Word: volkswagenwerk
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Dates: during 1970-1979
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Worldwide sales of Volkswagenwerk AG have slumped 21.6% so far this year, and officials openly predict that the company in 1974 will suffer the first full-year loss in its history. (Profits in 1973 were $40 million; at their peak in 1966 they totaled $151 million.) Last week Volkswagen closed down most of its West German plants and gave 45,000 workers a two-week furlough with partial...
...purchase German bonds with the marks. Some are the chiefs of the increasingly rich and powerful Middle Eastern oil countries. The most potent are the financial officers of multinational corporations, who do not want to tell stockholders that they lost millions by holding onto dollars that fell in value. Volkswagenwerk is said to have saved as much as $60 million by switching some $500 million from dollars into marks in the summer before the Smithsonian agreement. Businessmen can accomplish much "speculation" by the usually praiseworthy expedient of paying their bills promptly and in full. A U.S. executive buying Japanese structural...