Word: profitability
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Dates: during 1950-1959
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CITIES SERVICE CO. will make first major effort by any U.S. company to drill for oil in Africa's promising Sahara Desert. Deal is for fifty-fifty profit split with two French companies in a joint venture to exploit Sahara's proven reserves of 3.5 billion bbl., explore for potential reserves conservatively estimated at 7 billion...
...differential proved a bonanza to such importers as Sandy Glass, who runs a Toronto steel warehouse. Said he: "I've quoted prices on a basis of $5 a ton profit, knowing I'll get an extra 5½% or 6% on the exchange because most of our steel comes from the States...
...Force last week went to the rescue of the nation's biggest corporation. Before a House Armed Services subcommittee, Air Force officers defended General Motors against charges that it made $17.4 million too much profit on a contract to produce 599 F-84F Thunder-streak jet fighters two years ago (TIME, Aug. 5). The company's performance, said Air Force witnesses, was "fabulous," "surprising," "phenomenal." Instead of overstating its costs, as charged, G.M. actually did its best to reduce costs, showed "unheard-of ingenuity" in producing the planes and completed its contract a full month ahead of schedule...
...unanimous vote, Iran's Senate last week ratified an oil pact that was a major break in the traditional fifty-fifty profit split that Middle Eastern governments give foreign prospectors. To Italy's state-run ENI and its ambitious boss. Enrico Mattei, Iran granted twelve-year drilling concessions for a strip on the Gulf of Oman, a submerged area off Abadan, and a promising 6,800-sq.-mi. area south of the fabulous Qum find (TIME, May 6). But to Iran ENI gave up to 75% of the profits from any oil find it may make...
...Confidential's first two years, ambitious, profit-hungry Publisher Robert Harrison blew up most of his stories out of news clips, police records, or from material supplied by columnists or reporters. But the King of Leer became increasingly insistent on boudoir reporting that, as one associate testified, "would make readers say. 'This was something I never knew until now.' " In 1954, testified Hollywood Prostitute Ronnie Quillan. Harrison told her: "The more lewd and lascivious the story, the more colorful for the magazine...