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...Italy, the "Black Tuesday" following the two-day election saw the Milan stock market record its largest single-day drop since a government collapse coincided with a slumping market 15 years ago. Gianni Agnelli, chairman of Italy's giant Fiat automotive empire, warned that the results would "push us farther away from the Western world." Speculators sold the lira short. Moviemakers, many of whom are radical chic Communist voters, fretted that Western cinemoney would...

Author: /time Magazine | Title: ITALY: The Communists: A Step Closer to Power | 6/30/1975 | See Source »

...this was immediately rejected by union leaders under pressure from an angry rank and file. A proposed ceiling of 45% imposed by decree was likewise angrily rejected. At week's end the wage talks were deadlocked, and workers seemed on the verge of industrial turmoil. There was a two-day strike at heavy-industry plants in Córdoba; when demonstrations were banned by the authorities acting under state-of-siege powers, three policemen were gunned down at a power station just outside the city. In Buenos Aires, police broke up a demonstration by taxi drivers outside Government House...

Author: /time Magazine | Title: ARGENTINA: Approaching the Edge of Chaos | 6/23/1975 | See Source »

...knots moved slowly southward into the Suez Canal; symbolic floating gates decorated with pharaonic designs parted to let her through. Another destroyer and three vessels filled with invited guests fell in line for a voyage to Ismailia, 48 miles away. Thus did jubilant Egyptians last week begin a two-day celebration of the reopening of their canal, eight years after it was blocked shut by ships scuttled at the outbreak of the Six-Day War (see box page...

Author: /time Magazine | Title: MIDDLE EAST: Favorable Omens for Peace | 6/16/1975 | See Source »

...already contemplating a thinout if its Sinai forces in order to cut defense expenditures, Rabin decided to gain some political advantage from the move. The announcement was rushed off to Austria by way of the American embassy in Tel Aviv. It reached Schloss Klessheim, the U.S. quarters for the two-day Salzburg meeting, as Ford was hosting a luncheon there for Sadat that ranged from trout à la meunière and spinach en branches to butter pecan ice cream ring with chocolate sauce. Both Presidents expressed immediate pleasure at the news...

Author: /time Magazine | Title: MIDDLE EAST: Favorable Omens for Peace | 6/16/1975 | See Source »

First Round. The two-day summit in Salzburg increased Sadat's stature as the pre-eminent spokesman for the Arabs and as a truly international figure. More than that, it was the first round in a series of talks that could prove a watershed in the turbulent conflict that has convulsed the Middle East almost constantly for 27 years...

Author: /time Magazine | Title: MIDDLE EAST: A Watershed Week for Egypt's Sadat | 6/9/1975 | See Source »

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