Word: foreign
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Dates: during 1950-1959
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...crucial question for Africa: Will its nationalist explosions frighten away foreign investment capital? U.S. firms that cannot wait for all the returns to come in are answering the question with cautious optimism. In December, New York's First National City Bank, the nation's third largest, established its second branch south of the Sahara, in Johannesburg. The huge Chase Manhattan Bank has followed suit. Vice Chairman David Rockefeller, 43, just back from a five-week African tour, expects to open up other branches in South Africa. "After that, we will be thinking about moving into the Rhodesias...
...Indian government also controls all news distribution facilities, and by informing the U.S.'s Associated Press that its license will not be renewed when it expires late this month, India moved toward granting a near monopoly on the supply of foreign news. Agence France Presse got shut out when its Indian outlet, the independent United Press of India (no kin to United Press International), founded in the 1930s by leaders of the Congress freedom movement, collapsed last fall. United Press International, seeking a contract to supply Ramanath Goenka's chain, has been pointedly discouraged by the government...
...idea behind India's policy toward foreign news agencies is to protect its only remaining domestic news agency, Press Trust of India, from ruinous competition. It is an ironic fact that by trying to help Press Trust of India (which depends heavily for revenue on the government-owned All India Radio), India is also giving a near monopoly of foreign news service to the agency that supplies Press Trust: Britain's Reuters Ltd., long a symbol to Indians of British imperialism. It is even more ironic that India, which won its national freedom so dearly, has created...
...biggest and loudest of the pending "national security" arguments concerns heavy electrical equipment. A ban on all Government buying of foreign hydraulic turbines and virtually all other equipment is demanded by General Electric, Westinghouse, Allis-Chalmers and other U.S. makers. They contend that U.S. equipment is better and breaks down less, that foreign builders in wartime could not supply parts and services to bomb-damaged U.S. power plants. They admit that they cannot compete with low-wage (about one-third the U.S. average) foreign producers, but plead that the U.S. should support the domestic industry to keep its huge machines...
...Foreign makers contend that this is plain trade nationalism. For one thing, a mere one-half of 1% of the U.S. electric supply depends on foreign generating-equipment. Also, U.S. makers export far more heavy electric equipment than the U.S. imports-$840 million exported, v. $61 million imported from 1952 to 1957. Private utilities have bought little foreign gear, but the Tennessee Valley Authority last month selected Britain's C. A. Parsons & Co. Ltd. to build a 500,000 kw. turbogenerator-one of the world's biggest-at Tuscumbia, Ala., and said that Parsons is indeed "qualified, technically...