Word: localize
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Dates: during 1960-1969
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...five days before the deadline, and their numbers continued to grow even after the settlement was announced. The unauthorized work stoppages finally closed down Chrysler's auto-assembly operations, though company officials hoped to resume production this week. The walkouts were caused by the same sort of unresolved local work issues that kept Ford shut down for two weeks after it agreed on a nationwide contract. Ford finally went back into production only last week...
...over their books and recognized their long-term potential. Those ex-examiners have now reached retirement age, and are ready to sell out. The Parsons group and its partnerships are attractive buyers, partly because they pay a premium on bank stocks, partly because they make a point of leaving local people in control of the banks they take over-at least at first...
...Recently the hospitality has been extended to a special group of visitors-executives of U.S. and European blue-chip companies who stay just long enough to enjoy a meal at Au Gourmet and to attend the annual meeting of their new holding companies. Domiciled for the record in a local bank or lawyer's office, such holding companies have hit the European money market for more than $500 million in long-term dollar loans in the past two years...
Luxembourg law allows a foreign company incorporated there to transfer freely any funds under its control to its parent company, without any public disclosure. Dividends, too, can be paid to bondholders anywhere, free of withholding tax. Setting up a holding company in Luxembourg with easy access to the local stock exchange costs a trifle-less than 1% of the initial capital-and takes only a few days. Even with a 0.16% annual tax on their nominal capital, companies find the deal far better than similar arrangements elsewhere in Western Europe...
Luxembourg is delighted. About $10 million in tax revenue has been collected from holding companies so far, and that is insignificant compared to the benefits reaped by Luxembourg's banking community. Local banks often participate in underwriting consortia, manage bond issues and act as paying agents. Says Professor Jean Blondeel, president of Kredietbank Luxembourgeoise, which has trebled its staff since the boom got under way: "We are the Switzerland of the Common Market...