Word: avert
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Dates: during 1960-1960
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...Castro has before long. Faced with an almost 50% drop in foreign exchange in the past year, the U.S. trade boycott, and the loss of $150 million from the discontinued U.S. sugar bonus, Economic Czar "Che" Guevara flew behind the Iron Curtain last month for help to avert economic disaster. Czechoslovakia agreed to double its aid, bringing the total to $40 million. But estimates are that Cuba needs an irreducible minimum of $250 million in freely convertible currencies this year to replace income lost by severing its U.S. trade ties, and Che was reportedly asking...
...giant Pogo stick, the Philadelphia Warriors' skyscraping (7 ft. 2 in., 260 Ibs.) Wilt Chamberlain grabbed 55 rebounds to break the N.B.A. record by four in the skill the pros value almost as highly as scoring itself. But while Chamberlain also scored 34 points, he could not avert his team's 132-129 loss to the champion Boston Celtics...
...organization called the International Development Association (IDA) got under way last week and immediately ran into the familiar experience of seeing other nations avert their gaze when the plate was passed. Conceived as a soft-currency adjunct to the World Bank, in which underdeveloped nations may borrow dollars and other hard currencies but can repay in a variety of nonconvertible currencies such as rupees or drachmas, IDA originally was to start with $1 billion in capital. Though the U.S. dutifully subscribed its promised one-third-$320 million-in full, other nations fell short, and IDA last week began with...
...avert a threatened civil war between Kong Le and those who opposed his coup. King Savang Vatthana accepted as his Premier Kong Le's candidate for the job: Neutralist Prince Souvanna Phouma. As his part of the bargain, Prince Souvanna turned around and named as his Interior Minister General Phoumi Nosavan, leader of the anti-Kong Le faction. Everybody seemed relatively happy with the arrangement, at least for the moment...
Kress & Co.. the sixth largest U.S. variety-store chain (1959 sales: $154,422,000). He was brought to Kress two years ago, after the top management resigned to avert a proxy fight. Trustees of the Kress Foundation, which holds 42% of the stock, had balked at the lagging company's conservative policies. Cobb expanded into new merchandise, but he failed to stop the sales slide, which has continued every year but one since 1952. For the first five months of 1960, sales fell off 5.6%, and the directors cut the quarterly dividend from...