Word: bahrain
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Manila, Lisbon, Istanbul, Mexico City and Bogotá boast the cheapest prices, while Jeddah (Saudi Arabia), Abu Dhabi and Manama (Bahrain) are the most expensive. Incomes are also swept away rapidly in Tokyo, Oslo, Geneva and Copenhagen. The 2.2 lbs. of medium-quality rump steak that would cost $7 in the U.S. fetches $24 in Zurich and $41 in Tokyo. In Jeddah a smoker must pay $4.99 for a pack of Marlboro cigarettes...
...government official from Bahrain, a Middle Eastern nation bordering Saudi Arabia, believes the U.S. should send troops into Afghanistan. He explained the Middle East is divided into right and left wings. The right wing--Saudi Arabia, Bahrain, United Emerites, Kuwait, Egypt and Quatar--lost faith in the U.S. when it didn't actively support the Shah, he said. "They are afraid the same thing will happen to them," he said...
...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U.S. banks, then rebounded in nervous surprise at the news that Washington was freezing the assets before they could be withdrawn.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...