Word: suez
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...sale, which has been long in coming (TIME, Oct. 9), is the result of Niarchos' growing disenchantment with his argonaut's role. The world has become all too stable for him: there has been no Korean or Suez crisis lately to drive up oil prices and tanker rates. Niarchos did make a bundle by hauling oil for the Russians, notably during the Cuban missile crisis. But some U.S. oil giants are mad at him for carrying cut-price Russian oil that undersold their own; they are at least informally boycotting Niarchos' vessels and building more and more...
...Russians are breaking their backs to do the job right and on time, and are largely succeeding-even at the expense of Siberian dam projects, delayed because Russia's top engineering talent is in Egypt. The Russians are also expanding the Helwan steel complex and the Suez refinery for Nasser, and reclaiming 35,000 acres of Nile delta land; but one of Helwan's two coke boilers burned out after only two months' use, and the other is looking dangerously scorched...
After Egypt's Gamal Abdel Nasser nationalized the Suez Canal in 1956, he advised the Americans to "choke on your fury," and when John Foster Dulles died three years later, he gleefully ob served: "The worms are now feeding on this rotten old man." Though he was more restrained about the U.S. during the Kennedy years, the "nonaligned" Nasser is now back in full invective form, as he proved last week in a tympany-tempered speech at Port Said. "Anyone who does not like our atti tude," he roared, "can drink the sea. And if the Mediterranean...
...Victory Day" speech (celebrating the end of the 1956 Suez crisis), Nasser cockily confessed to the Congo caper. "We have sent arms to the Congolese rebels," he boasted, "and we will continue to send arms-because the rebels need the support of all honest nations." Inferring a U.S. threat to cut off $140 million a year in aid to Egypt (mostly surplus wheat, corn and frozen chickens), Nasser waxed indignant: "We drink tea seven days a week now: we can cut it to five. We eat meat four days; we can cut it to three. We are people of dignity...
...agreed for the present not to handle anything of importance and to avoid taking any votes, while the U.S. postponed a formal demand to deprive Russia of its Assembly vote (under Article 19 of the Charter) for nonpayment of dues on the U.N. peacekeeping operations in the Congo and Suez. While the Assembly is in its limbo of talking without voting, the U.S. and Russia are having another go at working out a compromise...