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...domestic product. Since 1989, nearly 15% of the Canadian work force has been & laid off, and major producers are shuttering refineries and closing thousands of service stations. Last year Imperial Oil, owned largely by Exxon, posted the first loss in its 111-year history. Another giant, Gulf Canada Resources Ltd., stunned the industry last month by walking away from its stake in a huge undersea oil project on the Grand Banks of Newfoundland...
Meanwhile, talks between U.S. food firms and Soviet buyers have "absolutely mushroomed in the past few weeks," according to John Musselman, a director of Omaha-based Summit Ltd., which represents major food-processing and food- machinery companies. He adds, "There's now a feeling that you can do business with the Soviet Union...
...July, Coach Peter Roby stepped down from his six-year position as head coach to take a job with Reebok International Ltd...
Price Waterhouse in the Cayman Islands, an entity separate from the British firm, had earlier performed another fascinating audit. TIME viewed an Oct. 18, 1985, Report of the Auditors to the Members of International Credit & Investment Co. (Overseas) Ltd., which said, "Customer deposits consist of confidential accounts which are not conducted as open accounts requiring periodic dispatch of statements. Furthermore, because of company policy we have not been able to confirm any deposit balances directly with customers, and therefore it is not possible for our examination of such accounts to extend beyond the amounts recorded." With this highly unusual qualification...
According to the audit, much of the money disappeared after being passed to International Credit & Investment Co. Overseas Ltd., a secret, unregulated Cayman Island subsidiary known to only a handful of B.C.C.I. officials. Depositors who thought they were placing money -- apparently hundreds of millions -- into B.C.C.I.'s Cayman bank didn't realize that it was being whisked into the I.C.I.C. bank to disguise its true origins and eventual destinations. From there the money trail evaporated in a series of loans and undocumented transfers...