Word: gulf
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...during the last big wave of corporate mergers. These days the prospect that he wryly foresaw seems considerably less farfetched. In recent months such household names as ABC, TWA and Nabisco have agreed to sell out to other firms and cease to be independent enterprises. They will follow Bendix, Gulf Oil, Conoco and other giants that have already surrendered their separate identities. Since 1980, no fewer than 62 members of the FORTUNE 500 list of industrial behemoths have been swallowed by other companies...
Ironically, this frenzied activity is occurring at a time when many corporate empires built on mergers are crumbling. Conglomerates like ITT, Gulf & Western and Litton, which grew into unwieldy monsters by gobbling companies in a wide range of unrelated industries, are now disgorging myriad properties. Last June, for example, G & W sold $1 billion worth of subsidiaries to Wickes, which was itself once forced into bankruptcy partly because of a disastrous acquisition. Smaller companies, too, are finding that it pays to get back to basics. Last week Colgate-Palmolive said it plans to sell its athletic-equipment division and several...
...close of their three-day meeting, those gathered in Casablanca agreed only to send emissaries to mediate between several feuding Arab states, including Syria and Iraq, and to condemn Iran for its role in the five-year-old Persian Gulf war. In their final communiqué, the summiteers blandly "noted with appreciation" explanations given by Jordan's King Hussein and by Yasser Arafat, chairman of the Palestine Liberation Organization, of a Middle East peace initiative that the two men put together in February. Even so, to the optimistic Jordanians, that relatively opaque reference amounted to a tacit go-ahead for their...
...prices are falling, and the inflow of bank deposits is drying up. A decrease in new construction projects has hit financial institutions particularly hard. The Kuwait Asia Bank was started to help Asian construction companies gain a market in the gulf. But after old jobs were completed and few new ones started, Kuwait Asia's customers left...
When the OPEC oil cartel was at the height of its power in the 1970s and early 1980s, Persian Gulf banks flourished like palm trees in a desert oasis. Arab governments, rich on oil revenues, were financing projects ranging from airports to universities, and the influx of money caused bank assets to grow 20% a year. Newly prosperous gulf families built banks as status symbols to impress their neighbors. The United Arab Emirates, which has a population of 1.3 million, had 53 banks in operation last year. Said an American economist who has studied the financial development of the Middle...