Word: cartelism
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Exploiting the shortage, Abu Dhabi and Qatar last week added a 7% surcharge to the 1.8 million bbl. per day that they produce. The increase is on top of the 5% OPEC rise that took effect last month and lifted the basic price to $13.34 per bbl. The cartel had scheduled a raise in steps to $14.55 by October. But at the present rate of increase, oil from Abu Dhabi and Qatar then would be selling at $16.32 per bbl. Other oil producers, notably such anti-Western militants as Libya and Iraq, are expected to make similar increases. Says...
TIME's survey of attempts by some Third World governments to control news [Nov. 20] contains a historic misunderstanding. In referring to the autobiography of former Associated Press General Manager Kent Cooper, it was stated that a cartel of European news agencies controlled "all the news that flowed into and out of the U.S. until well into the 1930s." In fact, United Press International (then United Press) began serving overseas clients in 1909, and by 1929 its service was going to 1,170 newspapers in 45 overseas countries and territories. It covered the world for its U.S. subscribers with...
...price rise announced by the OPEC cartel will hurt almost all industrial nations. The extra costs will amount to about $6 billion for the U.S., some $2 billion for West Germany and roughly $1.5 billion each for France and Italy. With North Sea oil on stream, Britain should weather the increase without trouble...
Though West Germany continues to stand firm for free trade, pressure for protectionist measures is growing among other European nations. Last year the Common Market demanded that all its foreign steel suppliers freeze 1978 deliveries at 1976 levels. Also, 13 petrochemical companies formed a cartel in man-made fibers, carving up markets and agreeing to joint cuts in production. Says Fiat Chairman Giovanni Agnelli: "I don't at all like the idea of closing Europe off, but we must do it just for a while on condition that we emerge with a more competitive industry...
Yielding to the revolutionary changes that have occurred in the travel business, the 108-member International Air Transport Association (IATA) abandoned its 33-year-old role as the industry's fare fixing cartel. It also gave up its authority to regulate in-flight meals, drinks and enter tainment, and will henceforth confine itself to such noncompetitive matters as safety standards, security and ticket exchange arrangements...