Republican Frank A. LoBiondo, chairman of the Coast Guard and Maritime Transportation Subcommittee, cited "significant" security concerns over a $6.8 billion sale that gives a company in the United Arab Emirates control over operations at six major American ports.
This acquisition of P&O Ports by the UAE company was announced months ago. If these people really gave a sh!t about security concerns related to the deal, they wouldn't have waited until the story made headlines on Fox News and CNN before expressing these "significant concerns."
from Reuters financial
On July 7, 2004, the Company sold its Australian resorts business to General Property Trust and Voyages Hotels & Resorts Pty Ltd. On December 23, 2004, the Company sold its sport and leisure resort La Manga Club to the Spanish leisure and property company MedGroup. BRIEF: For the six months ended 30 June 2005, Peninsular and Oriental Steam Navigation's turnover increased 20% to £1.35B. Net income from continuing operations applicable to Common decreased 62% to £11.7M. Turnover reflects increased revenue from ports, ferries, cold logistics and property segments of the Group. Net income was offset by decreased gross margins, other operating income and higher financial expenses.
62% decline in PROFITS & selling assets & still needs cash..hmmmm -Great trend! - just the type of business and/or company the Democrats would like Uncle Sam or an American company to get into.
I thought Congress was limited to Railroad 'black holes' for taxpayer dollars?
Cruise Talk and BBC News
Cash Rich
DP World, with origins dating to 1972, last year acquired terminal operations in Hong Kong, China and other countries from CSX Corp. for $1.15 billion as part of a plan to more than double capacity to 20 million containers a year, bin Sulayem said in an interview at the Dead Sea in Jordan, on May 20. "Banks in the U.A.E. are awash with cash at the moment and its not surprising they can raise this kind of money" to buy P&O, Anthony Harris, a former U.K. ambassador to the United Arab Emirates, said in a telephone interview.
PENSION PROBLEMS
P&O's pension fund, which currently has a deficit of £200m, will be protected through a one-off cash injection of £125m by DP World, followed by further payments over the next five years.