Word: multibillions
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Covering rock music, as Correspondent James Willwerth discovered on this week's story on Bruce Springsteen, can be almost as exhausting as gigging a round of one-night stands. Based in New York, Willwerth has reported on the multibillion-dollar record business for TIME for several years. It was while working on a cover story on the industry (TIME, Feb. 12, 1973) that Willwerth first heard of Springsteen, then the idol of a small but growing cult. After listening to an acetate pressing of the struggling rock rebel's first album, Willwerth marked Springsteen as a singer...
...officers who accepted company favors in violation of Defense Department conflict-of-interest rules. The officers accepted invitations to spend weekends shooting duck, geese and quail at Northrop's leased hunting preserve near Easton, Md., even though the company, a major defense contractor, is currently angling for a multibillion-dollar contract to build 800 F-18 jet fighters for the Navy...
...fine French food and gaze upon spectacular waterfalls. Pérez aims to raise steel output from last year's 784,000 metric tons to 5 million tons by 1978, and to 15 million by 1985. If those hugely ambitious goals are met, Venezuela will have a multibillion-dollar export to fall back on when the oil dries up-or slips in value...
...spite of these disclaimers, the Soviet decision to scuttle its trade accord with the U.S. constituted a major reversal of Kremlin policy. Determined to modernize their economy, the Russians -who will launch a vast, multibillion-dollar 15-year plan in 1976-want massive foreign investment, industrial know-how and sophisticated technology from the U.S. Although such aid has long been available from Japan and Western Europe, the Soviets calculated that only the U.S. could provide the technology for such grandiose enterprises as the $5 billion truck-manufacturing complex on the Kama River. In light of this hunger for credits, Moscow...
...does not fit very tightly. Observes Edward Luttwak, a Pentagon strategist: "The Air Force and the Navy can keep building whatever they want." So, of course, can the Soviet forces. Indeed, as each side maneuvers for the strongest possible position within the new arms limits, pressures toward a multibillion-dollar race to improve weapons may prove irresistible. By 1985, when the projected pact would run out, the two superpowers will presumably have made the most of the arms leeway permitted in the interval, and a new agreement will be necessary...