Word: kuwait
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Dates: during 1980-1989
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...game, some of these institutions are starting off with formidable monetary bases. Begun in 1977, Gulf International Bank has assembled assets of nearly $3 billion and is competing with the big U.S. financial institutions in loan underwriting. The newly founded Arab Banking Corp., a tripartite venture of Libya, Kuwait and the United Arab Emirates, has a $1 billion capital base, equal to that of Manhattan's Bankers Trust, the tenth largest...
...freezing of Iranian assets last November, following the seizure of the American hostages at the U.S. embassy in Tehran. The action forced Arabs to recognize the unsettling fact that their deposits in American banks might also one day be frozen. Says Serat Al-Baker, an executive with the Kuwait International Investment Co.: "The investment world can no longer ever be the same as it was before the freeze. No depositor will ever again be quite as confident about putting his money in banks vulnerable to similar action by the U.S. or any other government...
Nevertheless, last week's decision immediately set off some price shifts. While high-price countries like Libya and Algeria did not push theirs higher, Kuwait, Iraq, Qatar and Venezuela announced that they would begin demanding as much as $2 per bbl. more for oil on July 1. Those four countries have been recently charging a basic price of about $30 per bbl. for crude. Saudi Arabia refused to increase its rates for now, but Yamani hinted that he might raise them by $1 per bbl. to $4 per bbl. in order to unify OPEC prices. Some oil experts expect...
...solace from the relatively modest price increases. The current oil surplus is expected to have evaporated by fall. Even if it has not, the Saudis and others could decide to reduce production to keep pressure on prices. Other oil countries believe that Saudi Arabia will soon cut output. Said Kuwait Oil Minister Ali Khalifa al-Sabah: "There is no specific promise, but that is certainly my understanding-if only through the way Yamani held his brow...
...added $2 to the $26 per bbl. that it already charges. The largest OPEC producer argued that with worldwide demand for oil weak, such an increase would somehow restore "order and unity" to the crazy-quilt patchwork of global oil prices. Yet hardly had the Saudis acted than Libya, Kuwait, Iraq and the United Arab Emirates announced matching increases of their...