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From 28 miles off the Saudi Arabia-Kuwait Neutral Zone in the Persian Gulf flashed word last week that the Japanese-owned Arabian Oil Co., Ltd. had brought in its first well. It came in the nick of time. The 6,000 barrels of oil that will rise daily from the ocean floor ended months of misfortune that had brought the company near bankruptcy. An eleven-day fire in its offshore platform had cost the cash-short firm $780,000. and stockholders had refused to ante up any more capital. Now, flushed with the glow of sudden prosperity...
...Examples: ¶ In Yemen the American Overseas Investment Corp. was exploring a 10,000-sq.-mi. concession in the northwestern coastal plain. It had beaten out the Japanese and the Italians for Yemen rights. ¶ In the Persian Gulf sheikdom of Abu Dhabi, a subsidiary of British Petroleum Co. Ltd. and Compagnie Franchise des Petroles brought in a well that tested out at 2,400 bbl. daily...
...sugar consumption in developed countries has leveled off or even declined, it is soaring in the rapidly developing countries of Asia, Africa and Latin America. This trend was first spotted two years ago by President Boyd MacNaughton, 51, of Hawaii's second largest sugar company, C. Brewer & Co., Ltd., which arranged to design and operate a 25,000-acre sugar plantation for Iran. Said MacNaughton: "If we want to grow and expand in the sugar business, we have to do it outside Hawaii and the U.S." Into the Sudan. Both Sugar International and Brewer are seeking a go-ahead...
...Other members: Hawaiian Dredging & Construction Co. Ltd. and J. H. Pomeroy & Co. Inc., a San Francisco engineering firm. Both Hawaiian Dredging and Pomeroy, which have done construction work for the sugar planters for years, are old hands at development projects; Hawaiian currently is in a three-company U.S. combine deepening the Suez Canal...
Magnavox acquired 70% of the stock of Collaro Ltd., British manufacturers of record changers used by Magnavox. The move's real importance is that the rest of Collaro's stock is held by Great Universal Stores Ltd., biggest retail and mailorder chain in Britain (2,700 stores, 34,000 door-to-door salesmen). With this readymade sales organization, Magnavox will distribute its own British-made TV sets, radios and phonographs. Says President Frank Freimann: "We're ready to expand. This gives us a real springboard to move fast into the English market...