Word: occidentale
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Dates: during 1980-1989
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For both fun and profit, Armand Hammer, 86, diversified his legendary business acumen into Arabian horses five years ago. The two top stallions of his 94-horse stable are the U.S.S.R.'s Pesniar and Poland's El Paso, both plucked from behind the Iron Curtain with the Occidental...
Chicago was abuzz, though, with speculation that a deal was in the works. In a front-page story, the Chicago Tribune claimed that Robert Abboud, president of Occidental Petroleum, and Drexel Burnham Lambert, a New York City investment banking firm, were putting together a group of investors to rescue Continental...
Much East-West trade involves convoluted deals: Western firms sell items like steel or chemicals to Communist state trading organizations in exchange for such items as tobacco, vodka, timber, trolleys and forklift trucks. The Western company then often resells the Eastern product through a middleman for cash. In one of...
Occidental and its American partner in the mining project, Omaha contractor Peter Kiewit Sons, will contribute about $340 million to the operation, chiefly in the form of equipment and engineering talent. China will put up another $240 million. The 30-year agreement calls for the Chinese eventually to take over...
Hammer is not concerned about the recent weak price of coal, which dropped from $52 to $40 a ton in the important Japanese market last year. He believes oil prices are on the rebound and that the price of coal will go up. In the Chinese deal, the price will...