Word: oil-rich
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...January, the government ground almost to a halt. Despite the tension with neighboring Algeria, Morocco has strong ties with most other Arab nations; except for issues involving Israel, it is basically pro-Western in foreign policy and open toward European and American investments. Since 1973 Hassan has emulated his oil-rich Arab allies by pushing up the price of phosphate rock from $14 to $68 a ton. Morocco controls 60% of world trade in the vital fertilizer ingredient even without the Sahara deposits, and the price increase last year meant an added $1 billion to a booming economy...
...Latin America." So said Venezuelan President Carlos Andrés Pérez, answering questions about the military threat to democracy in Latin America put by Time Inc. Editor in Chief Hedley Donovan and Chairman of the Board Andrew Heiskell. Pérez, the widely-respected President of an oil-rich nation that is one of Latin America's few democracies, was interrupted by martial music from a military band passing below the window of his office in Caracas' Miraflores Palace. Pérez paused, listened to the brassy march and then added: "That parade just underlines...
Like the greedy little boy whose eyes were bigger than his stomach, oil-rich Nigeria, thanks to a colossal spending binge, is in one dreadful financial mess. The most visible sign of it was outside Apapa, port for the capital city of Lagos. Last week no fewer than 406 ships of all shapes and sizes were backed up waiting their turn for dock space. At least one vessel has been stuck outside Apapa since last February. Maritime experts call it the worst shipping jam in modern history...
Nigeria is not the only oil-rich country with cargo headaches. In Iran, ships wait up to three months to dock at Persian Gulf ports, trucks are backed up at border customs checkpoints and valuable military supplies are rusting away out on the sand or in warehouses while authorities try to process them. "It resembles a chaotic flea market," says one U.S. Pentagon officer. An aide to Defense Secretary James Schlesinger has been sent to Tehran to help unclog the backlog in order to make way for still more supplies, including the first of 80 F-14 Tomcats, that...
...word, 105-minute statement read by Moynihan was that the U.S. is not only prepared to discuss the demands of the developing states but also has specific and detailed ideas for meeting them. The long list of U.S. proposals−if backed and funded by all the industrial and oil-rich nations−could equal the Marshall Plan in impact. As forecast (TIME, Sept. 8), the speech avoided flashy or hostile rhetoric. It warned that there are "no panaceas" and stressed a "program of practical steps." Among them...