Word: panama
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Dates: during 1960-1969
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Last week Panama's President Roberto Chiari, 57, a businessman with a knack for negotiating, flew into Washington to discuss the issue with President Kennedy...
...blessing of geography and the pugnacious foresight of Teddy Roosevelt gave the Republic of Panama its No. 1 asset-the Panama Canal. Under a historic treaty, signed in 1903 and renegotiated in 1955, the U.S., which has spent more than $1.5 billion to build and improve the canal, retains control over the vital Atlantic-Pacific seaway "in perpetuity." This point has long galled the nationalistic Panamanians and has touched off anti-American riots throughout Panama...
Expand & Improve. The Panamanians want a substantial increase in tolls. Arguing that the charges (about $4,700 per ship on the average) are out of line with modern shipping costs, Chiari would like the U.S. to raise tolls and give Panama 20% of total revenues. The U.S. spends all of the $5,000,000 annual profit on canal expansion and improvement...
Sacrificing the Market. Few businessmen are prepared to defend publicly the increasingly popular U.S. corporate practice of funneling foreign earnings into semifictional subsidiaries in such low-tax areas as Switzerland, Liberia, Panama, Bermuda or the Bahamas. In the single year of 1960, the undistributed earnings of U.S. subsidiaries in such tax havens increased by 100% to $122 million. But businessmen argue that passing the new tax bill to get at the tax havens would amount to rolling out a cannon to kill a mouse. The Government would gain perhaps $85 million a year in tax revenues, but in doing...
...Really Trying; fiction: Edwin O'Connor's The Edge of Sadness; nonfiction: Theodore H. White's The Making of the President 1960; history: Lawrence Gibson's The Triumphant Empire; verse: Alan Dugan; music: Robert Ward's opera, The Crucible; public service by a newspaper: Panama City (Fla.) News-Herald; editorial writing: Thomas Storke of the Santa Barbara (Calif.) News-Press; local reporting under deadline: Robert Mullins of the Salt Lake City Deseret News-Telegram; local reporting not under deadline: George Bliss of the Chicago Tribune; national reporting: Nathan Caldwell and Gene Graham of the Nashville...