Word: selling
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Dates: during 1970-1979
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Middle East Arms. Carter wanted to sell modern fighter aircraft to Egypt, Saudi Arabia and Israel, arguing that the package deal would enhance Egypt's chances of negotiating with Israel and would minimize Saudi objections to such a move. Despite strong opposition, particularly from the powerful Israeli lobby, the Senate voted to approve the arrangement...
...clerk in a Sears, Roebuck store in Gardner, Mass., Peter Roberts invented a quick-release ratchet wrench that enabled a mechanic to change sockets with one hand. At his boss's suggestion, Roberts offered his invention to Sears. Executives told him that his wrench probably would not sell well and that patents were pending for similar tools. But Sears eventually bought the rights to Roberts' wrench...
...year later, Roberts discovered his invention prominently displayed in a Sears catalog. As it turned out, while trying to discourage him about the value of the tool, the company had test-marketed it and converted about 75% of its wrenches to his design. Sears went on to sell 26 million of the wrenches for a profit of about $44 million. Roberts sued. In December 1976 a federal jury decided that Sears had obtained Roberts' patent fraudulently. The jury awarded him $1 million. Last week, after Sears had fought the decision all the way to the Supreme Court and lost...
...airfields in the Sinai with two new bases in Israel's Negev Desert. One possible sticking point in the talks concerns Israeli oil installations in the Sinai. The Israelis may seek compensation for these installations; at the very least, they will ask for a guarantee from Egypt to sell oil to Israel or a promise to set up a joint enterprise for exploring the Sinai oilfields. The Egyptians will seek to avoid any such special arrangements...
CORPORATIONS. To them, selling the dollar is mere prudence. A Japanese company may book an order to deliver $1 million worth of steel to the U.S., with payment due in 30 days. Rather than wait to receive the dollars, which by then might be worth fewer yen, the company quite probably will immediately sell $1 million for as many yen as it can get, with the dol lars to be delivered in 30 days. U.S.-based multinationals do essentially the same thing. Hercules Inc., a major chemical company, in 1971 negotiated a five-year loan in Swiss francs, on terms...