Word: importance
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Dates: during 1960-1969
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Castello quickly introduced reforms, but he went at his job like a surgeon with a dull knife. In a series of decrees, he tightened credit, cut government spending 30%, canceled ruinous import subsidies, and brought the rate of inflation down to 41% by last year. To clean out Communists and political corruption, he stripped almost 800 Brazilians of their political rights and abolished all political parties except for a catchall government party and a token opposition. To guard against any return to the old ways, he also wrote a new constitution that provided for indirect presidential elections by Congress...
...leaders is that they are all women. One of them, Mrs. Tran Thai Muor, is vice president of the Saigon Chamber of Commerce. Another, Miss Bich Tuy Truong Thi, is general manager of Socipha, a drug manufacturing house. Others are involved in retail selling, manufacturing, pharmacetuicals, chemicals and textiles, import-export business...
...densest jungle thicket for about $50 an acre; with older methods, the cost can run as high as $500. Beyond immediate clearing jobs, Caterpillar can expect to reap long-range benefits from seeing foreign countries become agriculturally self-sufficient. Explains Blackie: "If they don't have to import wheat, they can import machinery...
...machinery and by handing back more in export rebates than it takes out in turnover taxes. France, when the Italians suddenly grabbed 221% of its refrigerator market in 1962, complained that Italy was exploiting sweatshop labor. It thus won Common Market permission to impose a "compensatory" tax on such imports while French industry modernized to meet the competition. After the tax was repealed, the French tried raising import duties and imposing inordinately rigid border inspections in vain efforts to stem the appliance flow. Now. France is considering an official protest to the Common Market Commission...
...that were not enough, the company expects the just-negotiated Kennedy Round tariff cuts to squeeze its earnings further. Many U.S. chemicals have long been protected by unusually high import duties, and in order to win European agreement for freer trade in such fields as farm produce, tobacco and aluminum, U.S. negotiators agreed to hefty reductions in chemical levies. With those blows, plus a 30% loss in earnings after the Government forced the company to disgorge its 63 million-share holding of General Motors, the price of Du Pont stock has fallen almost 50% from its 1964 high...