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Word: undercutting (lookup in dictionary) (lookup stats)
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Further complications arose when Nigeria announced that, unless a reunified pricing agreement was reached, it would undercut even Saudi Arabia's existing price of $32 per bbl. for comparable grades of crude in order to boost sales. The country is currently losing an estimated $1.5 billion monthly from its dwindling oil business, and its $8 billion in foreign exchange reserves could run out by year's end. "They [the Nigerians] are on the verge of panic," said one conference delegate. "We are all nervous about this...

Author: /time Magazine | Title: OPEC's Geneva Debacle | 8/31/1981 | See Source »

...have won the tax debate," said White House Chief of Staff James Baker after hearing of the concessions made by Rostenkowski's committee. Nonetheless, the Administration decided to hang tough for everything it wanted. Said one top Reagan adviser: "All the Democrats achieved by compromising was to undercut their own arguments against our position...

Author: /time Magazine | Title: Yeas 238-Nays 195 | 8/10/1981 | See Source »

...reforms have undercut a great deal of ETA's backing, particularly from the middle class, which is weary of the terrorist tactics. There is a grudging recognition, even among the most anti-Castilian of nonterrorist Basques, that conditions have improved decisively. Says Angel Amigo, a young writer and film maker who joined ETA in 1972, aided in a terrorist kidnaping, was captured, tortured and subsequently released: "There has been a change in the scale of values among the young since Franco's day. Under repression, all life turned on politics. War was heroism, but all that is over...

Author: /time Magazine | Title: Spain: Terrorists from the Mountains | 8/10/1981 | See Source »

...continued to follow the ice-cream business. Competition from big manufacturers forced him up the quality ladder. He raised his butterfat content to 12%, from the customary U.S.-regulated minimum of 10% for vanilla, and was successful for a while. The opposition caught on and, he says, began to undercut him with illegal discounts and credit deals. So he decided to go where the chains could not follow, to 16% butterfat and, never mind the cost, the very best ingredients. The new ice cream had no stabilizers to minimize the effects of melting during handling, no preservatives, no powdered milk...

Author: /time Magazine | Title: Ice Cream: They All Scream for It | 8/10/1981 | See Source »

...expressed his support of Taiwan during his presidential campaign and pledged, if elected, to upgrade U.S. relations with Taipei. During his visit to Peking, Haig sought to reassure the Chinese leadership that the U.S. had not in fact changed its position. Even before Haig had left Peking, President Reagan undercut him by telling a press conference: "I have not changed my feelings about Taiwan." The Chinese were upset enough to collar Haig at the airport, minutes before his scheduled departure, and upbraid him for the President's remarks. Since then, the attacks on Washington's Taiwan policy have...

Author: /time Magazine | Title: China: Leaning Toward the Mainland | 8/3/1981 | See Source »

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