Word: bp
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...government plans to dispose of 17% of BP's common stock?possibly to British institutional investors, possibly to foreign buyers (Iran is reportedly interested). The sale is expected to raise about $840 million, which the government sorely needs; it must reduce the budget deficit in order to qualify for a $3.9 billion loan from the International Monetary Fund. The transaction will still leave the government holding 51% of BP?at least if British courts let the Bank of England hang on to a 21.5% block of BP stock that it picked up two years ago in a bailout of cash...
...same editors and staff as WWD, and virtually every word and photo that appears in W is lifted from or destined for the daily. Thus the pages of W are filled with the same movie previews, fashion spreads, profiles, food and home-decorating articles, and Beautiful People (BP, of course) as its diurnal sister-if somewhat fewer of them-and all written in similarly breathless prose (Jacqueline Onassis is "mystique mingled with mystery-maybe even sorcery"). About the only thing that W does not pick up from WWD is the daily's daily hamper of garment-industry news, though...
...haut snobisme is denied by Fairchild, 48, a boyish-looking father of four, enthusiastic skier and sometime socializer with many of the BP in W's pages. "There is no such thing as good or bad taste, except in the eyes of a snob," he says. "The real thing is quality. For instance, the Swiss Federal Railroad has quality because it's clean and it works. Quality People are people who do things, not people who lead idle lives. Sure, we do write about a dream world sometimes. But there are real things in the world that...
...American Oil Co. Iran, a Moslem but non-Arab country, which nationalized its oil industry years ago, "does not engage in that," Amuzegar said. Still, Iran is an interested observer in such negotiations. Kuwait is now trying to boost the price of the oil it will sell back to BP and Gulf from $7.65 to $10.85-or 93% of the posted price. If that happens, Amuzegar stated, "we are entitled to the same thing...
Early last month, an eight-page letter from the Ministry to the European Commission of the Common Market was leaked to the press. It alleges that Shell, BP, Chevron, Mobil and Esso conspired to drive out independent oil marketers, juggled their books to avoid paying West Germany's high taxes and engaged in price fixing. The oil firms deny all the charges, and the government refuses to comment on the letter. Relations between both sides have never been worse...