Word: hard-hitting
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Southeast Asia. Pakistan, hard-hit by a rice famine, asked the U.S. to set up a food bank stocked with 1.000,000 tons of wheat and rice in Pakistani territory. From it Pakistan and other countries in the region could borrow in emergencies. For a U.S. burdened by wheat and rice surpluses, the plan was attractive if it could be carried out without disrupting Southeast Asia's touchy rice economy. At State the Pak-plan was taken "under active consideration...
Loyal Dealers. The company's hard-hit dealers, stockholders, customers and 55,000 striking employees were sorely in need of assistance. The longest U.S. strike since 1950 had cost I.U.E. and the independent United Electrical Workers $84 million in wages. The union was paying out $250,000 a week in strike benefits, and Westinghouse had piled up over $250 million in losses. A big question: How long will it take Westinghouse to make up its strike losses, win back its competitive position...
...wake of the recent disastrous floods in New England, Connecticut's Governor Abraham A. Ribicoff loudly denounced as "ghoulish" reported attempts to lure hard-hit industries to the flood-free South. Actually, no industries have left the state as a result of the floods. But his suspicions were understandable. With industry spending a record $27.3 billion on expansion this year, almost every state, county and city in the nation is hungrily trying to lure new industries. Says Victor Roterus, area development chief for the U.S. Commerce Department: "Competition to get new industry has never been rougher...
...back. The steel industry, which has been poking along at less than 70% of capacity for nine months, noted a marked upswing in orders. Pittsburgh Steel scheduled a rise in its operations from 80% to 100%, and President Avery C. Adams said: "I'm terribly optimistic." For the hard-hit textile industry, Burlington Mills' Chairman Spencer Love announced that the "turning point" has been reached...
Last week he opened emergency-loan offices in Providence, New Bedford, Mass., four other hard-hit cities, and flew off to New England to check on loan requests. Among them: a Kittery (Me.) lobsterman wanted $1,500 to replace his lost boat; a Providence clothing store wanted $10,000 to replace its ruined merchandise; a New Bedford cotton mill wanted $75,000 to repair wrecked machinery. At week's end SBA offices were getting ready for more disaster loans for damage caused by Hurricane Edna (see NATIONAL AFFAIRS...