Word: banks
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Dates: during 1970-1979
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...look prescient. Among the winners were people who had shrewdly put away dimes, quarters and half dollars minted before 1965; at year's end an original $1,000 in those almost pure silver coins was worth $16,300. But anybody who had put his money in a savings bank was a sucker; a $1,000 deposit declined in real value during the year to about $900, after inflation and taxes on the interest receipts...
...spreading through the Middle East. They are trying desperately to bend with the wind. Bahrain, long known for its easygoing Western ways-it is one of the few countries in the area where liquor is sold-has, in deference to Muslim tradition, just opened an interest-free Islamic bank and banned male hairdressers from attending to women. The Amir of Kuwait has promised that his country's national assembly, "suspended" since 1976, will be reopened next year...
...Taiwan the U.S.'s eighth largest trading partner. By contrast, two-way trade between the People's Republic of China and the U.S. this year will amount to $1.8 billion. Washington has quietly but systematically encouraged the bilateral trade boom. Among major recent deals: the Export-Import Bank, which sent a delegation to the island this fall, extended $500 million worth of loans during 1979. Since January, American banks have also contributed to a $200 million loan to the Taiwan Power Co. General Electric has joined with Taiwan companies on a $30 million turbine-generators project. Said Robert...
...more controversial move was made by Sotheby's last summer. The company announced that it had entered into an agreement with Citibank, the second largest banking organization in the U.S., to assist the bank's millionaire clients in acquiring artworks for investment. Though Sotheby's insists that the arrangement contains sufficient built-in checks and balances to dispel any suspicion of conflict of interest, many people in the art world are skeptical of any deal whereby an auction house may in effect end up supporting its own market. Says David Bathurst, Christie's New York president...
...softening already. In November, says one Sadat aide, the Saudis began sending "signals" that they would not undermine Egypt or the peace treaty; they would go on shipping oil through the canal and the Suez-Mediterranean pipeline, and the $2 billion that they and Kuwait have in the Central Bank of Egypt would not be pulled out. The reason, says the aide: "The Saudis shudder at what is happening in Iran. They are beginning to understand the meaning of peace...