Word: lopping
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...mines were losing $10 million a year, and only aid from the U.S. kept the industry going. A year later, Paz signed an agreement with the U.S., the Inter-American Development Bank and West Germany for $38 million to modernize the mines, promising in return to lop 6,000 men from the payrolls. Lechin and his miners threatened civil war. But Paz had enough political strength to ride out the storm. By last week 2,400 miners had been laid off; others will go. Says Guillermo Bedregal, boss of the mining complex: "By the end of this year, the mines...
...will help increase profits, which have shrunk from 9.5% of sales in 1957 to 4.7% last year. Reorganization will also mean fewer white-collar jobs. In the past two years, U.S. Steel has trimmed its office payroll by up to 30% ; the estimates are that the latest move will lop off another...
...merger between the Hearst and Scripps-Howard afternoon papers, may be scheduled for demolition. If that happens, the Examiner will probably switch to afternoon publication. Hearst executives deny the rumors, but since William Randolph Hearst's death in 1951, they have never hesitated to lop off deadwood, so far have killed seven of the chain's 19 newspapers.* In the meantime, the Examiner faces the prospect of chasing the fast-stepping Chronicle. "We shouldn't be fighting against the Chronicle," says Columnist Hall. "Sensationalism is not the answer. We don't have a boob audience...
...mile auto journey from Paris to Milan. Plans are also afoot for a joint Anglo-French tunnel under the English Channel. Last week the tunnel trend continued as France and Spain announced plans to pierce the Pyrenees. Just under two miles long, the proposed tunnel (see map) will lop off 145 miles from the present 385-mile road trip from Toulouse to Saragossa. Construction is scheduled to begin early next year, will take two years. Estimated cost: $28.5 million, of which France will ante up 60%, Spain...
...poor boy, a benevolent employer, whose aim was a better life for the masses. After three years of appeals, Matsushita's name was finally taken off the purge list and his company spared the enforced "deconcentration" that hit other giant firms. Still, the hard times forced him to lop off 30 subsidiaries and reduce his staff to 3,800. Says he: "I never felt so sad about anything in my life." The New Freedom. Once he could operate freely in a civilian economy, however, Matsushita was in his element. He pioneered easy-payment plans, became Japan's biggest...