Word: cutbacks
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...Cutoff. Putting economic pressure behind their proposals, the Arab nations announced a cutback in oil production for export, pegging it at 5% each month. Aimed mainly at the U.S., the move was also intended to exert pressure on Washington through the nations of Western Europe and Japan, which are more dependent on Middle East oil than is the U.S. Saudi Arabia promptly went further, first declaring an immediate 10% cutback in oil production and then cutting off all oil shipments to the U.S., as did Abu Dhabi, Libya and Algeria...
There were other problems as well. "The word got out that we were political, which cooled off the fund money," says Pitts, "and there was a general cutback in funds to poverty programs by Nixon at the time...
...charges that STP additive was of little, if any help for engines. Though the company's sales rose slightly in 1972, net profit skidded by $1.7 million, to $6.7 million. Granatelli was drawn into open disagreement with his fellow directors, especially Ruttenberg, who argued unsuccessfully for a cutback in the costly ad budget. Apparently Ruttenberg seized the opportunity to persuade the board to dump Granatelli after a preliminary company report estimated that third-quarter earnings would again be down sharply-even though most of the decline was caused by the Government's summer price freeze...
...negotiable rates later on, but a majority of security dealers have concluded that such variable charges are the only way to stimulate new investor interest. The need for new business is all too obvious. Last week the New York Stock Exchange laid off 55 employees, its third staff cutback in the past year. The word from the American Stock Exchange was almost as dreary. Because of "current business conditions in the securities industry," the exchange mailed out embarrassed notices to hundreds of previously invited guests that its annual cocktail-dinner party for the press had been canceled...
...From the original athletic budget we had to make a cut of over $100,000," Kaufmann said. "But this initial cutback was done with the strict proviso that it would not be taken from the Radcliffe budget...