Word: nationalizes
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Dates: during 1970-1979
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After more than two years of recovery from the nation's worst postwar recession, lines at unemployment offices remain distressingly long, jobless youths cluster aimlessly on ghetto street corners, and politicians and economists continue to fret about the need to put more Americans to work. For Jimmy Carter, who campaigned on a platform dedicated to slashing unemployment, the persistently high rate of joblessness has become a critical challenge. Like his recent predecessors, Carter has yet to find the answer-if indeed one exists-for substantially reducing unemployment without setting off a new burst of devastating inflation...
...bizarre business takeovers in this year of furious financial raiding, one has raised howls of hearty laughter among Wall Street insiders and others. It is the takeover by Kennecott Copper Corp. (1976 sales: $956 million), the nation's largest copper company, of the Carborundum Co., a Niagara Falls-based diversified firm (sales: $614 million). Reason for the mirth: Kennecott paid the astonishing price of more than $560 million, or $66 a share-twice Carborundum's book value. Many of Kennecott's nearly 72,000 stockholders were sclerotic over the deal. Some had hoped that the company would...
...Chairman Frank T. Cary said that the withdrawal decision was "a great disappointment," but insisted that the firm had no alternative. India's ruling Janata Party, in vigorously enforcing the nation's 1973 Foreign Exchange Regulation Act, is pressing hard for at least partial Indian ownership of foreign companies operating in the country. A total of 57 foreign firms have decided to close down their Indian plants rather than meet demands for some degree of Indian ownership. One company under pressure: Coca-Cola, which has all but stopped making Coke in India. The company had been ready...
...George McGovern's 1972 presidential campaign. After that debacle, he fled to France, jobless. Publisher Jean-Jacques Servan-Schreiber immediately hired him for L'Express in 1973, shortly before the Watergate story broke. Salinger's ability to make that long and intricate crisis comprehensible to a nation of Cartesians won him a wide following. Says Salinger: "It was the start of a whole new life...
...trend is accelerating: chains now control 71% of the nation's daily circulation, and it looks as if most dailies will be in the hands of a dozen giant publishers by the end of the century. Arizona Congressman Mo Udall, whose home-town paper in Tucson was sold to a chain last year, wants the Government to give local owners special tax breaks and begin a three-year study of the effects of concentrated ownership. This seems a very bad idea to Allen Neuharth, the head of the Gannett chain, which bought the Tucson paper and owns more dailies...