Word: important
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Dates: during 1950-1959
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...Italy, where Communism is big business, Reale held the key position of party administrator. As such he sat on a three-man committee, supervising the flock of import-export firms which the party has set up or taken over to handle Soviet-bloc trade in Italy. Italian businessmen rapidly found out that the only sure way of doing business east of the Iron Curtain was to let these Red companies handle their trade. By last year, U.S. experts estimate, the firms handled more than half of Italy's $123 million East-West trade...
...disgruntled Zurich lawyer named Bruno Greuter told a reporter from Rome's conservative Il Tempo a startling story. Back in 1951, said Greuter, his friend Reale dropped in at his office, said he was tired of political life, and asked for help in setting up a little import-export business in art objects. Greuter arranged to sell him the stock of an acquaintance's long-moribund holding company, Terbita. But far from quitting public life, Reale got elected to the Italian Senate, and sent a young Italian named Norberto D'Allessandri to Zurich to take care...
Terbita's system was a model of simplicity. The agency would request an import license from France or Britain for some hard-to-get strategic item. With this in hand, it would then get an Italian license to export the raw materials to the allied country. But no consignment ever got to Britain or France. Either in Switzerland or in Belgium, where customs officers paid small heed to in-transit goods, the agency transshipped the stuff-from Switzerland by rail to Vienna and the East, from Antwerp by sea to Polish Gdynia...
Luckily the twelve-story, balconied Hotel El Panama, built five years ago with an Export-Import Bank loan, can luxuriously house hundreds in the presidential parties, including ambassadors attending the concurrent meeting of the Organization of American States. President Eisen hower very likely will stay at the spacious hilltop U.S. embassy residence near by, and other Presidents might also prefer their own embassies, technically native soil. But advisers, minor officials and many newsmen may wind up billeted at U.S. military posts in the Canal Zone...
...trade with Russia and her satellites-the U.S. and her allies are sharply split. Last week the split widened. Commerce Secretary Sinclair Weeks, with the backing of the Pentagon, refused to okay a deal between Texas' Dresser Industries, Inc. and the Soviet Ministry of Trade. Dresser wanted to import what it called a revolutionary turbine oil-well drill developed by Russian engineers. In return it would agree to ship the Russians some of its own rotary rock drill bits, instruct them in their use. But Commerce, State and Defense Department experts decided that Dresser would get nothing...