Word: petroleum
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...Soviet Union may have wanted to end the dispute because low oil prices have reduced its revenues from petroleum exports. Now the financially squeezed Soviets will be able to issue bonds in London's capital market for the first time since the days of Lenin...
...last week were all accelerated by the 60% drop in the price of oil since the beginning of the year. By causing energy loans to go sour and depressing the whole Southwest, cheap oil pushed the Oklahoma City bank over the brink and aggravated BankAmerica's huge losses. The petroleum slide helped drag down LTV too, because the company is a major supplier of oil-drilling and pumping gear, which almost no one wants to buy right now. Last week the number of oil rigs operating in the U.S. reached a postwar record low of 663, compared with a peak...
...fallen price of petroleum, says an executive for Arizona-based U-Haul, has spawned an exodus from the oil towns and caused shortages of U-Haul equipment. In May and June, the company spent $114,000 to pay people to fly to Florida and drive back 450 trucks and 1,100 trailers to Houston and New Orleans. But many Texans still wait three weeks to get one of the costly U- Haul trucks...
...need for increased World Bank lending grows graver every day. U.S. and international aid officials were closeted last week with representatives of the second-largest Third World debtor, Mexico. A major oil producer, Mexico has been badly hurt by the plunge in petroleum prices and is desperately trying to renegotiate the terms of its $98 billion debt...
Renault, the French automaker, rents a village for nine weeks each year so that 17,000 of its workers can stay for a few days or more. France's Total, a petroleum refiner and marketer, takes about 650 people a year to a Club Med as a plum for good performance. Says Philippe Morot, a Total executive: "It is remarkable what work gas-station managers will do to win." Other corporate clients have included Japan's Sony and Nikon, as well as Harley-Davidson and Pizza Hut from the U.S. Trigano plans to step up efforts to attract American companies...