Word: cartelized
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Oteiba's surprise comment came after his Nigerian counterpart, Tam David-West, ruled out joining the cartel in reducing production to prop up its prices...
...result of a 1904 the been controlled largely by a cartel known as General Funerals. Entrepreneur Michel Leclerc thinks that is unfair. Says the businessman: "A bride can choose her wedding dress anywhere she pleases. We should be able to choose our coffins anywhere we please as well...
...ministers may have to live with the glut for a while longer. Quota cheating by the small Persian Gulf states and price discounting by Iran have swelled the cartel's actual production to 18.5 million bbl. In addition, North Sea oil output rose 13.5% during the first five months of this year. To meet those challenges, OPEC last week organized committees to press each member for lower production levels, and Saudi Arabian Petroleum Minister Sheik Ahmed Zaki Yamani agreed to ask London and Oslo for a rollback in North Sea production. Then, in a symbolic gesture of unity...
...major concerns among some bankers is that the Latin countries will form a debtors' cartel. Says Robert Hormats, a former Assistant Secretary of State: "We are entering a very dangerous period, so the point will be to keep the dialogue going." The danger is that the borrowers would walk away from their loans or attempt to bargain collectively for much easier terms, resulting in an international banking crisis...
When ministers from eleven debtor countries met last week in Cartagena, Colombia, to devise a strategy for getting concessions from the banks, most of them maintained a conciliatory tone and rejected the idea of a cartel. Said Chilean Economy Minister Modesto Collados: "Each country is different. To negotiate in a club makes no sense at all." But the depth of Latin restiveness could hardly be concealed. In his opening speech, President Betancur compared Latin America's financial burden to the crushing debt and reparations problems after World War I, which helped wreck the international economy in the 1930s...