February 27, 1991
Kuwait will not sell major international assets to raise the money to rebuild the country after Iraq's occupation despite large-scale destruction, according to Sheik Ali al Khalifa al Sabah, Kuwait's finance minister. Defense stocks, which have performed strongly during the Persian Gulf War, sagged on expectations that peace may be at hand in the six-week conflict.
May 14, 1986
The Middle Eastern country served notice on Western financial markets that it is reviewing the spread of its huge foreign assets and may shift funds to Communist countries and the Third World. Finance Minister Jassim Khorafi, citing both political and economic factors for the move, listed China, the Soviet Union, India, Turkey and South Korea as likely investment targets for Kuwait, one of the richest Arab oil states.
August 4, 1990 |
Iraq's sudden invasion of oil- and cash-rich Kuwait gives new meaning to the term hostile takeover. By storming Kuwait this week, debt-ridden Iraq sought not only to advance an array of foreign policy and ideological interests but to escape a financial squeeze that was growing ever tighter around its neck. In the longer run, U.S. analysts warn, it may have settled an equally dangerous economic noose around the neck of United States and other energy-dependent nations.
August 9, 1990 |
Secretary of State James A. Baker III, flying to enlist the Turkish government in a growing drive against Iraq, announced Wednesday that the United States is contacting Syria and Iran about the possibility of cooperating in the global effort. Speaking with reporters on his way to a refueling stop at this base in the Azores, Baker said he will dispatch Assistant Secretary of State John Kelly to Syria to explore with President Hafez Assad the possibility of U.S.
August 4, 1990 |
Iraq moved to consolidate its hold on the farthest reaches of Kuwaiti territory Friday, but it promised to begin withdrawing some of its troops as early as Sunday in the face of mounting international pressure against the invasion. An estimated 100,000 Iraqi troops and 300 tanks were pushing through Kuwait's southern oil fields to within 5 to 10 miles of the Saudi border, according to U.S. and Saudi sources.
September 19, 1990 |
Iraqi President Saddam Hussein today seized all foreign assets from countries honoring the embargo on trade with his nation, just days before the U.N. Security Council is expected to toughen its sanctions. The Iraqi government said it has seized all cash deposits and property of governments, companies and banks--private and government-owned--from countries that are honoring the U.N.-ordered embargo. In New York, Soviet Deputy Foreign Minister Yuli Vorontsov said today that he expects the U.N.