Word: million
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Dates: during 1970-1979
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Morgan Guaranty argued that the attachment orders, which are automatically issued in West Germany in cases of disputed debts, were necessary to cover possible losses from Iran's default on a $500 million loan. It had been made by an eleven-bank syndicate that included Morgan and was headed by Chase Manhattan Bank. In fact, Morgan Guaranty's $40 million share of the loan is more than covered by the estimated $8 billion to $9 billion in Iranian assets that were frozen in U.S. banks by presidential decree...
...young unknown, Mikhail Gorbachev, 48, who for the past year has been the Central Committee's secretary in charge of agriculture. Gorbachev, apparently, was not blamed for a disastrous 1979 grain harvest. Largely because of bad weather, Brezhnev announced, this year's crop amounted to only 179 million tons-47 million tons short of the target, and the worst harvest since 1975. The U.S.S.R. has already contracted to buy 25 million tons of American wheat and corn and will probably purchase at least 7 million tons from other countries. Soviet production of oil, natural gas and electric power...
...Friedrich Krupp GmbH, a diversified steel and engineering combine (1978 sales: $5.9 billion), and Deutsche Babcock, a manufacturer of industrial equipment (1978 sales: $1.6 billion). Iranian stakes in the two companies were acquired under the Shah in 1974 and 1975, and they have a market value of approximately $270 million...
...defaults could severely shake the international banking system. As poignant testimony to the squeeze on all the developing countries, Sri Lanka is now begging for mercy from the OPEC price pinch. In a government-sponsored petition that President Junius Jayawardene hopes will be signed by 3 million of his nation's 14.5 million citizens, the island republic pleads plaintively that the cartel grant special concessionary prices to Sri Lanka's "dedicated and hard-working people...
...steelworkers. Among the closings: the Youngstown Works in Ohio where a steam engine installed in 1908 still drives one of the rolling mills. U.S. Steel's earnings will be hit by the plant closings, which could cost as much as $600 million, mainly in pension benefits to workers. But Chairman David Roderick indicated that further closings may be necessary unless productivity and quality are improved...