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...collect more in taxes on petroleum imports than OPEC does when it exports the crude. Eventually, everyone stands to lose. The world's poorest countries have borrowed so much to pay for oil that their accumulated indebtedness has risen to more than $210 billion. Such major U.S. lenders as Citicorp and Chase Manhattan have huge loans out to India, Pakistan, Turkey and many other countries. Fears are rising that sooner or later some borrowers will not be able to afford even their interest payments. The threat is not simply of defaults leading to instability, but of worsening hunger and unrest...

Author: /time Magazine | Title: Inside the Big Oil Game | 5/7/1979 | See Source »

...earns an estimated $250,000 a year from personal appearances, endorsements and royalties from souvenirs bearing his image (T shirts, ashtrays, place mats, coffee mugs). The owner of Yarborough's car is Junior Johnson, one of the roughriding pioneers of the sport, and their sponsors are Busch beer and Citicorp. Campaigning a stock car today costs as much as $1.2 million a year. Yarborough is supported by a 17-man staff, including a pit crew of seven. They not only tune the 560-plus horsepower engine of his Oldsmobile to howling perfection, but perform miracles in the pits. They have...

Author: /time Magazine | Title: Sport: Beware These Sunday Drivers | 4/30/1979 | See Source »

Because customers buy the systems outright rather than leasing them, simple functions like moving phones and changing numbers can be performed easily by company employees at minimal cost. The systems also save money by automatically routing long-distance calls through the most cost-efficient trunk lines. Citicorp's 1,500-phone Danray system is expected to save $10 million over the next decade. Another major multinational firm installed a 2,500-phone system for $3 million and expects the savings to balance that cost in three years...

Author: /time Magazine | Title: Business: Phonomania and Future Talk | 3/5/1979 | See Source »

Playwright Pomerance has been scrupulously conscientious about the facts. Even so, The Elephant Man is more than docudrama. It is lofted on poetic wings and nests in the human heart. The production, in the off-Broadway Theater of St. Peter's Church (in Manhattan's Citicorp Building), is done with impeccable taste and graced with skilled key performances that equal or surpass anything to be seen at present in the New York theater. Displaying no cosmetically applied malignancies, Philip Anglim 's Merrick is like some sort of simple, twisted saint...

Author: /time Magazine | Title: Theater: Freak No More | 1/29/1979 | See Source »

...their Pennzoil Place in Houston (1976). Johnson calls it "shaped modern"-the glass slab with shears and cuts. Sometimes it is combined with mirror glass. This fashion for veiling the mass in shine, or dissolving it in reflections, can be seen in the polished aluminum skin of Hugh Stubbins' Citicorp Building in Manhattan...

Author: /time Magazine | Title: Doing Their Own Thing | 1/8/1979 | See Source »

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