Word: cutbacks
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...hoping to profit from China's opening to the West: Don't push industrialization too fast. Japanese companies suddenly found themselves prevented from fulfilling 30 contracts worth $2.1 billion for plants and machinery, as Peking appeared to have second thoughts about its massive Four Modernizations campaign. The cutback also hit American corporations. U.S. Steel and Bethlehem Steel, both of which were on the verge of closing multimillion dollar deals for the sale of equipment to develop iron ore mines, were told by Chinese officials that the agreements would have to be deferred until further notice. Plans for Inter...
...applicants are offered the same tuition reductions at every school. If Brown's admissions committee has given A's to more needy students than the college can afford with its $1.25 million financial-aid budget, a few A's will become Z's, a cutback Brown has been forced to make only twice in ten years...
Much of what the cartel does now will depend on Saudi Arabia, whose share of OPEC oil production has soared from 26% to 34% since the Iranian cutback. The Saudis have long been regarded as the principal force for price restraint in the cartel, but statements from Riyadh last week were discouraging. After calling for urgent OPEC consultations, the Saudi government merely promised that it would not raise prices until after the end of March. Oilmen read that as a plan to boost in early April...
...least, the sales cutback will now make it more difficult-if not impossible -for the Administration to meet its already doubtful goal of chopping as much as $8 billion off the U.S.'s record 1978 trade deficit of $28.5 billion in the year ahead. A continuing deficit of that magnitude means yet more dollars pouring out of the U.S., and that in turn is bound to lead to further wild gyrations in currency values during 1979. Warns Alan Greenspan, former economic adviser to President Ford: "The non-oil consequences of the turmoil in Iran are likely to be even...
Fortunately, most defense suppliers will be able to absorb at least the immediate impact of the cutback. As is the case with nearly all U.S. military exports, the Defense Department protects manufacturers by routinely requiring buyers to deposit enough money in a Government-administered trust account to cover a company's start-up costs under a contract. The money, which in the case of Iran totals $500 million, is held in escrow until work is completed and all the equipment has been delivered and paid for. At the same time, the contracts themselves also normally require buyers to make...