Word: exporters
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...mystery how Moscow coped with the grain embargo. Once the Soviets were cut off from all but 8 million of the 27.5 million metric tons of grain they wanted from the U.S., they simply began offering premium prices to other grain-exporting countries. Argentina, which refused to honor the embargo from the beginning, increased its export earnings last year by an estimated 30% through sales to the Soviets. In November, Canada and Spain announced that they were stepping up exports to the Soviet Union. The Canadians originally supported the boycott but then withdrew from it because they claimed that American...
...contend that the embargo seriously hurts their profits. Indeed, the outlook for the American farmer has seldom seemed brighter. Prices have been rising fast, and the market for U.S. grain continues to expand. Says Agriculture Department Analyst Paul J. Meyers: "The long-term trend is for growth in the export trade and for relatively higher prices." Meyers predicts that the U.S. will export 1.53 billion bu. of wheat in the current fiscal year, compared with a record 1.38 billion last year. The average price is expected to climb from $3.82 per bu. to more than $4. Exports of corn...
...their home bank accounts. New York's Citibank plans to move its 5.8 million-customer credit card operation to South Dakota to take advantage of higher interest rates permitted there. San Francisco's Bank of America has opened branches in Seattle, Dallas, Minneapolis and Cleveland to finance export business for corporations in those cities. These branches could easily increase their services if interstate banking is permitted. Bank of America's outgoing president, A.W. Clausen, praised the White House proposal, saying that "interstate banking will foster a competitive market benefiting consumers...
...Europeans have not been able to agree on a unified approach for battling the Japanese. In November, auto-industry representatives from France, Italy, Sweden, West Germany and Britain went to Tokyo to plead for export restraints. But at exactly the same time, Volkswagen Chairman Toni Schmücker was busy arranging an important deal with Nissan, maker of Datsuns, that could eventually lead to the production of up to 200,000 Volkswagens in Japan. Said one Volkswagen official: "I think there's an American saying for it: 'If you can't beat 'em, join...
...important reason will be the renewed upward thrust of oil prices. The 13-nation OPEC oil cartel last week raised its export prices by 6% to 10%, and oil producers warned of possible additional increases in 1981 (see following story). Meanwhile in the U.S., more and more domestically drilled crude is being marketed at sky-high world prices as a result of the continuing phaseout of domestic crude oil price controls. Democrat Otto Eckstein, president of Data Resources, an economic forecasting firm, estimated that rising petroleum prices will add 2.2 percentage points to the nation's consumer price index...