Word: millions
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Dates: during 1960-1969
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...Tokyo exchange, despite a 15% dividend tax levied on foreign investors' holdings. U.S. investors are hampered by the 18.75% interest-equalization tax collected by the U.S. government on stock purchases abroad. But others, especially Europeans, are busy buying into Japanese companies at a monthly rate of $21 million, up from an average $5,000,000 a month during 1966. Trading in Sony Corp., a favorite blue-chip stock, has already reached the government-imposed 20% ceiling on shares that foreigners can own in a company...
Tendency to Dilute. Compared with the New York Stock Exchange or sedate European markets, the Tokyo exchange looks like a speculator's paradise. Volume is enormous (it hit a high of 574 million shares last week). Stocks are quoted at what seem to be rock-bottom prices; most shares are below the $1 level. The highest-priced stock, Sony, is selling at about $3.60 a share. But the opportunities are not as splendid as they may seem-mostly because of the tendency of Japanese corporations to dilute the value of their stock by issuing huge quantities of shares...
...negotiated is not too far short of a Fiat takeover. According to the reported agreement, Fiat will buy a 30% interest in Citroën, presumably from the tiremaking Michelin family, which holds 56% of Citroën. Fiat would then reduce Citroën's dangerous $100 million-plus debt, almost $56 million of which is owed to the French government. In turn, Citroën would give Fiat access to its French dealer network, and the two would share manufacturing facilities...
Citroën's share of the French auto market has skidded to 21% since 1965, when it held a peak 31%. Profits have vanished, despite 1967 sales of 500,000 cars worth $896 million. Piling trouble upon trouble, Citroën last year bought Berliet trucks, which has earnings problems of its own, and began tooling up for a medium-size car, still three years off, in cooperation with Germany's NSU. Early this year, having also started work on a fast, Maserati-powered touring car, Citroën went to the government for $60 million. Bercot...
...ailing nucleus of the city has been making a remarkable recovery. A burst of new construction-gleaming office towers, bank headquarters and a handsome civic center for the arts-has rejuvenated much of the area. Over the past eight years, the city's businessmen have committed $800 million for downtown building and remodeling. By 1970, that investment will yield 9,000,000 sq. ft. of new office space, almost twice as much as was built downtown in the first 60 years of the century. In the process of rejuvenation, the old heart of Los Angeles is sprouting a skyline...