Word: lastly
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Dates: during 1970-1979
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...more weight to the growing OPEC feeling that it is smarter to cut production and leave the oil in the ground where it is safe than to turn it into dollars or other paper assets that can be seized. Confidence in the international monetary system was shaky enough before last week's action. Since 1973, the nearly tenfold increase in oil prices has sent an estimated $150 billion cascading into OPEC's coffers. The resulting deficits of the oil-dependent nations have soared, forcing countries to borrow heavily just to pay for their oil imports...
...obvious U.S. tactic might be to embargo food exports to Iran, which amounted to nearly $500 million in the fiscal year ended last September. The American Farm Bureau Federation would support President Carter if he should cut off grain shipments, as he could do under the International Emergency Economic Powers Act. Cries of "Food for crude!" are starting to be heard. The White House, however, has no present intention of halting food supplies. If the U.S. later plugs up this cornucopia, Iran will be less vulnerable than it once was. As a Persian grain trader says, "We are earning...
...leverage is also weak because all commercial activity with Iran has declined since the revolution last winter brought about the nationalization of the banks and most private industry. A few years ago, the membership of the Iran-American Chamber of Commerce was a Who's Who of U.S. business. From A (Allis-Chalmers Overseas) to X (Xerox), the list numbered close to 250 and included practically every major U.S. company in international trade...
...local workers to run, and brought their U.S. employees home. Johnson & Johnson's plant in Tehran, which made baby products, was expropriated in August. GM still claims a minority interest in a Tehran auto factory, but it has been run by Iranians since GM pulled out the last five Americans and a Swiss a year ago. Last December Du Pont closed its fiber plant in Isfahan...
...West Germany's Thyssen to build a $750 million, 200,000 bbl.-a-day oil refinery at Isfahan for the National Iranian Oil Co. The refinery has been a high-priority item for the Iranian government, which fears shortages of kerosene and diesel fuel during the winter. Last week, when the refinery was a month away from partial operation, Fluor called home its 52 remaining American employees, leaving Thyssen to finish the job. The few U.S. businessmen who remain in Iran represent a couple of banks and a computer company, and they are lying...