Word: loans
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Dates: during 1970-1979
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...even the smallest concessions it made in last spring's decision on Harvard's South Africa-related investments-concessionswon by the voices and actions of thousands of members of the Harvard community. Specifically, Harvard continues to own bonds in Manufacturers Hanover Trust, a bank whose policy is to loan money to the South African government, despite Harvard's promise to divest itself of bonds in banks that have such a policy. The contradictions are as follows...
...April 27 report also accepts the recommendation that Harvard divest itself of bonds "in banks which make renew, or extend" loans to the South African government. Yet Manufacturers Hanover continues to renew and extend such loans. Hugh Calkins, a member of the Harvard Corporation, has tried to wriggle out of this contradiction by claiming that "We don't mean our statement to mean that renewals can't be made...we will be satisfied if (the banks) work their way out of their loan situation in a responsible business-like way...in a reasonable time and in a reasonable...
...that policy has been a flat failure. Individuals and companies have gone on borrowing despite the high rates. One reason: since loan interest is paid in depreciated dollars, it can still be regarded as cheap. If a loan costs 10.5% but inflation proceeds at an 8% rate, the "real" interest rate...
According to Zambian planners, the economic failure should not have occurred. As it happened, the Chinese, eager for an African foothold, had already granted a $460 million interest-free loan to Zambia and neighboring Tanzania to finance a new 1,160-mile rail link running northeast from Zambia's copper mines to Tanzania's Indian Ocean port of Dar es Salaam. The project, built by 51,000 Chinese and African laborers, was first called the Great Uhuru (Swahili for freedom) Railway, renamed Tazara (for Tanzania-Zambia Railway) and was completed in 1976. Tazara should have provided Zambia with...
...always in agriculture, a diverse industry, one farmer's good fortune may result from another's pinch. An agricultural-loan specialist for California's Bank of America asserts: "You'd have to be pretty incompetent not to make money in cattle this year." Reason: a combination of high prices for meat and relatively low costs for corn and other feeds that has corn growers grumbling. Vegetable growers in central Florida are selling big crops of lettuce at prices that have been pushed abnormally high by the winter-spring rains that made California lettuce scarce and unappetizing...