Word: baumohl
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Dates: during 1990-1999
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...Rubin emerged having promised nothing -- and said everything. "The U.S. is being quite candid," says TIME business correspondent Bernard Baumohl. "Japan must do something to revive their economy." What the U.S. has in mind are not only long-term structural reforms but a very simple short-term Keynesian solution of government spending and tax cuts. But despite repeated promises by Prime Minister Hashimoto, Japan's government has been frustratingly slow...
...Bernard Baumohl. Reported by Marc Hequet/St. Paul
OPEC, the international oil-producing cartel, is fighting for its life amid tumbling oil prices and members' cheating on their quotas. That, says TIME business writer Bernard Baumohl, is the reason Saudi Arabia yesterday secured an agreement from Venezuela and Mexico cut oil output -- a deal quickly emulated by Kuwait, Iran and the United Arab Emirates...
...Overproduction and falling demand caused by the Asian economic crisis and the unusually mild winter has sent oil prices plummeting, while cheating has bedeviled OPEC?s attempts to reverse the trend by cutting production. ?Venezuela has been notorious for cheating,? says Baumohl. ?Although in the new agreement they?re going to cut back production by 200,000 barrels a day, they were, in fact, producing 700,000 barrels more than their OPEC quota allowed,? says Baumohl...
...deal holds it may result in a moderate price increase, says Baumohl. If it fails, the price could fall even further and OPEC may permanently lose its power to set prices. Either way, the immediate effect for Americans will be felt in the futures markets rather than at the gas pump...