Word: gulf
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Saif Ahmed began living the Dubai dream five years ago. Armed with an M.B.A. from the University of Toronto, the Canadian entrepreneur moved to the gulf city-state and co-founded property developer Universal Canlink Inc. By 2006 the firm had annual revenues of $15 million, luring foreign investors with tales of "meteoric" growth in the local property market. Lately, with the global financial downturn spreading to the Middle East, Ahmed has come back to earth. "Before, people were buying blindly, without asking much about the details," he says. "Now such risk takers have disappeared...
...opposition. It amounts to far less than the hungry companies had hoped for when President Felipe Calderon first floated the idea of opening up the oil industry in January. There are no sweeping constitutional changes to allow foreign corporations a share in the deepwater reserves in the Gulf of Mexico, which may hold as much as 50 billion barrels. Nor will the trans-nationals be able to build and run refineries on Mexican soil as Calderon proposed in his bill filed in April. The thrust of the new law approved Tuesday is simply to allow government oil monopoly Pemex...
...been toppled in the country's first-ever democratic elections by a man whom he had imprisoned just a decade ago. After coming second in multi-party polls earlier in October, 41-year-old Mohamed Nasheed beat Gayoom in a run-off contest by a nearly 10% margin - a gulf wide enough for the oft-dictatorial Gayoom to concede defeat over state radio even before all the ballots were counted...
France notched an important victory against the pirates who plague commercial shipping off the Horn of Africa, when it arrested nine of them at sea during a raid near the Gulf of Aden. But the roots of Somalia's piracy problem lie in the breakdown of state authority on land, which is why many questioned just how effective the French Naval action - or the NATO patrols due to begin in the coming days - will be in curbing the pirates. The nine nabbed by the French, after all, were stripped of their weapons and then handed over to the very Somali...
...Dick Cheney and other Bush Administration officials point to Cuba's petro fortunes as justification for opening more of America's coastline to oil production. Recent polls in U.S. coastal states like Florida support that idea, despite environmentalist complaints that both U.S. and Cuban offshore rigs will foul the Gulf of Mexico. Meanwhile, embargo proponents on Capitol Hill have sponsored bills that would, among other sanctions, deny visas to the executives of foreign oil companies that drill oil in Cuba. Their reasoning: the more oil wealth Havana gains, the less incentive it has to pursue democratic reform...