Word: exporters
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...read in a TIME cover story about MacArthur's triumphant 1944 return and the battle of Leyte Gulf. The Philippines finally gained full independence in July 1946. As a cover story on the occasion observed, President Manuel Roxas took over a war-shattered country with "no national economy, no export trade. Next to Warsaw, Manila is the world's most devastated city." Two decades later, in a laudatory account of President Marcos' efforts to beef up the Philippine economy, stave off the Communist-dominated Huk rebellion and give the nation a sense of identity, TIME suggested that in a country...
...issue is Madrid's claim that the Marquesa left Spain in 1983 in violation of export laws. In that year the painting was sold to British Art Collector Lord Wimborne by a Mallorca businessman for an undisclosed sum. Spain says the export documents that accompanied the artwork were spurious, a charge that both Wimborne and Christie's deny. A London art dealer involved in the sale to Wimborne apparently was told that the necessary export permit was expedited by a Spanish official who owed the Marquesa's former owner a "favor." Christie's insists that the auction will take place...
...biggest casualty of dropping prices will be Mexico, which owes foreign creditors $96 billion and earns about 70% of its export income from oil. Mexican financial officials told creditor banks only last December that the country would need to borrow an additional $4 billion to stay abreast of its payments during 1986. But declining oil prices changed that estimate almost overnight. When Mexican government officials met again with bankers last week in New York, their projected borrowing needs had increased to $9 billion...
...worth 81 cents as recently as 1983, is somewhat enigmatic. The economy is growing at a healthy 4% annual pace, and inflation is only 4%. Falling oil prices may be one cause of the dollar's dip, but petroleum accounts for only about 5% of Canada's merchandise export revenues. Probably more damaging is the government's deficit, which was about $34 billion (Canadian) last year. To strengthen the dollar significantly, says Ben Gestrin, vice president of the Canadian Imperial Bank of Commerce, the government must prove that it will "pull its socks up." Translation: cut spending...
...names were at the Houston Auto Show: General Motors, Ford, Chrysler, Volkswagen, Toyota and Nissan. But the name that attracted the most attention was a new one: Hyundai (rhymes with Sunday). Hyundai is the first South Korean company to export cars to the U.S. At the Houston show and at the National Automobile Dealers Association convention in New Orleans, Hyundai last week unveiled its new Excel, a front-wheel-drive subcompact with an enticing base price of $4,995. The company is launching Excel with a $25 million advertising campaign and confidently predicts that it will sell 100,000 vehicles...