Word: hammerism
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...Chairman Hammer's Venture
...Armand Hammer seems to go on forever. Last week he formally teamed up with a people who have gone on forever, the Chinese. The 85-year-old chairman of Occidental Petroleum signed an agreement with the People's Republic for the largest Sino-U.S. deal yet: a $580 million venture to mine coal from a huge pit at Antaibao, 310 miles west of Peking...
...Hammer is an old hand at working with governments nervous about outsiders. In the 1920s he struck business deals with the fledgling Soviet state, and to this day Moscow holds Hammer in the highest trust. Two weeks ago, Hammer asked the Kremlin for permission to make a short cut across the Soviet Union to Peking from London, where he had been dining with Prince Charles. The unusual request was swiftly granted...
Once in China, Hammer received equally good treatment. The signing was toasted at a sumptuous banquet at Peking's Great Hall of the People. Hammer had timed the event to coincide with President Reagan's trip, but the President was sightseeing in Xian that day. So the confident Hammer spoke for him: "I know he's very pleased that I've done this...
...Hammer is not concerned about the recent weak price of coal, which dropped from $52 to $40 a ton in the important Japanese market last year. He believes oil prices are on the rebound and that the price of coal will go up. In the Chinese deal, the price will be allowed to float with world supply and demand, but the miners' wages still have to be worked out. At one point, the Chinese insisted that their miners be paid $12 an hour, nearly what U.S. miners get on average. Occidental thought that was unreasonable...