Word: pound
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...five grievances I submitted on February 17 was a safety grievance pertaining to the cutting of frozen ice cream. In the smaller dining rooms of North House (Holmes and Moors) the cooks must cut the 24-pound large ice cream cylinder into two squat cylinders with a sharp knife as it rotates. My grievance stated: "[The blocks of ice cream] are very hard and slippery as well as frozen, making them hard to cut. An accident while doing this could kill whoever is doing it. I am asking that this process be stopped immediately." But on March 3 the manager...
...latest trouble, which had been simmering since January, turned worrisome two weeks ago (TIME, March 22), when the lira's drift downward accelerated and the pound fell below the psychologically sensitive $2 mark. The basic cause was economic disarray in Italy and Britain, which have the highest inflation rates among major European countries. The declines immediately made the goods of both countries cheaper in world markets, and moneymen began selling francs in the belief that the French government, which is struggling with a 10% inflation rate, would have to let their value fall to keep French exports competitive...
Following a testy European monetary meeting Monday, an angry French Finance Minister Jean-Pierre Fourcade in effect accused the British of precipitating a crisis. He charged London with deliberately letting the pound drop in order to stimulate exports at the expense of Britain's trading partners-a charge that British Chancellor of the Exchequer Denis Healey denied. Fourcade also made a last-ditch attempt to keep the franc in the so-called European snake -an arrangement that bound France, West Germany, the Benelux countries, Sweden, Norway and Denmark to hold their currencies within a 4.5% range of fluctuation against...
...markets had not quite digested the French move when they got a second bombshell: Wilson's unexpected resignation. In the ensuing tumult, the pound traded as low as $1.9115. Whether the pound recovers in the weeks ahead depends largely on the progress of Wilson's successor in cutting the nation's 16% inflation rate...
...nervousness generated by the troubles of the franc and pound intensi fied the already alarming slide in the lira. In a single day, the lira fell from 842 to the dollar to 880; it closed at 875-down 27.6% from 686 as recently as Jan. 20. To boost government revenues and restore confidence in the lira, the government of Prime Minister Aldo Moro started a harsh austerity policy. Among other things, it raised taxes on auto sales, lifted the price of gasoline by 14.3%, to $1.73 a gallon, and raised the government bank lending rate a startling four points...