Word: bigs
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Dates: during 1970-1979
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West Germany. The Germans' economy is, as usual, in better shape than any of their European neighbors'. The big worry, also as usual, is rising inflation: though prices increased a mere 2.6% in 1978, inflation so far this year has been running at an annual rate of 7.4%, a figure that might be cheered elsewhere but is regarded with concern in this inflation-phobic nation. German exports are surging and now account for fully 12% of total world trade-the same...
...speed limits and vague ideas on producing a more economical car. Inflation remains a serious concern. Last year, seeking to buck up the investment rate by improving profit margins, the French removed the price controls maintained on many goods. But that kicked living costs up sharply-and is a big reason why 1979 inflation is expected to climb above the officially projected...
Several of the largest American contractors, notably Textron's Bell Helicopter Division, Grumman, Lockheed and Boeing, are protected from big losses by the standard U.S. guarantees for arms sales. But other companies involved in civilian projects have no recourse, except to Iranian courts. For example, Brown & Root, the Texas-based construction company, whose $1.2 billion contract to build a naval base was canceled, has made little progress in persuading the Iranians to settle on termination damages. Fluor had completed 95% of a refinery near Isfahan before the revolution made further work too hazardous and is insisting upon back payments...
...savings and loan associations are allowed to pay on passbook accounts. The result is that these traditional homes of the small saver are fairly scrambling for deposits. New customers are being lured by both familiar freebies (toasters, tickets to shows) and new appeals. For example, New York's big Bowery Savings Bank (assets: $5 billion) now has its longtime pitchman, Yankee Slugger Joe DiMaggio, asking folks to take money out of stocks and put it into thrift accounts because it is "a calmer investment." And at some banks, depositors wanting to make sizable withdrawals have found themselves practically grilled...
...thrifts are nervous because for the first time since the early 1970s, when interest rates surged on the eve of the 1973-74 recession, they have been losing deposits in a big way. April, for instance, is normally a poor month for the savings banks, since their customers commonly make large withdrawals to pay taxes. But April 1979 was by far the cruelest ever: nationwide, savings and loan institutions lost $1.5 billion in deposits (vs. an increase of $400 million last year). They gained back $1.2 billion in May, but that was considerably below last year's more normal...