Word: consortiums
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Daimler-Benz, Western Europe's largest manufacturer of heavy trucks, as well as the producer of the elegant Mercedes automobiles, is trying to line up a consortium of Common Market truck makers for the Soviet project. Discussions are already under way with France's Renault. Another likely member is Italy's Fiat, which is building a huge auto plant in Stavropol, which was renamed Togliatti in honor of the late Italian Communist leader. Daimler-Benz wants help in financing the $1.09 billion project; the Soviets will repay the loan over a long term at rates...
More important than financing, however, is the fact that Brandt's government does not want the German company making deals alone with the Soviets. By organizing a West European consortium, Bonn wants to emphasize to the Soviets that its own economy is completely interwoven with that of the European Economic Community and thus discourage possible Soviet notions about luring West Germany into a neutralist position with economic deals. Also, by bringing in other European firms, the West Germans hope to reduce the offense to Washington, which had applied pressure on Henry Ford II to turn down a similar Soviet...
...consortium of Mississippi banks, two of them led by members of a presidential advisory committee on school desegregation, has loaned the Citizens Council $600,000 to operate schools in the Jackson area. Even the Federal Government seems to be cooperating. The Internal Revenue Service has granted tax-exempt status to any school that declares an open-admissions policy. IRS accepts such declarations on trust. Only eleven schools, all of which have refused to sign such meaningless statements, have been denied the tax preference...
...Queen Elizabeth's woes have become even more acute since Cunard sold the ship last year for $8,600,000 to an American consortium, which hoped to convert her into a hotel in Port Everglades, Fla. Unable to raise money, the group sank into bankruptcy. The Elizabeth is scheduled to be auctioned off Sept. 9, and her future is uncertain. The Port Everglades Commission, the municipality's governing body, has decreed that the ship must leave the harbor by December. The pollution-control office of Broward County, in which the liner is moored, has cited her smoky stacks...
...influx of German capital and technical and managerial know-how on which Russia rests its hopes of bridging its technological gap with the West. U.S. Defense Secretary Melvin Laird may be able to pressure Henry Ford out of building a truck factory in the Soviet Union; but a European consortium headed by the German firm of Daimler-Benz is a highly acceptable alternative...