Word: kuwait
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Dates: during 1970-1979
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Increasingly, the oil producers will " be moving into countries with development projects like the one announced last week by Guinea: it will join Saudi Arabia, Kuwait, Libya and Egypt in investing $400 million in a joint enterprise that will produce about 9 million tons t> of bauxite ore a year, an amount equal to 150% of Guinea's current output. Like similar deals arranged in the past two years with the Soviet Union and Yugoslavia, the joint venture with the Arabs underscores President Sekou Toure's point that Guinea is becoming less and less dependent on Western companies...
...million bond issue for Marubeni, a Japanese trading company. In a startling admission, officials of the lead bank in the deal, London's Kleinwort, Benson, Ltd., admitted that they had acceded to pressure from two other participants in the underwriting, the Libyan Arab Foreign Bank and the Kuwait Foreign Trading, Contracting and Investment Co. If Kleinwort had not given in, said its chief, Sir Cyril Kleinwort, the Arabs would have invested their money elsewhere. But other London bankers noted skeptically that Kleinwort, Benson was all too happy to exclude its competitors, Rothschild and Warburg, which are bigger and better...
Earlier this month, Lazard Frères & Co., a Paris banking house associated with Lazard of Manhattan and of London, was excluded from any role in floating a $25 million bond issue for Air France. One of the participants, Intra Investment Co., which gets its money from Kuwait, Qatar and Lebanon, insisted that Lazard be shut out. Intra officials put pressure on the two lead banks in the deal, Credit Lyonnais and Banque Nationale de Paris, both of which are government owned. Lazard was also excluded from a $25 million issue for another client, the state-owned utility, Compagnie Nationale...
Sign of Resistance. Elsewhere, however, there were growing signs of resistance to the Arab muscle. In Manhattan, Merrill Lynch, Pierce, Fenner & Smith refused to capitulate to demands by the Kuwait International Investment Co. to drop the U.S. branch of Lazard Frères as a participant in two lending syndicates that will raise $50 million for the Mexican government and $25 million for Volvo. Merrill Lynch Chairman Donald Regan was not about to exclude Lazard or slight its chairman, 76-year-old Andre Meyer. The Kuwaitis then dropped out of the deals. Echoing the typical sentiments among investment bankers, Paul...
Underpopulated, oil-rich lands like Saudi Arabia, Kuwait and the United Arab Emirates are clearly less capable than countries like Iran and Venezuela to buy up Western exports, but they have been funneling loans and grants to other, more crowded Arab nations eager to join the shopping spree. Says Yale Economist Richard Cooper: "Once you start giving to Egypt, there's a lot of money that can be spent." The industrial countries, which are generally short of capital, could use OPEC surpluses invested in their economies to create additional goods and services for export...