Word: cartelizing
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OPEC wants to play Alan Greenspan to the world's oil economy, but rogue member Iraq and the U.S. economic slowdown could foil the oil cartel's best efforts. The cartel - which meets out in the open to fix prices, despite the fact that half its members are also members of the World Trade Organization, whose rules forbid such practices - is due to convene in Vienna next week, and is expected to agree to reduce the world's oil supply by 1.5 million barrels...
...barrels a day, 1.7 million barrels short of the quota set by the U.N. program that allows Iraq to sell oil in order to buy food. Saudi Arabia's Sheikh Ahmed Zaki Yamani, whose leadership made OPEC a world power during the '70s, warned Thursday that the cartel may yet be blindsided by Iraq, as Saddam Hussein prepares for a new round in his battle to end sanctions. He warned that the planned 1.5 million-barrel cut proposed for next week could send prices soaring if Iraq failed to resume production at full quota - because the impact of Iraq...
...Some of OPEC's more economically strapped member countries, such as Iran and Venezuela, may be more inclined to press for higher prices, but Yamani fears such short-term thinking may be disastrous for the cartel by prompting new exploration and creating economic effects that once again shrink demand. But Sheik Yamani is no longer in charge of Saudi oil policy, and indications are that the cuts will go ahead. Which will leave all eyes on the global economic numbers - and Saddam Hussein's next move...
...antitrust suit against Major League Baseball. Cravath's longtime client Time Warner owns the Atlanta Braves, a defendant in the suit. Boies started his own firm, where three of his children are now among its 60 attorneys. He has burnished his reputation lately by breaking up an international vitamin cartel, being called in by a federal judge to handle a class action against Sotheby's and Christie's auction houses, and representing Napster in its fight against the record companies over copyright infringement...
...NONRECALCITRANT TOASTER: Somebody soon is bound to smash the worldwide small-household-appliance cartel's plot to foist $50 toasters built with 10[cent] engineering on a groggy breakfast-time America. The prospect of a toaster that quickly pops up perfect golden-brown slices every time is to be dreaded. Will the toaster swallow the slice, then hold it in its stubborn grip until it's a hunk of smoking charcoal? How many times in a row will you have to insert a slice, only to see it instantly pop back up again? Set the dial to WELL DONE...