Word: multibillion
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...summer home. But despite his fondness for the unusual antique, the onetime Treasury Secretary and U.S. energy czar is no Don Quixote of the business world. There is nothing fanciful about his vision of assembling a financial empire in the Pacific Basin. In fact, Simon has helped mold a multibillion-dollar conglomerate that includes the largest savings and loan association in Honolulu and a merchant bank in Los Angeles. Last week an investor group led by Simon agreed to pay $157 million for Western Federal Savings & Loan, the fifth California thrift the group has tried to acquire within a year...
...though, is not the whole story. For the past 15 years, petrodollar- rich gulf states have provided a lucrative market for a vast array of Western products. Europe's export-dependent defense industries in particular have enjoyed a multibillion-dollar bonanza in the region. Although declining oil revenues in recent years have slowed the spending spree, the gulf remains an important market for West European and Japanese exporters. Last year British sales to the region were worth more than $8 billion, while French exports, excluding arms, brought in around $3 billion. The Japanese sold $6.8 billion in the region...
...three dozen screens. The objective of the system is to provide centralized management of traffic problems as they may build up at any of the country's 12,500 airports. Cost of the new computer operation so far: about $2 million. The FAA's ultimate goal, though, is a multibillion-dollar air-traffic control ) system so highly automated that it can monitor flights and direct pilots with little or no human intervention...
...rules the corporate takeover game? The U.S. Supreme Court threw considerable uncertainty into that multibillion-dollar question last week with a 6-to-3 ruling that seemed to give a greater say to state legislatures. The Justices affirmed that a 1986 statute restricting hostile takeover offers for companies incorporated in Indiana does not violate either the Williams Act of 1968, a federal law that regulates tender offers, or Article I of the Constitution, which says that only Congress can regulate interstate commerce...
Last February the government announced a multibillion-dollar five-year plan to redistribute the nation's 22 million cultivated acres. (President Aquino's family plantation, the 14,000-acre Hacienda Luisita, would be included.) But it is almost certain that the new Philippine congress, to be elected May 11, will water down the plan. Even then, the program will remain heavily dependent on foreign economic assistance...