Word: profiteering
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Dates: during 1970-1979
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...Caracas, Saudi Arabia and Venezuela pressed for pricing restraint but were effectively countered by profit-hungry producers led by Iran and Libya. They urged an increase to at least $30 per bbl., arguing that anything less would be silly since consuming nations have been willing to pay prices that would have seemed unthinkable a year...
...need to elect a President in the prime of life who has broad national and international experience," says the candidate. "I have had eight years of experience in agriculture, in keeping profit-and-loss records on livestock." He is also well educated: he is a Rhodes scholar and holds a master's degree in public administration and a law degree from Harvard...
...beyond the assurance that supplies of heating oil are adequate. Says Gulfs Charles H. Bowman, vice president for energy regulation and compliance: "We are earning money in a shortage situation?hardship, if you will?that will be used to help alleviate the shortage. We don't feel that our profit increase on home heating oil, about three-quarters of a cent per gal. over three years, is exorbitant. If anything, it is not enough." True, Europeans are struggling with heating-fuel bills of as much as $1.50 per gal. in Denmark and Austria, but that is little consolation to Americans...
...employee-owned company, Republic Hose Manufacturing Corp., took over the one-story plant, productivity is up 40%, and the rate of rejected products has dropped from 8% to 1%. The firm, which today employs 130, estimates that for its first complete fiscal year it will earn a pretax profit of up to $600,000 on revenues of $7 million; that is less than the approximately $12 million in revenues of Aeroquip's final year but at least double the new owners' initial projections...
...weeks annually, were reduced and dropped altogether for the first year. Also axed: the costly pension plan, which had been chewing up $900,000 a year, or between 6% and 7% of the operating budget. Instead, the shareholder-employees chose a combination of improved insurance benefits, bonus and profit-sharing plans, and the promise of eventual stock dividends