Word: petroleum
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Belaúnde has also resisted political pressures to nationalize the U.S.-owned International Petroleum Co. (TIME, Nov. 8, 1963), has created a climate that makes investment thrive. Along the new highways around Lima, small but modern plants are producing everything from TV sets to tobacco products. Cashing in on consumer prosperity, Sears, Roebuck will soon open its third store in Lima, and has plans for two more next year. Until March 1965, Peru imported all its autos; it now has five assembly plants, will get eight more from French, German, Swedish and Japanese automakers next year. Says General Motors...
...ruins of a bombed-out North Vietnamese army camp at Badon, 75 miles north of the 17th parallel. For six successive days Air Force F-4C Phantoms dumped new bombs into the craters-which exploded into towering columns of greasy black smoke. Looking for hiding places for his remaining petroleum supplies, Uncle Ho had turned the camp into an oil dump...
...last count, Americans had more than $25 billion invested in Canada, a third of all U.S. private investment abroad. U.S. firms not only operate some 1,500 major subsidiaries in Canada, but control 46% of the country's manufacturing, 52% of its mining and smelting, 62% of its petroleum and gas industries...
...announce a series of "directives" spelling out a program of austerity and reform. Reports say they will include a sharp cutback on state employment, special export credits to stimulate foreign trade, more public housing, complete overhaul of Illia's disastrous oil policy that forced Argentina to import petroleum for the first time in years, and reorganization of the country's food-distribution system to eliminate middlemen and help blunt the cost-of-living spiral...
Academic. He does not question President Johnson's "painful, consistent" desire to avoid military defeat while "resisting proposals to enlarge the conflict." And though he wrote his book before the U.S. struck the petroleum targets at Haiphong and Hanoi, he foresaw that the President would find it necessary to move "imperceptibly" in the direction of more blows against North Viet...