Word: anaconda
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Grant's deficit is not the largest hi American business history-the Anaconda Co., for example, lost $356 million when Chile nationalized its copper mines in 1970, and Penn Central recorded a $560 million loss in 1971-but it is one of the biggest ever posted by a retailer...
Price Boosts. Whatever happens, most experts expect at least a temporary further bulge in living costs following the end of controls. The beginning of that bulge appeared quickly. Last week, U.S. Steel kicked up prices an average of 5.7% on its entire product line. Anaconda, Kennecott and Phelps Dodge jacked up copper prices by 18%, to 800 per Ib. Chrysler added an average of almost 3% to the price of all its cars and trucks, and Westinghouse raised the price of its light bulbs by 10%. Hedonists will be hurt: the newsstand price of Playboy will...
...film documents U.S. economic interest in Chile. Anaconda Mining, one of the two biggest U.S. mining operations in Chile before nationalization, made 80 per cent of its profits for one year in Chile although Chile represented less than 20 per cent of Anaconda's investments. UP estimated in 1972 that the average rate of profit on copper investment for U.S. companies was 52.8 per cent compared to a 10 per cent return offered these investors by other countries...
...Canada-he stresses that the government will maintain tight control of its industry. Copper is, of course, Chile's chief source of foreign income. Under Allende's highly political management of the mines, which he seized from such U.S. firms as Kennecott and Anaconda, disastrous strikes badly hurt production. The government will continue to own the mines, but it is willing to negotiate at least partial restitution to the U.S. firms and invite them to return to help operate the mines or develop new ones, perhaps as minority owners. Says Saenz: "We will do anything necessary to have...
...free enterprise. Junta leader General Augusto Pinochet Ugarte announced that more than 300 foreign and Chilean companies taken over without compensation by the Allende regime would probably be returned to their owners. The companies include around 40 U.S. firms-but not the three large American copper companies of Kennecott, Anaconda and Cerro Corp. Combined assets for the copper firms is more than $500 million, and Pinochet said that his government was ready to negotiate compensation for them...