Word: venezuela
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Dates: during 1990-1999
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...Belle Simone, named for his third wife, and a 30-room mansion in Mill Neck, N.Y. But the deal barred him from the domestic construction business for 10 years. Within four years, the ITT stock, which he had been using as collateral to build subdivisions in places like Iran, Venezuela and Nigeria, lost 90% of its value. When those foreign projects foundered, he was left with millions of dollars in debt...
CARACAS: Good thing oil is cheap. Six years after he led an abortive military coup, left-wing populist Hugo Chavez was elected president of Venezuela, the largest supplier of oil to the U.S. "U.S. oil companies are worried that Chavez plans to move the country's economy away from free markets," says TIME reporter Christina Hoag. "He's said a lot of contradictory things and nobody knows where he actually stands." The president-elect was certainly not doing much to clarify his plans late Sunday: "In truth, I'm not Chavez," he told reporters. "Chavez is a national feeling; Chavez...
...mills in Ecuador, Nigeria and Congo; 3,100 acres of shrimp ponds in Ecuador and Honduras; 37,000 acres of sugarcane, 4,200 acres of citrus and a sugar mill, all in Argentina; a winery in Bulgaria; other agricultural and business interests in Chile, Colombia, Costa Rica, Guatemala and Venezuela; electric-power-generating facilities in the Dominican Republic; shipping companies in Liberia; containerized cargo vessels running between Miami and Central and South America; and, of course, the processing plant and hog farms in Oklahoma, Kansas, Texas and Colorado, along with poultry-processing plants, feed mills, hatcheries and a network...
...financial numbers have been moving up smartly--profits increased 185%, to $1.2 billion, and dividends rose 82%, to $295 million--the company has collected more than $150 million in corporate welfare from federal and state governments. There have been federal export subsidies; Eximbank projects in China, India and Venezuela; and research contracts with the Department of Energy. Louisiana has excused the company from paying nearly $2 million annually in real estate taxes. Kansas came up with a package of incentives valued between $11 million and $14 million to persuade Allied to erect a headquarters building for one of its subsidiaries...
...automatic-transmission repair kits and sells them in economies that are no longer booming--like those of Latin America and Asia--exporting more than 50% of its products. Carfel is beginning to take a dive. "Our sales have been dropping tremendously in Latin America," says Feldenkreis, pointing specifically to Venezuela and Colombia, where business is off 15%. He describes the company as "weathering" a bad situation. The situation has got so bad, in fact, that the company is rethinking its place in the automotive world, spending more money to try to diversify and develop new products...