Word: petroleum
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...both fun and profit, Armand Hammer, 86, diversified his legendary business acumen into Arabian horses five years ago. The two top stallions of his 94-horse stable are the U.S.S.R.'s Pesniar and Poland's El Paso, both plucked from behind the Iron Curtain with the Occidental Petroleum chairman's patented blend of bucks and brass. Poland's Wojciech Jaruzelski at first refused to sell El Paso, which he called "a national treasure," but a million dollars from Hammer helped change the Premier's mind. Hammer was in Florida last week for a show...
America's trade troubles mark a startling turnaround. For a century, between 1870 and 1970, the U.S. enjoyed a virtually uninterrupted string of trade surpluses. The 1970s brought deficits, but they could almost totally be blamed on high-priced oil imports from the Organization of Petroleum Exporting Countries. U.S. exports continued to expand, and as recently as 1980 the trade gap was an uncomfortable but tolerable $36.4 billion...
...million, the government in Santo Domingo was negotiating the second stage of a three-year program of loans totaling about $400 million. Unwisely, it put into effect many of the fund's prescriptions without warning. Over Easter weekend, it shifted the exchange rate on all imports (except petroleum) from one peso per dollar to a free-market rate of 2.5 per dollar. When Dominicans woke up Monday morning, they discovered that many prices had more than doubled. They reacted in a collective rage, and the government had to call out the army to quell the disturbances...
Chicago was abuzz, though, with speculation that a deal was in the works. In a front-page story, the Chicago Tribune claimed that Robert Abboud, president of Occidental Petroleum, and Drexel Burnham Lambert, a New York City investment banking firm, were putting together a group of investors to rescue Continental with a $2 billion infusion of capital. The story seemed plausible because Abboud was once chairman of First Chicago, Continental's crosstown competitor. He was abruptly fired in 1980, after his bank suffered an earnings slump...
...Western firms sell items like steel or chemicals to Communist state trading organizations in exchange for such items as tobacco, vodka, timber, trolleys and forklift trucks. The Western company then often resells the Eastern product through a middleman for cash. In one of the biggest of these accords, Occidental Petroleum and the Soviet Union have a 20-year, $20 billion agreement that calls, in part, for the annual exchange of 1 million tons of American superphosphoric acid fertilizer for 4 million tons of Soviet ammonia, urea and potash...