Word: state-run
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Italy's state-run enterprises, which already dominate a sizable amount of the country's business, last week pulled a stunning coup. With a stealth that would have impressed Machiavelli, they gained virtual control of the biggest Italian private company, Montecatini-Edison, a widely diversified manufacturer of chemicals and many other basic products. The maneuver was accomplished through an unprecedented joint assault by the government's two largest industrial complexes, ENI and I.R.I., which between them have substantial interests in 275 firms and control all or most of Italy's steel, oil, shipbuilding, aviation and banking...
...begun branching into chemicals, steel and other goods before Italy nationalized power in 1962. Soon after the merger, I.R.I. and ENI began secretly buying Montedison stock. By last week they had accumulated at least 15% of the stock, making the government the firm's largest single shareholder. The state-run corporations set UD a new shareholders' syndicate, in which ENI-I.R.I. will have an equal voice with a group of private holding companies. "Let's face it," said a major shareholder, "the state group is more equal than the private group...
...scion of the Wittelsbachs, who dotted Bavaria's picturesque hilltops with an insanely extravagant clatch of castles, pavilions, hideaways and other architectural follies in the 1870s and 1880s. Was he totally deranged? Not according to Dr. Michael Petzet, 35, the Munich art historian who oversees Bavaria's state-run castle-museums (including Ludwig's). Petzet, pointing out that Ludwig was the patron of Richard Wagner, sees the king as "a creator in his own right, someone who aimed to fulfill what Wagner understood as total art on his own terms...
...Massachusetts legislature was persuaded to convert the Springfield Technical Institute, a vocational school, into a state-run operation. The institute acquired instant academe by moving its facilities to some of the armory's 19th century buildings. The campus now includes parade grounds and handsome fences wrought from melted cannon poured into an artistic motif of pikes and halberds...
...necessity after the U.S. began curbing its money exports, is the big and free "Eurobond" market, which rallies currencies from many countries. Conceived and usually underwritten by Wall Street bankers, the bonds are floated for borrowers as diverse as South Africa's De Beers, France's state-run P.T.T. telecommunications monopoly, and U.S. subsidiaries abroad. They are sold to oil sheiks and other wealthy individuals, and reportedly, the United Nations pension fund and the Vatican. From almost nothing in 1963, the volume of these bonds rose to $2.1 billion last year, mostly for European corporate and governmental borrowers...