Word: citibank
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Dates: during 1970-1979
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...shared in the improved second-quarter performance. Steel profits were down 26% from the first quarter, utilities 8%, and aluminum and other nonferrous metal producers 11%. Airlines flew in the red because of high jet-fuel costs and an un-economically low percentage of filled seats. Overall, though, the Citibank study painted a brighter second-quarter earnings picture than many experts had expected. Says Citibank Economist Robert Lewis: "The upturn in earnings is further proof that the economy has begun to bounce back...
Compared with a year ago, to be sure, profits still look bad. Citibank calculates that second-quarter earnings of the 1,331 firms in its survey fell 17% below a year earlier (see chart); manufacturers were down 22%. Scruggs predicts that for all of 1975, corporate earnings will sink 20% to 25% under 1974-the most severe year-to-year drop since...
...many companies were swollen by inflation, which raised the prices of goods the companies held in bulging inventories. During 1975, these artificial profits have largely disappeared: companies have drastically reduced their inventories, and the prices of merchandise remaining in stock are rising less rapidly. During the second quarter, Citibank calculates, less than 10% of all corporate pretax profits were traceable to rising inventory values, v. nearly 33% during the same three months of 1974. Inventory values, the bank's economists believe, should continue to be less of a distorting factor in profit reports for the rest of this year...
Jugular Vein. Other experts, among them Citibank Economist Leif Olsen, doubt that the shortfall will be that severe. Yet the price of avoiding crisis, the optimists agree, will be a sharp scaling down of the nation's investment goals through the mid-1980s. In a recent study sponsored by Washington's Brookings Institution, Harvard's James Duesenberry and two other economists derided "Cassandras" who are forecasting a shortage and concluded that "we can afford the future, but just barely." The Duesenberry study contends that Government can be counted upon to come to the rescue: by running...
Even if oil nations moved beyond their present stated desire for partnerships - since they lack managerial skills - and at tempted to exercise control, that would not necessarily be dangerous. As Citibank's Wriston points out: "The purchase of equity control of a company does not remove market forces and does not remove the law. Lever Brothers is wholly owned by foreigners, and it has to get in and shlep along...