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The Next Big Thing

Monday, 01 August 2005 12:00 AM

1. Japanese Transform Cell Phone Into Credit Card

According to Japan's biggest cell phone provider NTT DoCoMo, cell phones and credit cards will be closely linked in the future.
 
Previously, the company pioneered services that provide Internet access to cell phones, and it was instrumental in developing the third-generation (3G) cell phone technology used around the

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2. Saudi Ruler Dies, Oil Spikes

King Fahd of Saudi Arabia died Monday at age 82.

His death comes ten years after he suffered a stroke in 1995.

Fahd is succeeded by his half-brother Prince Abdullah, who had been running affairs on behalf of the ailing monarch for several years.

Under the rule of King Fahd, the Middle East saw the rise of Islamic fundamentalist terror groups, poorer Arab states and a bankrolling of the royal family thanks to a rise in crude oil output.

Of course, Saudi Arabia forms the backbone of OPEC.

Pro-U.S. diplomatic relations always featured prominently in Fahd's monarchy -- until the royal family was left juggling responsibilities after the 9/11 terror attack on the United States. Of course,

The oil market jumped on the news of King Fahd's death, based on fears that Saudi policy could now become less cordial toward the west. Crude rose to within just 25 cents of its all-time high on the news.

Oil revenues generate a third of Saudi Arabia's gross domestic product. And the boost to the global economy is providing windfall gains for the nation.

The price of oil has doubled since 2001, when it averaged $25.95 a barrel. So far this year, the average price of a barrel of crude is $51.53. That's enough to provide revenue of $157 billion to the

Osama bin Laden has denounced the royal family on account of their pro-U.S. policies, and militants have been engaged in continued fighting with Saudi security forces across the country.

Compounds housing foreign nationals and their families have come under attack in the cities of Riyadh and Khobar, leading to employees' requests to be sent home.

While analysts note that Crown Prince Abdullah's official crowning will mark no major east-west political changes, oil traders are not taking any chances. There is always a risk of increased

As such, the price of a barrel of crude rose above $61 on Monday for fear that a new era of instability may be upon us.

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1. Japanese Transform Cell Phone Into Credit CardAccording to Japan's biggest cell phone provider NTT DoCoMo, cell phones and credit cards will be closely linked in the future. Previously, the company pioneered services that provide Internet access to cell phones, and it...
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Monday, 01 August 2005 12:00 AM
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