Word: bahrain
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Dates: during 1970-1979
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...governments of the tiny states of the Persian Gulf are also worried, about both their Shi'ite and Palestinian populations and about the wave of Islamic fundamentalism and unrest that seems to be spreading through the Middle East. They are trying desperately to bend with the wind. Bahrain, long known for its easygoing Western ways-it is one of the few countries in the area where liquor is sold-has, in deference to Muslim tradition, just opened an interest-free Islamic bank and banned male hairdressers from attending to women. The Amir of Kuwait has promised that his country...
Tremors of foreboding spread through money markets from Tokyo to Bahrain. The dollar plunged steeply on initial reports that Iran would withdraw its deposits from U.S. banks, then rebounded in nervous surprise at the news that Washington was freezing the assets before they could be withdrawn. When rumors circulated in Europe and New York that Iran would counteract the move by refusing to accept dollars as payment for its oil delivered to any nation, the U.S. currency began to gyrate all over again. Brokers and traders passed the week wearing looks of astonishment at what might come next...
Private bankers warn that attempts to regulate will fail. If Eurocurrency lending is regulated in London or Luxembourg, they say, it will only sail away to Singapore or Bahrain, where no controls are likely to be imposed. If the Federal Reserve restricts U.S. bank branches, borrowers will simply shift their Eurodollar business to foreign branches. Bankers also insist that these markets will be needed to lend the developing countries the $50 billion they will need over the next year to pay their oil and industrialization bills...
...little gasp" when she opened her present from Sheik Rashid: a necklace studded with sapphires surrounded by 300 diamonds, with matching earrings and ring. That was in addition to a solid gold tray, on which stood a pair of solid gold camels beneath two solid gold palm trees. Bahrain gave her a solid gold palm tree, 18 inches high, that was hung with pearls representing dates, as well as a gold brooch in the shape of a sailing ship, studded with diamonds and rubies. Kuwait's offering: a double string of pearls and a solid silver model...
Problems of state? Not at all, as Queen Elizabeth II, on the first leg of her three-week tour of Arab Gulf states, paused to chat with the Emir of Bahrain, Sheik Isa Bin Sulman al-Khalifa...