Business: Rebuffs for South Africa

Citibank stops its loans; Olin is indicted for rifle sales

South Africa has long presented a dilemma to U.S. companies: profits on loans, sales and investments in the land of apartheid can be high, but so can the costs in bad publicity. Last week the spotlight fell on two companies that had reacted to the dilemma in widely contrasting ways. In New York, Citicorp, holding company for the U.S.'s second largest bank. Citibank, let out the word that it had stopped all lending to the South African government and government-owned companies. In New Haven. Conn., Olin Corp., the owner of the Winchester...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!