Word: yearly
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Dates: during 1970-1979
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...sweaters and knit vests to slip under suits. Women are snapping up fuzzy tights, pants rather than skirts, blazers and all kinds of sweaters, from shetlands and turtlenecks to cashmeres and one-of-a-kind bulky knits. Impulse buying is on the wane. "Shoppers are more money conscious this year," says a Chicago retailer. "They're going for longterm, classic looks...
...Saudi shocker, and it could not have come at a more anxious moment. Four days before the 13 member nations of the Organization of Petroleum Exporting Countries were to sit down in Caracas for their fourth price-raising session in a year, the cartel's biggest producer took preventive action. In a surprise announcement that whipped the money markets into a frenzy and sent gold leaping to yet another alltime high of $462 per oz., the desert kingdom of the House of Saud, long regarded as the quintessential OPEC moderate, announced one of the biggest increases in the cartel...
...Janeiro, Brazilian cab drivers crowd the streets and snarl traffic during a three-day strike to protest a 58% rise in gasoline prices. Meanwhile, riots break out in the Dominican Republic, and three people are killed after gas prices jump for the third time in a year. Says Colombia's President Julio Ayala: "One OPEC price rise is equal to ten subversive blows...
...developing countries' oil-import bill jumped from $4 billion in 1972 to about $44 billion this year, and some have-not nations are openly complaining about OPEC. The worsening crisis over crude prices may create an ideological dilemma for Third World leaders like Tanzania's Nyerere who were originally strong supporters of commodity cartels...
Just as a homeowner struggling with heating bills may turn to his bank for help, the have-not nations are hefty borrowers. Their loans from Western banks and international aid authorities have surged to a dangerously high $300 billion, and are expected to rise some $60 billion next year. The LDCs may be about to run out of credit to cover their bare requirements. Bankers are becoming increasingly cautious now that payments on their Iranian loans are in question, and they are under pressure to diversify their lending...