Word: volvo
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Dates: during 1960-1969
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...generally modest; the average president of a Swedish company with at least 500 employees makes about $30,000. The total income of Sweden's best-known executive, President Curt Nicolin of electric-equipment maker ASEA (for Allmänna Svenska Elektriska Aktiebolaget), is $120,000, and that of Volvo Boss Gunnar Engellau...
...from Europeans desperately attempting repairs. They shouldn't have bothered. In twelve years, no non-African has ever won, and the record may forever be intact. Last week's winners came close to denting it: two Sikh brothers named Joginder and Jaswant Singh, in their secondhand Swedish Volvo with 50,000 miles on the odometer. Of course, they have lived all their lives in Nairobi. When they coasted cozily home, the swinging Singhs were hoisted onto the roof of their car and paraded through the streets. It was the worst hazard they had faced...
...impact was also felt abroad. Puerto Rico suffered a $150 million trade loss, and Colombia and Brazil lost coffee exports. Reduced shipments of food to India complicated that country's battle with starvation. Volkswagen dealers began to run out of stock in Chicago, Philadelphia and Atlanta, and Volvo's sales to dealers fell 44% in January...
Removed or Reduced. The British surcharge threatens not only to impede that progress but to wreck EFTA. Britain's EFTA partners have threatened to retaliate unless the surcharge is removed or reduced; Sweden's Volvo automaker has already warned that it will stop buying British auto parts (total: $36 million a year). The pressure on Britain to drop the tax will build up strongly at this week's Geneva meeting of EFTA's consultative committee and at next month's meeting of EFTA's ministerial council. Largely because Britain has been shocked into realizing...
Caution & Adventure. Skandinaviska bailed out many of Kreuger's companies in a rescue operation that won it the lasting respect-and the banking business-of such large Swedish corporations as automaking Volvo and the ball-bearing giant SKF. Says Lars-Erik Thunholm, 50, one of the bank's three managing directors: "Caution alone could not make banking a creative force. Caution must be coupled with adventure." By successfully coupling them, Skandinaviska has proved anew that one plus one often adds up to much more than...