Word: merchantable
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...hull. An F-14 Tomcat from the aircraft carrier U.S.S. Enterprise in the Strait of Hormuz delivered a laser-guided cluster bomb that disabled the * Sabalan. Even though the Sabalan was the ship that had been targeted to be sunk by the Navy because of its frequent attacks on merchant ships in the gulf, Carlucci and Crowe ordered naval commanders not to sink the stricken vessel, hoping to limit Iranian casualties. The U.S. also damaged or destroyed three Iranian speedboats, bringing to six the total number of vessels lost by Iran...
Belgians were outraged when Italy's Carlo De Benedetti, 53, the aggressive chairman of Olivetti, announced plans last January to take control of Societe Generale de Belgique, their country's largest and most diversified company. Last week, with the help of Compagnie Financiere de Suez, a French merchant bank, they managed to stop him -- at least for the moment...
...taipan, the big boss. Throughout most of its 156-year history, Jardine Matheson & Co. has been the foremost trader in the colony, and as readers of Novelist James Clavell know, it has been run not so much by a series of executives as by a dynasty of merchant-rulers. Now the succession has taken its strangest turn. Instead of drawing from the small Scottish knot of the founders' families, Jardine Matheson has announced that Brian Powers, 38, a former New York investment banker, will become its first American taipan...
Last week Stockman, 41, joined the mass defection from Salomon since October's crash by jumping to merchant bankers the Blackstone Group. He will also start his own affiliated firm, Stockman & Co., thus becoming his own boss at last...
...hold up $7 million that the U.S. will soon owe Panama as a periodic payment required by the Panama Canal treaties. Delvalle has persuaded most of Panama's worldwide consulates to retain the more than $20 million in annual payments that the government reportedly receives from 11,000 merchant ships registered under the Panamanian flag. In a written response to questions from TIME last week, Delvalle declared from hiding, "All imaginable pressures, no matter how dramatic they may seem, should be taken if we want to have a democracy in Panama...