Word: citicorp
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...pressure builds on U.S. companies to leave South Africa, the caravan of departing corporations grows steadily longer. More than 100 U.S. firms have quit the land of apartheid during the past 2 1/2 years, and last week three big names -- Citicorp, Ford and ITT -- joined the crowd at the exits. The magnitude of the American pullout has raised some crucial and highly controversial questions: What happens to the businesses that U.S. companies abandon? Are South Africa's blacks better or worse off? Has divestiture had any impact on the country's economic and political climate...
...setback stemmed from an accounting change that put aside $1.1 billion in case the bank's Latin American debtors start defaulting on $7.3 billion in loans. This dose of preventive medicine, prompted by archrival Citicorp's similar move, may eventually strengthen BankAmerica. But it could force the company to sell off some major assets, including the Seattle-based Seafirst bank, acquired...
...familiar sight on magazine covers and TV screens, while his name frequently cropped up in everyday household discussions of mortgage rates and car loans. Overseas, his willingness to involve his agency in other countries' economic concerns earned the U.S. large amounts of economic goodwill. Even bankers like former Citicorp Chairman Walter Wriston, who tangled with Volcker on many issues, admired the Fed chief's willingness to do the dirty work of wringing inflation out of the system. Says Wriston: "It took guts to lock the wheels of the world, and I do not know of any other way it could...
Baker appeared to undergo another setback with last month's decision of major U.S. banks, led by Citicorp, to write off sizable portions of their < Third World loan portfolios. As a result of that move, many economics experts now think the so-called Baker Plan for developing economies is essentially dead. The Treasury Secretary, however, remains sanguine. He lauded Citicorp's debt write-off, for example, as a "positive" step. One reason: the approach reduces the likelihood of wholesale default by debtor nations...
...expansion, the leaders must try to make stronger commitment to resist the lure of protectionism, which is beginning to cast a dangerous pall over world trade. Another summit priority will be taking further steps to ease the international debt crisis, which is simmering once again with the decision by Citicorp and other big U.S. banks to set aside billions of dollars for anticipated Third World loan losses...