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News Hound Alert - Dubai Giving Up Management Stake In U.S. Ports

Reported by Donna - March 9, 2006

While monitoring Fox they had an alert to say that the Dubai company is going to give up it's management stake in U.S. ports.

It was the only way for President Bush to save face. I think the American people actually won one.

More from AP:

http://tinyurl.com/zlyu2

From the AP article:

Sen. John Warner, chairman of the Armed Services Committee, took to the Senate floor to read to colleagues a press release from the company disclosing its plans.

"Because of the strong relationship between the United Arab Emirates and the United States and to preserve that relationship, DP World has decided to transfer fully the U.S. operation of P&O Operations North America to a United States entity," DP World's chief operating officer, Edward H. Bilkey, said in the statement that Warner relayed to other senators.

The move came as the White House, facing a Republican rebellion in Congress, played down President Bush's veto threat and said he was trying to find a compromise to resolve the uproar over the Dubai-owned company's plan to take over significant operations at several U.S. sea ports.

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