Word: dhabi
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...Jimmy Carter tried to describe one of his worst nightmares, he might report that he had imagined seeing a group of Arab oil ministers waving AK-47 Soviet rifles above their heads and dancing like dervishes on the tennis court of the Hilton Hotel in Abu Dhabi. The reason for their jubilation, in this nightmare, was that they had just engineered a huge increase in the price of crude oil. Unfortunately, this was no Arabian Nights fantasy but sobering reality last week. Several Arab ministers really did take part in a "Dance of the Rifles" to celebrate the sixth price...
...world; his word is powerful. This time, however, he was considerably less argumentative than usual. By the time the first session broke up and the ministers put away their pocket calculators and journeyed in heavily guarded motorcycle caravans to dine at the air-conditioned palace of Abu Dhabi's Sheik Zayed bin Sultan al-Nahayan, the new price had been virtually accepted. "We chewed on those figures a little more," recalled Venezuela's Valentin Hernandez, "but as we reached for the chunks of lamb at Sheik Zayed's dinner, the price was already fixed." Though Sheik Yamani...
...councils, it is almost certain that some price increase, possibly along the lines of the Saudi Arabians' suggestion of 5% on Jan. 1 followed by subsequent hikes of 2% or 3% at "relatively frequent intervals," will be adopted when all the cartel's members meet in Abu Dhabi in December...
...week was a wave not to be believed." The main interest is coming from West Germany, where institutions and private investors have been seeking a double killing on low Wall Street prices and the cheap U.S. dollar. Merrill Lynch reports doing good business for private Arab investors from Abu Dhabi and Dubai. Britain's Prudential Assurance Co. has been a buyer in the U.S. market...
...enough that two weeks ago the Securities and Exchange Commission charged Lance and his friends with violating federal law by trying to conceal the extent of their purchases of Financial General shares. Lance's wife LaBelle and four Arabs, including the Crown Prince of Abu Dhabi and Kamal Adham, reported to be head of the Saudi Arabian intelligence service, had bought 20% of the stock. They apparently coordinated their purchases so that nobody had more than 4.9% (5% or more would have required a report to the SEC). Without admitting any wrongdoing, Lance and others then signed...