Word: besting
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Dates: during 1970-1979
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...move that left Bonn officials sputtering in helpless surprise, Morgan Guaranty Trust, the U.S.'s fifth largest bank and a leading creditor of the Iranian government, quietly went into an Essen court and attached Iran's 25% share of two of West Germany's best-known companies, Friedrich Krupp GmbH, a diversified steel and engineering combine (1978 sales: $5.9 billion), and Deutsche Babcock, a manufacturer of industrial equipment (1978 sales: $1.6 billion). Iranian stakes in the two companies were acquired under the Shah in 1974 and 1975, and they have a market value of approximately $270 million...
Nowhere is the need for this conversion process more acute than in the hulking, old steel industry. Fully 26% of its plant is outdated, and replacing it with the best technology available will require tens of billions of dollars. Last week the largest producer, U.S. Steel, took some belated steps on the route to conversion, at least two years after most of its competitors had already done so. The company by the end of 1981 will shut down 15 older plants and mills in eight states, laying off 13,000 of its 100,000 steelworkers. Among the closings: the Youngstown...
...almost as much steel per worker as their American competitors. Over the past decade, productivity growth in the domestic industry has declined from 3% a year to 2%, while wages and benefits have risen from $5.38 to $16.53 for hourly workers, making the 455,000 U.S.W. members among the best-rewarded in the nation. The U.S. industry has paid a high price for its deal with the union five years ago to avoid strikes by submitting disagreements to arbitration...
...charge their preferred customers, has come down a quarter of a point from its height of 15¾%. There is a feeling on Wall Street that rates have peaked. This has energized the Dow Jones stock market average, which rose eleven points last week, to close at 822, its best performance since the Volcker rally turned into the Volcker rout after...
...read the others. Quinn covers the usual ground of budgeting, investing, saving, home buying, divorce and burial. Her 101 pages on life insurance are especially valuable. The Newsweek columnist and television reporter analyzes and compares the bewildering array of policies and options. Term insurance, she advises, is usually the best policy for young families...