Word: patch
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Dates: during 1980-1989
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...authority for the City of London authorized the construction of 20 million sq. ft. in new office space, nearly one-third of the existing total. Just outside the City, one of the largest new financial projects is planned for Canary Wharf, a $4 billion development on the once desolate patch of Thames dockland known as the Isle of Dogs...
...OPEC somehow sticks to its agreement and prices keep rising, heavily indebted petroleum-producing nations like Mexico and Venezuela would clearly enjoy a boon. The production cut would also help the oil-patch states in the U.S., which felt the pinch as the price of Texas-grade oil fell from about $27 per bbl. in January to a low of $9.75 in April. Consumers, though, would face more expensive heating oil and gasoline, and if prices continue to climb, the increase could rekindle inflation and eventually weaken the world economy...
...prices in the U.S. has stunned energy-producing regions and hurt a wide range of industries, from real estate to banking. Last week alone brought several seismic shocks: the bankruptcy filing by LTV, a major steel producer; the failure of First National Bank of Oklahoma City, a large oil-patch bank; and the $640 million loss reported by BankAmerica, which is saddled with numerous bad energy loans (see ECONOMY & BUSINESS). The dislocations caused by plunging oil prices have become a drag on the entire U.S. economy. Since January, the level of industrial production has dropped...
...Oklahoma City (assets: $1.6 billion) collapsed from the weight of bad energy loans. It was the second-largest bank failure in U.S. history (after the 1974 fall of the New York-based Franklin National Bank) and a likely portent of another round of financial trauma in the oil patch. Just two days later, BankAmerica (assets: $117 billion), the No. 2 banking company in the U.S. after Citicorp, announced a second-quarter loss of $640 million, the second-biggest on record for a financial institution. That brought the troubled bank's total deficits in the past 15 months to $914 million...
Jones is not the only beneficiary of such research. Paris Surgeon Alain Carpentier last year used a pacemaker-trained back muscle to patch a hole left in the heart of a 35-year-old woman after removal of a tumor. The woman has fully recovered. Says Carpentier: "It's exciting to see how flexible nature...