Word: profiteer
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Dates: during 1960-1969
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Detroit's move into the low-price field has come belatedly and grudgingly. Saddled with higher labor costs than their foreign competitors, U.S. automakers enjoy a far greater unit profit on bigger, jazzier cars than they could hope to on European-style ones. In order to make a go of it with low-priced cars, they must be certain that the volume is there. The upswing in import sales, which will account for a $2 billion chunk of business this year, has convinced them that...
...bigger piece of the action this time, they have proposed to run 36 round trips a year to Australia. That would be enough to take a third of the entire Australian trade, worth $31 million. If not allowed into the conference, the Russians threaten to sail outside-at profit-busting rates...
Duly Noted Profit. Besides higher costs and White House antipathy, Bethlehem and other steelmakers also face a severely restricted market for their products. The reason is that steel users, having stockpiled a record 36 million tons in anticipation of a strike that never came, will be working off their inventories before placing new orders. The rush of hedge buying, of course, did give the industry a big lift during the first half of 1968. U.S. Steel last week reported earnings for the first six months of $128.5 million, an increase of 52% over 1967. Bethlehem's six-month profits...
...Eastman Kodak reported a record second quarter, 14% up despite the new surtax and higher costs. First-quarter earnings were restated as $65.7 million, down $5.5 million from previous figures, due to the surtax. Eastman spokesmen said that "profit margins held up well in the face of rising costs of silver and other materials and in creasing wage rates. The tax surcharge, however, had a decidedly adverse effect on the rate of net earnings...
Papousek feels sure of the Czechs' future goals. His people want to profit from the inter-action between socialism and democracy, combining the advantages of both. "And we want more freedom than we have had up to now. In fact, we want more freedom than Americans have...