Word: bank
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Dates: during 1960-1969
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...problems, the dollar will continue to be the world's most important currency, if only because the U.S. economy has safeguards -bank insurance, market regulations, progressive tax rates-built in to cushion it even in hard times. But only the U.S., by putting its affairs in order, can protect the dollar. One way, which House Ways and Means Committee Chairman Wilbur Mills is demanding, is for the Administration to cut back domestic spending more sharply than it wants to, as long as it is faced with large outlays for Viet Nam. Last week Lyndon Johnson agreed to reductions...
...major sales agreement with a consortium headed by Phillips Petroleum of the U.S. and including Petrofina of Belgium, Italy's state-owned oil company AGIP, and a string of individual British investors. In 1969, the Phillips group will begin pumping natural gas ashore from its field at Hewett Bank, 20 miles off the East Anglican coast, under a 25-year contract that calls for a buildup to 350,000,000 cu. ft. daily by the seventh year of the agreement. The price: 2.87? a therm...
...angry outbursts from other oilmen, Phillips U.K. Managing Director Paul Tucker explained: "If somebody else had done this before us, we'd be screaming too. It's just a matter of keeping your bargaining position." Phillips, with an estimated $60 million out lay to develop the Hewett Bank field and with anticipated income over 25 years of $600 million, should make a tidy 900% profit in spite of its low selling price...
...line the streets. This is the "City of God," eleven miles from Sao Paulo in Brazil. With a school, a hospital and all other things for the material needs of its 1,200-odd inhabitants, it is the headquarters community built by Brazil's liveliest and fastest-growing bank: Banco Brasileiro de Descontos, or Bradesco as it is commonly known...
...sinews. South America's most elaborate computer system operates 24 hours a day in the City of God. Helicopters and a bristling network of rooftop antennas link the city with many of Bradesco's 327 branches, spread over south and central Brazil. Seventeen radio stations keep the bank's executives in constant touch with remote offices. While most of Brazil's musty banks know where they stand only two or three times a month, Bradesco directors in the 13-story headquarters building in the City of God scan yesterday's balance sheets with their morning...