September 20, 1990 |
Hard-pressed by a tightening trade embargo, the government of Iraq retaliated Wednesday by beginning to take over foreign assets in Iraq and withholding payment on its debts. In decreeing the move, Iraq's ruling Revolutionary Command Council targeted countries that have frozen Iraqi and Kuwaiti assets abroad and have deprived Iraq of the proceeds of Kuwait's vast investments.
May 25, 1996 |
Japan Remains World's Largest Creditor: The Asian nation kept its status as the country with the largest amount of overseas assets for a fifth straight year in 1995, the Finance Ministry said. Net foreign holdings reached a record $719 billion at the end of the year, it said. Assets grew last year partly because investors in Japan, where interest rates are at record lows, put money into foreign stocks and bonds in a search for higher returns.
September 1, 1993 |
A Taiwanese businesswoman received a heart bypass operation at Garfield Medical Center in Monterey Park, and taxpayers were going to foot thousands of dollars in bills--until hospital officials embarked on an international search for the woman's assets. A private investigator found that the woman had bank accounts, real estate and two companies worth millions of dollars.
June 24, 1987 |
The nation's foreign debt soared to an estimated $263.6 billion last year, with the United States lengthening its lead as the country with the world's largest debt, the Commerce Department reported Tuesday. The net foreign debt--which attempts to measure the difference between the amount foreigners own in the United States and the amount U.S. investors own abroad--more than doubled from a revised $111.9 billion for 1985.
February 6, 1989
Iranian President Ali Khamenei said that diplomatic relations with Washington will not be possible until the United States abandons its hostile posture toward Iran, Tehran Radio said. "There can be no change in our stance against America, unless there is a change in American foreign policy toward Iran," the official broadcast quoted Khamenei as saying.
June 23, 1992 |
Court Says Banks Must Pay: The U.S. Supreme Court, in a case with billions of dollars potentially at stake, left intact a ruling that said American banks with branches overseas must pay depositors when foreign governments freeze those accounts. The court rejected an appeal by Citibank, which was ordered to pay a depositor whose account was frozen in 1983 by the Philippine government of the late Ferdinand E. Marcos. The justices reviewed the dispute in 1990, and at that time ordered the U.S.