Word: bonne
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Dates: during 1960-1969
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Richard Nixon's well-worn hat settled gently last week on the rim of the 1968 presidential ring. In Bonn, West Germany, shortly after beginning a 21-month world tour, he acknowledged establishment of a national "Nixon for President Committee" headed by California's former Republican State Chairman Gaylord Parkinson...
West Germany, which still does not recognize Ulbricht's government diplomatically, is all in favor of stepping up trade. Economics Minister Karl Schiller last month urged West German businessmen to attend the Leipzig Fair. Bonn later adopted a Schiller proposal for expanded credit guarantees to West German firms trading with East Germany. Finally, Bonn has put off for a year-until June 30, 1968-the repayment deadline for some $100 million in trade deficits already owed by East Germany...
...Bonn conference room crowded with bankers, aides and newsmen, Krupp sat silently while Socialist Economics Minister Karl Schiller spelled out what he called "a brave step that will remove unrest" about Krupp's future. In mid-April, the firm must appoint an "administrative council" of private but non-Krupp businessmen who will vote on all major management decisions. By the end of 1968, Krupp will be transformed into a public company, possibly some sort of foundation...
Banker's Rights. Schiller's move was the price extracted by the Bonn government and a group of West German banks for providing the financing that is urgently needed for $250 million worth of export orders that Krupp has on its books. The company's troubles began last year when Krupp, already suffering from the depressed coal market and declining prices for steel, which accounts for 30% of its total production, began grasping for export orders so as to keep its 100,000 loyal Kruppianers at work...
...company's balance sheet. Then-incredibly-they turned Krupp down. Said Deutsche Bank Chief Executive Hermann Abs, Germany's most powerful banker: "It is the noblest right of the banker to say no when he considers the risk exhausted." Abs next took the problem to Bonn. Schiller stepped in quickly, fearing that a crisis at Krupp (annual sales: $1.2 billion) would deepen Germany's economic downturn...