Word: importent
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Dates: during 1970-1979
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...compared with 3.8% in the U.S.). In other years, Japan could hope to spark its economy by increasing exports. But both U.S. businessmen and the European Community have complained that underpriced Japanese goods are already flooding their markets (see ECONOMY & BUSINESS). They demand that Tokyo sell less and import more. As a former Finance Minister and one of his country's leading economics experts, Fukuda is expected to increase government spending and provide businesses with low-interest loans...
Once heavy buying does resume, no one really knows what will happen. The key will probably be how much extra oil importers can buy from Saudi Arabia and the Emirates. The Japanese, for example, hope to hold the average price increase on oil they import to 6.5% by switching orders to the lower-priced producers. The six major private oil companies in Japan are suggesting that they may delay scheduled sailings of supertankers to Iran and other high-priced countries in hopes of diverting them to Saudi Arabia or the Emirates...
...been viewed as too little, too late. In November, over lunch in Brussels, European Commissioner Finn Olav Gundelach warned Japanese Deputy Foreign Minister Bunroku Yoshino that Japan would have to submit a comprehensive plan to right the trade imbalance or face retaliation. The Europeans, for example, could slap extra import duties on Japanese goods that they suspect are being "dumped"-that is, sold in Europe at lower prices than in Japan...
...price of Saudi crude? Is it fair for others to decide against our will?" What about OPEC arguments that a big oil hike is justified by inflation in the prices of Western goods that oil producers buy? "The OPEC figure of a 26% rise in prices of goods we import from the West is not correct. If you take the [International Monetary Fund] index, the rate of such inflation is less than...
Meanwhile, company size rankings in the oil business could change. Four American companies−Exxon, Texaco. Mobil and Chevron−that import heavily from Saudi Arabia will be able to undersell such other producers as Shell, British Petroleum and Compagnie Française des Petroles, which rely more heavily on the higher-priced OPEC states. All in all. Yamani seems to have touched off a classic capitalist price war. That is scarcely what cartels are supposed to do. and OPEC least of all; its increases were once heralded as the start of a "new economic order." But that was before...