Word: volvo
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Into East Europe's, shaggy capitals each day come scores of eager and secretive men from Western Europe. They are businessmen who have found that it pays to do business with the Communists. Their credentials are impeccably blue chip-Krupp, Volvo, Renault, Imperial Chemical Industries. By day, they hustle off to talk trade with ministers, plant managers and bureaucrats. By night, they cluster in the crowded bars and dining rooms of the hotels frequented mostly by foreigners: Warsaw's Bristol, Prague's Alcron, Bucharest's Athénée Palace. More than at any other...
...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...