Word: import
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Dates: during 1960-1969
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...four cities, the upper classes scurry for status. Top status symbol: a foreign automobile. In one fantastic series of deals, a year-old Chevrolet Impala imported by a diplomat for $1,680 was ultimately bought by a Bombay movie star for $16,800. Import restrictions have made any foreign item desirable, including electric mixers, irons, refrigerators, hair dryers and record players. West Indian Author V. S. Naipaul, visiting India for the first time, records in his book Area of Darkness the xenophile plaint of a Delhi housewife: "I am just craze for foreign, just craze for foreign...
...future delivery after prices had soared higher. In Shastri's home state, wheat that had been selling for $173.25 per ton doubled in price in a matter of weeks. State bosses then refused to accept Shastri's rationing plan, and India had to double its normal import of grain from abroad -expanding valuable foreign exchange in the process. The U.S. grain supply to India reached 6,650,000 tons - two shiploads a day - and saved the country from sheer starvation...
With Shell Oil and Esso, West Germany's Thyssen steel interests two weeks ago formed a new company, Thyssengas A.G., to import Dutch gas by pipeline and expand its market in the industry-rich Ruhr by vigorous price cuts. In The Netherlands, the Gasunie marketing combine expects a complete changeover by household gas users to natural Groningen gas by the end of 1966. Because natural gas yields twice as much heat as manufactured gas-and thus requires less gas for the same task-most appliances must be scrapped or substantially modified in the process. One result: mountains of discarded...
...Economic Cooperation and Development dismissed Britain's export performance as "consistently unsatisfactory." Seeking to calm the foreign fear, Chancellor of the Exchequer James Callaghan unfurled what amounts to Labor's third budget in nine months: a series of tough deflationary measures that stop just short of import quotas, which would be Britain's last line of defense against devaluation...
Chin Up. Controversy is nothing new to the businessman who controls 60% of the bank's stock, President Chin Sophonpanich, 54. He made-and lost -several fortunes in the export-import trade, fell out with the late Prime Minister Sarit Thanarat, and lived outside the country from 1957 until last year. Even in his long exile in Hong Kong, Chin used his wide international contacts to build up the bank's foreign business, left its local affairs in the hands of a youthful staff. Whatever its reservations about Chin, the government is happy to see his bank prosper...