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...question is how Kaiser's consortium, the Volta Aluminium Co. Ltd. (VALCO),* will fare in raising $178 million in private money to build the smelter. Although the Ghana government has given VALCO a written promise that it will not expropriate the Volta plant once it is built and running, President Nkrumah is a volatile nationalist and neutralist dealing with both East and West, and there are segments of his Cabinet that favor outright nationalization of all Ghanaian private enterprises. As a precaution for its U.S. and foreign private investors, VALCO will take out International Cooperation Administration insurance against nationalization...
Originally filed as a criminal action by the Truman Administration in 1952, the suit charged the five with conspiring with Royal Dutch Petroleum Co. and British Petroleum Co. Ltd. to fix free-world oil prices and control world oil production. The Eisenhower Administration toned down the suit to a civil one in 1953, and the Justice Department spent seven years re-examining the merits of its case, which even the trustbusters knew was none too strong. Last week two of the defendants, Jersey Standard and Gulf, while not admitting any guilt, signed consent decrees promising not to enter into...
Brooking no interference from advertiser or broadcaster during its seven seasons, the first five subsidized by the Ford Foundation, Omnibus saw a shifting list of 16 blue-chip sponsors (including the current one, Aluminium, Ltd.) pay for an average of only 70% of its time, and the program jockeyed uncomfortably between the three networks. The years also saw some memorable shows: Peter Ustinov playing "The Life of Samuel Johnson," Leonard Bernstein describing "What Makes Opera Grand," Joseph Welch pondering "Capital Punishment." The program had lived up to the credo of its imaginative producer, Robert Saudek: "I don't believe...
...another, similarly complicated move, Zeckendorf sold his 99-year lease on the 70-story office building at 40 Wall Street, the world's fourth-tallest office building, to London's City & Central Investments, Ltd. for $15 million. Last year Webb & Knapp bought 40 Wall and the land beneath it for $32 million, sold the land and the building to Metropolitan Life Insurance Co. for $20 million, retaining the lease. With the sale of the lease last week, Webb & Knapp's profit on the 40 Wall transactions is estimated...
Shortly after, the young son of the general sales manager of the Masonite Corp. (Australia) Ltd., an affiliate of the U.S. company, saw Harris wobbling his oil painting on a TV show, told his father about the "man making a whooping sound with a piece of Masonite." The Masonite people enlisted Harris in a promotion stunt, turned out 200 boards as giveaways. "We never dreamed what a mad flap was in store for us," says Sales Promotion Manager Bob Jones. Demand was so great that the company began selling the boards, had to hire extra hands for the increased production...