Word: oiling
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Dates: during 1980-1989
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...largest of the 69 U.S. banks that have failed this year. The collapse of Unitedbank-Houston (assets: $218 million) showed once again how shaky some parts of the American financial system are, especially in the depressed oil patch. When officials from the Federal Deposit Insurance Corporation shut down the bank last week, TIME Correspondent Richard Woodbury went along to see how such an operation is carried out. As it happened, the drama had an unexpected denouement. His report...
...become Canada's largest corporate takeover, and it is already a political football. When the House of Commons returns to work this week from Easter recess, lawmakers may take up the proposed $3.9 billion buyout of Dome Petroleum by the Canadian arm of Chicago-based Amoco, fifth largest U.S. oil company. Dome's board, faced with $4.9 billion in debt, last week accepted the offer. But Toronto-based TransCanada PipeLines, which underbid Amoco by $600 million, vows to keep up the fight...
Cynics were quick to ask what the country has been doing since he first made that vow at the outset of the Cuban revolution. Indeed, many of the problems facing Cuba have a distinctly familiar ring. World prices are sorely depressed for its two leading hard-currency earners, oil from the Soviet Union, which it exports on the spot market, and sugar. Moreover, bad weather has damaged the sugar crop; in recent years Cuba has been forced to buy shipments from other countries to meet its sugar-export quotas to the Soviet bloc. The resultant drop in foreign earnings...
...loans that remain in banking hands, however, are of steadily decreasing quality in areas like oil-related activity, farming, real estate and Third World debt. The drag of those deteriorating assets has put the banking system at increasing long-term risk. In 1984 and 1985 U.S. banks had to write off between $15 billion and $16 billion worth of bad debts. In 1986 the figure is estimated at $21 billion. Last week, when many big banks reported their first-quarter earnings, the results were broadly depressed. Manufacturers Hanover's profits, for example, fell 21%, to $81 million, while Chase Manhattan...
...voted to approve the patenting of new plants produced by grafts, cuttings or other asexual methods. Half a century later the Supreme Court went even further and ruled that the law would apply to genetically engineered micro-organisms, such as a new strain of bacteria designed to gobble up oil spills. In the view of the court, "anything under the sun that is made by man" could be patented...