Word: high
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Dates: during 1970-1979
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Just as a homeowner struggling with heating bills may turn to his bank for help, the have-not nations are hefty borrowers. Their loans from Western banks and international aid authorities have surged to a dangerously high $300 billion, and are expected to rise some $60 billion next year. The LDCs may be about to run out of credit to cover their bare requirements. Bankers are becoming increasingly cautious now that payments on their Iranian loans are in question, and they are under pressure to diversify their lending...
...bonanza from the gap between the $18-per-bbl. price that Saudi Arabia had been charging, vs. the official cartel ceiling of $23.50. In unregulated markets outside the U.S., Aramco's proud parents have been able to sell their gasoline, heating oil and other products for high prices even though these fuels were made from the lowest-cost cartel crude. Largely as a result, third-quarter profits of Exxon, Mobil, Texaco and Socal jumped by anywhere from 73% to 211%. The revenue surge enraged the Saudis; Oil Minister Ahmed Zaki Yamani argues that Aramco's parents have been...
...officers are extremely wary of divulging details of their business, and slips can prove costly. Example: much of Saudi Arabia's ability to restrain OPEC from driving up prices has depended on whether the Saudis can convincingly threaten to boost production enough to create periodic petroleum gluts. Yet high Aramco officers are among the few people who know the real size of Saudi Arabia's production capacity. Last spring Exxon and Socal divulged to the Justice Department, in its ongoing anti-trust investigation of the oil industry, that Aramco had little spare capacity. That statement helped to undercut...
...morale is high. Even though time clocks and foremen's whistles have been thrown out, Company Chief Broadwater believes workers are putting in longer hours. "We're not martyrs, we just want to see this place go," says Union Leader Ciarniello, who attends board meetings. "I'd make a deal with the devil to keep this place open...
...many of the top French fashion names would simply disappear. Robert Ricci, head of the Nina Ricci firm, openly concedes that his firm could not exist without its worldwide perfume sales. Says he: "It is very difficult to make money out of clothes, and impossible out of haute couture. "High sales volume cannot be achieved with clothes, since no one style can ever have really broad appeal. Perfumes, by contrast, are bought everywhere, in all seasons and by all kinds of people, from secretaries to socialites. L'Air du Temps and other fragrances account for 75% of Nina Ricci...