In February 1976, Muldoon implements an alleged…

In February 1976, Muldoon implements an alleged pre-election secret agreement with Big Oil’s Shell/BP/Todd executives.

He removes the $3 per day oil levy for the New Zealand Refining Company, thus increasing oil companies’ profits by 100 percent at taxpayers’ expence.

Regarding future oil prospecting licenses, the Governent reserves the right to take 51% of any discovery without meeting exploration costs; this act effectively discourages further exploration and keeps the lid on the Great South Basin discovery.

Muldoon allegedly arranges a US$200,000,000 loan for Shell/BP/Todd unit Maui Gas Development.

In September, 1976, Brierly reportedly states “In New Zealand, the elimination of unnecessary competition is fundamental to a sound economy.” Jones associate Pat Goodman is appointed as a consultant to Australasian and Pacific Holdings.

In November, 1976, National Insurance Co. (NZ) acquires 33 percent of Brierley’s City Realties.

National Insurance Co.’s largest stockholder is the US Firemen’s Fund, whose Chairman and President Myron du Bain is also Vice Chairman of American Express (Amex).

(Archie McCardell, Chairman of I. E. L.-linked International Harvester, is also an Amex director.

Amex has significant links to Chase Manhattan and Big Oil Sisters Mobil and Texaco.)

Du Bain is also a director of national Insurance Co.’s other major stockholder, the United California Bank, which is a partner in Commercial Pacific Trust.

National Insurance becomes a stockholder in Chase Manhattan’s Chase-NBA.

Brierley’s declared assets reportedly reach $100 million, with shareholder’s capital of only $2.5 million––all cash acquisitions.

In 1976, the Gilbert Islands, along with the Phoenix Islands, become the Republic of Kiribati, after Kiribati Atoll, where some of the Second World War’s bloodiest fighting took place.

The United States relinquishes all claims to the Phoenix Islands and the Line Islands, which the new nation incorporates.

The reunification of Vietnam is completed in 1976.

Saigon is renamed Ho Chi Minh City.

Annexation of East Timor by Indonesia is completed in 1976.

A quarter to one-third of East Timorese, from every ethnic and religious group, have died at the hands of the Indonesian invaders.

A 1976 earthquake and tidal wave causes the deaths of 8,000 people on Mindanao in the Phillipines, temporarily quelling a rebellion by the Muslim majority.

China’s leader, Mao Zedong, and the revered prime minister Shou Enlai both die in 1976.

The radical Gang of Four is removed from power shortly thereafter.

Deng Xiaoping becomes the head of China’s government.

Some historians attribute to the Mao regime some 37,828,000 murders between 1923 and 1976.

The seven emirates agree to merge their armed forces in May 1976, and in November of this year a provision is added to the constitution that gives the federal government the right to form an army and purchase weapons.

Sheikh Zayid ibn Sultan al-Nahyan of Abu Dhabi is reelected president of the United Arab Emirates for a successive five-year term.

Khalifa rules by decree within the framework of a written constitution and Islamic law; political parties and labor unions are banned in Qatar in 1976.

1976 also sees the nationalization of all petroleum interests.

Qabus serves as prime minister after his uncle, Tariq ibn Taimur, resigns the position, also holding the post of minister of defense and foreign affairs.

Qabus's regime has faced such problems as labor unrest, fiscal instability, a shortage of technocrats, and, until 1976, continued threats from Dhofar rebels.

On April 23, 1976, the League of Red Cross Societies states that about 100,000 people in Afghanistan have been left homeless by earthquakes, torrential rains, and floods.

On June 7, Daud Khan and Zulfikar Ali Bhutto, the prime minister of Pakistan, reach a tentative agreement on a solution to the Pashtunistan problem.

On July 4, Indian Premier Indira Ghandi arrives in Kabul for a three-day visit.

Later in the year, Daud Khan presents a new constitution that, among other articles, confirms women's rights.

By December 9, 1976, more than 50 people have reportedly been arrested and accused of a plot to overthrow the government.

Bhutto claims success for his economic policies.

The gross national product and the rate of economic growth climb.

Inflation falls from 25 percent in fiscal year 1972 to 6 percent in FY 1976, although other economic measures he introduced do not perform as well.

Although economic realities and the shortage of capital diminish Bhutto's initial zeal, he attempts to refurbish his populist image with another spate of nationalizations in 1976.

A white paper on defense issued in 1976 firmly subordinates the armed forces to civilian control and gives Bhutto the decisive voice in all matters relating to national security.

In that role, Bhutto takes credit for bringing home more than 90,000 prisoners of war, without allowing any of them to come to trial in Bangladesh for war crimes.

Bhutto replaces Tikka Khan, whose term had expired, with General Mohammad Zia ul-Haq as chief of staff of the army.

Like Ayub Khan, Zia is appointed over several generals that are more senior.

Also like Ayub Khan, Zia comes from a community not heavily represented in the armed forces (the Arains from Punjab) and is thought to be without political ambition.

Pakistan and …

…Bangladesh finally establish formal relations in 1976.

…and continue in 1976.

Yugoslavia’s unique system of “workers' self-management” reaches its fullest form in the 1976 Law on Associated Labor.

Under this law, individuals participate in Yugoslav society through the work organizations in which they are employed.

Work organizations might be either “Basic Organizations of Associated Labor” (a single industrial enterprise, for instance) or “Complex Organizations of Associated Labor” uniting different segments of an overall activity (e.g., manufacture and distribution).

Each work organization is governed by a workers' council, which elects a board of management to run the enterprise.

Managers are nominally the servants of the workers' councils, although in practice their training and access to information and other resources gives them a significant advantage over ordinary workers.

In spite of its rhetoric of economic development, the law actually helps to maintain the power of an older and more conservative cohort of leading communists.

Peter Stambolic, chairman of that republic’s League of Communists, represents these leaders in Serbia.