Long after the sleek U.S. bombers had disappeared from the Libyan skies and the grim cleanup had begun, there was a sense— drowned out by the conflicting cries of outrage and rejoicing—that what had happened was almost inevitable. As far back as 1981 President Ronald Reagan had threatened to take “swift and effective retribution” against terrorists.
The docility of the Canadian public is incomprehensible to behold. The rugged land of bush and rock is populated by 25 million sheep, who do not even bleat. Canadians abide abuse and contempt from those on high that would cause riots in the streets anywhere else.By Allan Fotheringham4 min
International Trade Minister James Kelleher, a softspoken labor lawyer from Sault Ste. Marie, Ont., the week began with an urgent 8 a.m. telephone call from Washington. The caller was U.S. Trade Representative Clayton Yeutter, Washington’s chief trade negotiator.
With her government under attack by supporters of deposed leader Ferdinand Marcos, Philippine President Corazon Aquino last week received a vote of confidence from an unexpected source. Guerrilla leaders of the Moslem Moro National Liberation Front (MNLF)— who recently signed a ceasefire agreement with the military after more than 10 years of fighting for autonomy in 13 southern provinces—said that Aquino has the support of the people.
The phenomenon is known as capital flight—and it represents the lost wealth of some of the world’s most indebted nations. And the overthrow of two former dictators, Ferdinand Marcos of the Philippines and Haiti’s Jean-Claude Duvalier, recently underlined just how massive the problem has become.By LENNY GLYNN6 min
In the shuffling and shifting that is transforming London’s financial district, one merchant bank is emerging as the British version of Wall Street’s world-class investment houses. S. G. Warburg & Co. Ltd., which has broken most of the rules that govern the cozy British money fraternity, also happens to be the one U.K. financial institution with deep and expanding ties to Canada.By Peter C. Newman4 min
They are part of the street scene everywhere in Europe: youngsters in their late teens, solemn, wiry and dark-complexioned. The uniform is running shoes, nondescript jeans and old military-style jackets. Most are students or teenage drifters.By RAE CORELLI6 min
It has a reputation of being one of Britain’s most inefficient and costly government-subsidized corporations. The British Post Office nearly always delivers the mail late. And many Britons complain bitterly about lineups at the country’s 21,000 post office counters, where clerks can often be seen working behind “closed” notices, while an overburdened worker struggles at the solitary “open” window.By PAULETTE ROBERGE4 min
The warning signs of a pending crisis for Canada’s moneylenders are already clear. With energy prices falling, the big banks are quietly setting aside capital to cover the cost of a wave of defaults on loans that is expected to break over the West within the next nine months.
High-society New Yorkers are taking a renewed interest in lavish debutante balls. And that development was welcomed by New York socialite Cornelia Guest, 22, who was named Deb of the Year by the New York Post in 1982, and later Deb of the Decade by Life magazine.By MARY MCIVER5 min
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