Word: bankers
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Dates: during 1960-1969
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...execute his command, Costa passed over all of Castello Branco's old ministers and picked a new set of faces and personalities for his Cabinet-some of whom had voiced opposition to Castello Branco. In as Foreign Minister came Banker Jose Magalhaes Pinto, who had called Castello Branco's government reactionary. As his Minister of Planning, Costa picked Economist Helio Beltrao, who feels that Castello Branco's stiff austerity policies should be relaxed...
Since he took over as head of Brit ain's ailing BOAC in early 1964, Sir Giles Guthrie, 51, has worked a minor miracle. Unfazed by the state-owned airline's $224 million accumulated def icit, brought about mostly by costly equipment flops in the 1950s, ex-Banker Guthrie lopped off money-losing routes, eliminated nonessential jobs, enlivened the company's advertising. His no-nonsense reforms soon had BOAC in the black for the first time in eight years; next month the company will announce record annual earnings of $64 million. The most remarkable thing about...
...Banker's Rights. Schiller's move was the price extracted by the Bonn government and a group of West German banks for providing the financing that is urgently needed for $250 million worth of export orders that Krupp has on its books. The company's troubles began last year when Krupp, already suffering from the depressed coal market and declining prices for steel, which accounts for 30% of its total production, began grasping for export orders so as to keep its 100,000 loyal Kruppianers at work...
Having far overextended its own financial resources, Krupp went to an export-financing syndicate of 54 banks last December and asked for $25 million in credit. The bankers, who had advanced him $90 million earlier in the year, demanded to see the company's balance sheet. Then-incredibly-they turned Krupp down. Said Deutsche Bank Chief Executive Hermann Abs, Germany's most powerful banker: "It is the noblest right of the banker to say no when he considers the risk exhausted." Abs next took the problem to Bonn. Schiller stepped in quickly, fearing that a crisis at Krupp...
Married. Prince Charles of Luxembourg, 39, younger brother of reigning Grand Duke Jean of Luxembourg; and Joan Douglas Dillon, 32, daughter of Investment Banker C. Douglas Dillon, onetime U.S. Secretary of the Treasury; she for the second time; in Guildford, England...