Word: stockely
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Dates: during 1970-1979
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...equilibrium, how long can it last? The city is painfully dependent on the good fortunes of the national economy. New York City, the strictly physical plant, is in a state of appalling neglect. The West Side Highway has literally fallen apart. Despite some renovations, the city's housing stock is in disastrous condition, especially in slums...
...flower whose extract is widely used in French perfumes. Now the Comoros are called the Mercenary Isles. Last spring the four tiny specks of volcanic ash off the coast of Mozambique were invaded by a motley troop of white soldiers of fortune, who took over the hapless islands lock, stock, and ilang-ilang...
Chrysler will collect $230 million in immediate cash, and $200 million in Peugeot stock that it could put up as collateral to get loans. Also, Peugeot will assume responsibility for $400 million owed to creditors by Chrysler's European units. Dumping that debt should improve Chrysler's credit rating, and thus its ability to borrow...
Last week Chrysler announced that it would sell its automotive subsidiaries in Britain, France and Spain to France's Peugeot-Citroën for $430 million in cash and Peugeot stock. If the deal is approved by the European governments involved-indeed, Britain may torpedo it -Peugeot would become the biggest auto manufacturer in Europe and fourth largest in the world, with sales right behind those of Chrysler itself. Chrysler would get out of the European market completely, except for its 15% share in Peugeot, thus shedding 70% of its foreign production and about a fourth of its worldwide...
...sale to Peugeot will do nothing to reduce this year's losses-a fact that Wall Street was quick to appreciate. Although Chrysler's stock jumped after the announcement, it quickly fell back, closing the week at 12.5. But experts applauded the decision. Said Arvid Jouppi, a top Detroit analyst: "Chrysler's strategy is to become strong domestically and abandon the world market. I would rather have 15% of a strong company like Peugeot than overseas assets that were too heavy to bear...