Word: outflows
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Something for Savers. To help banks and savings-and-loan associations stem a worrisome outflow of funds, the Government raised the maximum interest rates that they can pay to depositors. On ordinary savings accounts, the ceiling went up from 4% to 4½% for commercial banks and from 4¾% to 5% for S & Ls. At the same time, Washington perpetuated a dubious double standard by which the rich can earn more with their money than can citizens of modest means. Banks and S & Ls were empowered to pay up to 7½% interest on certificates of deposit...
...that traded on the New York Stock Exchange in a week. Worse, the system has begun to bleed Italy of funds that the country needs at home. During the first six months of this year, some $1.5 billion in capital went abroad in search of more profitable ventures. The outflow gave Italy an $897 million balance-of-payments deficit after five years of healthy surpluses...
...book keeping fluke. Americans have been making large deposits of dollars in Eu rope, where they have commanded interest rates as high as 12.5%. U.S. banks, pinched for funds, have borrowed many of these dollars to re-lend in the U.S. These "turnaround" dollars count as a capital outflow when deposited in Europe, but do not count as an off setting inflow when re-loaned in the U.S. Government economists say this distortion may have accounted for $2 billion of the $5.5 billion first half pay ments deficit...
...reports: "The root of last fall's crisis, the fundamental imbalance between the robust West German mark and the weak French franc, has not been lastingly removed. The tight corset of exchange controls is all that is holding the franc up. Though the controls have impeded any further outflow of francs from France, Paris has failed to lure back the bulk of hot money that it had previously lost. In Europe, the skepticism about France's chances of avoiding devaluation is widespread...
...suit accuses Detroit of "hindering and delaying" the development of antipollution devices as far back as 1953. It focuses on a "blow-by" connection that cuts down the outflow of hydro carbons and carbon monoxide by feeding unburned gasoline in the crankcase back into the engine. The blow-by, developed by G.M., costs the consumer from $5 to $10. It has been used on a royalty-free basis on all cars, starting with 1963 models. According to the Justice Department, the automakers could have installed the blow-by connectors a year earlier but agreed among them selves on a delay...