Word: millions
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Dates: during 1960-1969
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...three years and its chief executive officer since last Jan. 1, he has made the company's marketing operations more efficient, reshuffled its management hierarchy and trimmed production and inventories to help combat eroding profit margins. His efforts have paid off. Last year RCA showed profits of $147.5 million on sales of $3 billion. Both figures are running higher...
More Positives. Wall Street has denied Sarnoff high marks for the St. Regis deal for the simple reason that the paper company has not been growing as fast as RCA has. A stodgily managed firm in a cyclical industry, St. Regis earned $30.3 million last year, a 22% decline from the year before, but has managed to improve profits slightly so far in 1968. Although RCA stock dropped sharply following the merger announcement, Sarnoff insisted that "it's an excellent deal. The positives far outnumber the negatives...
From the Greek. At Bootle, near Liverpool, Prime Minister Wilson opened a $37 million data-processing complex that is to be the heart of one of the most fully automated banking systems in the world. Called Giro-the word comes from the Greek gyros, meaning circle-the system will circulate funds within the country's huge post-office network. With a deposit of $12, anyone will be able to open a Giro account. An account holder can leave standing instructions to have his regular bills rent or mortgage installments, telephone and electric bills-paid automatically out of his account...
...profit-making enterprise. Giro Director John Grady hopes to pay for operating costs and also make a neat profit by investing the pool of money created by Giro's constant flow of deposits. He expects that the new service will attract about 1,500,000 customers and $450 million in deposits within a year...
Then came the Six-Day War. It cost the nation of 2,669,000 people more than $1 billion, and Israel is still paying the price of victory. Since the war, the military budget has more than doubled, to $800 million - equal to 18% of the gross national product - partly because of the burden of defending conquered Arab lands. Just to administer the "new territories" costs $40 million a year. The bills are so big that Israel recently had to cut $100 million from public-works projects in order to meet the government's payrolls...