Word: ownership
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Dates: during 1970-1979
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...Japanese expected the U.S., as a matter of course, to uphold their ownership of the Senkakus as it has done in the past. Instead, Washington last month suggested that rival claims to the islands "should be settled by the parties themselves." What this means, the State Department insists, is merely that the Chinese should address their claims directly to Tokyo. Japanese Premier Eisaku Sato and many of his colleagues took the ambiguous message to mean that the U.S. was willing to sacrifice their interests if necessary because it did not want to offend Taipei or Peking...
...record of bloodshed and trouble. Some milestones: 1690. King James II of England, a Catholic convert, was defeated at the Battle of the Boyne by his Calvinist successor, William of Orange. In succeeding years, the Penal Laws further restricted the Catholics' right to education, administrative posts and land ownership...
...European firms that drill in their territory. At a meeting in Beirut of the Organization of Petroleum Exporting Countries (OPEC), which ended last week, the largest consortium of oil companies, the Arabian American Oil Co., bowed to the inevitable and agreed in principle to sell 20% of its ownership to Saudi Arabia. Aramco's decision will doubtless cause a gusher of further participation concessions, which will increase the economic and political power of the producing nations, most of them in the Middle East...
Even so, the ownership issue between OPEC and the companies is far from resolved. The two sides have not agreed on the timing of the sale or how OPEC nations should pay for their company shares. By far the most difficult obstacle is how the price will be figured. The OPEC governments want to calculate their bill simply by totaling the book value of a company's equipment, real estate and other holdings. By that measure, Aramco, which is jointly owned by Standard Oil of California, Jersey Standard, Texaco and Mobil, is worth some $500 million. Yet company officials...
Bail-Out Fund. Negotiations on the specifics of the deal with Saudi Arabia will continue this week, though no final agreement is expected for months. OPEC made it clear that member nations are more unified than ever in their determination to gain part ownership of the companies. OPEC members are considering starting a multimillion-dollar special fund "to assist any member country affected by actions taken against it by oil companies." Presumably the money could be used to keep afloat nations whose oil might be boycotted by Western oil buyers in participation disputes. Eventually the producing countries hope...