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...meant its ruin. He also played down earlier threats that Saudi Arabia, already by far OPEC's biggest producer (8.4 million bbl. per day), would substantially expand output in order to undermine the higher prices of the opposing eleven. The radical Libyans, who are among the Saudis' bitterest rivals, were relieved. "At least, I expect they will not harm us," said Libyan Oil Minister Ezzedin Mabrouk...

Author: /time Magazine | Title: OIL: The Battle of the Barrels Begins | 1/3/1977 | See Source »

...Republican National Convention has shaped up as a tricky challenge to politicians and journalists alike, with the outcome more and more unpredictable. After the almost endless series of ups and downs in the fortunes of the candidates and the increasingly terse infighting, the convention promised to turn into the bitterest G.O.P. battle since the Goldwater right-wing triumph over the moderates in 1964. TIME made careful plans to cover every step of the chancy action in Kansas City, from the expected struggles over the platform to the final vote of the last uncommitted delegate on nomination night...

Author: /time Magazine | Title: A Letter From The Publisher, Aug. 23, 1976 | 8/23/1976 | See Source »

Some of the bitterest attacks came from Saint Laurent's compatriots, who have a fairly good history of deploring innovation in the arts. "I'm a friend of Yves," expostulated Le Figaro's fashion editor Viviane Ch. Greymour. "But I didn't congratulate him on this collection! It's folklore, a show, theater, dreams." Another complaint-as if buyers of haute couture rode the subway -was that Yves' cloaks and skirts are "too wide to pass through the Metro turnstiles." The unkindest cut came from a jury voting during the week of the showing...

Author: /time Magazine | Title: Modern Living: Let the Costume Ball Begin | 8/16/1976 | See Source »

Ghastly Irony. Syria's 15,000 troops in Lebanon now control fully half of the country, allowing the Christians room to maneuver in their drive to mop up their opponents. The bitterest battle of the entire war drags on between Christians and Palestinian commandos at Tel Zaatar (Hill of Thyme), a Palestinian camp on the rim of East Beirut. The battle, in which 1,500 combatants have already been slaughtered, is freighted with ghastly irony. It was the massacre of 27 Tel Zaatar residents by the Christians more than a year ago that first stoked Lebanon's smoldering...

Author: /time Magazine | Title: LEBANON: Once Again, Palestinians on the Ropes | 8/2/1976 | See Source »

Easing the transition has been Needham's thankless mission. By the accounts of even his bitterest enemies, his job was an impossible one. He had to negotiate Wall Street acceptance of reforms that he opposed strongly himself because he felt that they would undermine the pre-eminence of the organization he headed. For example, he favored the idea of one central U.S. securities market, as long advocated by the Securities and Exchange Commission, but he left no doubt that he wanted the N.Y.S.E. to be that market. The SEC, on the other hand, wants a computerized network that would...

Author: /time Magazine | Title: WALL STREET: Shift at the Big Board | 5/10/1976 | See Source »

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