Word: drives
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Dates: during 1980-1989
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Mobil's decision was prompted by a change in U.S. tax law that was intended to drive American companies out of South Africa. Since last year U.S. companies can no longer deduct from their American tax bills the taxes they pay to the South African government. That change, which cost Mobil millions in 1988, finally broke its stubborn resolve to stay. Said Mobil Chairman Allen Murray: "This was a difficult decision because we continue to believe that our presence and our actions have contributed greatly to economic and social progress for nonwhites in South Africa...
Gross refuses to disclose his sales, but says his customers include "convenience-store clerks and investment bankers." Not everyone is amused. Max Baril, chairman of the Rodeo Drive Association, the trade group for the chic thoroughfare, says the garbage idea stinks. Says he: "I take great offense that Mr. Gross calls our residents filthy." Not even filthy rich...
...show of force, however, the recovery drive has made little tangible progress. Exxon estimated that it had cleaned a scant 3,300 ft. of beach, leaving 304 miles of oil-covered shoreline to go in Prince William Sound alone. The company claimed that it would pick up the remaining seaborne oil within the next two weeks and scrub all the fouled shoreline before cold weather arrives in September. But Alaskan officials grimaced with skepticism. "Sounds too rosy," said Dennis Kelso, Alaska's environmental conservation commissioner. "Look at Exxon's track record till now -- too little, too late, and too many...
...retail brokerage business, which trades for small investors, and concentrate on large institutional clients. That move and cutbacks in other divisions will slash Drexel's payroll of 9,000 employees by about one-third. In a candid statement, Drexel said "adverse publicity" about its legal problems had helped drive it from the retail market. Earlier this month the company settled a Securities and Exchange Commission suit by agreeing to fire its indicted junk-bond czar, Michael Milken, and submit to intense Government supervision...
...early 1980s. The overbuilding of offices and condos has produced a huge surplus of such structures all across the Sunbelt, and some excess properties even in Northeast states like Massachusetts and Connecticut. "What you're dealing with is the aftermath of , a massive speculative excess. It tends to drive down the value of all real estate," says Austin-based banking analyst Alex Sheshunoff. To make matters worse, mortgage rates have risen a full percentage point in the past year, to an average 11.5%, which has stalled home sales and depressed residential- property values in many areas...