Arab-run Firm Buys Company With Major Commercial Operations From 6 Large US Ports

[PrayersForMaura]

DP World said it will transfer all interest in U.S. port operations to an American-based company, but it was unclear immediately how DP World would manage the divestiture. The company indicated that details of the surprise deal were still being worked out.

more at:

http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/031006dnnatports.6f05812.html

Oh wow, I hadn't heard this yet! Thanks for posting.



Oops... I herded a cow (typo)

 

[Cypros]

It came up this morning! I'M NOT KIDDING! I heard it on the morning news show I watch.

What was said? Is Halliburton our new Port Prince?

 

[Cypros]

It still bothers me that China owns and operates some of our West Coast Ports. We should own and operate our own damned ports. What's wrong with our country?

Me too!

 

[Jeana (DP)]

What was said? Is Halliburton our new Port Prince?

Just that it was reporting a "rumor" that the Amerrican company who would be buying it was Halliburton. Might not even be true.

 

[Cypros]

Just that it was reporting a "rumor" that the Amerrican company who would be buying it was Halliburton. Might not even be true.

Thanks. Wouldn't surprise me. We might have played right into their hands.... :croc:

 

[Jeana (DP)]

Thanks. Wouldn't surprise me. We might have played right into their hands.... :croc:

Well, I would have liked to have a list of the companies that were even in a position to do so. I wouldn't think it would be terribly long. Might not be a bad time for me to pick up some more stock though.

 

[Jeana (DP)]

WASHINGTON (CNN) -- Seeking to ease Congress' trepidation about a controversial ports deal, a company owned by the United Arab Emirates said Wednesday it would sell the management rights to six American facilities to an unrelated U.S. buyer within six months.

Some U.S. lawmakers had asked to see DP World's specific plans because of concerns that a statement the Dubai-based company issued last week could leave a loophole that would allow it to control some U.S. port operations.

According to a company statement released Wednesday, DP World is weighing offers and hopes to have the sale wrapped up in four to six months.

One of the top critics of the ports deal, Sen. Charles Schumer, D-New York, praised DP World's announcement.

"It now seems clear that this deal has finally been scuttled, and it is good news for keeping our country secure," Schumer said in a statement. "This announcement, once it is fulfilled, is exactly what we've been asking for. We will keep a watchful eye and our legislation at the ready until this deal is finally done."


more at:

http://www.cnn.com/2006/POLITICS/03/15/port.sale/index.html

 

[railbird]

WASHINGTON (CNN) -- Seeking to ease Congress' trepidation about a controversial ports deal, a company owned by the United Arab Emirates said Wednesday it would sell the management rights to six American facilities to an unrelated U.S. buyer within six months.

Some U.S. lawmakers had asked to see DP World's specific plans because of concerns that a statement the Dubai-based company issued last week could leave a loophole that would allow it to control some U.S. port operations.

According to a company statement released Wednesday, DP World is weighing offers and hopes to have the sale wrapped up in four to six months.

One of the top critics of the ports deal, Sen. Charles Schumer, D-New York, praised DP World's announcement.

"It now seems clear that this deal has finally been scuttled, and it is good news for keeping our country secure," Schumer said in a statement. "This announcement, once it is fulfilled, is exactly what we've been asking for. We will keep a watchful eye and our legislation at the ready until this deal is finally done."


more at:

http://www.cnn.com/2006/POLITICS/03/15/port.sale/index.html

It seems we haven't been paying proper attention. While we thought that our representatives were just as outraged as the rest of us to learn the current administration had struck a deal to turn over security of America's Ports to a foreign company; they have done an about face. . .

Dubai Company Still Controls American Ports:

DOBBS:...It's been more than three months since Dubai Ports World agreed to sell its port operations at 22 U.S. ports. But as of today, all 22 of these terminal facilities remained under the control of Dubai Ports and the government of Dubai. You thought we weren't watching, didn't you? Bill Tucker reports(BEGIN VIDEOTAPE)

BILL TUCKER, CNN CORRESPONDENT (voice-over): The bottom line of the Dubai Ports World deal is pretty easy to understand.

JOE MULDOON, FULLER & COMPANY: Since March 6th, Dubai Ports World has owned and controlled operations in 22 U.S. ports and that Congress now has dropped the provision that would prohibit their approvals....

...TUCKER: The reference to Congress has to do with the House and Senate stripping out language, put in by the House, that specifically forbid DP World from owning or controlling operations in our ports. With the removal of that language, it's not clear if DPW even legally is bound to sell the properties. The announced agreement by Dubai Ports World to sell was voluntary...

...DOBBS: So at this point, now it's just about four months since this agreement was reached, Congress has backed away from its language. Dubai Ports World has not acted. CFIUS, the Committee on Foreign Investment in the United States, has said that it reserves the right to make Dubai Ports World do what it said it would do publicly. So you're not suggesting, are you, Mr. Tucker, in your reporting here, well, let me rephrase that. Is it a reasonable inference that the American public, the American citizens are being gamed again by this administration and this Congress?...

http://www.huffingtonpost.com/2006/06/19/dubai-company-still-contr_n_23373.html