Word: chiles
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...Chile's rugged, reformist Christian Democratic President Eduardo Frei is nothing if not ambitious. Not only has he promised to end Chile's spiraling inflation and redistribute the land-but he has challenged an even more sacred institution: the three-hour lunch hour, with its hallowed tradition of siesta...
...downtown Santiago, Valparaiso and Concepción, many of whom live six or seven miles from their jobs, have spent most of their lunchtime stalled on buses in traffic jams. So when Frei's government, seeking to boost efficiency and save electricity, last year asked the University of Chile to make a survey, results showed 94.6% favoring an uninterrupted working day, with only 4.5% opposed to the idea...
...difference. Whether because it wished to re-emphasize its position as a pace-setting copper producer or because of some genteel arrangement whereby it drew the task of moving first, Union had decided on a price hike. Within two days, companies in two other large copper-producing countries, Chile (560,000 tons annually) and Zambia (750,000 tons annually) upped their price to 42? also. Smaller copper countries followed suit, and last week the 40 increase had settled fitfully on the copper industry...
...simple fact is that the world requires more copper than is being mined. And as it has in many other fields (see U.S. BUSINESS), the Viet Nam war has been making additional demands on the already strained copper supply. The supply is also being threatened by strikes in Chile, the possibility that Rhodesia will cut off neighbor Zambia's supply routes and, as ever, the unsure state of Congo politics. Such a sellers' market was too much to resist for Chile, Zambia and the Congo, all of whose developing economies are largely based on the metal...
...Shell-Shocked." Companies like Anaconda and Kennecott, which both have giant mines in Chile, are not so happy about the increase. They remember that, in the volatile copper market of the past, exorbitant prices have driven buyers to find-and stay with-such substitutes as aluminum and plastics. And if the "fixed" 42? price is high, the uncontrolled price is even higher. The large companies, which set their own price, normally sell only to large and regular customers; smaller buyers must compete for the remaining 30% of the copper supply on commodity markets like the London Metal Exchange, where last...