Word: cash-rich
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...Cash-rich oil companies like Jersey Standard and Royal Dutch/Shell keep hundreds of millions of dollars' worth of different currencies and move in and out of them on a day-to-day basis. So does the Anglo-Dutch giant Unilever. When a currency seems weak, Unilever's finance managers may send orders to many banks telling them to get rid of it and buy a strong currency. Ernest Woodroofe, Unilever's chairman, concluded recently that the company occasionally "accelerates" international monetary crises by shifting its weight around...
...corporate bankruptcies, and last week they acted to make sure banks have enough cash to meet demands from corporations seeking loans to pay off commercial paper. They invited banks to borrow more money directly from the Federal Reserve system itself. The Fed also removed the ceilings on interest that banks can pay on short-term certificates of deposit. These rates then jumped from about 61% to 8%, which is just about the going level for commercial paper. The rise should encourage treasurers of cash-rich companies to invest in bank certificates of deposit rather than lOUs. That sort of simmering...
...raid by National General on the cash-rich treasury of Great American? That is how it looked, and the superintendent of the New York State insurance department promptly opened an inquiry into Great American's future ability to underwrite. Since insurance is a regulated industry, the state can exert considerable pressure and even liquidate a company as a last resort...
...million that the Ford Foundation has poured into grants for research, restudy of curriculums and doctorate fellowships since 1953. Now that the foundation is phasing out this largesse, the schools hope that business will take up the burden. Today, business colleges get less than 2% of what cash-rich corporations and foundations give to education. One promising sign: more companies are sending their executives back to business school, where, among other things, they can discover for themselves what the campus can contribute to the commercial community...
...Among cash-rich oil companies, realty investment has become a major sideline. In partnership with Contractor Del Webb, Houston's Humble Oil is erecting a satellite city next to the NASA Manned Spacecraft Center (for which Humble cannily donated the land). Gulf Oil guaranteed a $20 million bank loan to the developer of the new town of Reston, outside Washington, in exchange for gas-station sites, and made a similar deal with another builder near San Francisco. Union Oil owns a 45% interest in a firm planning a big community in Simi Valley near Los Angeles...