Word: money
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Dates: during 1960-1969
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...airlines have some huge bills coming due. They are beginning to pay for the $10.3 billion in new equipment that they have ordered, including the 374-passenger Boeing 747 jets that will go into service before year's end. In the tight money market, they have to pay about 9% interest on borrowed money. To avoid sinking deeper and deeper into debt, they must get a return of at least 10.5% on their capital investment. Last year their return was only...
...jumbo jets may cut operating expenses about 25%. But before the money-saving giants start taking off, airmen expect damaging labor strikes. The first strikes will probably hit in early August and could force some cancellations of vacation flights. As much as 45% of an airline's operational expenses consists of labor costs. Every additional wage increase would cut closer to the quick. In the longer run, some mergers seem almost inevitable to reduce the problems of climbing costs and too much competition for too little traffic. If the U.S. can get by with only four auto manufacturers...
...companies admit that a desire to get a piece of the huge job prompted them to submit unusually attractive bids. Charles M. Pigott, president of Pacific Car and Foundry Co., says: "It's a more complex job than we anticipated. We don't expect to make any money." Other companies claim to be satisfied with their profits...
After five years of haggling, the ten major financial powers of the non-Communist world agreed last week in Paris to introduce an international money: paper gold. Called Special Drawing Rights, or SDRs, the new reserves will reduce nations' dependence on the diminishing supply of real gold in global finance and create new assets to sustain the growth of world trade. The SDRs will exist only in the ledgers of the International Monetary Fund. Its 111 member nations will be able to draw on these reserves to settle accounts among themselves, and central banks will have to accept them...
...Inciting to riot" is a felony that carries a one to three year prison term or a one year term with a maximum fine of $1000. Miss Stanley said that bail money was still needed for one of those arrested with her as well as for legal expenses for everyone arrested...