Word: dropped
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Dates: during 1970-1979
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...military hardware has left the Shah open to charges that some of that money - which has helped him hold the allegiance of the military - should have been spent to improve civilian living conditions. Though a booming city, Tehran suffers a severe water shortage. Housing costs have shot up. The drop in oil income in the past three years (because of the fall of the dollar), though only 3%, found Iran financially overextended. As a result, many development projects simply came to a halt. Inflation leaped to 50% a year, profiteering became widespread, and the confluence of troubles served to highlight...
...announced that the Harvard College Fund Drive for 1978 raised a record $6.31 million, surpassing its goal by $60,000. Nonetheless, donations from the Class of '78 were way below expectations, owing to a boycott by many seniors who protested the University's investment policy on South Africa. The drop in donations "indicates that many students are committed enough to withhold what the University needs--which is money," a member of the Southern Africa Solidarity Committee said...
EXXON, the world's largest energy concern, suffered an 8% drop in profit last year, to $2.4 billion, but only because the weakness of the dollar increased the number of greenbacks that will be needed to pay off its foreign debts. In the first half of this year, however, its net increased 13%, to $1.4 billion, and the quarterly dividend was raised 10? a share, to 85?. Exxon is a prize example of strength begetting strength. It has bid top dollar on the choicest drilling leases around the world and has participated in all the major new finds...
...bittersweet flavor laced the economic news last week. On the good side, the consumer price index, after racing ahead at an average annual rate of 10.8% in the three months ending in June, slowed down a lot in July, chiefly because of a drop in food prices. On an annual basis, the index rose only 6%, the smallest increase since December. Unemployment also dipped, falling to 5.9% in August from 6.2% the month before. The bad news was that after months of steady improvement the nation's trade deficit in July came in at a scary $2.99 billion, nearly...
...trade front, the most disquieting aspect of the July deficit is that it occurred despite a drop of 4.5% in oil imports. Most of the increase in the deficit came from imports of automobiles, machinery and other goods. Though the import flood is expected to ease off eventually, this year's trade deficit will probably hit a record $30 billion or more. The bad trade news sent gold prices up and all but kayoed a brief comeback of the dollar on foreign exchange markets...