European Stars and Stripes (Newspaper) - March 23, 1992, Darmstadt, Hesse                                Monday March 23, 1992 the stars and stripes a Page 17money matter today s tip american Telephone amp Telegraph co. Is continuing to quietly offer selected new customers credit cards under a program that offers card holders no annual fee for life company officials say. In another development a Well placed Industry source said at amp to plans to announce an aggressive Campaign today designed to lure credit card Consumers from other issuers. At amp to a plan is expected to let Consumers Transfer balances from credit cards with High interest rates to the lower rate Universal card. Other Perks also will be offered to encourage customers to switch the source said. At amp to could not be reached after business hours for comment. In March 1991, at amp to let the no annual fee credit card expire after it had been on the Market for a year. New card holders were charged a $20 annual fee. But at amp to Universal card officials said the company was selectively offering the combination visa Mastercard and Long distance Telephone cards to new customers with no annual  rates London up 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 $337.60 an ounce Silver at $4.12. March 19 March 20 British Pound.1.71135 1.70000 German mark.1.6700 1.6840 French franc.5.6585 5.6850 dutch guilder.1.8795 1.8855 belgian franc.34.36 34.521 italian lira.1,254.15 1,259.00 Swiss franc.1.5120 1.5275 greek drachma.192.04 194.05 turkish lira.6,133.00 6,183.30 saudi arabian rtyal.3.7503 3.7503 Spanish peseta.105.00 105.91 portuguese escudo.143.04 144.45 Canadian dollar.1.1930 austrian schilling.11.6920 11.8025 norwegian krone.6.522 6.584 danish krone.6.4510 6.5120 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 1.63 Marks to a Dollar and $1.75 for a Pound through monday based on fridays noontime  travel on Rise official says Orlando Fla. A International travel continues to increase despite economic problems wars and political unrest says the Secretary general of the world tourism organization. In fact Antonio Enriquez Savig nac said airlines and tour operators should pay More attention to scheduling of flights and visits to prevent bottlenecks at popular museums and attractions. A How Many More people can you get to fit into the louvre or to see the pyramids in Egypt a Enriquez asked at an International tourism conference in Orlando. Some 450 million people left Home to become International travellers in 1991, Enriquez said. This was an increase of 1 percent Over the previous year. Spending increased by 9 percent to $278 billion. Spending by All travellers including Domestic tourists exceeded $2 trillion he said. Top attractions for Globe Trotters were in Europe and North America. Economic alliances evolving from dramatic world events by Robin Wright los Angeles times Washington the Warsaw pact is history and nato May take in some of its former East european foes. The end of .-soviet rivalry has left the 101 nations of the non aligned movement with virtually nothing to be a non aligned against. The Arab league fell apart during the persian Gulf War and the unwinding of apartheid in South Africa has robbed the organization of african Unity of the one Issue on which its otherwise fractious members agreed. Around the world Many of the traditional political and military alliances that have defined the pattern of International relations Over the past half Century Are now struggling with fundamental questions of identity and Mission. In their place a growing number of economic alliances a some Loose groups others formal blocs a Are playing an increasingly important role in shaping global events. The trend has gained such momentum Over the past two years that Many countries Are scrambling to form new alliances expand existing blocs or revive old ones. A the new economic alliances taking form and the new economic linkages Between countries Are changing the very Way we look at the world a said Robert z. Lawrence a professor of International Trade at Harvard University in Cambridge mass. A a there a a mentality now that a country has to be a member of a bloc to survive a said Alexander Yeats a world Bank specialist on the new alliances. Altogether at least 17 common markets and free Trade areas Are currently working to Advance the economic interests of their members a sometimes at the expense of other countries or regions. And dozens of other alliances address specific aspects of International Trade and cooperation. The lineup of new alliances is diverse. The Southern Cone common Market also known As me cosur last year brought together Argentina Brazil Paraguay and Uruguay. The new Black sea economic cooperation Accord formally joined Turkey with Russia and seven other formerly communist neighbors last month. In Central Europe the hexagonal organization brought together Italy Austria Hungary Czechoslovakia Poland and Yugoslavia in 1991. Even Feis tily Independent Iran virtually isolated since its 1979 revolution has joined the merger frenzy. Last month president Hashemi a Sfanjani announced the formation of the economic cooperation organization grouping Iran Turkey Pakistan and five former soviet asian republics. Once the afghan crisis is settled the eco Hopes that the Kabul government also will join. The new bloc already nicknamed the a islamic common Market a brings together 250 million people from the Balkans to the Himalayas. A Sfanjani predicted that eco a resource Rich members would become a an important weight in the global  in some cases the Effort to enhance economic linkages is uniting former rivals. In Washington last month zambian president Frederick Chiluba called for expansion of an 18-member african Alliance known As the preferential Trade area to include South Africa. A after apartheid i see a Strong economic bloc emerging on my continent a Chiluba said. Experts say the trend toward Region ligation Over the past 40 years reflects a fundamental shift in perceptions of the primary Mission of the state. A for hundreds of years nations have concentrated on geographic or territorial space. That was the highest calling of statecraft a said Gary Hufbauer profs Lilc at Georgetown University in Washington. Sor of International financial diplomacy a in the postwar Era it dawned on people that you done to need to acquire territory to have economic space. You can have it by developing a vibrant Economy with very Little space like Hong Kong or  savings account just Fine for teen by Bill Doyle q. I am a 17-year-old who is working at her first Job and would like to Start saving for her future. I already have a passbook savings account but i would also like a Long Range account with a higher yield. I have $300 saved and will be Able to add $25 a month to that. What do you advise a that you stay with the passbook savings account unless you find a Bank or savings and loan association paving higher interest on a Money Market Deposit account a Myda for Short. When Midas hit the banking business in the late 1970s they were quite different from passbook savings  guide Back then Midas paid much higher interest and usually required larger deposits. In recent years however Midas and passbook savings accounts have picked up Many similarities and shed Many of their differences. These Days its hard to Tell them apart although most Midas still yield a bit More. But even that can vary among different Banks and a amp is. Some depository institutions have come up with strange names for the two types of accounts. My suggestion is to visit the Bank or a amp a where you have the savings account and ask Point Blank what kind of higher interest account from which Money can be withdrawn without restrictions is available there. Then do the same thing at other Banks and a amp is. You might be surprised to learn that some depository institutions pay higher interest than others. In my opinion it would be a mistake for you to open a certificate of Deposit now. It would pay higher interest than an Myda but your Money would be locked away for the Long term. Go that route in the future when you have More Money available. As an intelligent Young person you will see that i am not suggesting you stray from the safety of Federal Doyle Deposit insurance corp. Coverage. Taking risks a by investing in such things As Mutual funds and individual stocks a in Hopes of greater financial rewards can wait until you have a Cash Cushion to put aside. Q i am enclosing a financial services Arm s advertisement that offers cd Certia Cates of Deposit that pay 3 percentage Points higher than is available at local Banks and cd. How can the company do this a that firm and Many others Are in the Deposit brokerage business. They keep track of what interest is being paid on cd by Banks and a amp is around the country and place customers Money in the highest yielding cd. Most of the Banks and a amp is offering cd with exceptionally High interest Are in financial trouble. They have to pay High rates to attract depositors and keep from going bust. If you put Money in a Bank or a amp a that later fails in most cases the Odic sees to it that you wont suffer any loss a up to the limit of $100,000 per depositor per institution. But you will have the fuss and bother of finding another place to put your Money. You will lose some Money if you paid a Premium Price a higher than face value a for a cd issued by a depository institution that goes belly up. The Odic insures cd so face values not premiums paid Over face value. Q last year i considered making an Early withdrawal of $3,000 from a ave year 10.5 percent cd. I was told the following procedure would take place the entire amount of the cd would be transferred to a Money Market Deposit account. The $3,000 would be removed and Given to me. A new cd at the 7 percent current interest rate would by started with the rest of the Money from the old cd. Needless to say i declined. Can a Bank do this a certainly. A cd is a contract under which you agree to leave a certain amount of Money on Deposit for a fixed period and the Bank agrees to pay a set rate of interest. By taking Money out before the cd a maturity Date you would break the contract. You and the Bank would then enter a new contract for a cd paying 7 percent. Its surprising the Bank did not inform you that it would Levy a penalty for Early withdrawal. C King features Syndicate Chevron closure in Seattle to Cost 95 jobs san Francisco up a Chevron corp., in the midst of cutbacks says it will close its Northwest marketing regions Seattle office this summer resulting in layoffs for 95 employees. Chevron said the activities of the office will be merged with chevrons West Cen trial Region office in san Ramon Calif. Chevron noted that it is offering . Employees incentives to retire but that it expects some relocation and terminations will be necessary in connection with the Seattle closing. Chevron has no plans to change other operations in the Northwest including its service station network and Field sales personnel lubricant sales Asphalt plants and pipeline and terminal operations. Chevron Northwest operations Are in Washington Alaska Oregon Idaho Utah Nevada and Wyoming