Word: oiling
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Dates: during 1950-1959
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Iraq's development program is a daring gamble against time. A whopping 70% of the country's more than $200 million-a-year oil royalties goes to the National Development Board,* headed by Premier Nuri himself, and including on its ten-man board two foreign experts, one American, one British. Its budget is bigger than the government's; the board is vested with massive authority, but it has used it well and sagely. There are complaints of corruption, and of politicking in the allocation of projects to please powerful sheiks, but on balance, Western observers find...
...Change." "In Iraq today," said a senior Iraqi official, "there is only one source of wealth: oil. We propose to use our oil income while we have it to create other sources of wealth. We aim to change everything. But we propose to do it by evolution, not revolution. Nasser's way is not our way." As the only Arab member of the Baghdad Pact, Iraq...
...Dealer Sid W. Richardson, 65, $700 million. No. 2: Aluminum Co. of America's Board Chairman Arthur Vining Davis, 89 and now a bustling Florida realty tycoon, $450 million. No. 3: Ford Motor Co.'s President Henry Ford II, 39, $400 million. Tied for No. 4: Sun Oil Co.'s publicity-shy Board Chairman Joseph Newton Pew Jr., 70, and Avia-tionabob Howard Hughes, 51, $350 million each. No. 5: Texas Oilman Clint ("After the first hundred million, what the heck?") Murchison, 62, $300 million. Tied for No. 6: Pittsburgh's far-visioned Banking Heir Paul...
...three companies peddling arthritis and rheumatism palliatives: Buffalo's Mentholatum Co., maker of Mentholatum Rub; Manhattan's Whitehall Pharmacal Co., maker of Infra-Rub and Heet; and Jersey City's Omega Chemical Co., distributor of Omega Oil...
...fought by Minister of Industry Joaquin Planell Riera, who runs the state-owned industries. At first the government may give private businessmen a share in its consumer-goods and service industries, such as textile plants and the Iberia Air Lines, while holding fast to shipyards, auto plants, utilities and oil refineries...