Word: petroleum
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American firms constitute only 17 percent of all foreign investment in South Africa, but they are dominant suppliers of strategic goods like computers, petroleum, heavy tracks and mining and energy technology, according to U.S. Department of Commerce statistics. South Africa can obtain crucial goods like these from other sources only with extreme difficulty and much greater expense. Many essential products--particularly sophisticated computer equipment--cannot be produced locally...
...reforms," including obligatory military training, have produced considerable disenchantment. Many younger Libyans are also uneasy about the regime's internal repression and its penchant for forcing Gaddafi's austere life-style on everyone. The seriousness of the situation is heightened by the fact that Libya's petroleum-based economy is ailing as a result of the worldwide oil glut...
...their 30s or 40s. Jay Higgins, 38, the head of Salomon Brothers' merger department, spent six months working twelve hours a day nearly seven days a week to help Gulf Oil fend off a hostile takeover by a group of investors led by T. Boone Pickens' Mesa Petroleum. The payoff came when Gulf merged with Socal. "Don't get me wrong," says Higgins. "I'm not complaining. But you never know when a deal is going to be done, and it's almost impossible to plan a weekend or a dinner...
Armand Hammer seems to go on forever. Last week he formally teamed up with a people who have gone on forever, the Chinese. The 85-year-old chairman of Occidental Petroleum signed an agreement with the People's Republic for the largest Sino-U.S. deal yet: a $580 million venture to mine coal from a huge pit at Antaibao, 310 miles west of Peking...
...Harvard, in cooperation if possible with other institutional investors, the IRRC, and the administrators of the Sullivan Principles, should develop information on the direct involvement in apartheid of U.S. firms, including those supplying computers and electronic equipment, petroleum, and motor vehicles to the South African police and military. It should, on a multilateral basis if possible, seek through dialogue, publicity, and other means to bring about the elimination of such involvement. Harvard should in cooperation with others if possible, develop specific principles defining the types of direct support for apartheid that should be eliminated. If portfolio companies fail to achieve...