Word: totally
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Dates: during 1970-1979
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...about possible fast-food techniques for use in China.) Inter-Continental Hotels plans to build within three years a chain of 1,000-room hotels, complete with swimming pools and saunas, in Peking Canton, Shanghai and other major cities. Hyatt International has proposed the construction of hotels with a total capacity of 10,000 rooms. Pan American and several other airlines have entered bidding for landing rights in China to bring in the tourist trade on a major scale...
...business investment and expansion and, to everyone's astonishment, whooped through a cut, from 49.1% to 28%, in the top tax rate on capital gains (profits made on the sale of stock, real estate or other assets). Also, Congress and Carter eventually agreed to reduce the total tax cut from the $25 billion that the President had originally requested to $18.7 billion, and to delay its start from Oct. 1 to Jan. 1. While that might seem to flout the message of Proposition 13, policymakers correctly judged that message to be a protest against rising prices as well...
...cause of inflation. The Federal Reserve has created so much money partly to cover budget deficits, partly to meet the credit demands of a growing and inflationary economy. Throughout 1978 the Fed kept letting interest rates rise to discourage borrowing; banks raised the prime rate 14 times, by a total of almost 4 points, to 11.5%. Loan demand stayed high, however, and money supply kept bounding up; in September it rose at an annual rate of 15.8%. But the cumulative effect of the interest increases may be retarding money growth at last. Money supply in October rose at an annual...
...proven, probable and potential. Unlike other countries, Mexico further complicates matters by lumping oil and gas together; about two-thirds are oil, one-third gas. The government figures its proven reserves?oil and gas that can be recovered with existing technology at current prices?at 20 billion bbl. This total is expected to be raised soon to about 30 billion bbl., which would make Mexico's known supplies of oil slightly larger than those of Venezuela or Nigeria, though far smaller than Saudi Arabia's 160 billion bbl. The official reckoning of the much less certain probable reserves, which might...
...news for Mexicans, millions of who live in poverty. Pemex hopes to lift production from its present 1.5 million bbl. a day to 2.5 million by 1980. At the same time, it expects to triple its oil exports to 1 million bbl. a day, mainly to the U.S. (whose total imports now are 9.1 million bbl.). As a result, oil earnings are expected to hit $8 billion annually...