Word: millions
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Dates: during 1960-1969
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...opened storefront offices in ghettos. He is also stretching the S.B.A.'s $1.1 billion loan kitty by guaranteeing loans made by private lenders, has lined up support from dozens of major banks. Last week five of Manhattan's largest banks agreed to provide up to $50 million to help minority businessmen. A consortium of 23 Houston banks has pledged $7,000,000 for the same purpose, a nine-bank group in Philadelphia, $6,000,000, a group in Boston...
...prime pretext for overthrowing President Fernando Belaúnde Terry (TIME, Oct. 11). Last week, having peremptorily canceled Belaunde's agreement with IPC, Peru s new junta took a different approach. Rifle-toting infantrymen seized the disputed oilfields, a nearby refinery and other company property worth about $90 million...
...rankled because the Yanqui company owned the fields instead of merely operating them under a government concession. In his 1963 presidential campaign, Belaúnde promised to expropriate the fields but backed down after his victory. A year ago, his government began claiming that IPC owed $144 million in back taxes, the total amount of profits that the company earned in Peru during the previous 15 years. Then the two sides struck the August compromise: Peru would take ownership of the fields, but IPC would help operate them under contract. Simultaneously, the government scrubbed its $144 million claim and gave...
...playing with the country's present economic wellbeing. The expropriation threatened to frighten off foreign investors. The U.S. could always cut off economic aid if the Jersey Standard subsidiary does not receive satisfactory compensation. Washington is also in a position to suspend purchases of Peruvian sugar, some $40 million a year...
...alliance had been seen as a way of helping Italy's chemical industry to compete in world markets. But Valerio had trouble welding the staffs of the two companies, and the new combine was troubled by runaway costs. Profits declined by 7.4% last year to a reported $75 million...