Word: centrals
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Dates: during 1970-1979
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...perfect day for an outdoor event in Rawalpindi, the former capital of Pakistan: balmy temperatures and sunny skies. But the 10,000 people who gathered last week at a large open field next to the Central Government Hospital were not there to watch a cricket game or polo match. They had come to witness a demonstration of the Islamic justice that General Mohammed Zia ul-Haq had decreed for his country: the public flogging of prisoners convicted a day earlier in a 29-hour Summary Military Court session. In the audience-with considerable distaste-was TIME New Delhi Bureau Chief...
DIED. Park Chung Hee, 61, since 1961 the autocratic, anti-Communist leader of South Korea; from a gunshot "accidentally" fired by the chief of the Korean Central Intelligence Agency; in Seoul. (See WORLD...
...other side, worried government bankers agree with Guido Carli, former chief of Italy's central bank, that Eurocurrencies have become ''the root of all evil in the international monetary system.'' In this huge worldwide market, currencies can be traded almost instantly and without restraint. This fosters monetary instability, and since the dollar is such a large part of the system, the instability can drive down the value of the buck. Private bankers and corporate finance officers can wildly exaggerate any currency's weakness and cause its value to plummet as they unload billions...
...foul-up was not amusing to people who lost millions during October in stocks and bonds. When the overly inflated money numbers were first published, markets plunged for fear that the Fed would rapidly tighten credit and push up interest rates. The nation's central bank responded on cue by draining reserve funds from the banking system...
...York and Iran's Bank Omran. After the Shah fell, Canizaro bought out the Iranians. Now he is negotiating with French financiers to become partners Already the first Canal Place building promises to return a profit of $1 5 million a year. Major tenants are moving in: South Central Bell, Brooks Brothers Coopers & Lybrand. For the next buildings, Canizaro has signed up Britain's Trust Houses Forte to put in a 500-room luxury hotel and made a deal with Saks Fifth Avenue to open a store...