Word: bahrain
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...ventures in the oil industry have ever produced such a gusher of speculation. Early next month, engineers will drill a 14,000-ft. well near Jarim Reef off the island of Bahrain, a tiny Persian Gulf nation not far from the world's richest oil deposits. If the exploratory pipe hits crude, it will enrich a cast of investors that includes the Bass brothers of Texas, the Rupert family of South Africa, the Harvard University endowment fund and George W. Bush, the President's eldest son. If the well is dry, the episode will prompt shareholders to wonder why they...
...sheik had plenty of companions in misery as shock waves from the B.C.C.I. shutdown rippled across the globe. Authorities seized more than 75% of the bank's $20 billion of assets in 69 countries. Customers from Bahrain to Beijing suddenly found themselves cut off from their funds. Political sniping broke out in Britain when members of the opposition Labour Party attacked regulators for hastily closing 25 branches of B.C.C.I. across the country. Panama pleaded with the Bank of England to return $18 million of government funds that ousted dictator Manuel Noriega had squirreled away in B.C.C.I. accounts in Britain...
Saudi Arabia and its neighbors -- Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates -- are the first Arab states after Egypt to agree to sit down and talk formally with Israel. That alone, says Baker, "will break at least one major taboo." A Saudi official in Washington agrees: "The camel's nose is in the tent...
...stunning audit showed serious banking irregularities and criminal acts involving senior B.C.C.I. executives, trustees and bank directors that have been hushed up. The audit traced insider loans, with funds parked in Bahrain and Panama, and "drawdowns not supported by requests from the customers," which is accounting jargon for money moved out of accounts without documentation of any kind. Bank officials familiar with the audit and other internal B.C.C.I. documents reviewed by TIME confirm the Price Waterhouse findings...
...cleaned up. Although the thickening sludge has killed thousands of seabirds, debilitated the Saudi shrimp industry and threatened plants and coral reefs along the coast of Kuwait and northern Saudi Arabia, favorable winds have so far kept it well north of the rich marine ecosystems in the bay of Bahrain. These marshy flats are the breeding grounds of large numbers of fish and shrimp and the favorite habitat of the rare dugong, the cousin of the American manatee that was already facing extinction before the war began...