Word: exportability
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Dates: during 1970-1979
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Anticipating the investigations that would inevitably follow Black's suicide, United Brands, a conglomerate with 1974 sales of $2 billion, admitted three weeks ago that it had bribed a top Honduran official last year in order to gain lower banana-export taxes (TIME, April 21); suspicion immediately focused on President Lopez. The Honduran commission has not yet unearthed any hard evidence that pinpoints Lopez, but the fact that he was the only official under investigation who refused to allow a review of his foreign bank accounts was considered sufficient grounds for his dismissal. The force behind the coup...
France so far is leading the export race, showing marked ability to sell "product-in-hand" plants-highly automated factories already functioning with trained personnel. Premier Jacques Chirac recently agreed in principle on more than $6 billion worth of contracts in Iran: a subway for Tehran, a steel mill, an auto assembly plant, a color television system and 200 housing units. In Iraq, he signed a similar $3 billion deal...
...public admission that last year it had paid a $1.25 million bribe to a high official in Honduras-and speculation immediately centered on none other than the chief of state of the country, Oswaldo Lopez Arellano. The bribe was offered in order to win a reduction in a 500 export tax on every 40-lb. box of the bananas that United Brands grows in Honduras and sells in the U.S., mostly under the "Chiquita" trademark. The company's statement said that Black had authorized the bribe and another of equal size that was to have been paid later...
...recent months the criticism of Somoza has become even more bitter. Nicaragua's chronic crisis has been exacerbated by rising food costs, seen by the people as an indication that Somoza is speculating in prices (certainly the shift in rural production from foodstuffs to the more profitable export crop of cotton has contributed to the hike, and Nicaragua's food prices are clearly higher than those in neighboring Central American countries.) Additionally, the housing shortage in Managua remains acute, and a two-month strike of construction workers has halted all rebuilding save that which takes place protected by armed guards...
...impact of the world shortage on the United, States was accentuated by several other developments. The 1972 fish catch off the Peruvian coast was a failure, reducing the supply of protein meal available to European markets and in turn increasing the export demand for soybean and soybean meal in the United States. The failure of the peanut crop in South Asia and parts of Africa further contributed to the shortage of protein meals. The major devaluation of the dollar made the United States a particularly cheap place to acquire needed proteins and hence acted to increase the demand...