Word: turnabout
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MALAYSIA, another veteran of a Peking-backed insurgency, has made an even more startling turnabout. Last month Kuala Lumpur accepted its first Chinese Red Cross flood aid; last week it rolled out the red carpet for a sellout tour by the popular Communist Chinese Silver Star Cultural Troupe. With Rumania and other third-party countries acting as the middlemen, Malaysia's pragmatic new Premier Tun Abdul Razak has begun indirect negotiations with China, offering to open trade and diplomatic relations in return for Peking's promise not to support Malaysia's holdout guerrillas. He has already faced...
Center Stage. The new procedure was a major reason for the House turnabout. Many wavering Congressmen apparently were convinced that most of their constituents opposed the plane and posed more of a threat than the SST's lobbyists. The recorded voting also discouraged Representatives from staying away, which tends to strengthen the liberal forces, since liberals traditionally have been less conscientious about tending to the daily business of the Congress than conservatives. This year's House also contains 56 new members, and of these, 33 voted against the plane. The teller vote was not along party lines. Voting...
...Pipeline was ruptured for eight months, demand for space in tankers rocketed and distance from markets became crucial. OPEC members, many of which are a short trip by tanker from the heart of Europe, sense that power is now in their hands, and they are taking advantage of the turnabout to settle some old scores. They argue that posted prices-the generally static figures on which their share is based -were imposed on them by the West decades ago, when oil was not as much in demand as it is today. They note with irritation that, while a barrel...
Cheaper Mortgages. This abrupt turnabout was largely engineered by the Federal Reserve Board. Hoping to stimulate business, the Fed has been increasing the money supply at an annual rate of 5% to 6%. Instead of borrowing, however, corporations have been trying to clean up their debts and build their cash reserves. Speaking of 1970, James Howell, chief economist of Boston's First National Bank, says: "We damn near had a collapse of business-loan demand." Consumers have also been reluctant to borrow because they are worried about social unrest, the economy and rising unemployment, which has been unusually high...
Only two years ago. the Chicago Black Hawks were the pigeons of the National Hockey League. Despite such superstars as Bobby Hull and Stan Mikita, the Hawks somehow wound up dead last in their division. Then came an astounding turnabout. Last year the Hawks suddenly swooped off with top honors in their division. This year their new-found talons have been sharp enough to earn them 23 victories and five ties in their first 34 games. Much of the credit goes to Goalie Tony Esposito, who set a league record of 15 shutouts in his rookie season last year...