Word: loans
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Dates: during 1970-1979
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...fewer yen, the company quite probably will immediately sell $1 million for as many yen as it can get, with the dol lars to be delivered in 30 days. U.S.-based multinationals do essentially the same thing. Hercules Inc., a major chemical company, in 1971 negotiated a five-year loan in Swiss francs, on terms that appeared to be favorable. But by 1976, the dollar had plunged so much against the franc that Hercules had to shell out twice as many dollars as it had bargained for to meet the 7% interest and repay the principal (both denominated in Swiss...
...medicine does not seem to be working. Loan demand so far has remained robust. That is one reason the money supply has expanded at an annual rate of 11.3% in the past two months, well ahead of the Reserve's target limit of 6.5%. Nor has the dollar shown any appreciable signs of strengthening. Thus many experts believe that even higher interest rates are on the way, even though Reserve Chairman William Miller has said that borrowing costs are at or near their peaks. Henry Kaufman, a top money analyst at Salomon Brothers, believes the prime rate could...
Harvard's heavyweights will defend their Boston Globe Challenge Trophy (elite eights) in a new shell of white molded plastic. The boat, on loan from its designer, weighs only 175 lbs. fully rigged. It's new, it's light, and it could be very hard to set up in rough conditions, but the Crimson eight has to be a favorite to repeat as champs...
Well, VW bought the pennsylvania package, the $135 million loan, $40 million for the buy up-lease back, $30 million for the transportation links, and untold millions in abated taxes. Milton Shapp looked like a financial wizard, and the Rabbits and Dashers came rolling off the line in New Stanton. No one picked up on the Cleveland Plain Dealer interview with the president of volkswagen America: He said that VW had never really considered the Ohio site, because the tank factory was simply too antiquated for their purposes, and that the company had always intended to go to New Stanton...
...MOST innovative part of the pennsylvania package was Shapp's use of state pension fund money to help finance the VW plant. By persuading the funds' directors to make the loan, Shapp recognized that states should use the vast capital pool of public employee pension funds to advance their own economic well-being, just as workers and communities should use their pension funds not only to asure future incomed but present income, jobs, growth as well. The problem with Shapp's package was that it only subsidized Volkswagen, and increased Pensylvania's dependence on the private sector. That $135 million...