Word: borrowings
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Responding to businessmen's complaints that some of the new rules seemed unduly onerous, OFDI aides sent out word that U.S. corporations will not run afoul of the investment curbs by guaranteeing the debts of their foreign subsidiaries. Only by such underwriting can many a subsidiary borrow abroad-as the Administration still allows-on reasonable terms. Some moviemakers, pointing out that 54% of industry revenues last year came from abroad, hoped for exemption from capital controls to enable them to continue filming overseas. And the petroleum industry demanded a ruling that money spent on oil-well drilling...
...quite, though. The Astrodome lacks a basketball floor, and this might have been an embarrassment when unbeaten, second-ranked Houston University wanted to use the Dome for its game against unbeaten, top-ranked U.C.L.A. No sweat for the judge. He reached clear over to Los Angeles to borrow a portable floor, spent $10,000 trucking it to Texas and setting it up. Then he went out and sold all 48,500 seats plus standing room for $200,000-largest gate in basketball history...
With its Gestapo creation canceled, Carl Ally is using a relatively gentle tone for Hertz. Its continuing campaign is aimed at the weary traveler who can, through his friendly Hertz man, borrow an umbrella when it rains, make an appointment with the local dentist, or scrounge a quarter for a shoeshine...
...passengers multiplied by the distance flown). Yet the faster the airlines grow, the more they must strain for funds to finance tomorrow. Pan American World Airways last week obtained $180 million through 25-year notes placed with 50 institutional investors; at the same time, United Air Lines arranged to borrow $200 million from eight life-insurance companies until 1990; two weeks ago, Trans World Airlines negotiated $324.6 million of new loans from banks and insurance companies as part of a record $800.2 million package that includes refinancing $475.6 million of outstanding debts. Thus within a fortnight, three of the nation...
...airlines must borrow to finance most of their growth because their profits, though expected to rise from $430 million in 1966 to about $450 million in 1967, are being squeezed by costs that are climbing faster than revenues. Airline mechanics won a 16% pay increase (over three years) after a crippling six-week strike a year and a half ago. Airport landing fees are increasing. The new jumbo jets will require vast outlays for new terminal facilities. Air-traffic delays have mounted beyond expectations; during July alone, they cost Eastern Air Lines $1,200,000 more than had been budgeted...