Word: dubai
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...California's Bank of America. Many major U.S. banks, in fact, are expanding into unlikely earners of the globe, and several of them are growing faster abroad than at home. Last week Manhattan's First National City Bank -which already has outposts from Santo Domingo to Dubai, the chief port of the Arabian Trucial States - opened an other in the Chowringhi section of Calcutta, and this week Manhattan's Mor gan Guaranty Trust Co. will open a branch in Antwerp. In all, the number of foreign branches operated by U.S. banks has risen in the past five...
Bugs in the Treasury. In his long years of oil-less rule, Sheik Shakhbut ran his country on customs duties of $140,000 a year, fought some desultory wars with his neighbors in Sharja and Dubai, and lived quietly in his mud-walled palace on an offshore island. He installed an air conditioner in his bedroom but seldom used it because he disliked the noise. He also put in a flush toilet and a pump to supply it with water; sewage disposal was simply a pipe jutting out from the palace wall. Nearly every day, the sheik sat cross-legged...