Word: sultans
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...companies lost longtime investments: U.S. Rubber had to give up 54,000 acres of rubber plantation, and Goodyear Tire & Rubber lost two plantations and a tire plant at Bogor, near the capital. Though ridiculously low repayments were negotiated, no money has yet changed hands; a first order for the Sultan of Jogjakarta, the triumvirate member charged with economic development, is to work out settlements...
...Sultan and Indonesia's new boss Suharto have plenty of other economic problems. Inflation is rampant, and Sukarno, who scorned foreign aid, left the country with massive international debts. Suharto's "New Order," though, is beginning to make some order out of the mess, with advice from the International Monetary Fund and the World Bank. A moratorium has been arranged on debt repayments, a total of $230 million in aid has been arranged from nations in both the East and West blocs, and Suharto hopes to achieve a balanced national budget of $813 million this year. Most significantly...
...this comes from a slight, softly spoken but highly persuasive man of 44. For the past 20 years, notables ranging from Fleet Admiral Chester Nimitz to the Sultan of Muscat and Oman have been talked into doing nice things for Wendell Phillips-like backing his archaeological expeditions and giving him oil concessions...
...Will. After the Yemen fiasco, Phillips took refuge in Oman in 1952 and became a good friend of Sultan Said bin Taimur. He went into the oil business one day when the Sultan, after complaining that he had not found oil like other Middle Eastern rulers, said to Phillips, "And by the will of God we shall have oil, for I am granting you the oil concession for Dhofar." Dhofar, an area the size of Ohio, has not yet produced any oil. But it made Phillips a millionaire, because he divided his 21% interest in the concession into...
While Premier Abdel Rahman Bazzaz was getting the heave-ho in Iraq, the Middle East's tiny, oil-soaked sheikdom of Abu Dhabi was going through a similar-though less surprising-upheaval. Sheik Shakhbout bin Sultan, 61, who had been in power longer (since 1928) than any other Middle East ruler, was suddenly shipped off to nearby Bahrain Island one day last week, and his youngest brother, 46-year-old Sheik Zaid bin Sultan, became the sheikdom's new headman...