Word: buyer
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...mysterious metals buyer...
...mysterious surge in price has spurred memories of the abortive attempt by Bunker and Herbert Hunt to corner the silver market in 1980. Now, as then, an unidentified buyer has been spending huge amounts of money to drive up the price of a metal. More than $500 million has been invested, and 30,000 tons of tin have been stockpiled in European warehouses. Speculators who gambled that the price of tin would soon fall face financial ruin. Major tin consumers have escalating costs. Says a spokesman for U.S. Steel, which makes tin-plated products: "Of course this is hurting...
Prices on the London Metal Exchange then began moving upward, as someone started buying large amounts of tin. At first, no one knew who the buyer was: orders were placed through Marc Rich & Co., a secretive New York commodity trading firm, and executed by Maclaine Watson & Co. Ltd. As the heavy purchases continued, it became apparent that only the world's major producers would have the muscle to control the markets, as well as the financial incentive to risk millions of dollars. Says one industry insider: "The general feeling is that Malaysia, Indonesia and Thailand got together and decided...
Ferdinand's and Ha'Penny remain closed, but DiGiovanni is expected to announce this week their sale to an undisclosed buyer...
...condolences. Said American Society of Newspaper Editors President Michael O'Neill: "For all of us in the newspaper business, it is a very sad day." Nobody knows that better than O'Neill: his own paper, the New York Daily News (circ. 1.5 million), has been seeking a buyer since its owner, Chicago's Tribune Company, put it up for sale just before Christmas. Last week, News editors were quietly briefed on severance arrangements that will go into effect if the paper closes. Many read their own feelings in the front-page message in the Bulletin...