Word: banco
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...Through the Courts. The resulting legal battle between C.A.V. and the Banco Nacional, an instrument of the Cuban government, stirred up interest out of all proportion to the $175,251 that was at stake. Rooting for C.A.V. were the stockholders of all the Castro-expropriated companies, once worth hundreds of millions. The U.S. State Department considered the case momentous because it involved a basic principle of U.S. law: "the act of state doctrine" that originated in England nearly 300 years ago. The doctrine was spelled out by the Supreme Court back in 1897: "Every sovereign State is bound to respect...
...state doctrine, the U.S. District Court in Manhattan decided the sugar claim in favor of C.A.V. Castro's expropriations of U.S.-owned enterprises, said the court, violated international law in several ways, notably by failing to provide adequate compensation. The Court of Appeals agreed. When Banco Nacional appealed to the Supreme Court, the U.S. Justice and State departments urged the court to invoke the traditional doctrine and rule in favor of the Castro government. Castro's expropriations did indeed violate international law, said the State Department, but grievances arising from the seizures should be handled by the methods...
...will have its own president, executives and trademark (a D crossed by an arrow); it already has a board of directors second to none in Venezuela, from Mendoza and Gustavo Vollmer (sugar mills) to Henry Lord Boulton (shipping, Avensa Airlines, wholesale food), and Jesus Calvo Lairet, president of the Banco de Comercio. Initial capital, based on projected earnings of members for 1964, is $7,000,000. More funds will be raised from UNESCO, the Alianza and other national and international loan agencies...
...American executives who became global commuters in 1962 helped to increase the volume of international air travel by 20%. From Scotland to Singapore, the button-down collar was as familiar a symbol of the footloose businessman as the carpetbag in the Reconstruction South. To welcome the new invaders, the Banco di Roma issued a fat catalogue of investment opportunities in English. Berlitz, which had only 300 U.S. executives studying on company time in its language schools in 1952, had 3,000 last year, even though most businessmen sit down overseas expecting to talk only English and the universal language...
...considerable progress has been made in getting Goa's administration back into working order. Finance Ministry officials are drafting a new budget that will bring the former colony under the economic supervision of the central government, and the State Bank of India has taken over Goa's Banco Nacional Ultramarino. Goan policemen, who had vanished when the Indian troops first appeared, were back on the job wearing their Portuguese uniforms. An Indian postal official arrived in Goa with $3,000 worth of Indian stamps, and Indian telegraph and telephone authorities wrestled with the problem of replacing...