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...million. Fernando Valenzuela also won $1 milion, in arbitration against the Dodgers. Steve Carlton's, reaction was to renegotiate an even richer deal with the Phillies, making him the highest-paid pitcher in baseball ($1.15 million). After an off-year once, Carlton volunteered to renegotiate a contract downward and was accommodated, so this was a square deal. He needs 75 strikeouts to break Walter Johnson's record of 3,508, but then Gaylord Perry requires just 57 and Houston's Nolan Ryan merely...
Even as the negotiations dragged on, the downward squeeze on oil prices grew increasingly intense. The Soviet Union lowered the price of its crude exports to Western European customers by $1.25 per bbl., to $28, the second cut in six weeks. British Petroleum, one of the companies that pump Britain's oil, added to the pressure on OPEC by arguing that North Sea crude should be priced at least 750 per bbl. lower than Nigeria's high-quality Bonny Light. North Sea oil now sells for $30.50, higher than the Nigerian price of $30 that was set last...
...repeat, OPEC is the residual supplier of energy to the rest of the world. As such, it is the supply source most profoundly affected or multiplied by swings, downward or upward, in world energy markets. If, as now expected, world economic growth picks up this year, the resulting recovery in demand for OPEC oil could be disproportionately large. Indeed, falling oil prices will speed economic recovery while undercutting investments in non-OPEC energy supplies and a wide range of conservation efforts...
...Foreign Minister, Hans-Dietrich Genscher, bolted the government coalition and joined Kohl's Christian Democrats. The Free Democrats' motive: disagreement with the Social Democrats over how to reverse the nation's declining economic fortunes. Branded as "traitors," by the SPD, the Free Democrats began a downward slide in public esteem, and for a while it seemed that they might not win the 5% of the vote necessary to hold seats in the Bundestag. If neither Kohl nor Vogel had won an absolute majority last Sunday, West Germans might have then been faced with a parliament in which...
Last week, after a year in which the domestic makers lost $3.3 billion in their steelmaking operations, the industry's long-rising wage curve bent downward. The union and the major companies agreed to a new 41-month contract that temporarily cuts Steelworkers' pay by 9% - about $1.25 off the basic hourly wage. The pact gives up other things...