70,000, although Only those under $50,000 would get the full $300 per child. Bentsen said the credit would Cut by 25 percent the income taxes of a typical four member family earning $35,000. The Bill also would restore fully deductible individual retirement accounts for virtually All workers and offer an option of making non deductible contributions in order to take the interest tax free in the future. It would give a $5,000 tax credit this year and next year for some Home buyers a but Only for newly built Homes. Bush wants a credit for All purchases old and new this year. The Bill would raise to 36 percent the present 31 percent maximum income tax rate which generally would affect couples making More than about $210,000 a year and singles making above about $180,000. Another provision also includes allowing a tax credit of up to $500 for interest on student Loans. The Bill also would set minimum state standards for the Sale of health insurance to Small employers including guaranteed eligibility pot lability for workers who change jobs and a limit on rate increases