European Stars and Stripes (Newspaper) - March 1, 1993, Darmstadt, Hesse                                Page 16 the stars and stripes Money matters monday March 1,1993 today a rates following arc fixed rates at which Community banking and credit Union facilities Wilt sell foreign currencies to . Personnel for personal use German Mark by Ruth Pound dutch Guilder. Greak drachma 1.60 .1.46 1.80 212.9661 not the rate above apply wet tits the Host country. Algura Are expressed to of Quiara to the British Pound other currencies to the Dollar following arc Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign currencies italian lira 1,509.70 turkish lira 9,169.00 Spanish peseta 117.90 portuguese escudo  181.05 austrian Schilling  113475 saudi rial 3.7495 Bahrain Dinar 0.37675 Kuwait Dinar �?�ea#eeee��eeje44ee 0.307 Flo Weglan Krone Eye Yeeee be Eek a 7.0025 Dante Lecrone a  630 or Tetteh Pound 1.4205 German Mark 1.644 Swiss franc  1.525 French franc 5.591 dutch Guilder 1.8472 belgian franc  a a a a a a 33.07 Canadian Doller a mhs4i�iaaa�aia 1.2490 note figures Ere expressed in Dot Tan to the British Pound other currencies to the Dollar Gold quote 4327.75 an  Var quota 53.56 an ounce. . Economy of strongest Advance in 5 years be trimming 3,900 jobs in aviation Evendale Ohio a general electric co s aircraft engines division said it is eliminating 3,900 jobs because of defense budget cuts and reduced orders from struggling commercial airlines. Be aircraft engines said 2,300 salaried employees Ana 1,600 hourly workers will lose their jobs. Most of the layoffs will be immediate but others will come later in the year. The bulk of the Job losses will come at the Jet engine division s Headquarters Plant in this Cincinnati suburb where 2,500 jobs will be Cut to reduce employment Here from the current 14,900 to 12,400. Be said it will also Cut 700 jobs at Etc Date s sister Plant in Lynn mass and another 700 at affiliated engine service shops and parts production plants across the nation. Workers losing their jobs include Middle managers and supervisors engineers support staff and manufacturing personnel. Those affected were informed beginning Friday company spokeswoman Paula Kollstedt said. Brian Rowe president and chief executive officer of be aircraft engines said the cuts were necessary because defense budget reductions and reduced engine orders from airlines have Cut into the division s business. S Quot our commercial customers have suffered unprecedented losses in the last tree years a Rowe said. The changing Market makes it impossible to predict whether further cuts will be needed Kollstedt said. The new Job cuts come on top of previously announced reductions. In february 1992, be said it would eliminate 2,100 jobs throughout its Cincinnati operations because of slower commercial and military engine orders. In june the company said 750 More hourly and salaried jobs would be eliminated by the Middle of 1994 to reduce costs. By Dave Skidmore the associated press w Washington american Consumers opened their pocketbooks in the october december Quarter pushing economic growth upward at a 4.8 percent annual rate the Best in five years the gov . Quot the Advance in the Gross Domestic be duct the sum of All goods and services produced in the United states was even better than the Commerce department s initial estimate a month ago of 3.8  was the fastest growth since the fourth Quarter of 198/ and ironically came during the same Quarter that economic dissatisfaction motivated voters to reject George Bush s bid for a second term in the White House. Analysts who had anticipated the upward revision Are cautioning that the growth rate should subside somewhat during the first half of this year. Still none anticipates a relapse into recession. Quot Progress is being made but it s going to be slow. I done to think you re going to see a Strong ebullient economic performance any time soon a said Norman Robertson a private economist in Pittsburgh. For All of 1992, the Gap grew an unrevised 2.1 percent the Best since 1989. This year private economists As surveyed by the Blue Chip economic indicators of so Dona ariz., Are expecting 3.1 percent growth. The Commerce department attributed its fourth Quarter revision to better than expected exports which advanced at a 9.8 percent annual rate instead of 3.7 percent and an improvement in consumer spending which Rose at a 4.8 percent annual rate instead of 4.3 percent. Growth in inventor Gross Domestic product the Gap measures All the goods and services produced by workers and capital located in the United states regardless of ownership i Wions of Toffant annual ate _ 4th Quarter preliminary $4.99 98 4.8% source . Dept of compere a Ries also was revised lip. Other fourth Quarter Bright spots included a gain at a 26.1 percent rate in housing construction and a 14.4 percent rate Advance in business investment in new equipment. Detracting from growth were a 1.1 percent decline at an annual rate in commercial construction and a 2.1 percent rate drop in government spending. The various chances brought Gap to a seasonally adjusted 54.99 trillion. Carol s. Carson director of the department s Bureau of economic analysis said rebuilding following hurricanes Andrew and Kiniki added to growth during the Quarter. She said it was difficult to say exactly How much but said the effect was Quot probably  despite the robust growth at the end of 1992, the recovery from the recession still must be considered sub Par Carson said. During the seven quarters since the Economy hit Bottom in the first Quarter of 1991, output has grown 4.1 percent. That a Only a Little More than half the 7.9percent average for the same period of Otner recent recoveries. A this year according to Robertson a number of factors should continue to moderate growth. Among them a continuing recession in California continued layoffs by some companies reduction of Federal defense spending and weak coma Mercial real estate markets. Also because tax withholding was reduced last year Many taxpayers will be disappointed with the size of their refunds this year. Still private analysts Arentt quite As cautious As Federal Reserve chairman Alan Greenspan who told Congress earlier this week Quot its too soon to say we Are moving Forward in a self perpetuating  they say the Economy has some things going ror it most notably Low inflation and declining Long term interest rates that should keep the nation from relapsing into recession. We should have a comfortable Pace of growth in the first half of 1993, said economist Robert g. Dederick of Northern Trust co. In Chicago. Quot we re having another wave of mortgage refinancing and that jazzed up Consumers purchasing Power and Home sales. And when people Ouy houses they buy other things to put into the  the biggest unknown in the economic Outlook is now Many changes Congress will make in president Clinton s economic and budget package and the precise effect of the package. Airline Industry s budget reductions cause aftershocks in support firms by Dan Blake a business writer new York when airlines reduce spending the pain spreads through the Industry and stings Csc Iyono from institutional food cookers to Jet engine companies like general electric co. Gets once thriving aircraft engines division said Friday it is eliminating 3,900 jobs or 11.8 percent of the work Force because airlines and the military have Cut their orders. The pattern of the disruption works like a food Chain. If the big airlines such As american Delta and United try to save Money by purchasing fewer jets companies like Boeing co. Get Hurt if Boeing does no to build As Many planes the damage spreads to engine makers like be and Pratt amp Whitney. Eventually it affects the tens of thousands of smaller companies that suppl High tech rivets Light weight build in nil the rials engine housings and other parts that go into making an air plane. Many of the companies saw the bad news coming and began paring payrolls and other expenses last year. But As the commercial airlines troubles linger and prospects for further cuts from the Pentagon grow smaller companies that make various components probably will reassess whether they must eliminate More jobs Boeing said last month it will Cut production by 35 percent and announced last week that 27,000jobs would be lost by 1994. Quot i think this debacle in commercial and military aerospace continues to gnaw on them acid does no to want to go away a said Richard Wittington a securities analyst who follows the aerospace business for the Gruntal amp co. Investment firm. While the worst of the bad news May be past for the commercial air plane business the defense department cutbacks probably will continue he said. For example the Sundstrand corp., based in Rockford lit., is in the process of cutting 1,000 of its 6,000 aerospace jobs the company which makes generators to Power air planes when the Pye re on the ground is examining whether it needs to eliminate More jobs company spokesman Gary Hedges said Friday. Airlines Are spending less on food. Sky chefs inc. Expects lower Revenue this year even though it will sirve More meals on More flights James o Neill president and chief executive said Friday. Sky chefs has already Laid off an undisclosed number of workers. But the airline budget cutting has helped some companies or at least softened the blow. Suppliers that provide spare parts Are Likely to fare better As airlines keep maintaining older jets rather than buy new ones. Flight safety International inc. Trains pilots on simulators and has seen steady growth in its operating profits in the past year. Airlines find it be apr to hire an outside company Foa raining rather than Bear the costs of simulators and other expenses themselves. Many analysts anticipate that airlines will Start making Money again in 1994. American to remove 25 jets from service fort Worth Texas a american airlines executives decided Friday to remove 25 wide body jets from service a move that will Likely result in fewer routes. Company executives have not decided whether to achieve this reduction by grounding some of its dc-10 Fleet or returning leased Airbus a300s, airline spokesman Tim Smith said. The full effect of the decision May not be reflected in americans route system for weeks he said. A you have to decide what aircraft will Fly hos routes the wide bodies were on where do those aircraft come from and so it goes on and on Quot Smith said. Some of the less profitable routes might be dropped. American s Parent company lost $935 million last year Over half from mandated Fig Rule changes. All of the opera in loss came from the airline though Ince last fall american executives Hawke been searching for ways to save Money. Quot Hie airline eliminated about 600 managerial jobs in december half through layoffs. A american also won t renew expiring leases on Boeing 727s, which could affect up to 65 Short haul jets