Word: ownership
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Dates: during 1960-1969
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...Northeast Airlines from 1962 to 1964, he sold out when the carrier was just short of bankruptcy. Under new management, Northeast recovered. From 1939 to 1960, Hughes also controlled TWA, which flew low in the later stages of his capricious reign. Financial pressures forced Hughes to surrender his 78.2% ownership of the airline to a trust. He eventually sold his 6,584,937 shares for $546.5 million...
...Banking and Currency Committee, Texas Democrat Wright Patman has made a career of jousting with U.S. bankers. Last week he thrust at their Swiss counterparts, whose secret subterranean vaults have long been the world's principal haven for nervous money-accounts whose owners are not anxious to admit ownership. After two days of public hearings, Patman called for legislation making it illegal for Americans to deal with any foreign bank that does not allow inspection of its records by U.S. regulatory agencies...
Service Stations Too. Almost inevitably, the auto boom has brought problems along with progress. Petrobras, the state oil company, has long hoped to supply all of Brazil's petroleum from domestic wells. But the rising statistics of auto ownership obliges Brazil to import about 50% of its annual supply. The $260 million oil bill that car drivers run up more than offsets the savings on auto imports. As such, it is a primary factor in the country's painful balance-of-payments deficit...
...Queensland Alumina Ltd. operation, for instance, Australian ownership is less than 1%; the remainder is held by British, Canadian, U.S. and French companies in consortium. Mount Goldsworthy Mining Associates, which ships 4,000,000 tons of iron ore to Japan annually, is 8% Australian and 92% British and American. The only large project in which Australians hold a majority interest, Gorton was told, is the Mount Newman iron mines, where their share...
...similar organization that would borrow funds outside Australia on behalf of Australian investment. For his part, Gorton has so far not taken threatened legislative steps to provide for larger local investments. For the moment, the government is merely stressing strongly to outsiders that "some local participation both in ownership and management" would be "prudent and useful...