Word: dollar
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Dates: during 1970-1979
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Because of massive oil imports and deep inroads into the American market for steel, color TV, microwave ovens and other products made by aggressive foreign competitors, the U.S. trade deficit is ballooning toward $30 billion, about five times the 1976 figure. That has sent the dollar to new lows against such currencies as the Japanese yen, German mark and Swiss franc, and set off a protectionist clamor for restrictions on imports to save American jobs...
...surest way to redress the nation's lopsided trade balance and stabilize the dollar is to slow the flow of foreign oil into the U.S., which is the chief goal of the President's energy program. The complex energy bill is now before a House-Senate conference, and last week the conferees approved one of the key Administration-supported measures. The legislators tentatively accepted the "gas guzzler tax" in just about the form the President first presented it. Under this law, which would take effect next fall, cars delivering less than 15 m.p.g. will cost an extra...
Since then, Barnes, who is self-educated and a constitutional-law buff, managed to work his way up from just another Harlem pusher to the reputed Godfather of a multimillion-dollar drug empire. In the process, he is said to have established a close and profitable relationship with the Mob. Reported one black detective to TIME Correspondent John Tompkins: "We recently saw a guy from Mulberry Street [in Manhattan's Little Italy] meeting with Nicky Barnes at a place in The Bronx [on Barnes' turf]. A few years back, Nicky would have had to go downtown...
...guaranteed lifetime employment in the companies they joined fresh out of high school. Fukuda has announced two programs of higher spending to push up the economy, with little success so far. Yet the value of the yen, buoyed by the bloated trade surplus, has climbed 20.5% against the U.S. dollar this year and is expected to cut the competitive price advantage of Japanese goods in world markets. That would make the revival of the domestic economy even more urgent. Fukuda's new ministers are already working up a still more expansionary supplemental budget...
...chain's sales rose from $5.4 billion to $7.2 billion, but profits fell from $56 million to less than $14 million. They are likely to shrink this year to near invisibility. Even in 1976 A. & P. earned a mere tenth of a cent on each dollar in sales. The company yielded top sales rank in the supermarket business to Safeway (1976 volume: $10.4 billion) in 1973. Now it is close to being overtaken as well by Kroger (1976 sales: $6 billion). A. & P. shareholders are understandably disgruntled because they have received dividends in only two of the past five...