European Stars and Stripes (Newspaper) - April 18, 1992, Darmstadt, Hesse                                Saturday april 18, 1992 the stars and stripes b Page 17 Money matters in a major boost for advocates of cheaper credit cards Citibank said it win Cut interest rates to As Low As 13.9 percent on some of its visa and Mastercard in a plan that rewards Good customers. The move thursday by the nations largest issuer of visa and Mastercard was expected to reduce High rates throughout the Industry. Citibank has More than 30 million of the Bank credit cards in circulation. Beginning june 1, Citibank will scrap the 19.8 percent fixed rate on its a a classic visa and Mastercard for a Low rate of 15.9 percent for qualifying card holders. Consumers with a a preferred visa or Mastercard which carry a 16.8 percent rate can get 13.9 percent interest. Nationwide credit card interest rates average about 18 percent. Conversion rates London up a because of the Good Friday Holiday these Are thursdays 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 $337.00 an ounce Silver at $4.00. April 16 april 17 British Pound.1.7579 1.7488 German mark.1.6675 1.6686 French franc.5.6125 5.6356 dutch guilder.1.8676 1.8770 belgian franc.34.160 35.15 italian lira.1,248.10 1,254.50 Swiss franc.1.5445 1.5448 greek drachma.193.76 193.76 turkish lira. 6,439.50 6,439.50 saudi arabian riyal.3.7495 3.7495 Spanish peseta.104.09 104.09 portuguese escudo.142.25 142.25 Canadian dollar.1.1803 1.1803 austrian schilling.11.6750 11.6750 norwegian krone.6.4990 6.4990 danish krone.6.4310 6.4310 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks and British pounds to . Personnel for personal use and this will be 1.62 Marks to a Dollar and $1.79 for a Pound through saturday based on thursdays Price fixing. New York Exchange new York up York Stock Exchange the 15 most Active stocks in new composite trading on thursday. Stock Salee list net chg. General motors 5,143,400 42% up 2% Bristol Myersq 3,299,800 75vsr 0lf2 Archer Daniels 3,101,600 23% 011% at amp to company 2,641,600 42% unch Ford motor co 2,528,400 41% up 1 Exxon corp 2,228,800 58% off % genl electric 2,146,300 79 up 1 Philip Morris 2,122,000 78 0 1% Conti Bank corp 2,118,700 17% off % Glaxo holdings 2,110,600 27% off 1 % ism corp 2,063,000 88% up % Dupont amp co 2,040,900 50% up % Banc one corp 2,006,400 43% off 1 % Amer express co 1,887,100 23 up % Chrysler corp 1,831,900 18% up % american Exchange new York up american Stock teens a the 10 most Active stocks in Inge composite trading thursday. Stock Salee last net chg. Chambers Oev a 751,200 8% up % Oneita Industry 653,600 16% off heritage Media Wang labs inc b 626,300 10 off % 567,000 5% unch fruit of loom 546,400 37% of % Hill Haven corp 517,700 2% off % Forest labs inc 454,300 32% of 1 % Americus desc 402,000 8% up % Echo Bay mines 331,800 5% up % Americus get so 317,900 9% up % Dow Jones new Vork up Dow Jones closing Range of averages thursday High Low close cd some 30 industrials 3387 97 3321 33 3366 50 up 12.74 20 transport 1410.50 1374.44 1396.86 up 1.12 15 utilities 210 38 206 69 210 13 up 2.32 65 stocks 1203 41 1178 01 1195.42 up 4 62 . Trade deficit plunges to lowest level since 1983 Washington a the . Trade deficit turned in its Best showing in nearly nine years by falling to $3.38 billion in february the government said thursday. The Sharp 43.1 percent improvement from january a imbalance of $5.95 billion reflected a record level of american exports and a slight drop in imports. February a deficit was the smallest since a $2.84 billion deficit in March 1983. The Bush administration which is counting on continued strength in overseas demand to help lift the country out of the recession was certain to Hail the new report As further evidence that american companies Are once again competitive in overseas markets. However private economists worried that the february improvement will turn out to be Only temporary. They noted that More than one third of the february jump in exports came from a $909 million increase in shipments of commercial aircraft and parts. They said that Export demand is unlikely to remain at such a High level Given spreading economic weakness in Many of americans major overseas markets. For the first two months of the year the Trade deficit was running at an annual rate of $56 billion Down from last years level of $66.3 billion. The 1991 performance marked the first time the deficit has been below $100 billion in eight years. But economists said they think that an improving . Economy will boost demand for imports this year while weakness overseas will Cut into Export demand. They arc forecasting that the deficit will Rise to around $75 billion and could approach $100 billion again by 1993. Mazda puts Hydrogen into tank new York a Mazda is showing off a clean fuel car that runs on Hydrogen but the futuristic vehicle probably wont be in showrooms this decade. The automaker unveiled the concept car thursday at the new York International Auto show saying it emits water vapor not exhaust. The car the Mazda or a has the same rotary engine used in the company a original rx-7 sports car and can exceed 90 Mph. Framed in aluminium and plastic with a Glass Bubble Over the passenger compartment the Turquoise four seat compact can run 120 Miles on a tank full of Hydrogen Gas. A i think its a More promising technology for the future than the electric car a said Takanori Minami general manager of the company a technical research Center in Hiroshima Japan. Hydrogen Gas propels this Bubble topped Mazda which emits Only water vapor. Mazda pursued a Hydrogen fuelled car cause of the problems with developing a Good Battery for electric vehicles Minami said. The main byproduct of burning Hydrogen is water vapor making the Gas an attractive fuel to meet Tough vehicle emission standards. California and Massachusetts will require that at least 10 percent of cars sold in 2003 have Zero emissions. To that end virtually All major automakers Are displaying some form of Battery powered vehicle at the Auto show but Mazda said it is the Only one with a viable Hydrogen fuelled car. Mazda said the breakthrough came with the 10-Ycar-Long development of a Metal hydride tank to safely hold the Hydrogen Gas. Caterpillar plans to Cut 1,350 jobs after strike Peoria 111. Up a Caterpillar inc. Said thursday that it needs 1,350 fewer workers than before the United Auto workers began its five month walkout. Caterpillar the worlds largest maker of heavy construction equipment said it will recall nearly All the strikers with the bulk of workers returning monday. Reductions in the work Force will be achieved through a voluntary Early retirement program and attrition the company said. Company officials said the 1,350 positions that will be eliminated Are in addition to 500 to 600 jobs vacated by retirement since september. A nevertheless we will invite every striking hourly employee in Good standing because we want to build Good working relations a group president Gerald s. Flaherty told a news conference at company Headquarters. Flaherty said about 10 people some of whom were allegedly involved in incidents during the walkout Are not considered to be in Good standing. The walkout began nov. 3 with 2,400 Union members and escalated to 12,600. Caterpillar said about 1,000 strikers returned to work after the company ordered them last week to come Back or be permanently replaced. Plants affected at one time or another during the strike Are in the Peoria area and in Aurora Decatur and Pontiac Iii. The bitter strike ended tuesday when Union leadership during a meeting with Federal mediators agreed to return to work unconditionally while contract talks continue. No Date was set for new talks. Union officials ordered strikers to report for work wednesday and thursday. But the company turned them away. Business number of people seeking jobless Aid hits 5-month Low from wire reports Washington a applications for unemployment benefits dropped to a five month Low Early this month in a sign the economic recovery is spreading to the jobs Market. Americans filed 415,000 first time unemployment insurance claims during the week that ended april 4, the labor department said thursday. That was a drop of 18,000 from the previous week and the lowest number since the week ending oct. 26, its id. Vietnam to regain phone link new York a at amp to said it reached an agreement with the government of Vietnam to restore direct phone service Between the United states and the communist nation after a 17-Ycar hiatus. The agreement announced thursday follows approval earlier this week of the phone service by the state department. The department modified a Trade embargo against Vietnam to allow the service. Sears earnings up $84.6 million Chicago a Sears Roebuck and co. Reported a 35.7 percent jump in first Quarter earnings reflecting better results from All its businesses including its retail operations and a one time gain from property sales. Sears said thursday that it earned $321.8 million or 89 cents per share for the first three months of this year. That is a Rise of $84.6 million from $237.2 million in earnings or 69 cents per share for the same period last year