Word: bermudas
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Sacrificing the Market. Few businessmen are prepared to defend publicly the increasingly popular U.S. corporate practice of funneling foreign earnings into semifictional subsidiaries in such low-tax areas as Switzerland, Liberia, Panama, Bermuda or the Bahamas. In the single year of 1960, the undistributed earnings of U.S. subsidiaries in such tax havens increased by 100% to $122 million. But businessmen argue that passing the new tax bill to get at the tax havens would amount to rolling out a cannon to kill a mouse. The Government would gain perhaps $85 million a year in tax revenues, but in doing...
...trade premium through gas stations for $1.49 (regular price: about $2.50). Standard unloaded 90,000 in Southern California the first week. A marketing firm retained by Knox Instruments estimates a U.S. market of 25 million the first year, and negotiations are under way to sell the toy in Canada, Bermuda, Mexico, England and Belgium. Look...
Taking its first spring trip since the ill-fated, "ungentlemanly" mission to Bermuda two years ago, the Harvard Rugby Club will travel to St. Louis for a series of three games with members of the Missouri Rugby Football Union this vacation...
Died. John Gale Alden, 78, ruddy Yankee yachtsman and sailboat designer who put ocean racing within reach of the only moderately rich with his Malabar class of small rugged schooners derived from Gloucester fishing smacks, proved the soundness of his designs by becoming the first man to win three Bermuda regattas, and set more of his hulls afloat than any other U.S. marine architect; of a stroke; near Orlando...
...meeting with Britain's Prime Minister Macmillan in Bermuda, President Kennedy proposed a solution. He would like to use British-controlled Christmas Island, the largest and most easterly atoll in the Pacific.* Its advantages: it has two good runways, 6,500 ft. and 5,000 ft. long, just 3,400 miles southwest of California; there is little population closer than Hawaii or Micronesia, 1,600 miles to the west; it contains about 200 sq. mi. of sand-covered coral, room enough for considerable equipment and accommodations for 2,000 men; its isolation affords hope of keeping some tests secret...