Word: cartelism
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...kids to visit his favorite country, the U.S., where they toured Disney World, with the full knowledge of U.S. officials. In 1993 Castano and his late brother Fidel reportedly did antidrug authorities the great favor of helping police hunt down Pablo Escobar, leader of the powerful Medellin cartel...
Tesauro's team has kept a keen eye on the sale of a wide variety of nonmedical products sold by pharmacies and taken action as well. Last March the Authority dissolved a cartel of six producers of powdered milk for babies, which for years had denied supermarkets the chance to sell their product and instead used pharmacies as the main means of distribution. As a result, according to the Authority, powdered- milk prices were two to three times higher in Italy than abroad. Supermarkets at last started selling the product this summer...
...bother? Because their host had incited in OPEC's leaders a belief that their moment had arrived and that they'd better seize it. Hugo Chavez Frias, 46, the fiery nationalist President of Venezuela, saw an opportunity in the booming economies of the developed world to turn a moribund cartel back into a global economic powerhouse. Against the backdrop of soaring energy prices, which have tripled during the past two years to a high two weeks ago of $36 per bbl., Chavez took center stage in Caracas last week to proclaim OPEC's "resurrection...
...time the historic meeting adjourned, OPEC's leaders had established for themselves not just a new mandate but also a new identity. Gone are the dictatorial Saudi Arabian edicts of Sheik Ahmed Zaki Yamani, who once practically ruled the cartel, if only by virtue of Riyadh's overwhelmingly dominant role as a producer. The new OPEC is, in the words of an Arab diplomat at Caracas, a "management group." Its new strategists are cosmopolitan technocrats, in some cases U.S.-educated. They speak the language of market economics and are unlikely to rock the global boat with sudden embargoes or regional...
...other words, the new OPEC doesn't want to gouge its customers; it wants global economic stability. That's why at week's end the cartel suggested that its goal was to lift production enough to bring prices down to between $22 and $28 per bbl.--a level that should ease the sense of crisis felt from Washington to Tokyo. Last week the price of crude oil closed...