Word: contractive
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Morale suffered its greatest blow last month when 125 news positions were eliminated and 74 employees were dismissed. The cutbacks followed CBS's decision in August not to renew the contract of Supreme Court Correspondent Fred Graham, who reportedly earned $250,000 a year. The reductions, which affected 10% of the 1,250-member staff, were designed to help pare $6 million from the division's estimated $225 million budget. Though the savings were part of a company-wide austerity program put into effect after CBS bought back 21% of its own stock for nearly $1 billion last summer, some...
Even a Prime Minister can become a Washington lobbyist when a big military contract is at stake. But despite a personal appeal from Prime Minister Margaret Thatcher to President Reagan, the U.S. Army last week chose a U.S.-French consortium to supply it with a sophisticated, $4.3 billion field-radio system. In one of the largest U.S. military contracts ever awarded for a foreign-designed system, the Army picked RITA, a joint venture by France's Thomson-CSF and GTE of Stamford, Conn., and turned down a competitive system offered by the British-American combine of Plessey Co. and Rockwell...
Russ Togs signed Brinkley to a three-year contract in the hope that she could help them get into the upscale sportswear market, but the effort largely failed. Brinkley blames Russ Togs for not promoting her product after an initial push. Says she: "The Russ Togs management was not equipped to put ideas into action...
...alumina refinery at Gladstone in central Queensland, the first plant of its kind to be built in the world for 20 years. The first liquefied natural gas shipments will begin next year from the North West Shelf to Guangdong province: the start of a 25-year, $A25 billion contract that took many Australians by surprise when it was announced in 2002. The country's largest ever export deal, it was negotiated by Australia's Woodside Petroleum with the help of the Australian government. Other LNG projects are now in the works, with China a key customer...
...could have been even higher. Long queues of ships kept waiting off Dalrymple Bay in Queensland to load coking coal for China symbolize the problems. In this year's iron ore negotiations, Chinese buyers settled for a 71.5% price increase (BHP Billiton, fresh from securing a 25-year supply contract, had sought to double its price via a rise in the freight rate it charges mills). Chinese officials say supply bottlenecks are to blame for the price hikes. Ambassador Fu has raised the issue with Australian officials. "There is strong investment in the minerals field, but not enough to meet...