Word: arcos
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...ACSR also split last night on a pair of proposals that ask Exxon and Atlantic Richfield (ARCO) to issue report on their activities Chile Harvard owns about $28 million in Exxon and about $34 million in Atlantic Richfield, according to the University's most recent financial report...
...ACSR voted to support a church-sponsored resolution calling on ARCO to release a detailed report on the investments it has made in Chile. The report would include an evaluation of the impact of these investments in improving human rights in the country...
...companies are looking for new ways to lure drivers to their pumps, the once thriving company card may become an endangered species. Last week Atlantic Richfield Co., the eighth largest American gasoline retailer, an nounced that it was getting out of the credit-card business altogether. After April 15, Arco gas stations will accept neither its own blue-and-gray cards, which are held by more than 3 million people, nor those of Visa, American Express or other credit companies. Industry experts predict that other big gasoline retailers will eventually drop out of or cut back on the credit business...
...companies also complain about the high cost of maintaining the credit service at a time of skyrocketing interest rates. Last year Arco spent more than $73 million to administer its credit-card accounts. Texaco, which has also been plagued by rising credit-card costs, last November started levying a 3% sales surcharge on dealers who accept the Texaco cards for payment. Exxon has launched tests in selected areas to see if a 40-per-gal. discount will reduce credit-card use. The company is now considering introducing the plan nationwide...
About one-third of Arco's patrons currently pay for their purchases by means of Arco cards, and company officials concede that some people could drift off to other gasoline brands once their charge cards are no longer accepted. The company, though, thinks that drivers will keep pulling into its stations because Arco will be passing on its administrative savings to customers. The company says that it will be able to slash gasoline prices by as much as 30 per gal. in the coming weeks as a result of abandoning credit cards. If Arco's sales spurt...