Hutchison falls with Global Crossing deal on rocks

CBS MarketWatch.com ^ | 4/29/2003 | Allen Wan

[SierraWasp]

11:10PM Hutchison falls with Global Crossing deal on rocks (HUWHY, GBLXQ) by Allen Wan

Shares of diversified Hong Kong conglomerate Hutchison Whampoa (HUWHY) fell 0.5 percent to HK$43.70 Wednesday amid media reports that its deal with Singapore Technologies Telemedia to buy troubled telecom giant Global Crossing (GBLXQ) was on the skids. The Wall Street Journal reported that the U.S. Committee on Foreign Investment in the United States, which represents a number of agencies, has launched a rigorous 45-day review of the Global Crossing deal. The report said the U.S. government was concerned that foreign countries might use Global Crossing's 100,000-mile fiber-optic network to monitor U.S. telecom traffic. Hutchison Whampoa is controlled by Li ka-shing, one of the world's richest men. Citing an unidentified source, Reuters reported that Hutchison will likely pull out of the deal.

[SierraWasp]

This just in...

[SierraWasp]

Everybody git yer pinger lists out!!!

This has been waiting a long time to break over both the political and financial world!!!

[Cicero]

Good. Whatever the economic consequences, it strikes me as foolish to give the Chinese this kind of access and control over satellite communications.

[Brian Allen]

<< ..... Hutchison will likely pull out of the deal. >>

Better to quit while they're behind than to be exposed for who and what they are -- and to lose face.

Must be Hell for Peking's Jiang Gang now that their "man" in Washington [Kring Tong] is no longer in Washington.

Can't even get away with our failed 'phone cos -- let alone our National Nuclear Treasures.

[MamaLucci]

Good news!
Thank GOD the powers that be (whomever they are) didn't
let Global X go to the Chi Coms.

[AMNZ]

This is really a relief. I had serious misgivings about the Chinese getting any kind of access to this. I was surprised there was not some kind of prohibition on it.

[Ernest_at_the_Beach]

OK!

I don't seem to have a ping list for this!

To find all articles tagged or indexed using *GlobalCrossing, click below:
	click >>>	GlobalCrossing	<<< click
(To view all FR Bump Lists, click here)

[SierraWasp]

If Clownton were still in there, or worse yet... GORE, they would have gotten it like Carter giving away the Panama Canal!!!

[SierraWasp]

Look under "The Clintons and their Commonist Crooks!"

[Ernest_at_the_Beach]

45-day review

I hope they don't stop it if Hutchison pulls out !

[SierraWasp]

Then look under "Terry McAwful!"

[SierraWasp]

Then look under "Limosine Liberals" like DiFi's hubby!!!

[need_a_screen_name]

Sen Hutchison Sen. TX in on this deal??

[Ernest_at_the_Beach]

ping!

[SierraWasp]

Then look under "Chinese SARS more frightening than Russian CZARS!" (grin)

[Ernest_at_the_Beach]

I bet backhoe has kept stuff on Global Crossing!

[SierraWasp]

Not to my wreck-o-lection.

[Ernest_at_the_Beach]

Then look under "Chinese SARS more frightening than Russian CZARS!" (grin)

ROFL!!!!

[SierraWasp]

"I bet backhoe has kept stuff on Global Crossing!"

I can't remember if it was him, or someone else, but there are some VERY knowledgeable FReepers on this fascinating subject. One had a continuing saga on GlobalX running for months in one of the sidebars here on FR.

Wish I could remember who, I'd like to flag him/her down to see this.

[zechariah]

like Carter giving away the Panama Canal!!!

Have you been to Panama and seen the canal?

Sure, I mean, it is kinda cool in a touristy kind of way--you know, marvel of 19th century engineering and all that--but why would we want to keep it?

[z]