Word: bonanza
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Dates: during 1980-1989
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Joseph Longo, 33, a civilian American pilot, was turned over to a U.S. congressional delegation visiting Angola last week after he spent nearly ten weeks in captivity. Longo's Beechcraft Bonanza was forced down by an Angolan jet fighter last April over Namibia, where the plane was scheduled to be delivered. "The treatment got better as time went on," Longo said of his detention. When he arrived in the U.S., however, Longo cited "bad food, lice and lizards" as hardships that he endured...
...though, is not the whole story. For the past 15 years, petrodollar- rich gulf states have provided a lucrative market for a vast array of Western products. Europe's export-dependent defense industries in particular have enjoyed a multibillion-dollar bonanza in the region. Although declining oil revenues in recent years have slowed the spending spree, the gulf remains an important market for West European and Japanese exporters. Last year British sales to the region were worth more than $8 billion, while French exports, excluding arms, brought in around $3 billion. The Japanese sold $6.8 billion in the region...
...Wrights' daring exploits at flying exhibitions at home and abroad and dismaying information about their vain attempts to get the U.S. Government off the ground. Wilbur died of typhoid fever in 1912. Orville survived him by 36 years, or long enough to see his Flyer evolve into both a bonanza and a vehicle of immense destruction. He could not have foreseen the blitz or Hiroshima, but he obviously accepted all the risks of flying. In any event, his sympathetic and thorough biographer notes that Orville Wright never carried any insurance...
...some thrifts, the new arrangement proved a bonanza. Columbia Savings & Loan Association of Beverly Hills (assets: $9.7 billion) has earned a rate of return on capital that has ranged between 44% and 114% annually for the past four years, vs. 11% to 13% for the 500 biggest companies traded on the New York Stock Exchange. Columbia invested heavily in high-yield, high-risk junk bonds and volatile mortgage-backed securities, which provide greater profits at lower cost than traditional home mortgages. That kind of speculative strategy works well when interest rates are declining, but it could be disastrous...
...roll in. "In terms of the societal impact, this could well be the breakthrough of the 1980s in the sense that the transistor was the breakthrough of the 1950s," says Alan Schriesheim, director of Argonne National Laboratory near Chicago. Indeed, scientists hardly know where to start in describing the bonanza that superconductors could yield...