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Five months after he was forced out as U.S. budget chief, his finances in disarray and his future in doubt, Bert Lance is well on the way to new riches from a number of ventures. One of them is serving as the American connection for oil-rich Middle East millionaires in search of investment opportunities...

Author: /time Magazine | Title: Business: Born-Again Bert | 2/27/1978 | See Source »

Offering the world a rare glimpse into the mores of the oil-rich desert kingdom, the Saudis confirmed that the executions had taken place, apparently last July. In their protest to the Foreign Office, the Saudis insisted the pair had not been married at all. Indeed, they stressed that marriage of a member of the royal family to a commoner is no crime in Saudi Arabia. The princess and her lover had been executed after a "sentence by an Islamic court for adultery?and for an adulterous act the law is death." According to the Saudi protest the British press...

Author: /time Magazine | Title: SAUDI ARABIA: Tragic Princess | 2/13/1978 | See Source »

...Arab, the narrow river that flows from the junction of the Tigris and Euphrates rivers. Then they will sail into the Persian Gulf and through the tricky Strait of Hormuz before they try crossing the Arabian Sea to the shores of Africa or India. These waters, surrounded by oil-rich nations, are crisscrossed daily by huge supertankers that could miss the reed boat's small kerosene running lights and run over the Tigris at night without their crews' even knowing it. Because Heyerdahl's latest craft is made of reeds, it does not show up on radar...

Author: /time Magazine | Title: Science: From Eden to India | 11/28/1977 | See Source »

...apparent answer is that Sadat wanted to stress how dependent he is on the U.S. and oil-rich Arab states for help since cutting himself off from Moscow. In addition to its Soviet debts, Egypt also owes $8.2 billion elsewhere and annually runs a staggering balance of payments deficit of $1.5 billion. The U.S., Saudi Arabia and other Persian Gulf states helped this year with a $5.4 billion package that allowed Egypt to pay off some short-term obligations and thus save $200 million in service charges. But even with this assistance the Egyptian economy is in terrible shape...

Author: /time Magazine | Title: INTERNATIONAL NOTES: Bear a Burden | 11/7/1977 | See Source »

Political Pressures. To keep this flood of cash moving and to make a profit, U.S. banks have been lending these funds to LDCs. But, Triffin believes, in taking on this responsibility the banks are making themselves too vulnerable to pressures from their oil-rich depositors. In any disagreement with U.S. policy, a bloc of OPEC nations could quickly withdraw its deposits, possibly leading to a dangerous disruption in the foreign exchange market...

Author: /time Magazine | Title: BANKING: Shaky Mountain of Debt | 6/13/1977 | See Source »

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