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...eliminated $140 million in taxes owed by Shell Oil Co. affiliates, a business whose roots in the U.S. go back 86 years. It erased $103 million in taxes owed by International Paper Co., which opened its doors 100 years ago. And it voided $96 million in taxes owed by Dow Chemical Co., which was established 101 years...

Author: /time Magazine | Title: Corporate Welfare: Paying A Price For Polluters | 11/23/1998 | See Source »

...could have trained for, and that neither could have predicted would undo the Speaker rather than the President. Even as Gingrich set to sharpening the blades of the guillotine, his adversary stayed on message, made peace in the Middle East, waved John Glenn back into orbit and watched the Dow follow close behind, as Gingrich produced an impeachment spectacle that left voters gagging, and a budget that drew the same response from his own party. By the time the routine midterm election had dissolved into a humiliating defeat Tuesday at the polls, it was suddenly Gingrich whose judgment was challenged...

Author: /time Magazine | Title: Fall Of The House Of Newt | 11/16/1998 | See Source »

...hallways of the White House to the halls of a major teaching hospital. What a welcome change! The American public is far more interested in the activities of the intern whose job involves saving lives than in those of the intern who played naughty games with our President. ANN DOW West Deptford...

Author: /time Magazine | Title: Letters: Nov. 2, 1998 | 11/2/1998 | See Source »

...slowdown, or growth recession or whatever, will bite much harder into corporate profits. They are already dwindling, to the grief of investors who saw the Dow Jones industrial average plunge from a July 17 high of 9337 to an Aug. 31 low of 7539, at least partly because it became obvious that earlier expectations of a continued smart rise in profits were wrong. Wyss expects after-tax profits to drop about 2% this year and stay essentially flat in 1999, perhaps rising a nearly invisible...

Author: /time Magazine | Title: Quarterly Business Report: Goldilocks Gone | 10/12/1998 | See Source »

...anything stop the financial panic that has swept from Asia to Russia to Latin America? On Wall Street last week, jittery traders dismissed the Federal Reserve's quarter-point cut in interest rates as too puny and sent the Dow Jones industrial average plunging 448 points in two days. In Washington State, farmers watched helplessly as their grain piled into huge drifts for lack of Asian buyers. In slumping Brazil, Ford and General Motors, which only recently completed new plants in the country, had to cut production drastically. And the future could be grimmer still, according to the International Monetary...

Author: /time Magazine | Title: Stickier Money | 10/12/1998 | See Source »

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