Word: mobilization
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...Texaco's biggest shareholder, Icahn controls 14.8% of the nation's third largest oil firm (after Exxon and Mobil). Nevertheless, Texaco has blocked his attempts to play a direct role in planning the reorganization. The company's proposal, which Schwartzberg approved last week, must now be accepted by Texaco stockholders. Icahn says he may team up with other investors to acquire a larger stake in the firm, and may also attempt to put his own hand-picked directors on the Texaco board...
...Saudi Arabia for $28 per bbl., even though the official going rate was $32 per bbl. The IRS appears to be saying that Texaco should have considered the $4-per-bbl. price break to be income and paid taxes on it. The other members of Aramco -- Exxon, Chevron and Mobil -- could also face penalties, but they have not heard from the taxman...
...that will have a profound impact on U.S. business ties with South Africa. On Jan. 1, American firms will no longer be able to deduct taxes paid to the South African government from their U.S. tax bill. That will be a costly blow to the 163 U.S. companies, including Mobil and Union Carbide, that still operate in South Africa. Taxes will consume an estimated 72% of the money that U.S. firms earn in South Africa, vs. 57.5% before the new law. The rise is likely to speed the already swift exodus of corporate America from the land of apartheid...
...particular, the Japanese are taking America's skylines by storm. They have invested an estimated $7 billion ($5.5 billion last year alone) in office towers and other buildings. Oil-company headquarters are a favorite: Hiro Real Estate last month paid $250 million for Mobil Oil's 42-story Manhattan headquarters tower. An older landmark, Fifth Avenue's Tiffany building, was sold last November to Dai-ichi America Real Estate for $94 million. Where landmarks are not available, seascapes will do: in Hawaii, Japanese investors own more than half of the twelve major hotels along Waikiki Beach...
...American oil companies Mobil and Chevron told their tankers to avoid the anchorage, where 50 or more ships often can be found at once, and to stay at least 25 miles from shore. The closed area extends seven miles off the coast of Fujairah, one of seven sheikdoms that make up the Emirates, and five along...