Word: year-end
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This the week's issue marks the choice of TIME's 51st Man of the Year-the idividual who, in our editor's judgment, has had the most impact, for good or ill, on the course of events over the past twelve months. We usually keep that selection a secret until our year-end issue goes to press, but there could be litle surprise about 1977's choice. Indeed, the world's press watched as Egyptian President Anwar Sadat helicoptered to the Pyramids on the edge of the desert and joined Photographer David Hume Kennerly...
Listless and almost lifeless at times, the stock market in 1977 suffered through one of its worst years. Last New Year's Eve, the Dow Jones average of 30 industrial stocks closed at 1004, its year-end record. By the final bell last week, the widely watched indicator had dropped 19%, to 815. The mood on Wall Street, among the brokers and traders whose heartbeat is the daily ticker, has turned from despair to anger. Says Peter L. Bernstein, an economist-consultant to large institutional investors: "We hate stocks, we hate ourselves and our customers hate...
...drive to reach Geneva by year's end raised suspicions that Washington's zeal might have had less to do with urgent realities in the Middle East than with the Administration's own hankering for some important post-Lance affair foreign policy successes. Vance concedes that the year-end goal for Geneva is totally arbitrary. But he maintains that Middle East diplomacy had been stalled for so long that some calendar goal, however artificial, was necessary if the peacemaking momentum was ever to be resumed. Says Vance: "You have to try to set some sort of target that would make...
...manufacturers have begun to warn of massive layoffs and plant closures later this summer. "Bureaucratic brinksmanship," grouses GM Chairman Thomas Murphy. With 1977 auto sales booming and prospects good for a year-end total at or near the alltime industry record of 11.4 million in 1973, a regulatory shadow over the 1978 models could give a boost to that group of automakers who have argued all along that bigger is not necessarily better-the foreign-car manufacturers...
...mention those who regained their freedom as the result of it. One of them was Daan Peter Pot, 20, a civil engineering student at the Groningen technical college, who missed his year-end examinations during the ordeal (his dean ordered him advanced anyway). The Moluccans, he said, had treated him reasonably well, and despite low moments, morale among the passengers had remained surprisingly high. The running joke among the group, he said, was that their endless train "ride" must mean that Holland had become a huge country...