Word: accounts
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Dates: during 1970-1979
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...down the Federal Government's size and power. His major proposal is his celebrated plan to turn over to state and local governments all federal activities in education, housing, community and regional development, manpower training and welfare. That would remove from the federal budget programs that now account for spending of around $90 billion a year. Though Reagan has not stressed that plan lately, he has never disavowed it; his aides insist that it has been misunderstood. The impression got around that Reagan would simply dump those programs on states and cities, which would have to raise taxes sharply...
South Africa, the world's largest gold producer, is being hurt most. The price drop will cost it at least $200 million in potential export earnings this year, worsening an already serious balance of payments deficit (running at about $1.9 billion on current account this year). Last week South Africa moved to cut imports; beginning Aug. 2, the government will require importers to deposit 20% of the price of certain foreign goods with the treasury for six months, at no interest. The unemployment rate among the nation's black workers has already hit 20%; layoffs at the gold...
...bitter experience came with the recession. Sales of synthetic textile fibers, which account for more than a third of Du Pont's volume, soared well into the recession year of 1974, spurred by a shortage mentality created by the Arab oil embargo. A Du Pont joke at the time was that if this is what recessions are like, bring on more. But then the buying stopped, and Du Pont and other manufacturers realized that they had built heavy overcapacity and were vulnerable to sharp price cutting. Result: Du Pont's earnings fell 33% in 1975. This problem...
This is a friendly, no-account movie full of intermittent high spirits. Although it never fulfills the richest possibilities in the raffish misadventures of a barnstorming black baseball team of the 1930s, it does come close from time to time...
...most lucrative place for rent-a-car companies to be is in airports. Needing ground transport, plane passengers account for about 70% of the $700 million in annual auto rentals. Last year however, the Federal Trade Commission charged that 96% of all airport car-rental income went to the three largest companies-Hertz, Avis and National -so the FTC sued the Big Three, accusing them of conspiring to freeze competitors out of airports. The Commission claimed that their rates were 10% to 40% higher than smaller firms...