Word: coaling
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...weaponry. But India's trade surplus with the Soviets has become a major irritant. Last year India exported $1.5 billion in goods, mostly manufactured products, to the U.S.S.R., while its Soviet imports came to only $1.4 billion. To help right the imbalance, New Delhi agreed to purchase newsprint, coking coal and other raw materials...
...addition to the new credit package, which will finance four hydroelectric, coal, steel and oil-exploration projects, the two countries signed agreements expanding consular facilities and cultural programs, including a Festival of India for the Soviet Union similar to the one that traveled to the U.S. last year. Gandhi turned down a Soviet offer to build two nuclear power plants. India already has the capability to build them and wants to avoid dependency on Soviet nuclear-fuel supplies. Indian officials took a cautious line on a Soviet offer to provide military equipment to counter any Airborne Warning and Control System...
...coming. A leading shipbuilder announces that nearly 40% of its workers will be laid off, and those who keep their jobs will have to take 10% salary cuts and a 50% slash in their usual year-end bonuses. Thousands of steelworkers are idle, as mammoth steel furnaces stand silent. Coal mines are closing, and even some automobile assembly lines are shut down...
Still, not all Japan's troubles can be traced to the yen. Some of the country's older industries, including steel, shipbuilding and coal mining have been declining for the better part of a decade. One reason: they face fierce competition from what economists call the newly industrialized countries, like South Korea, Taiwan and Brazil. The NICs compete largely by paying lower wages. The average hourly salary of a South Korean steelworker, for example, is one-sixth the level of his Japanese counterpart...
Hong Kong, which earlier this year banned imports of South Africa's gold Krugerrand coins, extended the sanctions to iron and steel. Imports of South African coal and diamonds, however, will still be allowed. Hong Kong also asked firms in the British crown colony to halt voluntarily new investments and loans to South Africa. Said Piers Jacobs, financial secretary of Hong Kong: "The measures would bring Hong Kong in line with those governments that are our principal trading partners...