Word: result
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Dates: during 1960-1969
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...NUCLEAR POWER PLANTS. The company unwisely signed some "turnkey" contracts to supply complete plants at a fixed fee. Managers underestimated the devastating effects of inflation. They reckoned that construction costs would rise only 3% or 4% a year, but they have actually gone up about 12%. Result: losses on those jobs amounted to many millions of dollars last year. G.E. has a big backlog of $2 billion in orders for nuclear plants, but probably will not realize a profit on them for several years...
...dollar seems secure against the devaluation that a gold-price increase would involve. The U.S. last year ran a tiny balance-of-payments surplus, its first in eleven years. It was a victory with a high price. "No one should be deluded," says Treasury Secretary Kennedy. "Underneath the overall result, our trade balance has sagged to the vanishing point under the pressure of inflation, and additional controls on American investment were imposed to achieve the balance. We do not plan to rely indefinitely on tight controls or statistical window dressing to disguise but not cure a basic deficit...
...forces employers to bargain with many competing unions simultaneously and makes industry-wide negotiations almost impossible. Remarkably, unions are not bound by the agreements that they sign, and there are no legal provisions for cooling-off periods or court injunctions to forestall even the most outrageous strikes. As a result, more than 90% of Britain's strikes are called not by union leaders but by disgruntled workers...
...high insurance coverage did not result from Israeli-Arab tensions, but from the brief Indo-Pakistani war in 1965. "At that time," says Sheikh Najib Alamuddin, MEA's president, "our aircraft served both Karachi and Bombay, and we decided to cover our fleet with complete war-risk insurance. Thank goodness we've continued to maintain those policies...
...result of a rather complicated deal, the U.S. Government also has a special interest in MEA. Several years ago, most of MEA's shares were owned by Beirut's Intra Bank, which also owed a big debt to the U.S.'s Commodity Credit Corp. for some grain shipments to Lebanon. When Intra folded in 1966, an investment company was formed to take over its remaining assets, including 65% of MEA's shares. For its unpaid bill, C.C.C. received a 19% interest in the investment company that controls the airline, and an officer of C.C.C. sits...